Good morning, everyone, welcome to Aspen's results presentation for the year ended 30 June 2021. Thanks so much for joining us. I'm going to begin the presentation. Please take note of the disclaimer and the disclosure notes at the beginning of the presentation. Now let's move to the presentation in detail, and I'm going to kick off with the financial review. If you look at the financial highlights from continuing operations for the year, it's been a really good year for Aspen. We've had solid double-digit organic growth in our revenue. That's been backed up by really sound growth in earnings, a sharp downtrend in our debt to very much lower leverage levels, a reinstatement of our dividend at ZAR 2.62 a share, and all in all, a really satisfying year because we have delivered on the strategy we've set for ourselves and communicated with the market. It has been a year that we've achieved much, a lot of which is reflected in these results, and a lot of other really positive things which have happened behind the scenes and will influence future results as well. I'm going to now, in the next few minutes, unpack these highlights into more detail. Let's start off with the segmental revenue. Our Regional Brands were up 3% in reported terms, 2% in constant exchange rates. We've got two levels of exchange rate we're working with here. One is year-over-year, actually as reported, and one converts last year's exchange rate to the same exchange rates that prevailed during the current year. Which is a more comparative basis, so I'm going to stay with the constant exchange rates in discussing these outcomes. The Regional Brands, a really resilient performance. We had some headwinds here from the mandated cut in the EU-mandated cut in oncology prices, and also as a consequence of COVID-19, where some of our products weren't in demand due to the COVID-19 circumstances in the market. The Sterile Focused Brands had an excellent year, 9% growth in constant exchange rate. Converse from the Regional Brands, they did benefit to an extent from COVID-19-related demand. The underlying performance was nonetheless very sound. The biggest growth came from manufacturing, which was up 29%. There is a sub-story here, which I'm going to unpack now. A large amount of that growth was driven by sales to counterparties of recently completed disposals. In fact, the European thrombosis disposal and the Japanese business disposal we had previously. Those sales were the biggest driver of the growth. You take them out, that 29% constant exchange rate was 7% constant exchange rate growth. Just for noting, as we move forward in the presentation, those sales are at low to no margin, it has an impact on our margin performance as well. Also notable under manufacturing was the commencement of the COVID vaccine sales in the second half of the year. Moving on to those gross profit percentages. We look at Regional Brands on a half-by-half basis over the last two years. The first half of this year, we had some nice gains from cost of goods savings, those were diluted with those EU-mandated oncology price cuts in the second half. The Sterile Focused Brands followed the trend of the last three halves with a lower mix influencing a lower margin than we achieved in the first half of 2020. Manufacturing was affected by those transaction-related sales that I referred to. What we've done here is put some shading on the chart to show the effect on the margin. With the shading, you have the margin that would have been calculated excluding those sales. Obviously higher margins excluding those sales. Also weighing on the manufacturing margin was the high production costs of operating under COVID circumstances, where it has been a very strong objective of ours to keep our manufacturing sites running continuously through the pandemic, but that has come at additional cost. All of those factors obviously have influenced the group margin, but there's another element to just bear in mind. As you saw on the revenue slide, manufacturing has become a bigger part of the overall revenue relative to commercial pharma than it used to be. As a consequence of the lower margins in manufacturing, that has also diluted the Group margins a little. This is quite well illustrated in quantum terms on the gross profit bridge. There's not a lot of FX noise at the gross profit line. You can see the 1% effect of the lowest Sterile Focused Brands margin in the current year, and then the better Regional Brands margin rectifying some of that. The 0.9% step down in manufacturing is really around those higher COVID costs. The 1.6% is the effect of those transaction-related suppliers. The final point that I made about the mix moving towards manufacturing, that is the -0.7. That's how we bridge our gross profit percent. Moving on to the normalized EBITDA line. This is quite a busy table, but let me pick out a couple of points for you. Firstly, operating expenses, very well controlled during the year. We came in at 24.2% of revenue as opposed to 26.4% a year earlier. Only 1% higher in constant exchange rate terms on 10% more of revenue. The targeted initiatives that commenced in FY 2021 will continue into FY 2022. We aim to continue to keep those expenses well controlled. I point out to you the 45% decline in net operating income. That's really heavily influenced by the item on the next line of detail, which is HPC. HPC is a product which is distributed on our behalf in the United States. We have received, over the past few periods, a series of milestones from the distributor, the last of which was in financial year 2021. There's no repeat of that milestone, and just from a comparability point of view, that has also affected margins. If you exclude other operating income from this calculation, the EBITDA growth would have been 6% in reported terms and 3% in constant exchange rates. The normalized EBITDA 26.3% outcome is consistent with the December 2020 investor presentation we did, with the pro forma base case there of 25.8%. Just moving forward, we do expect the trend in the EBITDA margin percent to turn and to start improving in the year ahead. Drivers in the next year and years thereafter of EBITDA margin percent upside are, amongst others, continued tight control and implementation of particular initiatives about containing operating expenses. We have the anesthetics production starting to come in-house, and we expect increased commercial pharma GP as a consequence of that, and that really kicks in strongly in a couple of years' time. There will be an incremental contribution from new customers in our sterile capacity that's available. As new customers come in, the incremental benefits will add to margin there. In the production sites, we have ongoing programs running, driving efficiency and production methods, which we expect to be already showing benefits in FY 2022. Currency is potentially quite an important and always a complex matter as far as Aspen's concerned, because we trade in many, many