Good morning, ladies and gentlemen, and thank you for joining us for Barloworld's annual results for the year ended 30th September 2023. I'm delighted to have you join us and the management team, and mine is to just take you through the agenda. We will start off today with the group highlights from our Group CEO, Mr. Do minic Sewela, and as usual, he'll be followed by Ms. Nopasika Lila, our Group FD, to take us through the financial overview. We'll then be joined by our businesses, Industrial Equipment and Services, starting first with Equipment Southern Africa, brought to you by Andronicca Masemola, the CEO, followed by Equipment Eurasia with Mr. Emmy Leeka. And after that, we'll go through to Consumer Industries, where Chris Wierenga will take us through the performance for Ingrain. Then we'll go through a strategy update as usual and an outlook and take your questions thereafter. Gives me great pleasure to welcome Mr. Dominic Sewela. Thank you. Thank you, Nopasika. Good morning, ladies and gentlemen. I'm really pleased to present this set of results, you know, for 2023 financial year end. As per usual, it's important that we start with the ESG, and as you know, as a purpose-led organization, we appreciate that sustained economic performance is only achieved through responsibly addressing social, environmental, and governance issues. Our transparent reporting and accountability that have been recognized through ESG assessment and ratings, including achievement of one rating, highest rating across environmental, social, and governance for the ISS, you know, QualityS core. I think, you know, if I... You look at this, you know, illustration, you know, in terms of the bonds that we've issued, last year, one on sustainability-linked bond of ZAR 2.1 billion, and the gender-linked bond of ZAR 1.4 billion. You know, these bonds, you know, leverage several of our material ESG priorities with accompanying targets, and I'm pleased that in this financial year, we exceeded all the targets we had set for ourselves and thus continuing to build a better world for all our stakeholders. I must say, notwithstanding the challenging geographical, you know, geographical environment in terms of, you know, macroeconomic issues, largely, you know, punctuated by geopolitical tension, very unstable commodity prices, the results that we've delivered this year are pretty good, you know, in my standard. Overall trading conditions across all operations, you know, have been, you know, great, you know, notwithstanding the external environment. Revenue is up 14% to ZAR 45 billion. The EBITDA is up 15% to, from ZAR 4.8 billion to ZAR 5.5 billion. Operating profit margin has grown to about 19% to ZAR 4.3 billion. This performance is supported by our effort to optimize the balance sheet to ensure continuous value creation for our stakeholders. We have reduced our net debt to ZAR 668 million from the previous levels of about ZAR 4.6 billion. This is attributable to the cash flow from operations, you know, of ZAR 2.7 billion inflow and attributable to unbundling of Avis Rent a Car last year. I'm pleased to say the Board of Barloworld has approved a final dividend of ZAR 3.00 per share, representing a total dividend for the year of ZAR 5.00, you know, per share in respect of 2023 financial year. This represent about 8.7% growth relative to prior. I will hand over to Ms. Lila to sort of give us more color in terms of the results. Thank you, Dominic. Ladies and gentlemen, welcome to the Barloworld results announcement for the financial year ended 30 September 2023. Another set of stellar performance delivered by the Barloworld Group. And to highlight some, we look at revenue, which has improved and is up 14%, EBITDA up 15%, and also an improvement in our group net debt, which has reduced by 86% to just under ZAR 700 million. Looking at the overview of our business, some strategic events that have taken place during the year and that one needs to note as we review the financials is the discontinued operations. You may recall that on the 13th of December 2022, we unbundled Avis Rent a Car as well as Avis Fleet. So therefore, it means in our results, we have two months and 13 days included. Logistics was successfully disposed of on the 31st of March 2023. On the revenue side, revenue from continued operations is up 14% at ZAR 45 billion, and compared to last year, it was at ZAR 39 billion. Operating profit, this is now from core trading activities, up 19% at ZAR 4.3 billion. The profit for the year is at ZAR 2.3 billion, representing an 11% improvement compared to the previous financial year. I will unpack the finance costs as well as tax in my later slides. Now, moving on to the revenue by segment, we see very strong performance coming through from the Equipment Southern Africa business, up 35%, in line with the organic growth strategy. Mongolia recovered well at up 59%, and the recovery from the previous year is as a result of the Chinese borders that opened for trade during the year. As expected, VT is behind compared to the previous year, however, better than budget. Also with Ingrain up 11%, and it benefited from the favorable prices and the exchange rate. Operating margin for the year improved from 9.3% to 9.6%. Equipment Southern Africa remained resilient, largely influenced by the sales mix, with the higher contribution in new machines relative to after-market revenue. Mongolia operations, phenomenal