Good morning. Thank you for joining us for Barloworld's interim results for its six months to the end of 31 March. Today, we will take you through our group highlights led by our group CEO, Mr. Dominic Sewela. He will be followed by Ms. Nopasika Lila to take us through the financial overview. We'll then go into our industrial equipment and services business, and they will have equipment Southern Africa first from Mr. Emmy Leeka, and then we'll have Mr. Quinton McGeer for equipment Eurasia. That will be followed by our consumer industries Ingrain, where Chris Wierenga will take us through their highlights, followed by car rental and leasing business, Avis Budget car rental and fleet from Ms. Ramasela Ganda. After that, we'll have a strategy outlook section, whereafter we'll also take questions from Mr. Dominic Sewela and his team. Without further ado, I'd like to call Mr. Dominic Sewela onto the stage. Thanks. Thank you, Nopasika. Good morning, ladies and gentlemen. I'm thankful to the opportunity to present Barloworld's interim results despite the many challenges through which these have been achieved. I'd like to start by emphasizing what remains at the center of our business, our people. We continue to intentionally put the safety of all our employees at the forefront. This applies to physical, social, psychological, in terms of mental wellness, you know, and safety among others. February took an unexpected turn as the conflict between Russia and Ukraine began. The well-being of our employees is at our utmost importance in Russia as well. We also remain committed to the communities in which we operate. April also brought some unforeseen events with floods that devastated KZN, Eastern Cape and Mozambique region. In our country, over 400 people have lost their lives. Mozambique death toll was reported to be over 50 people. A number of our employees were impacted within the relevant branches. This didn't go unseen as Barloworld ensured that we take you know various initiatives like providing water you know a temporary accommodation to try and alleviate the pain that our employees suffered. As a group, 235 employees you know about 171 in South Africa, 64 in Mozambique, were directly impacted. Support was given, as I said, via food parcels, temporary accommodation, drinking water you know and so on. We continue to set and measure ESG related targets, therefore ensuring that we remain environmentally responsible corporate citizen. These floods in these areas alone are a clear indication of how climate change can affect us all. I must say something to note, we have a wonderful achievement during the period that is securing our first ESG-linked loan to the value of about ZAR 1 billion, ensuring that ESG is at the heart of our business. As part of governance initiative, our board continues to monitor the capacity of our directors, regularly assessing where we need fresh skills and ensuring a limited risk, particularly when it relates to overboarding. I think from a safety point of view, as you can see from the graph, if you look at the first half of 2017, lost time injuries were about 88 people. We've decided to reflect lost time injury because it's about people, as opposed to just talking about frequency rate. We do publish this frequency rate, but you can see the decline because of the focus. Now we're sitting at about 22 people. Having had 22 people is hurting too many people in our organization. I think what we've done as leaders and managers is to put these in our scorecard and have visible felt leadership to ensure that we eliminate anything like near misses, you know, that could actually hurt, you know, the people further. It is encouraging to see that the trend towards zero harm is, you know, on the path. Just to give you a total group highlight, I don't wanna spend too much time here because I wanna make sure that I give Ramasela ample time to give you her part of the business she's done, you know, well over and above others, you know. I think it's important to note revenue is down at a group level, but this is largely due to the fact that we sold Motor Retail. If you take that out, we'll be up 5%. Strong EBITDA, you know, which is up 12%. Incredible, you know, improvement on HEPS, you know, 108-109%. You know, even on a normalized basis, we are up 94-95.4%. Then when you look at the net debt position, you know, it's high, and this speaks to the fact, you know, when you look at the fleet in Avis, also the big order book, both in equipment, Eurasia as well as Southern Africa, it was important that we fleet up. You know, I think Chris will also speak around, you know, funding of maize. I'm fairly comfortable that, you know, in the second half we should see a conversion of bulk of those, you know, into orders. As I've said, we've had, you know, a beginning of a war in, on the 24th of February, and that translated to us taking an impairment of about $68 million which, you know, is about, you know, ZAR 0.316 per share in terms of basic earnings per share. I think when you look at continuing operations, you are all aware that, you know, Avis, you know, is going to be exited one way or the other, whether it be through unbundling or sale. You know, we also have sold, you know, logistics. There's a few remnants of it still left. On a continuing operation, it's pleasing to see that revenue's up 13%. You know, EBITDA 20% up. You know, HEPS 78%, you know, and as normalized HEPS about 61.5%, and you can see the decrease being magnified largely because it's purely, you know, the continuing operations, you know, at ZAR 0.8299 per share. I'm also pleased that the board, notwithstanding the challenges that we have, you know, there's belief, and we know that, you know, notwithstanding all the. You know, we had COVID, we had floods, we had unrest, we now have the war in Ukraine, but still we believe that the business is well placed to afford to pay a dividend of about ZAR 1.65. I'm gonna hand over to Nopasika Lila to take you through the numbers. Thank you. Thank you, Mr. Sewela. Good morning, ladies and gentlemen, and welcome to the Barloworld interim results for the period ended 31 March 2022. As I've done in the past, before going into the numbers, it is important to set the scene so that one understands the financial statements better and some of the