Good morning, everyone, and thank you for joining Barloworld's 2022 annual results. With you today, speaking in front of you is Nwabisa Piki. I'm the Head of Investor Relations. Today you will hear from our CEO, Mr. Dominic Sewela, and his team. Dominic will open with an overview and do a closing as well. We'll then move to Nopasika Lila, who will take us through the financial performance. She'll come back later on actually to take you also through some pro forma slides that we've prepared for you. Nopasika will be followed by divisional heads, starting with Equipment Southern Africa, Mr. Emmy Leeka, followed by Quinton McGeer to take you through the Eurasia division. Quinton will be followed by Chris to take us through Ingrain's performance. Thereafter, we will close and go into a Q&A session. Please post your questions, online, and we shall get to that. Without any further ado, I'd like to introduce Mr. Dominic Sewela. Thank you. Thank you, Nwabisa. Good morning, ladies and gentlemen. It is indeed a great pleasure to welcome you all at this, you know, significant moment. I think this year we're celebrating 120 years of Barloworld's existence. Similarly, we're celebrating a relationship of 95 years with Caterpillar. I think oftentimes when we talk our results every year, I give you numbers in terms of ESG. I thought, let me just talk about it very differently, because I don't think too many of you understand how we approach ESG as Barloworld. Before I even rejoined Barloworld was leading in this area of ESG. I guess the way we weave the story sometimes doesn't come across as one. You know, because fundamentally, we're saying for the business to survive 120 years, how does it ensure that it survive another 120 years? First and foremost, it's gotta operate in an environment where it respects its people, ensure that its people, when they come to work, they come to work in a safe environment. Therefore, it's necessary, one of the things that we look at. Another one is employee engagement, because employees that are disengaged are very difficult to please the customers. These very same employees are coming from communities that are distressed, that are challenged. Therefore, we as a company need to think about what impact do we make in those communities where we operate in and where our employees are coming from. We also live in a planet that is only one planet that at least I know. There are other planets out there, but this planet is the one that we as Barloworld operate in. It is our responsibility as the executives and the board to ensure that we are responsible in reducing the negative impact to the planet. You know that we've given you steps around water withdrawals, you know, electricity consumptions, and the emissions reductions. More importantly, we thought it's important that as we continue taking the steps, we also engage other stakeholders, like funders, to say, "We as Barloworld have embarked on these things. We would like you to start linking our funding to some of these, but it must be funding that makes sense for us. It must be cheaper because we've done the work and we intend to do the work." I'm glad that we were able to negotiate a sustainability bond of over ZAR 1.1 billion, and linking that bond with targets that spoke to solar energy. Because by the time we engaged, we had already rolled out 1,300 MWh of photovoltaic solar plants across our businesses. We said we commit that by 2024, we'll increase that by 55%. Also of importance, we say we link that, you know, our funding to the safety of our employee, that we want to see a reduction in lost time injury, where we're currently sitting at 0.34, which is very low by the way. It's very low because our journey is to move to zero harm to our employees. I'm glad to say this year we've reduced that by 19%. Of importance, we said, when you look at South Africa and you look at countries like Siberia where we operate, women are a major component of our business. In our drive to diversity and inclusion, we felt it's important that we represent women not just in lower levels, but in boards, in senior executives. When we put up this bond, we already were far ahead in terms of our targets. We said we don't wanna drop those standards. We wanna maintain and increase them. That gender bond link bond, that gender linked bond has got metrics that seeks us to ensure that we can only do better in terms of what we've done thus far. We didn't end there. We said it's important to also increase the number of women that we do business with. Through Siyakhula since that bond, we've onboarded 28, you know, women enterprises, bringing up the number of people in that Siyakhula business to 87. Creating 2,500 jobs, it makes a difference in the society that we live in a country like South Africa. I don't wanna make it sound like governance is not important for us. Governance is very important. Most of you as shareholders do engage with our Chairman, you know, Dr. Lulu Gwagwa, and some of the directors in governance roadshow. The objectives of those is to ensure there's an alignment in understanding the strategy from the perspective of a shareholder. Making sure that shareholders can raise issues in the absence of management, so that, you know, we are aligned in what it is we're doing to impact shareholder as a key stakeholder. What you see in front of here, I'm very proud to say the work that we do didn't go unnoticed. The SARA Remuneration Report Award gave us an award to say we came first in terms of our remuneration report. That speaks to the transparency of how we reward our employees for work done, the way we set targets, it's very transparent. Anybody can go and read those reports, 'cause sometimes we can write very complicated reports, but we've been able to do that. I think it was important that I start with the slide, because when you now look at how we cascade our strategy to execute to our lowest level employee, it is important that we spoke in that context. This year, for me, is a year of consolidating, of consolidation. I've been in this job now for five years and probably about eight months. Notwithstanding, it was very clear that we wanted to make sure that our strategy of fix, optimize or grow, execute and delivers. We also spoke about the cash generative nature of our business, and every year we measure those, and I'll talk about it later on, you know. It's pleasing also to see the acquisition that people doubted, probably didn't understand the rationale, delivering significant results, 27.5% up on EBITDA. Chris will talk more about it. One of my biggest bugbear was this logistics business, because I did at some stage believe that we can turn it around. I