performance, as a result of the recovery, and therefore the operating margin looking exceptionally well there at 179%. Ingrain's contribution margin was impacted by the high operating efficiency losses and low agricultural, low agri product realization. Now, analyzing the finance costs, the improvement in the current year, it's actually the movement in the current year, is attributable to the increase in the cost of funding. Also, the average increase in invested capital, apologies there, as well as a foreign currency impact. On the tax side, what impacted us there was a volatility in the currency, and this was primarily in Russia, Mongolia, as well as Malawi, as well as a release of the deferred tax asset. You will also observe that there's an impairment that has gone through, and that is solely as a result of our SMD business. On the associates and joint ventures, a remarkable recovery came through from Bartrac, up 56% compared to the previous year, and they continue to perform well on the back of the turnaround strategy that was implemented in 2021. I'll pause on this particular point and allow Andronicca to talk about this at a later stage. NMI remained resilient, considering the fact that their revenue increased by 11%, and they were negatively impacted by the interest rates, as well as a reduction in the margins from used vehicles, because we saw that the new vehicle market recovered quite well during the year. Now, this resulted in the profit after tax, reducing by 47% compared to prior year for the business. BHBW recovered well as well, and they benefited from the improvement in the agricultural market during 2023. Now, moving on to our headline earnings per share. Headline earnings per share from continued operation is up 5% compared to the previous year. Now, the key contributor is, again, Mongolia, that performed exceptionally well and contributed to the improvement and increase in that headline earnings. As you can see, their contribution alone was ZAR 2.39. Now, on the balance sheet, our balance sheet remains strong, and it reflects an improvement in the working capital as well as the net debt. Now, as such, the business is well positioned for future growth prospects. On the free cash flow, now, together with our growth, we generated ZAR 2.7 billion free cash flow for the year. The unbundling of Avis, as I've mentioned, two point released 2.1% from the debt that we had reported at the, at this time in the previous financial year. Zeda loan was fully repaid during the financial year. Now, on the group net debt, as I've mentioned, the ZAR 4.6 billion included debt from, businesses that were disposed during the year. On the net debt, it reduced primarily because of the strong cash management, and this then resulted in us ending our gross net debt at ZAR 668 million. Great improvement, compared to the previous financial year. An interesting point to note on our gross debt is that we have ZAR 2 billion in that number, which is linked specifically to the bonded properties in Khula Sizwe. If we had to adjust for the ZAR 2 billion, we would have ended in a net cash position of ZAR 1.4 billion. Our continued focus on reducing the gross debt is evident in our numbers, and we will continue to do so, as debt matures and repay the debt until it reaches the levels that we do forecast as a business. Moving on to the group covenants. The group remains well above its covenants, and this is indicative of the financial health and strong performance of the organization. ROIC, which is our return on equity, improved from 17.7-18.6 in the current period, and ROE and ROIC, apologies there, improved from 16.9-17.7. Now, both of these, metrics exceed our weighted cost of capital, which is currently at 14%. As Dominic has alluded earlier, another set of good news, the board has declared a dividend of ZAR 3.00 for the final period, and this ZAR 3.00, added to what we did declare at interim, is then what adds up to the ZAR 5.00 that we'd have declared for the year. Compared to the previous year, we had declared ZAR 4.60, so that's another 8.7% increase compared to the prior year. Now, this dividend that we do declare is achieving the covenants in terms of our dividend policy, which is at 2.5 times. With that, I'd like to thank you and hand over to Andronicca Masemola. Thank you, Nopasika. Good morning, ladies and gentlemen. It gives me great pleasure to deliver Barloworld Equipment Southern Africa results for the financial year ending September 2023. The division delivered solid results while navigating tough macroeconomic conditions. Revenue was up 35% at ZAR 29.5 billion, mainly driven by strong machine sales growth, up 57%, and parts sales up 24% compared to prior year. Operating profit after fair value adjustments was up 19% at ZAR 2.5 billion, and EBITDA was up 16% at ZAR 3.2 billion. Bartrac JV exceeded our expectations and delivered positive share of profit, and I'll unpack this at a later stage. Cash generated was ZAR 1.2 billion, a good result considering that high levels of inventory were maintained to support the growth and manage the long lead times. Return on invested capital is at a record high of 25.5%. New equipment sales were strong across all customer segments, increasing by 69% on prior year to ZAR 13.7 billion. Driven mainly by mining, machine replacement cycle, civil works related to power and water projects, and power solutions to close