Good day, ladies and gentlemen, and welcome to the Barloworld pre-close trading update conference call. All participants will be in listen-only mode. There will be an opportunity to ask questions later during the conference. If you should need assistance during the call, please signal for an operator by pressing star and then zero. Please note that this call is being recorded. I'd now like to turn the conference over to Mr. Dominic Sewela. Please go ahead, sir. Thank you. Good afternoon, ladies and gentlemen. Welcome to the voluntary trading update for the 11 months to August 31st, 2022. I hope you know, most of you on the call, you know, would have seen the trading statement that we released this morning. I must say it's very pleasing, you know, to have released the trading update given the fact that we've had a lot of headwinds, you know, in terms of global geopolitical issues as well as supply chain from the results of COVID, you know, over the last two years. Notwithstanding, I think what is pleasing, you know, for us is to see, you know, the Equipment Southern Africa business, you know, generating revenues, you know, double digits revenue as well as the business in Russia. You know, the challenging environment was in Mongolia, interestingly, given the fact that Mongolia is landlocked between Russia and China. With the COVID lockdown in China basically closed the border and we couldn't really, you know, be able to deliver, you know, machines, you know, or even parts to our customers because the borders were closed, you know. Obviously it's been very challenging for that business, you know. Whereas I think if you look at Ingrain. Ingrain, you know, did especially well, you know, under the current environment, you know. Obviously assisted, you know, by the fact that you know, the supply challenges has pushed, you know, maize price up, you know. And therefore, you know, that business, if you look at the margin improvement, you know, we have, you know, seen a significant improvement on that front. I think it's important to note that, you know, the trading updates speaks to you're comparing 11 months of this year to 10 months of last year because we had this business last year for 10 months, you know, on a comparable timeframe. Notwithstanding, I think one is pleasing to see the business performing, you know, exceptionally well. If we get to discontinued operation, you know, it's also very pleasing to see the improvement in the Avis business. You know, particularly at the operating profit level. If you compare to 2019, you know, on the same timeframe, you know, the Avis business has done exceptionally well, particularly, you know, as I said, on the operating profit. Because revenue still is, you know, lower than 2019, but significantly up on last year. You know, that speaks to the work done by management in that business. I guess, you know, that's the reason why we say, you know, without having had a very, you know, convincing, you know, offer from potential buyers, our view is that this business is well-placed, you know, for it, you know, to go through an unbundling. We are at an advanced stage in to pursue that process, you know, that the business should definitely be unbundled before the end of the calendar year. We've made progress as well in the sale of our logistics business. You know that we have the buyer for that business, and we are now going through regulatory you know approval you know for the logistics business, you know. This speaks to the pivot that we've been involved in trying to simplify the business to mainly focus it on being an equipment distribution business, and services as well as, you know, a food ingredient business, you know, comprising of Ingrain and our Caterpillar distribution business. I think something to note, we have also made progress with de-risk. You know, the liability of the insurance in the U.K., you know, where we were able to sell, you know, that risk to the insurance company where now, you know, both the asset and liability are matched, and therefore we will not be seeing, you know, volatility in terms of, you know, that risk. It just, you know, create more stability that we don't have to deal with trustees. You know, we can be able to move capital, you know, between South Africa and the U.K. with ease. You know, we don't have to pay 50% of our dividends to the trustees and that has been a significant move. I think the timing of it was also good in that, with the global market volatility, you know, it would have been very difficult to predict, you know, the impact it would have had to our financials. That has been a very good progress, you know, in that regard. I think, you know, as you can imagine, we had a huge order books, particularly in South Africa, and huge demand for fleet, you know. From a capital point of view, working capital, you know. There was huge capital required rather in the first six months, you know. As we deliver, you know, the equipment to customers, we've seen that unwind. You know, my view is that, you know, year to date, you know, we are seeing, you know, a positive cash position in South Africa. You know, when you look at Avis business, it is still, you know, consume quite a lot of cash, you know, just to feed that business. You know, I think, ladies and gentlemen, I'm gonna just pause here for questions. If there are any questions on the line, we'll take that. I'm joined by the respective CEs of the division as well as the MDs with me in the room. You know, they're very responsible for M&A strategy. Nandu is here, and our investor relations executive, Morisi, you know, is with me in the room. The rest of the other colleagues are on the line. You know, maybe let me pause here and see if there are any questions from the listeners. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star and then one on your touchtone phone or on the keypad on your screen. If you decide to withdraw the question, please press star and then two to remove yourself from the list. Again, if you would like to ask a question, please press star and then one. The first question comes from Roy Campbell from RMB Morgan Stanley. Please proceed with your question, Roy. Thank you. Good afternoon. Just two questions just on Russia, if you will, please. So, you know, obviously you having benefited from the strengthening in the ruble, if you can just give us an idea of what happens with the cash in Russia. Does it stay there or can that be repatriated? Then secondly is, on the order book of $30 million, do you have the available working capital to service that order book? And then also just in terms of the aftermarket and servicing, have you got adequate working capital to continue to operate in the foreseeable future? Thank you. Thanks, Roy. Is that the last? Do you have additional question, Roy, before we respond? Or the last one. Quinton, do you wanna answer Roy on those three questions? Yes. Thank you, Dominic, and good afternoon to everyone. Roy, I'm going to try and remember all the questions. I think your first question was about the cash. What we've done is since February the Russian business has become self-sufficient, so self-funded. You know, they've managed to generate enough cash to firstly settle all liabilities in Russia. They didn't need any further funding from us in the U.K. In terms of cash repatriation, we actually declared quite a lot of dividends already last year, you know, up the group, you know, following our policies and procedures. All that cash was generated. Russia, in terms of legislation, you know, normal intercompany transactions can still, you know, happen. Russia's allowed to settle intercompany debt as long as it's within the framework of the legislation. That is still fully operating. The only difference is we've now converted to basically a cash basis. You know, if Russia wants something and it's allowed within the legislation, they've gotta pay for it upfront. From that perspective, you know, it's, you know, Russia has enough funds, and they've generated enough cash. The customers started buying basically cash, you know, for the inventory that were in Russia. That supported also cash generation. In terms of supporting the working capital, I think, you know, just getting back to my first point, you know, with the change in approach, Russia has generated enough cash to support that working capital. As I alluded before, if anything has come from the U.K., they had to pay cash upfront for that. There's nothing outstanding from Russia to the U.K., and they are generating cash to support the ongoing business operations within what's allowed. In terms of, I think you asked the question in terms of parts. You know, obviously we can only sell in terms of what's allowed from a legislation perspective. We, you know, Cat will only sell to us the part that is allowed to be sold. That has reduced quite dramatically. I think we are up to, I think 50 or 60% of the parts that, you know, we've in the past, you know, could sell. We could only sell now 50 or 60% in that region, parts. That’s coming down, but we are still, you know, servicing our customers in terms of what we can purchase and then sell to the customers. Thanks, Quinton. You've got enough stock to service the $30 million order book? Yes. This order book is basically obviously inventory that's in territory already. It's not inventory that's already been paid by our Russian subsidiary. They don't owe anybody any money for that. We've got, you know, within that country, there's enough cash. Okay. Wonderful. Thanks, Quinton. Appreciate it. Thank you. The next question comes from Anthony Geard from Investec. Please proceed with your question, Anthony. Hi, Dominic and team. Can you hear me all right? Yes, we can hear you very well, Anthony. You know, Excellent. Awesome. Thank you. Thank you so much for the time that you're spending with us this afternoon. I'm just gonna follow on directly from Roy's question, if I can. So firstly, I'm assuming that there was a significant drawdown in inventory in Russia. I mean, clearly before the outbreak of hostilities, you had sufficient inventory for the normal course of business. I imagine that you've drawn down on that very materially. I presume you're talking in terms of parts, you know. Anthony, remember, you know, just before the war, you know, we had a huge order book, you know, almost $500,000 you know. Due to the sanctions, you know, we had to basically cancel, you know, almost the large part of that order