must say I was humbled by how tough this business was. Sometimes the reputation of the business is stronger than the reputation of the leader. I had to exit that business. I'm glad that we finally exited. The other one that you would have seen announced this morning was the unbundling of Avis. I know some of you asked the question, should we unbundle it? Should we sell it? We said, "No, let's rather fix it first and foremost," because 2020, you know, really hurt this business. We brought new management team onto that, you know, company. That management team, through a very short space of time, they turned the business around. They have built a track record that no buyer could give me a price that will satisfy that I would be able to distribute value to the shareholders. Hence, we believe that with their track record, they will be able to actually stand on their own and demonstrate to the market what they can deliver value directly to the shareholders. All these actions lead to numbers, and I don't wanna spend too much numbers because numbers speak for themselves. Just to highlight that 17.71% HEPS growth, this is achieved, ladies and gentlemen, in an environment that we just came out of COVID not too long ago. We're currently experiencing a war in Ukraine. There are headwinds geopolitically and there are headwinds around inflation and, you know, you know, some people talk about recession. Notwithstanding, we've delivered these results, and I'm really proud of the team that has helped me deliver those results. To that extent, the board has approved not only just a final dividend of ZAR 2.95, but they felt when they looked at the balance sheet, when they looked at the cash generative capability of what is core, they also declared an additional ZAR 0.50 a share. I'm gonna hand over to Ms. Lila to take you through results for continuing operation. Thank you. Thank you, Dominic, and welcome to all to the financial year-end presentation 2022. Indeed, it has been a phenomenal year, Dominic. The numbers speak for itself and we have been consolidating this financial year from a strategy point of view, and we'll see a lot of focus into our core operations going forward. The results that the business has delivered has been stellar results in an environment that is very challenging. I'll start with the construct of the numbers so that it's easier to understand our financial statements. The first point to consider is that similar to the interim numbers that we did present, we spoke about discontinued operations. That remains. What you'll see, as an adjustment is our EBITDA and core operating profit. Now includes the adjustments of fair value as well as B-BBEE charges. Ingrain, of course, we reported 11 months in 2021 and compared to a 2022. A 12 months in 2022. With that in mind, I will pivot straight into then the performance of continuing operation. Our continuing operation has performed phenomenal results, and we see there with that revenue, that performance of 15%. That is up 15% in the current year. When you look at our EBITDA, it's up 9% in this current financial year. Forward to operating profit, 13% and headline earnings at 16%. Those results speak for themselves from a highlight perspective. Just in terms of revenue from absolute numbers, so you get a sense of the percentages that I've spoken about, revenue is at ZAR 39.4 billion for the year. This is an increase from ZAR 34.1 billion in the previous financial year. Operating profit also at ZAR 3.7 billion, and our adjusted effective tax rate is at 25.5%. When I cover the segmental numbers, I will not be specific because the specific heads will follow and talk more detail about their performance and also how they have achieved, managed to achieve those results in these difficult times. Having said that, though, from a revenue point of view, we saw resilience from trading activities from all operations of Barloworld. On the EBITDA side, again, ZAR 4.7 billion of EBITDA recognized. Here I must emphasize again, this is continuing operation that we are talking about. Operating profit from core trading activities, here again, that ZAR 3.7 billion coming through with a 13% improvement in the current financial year. During interim, we spoke about Russia. We spoke about its impact from an impairment point of view, so we took a ZAR 1 billion at interim. It is pleasing to mention that we have not taken or recognized any additional impairments in the latter half for the Russia business. What remains in our Russia business at the moment from an asset point of view is the land and buildings as well as working capital in order to continue to run and manage the business as the team has done phenomenally well from the results that we are seeing today. Moving on to the tax adjustments. Our effective tax adjustment this year, it lands us at 25.5%, which is very much in line with what we presented last year. This is now if we take out the impairments as well as the withholding taxes that this is now withholding taxes from dividends, obviously, from our businesses, whether we talk about, you know, the Greater Africa and Eurasia. This is a very exciting story for me. When I look at the performance of our investments in our JVs and associates, you may recall last year we reported ZAR 36 million in terms of profits, this year we are reporting a magnificent ZAR 309 million, which is a performance coming from the investments. This is really driven by the Bartrac. You'll see Bartrac last year had a loss, this year we're reporting ZAR 143 million. What a remarkable recovery for that business. Thank you very much to the team managing Barloworld. I'm sorry, the Bartrac. On the M&I, NMI side, also great recovery. That is a 50% improvement in terms of, you know, our share of the NMI business. Once again, phenomenal performance from the joint ventures and our associate, keep it up teams. Moving on to our HEPS. Here we are seeing the sustainable earnings coming through when we report our operating, continuing operating HEPS at 1,093, this is also an improvement from that 945 that we had reported in the previous financial year. From a group perspective, here, this is when we add our discontinuing operations back. We include them, we're talking here Avis. This is car rental and leasing as well as logistics. Our group HEPS increases to 1,771. Again, a great improvement from that 1,195 that we had reported in the previous period. On the financial statement, balance sheet, we look here at how our assets have remained strong with the, at ZAR 54.4 billion. To note on the balance sheet is really that reclassification of our assets and liabilities. Here this is now, again, as a result of the