key events that have taken place. I'll start with Motor Retail. You will recall that on 1 June 2021, Motor Retail was equity accounted for the first time. Avis car rental and lease, that business, has been discontinued, therefore the board had approved the discontinuation from 1 February 2023. Lastly, Ingrain was acquired on the 1st of November, 2020. Therefore, the 2021 numbers only reflect five months of that business compared to the 12 months to the six months that we are reporting for the first quarter. Very strong results have come through from the business. Solid performance in the first quarter, leading to that operating profit that we're reporting at ZAR 1.9 billion. Now, this translates to an increase of 26% when compared to the previous financial reporting period. Casting your eyes to the non-operating and capital items, you will observe that there is a ZAR 1 billion write-off there. That is really the impairment that we have recorded resulting from the Russia business. We all understand the uncertainties that are at hand at the moment, but I'll expand a little bit more on that at a later stage. When we look at revenue per segment, we do notice that across all the Barloworld businesses, stellar performance has come through from the businesses. We report a total of ZAR 18.4 billion. Now this is the revenue in rand terms compared to the ZAR 16.1 billion that we reported in the previous year. It is important also to note that this is a 14% increase that we're reporting. Phenomenal. Operating profit per segment, again, phenomenal number coming through there. I did mention the 26% across the group, but I'd like to focus on the divisions here. Equipment Eurasia, as well as Ingrain, they have both reported in excess of 20%. This is in terms of the operating margins as you can see on your screens. Looking at Equipment Southern Africa, it came through at 8.7%. Again, very good performance. When we do analyze and look at why the reasons behind such good operating profit, the large contribution is as a result of the cost containment measures that the business has been conscious of over the last two years, starting with COVID and all the other challenges. I move now to the non-operating. I did mention that I'll spend a bit of time on this. We adopted the value in use approach when we calculated and measured impairment on Russia. What did affect us is the movement or increase in the weighted average cost of capital, which increased from 8.3% in 2021 to 16.3%. Now, that certainly did impact on our numbers. Overall, the reduction in the net book value of our non-current assets in Russia remains at $21.2 million. We've had a shift in our effective tax rate, and this is largely influenced by what I've just spoken to. This is the impairment. You will notice that 129.3%. But it's important to understand that because of the accounting adjustments, like impairment and others, these are non-deductible items for tax purposes, and that is why you see that number escalating at that 171%. Also, in our numbers, it is important also to note that the reduction in effective tax rate has contributed or rather had an impact in our calculations, but more on the deferred tax component. I move on to the discontinued operations. Now Dominic did mention that Ramasela has performed phenomenally well in Avis. So if you look at the numbers, that ZAR 903 million profit coming from discontinued operation, it is largely as a result of car rental, ZAR 414 million, as well as leasing at ZAR 433 million. When you analyze the financial statements, it is also important to note that with IFRS 15, which basically says that once we start discontinuing an operation, we stop depreciating. From the 1st of February, we did stop the depreciation at group level, and the numbers aren't indicated in terms of what the depreciation is for the entity. Exciting story for our associate and joint ventures. We're reporting a profit of ZAR 112 million compared to the loss that we did report in the previous financial year. I was pleasantly surprised by the performance of Bartrac. We recall last year they were struggling there, but remarkable recovery. They implemented a turn-around strategy towards the middle part of the year, and we can see the benefits that's come through there by that reported ZAR 52 million profit. This is only the portion of Barloworld representing 50% because we own 50% of Bartrac. On our balance sheet, it is very, very strong. We remain strong, but when we do look at the current assets as well, as non-current assets, you will observe a reduction in those amounts. This is largely as a result of Avis car rental and leasing. We have reclassified that because it is now held for sale, no longer part of operations. On that asset classified for sale line item, you will see an increase compared to the previous financial period. You can look at these numbers similarly on the liability side, because you strip out on the assets similarly on the liability side. You will observe that reclassification there. Also to note is on the cash side, there were movements largely because of the timely de-risking of our U.K. pension fund. We did pay GBP 68 million, which translates to ZAR 1.3 billion in the current period, as well as a special dividend of ZAR 2.3 billion. This was a good story last year, but the actual outflow of cash happened in January this period. HEPS for the period improved. Starting in September, we started at ZAR 2.50 and moved to ZAR 4.41 cents. When normalized, this number moves to ZAR 4.65. If we were going to have or still had Avis in our numbers, the group number for HEPS would have been. In fact, it sits at ZAR 7.56. We end the period with cash outflow of ZAR 1.9 billion. Now, this is driven largely by the working capital. The businesses with a good performance and growth did demand a working capital injection. Also with the UK pension fund, which is something that I did mention earlier, as well as the pay down of our bond program. Here we've settled in excess of ZAR 1.6 billion. Our closing net debt for the period is at ZAR 7.3 billion. If you look at all the movements that I've spoken about in terms of cash, it is a very good number to have as a business because it's also drawing us close to our debt equity number as well. Our strong balance sheet is clearly evident