currencies across the globe. Trading in more than 150 countries, effectively, that's where our goods are supplied to. Many currencies involved, and the variability one to another can have substantial effect. In past presentations, I've tended to try and map the way through those currencies with a range of comparisons of different exchange rates. This time around, I've decided to have a look at our key elements of our 2021 income statement and convert those to an outcome at the 27th of August, so last Friday, at those rates, and see what happens. We take our first half results, revenue, Normalized EBITDA, and Normalized Headline Earnings Per Share, would all have been less than reported. If we take the second half results, revenue would have been slightly down, and the other two metrics would have been higher for the second half of last financial year, the reported financial year of 2021. If you combine those all, at 27 August 2021 reported results would have been less than we actually reported. You can see our exchange rate variability really does affect outcomes a lot. For those of you who are looking to forecast Aspen's results, you need to keep a very careful eye on exchange rates. Not only are you dealing with current variability, but the variability in your starting position with each period having a different set of rates that apply to it. Moving further down the income statement, let's have a look at how we bridge Normalized Headline Earnings Per Share. We had an uplift this year in FX, moving from the left to the right. An uplift in FX, which gives us our constant exchange rate outcome. Normalized EBITDA made a nice contribution to the bottom line. You can see that the HPC effect was offsetting on that. Some small items on depreciation and amortization, and then really good leverage out of lower finance costs off of a lower level of debt. Then some tax effect as well, bringing us out at the 7% increase in constant exchange rate in 10% as reported. Moving to operating cash flow is really possibly the most important part of the performance of the business, is the cash it generates. Very interesting graph that we're displaying here. The blue zigzag line is our operating cash flow conversion rate measured at each half year end. Operating cash flow conversion, the operating cash flow generated over our headline earnings per share coming out at a percent. Our target is to get 100% of earnings converted to cash, which is that dotted red line. The green line is the moving 12-month average. It's averaging the two consecutive halves as you move across. As you can see, there's a very defined cycle. In half one, our conversion rate is generally or almost always less than 100, and in half two, always better than 100. There's some structural influences around contracted payments which influence that and will continue to influence it. The outcome this year, and then in H2 in particular, was outstanding. In the year as a whole, we expected to have some real consequences, which we did encounter, from the uncommonly low debtor balance at the end of last year, which those of you who follow Aspen on a regular basis would be aware of. Those balances were suppressed by an early buy under COVID conditions in the 2020 financial year, and consequently, low debtors at the end of the year, releasing less cash than normal into the system during FY 2021. Despite that, the year-end working capital revenue percent is at its lowest point since we transitioned to be a global multinational. Working capital has released cash to the cash flow for the second successive year, which was a really gratifying achievement. The ultimate outcome of that in a conversion rate is 134% conversion rate. You can see substantially above our 100% target. Into the year ahead, the excellent cash flows this year will put pressure on further improvement in the year ahead, as will a few one-off credit payments of about ZAR 620 million at year-end rates, which will cause outflows. Nonetheless, we do continue to target and aim at that 100% conversion rate, and please expect that H1, H2 cycle to continue. At the half year results, expect the conversion rate to be under 100%. Having a look at capital expenditure, this is a big investment area for the business. Building our property, plant, and equipment has been a strategic focus for us over the last few years. We've been a big investor in our manufacturing sites. I believe Stephen will very adequately give you evidence of why that strategic investment has been so important and what value that's going to bring in his part of the presentation. In FY 2021, we fell about ZAR 400 million short of the targeted spend for the year. There was some delays and difficulties in moving ahead with our big projects under COVID conditions, and so that spend has carried over into future years. We're projecting a ZAR 2 billion spend for this year and then a lower spend next year. Of those anesthetics in-house strategic project, the first of the products have already begun commercial production, both in South Africa and in Germany. France commercial production should start in 2023. We are considering some opportunities around increased vaccine demand and dealing with opportunities in the vaccine space. There is some new capital expenditure which is under assessment, which is related to that, Stephen will talk more about that as well in his presentation. Part of CapEx is the IP side of CapEx, and this is our in-house product development and also effectively IT software. We're spending a lot on IT software as we digitalize the business at the moment. That program was delayed a bit through COVID, we came up ZAR 200 million short of our target. They're carryovers into the new financial year, and we expect a spend of about ZAR 1 billion this year, most of which relates to IT or digitalization projects. The borrowing slide, a lot of information on the slide. All of it good news, I'm glad to say. If we start with the top left-hand corner, you can see over the past 12 months how our debt has declined. If you look at the third bar of that top graph, you'll see that at year-end, we are reporting all of our debt as current. That is because at the 30th of June 2021, all of our debt was due within the next 12 months. Since that period, we have undertaken an extension of maturity dates on our existing commercial term debt facilities, and those have been successfully extended to the 30th of June 2023. We have also secured a financing package, which was arranged by the International Finance Corporation, EUR 600 million of debt there on a seven-year amortizing loan. Repayment only begins in 2024. It secures terms which are consistent with our preexisting term debt facilities for a lengthy period of time, at attractive rates, and is the first step of the longer-term debt maturity rearrangement which we're undertaking. The bottom left-hand corner of the slide shows how our bankers' covenant measure has declined over the past few reporting