Thank you for joining us for the presentation of Barloworld's interim results for the period ended March 31, 2021. My name is Nwabisa Piki, and thank you for joining us today. Just to take you through our program, we'll start with group highlights from our Group Chief Executive Officer, Mr. Dominic Sewela. We'll follow that with a financial overview from our FD, Nopasika Lila. The Divisional CEs for industrial equipment and services and for consumer industries will take us through their performance together with car rental and leasing, and our motor retail and logistics business, which are discontinued during this period. We'll then end off with a strategy update and outlook, and thereafter take you through to a Q&A session. I would now like to hand over to our Group Chief Executive Officer, Mr. Dominic Sewela. Dominic, over to you. Thank you, Nwabisa. Good morning, ladies and gentlemen. I hope you're safe wherever you are. Just as we pivot in Barloworld to a more simpler business that's focused more on two verticals, one of the key thing for us, is that ESG underpins our strategic actions. Our approach is really ensuring that our people are safe wherever they are in our operations. Also when we deal with communities, we lessen negative impact to those communities, and we also reduce our environmental footprint. All that is governed by a very independent and active board, supported by subcommittees of audit and risk, as well as social and ethics subcommittee. I'm pleased to say that our LTIFR has been reduced by 30% over this reporting period. One of the key issues for us is that safety is a metric that we put on the executive scorecard for short-term incentives. In the event there's a fatality, that executive or that group will actually score zero. That would apply to me on a proportionate basis because all the divisions would sit on my scorecard. Regrettably, we have had a fatality in our discontinued operation of logistics where Alfred Tsakani was involved in a fatal accident. Our sincere condolences to the family, friends, and colleagues of Alfred. I must say, the investments that we've made over time in terms of our environmental footprint has paid dividends. You can actually see that in terms of carbon emissions, scope one and two, we've seen a reduction of about 40% or improvement of 40% in carbon emission. In terms of water withdrawal, we've seen about 18% improvement. Energy efficiency, we've seen about 41%, which is actually a good result. These are all continuing operations, with the acquisition of Ingrain, we will include that next year. What we're currently doing is benchmarking that and making sure that we can have set targets that are realistic, and that we can be able to ensure that that business also adheres to these initiatives. When we just talk about our financial highlights, I think it's pleasing to see, in terms of continuing operation, an increase of about 13% in terms of revenue. All the actions that we took last year are bearing fruit. We are seeing a savings of about ZAR 1.2 billion for the entire group. We've also seen the efforts by operations to preserve cash, yielding an 18% growth in EBITDA to ZAR 3.1 billion. When you look at HEPS, it is a very significant 265% increase compared to last year to ZAR 4.05 per share. What's also pleasing is to see the conversion ratio of EBITDA to free cash of 121% for the group. When you look at, for continuing operation rather, for the group, I think it's about 114%. With all the initiatives that the business have actually taken in terms of ensuring good management around the balance sheet, our working capital management, we've seen a solid net debt position of about ZAR 4.9 billion compared to ZAR 2.6 billion, taking into account that we've paid ZAR 5.3 billion for starch. I'm also pleased to say that Motor Retail, all the substantive conditions have been met earlier than anticipated. We've just had the Tribunal give us a green light last week, Friday. This transaction will close on June 1st as anticipated. With all this, the board has made a decision that they would pay a special dividend of ZAR 2.00 per share and an interim dividend of ZAR 1.37 per share. In terms of our policy, the interim dividend is more on the lower side because our dividend policy is 2.5 times to three times cover. This is more around three times. I think we could have afforded to pay more, but we felt that we needed to be prudent given the fact that we are still dealing with a third wave, the board will then take due consideration in September once we've finalized the year. Thank you very much. I'm going to hand over to Nopasika. Thank you, Dominic, and a good welcome to everyone and to the interim results for Barloworld for the March 31st, 2021. It has been a very interesting time for Barloworld. If one has to understand and analyze the financial statements, it's important to take the following into consideration. First, Avis Fleet was in the prior year included in our discontinued operations, but it is now in our continuing operations. We've really had to restate the financial statements. I'm talking about the income statements as well as the balance sheet for the 2020 financial year. Looking at logistics, oops, I beg your pardon there. Okay. Looking at logistics and motor retail, in this current period, it's recognized as discontinued operation, whereas in the previous year it was continuing operation. Likewise, we've had to restate the income statement for comparative purposes. Also to note, in this first quarter is the first-time integration of Equipment Mongolia, as well as Ingrain, and to note is the fact that Ingrain