discontinued business that we had mentioned earlier. On the equity line. We have utilized funds to pay back money to our shareholders. This year alone, we've paid back to the tune of ZAR 4 billion back to the shareholders. This has been in the form of both dividends as well as share buybacks. On the free cash flow side, we are reporting ZAR 3.7 billion free cash flow generated from the businesses. This is obviously before taking into account our de-risking of the U.K. pension fund. We have heard and received queries in terms of what does this then mean de-risking of the pension fund. For us, it means that we are currently protected from future volatility in the pension fund in the U.K. Congratulations to the team for actually closing on that deal as well. On the group net debt. Here we close off the year with ZAR 4.6 billion of net debt. Yes, it is an increase from last year of ZAR 2.3 billion, but what this is doing, it's we are doing this or increasing because we want to be aligned with our own debt-equity ratios that we are managing very, very closely. At these levels, it is very, very low. We are going to be increasing going forward. Also to mention on the slide is we close the year with a cash of ZAR 9.5 billion. We are geared for growth and ready for future opportunities. We remain very comfortable on the covenant side and with our group covenants from a net debt EBITDA at 3, which is measured at 3x, and we're sitting at 0.6. Very, very comfortable in terms of that covenants. On the debt, on the EBITDA gross interest, again, very comfortable on that measure. Here, the threshold is 3 x, and we are reporting 7.5x. Very, very good performance. On the metrics, we measure ROE and we measure ROIC and many others, focusing on these two today. On the ROIC, on the ROE, we're reporting a 17.7%, which compared to our target of 15%, we've exceeded the target. On the ROIC side, 16.9%. Again, we are exceeding our target of 13%. Extracting from reports from investors, I understand that these are levels that Barloworld has not achieved in the last 20 years. This is really a good performance coming from Barloworld. Team, let's continue achieving and delivering at those levels. As Dominic has said, the board has declared a final dividend of ZAR 295, this is in total ZAR 460 if you take into account the ZAR 165 that we have declared during interim. This dividend that we talking about and declared, it is in line with our dividend policy of 2.5x-3x. With the cash that the board has seen and also aligned with our capital allocation principles, the board has seen it necessary and reasonable to declare an additional special dividend of ZAR 5.55 per share. What a pleasing performance for the business. I think, having looked at numbers that look like this, it is pleasing and exciting to deliver on such results. Well done, team. At this point, I'd like to hand over to Mr. Leeka, who will take us through the performance of Barloworld Equipment Southern Africa. Thank you, Ms. Lila. Good morning, ladies and gentlemen. It really gives me pleasure to announce Equipment Southern Africa results for the year ending September 2022. Exceptional result indeed, with revenue up at 20% to ZAR 21.8 billion, mainly driven by a 34.4% growth in total machine sales. The operating profit from core trading activities before the impact of financial instruments was up at 21.7% with a margin at 10.8%. Our joint venture in the Democratic Republic of Congo continued to deliver positive share of associates. A very strong cash conversion with free cash at ZAR 1.9 billion. We have delivered a record return on invested capital of 22.8%. Now turning to new equipment sales by segment. The new equipment sales up at 46%, mainly driven by the mining customers, and particularly the contract mining. With contribution prior at 30%, and in this reporting period, contribution at 43%. Again, when we look at which commodities drove that improved new machine sales, when we look at coal and platinum, although the overall we've seen an improvement, however, we've seen significant improvement coming from copper, zinc, manganese, and as well as iron ore. Our aftermarket or product support remained resilient. Given the fact that we've seen a significant growth in machine sales, we managed to maintain the aftermarket contribution of 53% compared to prior at 57%. When we look at all the efforts that we've put in sustaining cost discipline, cost efficiencies, that assisted us to maintain the up margin as we have promised of 10.8%. I've included at the bottom a graph in blue that shows the impact in terms of fair value adjustment when we include the financial instruments, and we'll continue going forward, reporting based on the financial instrument included as part of our operating profit. Turning to the performance of Bartrac, as indicated by Ms. Lila. We've seen significant improvement in terms of activity. Overall, revenue up 72% in US dollar terms, mainly driven by increased copper and the execution of our diversification strategy. I just wanted to take you back to 2015 when we had concentration risk in terms of customers. Only three customers who contributed more than 85% of our top line, which is KCC, Ruashi Mining, and Tenke Fungurume Mining. That year, 2015, share of our income was ZAR 265 million. We know what happened with the Kamoto Mine and the pit challenges that they had, and they had to stop production. Hence, we had a significant decline in terms of profitability from Bartrac over the period of two years. In 2017, we started seeing the contribution coming to the fourth, at about ZAR 93 million. As you can see, in 2018 to 2019, contribution in terms of the ramp up went from ZAR 251 million to ZAR 268 million. I must say, 2019 was a record contribution based on the rand number. However, we know what happened with COVID in 2020. Over and above, we had Ruashi Mining going on care and maintenance, that's when we started seeing the losses in 2020. We embarked on a journey in terms of cost efficiencies, turnaround strategy in terms of diversification, that yielded the numbers that we are seeing as reported of ZAR 143 million. In the near term, the copper prices started to retract, and we are seeing it going forward. In the long term, we believe that they will bounce back and be sustainable based on the demand for copper. Hence, we have a positive outlook for 2023, with activity levels expected to steadily improve. Now, turning to our divisional strategy. It's really pleasing to see that we are delivering on our promise from fix, optimize, but now we're saying we need to grow and drive our growth agenda. We will continue, ladies and gentlemen, to focus on double-digit