Ladies and gentlemen, for those who joined us in person, thank you for being here. I see there's a few colleagues that said they will join us, but I think the weather has made them stay at home this morning. For those who join us online as well, welcome to you all for our presentation of our half-year results. I must say, if you look at these photos from Cobus and I, it's, I think, time is flying, Cobus, and maybe we need to put in more gray on these photos. Ladies and gentlemen, for those who need just some practical information, just before you leave, just validate your parking ticket with Joyce who's sitting at the back, so that you don't have to pay. Let's start the presentation of the half-year results for Curro ending June 2022. Just a brief summary of how the layout of this presentation. I'll take you through highlights of this financial year up till now. Talk about our first main goal within Curro was to put down our campuses. Briefly talk about that. Our strategic focus, which will include the next short-term strategy for us as a group. Cobus will then take over the financial overview of the results and go into more detail of our achievements. After that, I'll do concluding. We will then ask the floor for any questions. You're more than welcome as well during this meeting to post your questions for the online audience on the platform. We will then deal with that at the end of the session. The highlights of our first 6 months, if you look at it in financial terms, let's say our average learner numbers are up 7%. Average means we take the invoice amount month-on-month and we then average it out. We grew from 66,000 to over 70,500. The actual learner numbers at the end of August is over 71,000 learners. I'm proud to say that in tough times and economic uncertainty, we've been able to grow our learner numbers. You can remember the year about 9%. Our revenue grew from ZAR 1.8 billion, more or less, to about over ZAR 2 billion. Our EBITDA is up from ZAR 390 million to ZAR 467 million. For us, the cash generation close to ZAR 600 million, up 14%, which is in line with our revenue increase. Our recurring EPS up ZAR 0.194 to ZAR 0.255, and our EPS ZAR 0.194 to ZAR 0.275, 42% up. Cobus will explain in more detail a bit later, and go into more detail in each one of these lines. If you look at the brief history of Curro, and this slide is not new for you all, is that when we listed in 2011, we were only about 12 campuses, 24 schools at 4,200 learners. In 2014, we hit our first ZAR 1 billion rand turnover. It took Curro from 1998 to 2014 to made our first ZAR 1 billion in turnover, ZAR 192 million EBITDA. Gradually, we went from that ZAR 1 billion to about ZAR 3 billion in 2019. If everything goes well, we obviously will try and hit the ZAR 4 billion in 2022. If you just take this year's half-year results of ZAR 2 billion. A really good increase, rapid increase and we're still a young business. In this slide, important to see our margin is starting to recover. For a few years, it's been flat since 2020. We all went through uncertain times when we went through into the pandemic. We stayed flat at 22% for 2020 to 2021. We're starting to see an increase this year, 20%-23%. For us, the cash generation that we made for the first 6 months, close to ZAR 600 million, is actually more than the whole cash we made in 2020 for the full year. I think showing the strength of Curro's annuity income, keeping our learner base, making sure they retain and stay with us, and then we generate our cash flow. Increase in our profitability will also contribute towards that. I think the big benefit for us is that that cash generation is just increasing year-on-year, as we're filling up our capacity. For us, obviously, the pandemic had a massive effect for all, but super proud of our results that we achieved and the growth that we've seen over the last few years. Our first aim for us as Curro was to put down our campuses as quickly as possible. We saw the opportunity when we did the business plan in 2007 to expand Curro. At one point, we thought the market will be 10 campuses, later on, 20 campuses. When we did our first listing on the AltX, we then said 40 campuses, and later went to the market and said 80 campuses, where we are today. We said we want to achieve that by 2020, which we did, and put down our campuses quite rapidly. In the beginning years, when Curro started up till now, we predominantly had Curro traditional schools. I'm giving you this slide again for all of you actually still know the model, but it's just to recap quickly and to give you a brief summary of various models and how we evolved over the years. We started with the pure Curro traditional schools and invested heavily into that, up till about 2016. There's later on in the library, you'll see a slide of how we acquired and developed schools throughout the years, and which year we did which type of school. Up till 2016 we invested in our traditional schools, which mean we had to spend more money on infrastructure. All our schools here will have brilliant sports facilities, 25 learners in a class. In the beginning years, we had Afrikaans and English parallel medium in our primary schools up till grade 9. Grade 10, then dual medium. Since about 2014, 2015, we're only opening English schools, which also help with your profitability, within that segment. The learners there write the IEB examination and, I'll briefly a bit later on tell you and show you the number of campuses in there currently. 