was acquired on November 1st, 2020, therefore we've only incorporated five months of trading. We've had a very resilient operational performance across the businesses with a good start to the year. We've seen this through the delivery of group revenue. This includes discontinued operation at ZAR 28.6 billion. For continuing operation, the revenue is up 13% at ZAR 20.9 billion. An exceptional performance has come through on the operating profit, up 44% for the group at ZAR 1.9 billion. This has been positively impacted by the acquisition of Mongolia as well as Ingrain, previously mentioned. Also, very important is the benefits that we're starting to realize from the austerity measures that we implemented in the previous financial period. On the segmental revenue side, across all segments, revenue remains in line with prior financial periods also then the levels therefore are very much alike. Included in the ZAR 20.2 billion is the acquisitive growth of ZAR 3.4 billion, this two billion is from Ingrain and ZAR 1.4 billion from Eurasia. You will notice that our Mongolia interest is included in the Eurasia numbers. Again, a very remarkable operating profit number of ZAR 1.3 billion from continued operations. We saw from Equipment Southern Africa, up 24%, Eurasia up 51%, with Mongolia obviously contributing ZAR 145 million to the operating profit. Contribution from Ingrain, as mentioned for the five months, is ZAR 305 million on the operating profit line. Car rental generated ZAR 114 million operating profit, these margins were impacted by the high damage costs that they've experienced in the first six months. Leasing, 2% lower than prior year. Also, again, very much in line with the previous period. Great performance considering the challenges within this business. Included in other segments, we have our corporate office, we have Khula Sizwe, we have Handling, as well as the DDS, which is our digital and disposal solutions. When we look at the losses that we're reflecting under other segments, it is very mixed. This is really also because of the inclusion of the acquisition cost for Ingrain, and this is a one-off cost. Net finance costs have been well managed in the first six months, improving 20% on a like-to-like basis. This is attributable to the low interest rates as well as the reduced debt levels in the divisions. The cost of funding for Ingrain is ZAR 89 million for the first six months. This has increased the total net finance cost to previous year or prior year levels at ZAR 434 million. Improved earnings from operations with notable HEPS at ZAR 4.05 for the period. This is an improvement from last year at ZAR 1.11. When we combine the contribution of both Mongolia and Ingrain to that number, we see that they contribute ZAR 2.29. Overall, from a group perspective, our HEPS, including discontinued operations, was ZAR 3.67. Barloworld remains to have a very strong balance sheet with good working capital management. As can be seen in the balance sheet, we have converted, or the cash conversion throughout the group has been approximately 114%. The integration of Ingrain increased our asset base or assets by ZAR 6 billion. You will also notice in the balance sheet that we've reclassified Motor Retail as well as Logistics, and you'll see there both from an asset and a liability side, the reclassification to held for sale. I must say, when I look at the cash conversion, the exceptional effort that's been put by the divisions in terms of performance throughout the tough conditions, the yielding of free cash flow of ZAR 4 billion before Ingrain was simply remarkable. When we also do consider the fact that we've increased our debt by ZAR 5.3 billion for the acquisition of Ingrain, the net debt is well managed at ZAR 4.9 billion. This is an increase of ZAR 2.3 billion from the prior year number that we reported in September at ZAR 2.6 billion. We remain well within our covenant levels with the net debt, EBITDA at 0.9x as well, and the EBITDA gross interest at 6.9x. Looking at our returns, we remain well against our targets and the net gearing at 3.6% is within our target. The ROIC as a measure is an annual number, therefore, a half year number may not always reflect the return on investment. The 3.8% for the six months is affected by taking into account the six months from last year to arrive at the rolling 12-month number to calculate the ROIC. I'm pleased to announce that the board has approved and declared a dividend of ZAR 1.37 for ordinary, and also a special dividend of ZAR 2.00 per share. This is on the back of the good performance of the business and the cash conversion and the cash that the business has in our balance sheet. We've been able to declare ordinary dividends there. The intention, however, to fund the special dividend is through these proceeds that we are going to be receiving from the sale of Motor Retail. In conclusion, we've had no material significant changes post March 31st, 2021. On the Motor Retail side, as Dom has indicated, all the substantive conditions have been met, including the Competition Tribunal approval that we've received. Logistics, we remain focused to achieve and conclude the deal by the end of the calendar year, which is December 31st, 2021. I thank you. I'll now hand over to Emmy Leeka. Thank you, Nopasika. Good morning, ladies and gentlemen. It gives me real pleasure to present Equipment Southern Africa interim results. Revenue was down 1.8%, mainly driven by a decline in machine sales, but also activity in the rest of Africa, and particularly in Angola, Mozambique and Zambia. This is indeed detectable top line amidst the