periods. It sits at 1.74, so lots of headroom to the bank of the covenant. We're actually sitting just at halfway to full utilization of that covenant. In the top right-hand corner, you can see consistent with that declined gearing, increasing interest cover ratio, and some effective interest rate information for your benefit. In the investor presentation we undertook in December 2020, we made a commitment to investors regarding capital allocation model and prioritization. Our capital allocation fits under a prerequisite and an internal leverage cap of three times. Less than the 3.5 times imposed upon us by our bankers. First priority for us, because of the importance in business sustainability and efficiency, is the PPE and IP CapEx. We invested ZAR 2.7 billion in those during the course of the last year. Next is an intrinsic part of our business model, which is bolt-on acquisitions of IP and businesses. Our business model involves consistent review and renewal. That means disposing and acquiring of what we refer to as bolt-on acquisitions. We have a definition of value there. Under these transactions, we had a net ZAR 735 million outflow. Next priority is dividends, which we guided we would be reinstating, and we're very pleased to be confirming that those dividends are now resumed. Our undertaking is where dividends meet our criteria of that leverage cap, we will pay greater than or equal to 20% of NHEPS. We've kicked off at 20% of NHEPS, and ZAR 1.2 billion will be paid to shareholders at the end of this month. Finally, larger acquisitions and disposals are fourth in the line of priorities. These are M&A transactions that are value accretive. Sometimes, depending on strategic direction and shift, may be strategic disposals. We have had some large strategic disposals during the year, most notably the European thrombosis business. The net proceeds of those disposals is just about ZAR 13 billion. A really clear picture, I hope, for all of you of the capital allocation. Our commitment to our model here. I'm almost at the end of my section now. It is the 46th time that I've stood in front of investors to present results for Aspen, and it will be my last. I'd like to introduce to you the man that will step into the shoes of Group Chief Financial Officer, Mr. Sean Capazorio. He will commence the role from the 1st of January. Sean has been with Aspen longer than Aspen exists almost, because he was in a company that we acquired in 1999. SA Druggists. He's really performed at the top of his game every day of his service since then. He was made, very early in that timeframe, the financial director of Aspen South African business, which at that time was the dominant part of Aspen. He served with distinction in that role between 1999 and 2004. We persuaded him to join us in the corporate office. We had a title of group business analyst, really assisting us with the early stages of our internationalization. That role spanned 2004- 2009. He was ultimately appointed Group Finance Officer in 2009, and serves in that post till today. He has been my right hand over that entire period on all matters financial. He has been incredibly strong support and has had a lot to do with the strength of Aspen's financial performance over that period. Sean brings enormous corporate knowledge, and very high technical skills, as well as a well-developed business acumen to the position. I have every confidence that he will continue to take Aspen's financial custody from strength to strength. I'd like all of you to welcome Sean. As I sign off, I'm going to just give Sean a few minutes to greet you before we move on with the presentation. Thank you. Thank you. Thank you, Gus, for that introduction. It really has been an exciting journey working in the Aspen family for so many years and growing with it and seeing how it has globalized over the many years. It's really a pleasure to meet all of you, and hopefully in the future, I can meet with you face-to-face and really build a strong relationship going forward. I look forward to working with the Aspen Group executive and the Aspen team and the Aspen board, and together with all of Aspen stakeholders in Aspen's next exciting chapter of positive evolution in providing accessible, affordable and quality medicine to all, and enhancing and saving patient lives, which is really the DNA of Aspen. Really good to meet all of you, and look forward to working with all of you going forward. On that note, I'm going to hand over to Stephen Saad to take us through the operational performance. Good morning, everyone, happy to be presenting again. I'm happier if I was seeing you all in person. Welcome, Sean. It's going to be lovely to have you here. There's a common trend that I've noticed in Aspen while I was watching you, that our financial directors start with hair and they go bald. I hope that I'm not responsible for what I'm seeing here. For those of you, Gus, it's been a real honor and for all of you that know so well, it's been a real honor to work with Gus. The very big positive for me is that Gus stays with me, he stays with Aspen. The only difference is he's not going to be sitting around a board table, and he's going to probably be sitting on the other side of the table during presentations. All in all, it's happy to see how we've grown our own timber within Aspen, the talent we've got within, and a pleasure to have our finance in such strong hands for so long, and that way it will stay. Maybe just a quick comment or just summary, lots of numbers with Gus. I think what for me is clear when I look at the year that we've had, of course, it's been a positive year. It's not just a year in isolation, it's been a period. This year does close the loop in many areas, and I will cover this discussion about what I mean about closing the loop a little bit later. For me, there's two things that stand out. That we've got a reshaped portfolio that's given us good organic growth, strong organic growth, something that we've been trying very hard to get. A portfolio that we know we can sustain and grow, and you will see every section within the business grows. Obviously, the obvious is we decreased our debt by just under ZAR 20 billion. I think it's ZAR 19 odd billion of debt, without nearly this similar reduction in EBIT or EBITDA. That, for us, those are the two things that, for me, if I had to get a one-line summary, that's where I'd be looking and saying, "This is why it's such a positive year." I don't think this year's results are about this year for me, and I'm hoping that when I talk today, you will see it's a platform that we have laid, that gives us future growth and the future opportunities. Clearly, I think if we deliver on what we hope, the best is really yet to come. You know in life, with sport, no pain, no gain, no risk, no reward. If ever we thought or anyone thought that you could build a global manufacturing, global distribution, a global commercial platforms in pharmaceuticals and it was going to be