and is reflected in the group governance. The Net Debt to EBITDA is at 1x, in line with the requirement of 3x. When we look at our EBITDA growth interest, that is sitting at 9.2, maintained over the past reporting period as well. Now, this is well above the 3x that is expected and required by our lenders. As Dominic had mentioned earlier, it is really pleasing to announce that the board has declared a dividend of ZAR 1.65 per share. This is achieving. It's within the 2.8x, which when we look at our dividend policy of 2.5x-3x, we remain well within that. As I conclude on the numbers, I want to rest on the financial metrics. Looking at the ROE, these are real record numbers for the business. Barloworld has been striving to achieve a target of 15% on ROE, and today we're reporting 16.9%. Really great work from the team. Also on the ROIC side, the business has been striving to attain 13%, and now we're reporting a 14.1%. Really phenomenal results delivered by the business. If I may say so myself, it is certainly sterling results, and well done to the teams. I now hand over to Emmy Leeka, who will take us through the Equipment Southern Africa. Thank you, Nopasika. Good morning, ladies and gentlemen. It gives me real pleasure to announce Equipment first-half results. The division delivered stellar results for the first half, with revenue up 7.7% at ZAR 9.4 billion, supported mainly by strong machine sales up 31%, with the rental business also up by 12.5%. Looking at operating profit, as indicated by Nopasika earlier on, we were up 8.7%. We are seeing leverage coming through. As you can see, the operating profit margin at 10.3% and mainly due to the cost efficiencies. EBITDA up 12%, but also we managed to reduce and optimize our invested capital by ZAR 200 million. As from September, we started increasing our working capital to fulfill the firm back orders in the second half of 2022, just to ensure that we can be able to deliver to our customers. However, that had a negative impact in terms of our cash flow at negative ZAR 263 million. I will unpack the Bartrac performance later on. Ladies and gentlemen, our overall returns remain very strong with a record ROIC of 18.1%. Now turning to equipment sales, as I've indicated, new equipment sales were up by 31%, mainly driven by the mining sector, both contract mining and mining up 47%, but also pleasing to see construction industries starting to take. E&T remained flat. What drove the mining sector, it was more commodities. When you look at our commodity mix, normally we were averaging in terms of contribution from coal at about 40%. Now we have seen contribution from coal down at about 16% and an uplift in terms of platinum and diamonds, but also with copper contribution significantly at more than 30%. The aftermarket contribution remained resilient at 56% compared to the prior period contribution at 59%. Besides the dilution in terms of the mix, we have seen an uplift in terms of the reported operating profit, as indicated by Nopasika in terms of the cost efficiencies that we have been driving across. We will endeavor to continue to maintain our operating margin above the 10%, and then also ensuring that we focus on double-digit growth when it comes to the aftermarket, but also sustaining the cost discipline. Now, a good story in terms of the turnaround strategy that is being implemented for Bartrac in the Democratic Republic of the Congo, it's starting to yield positive results with associate income at ZAR 52 million compared to prior reporting period at a loss of ZAR 104 million. We have completed the restructuring program, focusing on making sure that our coverage is good in territory, but also making sure that our diversification strategy in selling new machines to different customers. We have recently managed to be able to support and sell more machines to new customers. The JV outlook is positive, driven by strong copper and cobalt prices on the back of the green economy. Our strategy remains the same. Aligned to Caterpillar to double services, looking at making sure the aftermarket double-digit growth. We are focusing on making sure that with our customers, in terms of repair options, rebuilds, we have seen a momentum building up in terms of Cat Financial in territory with regards to the rebuilds as well. We have been launching new products, the GC product, that will help us as well to be able to secure and maintain our leadership position. Cost containment is imperative. While we invest in growth and maintaining efficiencies, we want to maintain our invested capital returns above the 2.1. Again, quite pleasing to see, as part of our focus in making sure that we realize full potential for our territories, returns in terms of most of the regions above the hurdle rate, and particularly an uplift that we're seeing in terms of the contribution from the Greater Africa, where the revenue was up 35%. As we continue to embed that culture of continuous improvement, inculcating a behavior on the ground in terms of halving the bad and doubling the good, we are starting to see results in terms of efficiency gained. Finally, we remain consciously cautiously optimistic for the remainder of the period. However, as you can see, our order book is quite strong at ZAR 4.5 billion, driven by mining as well as contract mining, but also see the significant improvement in terms of recovery from construction industries. We remain committed to the unlocking of the value through Barloworld Business System while we also focusing on our employee wellness, safety, and sustainable development. On services growth, talking about what we are doing in terms of delivering some of the initiatives that we have with Caterpillar on the aftermarket, particularly on rebuilds, different offerings to our customers, but also shifting most of our customers from traditional way of doing business in terms of e-commerce, the retail customers to what we call, parts.cat.com. It will help us to transact easily with most of our customers. But again, we are committed to making sure that we deliver positive cash by the end of the reporting period, and sustaining the current performance with regards to the returns. In conclusion, ladies and gentlemen, our order book is strong, and then we commit to deliver amidst the uncertainties as indicated by