2013 we did the joint venture with Old Mutual, venturing into a lower fee market. Not lower quality, but lower fee. We invested in the Meridian brand. We acquired 3 campuses and then also had to construct a few more on our own. Out of that, we realized the potential of growing the business into our Curro academies. We learned from the Meridian venture and developed the academies, and over the last few years rapidly expanded our academy model. The difference here, 35 learners in the class. We're doing the national exam, and we realized that it is cost sensitive and hence not as many sport facilities and capital investment into these campuses. I think the only group, we are the only group developing schools in Delft, Soshanguve, Mamelodi, Tembisa, Soweto, which we are truly proud of. If you look at not only the profitability of the various models, which is similar, or even our academic results in these various models are brilliant. We then later on in 2019 do expansion of our grade 10 to 12 offering, not purely just giving learners the academic offering. We ventured into what we call the NCV, National Certificate Vocational. It's about 19 areas where a learner can specialize a lot earlier. Some of our premises we've got space available, so we ventured into this. You need to register at the Department of Higher Education and Training, and we started with at 4 of our campuses with this in 2019. Obviously had to manage it through COVID, but I think the offering that we are seeing are adding a lot of value to our clientele as well. For example, at Roodepoort we had about 1 class doing IT in grade 10, so it's about 25 of our learners into grade 10 taking IT and specialize in IT. When they leave grade 12, they already can venture into that specific field quite quicker. 2019, we always had the vision of making education more and more affordable in South Africa. If you think about the education market in South Africa, private schools are making up about 6% of the clientele. Rapidly saw growth over the last few years. We realized that as a South African company, there's a huge opportunity to invest, and make it more, available for rest of South Africans. We started with our DigiEd offering in 2019, which is more technologically advanced offering. The learners will have some of their classes face-to-face, but, for the predominantly rest, they will only do it via virtual, offering. Here obviously not a limitation on the number of learners in the class. I must say the challenge sometimes is the quality of the learner coming into the system and then for them to pass Grade 12. For us, an amazing achievement when we go through that. We invested in our DigiEd offering. We started heavily investing in IT in 2012, training our teachers in how to use Microsoft, how to be a 21st-century teacher and make sure that they understand that you can't just stand in front of a board and write with chalk and, you know, you have to invest in the electronic world as well. And with it, we enhanced our infrastructure because when 2020 hit, we all know what happened in March. I think some of us can still remember the date in March 2020 when the whole world changed. We were able to move 60,000 learners off our campuses into the virtual world. End of 2020, all our schools actually had similar academic results, thanks to our academic department and our teachers, than what they had the year before, which for us was a brilliant achievement. We saw the opportunity in 2020 to start our own online school, which is purely just learners logging in. They have access to a teacher and, what we've seen there is our learners here are moving in and out. What we are seeing is parents traveling, and then for that 3 months while they're on holiday, they will log into our online school, stay on top of the academic progress and then join a school later on in the year when they are back in the country. We've got learners in Belgium. I've seen the other day, we've got learners in Scotland that are actually on our online school. We started that in 2020 as an enhancement because we had the content in our DigiEd world. Where do we see ourselves now is that the last year or so we invested, and I'll briefly talk about this a bit later on, in our extended subject offering. What we are doing here is that if a subject is not offered at a specific school and a learner want to take that subject, we will offer that virtually. The learners are on 1 timetable and at a certain slot, say for example, it's history not offered at that school, the learners are more than welcome to take history, break away from the normal classroom and then attend that subject. We see this to be growing quite rapidly for us in the foreseeable future. Now is for us to get our teachers to understand, to develop our content, to get parents to understand, learners to understand the offering, and I see it growing rapidly. Bernard and Andre are both here, so you're more than welcome after the session to have a chat with them about this. Super excited about this offering, which is going to make us truly unique in our high school. What we've done with our new high school is we started with a new development physical layout of our schools different. We moved away from classrooms into open spaces, and what we are doing now is to convert a lot of our campuses into open spaces where learners can actually take the various subjects that's