growth in terms of services, but also deliver solution to cater for our various customers in growing the population. Focusing on improving the turnaround times and as well as enhancing technical skills and retaining our technical skills will help us to improve customer experience. We have made great strides in terms of e-commerce, particularly around our retail customers, by definition, customers that have one to three machines, and then we'll continue to focus in making sure that we improve the e-commerce penetration. We need to grow the market share, particularly in the regions that are delivering below average. Through the Barloworld Business Systems, we will continue to embed that culture of managing for daily improvement Cost efficiencies, process efficiencies to make sure that all our brain champions are problem solvers. Now turning to the outlook, we remain cautiously optimistic as indicated by the Group C regarding the headwinds. If we look at the order book sitting at ZAR 4.8 billion, and post-balance sheet, I must say it was sitting more than ZAR 5 billion. We've gone through the restructuring, we've gone through optimization, we've been on this journey, and we are well-positioned to achieve profitable growth. Our aftermarket opportunities remain very, very attractive. We're going to expand our omnichannel coverage in order to drive positive customer experience, we will continue to deliver in terms of our ESG commitments. Dominic said, zero harm is possible, and we have seen in the reporting period, we managed to reduce our lost time injuries by close to 40%. We are focusing in terms of the environmental side, looking at the rebuilds, linking it back to aftermarket, particularly around machine rebuilds, component rebuilds, to make sure that we deliver when it comes to the secular economy. Ladies and Gentlemen, I would like to thank you, and I'd like to pass on to Quinton. Thank you. Thank you, Emmy. Good morning, ladies and gentlemen. I'm pleased to announce a set of strong results for the Equipment Eurasia, despite a very difficult trading environment in which we operated during 2022. In rand terms, the division reflected no growth on the revenue line. The division also become under pressure in the second half from a cost perspective with a very strong ruble, and that impacted our operating profit and operating margin marginally down. The margins were still good, and this was driven largely by a good aftermarket performance and margin realization in both countries. The division continues to generate strong cash flows on the back of a good trading result as well as working capital management. If we turn our attention to the ROIs, Russia generated an excellent ROI of 39% versus a 21.4% in the previous year. If we were to reverse the impairment that were booked at the half year, the Russian business would still have generated an ROI of 31%. Mongolia had a very difficult year driven by sporadic border closures due to the COVID lockdowns in China, and generated an 8.9% ROI for the financial year. From a prime product perspective, it's pleasing to see that all the segments made a significant contribution to the top line, with mining still dominating at 60% of the total prime product sales. Aftermarket in Russia reflected a real growth of 9% in dollar terms, with a record result generated in 2022. Despite the negative growth in Mongolia, the division still reflected an overall growth of 3.8% in this segment, contributing to the overall profitability of the division. If we look at this slide, it reflects a well-balanced portfolio, reflecting a diversified mining customer base. We still have access to most of our mining customers. I would also like to just maybe mention that most of the commodities produced in Russia and Mongolia are now being exported to China and India as an offtake. In terms of the outlook, I think it's clear to see the impact of the sanctions with our firm order book down from a $224 million- $26 million at the end of the 2022 financial year. Our target for Russia in 2023 will be to get at least to a break even. We will be focusing on also the recovery of our Mongolian business. It's pleasing to see that the October numbers already indicated a strong recovery with $5 million worth of firm orders signed. In terms of the focus, specific focus areas, obviously our employees will be first and foremost. We've talked a lot about safety, but another very important one will be compliance, specifically with what's happening in the Eurasia division. We will also align and structure our business according to the opportunities that is available to us as and when the year unfolds. We will focus on cost containment. We will focus on cash preservation and working capital, then obviously the Mongolian recovery specifically also linking it to the Oyu Tolgoi big copper mine that is ready to start with the underground phase. With that, I would like to hand over to Chris. Thank you very much, ladies and gentlemen. Good morning, ladies and gentlemen. It's really good to be standing here and presenting the first full 12-month results for Ingrain in the Barloworld stable. We've had a very good year this year, and I think the business has benefited from some tailwinds, and we've also been able to take advantage of those tailwinds in delivering a very good set of results. These results show comparatives for 11 months in the prior year. If I have a look at the revenue growth, EBITDA growth and operating profit growth for on a 12-month period, you would still see strong double-digit growth in all of those sectors. Just focusing on what we, on the highlights for this business, revenue is up 34%, really supported by good underlying volumes and also higher starch and glucose prices. That's come through in, as a strong drive on the EBITDA line, but pleasingly, operating profit is up by more than 31% in the period under review. We've also benefited from very, very strong cash generation, and if you look at the ratio of cash, pre-cash to EBITDA at around 65% is a very, very good result. And that's after including ZAR 170 million of cash CapEx during this 12-month period. Going forward, you know, around this, we'll continue to focus on that investment in capital, the skills we need to drive the growth, and also trying to optimize that sales mix as we go forward. If we look at the segmental breakdown of revenue into our key segments, we've had a very good growth in overall revenue. We've grown participation, and I'm also pleased to announce that we've grown exports, export volumes as well. We've seen the domestic sales really impacted by a strong recovery across the major sectors, and I'll unpack that on the next