Dominic earlier on. Now I would like to hand over to Quinton to take us through Equipment Eurasia. Thank you, Emmy. Good morning, ladies and gentlemen. I'm very pleased to share a record set of results from the Eurasia team for the first half of the 2022 financial year. Our Russian business delivered record results for the first six months, both on the revenue as well as on the operating profit line. Our Mongolian business were constrained due to the constant border closures, stifling growth on the top line. From a division perspective, we see improvement on all the key metrics. Our revenue were up 12%, operating profit up 20.2%. What is very pleasing to see is that despite the growth in the top line, the division still generated a good cash flow, and linked with that, also a very strong ROIC performance of 23.9%. This slide reflects our focus. We delivered another record set of machines to the market, dominated by mining, which contributed 70% to the revenue from this segment. Our aftermarket division contributed 46% towards the overall revenue contribution, very much in line with the contribution in 2021. Very pleasing to note is the fact that our aftermarket grew by 16% year-on-year over 2021. Our commodity mix presents a very well-balanced commodity mix, with all commodities contributing towards the revenue growth, and gold leading the pack, and also a very strong coal contribution in 2022. If we look at this slide, the division is experiencing significant headwinds since the start of the war between Russia and Ukraine on the 24th of February. China's zero-COVID policy has also resulted in constant border closures, impacting our customers, and that has also spilled into our business. At the trading update at the end of February, we reported a record firm order book of $314 million, driven by a buoyant mining industry. After strong deliveries in March, the book closed at $269 million, but the impact of the sanctions post-March meant that we had to cancel $150 million worth of firm orders. Profitability will be under pressure in the short to medium terms, hence the impairments that we booked for the Russian business at the half year. Our focus will shift in the short to medium term to reflect the new reality in which we operate in. We will focus on supporting our employees, both from a safety perspective and a mental perspective. We will engage with our employees to support them within the ambit of the law. Compliance has become a new reality, and a key focus of our daily work. Then obviously cost containment, working capital management, as well as cash preservation to navigate through these troubled waters will be key for us as a division. For our Mongolian business, we are hopeful that China will ease their COVID restrictions that will allow the economy to stimulate our region and for us to take full advantage of the current mining boom. With that, I wanna say thank you and hand over to Chris Wierenga. Thank you, Quinton. Good morning, ladies and gentlemen. I'm very pleased to be standing here today to talk to you about the results for Ingrain, which is the platform business that we've acquired as part of our future consumer industries vertical. Right off the bat, I just wanna announce that we're looking at five-month results in the comparatives and six months for this year. You'll see some strong uplifts in revenue EBITDA over that period as well as the operating profit. The business has seen some good momentum in these six months. Revenue has come through as a result of increased volumes. We've had favorable commodity prices in the agricultural sector for us, and we've seen a return to bigger volumes in the alcoholic beverages sector. This has allowed EBITDA to rise during the period, and we've also seen good operating profit come through, albeit at a slightly lower margin than what we'd seen previously. We have seen some absorption of working capital in the period, but we remain cash positive despite further investments in the catch-up CapEx and also investing in much needed critical skills in the business. We should see that working capital position unwind as we price into the second half of this year. If we look at the revenue mix in the business, it's been pretty stable, but we've seen good growth across the two reporting periods. We're seeing very strong demand in the domestic market. Exports are holding their own, and there's good demand for the product with higher international starch and glucose prices coming through. Our agri products continue to be well-received within the animal feed and the pet food sectors, among others. I think if we turn our attention to the key driver for this business, which is the domestic sales volumes, I've mentioned the higher growth in alcoholic beverages, the strong growth in the coffee creamer and confectionery segments also supporting the business. Generally, our products are seen in multiple sectors, and we've seen very good growth across all of those. Operationally, we're seeing good uplift in operating performances through the four mills. This has largely been due to the rollout of the Barloworld Business System. We've seen record grind at Klip River Mill, and that's where we started our BBS journey in June or July last year. Germiston is performing well ahead of expectations, and Meyerton, despite its operating challenges over the six months, appears to be well on track to delivering good operating performance in the second half. Bellville continues to perform well, and we're expecting to put on a 24/7, so a fourth shift into that operation, and that will also up and unlock some further inherent capacity in that business. If we then just look at our focus areas for the division, safety remains critical. We are a manufacturing organization, and site safety and behavior-based safety is important in the business. As a leadership team, we're spending a lot of time going out and observing, you know, our safety practices and enhancing those and upping the awareness across the business. We're managing cash and our commodity price exposure very carefully in the business. It is being impacted in the current environment, but we should see that translate into good contributions in the second half. As a team, we are also focused on the catch-up investments in CapEx. On our Barloworld Business System