pandemic. The EBITDA was up 15.7%, with operating profit indicated by Nopasika earlier on up at 24%. It is pleasing as well to see the operating margin at 10.2% compared to prior at 8.1%. This was mainly supported by our cost reduction effort at 22.1%, but also the improved sales mix. Our efforts to optimize the invested capital has significantly reduced our invested capital by ZAR 4 billion to a tune of ZAR 8.2 billion. The division continued to generate strong cash of ZAR 1 billion with a free cash to EBITDA of over 85%. Our efforts in reducing costs help us to circumvent the impact of COVID-19, and this has positioned us well in the years to come. Turning to new equipment sales by segment. Our overall equipment sales were down 14%, mainly driven by the new machine sales to the mining sector, and particularly for the mining houses, we were down 25%. Also we've seen an increase in terms of machine sales to the contract mining, growing by 12%, and as well as the construction side growing by 6%. As you can see on the right-hand side of the graph, the contribution from 24% to 30%, supported strongly by our deliveries in terms of the government RT57. Of note is that during the reporting period, we were able to increase our market share in a declining industry unit sales. When we look at the sales mix, the aftermarket remained resilient with an improved contribution to 59% that also supported our operating margin of 10.2%. This notable achievement is the highest that the division was able to achieve in the last 10 years. We will endeavor to maintain and sustain this performance by one, focusing on double-digit growth in aftermarket, in particular the parts side, but also ensuring that we sustain our cost discipline. The return on invested capital was down from 8.6% to 6.5%. As was explained in terms of how we account for the rolling 12 ROIC, if you consider the six months and annualize that, our ROIC is sitting at about 11.7%. Notably so, we have seen a significant turnaround for Botswana, and we still need to really ensure that we improve in terms of NOPAT for Mozambique, Zambia, and Angola. Turning to the Democratic Republic of Congo in the Copperbelt, our share of losses increased from -ZAR 38 million to ZAR 104 million. As indicated previously, in terms of activity, also impacted by the write-off of operating capital items, the change in our rental fleet amortization methods, also the restructuring costs. In terms of our program in ensuring we see the turnaround, we are executing that currently. We foresee the full impact of our turnaround plans by 2022. We are progressing very well in terms of fixing our business particularly aligned to the Caterpillar strategy of doubling services by 2026, also ensuring that we continuously as a division, we grow our population. It is important as well that we sustain our performance, we will be continuing to use our business system, improving our returns, reducing our cost to serve, but also ensuring that we can serve our customers better. We remain cautiously optimistic. The outlook is mixed with positive signs, particularly when we look at the mining sector, supported by strong commodity prices. Unfortunately, our view in terms of the construction industry remains muted in the midterm. When we look at the next coming six months, our turnaround plans are focused on making sure that we can deliver in terms of our promise, looking at a strong cash generation, improving our returns, and as we continue to focus relentlessly in terms of executing our aftermarket, we will do so in leveraging the omnichannels, improving our digital platforms, and ensuring that we can be able to serve both our employees as well as our customers better. It is pleasing to see that our order book has improved from ZAR 2.39 billion in prior to ZAR 2.54 billion. Post-balance sheet reporting as of April, our order book was sitting at ZAR 2.73 billion. Ladies and gentlemen, I thank you. I would now like to cross over to Quinton McGeer, who will take us through Siberia and Mongolia. Thank you, Emmy. Good morning, ladies and gentlemen. I'm pleased to announce the 2021 half year financial results for the Eurasia division. A very strong start to the year. I will unpack various highlights during the presentation. What makes this result even more pleasing is that despite the difficult trading conditions caused by COVID, in particular Mongolia, the Mongolian business that impacted the results negatively, the division still delivered record performances in many areas. Revenue was up by 33% to ZAR 5.1 billion, driven by the acquisition in Mongolia, an active mining segment, especially in the gold, coal, and nickel segment. Russia generated 73% of the total revenue. EBITDA increased by 53% to ZAR 698 million on the back of the Mongolian acquisition, but also a record result in profit terms from our Russian business. Russia generated 70% of the operating profit. In terms of margins, both countries generated solid results with the Russian business generated an 11.4% operating margin and our Mongolian business a solid 10.4% on the operating level. Both businesses again generated solid cash flows through good trading results as well as good working capital management. A very pleasing ROIC return with the division generating 14.3% well ahead of the group hurdle rate of 13%. Russia, in particular, generated 18.3% ROIC compared to the 15% in the prior comparative period. Next slide, please. In analyzing our prime product sales, one can see that this is dominated by mining, with 82% of the revenue generated by this segment. From a Mongolian segment, it's 97%, so significantly