book. Some of the equipment didn't come across, you know. When Caterpillar suspended their operations, you know, you could still draw parts, you know, in territory. We had also held inventory, you know, in our own warehouses, you know, and therefore, that's what, you know, has been able to sort of help us, you know, attain the revenues that we've generated, you know. I think, you know, if you're talking about parts, yes, you're correct. You know, however, the whole goods, it was limited to what we had already in territory. You know, that was already either on the border that we couldn't cancel and it was to the clients that complied, you know, with sanctions. You know, and that's what basically, you know, we've been able to deliver those whole goods, you know, in the main. Okay. Going forward, thank you, Dominic, for that. Going forward, should we assume that the revenue is gonna be made up almost entirely of parts, and in that respect, it's a limited range of parts? It will be, you know, parts that are not sanctioned. You know, you know, that would be, you know, what is allowed. I think in this environment as well, you know, you're likely to see used equipment, you know, that are within. Because those will be brought by traders, you know, in territory, you know. But as you can understand that we have a huge, you know, active machine population in that environment. You are correct that by and large, you're gonna see a significant, you know, revenue being mainly the aftermarket, you know, as opposed to whole goods. You know, because the bulk of the equipment, you know, is sanctioned. You know, Quinton, you know, do you wanna just maybe, you know, add more if I've missed out, you know, in terms of, you know, that question? Yeah, sure, Dominic. I think, you know, the products that we will be allowed to sell will be, you know, the SEM product, the mid-tier product from Caterpillar that comes from China. We will have full access to that product line. You know, as Dominic has alluded, from a cost perspective, you know, it will obviously be limited. From a used perspective, you know, if we can secure some used machines, you know, then, you know, that will also be supporting the revenue line. That's predominantly, you know, the outlook for going forward. Okay. Excellent. I'm sorry to press on this issue. For instance, you could take a machine from South Africa, a secondhand machine, and you could sell it into Russia, and there would be no restrictions on that? Yes. In theory, yes. As long as it's not to a sanctioned customer. But obviously it is not as simple as that because from a climate perspective, you know, you are limited. You know, we are mostly, you know, we are selling machines that works in arctic conditions, whereas the rest of the world's machines is mostly in, you know, a different climate. But you know, in theory, at the high level, yes, you're correct. Okay. Understood. Just on that issue of sanctioned customers, I mean, clearly, you know, some of your customers historically would have, let's say, been sensitive, and they might well be sanctioned. I mean, how many of your customers, your previously good customers are now off limits? There is quite a few customers that's off limits. The biggest impact is actually not the customers that's been sanctioned. I mean, you know, that's a relatively small portion because Russia is quite big and there's a lot of junior miners within our portfolio. You know, a big customer like Alrosa. Mm-hmm. They would be sanctioned. It's more the product that's been sanctioned that's hurting us, where, you know, we predominantly are a mining dealer and all mining product has been sanctioned. From a customer perspective, if the mining product wasn't sanctioned, then it would have impacted us maybe 10%, you know, from a customer perspective. It would not have been a huge impact. I think that's also potentially why the Western governments You know, went and sanctioned the mining product, I think late July, somewhere there. Because that's actually where it really is, you know, impacting us negatively. Okay. Excellent. Quinton, Dominic, thank you so much. I really appreciate the color on that. Thank you. The next question comes from James Twyman from Prescient. Please proceed with your question, James. Yes. Thank you very much. Yes, it's along the same lines. I think the first question is, as far as Caterpillar is concerned, which countries, which facilities that Cat has, in which countries are okay? You said China's okay. It'd be good to know what other countries are okay. You made the interesting point that you can get 50%-60% of the parts that you need. On the James. Yes. You were quite inaudible in the beginning. I think you know that there could be a connection issue. Why don't you start from the beginning? Repeat your question. Yeah. Sorry. No, just, which countries that Caterpillar operates in are you allowed to import into Russia from? You mentioned China, but also other countries. Secondly, you mentioned that 50%-60% of the parts can be imported. What percentage of new equipment would it be? Obviously, it sounds smaller than that. My final question, if it's okay, is, have you started doing a cost-cutting program yet, given the shrinking of the business