easy, well, then you're misguided. We never assumed that. I will say this much, we have done it. What we have done will be a catalyst for our future growth opportunities. It's been a really busy period within Aspen. Just in case those of you that thought that maybe for the last period we've been resting or rusting, in our spare time, we have managed, and with incredible pride, have managed to deliver the first COVID vaccine out of Africa. Let's go on with the presentation. Let's go into the words here. I'd like to start with Sean almost finished and where we start. Aspen is all about access. It's been a core focus for us, is how we get equitable access to quality, affordable medicines. We've really had a proud record of delivery. I think it's well known what we've done around ARVs, TB, dexamethasone, the huge volumes of anesthetics that were called on us for during COVID. We've now produced the vaccine for J&J, and that goes for distribution to Africa and the world. It has been core to addressing inequitable access to vaccines. It's the only COVID vaccine manufactured in Africa with the commitment for the majority of doses to be delivered to Africa, and my understanding is post-October, all doses will be delivered to Africa. Probably the most exciting news is having displayed these competencies, we've got a real potential now to accelerate African access. J&J, working with ourselves, are working to further collaborate with us to work out how we can increase COVID-19 vaccine production. I'll take you through some of this in later slides about how that production might be enhanced. One of the areas that we are talking about, and there's complexity here, so there's a bit of work to be done, but we committed to work together to include the evaluation of a license to really manufacture, market and sell a vaccine for Africa. If successful with that license, Aspen will have been not only manufacturing, but we'll also have our own brand. We would sell directly to the individual customers. Of course, Aspen being Aspen, this license is for Africa, 100% of the production from the vaccine will go to Africa. It really is a responsibility to take on these ventures. I can't tell you how many sleepless nights so many people across Aspen have had to get to this position of delivery. We are grateful that the opportunity that J&J afforded us and the fact that they have backed in communications with a much broader initiative to even expand this relationship further. I also have got to pay tribute to the Aspen teams. They were not the first of the nine manufacturers in the J&J network. We had many of the Europeans and American manufacturers come in first, they certainly come out the blocks the best. They've been the best performance globally, and when there's a shortage of API, Aspen got it first because of ability to deliver. Through this process, it's been a highly political process that we've been exposed to many global platforms that we've had to talk on everywhere. It's been incredible, the tremendous support from the entire African continent and its leaders. I think what's absolutely clear is that Africans are speaking with one voice. We never want to be marginalized again. If we look at our ESG efforts, of course, access to medicines is fundamental to what we do and the capacities we've put into J&J. I'm going to just give you some inserts here around the J&J vaccine. We've had no recalls, and we've been pretty reliable with supply in very challenging circumstances, with volumes being pretty erratic out there. We've obviously, being where we are, we've set our vaccination programs, we signed the Women's Empowerment Principles, we've had zero occupational fatalities since 2013. As I said, there's been a lot of political pressure and political insights into what goes in around COVID. We've had huge engagements with governments all around the world, NGOs, partners, and trying to work out COVID responses both in our own country and Africa. I think another highlight for us has been integrated reporting, where we were classed as excellent by the EY Excellence in Integrated Reporting Awards. We've also looked at environment. The environment's an important part for us. We've spent quite a bit of time looking at electricity and water. The Eastern Cape has been suffering in a drought as well. You'll see under one of the appendices some details around what we are doing in that area. Moving on to the numbers. Gus touched briefly on them. I think from a revenue point of view, pleasing to see the commercial pharma growth at 6% in reported and 4% in constant currency, and the entire group growing at 12% in reported and 10% in constant currency. What does reported in constant currency mean? Well, it means that if you look at these results operationally, the way they delivered 10%, and the effects of the movement of exchange rate is what gave us that extra 2%. It separates your operational performance for your exchange rate effect. It's a difference between reported and constant exchange rate. What that tells you is that the rand has depreciated across the basket of currencies to give that 2% more. What have been our key growth drivers in commercial pharma? The emerging markets, in commercial pharma, and the vaccine production in manufacture. We have two highlights, those that they are. When we look at commercial pharma, and this is interesting because it gives you some insight into exchange rates. Our commercial pharma, excluding the EU oncology, and I took that out, we took it out because in our investor presentations, we've given guidance outside of the EU and we have oncology portfolio. Our emerging markets grew at 6%, yet actually operationally, they grew at eight, which meant that the South African rand generally got stronger against the emerging market currencies. The next one's interesting because although the developed markets only grew at 1%, in reported terms, they actually end up growing at more than emerging markets. Gus has taken you through manufacture, where when we strip out the supply-related contracts, you see a 12% growth in reported earnings and a 7% in constant currency. From an Aspen perspective and the guidance we've given, we try to look at our internal measure of organic growth. For this, we take out those supply contracts, we take out the oncology, we come out with an 8% growth in reported and 6% in constant currency. For those of you that follow us, you would have seen in the first half, we had a much bigger delta between reported and constant exchange rate. Gus showed you the currency volatility and how the rand strengthened in the second half of last year, that's what closed the gap to this 12% and 10% we see. COVID has impacted revenue. The Regional Brands were negatively impacted, lots of coughs and colds, antibiotics, steroidal products. We have seen some improvement in acute medicines, which positively impacted those in H2 relative to H1. We've had a mixed to positive impact in Sterile brands, which I'll