the demand and supply gap, particularly in South Africa. Both mining and construction, machine sales were up 107%, contract mining equipment was up 17%, and energy and transportation up 117%. Total mining sales contribution reduced from prior year of 70% contribution to 63% this year, while construction increased from 25% to 31%, and energy and transportation contribution was up 1%, ending at a total 6% contribution. Our exposure to diverse commodity mix serve as a defense to cyclicality, as evident in the change in commodity mix year-on-year. Due to the strong machine sales contribution, operating margin before fair value adjustments was 9%, softer on last year, while operating profit after fair value adjustments was at 8.5%. We expect these margins to improve going forward as the mix changes to a more favorable after-sales. If you look at this chart, in 2014, the year where machine contribution was at the highest, you can see post that year, after sales revenue increasing and staying at those levels, even in the years when machine sales contribution was lower. This talks to our model of seeding machines and harvesting aftersales. Bartrac continued to deliver steady growth post the turnaround plan, which was launched in 2020, delivering a share of profit of $223 million, up 37% in US dollars compared to prior year. The increase was primarily driven by aftersales mix, and we expect this aftersales to continue into 2024 as the JV continues to deliver the rebuild program for the two large mining customers. Moving on to the outlook. Mining equipment industry is expected to slow down in 2024 on the back of slow commodity demand and weak commodity prices. We are optimistic, however, on construction, and we expect this segment to grow. Although this growth is not reflected in our order book, since we generally carry stock for construction segment. Energy and transportation is a key growth focus area for us, and after-sales opportunities have increased on the back of machine population that we've installed over the years. We will continue to leverage on technology to improve customer experience and drive services growth. The order book at ZAR 3.5 billion is lower than prior year. However, this balance is still above the averages that we saw before the beginning of the replacement cycle in 2021. We are delivering on our focus areas. We have grown machine population, we are growing services. Customer net loyalty score is telling us that customer experience is improving. We will continue to drive these focus areas while we enhance technical skills, focus on digitizing our processes, and drive execution through the BBS culture of continuous improvement. Thank you. I will hand over to Emmy Leeka, the CEO of Eurasia. Thank you, Andronicca. Good morning, and thank you for joining us this morning. Equipment Eurasia had a strong 2023, supported by stellar results from Mongolia, but also a better-than-expected performance from Vostochnaya Technica. The division delivered ZAR 8.2 billion in revenue, which was 23% below prior year. Favorable trading margins were generated, driven by good margin realization, cost containment, as well as high aftermarket mix. The division generated ZAR 1.4 billion in operating profit, 21% improvement on prior year. Positive cash generation of ZAR 2.2 billion. When you look at the free cash to EBITDA conversion, it came out at 141%. Returns remained well above 20%, with ROIC at 33.1%. Aftermarket contribution remained healthy and improved to 62%, mainly due to VT's reduced prime product sales. The aftermarket, if you look at, VT, only improved to 67%, with Mongolia at 56%. We anticipate fluctuations with the mix by the timing of all the greenfields projects opportunities in Mongolia. Now, taking a look at the new equipment revenue on the left-hand side of the chart, new equipment sales to mining sector were sustained above 60%, with increase in infrastructure from 19%-23%. Total revenue contribution by commodities and different asset classes. Although gold continued to be the main contributor to the revenue at 32%, coal remained an important contributor in Eurasia region, increasing from 26%-29%, followed by copper nickel from 9%-12%. Construction remained at 12%. Ladies and gentlemen, we remain resolute, resilient, and relentlessly executing on our strategy. With a higher customer concentration in Mongolia, we are looking at ways how we can diversify our customer base, but given the footprint that we have within Siberia, looking at other opportunities while top of mind, we ensure compliance is there. Cost containment will be key for us to realize operating profit margins above 13%. Paramount for us, for profitable growth, we have to capture all the opportunities in Mongolia and deliver on services growth plans in both territories. At the center of it all, it's about the business continuous improvement methodology, as alluded by Andronicca, BBS, where we want to improve our cost to serve, reduce our turnaround time, enhance our customer and employee experience, but also while sustaining our returns. Now, coming to the outlook. As a countermeasure of what is happening in Siberia, we will capitalize on the growth in Mongolia. Ladies and gentlemen, we have unmatched footprint in both regions. We will use this to enhance our product support and continue to focus on operational excellence and e-commerce. We ended the year with a very, very strong firm