going forward? I guess let's start with the last question, you know, first, James. You know, and I did indicate that I think, when we released our, you know, six months update, that, you know, we'll be able to give color around this time, you know, because it was very difficult, you know, because things were moving up and down, you know, as to, you know what our view is going to be. It's still a moving situation. We're continuously observing, you know, what's happening in territory, in terms of legislation. That's our main focus. But I think when it comes to our operating model is to try and make sure that we run a break-even business, you know, over the next couple of years. Therefore, for us, we have started, you know, looking at, you know, cost cutting, you know, and within what's allowable, you know, you know, in the law in the country. Interestingly, we've had people just resign, you know, you know, from the business since the beginning of the war. That has helped, you know, in terms of, you know, when one looks at the cost of separating with the employees, you know, that would be impacted, unlike, you know, South Africa, where the law is quite rigid in terms of the process you follow. There is, you know, a level of activity. I guess, when you know, the point that Quinton makes, you know, in terms of the products, you know, I think, you know, various jurisdictions from the U.K., Europe and, you know, United States, the focus has been in sanctioning certain products, you know, to certain customers. As Quinton said, maybe these are to mining, you know, products destined for mining activities or products whose parts could be utilized either in the military, you know, or in the mining, you know, segment. Therefore, when you look at the medium term, you know, SCM, those products tend to be used in construction in the main, you know, not so much in the mining sector. You know, you know, there are no sanctions out of China, you know. Therefore, I'm not in a position to exactly, you know, which countries, you know, you know, we can be sourcing from. I know that, you know, if a country like Brazil, for instance, you know, you know, if there was a product that we could source from and, you know, you know, there are no sanctions, you know, in terms of regulations, you know. The regulations here is that, you know, we've got to be very careful, you know, and it is a tedious process, you know, that requires, you know, the team in territory, you know, to go through, you know, all this process, being properly advised by legal people as to where they can source, you know, our product from. Because, I mean, you know, the onus is on us that we also don't violate the U.S. or put Caterpillar in a precarious problem. Caterpillar does, you know, give updates from time to time, you know, if they know of certain, you know, sanctions. I can't give you territory stages, you know, but I'm saying for now, the easier one is China because, you know, it's close in proximity, and the specific key products that are mid-tier. Dominic, if I can just add to that as well. Obviously certain countries you cannot, you know, there's clear sanctions. There's a secondary regulation that we also need to comply with or Caterpillar needs to comply with. And that is, if the product has got more than a certain percentage of U.S. content or U.S. technology, then irrespective if that there's a sanction, from that territory, then that product will also not be allowed to sell. I think that's where the complication is coming in, and that's where it constantly are changing. just to add to what Dominic has said. That's basically the first rule is what does the country say? The second rule is, you know, what's the content from that specific product Thank you. James, I'd just like to check if you have any further questions? Yes. To just back on the question of 50%-60% of the parts can be imported. Broadly, what sort of proportion would it be of equipment, of new equipment? Is it more like 10 or 20? And then just finally on Mongolia, you mentioned before that, the borders need to open up for a while, and the companies need to start generating cash before it impacts you, before you start to see the benefits of that. Is that still the case, or reading between the lines, it sounds as though you're starting to benefit already from the opening up of Mongolia. Yeah, that's it from me. Thanks. Yeah. Thanks, James. I mean, your line is really, you know, not that clear, but, you know, if I heard you very well, I think on the parts percentages, it's very difficult, you know, James, to give you know, the percentages in terms of, you know, the parts breakdown. I mean, you know, as I said, you know, what is in territory, you know, and what function, you know, we'll be able to sell. You know, because it's that we are mainly in mining territory, it's safe to work on, you know, a 100% cover in terms of the revenue. You know, it won't be like. I don't think it will be like normally, you know, if you look at Immy's business or historically Russia would have, you know, a 60/40, you know, split in terms of, you know, whole goods vis-à-vis after-market. Here you're likely to see more than 90%, you know, of the revenue going forward is likely to be the