on offer in a nice area, not in a physical 4 wall classroom. This in brief is how Curro developed over the years. Looking into the future is focusing on our value offering at the bottom, which I explained the subject choices and our conversion of our facilities, and then start optimizing and growing our capacity and utilization. If you look at the aim was to establish our Curro schools within South Africa. We went a bit further, and we started 1 school in Namibia. We bought 1, and we bought 1 in Botswana. The 1 in Namibia, when we bought it, was about 1,300 learners. Today, 2,200 learners. Botswana, only a primary school. We want to extend it into a high school, but because of COVID, we delayed it for 2 years or so. We later on will extend the high school offering there as well. Here you can see the focus in urban areas, Western Cape, Gauteng, KwaZulu-Natal, where our biggest contingent of schools are lying. In the beginning years, we did invest infrastructure in rural areas. We did develop in the Southern Cape. We did develop Langebaan, the West Coast. We did develop Mpumalanga, in specifically Nelspruit. Witbank, we've also got Secunda. In the beginning years we did, but later on we focused a lot more just in urban schools. Do we see that 77 to become 150 in the next 2 or 3 years? No. For us, the big aim will be to open or to fill our capacities. Just a graphical indication of how we actually grew our various schools over the last few years. From 2009, where we had Hazeldean, Durbanville, and Langebaan. We then went into 2010, 2011. You can see rapid increase in the number of campuses. The end of 2019, we reached that point where we invested heavily in our CapEx, and we put down the campuses, and the aim now is more to fill up and to focus on optimization and profitability and to lessen the number of campuses. We've got some land available that we land bank that we can develop in future years, but at the moment, the biggest focus will be to fill up our capacity in the 180 campuses. Just another way of showing the increase in schools, if you break it into a 5 year cycle. Interesting, 33% of our schools are still younger than 5 years old. 71% of our campus is younger than 10 years old. Predominantly, our schools are still young. We're still growing through that J curve and filling them up. Interesting to know 66% of our schools have been developed. 34% of our schools have been acquired. Always told the market that it takes you longer to fill up a school that we develop on our own, while schools that we acquired are normally schools that's been active for a few years. When Curro take it over, they change the fee structure normally, or they rapidly grow into the capacity. Over the years, this is how we developed. Currently over 71,000 learners stabilizing and still, like I said, a really young company. If you look at this graph, it shows you a bit more on the current number within a specific model. Then that is the red orange block on top, you can see that's the capacity that we already created within that segment. The biggest being our Curro traditional campuses, which I've shown you 103 of the number of 181 are within that bracket of schools. Currently got 33,000 learners in there. It's about 65% of our capacity we created has been filled. It went up from about 61% last year to the current 65%. In the beginning years, we put down our first phase. We always planned only to do 2 phases per construction, and then fill up the schools. Up till about 2016, our first phase construction was quite heavily. Lessons learned over the years, as you can see with our Curro academies and some of our Select schools and DigiEd, is we actually only construct when the need is required. Your capacity fill in those areas are better utilized than what it is in our traditional schools. Like I said, we've been able to go from 61%-65% in our Curro traditional schools. If I can remember this number correctly, over 70% of our academies, which we started our first one in 2014. You can see over about 14,000 learners currently in that segment. Our DigiEd, 2,200. First one we started in 2019 in Foreshore. We've got our first Grade 11s this year. We started rapidly in 2020 with 4 of them in the middle of a pandemic or the start of a pandemic, and we're currently 2,200. Grade 8, 9, and 10 predominantly learners. Yeah, the Select brands are schools that we acquired, changing it and then build capacity as we go on. The Meridian Schools are currently 98, and that more or less stayed stable for the last few years. Our first phase of our strategy was to put down those campuses and start filling them up. If you look at our strategic focus, nothing new for you as an audience. I think this slide's been repeated for many presentations up till now. That is our first aim is to realign our campuses where necessary. What do we mean with that? It's like we explained to you previously, our preschools, we had to realign them. When 2020 hit, that was a segment of our market that really got hammered by COVID. We reposition our campuses, we drive it through the change, and, most of our campuses, those that still have good numbers, will have babies up to age 5. The others we reposition and only have age 3 onwards. Obviously changing those facilities into the preschool facilities into primary school classrooms. We convert 4 standalone preschools that we had into primary schools, meaning we take a grade away at the bottom and add a