order book, sitting at $113 million, post balance sheet of $14 million. In total, $127 million, of which Mongolia contributed 97%. When we look back in 2020, when we acquired this business, coincidentally, the order book was $113 million. Contribution from Mongolia, 0. In 2021, the contribution was 12%, followed by 2022, where we had challenges with the borders and other challenges as well. The contribution from Mongolia was sitting at 39%. We remain committed to our growth agenda and superior returns. With that, I thank you, and I would like to hand over to Chris. Thank you, Emmy. Good morning, ladies and gentlemen. It gives me pleasure to talk to you about the results for Ingrain for the last 12 months. We've had a challenging period operationally, but still see good demand for our products in both the domestic and export markets as well. Looking at the financial performance, revenue is very pleasingly up by 11% compared to the prior period. Although the operating challenges that we've seen are reflected in the decline in EBITDA and operating profit, and consequently, the margin, where efficiency losses pulled those margins down in the second half. Our cash generation remains very healthy in this business, despite the higher working capital required as a result of increasing prices, increased interest rates in the local economy, and our continued investment in PPE to support the current and future growth and performance of our plants. If we have a look at the revenue for the business, it's been pretty stable over the two years. We've seen domestic sales hold up well, despite the production challenges that we've spoken about. Our agri revenues have been impacted by lower edible oil prices and then also lower volumes as a result of the challenges we experienced at the Germiston mill. Our export revenue was in line with the prior period. Just focusing on the domestic sales sector, you can see a slight decline in domestic sales. Alcoholic beverages was up, the confectionery sector was up, and we're very pleased with the progress that we're making in those two segments. The coffee creamer sector continues to show some marginal declines that we've seen since 2021, I think as we're seeing consumer pressure in that particular segment, coming through in discretionary spend. And then, the paper and packaging sector was down slightly as a result of lower volumes of fruit exports out of the Western Cape in the second half. On the agri product side, you can see the effects of lower agri product realizations from the production side, and the mixes are certainly not optimal, given some of the issues we've experienced in the period. Turning our attention to the operational performance of the plants, there's some good news to unpack here for us, despite some of the challenges we've discussed. For the six months to the end of September, we've recorded zero LTIs, so our focus on safety and wellbeing certainly coming through in our operations. The Klip River mill, which was built in 1998, has seen its highest grind in the last 12 months, in excess of 300,000 tons, and that's certainly been a record achievement from the team at Klip River. Bellville, in the Western Cape, has also seen a record grind, and that bodes well for that mill's future performance and serving regional customers, as well as possible exports into the future. So we're very pleased with the performance that we've seen there, and Meyerton has also seen some good grind performance in the wet mill environment. The challenges of Germiston, I'd like to highlight them. In the first half, we saw a 20,000-ton reduction in that particular mill, and then you can see the performance recovery come through in the second half, albeit not at the levels that we would have seen in the prior year. Those are areas of focus that we continue to work on in this business. So talking about those, we are continuing to work on our overall safety and wellbeing program. The improvements in efficiency through both BBS and then also the deployment of digital tools and digitization to assist in driving efficiencies is critical to the ongoing sustainment of this business. We remain committed to a comprehensive capital investment program, in line with our prior guidance of spending our depreciation and amortization on new CapEx into the business. And we've also continued to invest in planned maintenance and maintenance programs in the business during the year, and that has seen further investments made in that particular area. As we're very focused on cash in the business, we continue to watch that very, very carefully, and also managing our commodity price exposure through a comprehensive hedging program. Just turning to sustainable development, the business uses a lot of coal and a lot of water in our operations, and in the short to medium term, we'll continue to look at ways to optimize water usage, and also through closing the loop on some of our process water efficiency, and then also initiatives aimed at reducing the coal, the coal burn in our boilers and improving the operating efficiency of those boilers will certainly start yielding additional benefits for the business. So looking at the outlook for the business, I think, you know, the macros in South Africa are fairly well understood. We are seeing inflationary pressures in the consumer, and also high interest rates will continue to impact our end user markets for our various