more coming from mining. Our aftermarket contribution as a percentage of total revenue was very similar to 2020, with the Russian aftermarket contributing 43.6% to the overall revenue and Mongolia 46% of the total revenue. Our aftermarket continues to support the overall profitability of the division with good margin realization in both countries. We saw some very encouraging signs in March for a coal recovery, which bodes well for the second half of our financial year. Next slide, please. A diversified commodity portfolio led by gold. Russia is a leading producer in most of the world's major commodities with an abundance of opportunities. Our portfolio includes blue-chip mining houses as well as junior miners. For Russia, one can see that our sales to our gold customers continues to lead the revenue generation with 49% generated from gold, compared to our 43% in the prior year, same comparative period. For the first six months in Mongolia, sales to our coal customers was driving the revenue, with 46% of total revenue coming from our coal customers. 76% of this coal is coking coal, this has all been exported to China for use in their steel mills. Gold also plays a very important part in Mongolia, as illustrated by this slide. Next slide, please. Many opportunities on this slide, I'm just going to highlight a few. In Russia, we do have some very big greenfield opportunities still to materialize in the coming few years. Like Sukhoi Log, the biggest gold deposit owned by Polyus in Eastern Siberia, as well as KAZ Minerals in the Russian Far East, a big copper deposit. However, interestingly, is the comeback of the coal customers in Russia, specifically in the Kuzbass Basin, with some very nice opportunities that were secured over the last month or so to be delivered in the second half and first half of the next financial year. The situation in Mongolia is very similar to Russia, with some big greenfield opportunities in both the coal as well as the copper segment. On top of that, we've also got the underground development at the copper mine still to be concluded. Next slide, please. Our strategy has not changed, and we remain closely aligned with Caterpillar in driving growth and value for all our stakeholders. I just want to highlight three key points for us from a Eurasia perspective. One is the importance to continue winning the greenfield opportunities. Secondly, is to continue to develop and improve our digital footprint, as well as to develop and improve our rebuilt capabilities that will help and assist our services growth, doubling our services growth revenue. Next slide, please. Our outlook for the remainder of 2021 is it will be very important to complete the integration process for the Mongolian business and to capitalize on the mining opportunities presented to us, as well as optimizing best practice in this region. However, I just want to draw your attention to one very big highlight, and that is the exceptional strong firm order book in both the Russian and Mongolian businesses as at the 31st of March 2021. The fact that we have managed to secure a further $42 million after the half year close supports a very positive outlook for the remainder of the financial year. We are optimistic that the second half, we will continue to generate solid results and returns. With that, I would like to ask Garth and hand over to Garth. Thank you very much. Good morning, everybody, and thanks, Quinton. It's certainly a pleasure to be here this morning presenting our first set of results as part of Barloworld. We are very pleased with the resilient performance that Ingrain has posted during these challenging times, and I'd like to take this opportunity to pay tribute to all the employees and partners of Ingrain who have helped make this possible. Before we cover the financial results, I'd just like to remind everybody that the period covered in the slides and in the information booklets that you've received is for a five-month period, with the acquisition of Ingrain by Barloworld being effective from November 1, 2020. The period itself has seen strong revenue growth of 16%, driven by growth in sales volumes in both the domestic and export markets, an improvement in sales mix, and high international prices. This growth in revenue, combined with more competitive local maize prices and ongoing improvements in operational efficiencies and cost control, has seen operating profit increase by 35% to ZAR 306 million. Ingrain continues to be a strong cash generator on the back of the improved operating results and a decrease in working capital requirements. This has translated into a cash flow for the period of some ZAR 424 million. As mentioned previously, we're seeing good revenue growth on the back of increased sales volumes in both the domestic market, which grew by 3.5%, and the export markets, which grew by 4.8%. The graphs here depict the mix of our sales across the various markets. As you can see in the domestic and export markets, we've been relatively consistent in terms of the sales mix. In the co-product area, we've seen an increase in the proportion of revenue derived from co-products on the back of high international commodity prices. Co-products are produced during the manufacture of starch and are sold into the animal feeds, edible oil, and protein markets, largely in the South African domestic market. If we now turn to domestic sales, we certainly continue to see the benefit of our diversified customer mix with growth in the coffee creamer, prepared foods, canning, and paper converting sectors offsetting declines in the confectionery and paper making sectors. The