after-market, you know, and less so, you know, when you think about Mongolia, I mean, you know, you can actually see China's you know, issue on clamping down on COVID cases, it's rolling. You know, therefore, currently the borders are open. You know, we had gone through a very costly exercise moving some of the equipment from one border to the other, and then only to get to the next border, you find it's very closed because there's huge compliance, you know, on the part of the Chinese, you know, people and government when it comes to COVID. You know, thus far, as I speak to you, the borders are open, you know. I can't predict, you know, whether that's gonna remain open. You know, in terms of logistics, you know, it, there is a bit of a challenge, you know, moving, you know, products, you know, into Mongolia using the Chinese borders. Because I think, you know, the Russian, you know, borders are inaccessible at the moment due to sanctions. Thank you. The next question comes from Tumi Makoa from SBG Securities. Please proceed with your question, Tumi. Great. Thanks so much. Thanks, Dominic and team. I just have a question on the Ingrain division in terms of sustainability of the margins. My question is, what kind of pricing increases did you manage to pass on during the period under review? Thank you. Thanks. I think I do have Chris on the line. You know, Chris, you wanna comment on that? Yeah. Thank you, Dominic, and good afternoon, Tumi. Over the period, Tumi, we've been able to push through quite large price increases really impacted by the higher maize costs that we've seen. I think overall, you know, on a weighted basis, we would've seen price increases going through at about 25%-30%, in line with moving maize prices. Bearing in mind that we have sort of 6- 12 month contracts, you know, with our customers that we hedge around with forward cover on our maize as well. I mean, in short, I'd say between 25% and 30%. Okay. Great. Thanks so much. That's it from my end. Thank you. Thank you. The next question comes from Michelle Gumede from Business Day. Please proceed with your question, Michelle. Good afternoon, Dominic and team at Barloworld. Thank you so much for having us, this afternoon. I've got two questions really. The first one is around what are some of the biggest concerns among your key clients in your, Equipment Southern Africa business, particularly, you know, the mining houses and so forth? And the second one, relates to Ingrain, which you guys have now, integrated into the business since, the acquisition in 2020. My question is, where are the opportunities and the prospects, for Ingrain in the short to medium term, given the cyclical nature of, the commodity cycle? Thank you. Thank you. I think I'll just give a macro view on your answer in terms of interactions with customers, you know, and Emmy and you know, and Andronicca on the line as well, is that I guess you know, the issues around inflationary pressures, you know, and interest costs, you know, coming through globally, you know, is a major concern, you know, that we're seeing. You know, obviously the issue around if you talk to some of the mining players, you know, in terms of whether you know, are we seeing a slowdown coming out of China? What impact would that have on commodities, on commodity prices? Which is really some of the issues that are topical, you know, in terms of those. I mean, let me give over to Emmy and Andronicca to give more color because they're more involved with the customer. Chris, you know, you'll answer the Ingrain question. Thanks, Dom. Thanks for that question. I guess Dominic has already covered the macro aspects. If you look at closer to operations, you know, the issues that are really concerning our customers is that supply chain bottlenecks are still there. If you look at the lead times, we haven't really improved from the position we're in when we released our half year results. In some segments, particularly the ADTs, which is a strong segment of our market in Southern Africa, and the graders, the lead times have slightly worsened. That's one element. As Dominic mentioned, you know, the cost pressures are a concern. We were able to, you know, negotiate with a higher level of success to pass the price increases to the customers. Because the commodity prices were strong, customers were able to absorb the bulk of those cost pressures. With the, you know, projected slowdown in the economy in China, demand for commodities, it does bring a certain level of uncertainty. Overall, the market is still very positive. You've seen from the trading update, the order backlog is stronger than in March, despite all this macro issues that we are facing. Thanks. Chris? Thank you, Dominic. Yeah. I think just looking at Ingrain, I think the business has settled well into Barloworld, and we've seen you know, sort of, better than expected performance out of this business. Over the better part of this year, we focused heavily on positioning this business as a growth engine within Barloworld. If I look in the short to medium term, we certainly see that you know, higher volumes coming through in the domestic and regional markets. Our customers, despite the headwinds that we're seeing, do see you know, future growth