grade on top until you get to grade 7. The strategy seems to be working, and our campuses, those 4 campuses, are really producing good results, financial results as well as academic results. We sadly has to close Meridian Newcastle at the end of this year. Being communicated to our parents as well as the Department of Education in KwaZulu-Natal. It's just for us, the location of the school was problematic, and we just couldn't get it profitable having learner numbers being under strain for the last 4 or 5 years. We made the decision, we try and accommodate learners within our current structure as far as possible, but we made the decision to close Meridian Newcastle. For us, focusing on our operating leverage, obviously the annual cost structures, and the growth on our investment in our capital, we will heavily make sure that we spend where necessary and not, you know, go overboard and then grow our margin. Fill up capacity, and then by doing all of this, we will grow our operating margin and our return on assets. If you look at our margin this year, we've been able to grow it 1%. We wanted to do more than that, but the reality on the negative side is that our bad debts are still higher than what it was pre-COVID. Still standing at over 4% of fees of our turnover. You can see the numbers up from ZAR 61 million to ZAR 76 million Cobus. We'll go into that a bit more detail later on. The aim will be to bring that back to pre-COVID levels, but let's see how the next few years will play out with the economic pressure that our parents are under at the moment. At this stage, for us a big focus and getting also the right type of client into our business and make sure that we grow our margin. Learner-teacher ratio more or less flat compared to the previous period. Why? Because 15 of our schools, like explained in that previous slide, still growing into grade ten. That is a heavy investment phase, so your cost on your salaries is increasing in that phase. Ancillary cost, even though on the positive side you can see our revenue is up 21%, it's still lagging and the cost of our ancillary services is still above COVID levels. What do we mean there? Our aftercares are growing. We're back and renting out and leasing out our school halls. That is picking up. We're actually a year too late in filling our boarding schools. Because of hard lockdowns in the rest of Africa, we weren't able to market there. Hopefully next year we can see that our boarding schools recover. You're sitting with a fixed cost base that you need to manage with lesser learners in there. We over the year took a harder stance on our non-paying client and at the end of June terminated about 300 contracts or learners. That will have an effect on the revenue for the remainder of the year. I also think on your bad debt will have a positive effect. Remember, all schools are fully operational for the first time in 2 and a half years, so obviously your operational cost will increase. Our positive side, the discounts reduced from 9% to about 7.8%. The people always ask us your facility expense, the City of Johannesburg, is it in your business model yet or is there surprises coming? We over the last 2 years saw a dramatic increase in our rates and taxes being communicated to you. This year, the first half, only 5% increase, so it's coming back to more or less inflation standards. Yeah, I think for us, big focus will stay on increasing margin, and that will happen with the filling up of capacity as well. The next thing, expansion. People are asking, "Are you now stopping? Why are you stopping? The market is big enough. Can you grow quicker?" I think for us is we put down the 80 campuses or 70, 78 campuses, 77 campuses, and it's now to fill them up. We've been able to increase our capacity from 60%-64%. For us, we the last 2 or 3 years spent in the investment into our digital offering, content, videos, training, Microsoft IT infrastructure. We spend on that, and we will continue spending until our learners reach grade 12. Then capital will only be allocated to growing and performing schools. If you look at this slide that really I think explained, you know, and a lot of us don't understand is that in grade 1 and grade 8, your entry level. You normally don't enroll a lot of children in grade 2 to grade 7. Those you lose, hopefully you'll gain with side entry. But you need to make sure that when you get to grade or you start a year, your grade 1 and grade 8 learners are up to the numbers that you projected. For us, the big, big positive is that you can see 6,800 learners more or less in Grade 8, maintaining the number throughout this year. Obviously if you look at that dark blue box in last year's number in Grade 8, that needs to roll over to the 6,100 in the current year. When you hit the numbers in Grade 8, you wait for that rollover to happen into Grade 12. Grade 10 to 12, we don't take learners into that phase purely for academic quality and academic reasons. It's a pure focus, I think for us as a group. You can start seeing that the demand for your high schools are there, lesser demand in your primary schools, but you also can now keep your numbers flat and don't invest into capital in those areas in future years. If you look at where we are currently enrolled for next year, it's been tracking compared to last year's. The unknown will always stay, the bad debt effect for the remainder of this year. I think with the uncertainty in the economy, we