journey, we are driving the efficiency improvements. We are focusing heavily on our customer experience in this business, and customer excellence is becoming a central mantra for this business. Our employees remain probably our biggest asset in this business, and changing the culture, moving towards a value-centered approach in the business, and thinking long term is critical to our future success, and we're seeing a much higher employee engagement in this business post the acquisition. As we look forward, a lot of the work that we need to do in this business revolves around sustainable development. We are a large contributor to the group's greenhouse gas emissions and energy consumption. As we think about being a responsible manufacturer, these items need to be addressed and will be a critical focus in terms of our longer term sustainability objectives for this business. We are then also considering the optimal product portfolio that we have, and making sure that we maximize margins and value from the various products that we produce. There are further efficiencies in the supply chain that we believe we can unlock through better planning and better execution. As we look forward, it's certainly not an easy macro environment for us, but the team is well, you know, is confident, and the business is well positioned to deal with the rising commodity prices that we're seeing. We have secured access to raw material locally, and are confident that we'll have sufficient stocks available. We are seeing an impact on unit, you know, on imported raws that are used in the manufacturing process. We have made sure that we've got dual source of supply for those, and have enacted various contingency measures to make sure that we can support the business over the next 18, 24, 36 months. From an operational excellence perspective, BBS is expected to further deliver on results into the second half, as that is gaining a lot of momentum, and the cultural changes are coming through nicely. From a growth perspective, we do believe that we need to make investments into the organic growth in this business, make sure that we deploy capital efficiently and effectively to deliver on the top line growth. The market sectors that we serve are certainly looking quite bullish from where we're sitting. Our customers are indicating expansionary CapEx being spent in their production facilities, which will impact you know, the offtake of materials from us. We're also positioning this business for the acquisitive growth of that consumer industries vertical, and also making the necessary investments in skills and capacity to grow this vertical in line with the group strategy. With that, I thank you all, and would like to welcome Ramasela to the stage. Thank you, Chris. Good morning, and thank you for joining us this morning. I will be taking you through our journey as a mobility solution provider. I'll start in March 2020, which is a period predominantly pre-COVID-19, to March 2022. Short-term rental. As you may recall, our journey started with a strategy of rightsizing the business, which included the right fleet size, restructuring of the footprint, organizational structure, and integration of the rental and leasing operation. At the beginning of this financial year, there was Omicron virus, fleet shortage due to supply chain constraint, and obviously travel restriction. Despite these challenges, we have taken opportunity of an increase in the inbound corporate and private and public travel through a very agile operating model in our systems. One will ask, what did the strategy on rightsizing yield? Allow me to take you through. In March 2020, we deliver revenue of ZAR 3.2 billion from used car and rental operation, with an average fleet of 38,000. Fast-forward to March 2022, we generated revenue of ZAR 2.6 billion from a fleet of 23,500. That is an average revenue per vehicle of ZAR 111. That is 12% higher than 2021, and 33% higher than pre-COVID level. Year-on-year, revenue marginally improved by 30 basis points. However, that is based on a fleet size that is 10.4% lower. We have delivered a record EBITDA of ZAR 731 million, with an EBITDA margin of 27.9%. That is dominated by the turnaround in the rental operation. We continue to apply strict fleet management, dealing with out-of-service vehicle, having more vehicle in the street than in the workshop. That is evident by a utilization sitting at 81%. That is 4% up compared to prior year. We've worked on the damage cost, and that has yielded benefit by implementing safety measure such as Avis SafeDrive. Our strategy continue to yield positive results, with operating profit surge of 255% compared to prior year. That is more than 100% compared to pre-COVID levels. As we've heard from my colleagues. We from Avis also have benefited from BBS by deploying the operational excellence methodology that has contributed to the quality of our earnings, with operating margins of 15.5%. Let me take you through the market segment. We provide mobility to a wide spectrum of industries and individual requirement that serves as a natural hedge as the underlying drivers changes. In line with our business strategy, the segment mix has been diversified to introduce segments that has different risk profile. As you may recall, I did indicate last year about the introduction of a subscription model, which clearly has different risk profile. Subscription model, which provide customer with mobility where you are, at your convenient location, and whenever you need it, for a minimum of one month. That is where Avis Car Where You Are comes in. As I also indicated that based on the demand and supply, and as you know, there's fleet supply shortage, we manage the business to balance the segment mix that optimize the return. The major contributor, as you can see, is on insurance, which is the replacement business as well as the subscription. That gives you a relatively longer length of rental, and that is about average 23 days in a month. It is important to note that with the gradual increase in the demand for inbound, corporate, and public tour sector, the mix, as you see it today, will change to cater for the growth of the recovery segment. 