slide. We've also benefited from very strong demand in the pet food and animal feed sector, where our products remain highly desirable within certain customer groups. Our exports has been a story of success this year. We've been able to grind more, and that has allowed us to capitalize on those export opportunities that have availed themselves during the last 12-month period. If we just have a quick look at the domestic sales, you'll see, you know, good growth across the segment. I'm particularly pleased about the strong recovery we've seen in the confectionery sector. You know, we've had a targeted strategy to go after the import replacement program of glucose in this sector, and we've seen good volume recovery come through. In this, in an 11-month, 12-month scenario, but also if I look at this from a 12 on 12, we've seen strong double-digit growth in the sector as well. We've also benefited this year from a recovery in the, you know, in the paper sector after the major disruptions our customers saw last year as a result of the floods and unrest in that, in that province. I think just looking at the overall market, export sales, volumes are up by 26.5%. It's a very good result. We've seen good strong demand and obviously the ability to fill some long-standing back orders in the system. We've also seen an uptick in demand in Southern Africa as well. Looking at operating performance in the business, this is the success story of Barloworld Business System for me. We've seen strong grind across the mills. I just wanna draw to your attention that, yeah, we're looking at 12-month to 12-month, 'cause we're looking at, you know, production volumes out of the plants. We had some challenges at Bellville. We had a dryer go down, and that was replaced in September. We were running at reduced capacity for probably nine or 10 months this year. That was replaced in September. We should see Bellville settle on a four-shift system going forward and increasing volumes down in the Western Cape. The real success story here for me is Klip River Mill. We've increased grind at Klip River here by 31,000 tons, which is an equivalent of one month's grind. This is not on the back of expansionary CapExs that has been put in. It is purely, you know, aligning operating efficiencies in the mill and making sure that BBS delivers on what we're looking for. One month, no CapEx, and we've only invested in maintenance spend on this particular plant. I think it's a great result that has been achieved. All right. Looking at our focus areas in this business, safety remains a critical focus for us. We haven't done well this year. In line with the group's overall commitment to safety, we've got some work to do in this particular space. We'll continue managing cash and price commodity exposure. Our investment in plant and infrastructure and driving efficiencies will unlock results for us. The focus on customer and improving supply chain efficiencies has also taken quite a lot of time and investment this year. We've opened up a new D.C. on the first of November in Johannesburg. That should improve our product availability and our on-time in full delivery to smaller customers who take packed product from us. Our investment in people will continue. As we drive our culture change in this business, you should see positive improvements come through as people become part and parcel of the Barloworld family. We entrench our values and systems across the business further. Last but not least, I'd like to speak about sustainable development. We've made some good strides this year on energy efficiency in the business. We've got a lot of work to do in terms of water and water recycling and energy efficiency across this business to really go out and address some of the longer-term structural headwinds that we'll face from an energy security and water security in this business. Just looking at the outlook for the business, the macro environment still looks like we should see strong commodity prices, which will support our margins. Energy security concerns, we've addressed, and we'll address those through a CapEx program going forward as well as we invest in, you know, solar plants and, you know, battery backup systems to remove some of the challenges we face in core manufacturing. From a market growth perspective, the domestic market still looks attractive to us, and we also continue to see a strong growth in the export markets. We'll continue to make the investments we need in our business to grow the core, and that will be supported with the operational excellence program, and that we expect to see BBS unlock additional yield through our businesses into 2023. We'll also debottleneck our plants, which should give us additional grant capacity into 2024, really supporting the next 18 to 24 months' growth in this business. From an input cost point of view, we are seeing some headwinds there. Utility costs are higher than inflation. On the flip side to that, we've secured sufficient maize supply for 2023. Those prices are locked in, contracts secured. With the good rains we're having, we're expecting to get good yields this year coming through, which should secure, you know, maize availability for us in this growing season. That means that we'll have our maize supplies covered right up until the middle of 2024. You know, currently, the runway looks quite positive for us from that perspective. Lastly, turning to growth. We think we're well-positioned in this business for organic growth opportunities that present. The markets are attractive, we're trying to take, you know, every opportunity we can, and focusing on margin enhancement and growing the top line. We also believe in line with the group's growth ambitions that Ingrain provides a very, very strong platform for growing into the food ingredients sector going forward. With that, I'd like to thank everyone and then hand over to Nopasika. Thank you. Thank you, Chris, thank you to the heads of divisions for those presentations. You may have heard from Dominic earlier, as well as seen from our SENS announcement earlier, that we have and are unbundling Avis Rent a Car & Fleet. What we have done and what we feel is very, very important is to demonstrate how Barloworld would have looked like had we unbundled at the 30th of September 2022, because that is what the business is going to be going forward. The only adjustment that we are going to be making, or you will be seeing, is really that ZAR 355 million of interest. How that arises is because Barloworld has a centralized treasury, we have some of these finance costs sitting in the group's account. That is the amount or item that you will see being adjusted. If we adjust