will always stay cautious until the end of this financial year. The last part of our strategy is the expanding in our digital offerings, which is our Curro Choice and our DigiEd. If we get an attractive asset like with HeronBridge, we will acquire. We will look at schools where there's substantial infrastructure that we can invest in and grow into capacity. In summary, if you look at the Curro Choice, what we're seeing is that we're giving our learners a choice. Our learners have got different requirements and different needs. Not everybody is the same. By giving them an opportunity to personalize their learning in grades 8 to 12, you give them a chance of choosing a subject that will enhance their learning experience. We not only seeing it as a cost saving into the future years, but for us really a big focus will be in enhancing the offering for our learners here. Like I said previously, the take-up that we've seen up till now is quite positive. Learners are getting experience of a hybrid model, face-to-face as well as technology driven. The big focus and a big investment will continue into this area. In summary, it is the enhancement of our return on assets and the increase in our EBITDA margins. Here I will hand over to Cobus to do the financial review. All right. Can you hear me? Loud and clear. Thank you. Good morning, everybody. Thanks for joining us. So my name is Cobus Loubser. I'm the Chief Financial Officer for Curro, and I'm gonna provide commentary on the financial results. In particular, I'm going to take you through some detail on revenue and operating expenses. I'm gonna explain the progress we've made on trade receivables. I'm gonna review the earnings for the year and of course, just talk a little bit about capital structure and CapEx. Of course, the disruptions caused by COVID and the pandemic in general, in our sector, you know, was hard over the last 2 years to always analyze properly, businesses. We've taken to providing a quarterly perspective, and we're gonna continue with that and the set of results on this presentation, just to give you a sense of how we're tracking. Overall, though, we regard 2022 as a normal school year, which is substantially comparable with 2019. First slide up is just a slide that gives you a perspective on revenue relative to learner growth. We started 2022 strongly from a learner perspective, recorded just short of 7% learner growth. Total revenue in this half increased by just over 15%, of course, buoyed by the growth in learners and fee increases, and then an encouraging recovery in our ancillary revenue streams. If you look at tuition fee revenue in particular, that's of course the main component of our revenue, and this increased by 15% to ZAR 1.9 billion in this first half. I think this slide demonstrates the growth and both the resilience of our fee revenue over the last 3 years if you compare this on a quarterly basis. Certainly we are very focused on increasing our operating margin. In this regard, we're able in this half to reduce discounts in our business to 7.8%, from 9.2% in the comparable period last year. That takes us right back down to where we were in 2019 as a business. If we zero in a little on the ancillary revenue, this constitutes rentals, boarding school fees, aftercare, bus services, and other incomes, and was of course, particularly affected by the various restrictions of activity since the lockdown. We're pleased that ancillary revenue has increased by 21% in this half, and the recovery is encouraging, although I should add that the ancillary revenue in 2022 is still below the pre-pandemic levels, particularly in our boarding schools. The increase in ancillary income lags the growth in learners. If you were to compare the 25% growth in learners since 2019, we were only able to increase ancillary revenue in this first half on a comparable basis by about 14% since then. Of course, that leaves room for improvement, but we regard that as an opportunity. Focusing on operating expenses, schools were fully operational in the second half of 2020 and 2021, but extramural activities were substantially curtailed during these periods. Learner growth and activity at our schools are of course the major drivers of operating expenses, and the slide gives you a perspective on the expenses per quarter relative to of course, learner growth. Overall, our operating expenses increased by 14% from the first half of 2021, and that compares to a 7% increase in learners and a 15% increase in fee income. In considering the operating expenses, I think investors should consider the following factors. The first is that, you know, we very deliberately and quite enthusiastically kicked off extramural activities again in the first half of this year with many events, additional sporting activities and such like. Our campuses were really alive again, which was great. The increase in ancillary revenue, of course, requires additional costs to service same and execute that. The addition of a new school and the investment in vocational and digital education areas also added additional costs in this period, which we are confident will add returns for us in the future. Again, just showing operating expenses, but now just by quarter. You know, this business has a relatively high fixed cost base, so nearly 75% of our expenses are constituted by salaries and property-related facility costs. Total staff costs increased by 11% in this first half. We