alcoholic beverage sector has shown its resilience during the period with quick rebounds from the various lockdowns and has still managed to demonstrate some growth over the prior year period. We remain very pleased with the progress that we continue to make in the areas of powdered glucose and modified starch, with growth of 8.4% and 16.8% respectively. When we look ahead to the remainder of the year, despite the macroeconomic outlook, which remains uncertain due to the possible impacts of COVID, we still believe that we will see volume growth, and this is largely as a result of the following factors. We expect to see a benefit of reduced levels of economic restriction compared to the prior year. Certainly in April and May last year, we saw significant impacts on volumes, with the hard lockdowns that were imposed in that period. We expect to see further growth in powdered glucose, and in the prior year, the April figures were impacted by some production constraints. In the modified starch area of the business, we only commissioned capacity improvements in the latter part of 2020. We expect to see the full benefit of these capital investments realizing themselves in the second part of the year. Turning to maize, just to remind everybody that when South Africa has excess maize crops, it's beneficial to the business as it certainly helps improve and support margins. If we look at the prior year and the forecast for the current year, we can see crops of 15.3 million and 16 million forecast. Certainly these are in excess of the 11.5 million tons that the domestic market requires. Current international markets remain incredibly volatile, with increased global demand, particularly from China, and also concerns around planting delays and weather concerns in key markets such as the United States and other key producing countries having an impact on prices. We're seeing prices trading at levels that we have not seen since 2013. These high international prices are certainly resulting in an increase in international starch and glucose prices and encouraging increases in planting intentions in various markets, of which South Africa has been no exception. The forecast large maize crop of 16 million tons for the current year is expected to provide support to margins in the business going forward. Turning to our strategy and our focus areas for the well, ongoing focus areas. Ingrain is continuing to look at various initiatives to accelerate its market development opportunities. This will be supported by ongoing operational excellence programs and efforts to optimize capacity within the asset base. These processes are being supported by the implementation of the Barloworld Business System, and resourcing and implementation of this program is currently underway. As mentioned, work is continuing on our various sales mix improvements and our import replacement program, with a particular focus on powdered glucose and modified starches. Opportunities to expand our regional market presence continue to be reviewed, particularly as new trade regimes are being developed. From an outlook perspective, despite the uncertainties that remain in the markets as a result of COVID, we expect to see volume growth in the remainder of the year as markets recover from the lockdowns of the previous year and we execute our various growth initiatives. The current high international commodity prices, combined with the forecast large maize crop, are expected to support margins going forward, and we expect to see a growth in earnings in relation to the prior year. Thank you. I will now hand over to Ramasela who will cover car rental and leasing. Thank you. Thank you, Garth. Good morning, everyone. Last year this time, I was 54 days at the helm of Avis Budget Rent a Car, a business and an industry that really epitomized the epicenter of COVID-19 within the Barloworld Group. This morning, I am pleased to be leading an integrated mobility provider offering car rental, leasing, and commercial fleet. Let me take you through the March 2021 results. A period of restricted lockdown compared to March 2020, pre-COVID, pre-lockdown. Starting with car rental. This business is predominantly an airport-based business, with 60% of the bill days coming from the airport. The closure of the airport and restricted travel almost caused calamity to this business. Our recovery journey has been nothing but incredible, with revenue traded at 83% of the March 2020 levels, despite international travel severely subdued domestic tourism, no public, no corporate travel. As management, we swiftly reacted by repositioning the business of the airport, expanding on a mobility subscription offering. That, coupled with our expertise on the used car sales, really contributed significantly to our result. Our fleet utilization was up 1.6 basis point, which gave us an average of 37%. What is really encouraging is that in a period of six months, we turned around a loss-making position of over ZAR 300 million to a profit of ZAR 100 million. That, despite international travel. We continue to generate strong cash in our used car business, supported by a buoyant used car market, of course. What is important to note is that in this market condition, Barloworld invested back ZAR 2 billion in our business. We acquired over 13,000 new vehicles. Moving on to the leasing business. Leasing remained resilient in the face of the pandemic, as well as continuously challenging market conditions. The actions that we took last year of cost containment, restructuring of the used car, really yielded positive results, with our op margin up from 16.2% to 18.8%. We