you know, in South Africa and regionally. We're also quite fortunate to have benefited from some of the global dislocations that we've seen. We're exporting quite nicely into Australia, where we have a presence, and then also into the South and Eastern Asian segments. There's quite a lot of demand for product going in there as well, and we're taking advantage of those opportunities. We do think that in the medium term, again, further unlocking some of the plant capacity that we've got through better maintenance and, you know, a bit of asset bottlenecking will give us access to further higher volumes. We also see the opportunity to grow north into Africa, you know, through better customer penetration on the back of local sourcing in Africa for Africa. I think those are some of the opportunities that we're looking at for the business over the next sort of 2-3 years. Thank you, Dom. Thank you. Thank you. Michelle, I'd just like to check if you have any further questions? No, that's it from me for now. Thank you. Thank you. Ladies and gentlemen, just one final reminder. If you'd like to ask a question, please press star then one. If you'd like to ask a question, please press star then one. We will pause to see if there are any further questions before we conclude. The next question comes from Phumelele Mapekula from Mergence Investment Managers. Please proceed with your question, Phumelele. Hello, Phumelele. I just want to check if your line is not muted. Oh, hi. Sorry, I was on mute. There we go. Hi. Hi, team. Thank you for hosting us today. Can you just please speak to the performance of Equipment Southern Africa? Just the performance of South Africa versus Rest of Africa, and the inventory shortages that you had experienced in the first half. Thanks, Phumelele. Kimberly, Amy, or Andronicca, do you wanna take that? Yeah. No, thanks. We're seeing improved performance both in ROA and SA. Correctly so, you know, in the first half we had challenges in terms of machine availability. You'll recall when we released our results, we did indicate that that situation is improving. We are also seeing both segments, SA, rest of Africa, growing by double digit on parts. We did indicate that it's an area that we are focusing on, especially in dollar terms, we are seeing an improvement there. At the moment, I have mentioned that, you know, the lead times are still the same as the first half. The other challenge that we're dealing with demand having improved in the last few months, was just securing 100% of the orders that we need. Generally we're comfortable with the activity. As I said, despite all the other challenges that we are faced with, we're comfortable with activity. I think part of it is driven by the fact that we've had a long period where our customers were dragging the machines beyond the time that was needed for major service intervention. Now it's coming up. We believe that we'll continue to drive positive activity. Despite the sort of considering outlook going forward at a macro level. Thank you very much. Thank you. The next question is a follow-up question from Anthony Geard from Investec, apologies. Please go ahead, Anthony. No, that's fine. Thank you. My question is around Bartrac. Historically, copper and cobalt have been very important to that business, and obviously it's been through a bit of a wobbly patch. Now profitable again. Both those commodities have come under a lot of pressure recently. Perhaps Emmy or Andronicca, you could just give us a little bit of guidance, not so much about what's happening now, but what the prospects are 6-12 months out, for the operations in the DRC. Thank you for that question. If you look at the commodities that are driving energy transitioning, particularly copper, yes, for the short term, there might be a little bit of a slowdown. However, we still remain confident in terms of the investments, with what we are seeing on the ground, activity on the ground. Not necessarily only in the DRC, but overall, the Copperbelt, going into Zambia as well. Hence we're saying with the requirements that are there in terms of energy transitioning for those commodities, there's a lot of activity. If we look at the performance and the turnaround that we have seen in the last 11 months around Bartrac Equipment or Bartrac, it has been quite significant. We our projection, we're still quite confident bar the issues that we might be faced with, as indicated earlier on, regarding what might happen in China. We still say demand will still remain. However, the question is saying from us from the angle of your seaborne trade into China with those commodities, what's gonna happen? Yeah, still something that we still need to really dig deeper and understand. Excellent. Thanks, Emmy. Just a last question from me, just on the finance side, just around the payment to extinguish this U.K. pension obligation. Just to check, there's not gonna be any income statement impacts, that ZAR 2 billion. That only affects the balance sheet, I presume. That's a good one. Thank you. Thanks, Dom. Certainly, Anthony, you are correct. Yes, the pension fund will not necessarily go into the income statement, because it is, you know, servicing that amount that was sitting in the balance