appointed additional staff to support the 7% learner growth and increased salaries by approximately 5% in March of this year. That's after we only granted promotional salary increases in 2021. We continue to optimize the learner-teacher ratio in our business through sophisticated planning, monitoring, and various budgetary and other controls, and of course, our digital strategies. However, we do not expect a meaningful improvement in this ratio, the learner to teacher ratio, in this year and probably next year due to the growth of our high schools. I think if Andries mentioned there's 15 schools that had grade 10s for the first time in this year, and that typically requires a bit of additional investment as the subject choices increase. Facility costs increased by 5%, but they're still 69% higher than the first half of 2019. In this regard, you know, we engage actively with councils to deal with disputed matters. We've installed independently monitored meters in problematic sites and in fact across our entire business now, and we manage consumption carefully on this basis. The dramatic increase of municipal rates for our schools in Johannesburg has been widely reported on in the media. Many of you have asked me some questions around that. We've lodged appeals, we have lodged court actions, and this process will be heard later this year. In the meanwhile, we estimate that for our business, this could add approximately ZAR 12 million per year of expenses. I think important to note that in many of our sites in Johannesburg, we were already paying higher rates than perhaps many other schools and to some extent have felt this kind of increase in our business already. The immediate impact, of course, then in our business is mitigated somewhat, but it's still a serious matter and subject to, of course, our court actions. Then in conclusion, just on operating costs. I mean, our operating leverage is a major feature of this business, and it will be a powerful driver of future profitability, as long as we can get revenue to outstrip the growth and expenses. I think we've made some advances in that regard this year. The gross receivables decreased to ZAR 418 million, and that's down from ZAR 481 million at the end of 2021. The reduction is due to the write-off of debt during this period, offset by an increase in, particularly, the current proportion of our active accounts. Overdue accounts are managed stringently. As Andries mentioned, we've had to terminate some accounts, and we're taking to do so a little bit earlier during a year than perhaps in the past, when we feel that accounts cannot be rehabilitated. In terms of our provisioning policy, the full outstanding balance of account is allocated under its oldest aging category, as this is then provided for on a step basis. It prudently recognizes the risk that the entire balance will not be settled or collected. Overall, the expected credit loss provision in this half is now at 40% of the gross receivables, down from 51% at the end of 2021. The provisioning methodology was unchanged, and so the reduced rate of provision is indicative of the meaningful improvement in our debtors book and the current aging thereof. Over and above the provision for expected credit losses of ZAR 76 million on the face of the income statement, the group also records bad debt, written off debt recoveries, and debt collection costs within its operating cost line. If the group's total bad debt-related cost, in other words, the bundle of all of these, the provisions and so on, are aggregated, this increased by 11% in this period from ZAR 75 million in the first half of last year to ZAR 84 million. That's of course below the increase in our revenue line. It feels like we're making progress there. The ratio then to turnover is reduced for that bundle of costs from 4.2% to 4%. The graph tracks the increase in trade receivables and provisions in the first half and second half of each of the years from 2019 to 2022. Gross receivables decreased by ZAR 633 million. The expected credit loss provision decreased by ZAR 77 million, but that's of course after writing off a significant portion of the oldest and fully provided debt. That was some ZAR 153 million during this period. We sold this debt, so recovered some further funds in that regard. This all related to learners who had already left Curro, so in other words, the inactive book. If you just, drill down into the debtors book, then, trade receivables are split between active accounts, and those are learners still enrolled in our schools, and inactive accounts for learners who have already left Curro. The remaining debtors book, net of the expected credit loss provision, consists then of ZAR 175 million of actively enrolled accounts and ZAR 74 million of inactive accounts. The aging of outstanding accounts for enrolled learners in particular improved further during the first half of this year. The quality and aging of the active book overall has improved, particularly as our collection activity gained much traction, and we continue to make concerted efforts to collect on our debt. The slow paying portion of debtors book mainly relates to the inactive book, which decreased from ZAR 110 million at the end of 2021 to ZAR 74 million at the end of this period on a net of provision basis. On an earnings per share basis, I think, the key line for us there is that recurring headline earnings increased by 31% to ZAR 152 million