manufacturers. However, we see the short-term favorable commodity prices should bode well for the first six months of this financial year. I think what we will also take note of is that utility cost increases remain well above inflation in this business. But at the moment, we're able to pass those on to our customers, and we'll continue to look at ways of optimizing those cost increases so that we do not place too much input inflation into the overall supply chain. Also worth noting that we've secured sufficient maize to meet our FY 2024 requirements going into a slightly drier segment in 2024. I think just on that as well, our customers are still experiencing, you know, some load curtailment and then also intermittent water shortages as a result of some of the challenging infrastructure downstream. Addressing the business's operational excellence in the coming 12-24 months, we should see the benefits continue to be realized out of BBS, as well as some of the digital transformation initiatives underway. Also acutely in focus will be reducing the efficiency losses in the business, so we can get on top of the issues that we're facing. We think we've got those in hand, and we'll continue to monitor those closely into the year ahead. Looking at growth, we're very pleased that during the second half of this year, we've developed a comprehensive import program to look at certain lines that we manufacture, where we've got excess demand, and the ability to leverage our supply chain network to be able to grow volumes and serve our customers better. At the SEMe time, our investments into the new laboratories in the business will see us being able to take on additional ingredients and selling those to our customers well, to find some additional growth for this particular business. As usual, we expect to see continued benefits coming through from our capital investment program as we continue to invest for the long-term future, of this particular business. So with that, I'd like to call on Dominic to come and close us out on strategy and the outlook for the group. Thank you. Thanks, Chris. I think since 2017, you know, we've really embarked on a significant journey, you know, in terms of our strategy, our fix, optimize, and grow strategy, underpinned, you know, through our portfolio guardrails, capital allocation framework. You know, we've implemented a deliberate and determined, you know, strategy to try and trim the business, you know, to make sure that we are able to build, you know, a business on a solid foundation in terms of, what we wanted to see in terms of the assets that we have. You know, we have delivered in terms of the strong balance sheet, and this has been achieved through prudent management that has enabled us to take advantage, you know, of opportunities as presented either by things like a disconnect in terms of intrinsic value and market value, where we are able to embark on buybacks. You know, similarly, where it made sense to find assets that we could acquire, we're able to, you know, pursue that. And I think, you know, in terms of cash generation, you know, as I'll show you some of the slides, you know, we've been very disciplined in ensuring that the focus on cash is something that, you know, we understand that it delivers value, you know, for investors, you know. But more importantly, it was very important that we simplify the portfolio and create that focus into to these two verticals that we've identified being, you know, industrial equipment and services as well as consumer industries. That deliberate strategy, I think, is well illustrated in this graph that you see, if you look from about, you know, 2016 or 2017, where by getting rid of those businesses that were detracting from value creation, such as Iberia, you know, that we disposed in 2019, in 2018 rather, and similarly, we followed by, you know, selling motor retail, albeit 50%, but, you know, you know, we're able to deconsolidate that. Subsequently, we're able to also unbundle Avis and and sell logistics in 2023. But at the SEMe time, we're then able to acquire, you know, two good business in Mongolia, as Emmy has already, you know, covered it, as well as Chris with, with, consumers. And that you can actually see in terms of the EBIT uplift, you know, in this business. This was very significant because I think 2020, we all know it has been a very difficult year, but, you know, you, you can see that we're able to take the EBIT from around 6% to about 10%, you know, you know, EBIT margin, you know, for this business. And, similarly, on the, the free cash flow-... You know, you can actually see that, you know, you know, we've been averaging around, you know, 50 or 49%, you know, prior, you know, to 2020, but, you know, you've gotten, you've seen a very big uplift, you know, in cash flow, if you, adjust for, let's say, acquisition of Mongolia. You know, had we not acquired Mongolia, the cash conversion would be about, about 74%. And, in 2021, where we acquired Ingrain, if you adjust for that, you know, that cash flow would have been about, you know, conversion would be about 108%. But what's pleasing, though, is that on continuing operations, you know, you've seen that trend upward to about up to 58.2%. And is that the back of having invested a lot of money in working capital for organic growth in Equipment Southern Africa in particular? You know, we see a good, you know, delivery in