sheet. Certainly that's what we will expect to move through the income balance sheet. Having said that, when we pay, you'll see that we paid currently about ZAR 1.9 billion in rand terms. Now, that is to de-risk the entire liability that's sitting in the U.K. Then, we are in the process of having the insurer trust entity that is, or rather that's buying or that's taking over the liability. They are currently in the process of cleaning the data or analyzing what is the data that they are taking over. Now, to the extent that there is movement in that data in terms of value, there is an additional GBP 24 million that we do have or currently are reflecting as, you know, as an amount that we could. In fact, what we've done is we've withheld that amount from them in terms of how much we were due to pay on the pension fund. As they clean the house, if they find that we owe them any money, we are going to be fetching from that amount. If they find that, put it this way, if the data is clean, you know, it goes without saying, then there won't be big transactions there. If the data is not clean, the amount that we've withheld, we may have to pay from that amount. We still need to expect an amount of ZAR 24 million that could, as a maximum ceiling, potentially be paid out. Currently we'll disclose it in our balance sheet as a note, contingent liability. Okay. Excellent. That's very clear. Thanks, Mapaseka, and thanks again to the whole team. Thank you. Thank you. The next question comes from Khosi Rahube from Citi. Please proceed with your question, Khosi. Hi. Thank you very much. Good afternoon, team. Just a quick question from my side, Dominic. Are you in a position to give us any insights into your share buyback program? Yeah. I guess we've disclosed that, you know, we are on the, you know, on a program to buy back shares. You know, we have bought, you know, largely just below the threshold of about 6%, you know, below that. You know, I think hence you haven't seen any update, you know, and obviously, you know, the program, you know, we continue to buy shares once, you know, the board has approved up to 10%. Is it correct that the 10% was for full year 2022? Is that right? Yes. You know, that's for full year 2022. You know, we have to then get further approval. You know, at the next AGM, should we be able to close everything. We wouldn't go more than 10% this year. Okay. Excellent. Thank you. At this time, we have no further questions in the queue. Mr. Sewela, I'd like to hand back to you for closing remarks. Thank you, sir. Yeah. Thank you very much, you know, everybody. I think, you know, what obviously preoccupies our minds, you know, at Barloworld currently, is ensuring that from a governance point of view, you know, and due care, you know, we continue to ensure that our operations, particularly in Russia, complies with all the regulations, you know, regarding sanctions, you know. I've already commented on the issue that, we're fairly confident that, where we are with Avis and its performance, you know, we do see, you know, headwinds, you know, notwithstanding the fact that, I mean, there is a huge issue around, you know, currency devaluation like we've seen in the U.K. and also inflationary pressures. You know, notwithstanding our views that we are seeing a lot of demands, you know, for tourists, inbound tourists, you know, coming from the U.S. in particular, you know, which will give us, you know, a tailwind in that business, you know. We also have seen an improvement in that operation that we are confident that, you know, it should create a better value unlock for shareholders, you know, you know, when we unbundle that business. I've already commented on the unbundling. just to also emphasize, I mean, you know, the progress that we've made with integrating, you know, Ingrain, you know, and having Chris, you know, run that operation and really creating more efficiency out of that business, making sure that we have more customer centricity. You know, and make sure that the business also is geared for organic growth. You know, I think for me, I'm pleased that over the last 11 months, you know, that has gone well. Clearly notwithstanding the challenges for supply chain in equipment business. I mean, to be sitting at almost 20%, you know, revenue growth, you know, in that business and sitting at the order book that we're sitting at, you know, is one thing that I'm still very happy that we've been able to attain over the last eleven months. I guess we've got this month still to go. Last but not least, obviously, is the issues around Mongolia, you know, and hopefully things remain open. Yeah. I've already commented overall in terms of our outlook, in terms of guidance, you know, how you should look at the Russian business, you know, is one where we looking at a break even during this uncertainty. We don't know how long is that going to stay with us, but that's what we are gearing ourselves for. Thanks everybody for attending and, you know, we'll hopefully see some of you in due course, you know, before we close the month. Thank you very much. Thank you very much, sir. Ladies and gentlemen, that does conclude today's conference. Thank you very much for joining us. You may now disconnect your lines.