continue to generate solid cash in the business. Key to note, because it is known that private sector activity has been low, but in this case, we protected our private sector space by replacing 100% of all our lease term during the period through new customers and retaining most of our customers. We are sitting with a decent order book. Let me take you through outlook. COVID-19 will still remain part and parcel of our lives, especially us in the mobility and tourism business. We are, however, very much encouraged by the rollout of the phase II vaccination program. We remain optimistic that we may see some business and economic activity. New cars. New cars are still a challenge with the supply of fleet. That means for us, our used car market will still remain buoyant for the foreseeable future. As an integrated mobility provider, we continuously reposition ourselves in the digital space to be able to provide and cater for the changing mobility requirement. As we provide from the motorbike to 6x4 truck, a one-day rental to a seven-day lease. I'd like to take this opportunity to hand over to Kamo. Thank you, Kamo. Thank you. Thank you very much, Ramasela, and good morning, ladies and gentlemen. It is my honor to present the motor retail and logistics business unit results for the period under review, ending March 31st. I think it's just important to note the key progress that has been made in terms of the restructure of the motor retail business over the period that resulted in a respectable ZAR 100 million reduction in terms of the base cost line of the business. We've seen some very significant progress around selling gross margin improvement across the various key performance areas of the business, resulting in an improved operating margin of about 2.2% compared to 0.9% in the prior year. Of course, we ended the year with a positive free cash flow against the prior period where you had ZAR 925, significantly, obviously, driven around by the proceeds of Khula Sizwe properties. The 119, as you said, obviously, is purely operating cash flows on an ongoing basis. This obviously, again, is underpinned by the key performance indicators in the business that are showing very resilient and positive, I think, improvement on an ongoing basis. I see a business that is well positioned as it integrates with the NMI-DSM business as we take it forward into the next six months. Logistics, on the other hand, has been a business that has been negatively impacted by and large by the effects of COVID-19 and the resultant lockdowns, as well as obviously some of the deliberate Management actions around the turnaround of the business. This business in the last six months has been put through at least two sets of restructures just to make sure that we align and respond directly to the prevailing market conditions, resulting in the reduction of employee cost of about ZAR 37 million, as well as taking, of course, ZAR 34 million once-off costs related to the disposal of the business. I think the business is well set up with a new management team led by Lubabalo Mtya and his team as it redefines and repositions itself for its new future outside of Barloworld. I'm strongly confident that Lubabalo and the team will do exceptionally well as they move forward. I thank you, and I would like to hand over to Dominic Sewela. Thank you, Kamo. I must say, this is the last presentation that Kamo makes in this forum, and thank you for four and a half years of loyalty and commitment, and particularly over the last 18 months as you led the Auto and Logistics division through a very difficult period. I'm glad that you're leaving when the results are beginning to yield in Avis. You've spoken about logistics, and I wish you well as a co-chief executive of NMI-DSM going forward with the approval of the Motor Retail disposal. I think I'd just like to highlight two areas in terms of the strategic update. The disposal of the logistics division, as Nopasika has highlighted, is well underway. Our view is that it will be concluded by the end of the calendar year. One other thing I'd like to highlight on the strategic update is around governance. Most of you would know that Neo Mokhesi has been appointed as the Lead Independent Director. It's the first time that Barloworld has had Lead Independent Director. Also the appointment of a new Chairman is underway, and the announcements will be made in due course. Just coming back to my favorite slide. I think Nopasika did speak about the rolling 12 in terms of how we calculate, particularly NOPAT, and using the sort of the rolling 12 invested capital. I just want to draw your attention to the invested capital table, because I think that's where you will see that the management of these divisions have done exceptionally well under the circumstances. I think Ramasela, when she was up here, she said when it all happened, she had just been in the role for 54 days. What she didn't elaborate to say is that in that 54 days, you were battling with COVID for the two weeks of that. Notwithstanding, I think being able to take out ZAR 1.5 billion of invested capital within that timeframe is actually great. When you look at leasing, similarly, ZAR 700 million. Overall, in that division alone, there was ZAR 2.2 billion of invested capital taken out. If you then annualize these numbers, if you look at the six months and you said if the conditions were to stay the same to the next six months, you should be ending at about ZAR 6.4 billion, Ramasela, in terms of car rental and about ZAR 12.5 billion in terms of leasing. I think similarly, when you look at Equipment Southern Africa, Emmy