take you through a little bit more, and we've been negatively impacted in manufacture, where we've battled, one, with output, and the output we've got has come at a high expense. Just think, you've had to put people in bigger spaces in labs, people being ill in the facility. It's been a real challenge to keep those doors open, but we've managed it. It has come at a cost, not just a cost as in operating costs, but also it has impacted output, particularly in our API business. Let's look at revenue. Let's look at the Regional Brands performance and a very pleasing performance here. They're pleasing because our key components are here, what we do in South Africa and what we do in Australia. Both those businesses came under pressure, having big portfolios of antibiotics and OTCs. The bounce back came in H2 in South Africa, which was down 5%, for those that might remember at the half, moved into positive to show the improvement in the second half, and Australia too jumped to 6%. Australia continues to be underpinned by good growth in the OTC business. The Americas, Latin America, has been a real outperformer for Aspen for many, many years, and continues on that trajectory, having grown at another 9% in constant currency. What I've done now is I've taken oncology out of this area so that you can have a look at Europe. Europe in constant currency would have gone from -18 to -5, and our Regional Brands would have grown 4% in both reported and constant currency. That's probably quite a nice proxy for growth rate, that last number. The Sterile Focused Brands, really another strong performance off the strong performance in H1. I'm just going to give you a little bit of history here because, those of you that follow us will know that there's been quite a switch between elective surgery and COVID products, and they're often different products. Different countries, different continents are on different stages of COVID, and so we're seeing different impacts everywhere. Some territories benefited from elective surgery, but there have been material impacts of COVID impacts in this portfolio. We're comparing these numbers with last year. I'll just remind you what was last year. Last year, China was in a very strict lockdown, and we really battled to perform in China last year. The results were bad. Europe was exceptionally hard because it was hitting a massive COVID wave. We've got to look at what this is relative. The big growth here is out of Asia, and that is China, effectively. China grew off a low base, and so it is back. The doors were open, elective surgery back, hospitals open. Asia performed. Europe actually was down substantially here. It doesn't show in these numbers, in anesthetics, and the reason it doesn't show in these absolute numbers is because we had a strong increase in the Russia CIS thrombosis portfolio in the current year. That was what helped offset some of the negatives in Europe. What you can see generally is a positive performance across all the other regions as well. A really nice performance and strong performance from a sterile business in this year. The last area to cover the numbers on around performance review is manufacture. Here I would be looking at the finished dose form, which has got massive growth reports here. If we take out those supply-related contracts, you will see it's grown at 29% in reported earnings and 23% in constant exchange. Our chemical business, which is a fantastic business and a real performer, and one of the things we're really proud of over the last period, it's what we've done in this API space. We have had, as I mentioned earlier, problems getting stock out at the rate we'd like to get it out, and it has come at quite a bit of incremental cost. The biochem business continues to grow, but it's a business that has a commodity input. Heparin's basically a commodity, and the commodity cycle has now plateaued, and I'm never sure when it is going to plateau and how fast it comes up or down. If there's one thing to take out of here, it's really the initiation of our COVID vaccine stream, a revenue stream, which we did over ZAR 400 million here, and that was in spite of having a hiccup in the API supply out of the supplier from the U.S., Emergent. A really strong performance and a strong driver of growth. I'm gonna go now and talk, and this is when I spoke to you at the beginning, I said, "Look, just let's understand what we've really done here. We've reduced debt, we've got nice numbers, but what have we done to create? What have we done differently? Have we just bought and sold? What have we done?" Let's start, first of all, with the J&J vaccine. We have partnered with J&J here. They've partnered with us, we've produced a really effective vaccine. I don't have to take you through all the numbers and details. The positive is that eight months down the line in testing how these vaccines are waning, et cetera, J&J continues to be highly effective. I think, we've seen all the stats, the stats are up there for you, but maybe the more interesting stat I've got you is the anecdotal one. One of the CEOs of the private pharma groups in South Africa gave feedback to Aspen to say in the waves of COVID, before giving the J&J vaccine, they had 43 deaths amongst their healthcare workers, doctors, nurses, people working in the hospitals. They lost 43 people. Subsequent to giving the J&J vaccine to their staff, they haven't had a single mortality. A very big local pharmaceutical private hospital group, and that just really makes all the effort worthwhile. It's statistics like that that drive you and keep you to want to keep pushing on and testing all sorts of frontiers. A really wonderful feedback to get. I think, as we've watched this whole vaccine process unfold, you can get quite upset, you can get angry, but what it has done to Aspen has given us an absolute steely resolve to capacitate Africa and to be part of a process where we unlock global inequality access to vaccines. We've seen nationalism. We've seen export restrictions. Whether it's little filters that go into making products, it's just everybody grabbed what was theirs and the border shut. Those people who had capabilities and manufacture got first access. Africa is really in a bad position because Africa had money. They had money to buy vaccines. Actually, when you look at the vaccine landscape, 99% of all African vaccines are imported. Much came from India, and then India, of course, had its own problems with COVID, and they just ceased exporting. Capacitating Africa is an imperative. It's an imperative, I believe, a global imperative. What does capacitate mean? Do we put more factories in? Yes, it's going to need putting more factories down. We've shown at Aspen that if you've got factories on the ground, you get stock. Also, we've got to talk about human capital and how we build a human capital base. Because unless we do this, we will never have supply security. What does Africa have to give? At the end of the day, vaccines