'Cause it is important for us that we continue to yield better returns. Let me take you to the leasing operations. Our fleet management solution is about partnering with private sector and public sector to assist with productivity and service delivery. Yes, revenue from the leasing operation is 6.7% down, that's compared to prior year. That is driven by natural attrition of major public sector, the City of Johannesburg being one, and the South African Post Office. We continue to actively participate in public sector by responding to request for proposal. It is important to note that despite the decline, the average revenue per vehicle increased by 14% compared to prior year, which is testament to the work that we've been doing in driving our value-added product, like intelligent fuel management system, telematics, including focusing on a service and maintenance plan which do not require capital outlay. We continue to capture growth in the last mile delivery as all of us know about the growth in the e-commerce industry, and we are providing appropriate commercial vehicle solution in that as well. Corporate confidence seems to be on the rise if we compare it with last year. We are receiving requests for new renewal and even higher value credit facility for our replacement and the growth. We employ and deploy appropriate skill to manage the fleet throughout its life cycle. That, combined with a strong car rental market, has yielded superior return on EBITDA of 52.5% and a 15.3% increase in our operating profit year-on-year. Let me take you through the segment. As I've indicated, the proportion of public sector is impacted by the natural attrition of those major contracts. It is important to note that our corporate sector is very diversified. We're servicing industry from mining, healthcare, construction, consumer industry, just to mention a few. Greater Africa region, as you can see with the movement, we have delivered a solid performance with a finance fleet contribution compared to prior period. This is a very important slide. As I say, this is a period of record results. We have delivered an exceptional return on invested capital of 14.1% on the car rental, which is higher than the group hurdle rate, and a very strong return on equity of 29.1%. As if the record results are not enough, we now have delivered a very solid return on invested capital on our leasing business of 12.9%, 0.1% shy of the group hurdle rate. An exceptional return on equity of 56.3%, which is underpinned by us understanding the nature of our business as a financing operation which is commensurate with an optimal capital structure. Where is our focus going forward? As indicated in the group's strategy, to people with the automotive business. The covered work has progressed significantly to respond to two possible paths of either sale or unbundle and separate listings. While the covered work is progressing well, and I'm very, very pleased with the work that the team is doing and the support we're getting from the group, we remain deliberate about our growth strategy and operational efficiency while having a keen focus on customer experience and employee engagement. As our future beckons, we forge ahead as a trusted mobility solution provider connecting humanity. I thank you, and I'll hand over back to the Group CEO. Tough act to follow, Ramasela. You know, I'm just about to do an auction. Bid or buy. Ladies and gentlemen, I think what you've been seeing, you know, is a convergence of a strategy that we started five years ago. When you look at the history of the group, interacting with some of the analysts and some of the fund managers, one of the key issues I was hit by is that Barloworld is not a good returning business, you know? We were not a bit of a conglomerate. We're sitting with revenue of our selling almost ZAR 63 billion. When you look at the quality of earnings, you know, it was challenged. It was challenged at the time. We're not quite cash generative, as we are now focused. One of the key issues we lined up was the concept of fix, optimize, and grow. We said if we can't fix the business within a certain timeframe, we'll sell it. I think we all remember when we sold Spain, because we felt from a timing point of view, it couldn't be done. You know, one mistake that I accept, you know, and any manager, leader does accept, you know, sometimes you say, "I should have sold logistics quick enough." I tried to fix it. It was a hard business to fix. I'm glad to say, you know, that has been disposed. You know, we basically, you know, in the last throes of selling, you know, the supply chain. You know, automotive, you know, which is Motor Retail, has been sold. When you look at car rental and leasing, you know, the slide Ramasela is talking about where we stand, you know, in terms of, you know, are we selling the business or unbundling it? I think truth of the matter for me is where is the value that I can get, you know, for this business to give to my shareholders? If, you know, somebody gives me a good price, you know, I'm not trying to steal this business away from me, I'll look at it, you know? But I guess the best thing is probably to, you know, unbundle this business and list it, you know, so that shareholders can be able to exercise the right of when they are able to realize value. I think when you listen to Ramasela, the work that they're doing basically says we don't. It doesn't matter. It's the management that's very focused on running the business and doing what's right for the business. At the end of the day, the group will decide what happens thereafter. I think what you see there for the first time is having, you know, Eurasia in optimize. The reason why it is being optimized, you remember over the last four or five years, Eurasia has, I mean, particularly Russia, has been achieving phenomenal returns and results, and still doing it, you know, even to this interim. The reality of what's ahead of us says we need to focus on optimizing this business. Cash preservation becomes very important. Cost containment becomes key. Being efficient, but also making sure the well-being of our employees, so that we retain our staff. We have invested a lot in that business, you know, so we wanna be able to retain the best quality of our staff. Also looking and taking care of our customers. Because one thing I'm sure of is that however bad a war is, it does end. When it ends, you need to make