terms of free cash conversion. As we allocated capital in terms of buybacks, you know, that we're very, very accretive, you know, in terms of, you know, earnings as well as returns, you can actually see, you know, continuing operations HEPS. There's a steadily growth year on year in terms of HEPS. But when you look at then the return of capital back to shareholders, you know, be it in the form of special divs and dividends, you know, buybacks, and even the dividends in specie, we've seen us deliver a TSR of about 125% from about 2020. If you wanna look at it slightly differently, you know, in 2017, end of September, the market cap of this business was about ZAR 26.2 billion. When you look at the ZAR 15.5 billion that we've returned back to the shareholders, it represents about 59% of that market cap. So from a value point of view, you know, these figures basically demonstrate something that's not disputable. I think when you look at returns, you know, as I spoke about, you know, when you allocate capital accordingly, you know, yes, over the last six years or so, we've seen a CAGR in terms of ROE, about 12% and nine percent CAGR in terms of ROIC over the period. But as I said, the significant shift you see it, you know, as we begin, you know, aggressively disposing of those, you know, you know, assets that we're detracting to value, the KGA, in terms of ROE, is about 23%, and in ROIC is about 25%. As I said, results speaks volume about Barloworld's commitment to, to staying true to its long-term vision. We are a business focused on creating sustainable future and continue to prioritize creating and delivering value to all our stakeholders. Despite several headwinds, as a group, we recognize the importance of having a firm grip on what we can control, because there's a lot of things that happens around, you know, our externalities that we can't control, but those things that we, we're focusing on are very important. As we look ahead, we anticipate the external factors, you know, to prevail, you know, for a foreseeable future in terms of, you know, cyclicality on commodity prices, you know, geopolitical challenges, you know, in various geographies, that could actually impact, you know, basically global growth. But notwithstanding, you know, what we can control is things like after-sales in business. As we've now increased the population of machines, you know, through delivering over the last two years in Equipment Southern Africa, we'll be able to harvest those, you know, and that will actually improve our profit margins and make sure that our results remain resilient. I think Emmy spoke to Equipment Eurasia, but I think it's important, whilst we gave a guidance around our Russian operation to be a break even, it's amazing and... That the team there has put their head down to really start looking and saying, how do they ensure loyalty of those customers that continue to support our business, you know, particularly on the aftermarket side, you know, because there's no product, you know, to sell in that market, but to continue the loyalty of those customers. So my view is that, you know, we'll continue to see the team deliver, you know, a better-than-expected results. But on Mongolia side, the whole diversification from a concentration of customer risk is something that will drive, as indicated by the order book in that business. I think Chris spoke about the challenges in the business, and I'm pleased to see that, you know, as you deepen the BBS in that environment, Chris, as displayed in terms of the grinding various mills and also the challenges we've had in Germiston, we're gonna be able to see that business, you know, turn. But also focusing on saying the export market, what opportunities it presents and other, you know, opportunities. I'll pause here just to take questions, you know, obviously, if there are any online. Thank you. Thank you very much. We'll start with one from AJ Snyman. He wants some clarification, how much of the one-off benefit of obsolete parts disposal added to Mongolia's US dollar operating profit? He says it will be useful to form a view of what a sustainable margin is for this business going forward. Now, I know the Eurasia team has told me that their sustainable margin is above 13%, so I don't know if you want to add anything. Yeah. I guess, you know, when you look at, you know, a sustainable margin is in around that area. So I think, you know, as you see the order book increase, you know, that margin will sort of trace back to about, you know, 13%-15%. Thank you. Akwelile at Ashburton wants to know: Given the increase in new equipment sales in the mining sector for replacement cycles, what are the sustainable levels that we may expect going forward? And furthermore, what is driving the increase in construction sales, and may we expect this to be sustainable going forward? I think, you know, Andronicca, you can, you wanna elaborate further? I think you did touch on the energy, you know, in civils, but maybe you wanna just, you know, expand further. Thanks for the question. Is the mic on? Okay. Thanks for that question. Our assumption is that in the next year the mining equipment industry will drop between 10%-15%. Having said that, you know, we are encouraged by the activity that we're seeing in the construction space. Confidence level in that segment has gone up. We are also seeing an increase in our customer order book. The projects