are a commodity product. It's one person, or one person, one vaccine, two vaccine, three vaccines, whatever it is, but it starts with one. The multiplier starts with one. Africa's got 1.3 billion people. What Africa is starting to realize in the discussions is that in our procurement policies, in the way we see our continent, we've got potential to reshape demand. We need to make sure that we reshape that demand in such a way that it's not something that's there just for pandemics, because we don't want to end up with World Cup soccer stadiums. We've got these very expensive edifices, and COVID comes and goes. We need to get volumes outside of pandemics, and we need to have capabilities to be able to make those volumes. Let's look at what Aspen's doing and where we are, and we look at our vaccine footprint in South Africa, and we've got a pretty ambitious goal here. We want to get ourselves into a position where we're producing one vaccine for one African. We've got, as you know, vial capacity, and vaccines are made in vials, but not all our vial capacity can make vaccines, and that is what we're in the process of doing now is converting capacity that is not available to vaccines to be able to make vaccines as well. That's a relatively quick process and will be ready by February of next year, what's that? Another five or six months' time. That will take our capacities from 300 million doses to 450 million doses. We will have over 700 million doses available by January 2023. That is information we shared with you, the 700 million doses at the interim presentation. You might say, "Well, what are you gonna do with that 700 million? Well, we've got a fairly solid pipeline here to get some pretty good capacity utilization on the 700. We're pretty comfortable around that. Not just COVID-19 vaccines, and you've seen the expansion of our relationships, but their boosters, clearly their boosters are going to follow. There are other CMO opportunities. A lot of people are coming to us because our capacity in Africa is proving incredibly valuable. We can get to 1.35 billion doses, which is nearly a doubling of our capacity with our existing footprint. That comes with limited incremental CapEx. Why is that? Because for those of you that have followed us for 20 years, we tend to build a big house and we fill a room, but we create the space in case those volumes are demanded. I'm pretty sure that those volumes are going to be needed, because we are in some pretty serious debates around the current conversion commercial discussions around how volumes might be filled going forward. We really need to push that button. We need certainty around sustainable volumes. I think what we are seeing is donor funds. The big buyers are all saying, "Look, this is not just about pricing only, this is about access. How do we build this capacity?" I think there's real global pressure to manufacture in Africa for Africa, and I think that we are on the right side of where we should be and need to be in terms of having capacities. Mostly we need the capabilities and that is what Aspen has demonstrated here. This is not something you can afford to make a mistake with. In terms of the progress, of course, we've got the one leg of our business which sits in South Africa, the big sterile plant, then another big part of it, too, also sits in France. Here we told you at the interim presentation we had available capacity of 200 million doses available because although we're closer to 400 million in total, some of it goes to Viatris, who purchased much of our EU thrombosis business. We've also got internal volumes, products that go to China and Russia and all of those other markets. It's a very high value add manufacturing process. We've made significant progress. There is demand, significant demand for sterile manufacture at every level, including in here, where we've got pre-filled syringes, blow-fill-seal, polybags. We've managed to sign since we last spoke. We're at least far advanced, so we're nearly at signature, with CMO contracts with three multinationals. Vaccines, or vaccine related products. We've got volume commitments of about 80 million doses already there, and those volumes will come on during calendar year 2022 and 2023. Gus told you we've had some delay in the blow-fill-seal line, and that's ironically not due to the fact that people are in lockdown and they couldn't see each other, but that they were in lockdown. Many of our suppliers have backlogs and they're trying to catch up with. We expect a delay of about six months, in that area. I think the take out here is pretty good to get this far this quickly, within less than with six months since we've last spoken. It gives a sense of comfort about what might happen with the rest of the capacity there. We're going to go now into what I talked to you earlier about closing the loop, and then a quick summary of what we've done, and then hopefully some insight into prospects. A couple of years back, I put this presentation up, in which I discussed the Aspen model. I said, "Here's our model. We build portfolios. We try and maximize returns out of those portfolios. We reshape them, we generate cash flows, and we realize proceeds on the sale of those assets. We have available capital." I said we did all of this with no equity. It would be completely self-funding. I maybe lost the audience two years ago and didn't quite I don't know. I think everyone was looking at different metrics. I think we're waiting to see could Aspen actually deliver on such an ambitious model, given where this would take the debt to. Let's just have a quick summary of what we did. We acquired significant sterile assets from anesthetics and thrombosis. We put a substantial investment into buying those portfolios. I also told you at the time, for those that may remember, that please don't look at the products we buy. That's like having the furniture in the home. What those products managed to achieve for us is an ability to build a platform, a manufacturing platform and base that would create all the opportunities going forward. Those words in this slide have been relatively prophetic now, I hope, because we've got an extended portfolio of branded products, and that's given us a geographical footprint where we've got critical mass across emerging markets. That's been very important for us, and you'll see also later why leveraging both the manufacturing and the distribution footprint of where the opportunities lie for Aspen going forward. We've got brilliant API capabilities. We've spoken about those in the past, and we've built on them, and each year you've seen that improvement on them. Then we divested. We divested from geographies and therapeutic areas. Really there were a couple of areas we either didn't have the capabilities, or we felt we were too stretched, and then also there are many areas where others saw more value than Aspen could achieve standalone. There was value for both parties. That is what we