sure that as an organization, you are there to be able to continue to do business, and you have very good relationship with your customers as well as, you know, your employees. I think, you know, Ebe, well done on that 18.1 ROIC, but it's something that, you know, you need to push ahead further, you know, on that. I think you've highlighted that. Chris, you know, the focus in the areas of deploying BBS coming very well, and I'm pleased to say that the strategy is, you know, being in place. I think at the end of the day, we can say all we want. Numbers don't lie. You know, they speak. You see me interim year-end putting up this slide. I'm reminded of my former colleague and boss, Peter Bulterman. He used to say, "Dom, you know, you never get what you don't measure. You know? Don't expect what you don't inspect." True to form, part of the reason that we put up this is not only to you, the investors, it's also to ourselves, that each and every business should be measured. You can see, I mean, where we've been. I mean, we can talk about 2020 as COVID-19, but I'm really proud and happy to see that we didn't change WACC. A lot of people will say to me, "Dominic, this WACC is impractical, you know, it's. Can't we change?" No, we kept it, you know. At the end of the day, what we needed to achieve is make sure that this business are able to deliver above, you know, our cost of funds. I'm glad to say it, this has been done. When you look at this particular slide, I never used to talk ROE a lot, you know, except for when I interact with portfolio managers to say ROE for me was a corporate issue that, you know, we needed to fix from a corporate point of view in terms of, you know, capital structure. Also look at saying how do we allocate capital? You know, you've often heard me say that for me, it didn't make sense. That if I generated return way below 15%, I then keep the money, you know, and then think I'm going to deploy it in buying another business which is not generating much. You know, our philosophy was to say, while we do not generate the right return, it makes a lot of sense when the market presents an opportunity to buy back shares. To that effect, we've done so. To an extent, we can't find an opportunity to buy back shares. We distribute the capital back to the shareholders. I think at this level, I think we are now beginning to earn our right to say, if we continue to perform at this level of returns, we should be able to say we can retain some of the money and allocate it, you know, better than, you know, we think our shareholders could. I think this is basically the last slide. You know, you know, basically, you know, Barloworld post unbundling of Avis is likely. It's not likely, it's going to be basically a two vertical structure. We've created a platform, you know, BBS is working. You've heard everybody talk about BBS. You know, if we are going to acquire businesses, we'll be using the same discipline, that we're not gonna be willy-nilly acquiring companies. If you don't find anything exciting, we're not gonna try and be smart. We'll return the money to the shareholders or we buy back shares. I'll pause here if there are any questions. Thank you very much. I'll try and group the questions by sort of the areas that they cover. I'll start on the finance side. There's a question from Steve Erasmus asking us to please elaborate on the UK pension fund situation, if a special dividend would be coming from that. Yeah. I guess, you know, remember, you know, the pension fund is a liability that we have to the former employees of Barloworld that had a defined benefit, you know, in that fund. That fund, you know, it either had a deficit from time to time, depending on how the assets were invested. You know, we took a decision, you know, to say we need to minimize the volatility, you know, by engaging in a strategy where we engage the trustees to say, probably if we extinguish, you know, the liability of that fund, we'll have flexibility to bring the cash back. Thank goodness, we paid GBP 68 million, you know, in January, you know, and we're able to convince the trustees to rather invest in assets that are not as volatile. Had we not done that, now I tell you the deficit would have been huge, you know? Now that we've done that, you are correct. You know, we've agreed with the trustees that it gives us flexibility to bring, you know, our capital back. We are also looking at, you know, basically. What's the other word? Not buy it, buy down. What's the word? Buy in. Buy in. Yes, buy in. Currently, we have a process where we are looking at various insurance companies to look at buying in. You know, basically buying the liability, you know, from us. You know, the process is on the go. You know, I can't say much about it because it's too early, and I think I should be able to give you that position. Once that is done, it certainly give us flexibility in terms of how we move cash in and out, you know, whether we are able to load debt, you know, in the U.K. I think it's important that I indicate, though, that even though we're sitting with cash in the U.K. currently, being prudent, you know, given the situation, you know, in Russia, you know, we will be able to allocate CapEx like we did of ZAR 1.65 a share. I think any manager, you know, when it's uncertain, the time of uncertainty, you need to be prudent. Thank you. Several questions along the lines of for rental and leasing. Given the strong results and prospects for car rental and leasing, would the group consider keeping this business rather than listing them separately? Is that from an employee of Avis? That's from MTS. MTS. You know, it sounds like most of the employees of Avis asking me that question. No, MTS, we are not, because I think, you know, we are playing a long game, you know. The strategy here was around saying, we wouldn't have sold this business, you know, in 2020. Remember, there was a time where we were gonna sell 50% of leasing, but we brought it back in. You know, we said, "You know, let's bring it in. Let's make sure that we put the strategy in play to grow this business." I think now it is well-placed for it to be sold. You know, because while this business has got certain good attributes under the leadership of Ramasela, but I think for Barloworld's strategy, long term, it