that are key that we're looking at really is around road rehabilitation in South Africa, the N2, N3 corridor. In Angola, the Lobito Rail project is creating opportunities, and we're also anticipating that the Palma gas project will resume somewhere next year, and that will drive the demand for construction equipment. Thanks, Andronicca. Thank you very much. We'll now... Is the mic on? Okay. We'll now move to Nhlakanipho at 36 One: Well done on a good result. In terms of equipment, Southern Africa business, do you expect growth in construction and E&T and aftermarket to offset the slowdown in mining equipment? Yeah, I think, you know, we've covered- Yeah that element. Certainly, I think the E&T is an area where, you know, Andronicca, you're looking at. You know, you wanna expand on that, on the E&T specifically? Yeah. On E&T, you know, we haven't been playing that much in the retail segment, and we are looking at exploring that area. We've been mainly serving B2B customers, customers that are really dependent on power supply to do business, and we are seeing great opportunities in the telecom space, in the data centers as well, and some of our mining customers. Thanks. Thanks. I'll cover two for Ingrain. "In terms of the Ingrain business, what are the timelines in terms of CapEx investments and how this may translate to an improved operating margin in the business? Is there a targeted operating margin for Ingrain?" And that's from Akhwelile. Mark Gillham wants to know: "Could you provide more details to the issues at the Germiston plant, and what investment will be committed to address efficiencies? Okay, Chris. Yeah, thank you. Yeah, I think through the cycle, we've signaled, you know, that we'd like to see margins at the operating level of between 11%-13% in the business, and we're aiming to get there over the next 24 months. In terms of the Germiston issue specifically, we're addressing those through our normal capital program, and in the second six months, we've already deployed around ZAR 40 million on a new germ dryer and a separator in the wet mill. And, you know, now our attention is on the plant maintenance improvements in this plant, and then also just looking for balancing the overall plant and getting the process improvements that we need to get us back to our standard costing in the business. Thank you, Chris. Thank you. I'll cover some finance questions now from Anthony Geard at Investec. He'd like us to please unpack the interest charge in more detail, how much relates to floor plan in the second half and the full year. And then, can I just go to Paul Sobela as well, who wants to know: "Given the strong balance sheet, how do you look at at an optimal balance sheet and returning cash to shareholders? Do you envisage any further share buybacks or special dividends?" I'll- Yeah, I guess I'll answer the last one, and then, you know, while, you know, you're thinking about the first one, you know, it. I think in terms of our capital allocation framework, it's very clear that what we look at, first and foremost, is to say if there is a disconnect, you know, in intrinsic, to market value, we like to pursue that. But there's sometimes a constraint, you know, in terms of liquidity, of shares available for us to purchase, as we've seen, over this last year. But more importantly, to the issue of increasing, you know, finance costs, it will actually serve us better to start also addressing the debt level. Particularly if you look at our gross debt, if you adjust for Khula Sizwe, it's still relatively elevated relative, to where the market cap is, and it's something that, I'd rather saying, what's an arbitrage between repaying debt vis-à-vis retaining special divs? I think from a dividend point of view, the cover is very clear in terms of saying: How do we really operate within the 2.5x, 3x cover? L astly, I mean, if there are opportunities with respect to these core verticals that we're talking about, and we think they are creative in terms of returns and, you know, and EBITDA uplift, it's certainly something that we'll pursue. And in the absence of that, then we would probably pay special dividends. Lisa, you wanna take the- Yes. Yeah. Thank you. Anthony, the total for our floor plan is ZAR 243 million. So when you look at the actual, specifically, the increase that you're looking for is ZAR 123 million. Thank you very much. I'd like to now move to... There's a lot of similar questions. Sorry, so I'm just wanting to move to another one from Anthony, just on Eurasia. Please advise the rate at which you are able to extract dividends from Russia. Are there any obstacles to future dividend repatriation? Our fo cus on Russia, because I think we did extract some dividends, prior to the war breakout. And what we're trying to focus on is to make sure that that business is self-sustaining. We've utilized the cash, in the business to buy inventory in terms of the parts. Similarly, we've also looked at, buying whole goods as in SEM. W e were able to acquire some of those assets. I think the focus in that area. I think to an extent that, you know, we are able to want to get money out, we could, you know? I think for me, one thing I wouldn't want is to actually end up taking money in and also putting money back into that business. I think the business must be self-funding. Thank you. Just going to Kwame Antwi at Longmark. He wants to know, regarding Equipment