did, and let's see what that translated to. The best way to look at this, and bear in mind, there's been no funding, no equity funding. If I go back to 2013, which was the period before we started this process of the acquisitions and building. We started with a business with net borrowings of about ZAR 11 billion, and those have grown to about ZAR 16 billion. A relatively small increase in debt. What have we achieved? The revenues have nearly doubled, and the EBITDA has gone up by 68%. More importantly, in numbers, there's no debt, there's no equity in there. It's a simple thing to look at and see. What have we really done here that's really important to us? Is we've got a reshaped commercial footprint. We've got clear organic growth drivers, which you've seen and you continue to see through this portfolio. We've also, through this whole process, managed to take a business that was generic-focused, commodity-focused, under pricing pressure, to one which had trusted brands with resilient margins. We had a patchy representation across 19 countries, and we've now taken this to a global business. We've got leading global sterile assets. Those are all big achievements in a commercial footprint and a good platform to which to work. Of course, we have a fantastic API platform that we never had. I think if you actually analyze and look what we've really achieved here is we've got a world-class sterile manufacturing platform. Once again, I don't want to say we've said it before, but we have. We said when I started Aspen, we are industrialists. We've shown you so many times how manufacturing has been the initiator of broader opportunities. It will continue to be the initiator of opportunities. Maybe that is probably the least understood or well understood part of what Aspen does and does particularly well. We've got diverse capabilities. We can make lyophilized products, vials, ampoules, blow-fill-seal, eye drops, polybags, pre-filled syringes. We've managed to create that. On top of all of that, we also have ability to manufacture vaccines, which is something which obviously come to the fore in these results. It's really, we were only able to create this fantastic footprint with massive economies of scale because we were underpinned by those sterile assets. We always had an underpin for volume and utilization of cash because the sterile assets that we acquired. That was a critical part of what we achieved. Yes, it was a stretch, but it was important because without that, we wouldn't be here today. We do think the sterile capacities will become a material contributor to the group. I think two or four years ago, I put on a slide that we hoped this would become the largest contributor to the group, and we still hope so. I think if anything, this has been the cornerstone of their current strategy and delivery on the vision that we had five or so years back. Let's just have a quick summary of what we looked at in this year. We produced for J&J a COVID vaccine from Africa, and it's for Africa and the globe. The manufacture has really delivered strong growth. It's been very resilient. We kept our doors open. There were substantial costs in being able to achieve that, and it was boosted by the vaccine manufacturing revenue. I think one key area is we've emerged as a very globally relevant vaccine manufacturer. Every platform, whether it's WHO, WTO, any global platform, any global initiatives, Aspen are always a keynote speaker in all of those. Our African capacity is definitely proving a huge strategic advantage with fantastic complementary capabilities at NDB. We're delivering on organic growth targets. We've reshaped our commercial pharma. We've solid organic revenue growth. COVID impact relatively neutral to revenue performance. One was a little up and one's a little down, we think. Steriles might be a little up, Regional a little bit down. The rollout of our commercial platform is certainly offering opportunities. People are often saying, "Well, look, if we use this manufacturer, can we use your front-end forces in these countries?" Our focus in emerging markets is a strength to us because many others don't have a dedicated focus in that area. We've spoken quite a bit about exchange rate. It has impacted. It's impacted positively a couple of percentage points, certainly on the revenue line. The debt has reduced significantly. That's really out of a strong operating cash conversion. Really, an unbelievable performance from our teams there, and even surpassed our internal targets because, as Gus had mentioned, we'd started with what we thought was a low debt balance. If you have a look at Aspen, that has always been probably why we've never really wanted to issue equity in the period, is that in all the years that we've been standing up here, and Gus said 46 appearances, that was quite a shocker. In all those appearances, the one thing that's been almost consistent every single year has been delivery on cash, operating cash conversion. Our working capital has been well managed, and there's obviously, when your debt comes down, your finances come down, and will continue to come down in the period ahead. Corporate activity. We've definitely got headroom, and we continue to review our portfolio. We always will, regardless of debt balances. We really look at what our strategic objectives. Sometimes in life, you just got to stay focused. You can't have too much noise. Our objectives really are the strategic fit to our existing portfolio and how we leverage these assets we've built or these platforms that we've created, both in distribution, which I'm not talking about moving boxes, I'm talking about commercial people in field, and manufacturing. If we have to look at one area, South Africa continues to actively refine its portfolio. We've done two recent disposals, and we expect further transactions in the South African environment. What are our strategic considerations? We will always be financially disciplined. What is making it interesting, and it's a real positive, I suppose, is our growth hurdles are demanding. That's because we forecast for a strong base organic growth going forward. Something has to be really accretive and really value-adding just to try and match the growth rate that we see within our base business. If we look at some of the prospects, the Commercial Pharma we expect to sustain growth there. We see, as I told you, the growth drivers might be a little bit inverse of last year. We've got strong growth in Regional Brands anticipated, and that's just the rebound we've seen in H2 in both Australia and South Africa, and hopefully coming through for the full year this year. The Sterile Brands will be more modest. We do expect China to grow, but it could be impacted by volume-based procurement. Volume-based procurement is very hard to assess. Sometimes there are people that have grown their brands even large after volume-based procurement. It was something that wasn't a reality in the Sterile space historically, but