has highlighted the issues in terms of the rest of Africa. I guess to take out ZAR 4.1 billion, Emmy, that was also no mean feat in terms of your team to achieve that. My sense is that you should be in the region of about 11% and 12% right by the end of September. A good story here is Equipment Eurasia at 14.1%, and taking into account that we just bought Mongolia, and to achieve 14.1% for the period, it shows how stable that business is. If you look at VT alone, they're actually about 18%. Hence, Mongolia dragged that down. I think overall, with the second half, you should be seeing about 16.2% return. I think Ingrain is very interesting because it's a five-month trading period, as Garth has indicated. We've had a five-week strike in the business, and we've had alcohol ban. Notwithstanding, you're sitting at about 11.7%, and my view is that those numbers include November and December, which tend to be your peak, Garth. I think, if you were to annualize that, you have to take that into account. Probably, I say that would probably tend a bit down to about 10% by the end of the year. I wouldn't see it at 11.9% that we've indicated there, because I think there was an anomaly in terms of that annualization. I think of importance is what I spoke about in the beginning, that we are actually pivoting this business to a more simplified business. I think when you look at car rental and leasing, my view is that over the next 18 to 24 months, once we are more certain about the impact of COVID, we will look at various options of how best we unlock value to shareholders in terms of this business. Going forward, the business for Barloworld basically should be a too simplified. It is using more focus as an industrial processing, distribution, and service business underpinned by Ingrain on the consumer industries and Equipment Southern Africa and Equipment Eurasia as the divisions of Barloworld. We are pretty tight for time. I would like to take some questions. If we are not able to answer the questions within the timeframe set, we'll probably send those to you, Nwabisa, and then we can respond online. Thank you. I shall start reading the questions. Okay. Okay. A question from Peter Kromberg from IAN Group. Given the increase in short-term debt, does Barloworld plan to reduce these short-term borrowings or convert into longer-term debt? Sorry. I guess for most of the short-term debt, Nopasika, maybe you want to comment on that. Yeah. Then it's Nopasika. Okay, thanks. Thanks, Dominic. Just by way of reminder, included in the short-term debt, as at March 31st, 2021, was the bridging finance to fund Ingrain of ZAR 5.3 billion. That's why that short-term was quite high. We've subsequently been able to refinance that entire amount, but we've only refinanced about ZAR 4 billion. The reason being, we had excess cash, so we didn't need to finance the entire amount. We used about ZAR 1 billion for bonds and the ZAR 3 billion from the normal bank facilities. I must say, it was at very, very favorable rates as well. Thank you. James Twyman would like to know what is our exposure in Mongolia, what is it by commodity, and how big the exposure is to top one or two customers. Quinton, did you hear that question? Yes, Dominic. I think if I respond like this, in Mongolia, there's three major commodities, coal, gold, and copper. If you look at the first half trading results, it was sort of dominated by coal with 46% and 31%, I think gold, and to a lesser extent, copper. If you look at the second half, in terms of the firm orders, the picture is reversed, where we signed more, I think 62% of what we're going to deliver over the next six months is relating to the gold segment. I think it's very diversified, and I think it's going to very much be dependent on cycles and in terms of also the production schedules within the mine. I think that's the three major commodities. I think copper at this point may be a little bit understated, taking into account there's an election coming up in June. Also the agreement that still needs to be resolved between Rio Tinto and the Mongolian government. I think in terms of customers, we've got two world-class mining houses. One mining house, one contract miner operating in Mongolia, being Rio Tinto. Thiess, one of the biggest contract miners in the world. A lot of junior miners. Our exposure obviously is more towards the big mining companies like Rio and Thiess, we've got quite a lot of smaller junior miners where they are operating in developing the smaller deposits, et cetera. I think very similar as if we look at the Russian mining segment a few years ago, where we operated with a lot of junior miners. Thank you. Munira Calva would like to know, please can you give us more detail on Bartrac operations in the DRC? What are the challenges? What is the timeline for this business to return to breakeven? What do you see a sustainable operating profit for this division, given it hit a peak operating profit of ZAR 270 million in 2019? Thank you. I just wanted to start by explaining the impact in terms of the impairment numbers, and particularly the restructuring costs, which were the once off. We reported previously about ZAR 59 million by January in terms of the impairments as well as the restructuring costs. The total to date, we're sitting at about ZAR 72 million. If you take 50%, it's about ZAR 36 million in terms of the impact on our numbers. The balance, which is basically the ZAR 68 million, was more activity-based. If you look at it in terms of the plans that we have in place to make sure that we can turn around the business, we are looking at making sure