that amount, we would have reported a profit for the period of ZAR 1.5 billion, as opposed to the ZAR 1.2 billion that we are reporting before the pro formas. On the balance sheet side, Avis has been an asset-heavy business. Barloworld pivoting to being an asset-light business, we notice and see that our net debt will reduce to ZAR 1.3 billion from what I had reported earlier of ZAR 1.6 billion. Our group debt itself is going to reduce tremendously. What does this mean? It really means that Barloworld is ready for its growth in terms of strategy, because we have sufficient capacity from an asset point of view to optimize. Also from a gearing point of view, if you note that 9%, we're sitting very, very low if we are to take out Avis, therefore that is, you know, the headroom that we have for growth. On the covenants, again, we remain very, very comfortable with covenants. In 2021, as reflected in the numbers, we had a cash position, or we would have sat at a cash position had we not had Avis into account. Moving into the current year, as I've indicated, we are sitting at ZAR 1.3 billion from a net debt point of view. When you look at our net debt EBITDA, again, we're sitting at 0.3, which is way above our threshold of 3x, and also, EBITDA gross interest at 7.8, which is well above our threshold of 3x. Great business position for growth. Also, if I should mention, it is demonstrating that Barloworld is a cash flush business. At this point, I'd like to hand back to the Group CEO. Thank you, Nopasika. You know, as we wrap up, I guess it's important, you know, to look at the group in review. You know, when we started out, we said our stated objective is that of doubling intrinsic value. This will be re-realized by us fixing the business, you know, optimizing it and grow it both organically and inorganically. You can actually see when you look at this group in 2016, you know, we had a revenue of ZAR 66 billion. Now we're down to ZAR 26 billion if you look at the component of those. I think one of the things I remember saying to my Remco chair at the time, was that my intention, it is not just to run a big business with high revenue, a lot of people, because you know, as a CEO, you get paid, you know, quite well when you have a lot of people reporting under you and you have high revenue. Whether you make money or not was another story. We sold Spain during that period. What we also did, you know, we also exited, you know, like what Nopasika is talking about, logistics and Avis. You can actually see that the group, you know, is down 41%. When you look at it's like, you know, why are you shrinking the base? The issue is for you to be able to move forward, you gotta establish a strong, solid foundation from which you can grow from. When you look at the core business, you know, in spite of that down or the growth, I mean the decline in revenue, you look a combination of acquisitive growth as well as organic growth delivering 58%. I think what is more important is the next slide. If you look at the quality of earnings of this business is improving from about ZAR 6.5 in operating profit to around ZAR 10. Even if you take out, you know, in the latter part, you know, IFRS 16, you know, the effect is minimal. You can actually see that, you know, the core of what's left behind of Barloworld, you've had, you know, Quinton, you've had Emmy, you've had Chris. We're talking about businesses that have got, you know, operating margin, you know, in the double digits. You know, therefore, that is a platform upon which we would like to grow this business. When you look at what we've done in terms of capital allocation, because one of the key issue, if you are an executive and you running a business that's generating returns below cost of funds, in fairness, you are saying you're not worthy of keeping shareholders' money. You're best returning that money to shareholders. During that timeframe, when we're still fixing this business to try and ensure that we can earn our right to grow, we have returned money to shareholders. During 2017 and 2022, we returned ZAR 11.2 billion. That's a lot of money. You know, if you look at how that, you know, was returned, is ZAR 8.6 billion of that was in ordinary and special dividends. You know, we also returned another ZAR 2.6 billion through share buyback, because we believe that we shouldn't be keeping shareholders' money when we're generating the returns that you saw. When you now look at what Nopasika spoke about, I chose to represent this slide this way so that you can get a feel. I'm going to take you through a series so that you can actually see that we understand what it is we're doing in terms of the journey that we're embarking on. Sometimes the accounting effects that I always sometimes to say to my EFD, "I don't understand IFRS 5, IFRS 16, you know, but I'm just a commercial guy." Let's just take you through those numbers. If you look through the journey, you know, right up until 2021, we were below our cost of fund, whether you looked at it in terms of ROIC, whether you looked at it in terms of ROE. You know, in 2022, with all the headwinds that we have, you know, you can see the, you know, the benefit. Obviously, this is a combination of effects. When you buy back shares, when you return money to shareholders, you're reducing your equity, but you are actually taking actions that are accretive in nature, as opposed to be going to buying huge businesses and paying a premium. You can begin to see the effects of it in those numbers of 17.7% and 16.9%. If you now say, "Okay, let's just exclude Avis and logistics out of this number," as Ms. Lila was trying to do in the performance side. In 2018, if we didn't have Avis as part of our group, we'd have generated a return of 15.6%. When people were asking me, "Why do you wanna sell or why do you wanna unbundle this business?" I had figured it out, that great as a business it is, we as Barloworld were not the right, you know, parent for that business. Obviously, we all know what happened to 2020, and you can actually see the differential between the two, you know, numbers. I mean, you know, if you restate, you know, for IFRS 15, you're comparing 15.8% and 15%, you know, in terms of ROIC. If you look at it further, you say, "Let's exclude Russia." The reason why I'm saying exclude Russia, because I saw in the beginning of the year, when the war broke out, you know, some shareholders ran to the mountain. They dropped the share price. You know, from a value point of view, we said, if you looked at the value of this business, it was still far more valued than what the market was pricing it at. When you look at those, you're saying the ROIC would