from ZAR 116 million in the first half of last year. I think important just for shareholders to appreciate that in the first half of last year, there was a gain on bargain purchase. It was an accounting entry, which was added back in the calculation of headline earnings and the recurring headline earnings. In this particular year, Curro's Meridian subsidiary received long overdue once-off subsidy income from provincial government of some ZAR 25 million for one of its schools. This was included in the calculation of earnings per share, but added back in the recurring headline earnings calculation. We expect a relatively balanced distribution of earnings for this year. Capital structure, I think some important points there. Interest-bearing debt is at a similar level to what it was at the end of 2021. Net finance costs have increased to ZAR 70 million from ZAR 68 million. There's a portion of debt that's due for repayment in 2023, the second half of 2023, about ZAR 500 million, and we intend to refinance it by the end of this year. Medium-term CapEx and acquisitions will be funded from operating cash flows and from debt. The cash generated from operating activities in this first half increased by 14% to ZAR 598 million, and this was used to fund CapEx of about ZAR 550 million, and then the dividend paid in March. We invested ZAR 549 million in CapEx in the business in this first half. That included the acquisition of HeronBridge College, a new building for our DigiEd business, the Curro Foreshore in Cape Town, and projects to expand capacity and replace movable assets. Objective is to increase capacity utilization within our existing estate of schools, and we plan to invest as much as ZAR 1.1 billion this year on CapEx in our business. Here, I think just pertinent to talk about the PSG unbundling. The restructuring as was, you know, Bideep explained in SENS and otherwise by PSG was approved by their shareholders at a general meeting on Wednesday last week. Subject to the remaining conditions precedent being met, PSG Group will then continue with the unbundling of its entire 63% stake in Curro to the market in due course. I think the key dates in terms of their circular is that the current scheduled record date for the unbundling is 9th September, with the actual unbundling expected on Monday, 12th September. These dates are, of course, subject to change, but we expect a finalization announcement, which is scheduled at this stage for Friday, 26th August. I guess you can look out for that. Thank you. Andries, do you wanna? Ladies and gentlemen, listening to us for a while now, we're coming to the conclusion. If you bear with me, I'm just gonna read my summary here. We are truly pleased that our learners had a normal academic year, the first time in 2 and a half years since March 2020. We had normal academic activity within our schools, being active in sport and culture activities. Our learners stepped up this year and delivered brilliant results in the past 6 months. I can give you a lot of stories about learners participating in SA teams. Learners, we've got a girl, Grade 10 in Durbanville being elected as junior mayor in Cape Town. A lot of activities happening from our learners. Sorry, I just wanna pick up my note. I'm super proud of how our staff and senior leaders stepped up to the plate and assisted the executive team to manage through the uncertain times. Stepping out of a pandemic into a recession leave us with other challenges. We as a group is more resilient and determined than ever before to ensure we create value for not only our learners, staff, and parents in our communities, but also to our shareholders. We can say that things are normalizing, and decisions we are making is based on more certain quality trends and data. Learner numbers and bad debts are normalizing and stabilizing. We absorb abnormal municipal increases the past 24-30 months and adjusted our fee structures accordingly. I truly believe after 2-3 years of different times. I don't say difficult times, I say different times. We as a company is now entering the next phase of our growth strategy, which will be to ensure all our schools deliver competitive academic, sport, and culture results. Ensuring every child that enter our schools leave us well-balanced and a proud Southern African citizen. It is only through quality offering that our schools will grow in learner numbers. The investment in our IT infrastructure, the training of our staff to become twenty-first century compliant, has now allowed us to enhance our academic offering into a hybrid model, which will enhance our product offering and bring about cost savings in the future. We are well geared to fill our capacities and enhance our returns and increase shareholder value. The past 3 years taught us that things can change in a split second, and that each individual, as well as a business, need to adjust quickly. If you can't, you will be swallowed up and slowly die. As a business managing 770,000 squares, ensuring 71,000 learners receive a holistic academic offering, and that 6,600 staff members adjust to a new way of delivering education, we as a company is stronger than ever before. We proved that we can adjust quickly without hampering the quality of our academic offering. Who knows what the next challenge will be, but we as a team will face it, and we truly do believe that we as a company will be successfully manage the challenges that we have