that we can be able to see us in terms of profitability into 2022. Again, it was promising, though, if you look at MUMI in care and maintenance, whereby there's been talks of getting it back into operations in 2022. We are hopeful in terms of our diversification strategy as well, focusing on the other Chinese customers in the territory to make sure that we come back to profitability. The numbers that we've seen previously of about ZAR 270 million in terms of the Bartrac contribution, it will take us some time as we looking at the region, but supported by the strong both cobalt as well as the copper prices, and we hope in the next coming foreseeable future, we'll be as able to see a turnaround there. Thank you. Thank you. Thanks, Emmy. Roy Cokayne would like to ask, you plan to dispose of car rental in the medium term. What are the prospects for the sale of this business at a realistic price in light of the depressed travel market because of COVID-19, and the fact that another listed company has also announced it plans to dispose of its car rental business? Roy, the issue that I said over the next 18 to 24 months. I think what you need to look at, the international travel is going to be very critical in terms of the turnaround of this business. Our view is that it would not make sense in the short term to look at selling that business. I like to really understand the certainty, once the vaccination rollouts have gone through, as well as looking at. Travel coming back, particularly on the tourism side, and only then would we be able to know what's the best pathway, in terms of extracting value for this business. Thanks. Ross Krige from JPMorgan says, "You mentioned the consideration of acquisitive growth. Are there any targets or target industries in particular in mind? In terms of acquisitive growth, our focus is going to be mainly in consumer industries where we're going to look at add-ons to Ingrain. When you look at on the equipment side, where we're talking equipment distribution, it's going to be more around services that are adjacent to that business. At the moment, what we're focusing on is fundamentally bearing the two transactions that we've acquired and ensuring that we can also dispose of the Automotive and Logistics business. I'm not really looking at making any acquisition within the next 18 months. Thank you. In car rental, what portion of revenue is being generated by the mobility offerings as opposed to traditional car rental for travel or business? Ramasela? Thank you very much for that question. In the last six months, about 20% now that we are moving into mobility subscription offering. That's what we're starting to see now. Thank you. Thank you. A question from Mark Tunall. Possible to comment on order pipeline for mining equipment in Southern Africa and rest of Africa? What are the remaining COVID-related constraints? The COVID remaining constraints, particularly when we look at supply of some of the machines that we expect in our territory, particularly coming out of India, the 426, we have a backlog of the machines, and we have a very strong pipeline in terms of supporting our customers. When we look at other products like your trip [service] also coming out of India, we do have a challenge in terms of the supply out of there. We hopefully, working together with Caterpillar, we will be in a position to satisfy our customers going forward. Other machines that are coming out of the U.S. as well as China, we don't have that much of a challenge in terms of supporting our customers. What we have seen as well, besides prime products on the aftermarket, as well on the parts side, we're seeing some little bit of constraints as well due to COVID. Thank you. Thank you very much. How many expressions of interest has Barloworld received for the logistics disposal? When will preferred bidders for the business be selected? Currently, I wouldn't want to comment in terms of the numbers of the people. We've now received offers, and we are going through a due diligence. Following that, we will have firm offers, and after that, we will then be able to finalize the SPA with whoever the successful bidder would be. Thank you very much. I also have, can you explain the decision to keep car leasing? Were there no buyers, or was it a strategic decision to retain it? I think when you look at COVID, I did comment about that when we brought it back in-house. I think it was a very good decision in hindsight that, by combining car rental and leasing, you've got better offerings, particularly during this period of COVID. Our view is that, at a point in time, whatever decision we take, it will be a combined, we won't split car rental and leasing. Last question, from Lazarus at Ninety One. Could you give more clarity of exactly what mobility subscription entails, and where do you foresee growth levers? Thank you very much. I think one thing that we've done is to issue a monthly subscription where you can rent a car from a day to 11 months. It makes it a good proposition compared to buying. If you think about where the industries are going, where people are not necessarily into buying cars, but in usage, and mobility subscription is more about usage rather than ownership, and that's where the mobility subscription. We believe there's a big growth when South African are starting to follow the trend of not just ownership, but of use. Thank you. Thank you, Ramasela. That brings us to the close and the end of the session. For those of you who still have questions, please do send them to Nwabisa, so we will try and turn around that, and be safe wherever you are. Thanks, everybody.