doesn't work. Once you start fleet this business, you know, its ability to consume cash when you fleet is high. My fundamental philosophy is to work on cash conversion of nothing less than 50%. You know, I don't think long term it would work. I think it is right for it to stand on its own, so that an investor who sees value, you know, in a financial services type of business that is highly geared and generate high return on equity can invest in that. I'm looking for an investor in Barloworld who identify with some of the things that we've outlined. Thank you. Thank you. I'll read the two questions on Russia together 'cause I think they're also pretty common. What is the expected effect on group ROE from a Russian exclusion? That's Daniel Isaacs. Mark wants to know, what is the group WACC with the adjustment to higher cost of capital in Russia? Sure. I don't understand that last second one. Do you understand it, Nopasika? Is it because when you're talking about the impairment? The group WACC. Let me answer the first one in terms of the ROE. You know, I think when you look at the uncertainty, you know, we're likely over the next few months at an operating level to still deliver at the back of the inventory that's still available. It's not gonna be a lot, you know? I don't think we're gonna shoot the lights out like we did in the second half. You've taken impairment in that particular environment, you know. When you look at the overall impact, you know, I haven't actually finalized modeling, you know, the impact, but it is going to impact the ROE somewhat, you know, in terms of where we are. Mm. You know, September. Nopasika, you wanna respond to that one on WACC? Yes. If I understand correctly, it's what is the group WACC with the adjustments post Russia. Currently the group WACC is around 13.7%, and we do anticipate that to remain around there, so around 14.1%. That's the number we're looking at. Thank you, Nopasika. Can I go on to Ingrain? At what point do higher maize prices hurt operating margins? Are you able to keep passing input costs on to customers? Okay, Chris. Yeah, thank you for the question. Higher maize prices do translate into price increases for customers. We actually benchmark our pricing for, you know, on the import parity of starch and glucose. We do try and hedge out the effects of rising and falling maize prices. Essentially, you know, rising maize prices does lead to, let's call it, expanded margins for the business. Thank you. Over to Equipment Southern Africa. Laurium Capital is looking for helping them to understand why equipment sales in South Africa have been slower than the rest of Africa. What is the South Africa-specific constraints? Then further, if we could just explain the performance between contract mining and direct mining equipment sales. Contract mining they say is outperforming. Yeah. Yeah, thank you. If I look at the deliveries, particularly for Southern Africa, we do have a very strong order book for South Africa. Unfortunately, most of the machines that were supposed to be delivered will be delivered in the second half. If you look at what we have delivered in terms of some of the greenfield projects, the project that we spoke about in Botswana, the T3, the copper project, we have delivered and we will continue to finalize some of the deliveries in the other greater Africa. It has been our drive to make sure that we can be in a position where we see growth in the rest of Africa. Now turning to the question regarding contract mining. As we know, we have seen an uplift in terms of the orders to contract mining, which is particularly quite cyclical. Given the fact that most of the mining houses, whenever they want to have a CapEx shaving in terms of machines, they will direct machines to contract mining. As I've indicated, in terms of the order book, larger equipment requirements for the second half that we'll be delivering, it's coming more so from the mining houses directly, as opposed only from the contract mining. We're also capturing opportunities in terms of making sure that with the commodity prices being high in terms of machine deliveries, it's easier to get contract miners to mobilize and actually deliver as opposed to larger equipment sizes that take time in terms of the lead times to be delivered. That swing has changed already. Thank you. Thank you, Emmy. I'm just also trying to go through a lot of questions on Russia still. There's one from Unathi Kunene asking if the group is not worried about post-war sanctions on the Russian commodity sector. I think, you know, Quinton was at pains to explain, you know, issues around compliance. You know, because it's not for the first time that, you know, there've been sanctions in Russia. Maybe Quinton just, you know, just indulge, you know, I know you've done it, you know, in terms of the rigor with which you comply, not just only to one regulatory regime. It could be the U.S. sanctions, EU, U.K., and counter sanctions by the way from Russia itself. You know, maybe just wanna. Yeah. I think, I mean, the sanctions in itself is very complex and, so there's a lot of work that's been done on a daily basis. As I've alluded to, I think we've already screened 8,000 customers, persons, individuals. I think from a sanctions perspective, what makes it also complicated and why it's difficult to answer the question is because it's constantly evolving. It's constantly changing. I think in the two or three months since the war started, we've already had six rounds. Every round there's a new set of sanctions or restrictions that we need to take into account. It's very difficult to answer 100%. It's also fair to say that Europe is still buying gas on a daily basis from the Russians. We will have to monitor and see how the situation evolves and then adapt our strategy accordingly. Thanks, Quinton. Thank you very much. I think I'll stop there. There are a few questions from people that I know we're going to be meeting one-on-one on the line, and, I think we would address those there. Not too very different from the questions that I've asked. Thank you very much. Over to you, CEO. Thank you very much, everybody. We hope you keep safe wherever you are. Those that are going to be on the one-on-ones, you know, we hopefully could see some of you there. Thanks for your support.