be about 12.9. That's assuming Russia is worth 0, you know, in our books, and you know it's not worth 0 even after unbundling it. At 12.9, you know, return is decent. Taking into account that, you know, we've had, you know, Ingrain for two years, I'm looking at Chris as I say here, Chris, I said, "You have three years to make sure that not only do you wash your face on this business, but you actually generate a return above your cost of funds." I'm sure he will get there. This for me is a story, you know, ladies and gentlemen, that says, when you look at the actions that we have taken over the years, because fixing a business the size of Barloworld, you know, with the history that Barloworld has, takes a while. I'm not saying, you know, one swallow make a summer. I'm quite aware that it's gonna take us a while, you know, to ensure that we continue to retain and grow at those levels. Failing which, you know, we will continue to allocate capital, you know, in the best way we know how. If the share price continue to be trading below intrinsic value, we're gonna continue to buy shares. If it doesn't, if we don't get the volume necessary, we will give, you know, dividends back to the shareholders. By the same token, when business opportunities that fits our profile within the confines of the current metrics, we will look at acquiring those business as well to ensure that we allocate capital in a way that will be accretive. You know, I just wanna close, you know, by an interaction I once had in Cape Town in 2016, you know, as I was ascending to the role of CEO. I was still a CEO designate. I remember a gentleman called Craig Butters. You know, I used to go to Prudential, you know, with Clive and Don every year, you know. Craig consistently, without fail, they had a boardroom called the Benjamin Graham, you know, boardroom, for those of you who know who Benjamin Graham is. Craig would bring this piece of paper and put... give one to me, one to Clive, one to Don, and say, "Tell me, guys, what am I missing? What's happening to your Return on Equity?" I must say, you know, Craig, wherever you are, I did get you. We were serious when we said, "We've gotta do something in addressing our returns." It's not enough to address returns. It's important that you generate cash because it's through cash that you can fund growth. It's through cash that you can pay down debt. You know, ladies and gentlemen, we will open up for questions. We did a survey, and I know that some of you feel that we sometimes don't give you enough time, and it's best to answer some of the question in this forum. I know some of you would be meeting one-on-one with the management team, but let's open it up to questions. Nwabisa. Thank you, Dominic. Our first question comes from Sean Brain. He wants to know about Bartrac. In this financial year, did Bartrac post or how many months in the financial year did Bartrac post positive results, and what is the outlook for the JV in 2023? Emmy is taking that one. Or you, mic is on, Emmy. All right. Thank you. Thank you for the question. At interim, we reported a contribution from Bartrac of about ZAR 51 million. For the second half, we reported a contribution of ZAR 92 million, which is a ramp up. Throughout the period, Bartrac showed a steadily improvement in terms of the contribution for the reporting period. Now to the second question with regards to... Outlook for 2023. Yes, the outlook for 2023. We, as we indicated, should everything remain the same, we saying in terms of activity improvement between 10% to, say, 20%, given some of the headwinds, we know that there will be elections in the DRC. However, in terms of positioning ourselves, going out and making sure that we focus on, again, additional customers that will help us to realize that activity improvement. Thank you. MTS would like to know, Chris, how is Ingrain managing with load shedding, especially when we move to stage four and higher? Thank you. From a load shedding point of view, our Germiston and Klip River mills do not get load shed at all. They're part of the large user group in the country. Then at Matlafatše, we are also not subject to load shedding in discussions with the local municipality. At Bellville in Cape Town, we do deal with the municipality on load curtailment, so we're not subject to outright load shedding. There's a sort of a three-day schedule where we look at historic, or the last three days average usage, and that will then determine the factor going forward. Currently load shedding is not a major impact on our operations. The bigger issue that we do have are spikes, where we do have some interruptions in production. I think the team has learned to work within those schedules and to work around those. Going forward, we will be addressing this through the, through a capital program in 2023 to look at alternate energy sources for the business where possible. Thank you. Thanks, Chris. Let's stay with you. Mark Timor wants to know, how did the maize price differential, the global versus the local impact, your margin, and what maybe is the outlook given that the local crops will likely be lower. Thank you for the question, Mark. We've already secured maize for 2023. That maize was purchased last year between October and March of this year. Those volumes have been locked in, and those prices have been effectively hedged. I think from the international higher prices, it affects local prices at the export parity level. You're seeing local maize prices rise in sympathy with global prices. Currently, because there's an excess in the local market, we're trading closer to export parity. We're benefiting from that differential between export and import parity pricing largely. There are a lot of our customers, though, that do price on a cost plus basis. We are in a certain extent shielded against that volatility across about half of our domestic customer base. Thanks, Chris. moving to finance, perhaps for Dominic or Nopasika. What is the sorry? Is the ROIC of 16% sustainable? What is the medium term target that can be achieved? Yeah. I think it's a very good question. In our view is that, you know, it is sustainable. I think what's gonna be critical is looking at Ingrain. You know, because currently Ingrain, you know, achieved a ROIC of about 11.5, you know. If you then factor, you know, that. You know, that's why I gave sort of an indication that, you know, with Russia, but Mongolia is gonna pick up, you know. I think, you know, for me, you know, I'll be much happy when I can see a ROIC of about 16%, you know, by the end of the financial year. Okay. Staying with you, Dominic, Roy Campbell wants to know what the strategy is with