it looks like it could increasingly encroach into Sterile business as well. The unwinding of the COVID lockdowns, I think it will have a positive impact on manufacturing costs. We've learned how to work better, we've learned how to work more efficient even within COVID, it will improve EBITDA margins, but also particularly in our API business, it will also improve turnovers. We think it will be relatively neutral on our commercial pharma sales. If we look at our organic pipeline, we've got a good pipeline to sustain and enhance our commercial pharma growth. We're looking at a broader pipeline rollout into China, and we're looking at those brands with limited risk of facing volume-based procurement. I'm happy to say we're launching two products in this year. One is. You'll get a sense from the products we're dealing with here. There's a slight difference in the nature of the product. We've got Ovestin and EMLA. These are both creams. One's an anesthetic cream, one's a women's health product cream, a hormonal cream. We've identified, we're going through our portfolio. You've got to see what extra tests we need. Will it pass the registration in China, et cetera. It's quite a long assessment that one needs to achieve here, but more than 10 products have been identified, 10 more have been identified for registration. Expect more on top of that. The idea really is to de-risk the business. China is a great market. It's a great market for Aspen. It's got lots of people, many people, and they've got growing influence. It's a market you can't afford not to be in. It has risks, but it's a market you can't afford not to be in. Our strategy is to create a strong pipeline of products, base pipeline of products, carefully selected so that we have sustainable brands in that area. Some of them will include retail brands. Something like EMLA can be sold in hospitals as an anesthetic cream. It can also be sold in retail. We had to put our Orgaran product on hold during COVID because it was unethical to do these tests during COVID on Orgaran. We're looking to reinitiate those studies now together with a partner. We'd like to find a partner to work with us to reinitiate those studies. The conjugated estrogens in the U.S., we are waiting feedback from the FDA on the bioequivalence, and that's expected in the first quarter of calendar year 2022. Anesthetic savings, Gus mentioned Bad Oldesloe. That's our German facility, and South Africa are on track to start delivering with a delay out of NDB of six months. If you want to put a number on it, ±ZAR 100 million, I would guess, Gus, around about there. If we look at the prospects, continue with the prospects here. Exchange rates will impact results. Probably you've got to start thinking about vaccines becoming a bigger part of our income, and vaccines are sold in hard currency. That will also impact how we look at exchange. I think if I look at our South African business with the vaccines forecast for next year, we're likely to be hard currency positive even within our South African business, which remember, imports products, APIs, et cetera, for our local business. It's likely to be hard currency positive, even our South African business facilities. Our vaccine rollout, we expect to gain momentum. You've got about four months sales in there. It was over ZAR 400 million. If you annualize that, we should do that and some more, just having a more steady supply of drug substance. On a business as usual basis for financial 2022, we can't make assumptions. Who knows where COVID might take us? Who knows what license incomes might come in and how our space around delivering vaccines might change. We are forecasting on a business as usual basis, high single-digit revenue growth, and, as Gus mentioned, even stronger EBITDA growth. We expect that one through more output in our manufacture, but also less COVID-related costs. That's been quite a big cost, particularly in our manufacturing division. Of course, we expect even stronger NHEPS growth as our finance costs, although they decreased strongly this year, will continue because a lot of the payments we received and the benefits we got towards the end of the last financial year. There's always potential impact from corporate activity within Aspen. I don't have to say that to you, those who've been watching us for a while. We've told you how high some of those barriers might be. Really, I think we really want to work really hard to achieve access to a license from J&J for Africa. We think it's a massive catalyst. It's transformative on every metric. I think there's not an African country or an African leader that isn't incredibly supportive. Even world leaders, global leaders, who are so supportive of achieving this, it is really, most and foremost, I think it will be a game changer for African control over access. To know that who you're selling to, how you're selling, releasing your own product, and having control over the whole process is something that would be transformative for access to Africa. I think that together with everything else that's rolling out now, has been a significant endorsement of the strategic vision we had five or six years ago and shared with you. I think if anything out of this presentation, I hope there's two things about us. We haven't rested or rusted, although we have many thought we might have. We're in a really great position now to deliver extra on this great platform that we have built, both at manufacturing and distribution level. Thank you. Thank you all for your attendance. I think we're going to go to Q&A now. Is that right? Hi, everyone. We have two questions that we're going to take this morning. The first one is from Jonathan du Toit at Oysterc atcher Investments, probably for Gus. Does the HPC other net income come back in future years, or is it permanently gone? Thanks, Jonathan. HPC milestones have reached their term now, so there will be no further milestones in respect of HPC. We've got a question from Victoria Lambert from Bank of America. What percentage of debt is rand denominated versus foreign FX? Victoria, this is a target which is going to move as we apply our proceeds of various structures to our debt. At the moment, you can probably start with about 30% of debt being ZAR denominated, but that may well decline during the course of the year, depending on what we do with cash inflows. We do try and seek the right balance of currency debt to our earnings and the other factors we take into consideration as well. All right. We'll take further questions in meetings throughout the day. Those are all for now. Thank you. Thank you. Thank you, everyone. It's been a great pleasure dealing with the investment community over a number of years. I don't think there are many of you that are around today that were there when I kicked off. It has been great dealing with you. Of course, I'll still deal with you during the balance of this year. Thank you all for the interaction over that period of time.