Southern Africa, could you please provide more information on the regions and market sectors where you are seeing strong sales growth in the construction sector? And, let me stop there for now and just move on to another Equipment Southern Africa question. Can you still grow profits, in Equipment Southern Africa in 2024, with a more favorable aftermarket contribution? Yeah, I mean, I can take those. Those, those questions are quite straightforward. I think the first one we've spoken about, clearly, around the civils on E&T. I think Andronicca spoke to, the rail network out in Angola, where we're seeing, that. And, Kwame, as you know, the business, you know, basically, you know, the margin mix changes because I think as your whole goods sales come off, and then you start seeing an increase in terms of those machines that we've put in, into the market in terms of population, you know, the profit uplift you'll be seeing in the, in the business. And that's what brings the resilience, you know, particularly because we are diverse in the geographies that we operate in, in Southern Africa. Thank you. Then on Ingrain, Nick Webster from HSBC wants to know, "In Ingrain, it seems it's a fairly weak outlook for growth in 2024. Is that correct? And do you expect to see a recovery in margins following the 280 basis points decline in 2023, or will high input costs continue to be a constraint for you? Hey, Chris, you want to take that? Yeah. I think when I look at the outlook, we certainly are seeing some headwinds coming through. But I think, you know, when I look at the demand from our customer segments, we're still seeing relatively strong demand coming through. I think our challenges have been more about being able to supply all customers equally across the business. So, hence our ability, you know, our focus on improving the plant efficiencies, and then also looking at imports to meet some of that demand. When we look at that, we do see growth, and we also see imports coming in at fairly favorable margins for ourselves based on the costings that we've done. So we, we're quite. We're actually looking forward to 2024 in terms of the opportunities that it presents. And then also, you know, if we look at where maize prices are expected to go towards the back end of 2024, we think that those do bode well for our overall margins in the business as well. Thank you very much, Chris. Itumeleng at EPPF wants to be given some color on working capital, but specifically on trade and other payables, and which moved higher by 42% to ZAR 15.5 billion from ZAR 11 billion. Do you expect these to unwind in 2024? And these obviously assisted in your working capital this year, positively, in practice. If you look at the order book that, you know, let's say around, you know, maybe March, you know, in the equipment business, it was almost about ZAR 5.5 billion. You know, and as you delivered, you know, remember, we stock up in the first half. In the second half, we begin to unwind that. And currently, the order books is at ZAR 3.7 billion. You know, so there is still equipment, you know, to be delivered. But I think Andronicca spoke about supply chain challenges, you know, because we ended up prepaying Caterpillar, particularly in the first half, and Caterpillar obviously gave us, you know, extended term. They could either have paid us interest, you know, for the, for the prepayment, you know, they opted to give us. So there will be unwind in terms of those, you know, particularly as you focus on delivering that ZAR 3.7 billion book. Great, because I think you've also answered some of Vilas Maharaj's question, which is about what are the strategies employed to improve working capital, and the sustainability of SEMe. Yeah. That's from Standard Bank. Then I just wanna touch on perhaps Mongolia. Can you please specify how much of the one-off benefit of obsolete parts disposal added to the Mongolia US dollar operating profit? Emmy, you want to comment on that? Thank you. Thank you for the question. If you rebase, Mongolia, in U.S. dollars, that 33, operating profit margin, $33 million, and you rebase it, then taking out the one-offs, it takes you back to a level that is sustainable going forward, which is basically with a margin of about 13%. So if you look at it from that perspective, there's, there was a good margins that we've realized from the obsolete stock that gave us some level of uplift. Thank you very much. I think a large part of the other questions really speak to capital deployment. A comment saying the group is nearly in a net cash position, want more funds being returned to shareholders. Very strong balance sheet at the moment from another. Please give us thoughts on how Barloworld is thinking about deploying this, if at all. So I think a lot of similar type of- I think I've covered those, yeah. ... comments, which you've covered. I think that brings me to a close on some of the questions online. Okay. Thank you very much. I'll hand over to you for closing. Yeah. Thank you, ladies and gentlemen, for you know, attending the session. We're likely to see most of you later on today as we do the one-on-ones with the analysts, and seeing shows over the next two days, you know, for one-on-ones. As I said, you know, in terms of the outlook, we are going to be focused on what we control, we can control. The rest of the other stuff will be what it will be. Thank you very much. Cheers. Cheers!