regards to Barloworld's interest in NMI. you know, our view is that, you know, we're not long-term holders of that holding. I did say at the time, because it was not most opportune to be selling a business 100%, you know, during COVID. My view was that, you know, it will allow, you know, NMI to basically recover, you know. as it recovers, as you can see the contribution, you know, from NMI. We had agreed at least that, you know, we should review the position, you know, in about next year this, you know, this time, you know, to see where we are valuation-wise. I felt that selling that 50% was not as accretive as I would have liked to. you know, we'll then dispose. Definitely it is an exit. I'm glad at the moment they're making money. Thank you. Let me move on to. I've got quite a few Zeda questions. Tinashe actually wants to know. Congrats first on the results from him. He wants to speak about the performance of Zeda operations for the period after year-end to date and the outlook. We've also got another question from Mark Moore, where he is actually also looking for the level of net debt for the Zeda business. Yeah. I think if ever you look at what, you know, Nopasika was trying to highlight. We didn't wanna make this meeting, you know, a Zeda meeting. Not that Ramasela can't answer the question, he could. I think we are saying, you know, we'll be releasing on the 28th a pre-listing statement, you know. Followed by that pre-listing statement, there will be a proper, you know, presentation in terms of, you know, full sets of results for that business, you know. I think the reason why Miss Lila came here just to perform and just demonstrate, you know, what this business looks like. I'd like to really be, you know, be fair, you know, to Ramasela to have an opportunity to talk about her business in full, you know. You know, so that, you know, that you will see. I think it's important that, you know, one of the key, I mean, because often when you unbundle a business or you sell the business, you say, "Why do you do it?" If you look at this performance, and you'll see it, you know, when you get the full set of results, this business has done exceptionally well in all the metrics. Fundamentally, when you look at its cost of funds on a WACC basis is anything between 10%-11%. For it to be part of Barloworld, you know, we are not doing justice for its growth. If you look at this business as well, you know, Zeda is really a return on equity business. Because when they grow their fleet and they're able to leverage far higher than we could, they're able to deliver value. To an extent that they are de-fleeting, then they're able to release, you know, cash. I think, you know, if we could all hang 10, you know, we're going through the process, you know. We will definitely get, you know, a full, you know, discussion because I think we're restricted. Because if we were to meet with Ramasela today and let her talk, she could only talk about the six months that has already been presented. You know, the 28th is around the corner. You know, a whole, you know, pre-listing statement will be released and financials thereof. There will be a day, you know, for Ramasela to actually present her results, you know, prior to listing on the 13th of December. Perfect. Thanks. Mark Moore has another question. He wants to know supply chain hindrances, how are they easing for both equipment and parts? What has been underlying demand for construction equipment? Emmy? I suppose, Emmy. Thank you. Thank you for the question. We've seen a sort of a global easing in terms of the seaborne trade, but also, the constraints are still there. From a supply side, but also to ensuring that delivery to our customers is seamless. We are not where we're supposed to be in terms of both the machines, but also the parts side. It's better compared to when we reported last year. To the second question regarding the construction. We have seen an uptick particularly here in South Africa around construction demand. Maybe in preparation for the 2024 elections, but we are seeing quite an improvement in terms of the uptick. Already, if I look at last year when there were tenders going out and none actually in terms of commitments, now we are seeing guys actually committing, and we're hoping to see that coming through into 2023. Thanks, Emmy. Moving to Quinton, just for question from James Wyman. He wants you to talk around the improvement in Mongolia, Quinton, and if borders are fully open, and what are the prospects for new equipment sales in Russia in 2023? Okay. I'll start maybe off with Russia. From new equipment sales, we still got our inventory in country, prime products, as well as a small pipeline that's coming predominantly from China, the SEM product. Business is still continuing, and we are still offloading, you know, the last bits of our machine inventory. From that perspective, we're not allowed to order any further Caterpillar machines, so there will be limited ability to sell Caterpillar product. From a Mongolian perspective, yes, the borders are fully open and there's been a lot of progress in Mongolia over the last few years. I mean, the underground project as an example, with, where Oyu Tolgoi was supposed to be operational or started already two, three y ears ago. There was that big dispute in terms of the cost overruns. All those issues has been resolved now between Rio and the Mongolian government, so that project will start to pick up pace. They're also making progress with the railroad, where once that's completed, it will increase the ability fourfold from a coal perspective in terms of exporting. All that will bring opportunity. Borders are opening, is currently opening, and we've seen the impact already in the last two, three months. We are hoping that China will continue, you know, with a more, let's call it, moderate approach towards COVID lockdowns in 2023. Okay. Thank you. Dominic, I don't wanna ignore the people on LinkedIn. Mm-hmm. Thapelo just wants to know how these results will actually affect Khula Sizwe shares. These results basically are not linked to Khula Sizwe shares. You know, Khula Sizwe is a separate entity run by, you know, the, you know, a private trust, you know. I guess, you know, some of those questions could be redirected to the trustees and the management of Khula Sizwe. Thank you. I see no further questions on the webcast. Okay. I presume we're able to cover all the questions that are necessary. We were trying to extend time to ensure we can accommodate everybody. Ladies and gentlemen, thank you for your indulgence and for those that are going to have one-on-ones, wish you all the best. Thank you. Let's have a great day.