seen the last few years. Thank you for listening to us. We will now open the floor for questions. If you just raise your hand, Joy can then take the mic to whoever wants to ask a question. Don't be shy. Cobus, I'm not sure if there's questions on the platform. Okay, any questions? Did a good presentation that nobody wants to ask us questions, or they're really shy, or they will ask us later, Cobus. Maybe, Cobus, you can deal with questions on the platform. Just put on your mic. Can you hear me? Okay. I mean, there are a few questions on the. I'm not gonna read all of them. One which I think is pertinent is, there's a question that says, "Do you as a management have a return on equity target? And if you do, what is the return on equity target, and when do you reasonably expect to attain it?" I think this is. Oh, guts. These things are always a little bit harder than what they look like. I think just on return on equity, I mean, it is a very, very pertinent kind of issue. And in simple terms, today, we are yielding about 5% on our assets. Now, we've got about ZAR 12 billion worth of assets in the ground. That's a significant portfolio, and Andries has explained how that came about. That return of 5% on that asset is of course on the low end. I think what's very important is the appreciation of how that's increasing. If you look at our return on capital employed for this year, we would expect it to increase from last year and to keep increasing annually. Of course, given the significant, just mathematically, the significant base of assets, our weighted cost of capital is about 14%. You know, in simple, I guess, theoretic terms, as a business, we need to be yielding that kind of return. At the moment, we're not there. We would expect over the medium term to get to a double-digit return on capital employed over the next few years, and then beyond that to kinda keep pushing into that. It's not going to be achieved overnight. I'm very confident, though, that we'll get to that weighted average cost of capital, but it'll take us a few years, and it'll be a gradual process. Our entire emphasis in our incentive programs and our focus is to drive up operating profit and to drive up the operating margin of our business because that's the key. The assets is in the ground. It's about what we yield on that that we're very focused on. I think this set of results is proof that we're making progress in that regard. Yeah. Is there any other questions, Cobus? I think I'll answer some of them. Sorry, I'm just kind of scrolling through this quickly. Okay, there was a question on City of Johannesburg. I think we've commented on that. Okay, there's a question here that says, "The credit loss provision increased from ZAR 61-ZAR 76. How does that reconcile with the view that the credit book is improving? It seems aging has improved, but parents still under significant strain." I just wanna have a quick glance at the next one. Okay. You can- I think the other ones. Yeah, fine. Sit in. Just on the expected credit loss provision, I mean, of course we've been running the same provision, and the provision mathematically kicks out an answer based on the aging. Our aging is conservative because we take whatever is due on your account and attach it to your oldest invoice that's not paid. From that perspective, the number is higher. I think if you appreciate the kind of changes in debt recovered that we had, you know, kind of effect on collection costs, and the actual kind of bad debts that we had to write off, the bundle of those costs has improved, and the aging has improved significantly. I think in short, I guess it's a little bit clumsy to put 61 and 76 on an income statement and call that an improvement because, I mean, the number is up a lot. But the bundle of those costs have improved or have increased by less than our you know kind of by about 11%, so much less than the 15% increase in our fee revenue. It's an interesting moment of the year, June, because typically people are quite sort of focused on paying their bills at the end of the year because they wanna come back next year. We think, relatively speaking, in our experience to where we were in the last 2 years in June, we've seen a significant improvement in our view. Those are the things that give us confidence that there's an improvement, albeit in a challenging economy where fuel prices are expensive and interest rates are pressing and so on. It's not an easy moment, but we definitely, based on what we can see, we think there's an improvement. We hope we can carry that through into the second half of the year. Okay. It seems like that's the questions. Oh, there's a hand now. Thanks, guys. By the sounds of it, the fact that your boarding houses are not at normal capacity yet is the key reason why ancillary revenue is still lagging somewhat. Yeah. Is that right? Can you maybe give us a sense of what sort of occupancy levels in your boarding houses currently and where they were pre-COVID and where you expect them to be in the next year or 2? We the biggest being schools in Limpopo and then as well as KZN. We attracted various learners from throughout the rest of South Africa, Botswana, Mozambique. You know, we've not been able to market in those areas at the end of last year because we're still in a lockdown. We couldn't attract learners. We're currently at about 50% of capacity. In the good old days, we were over 80% of our capacity. What's also only starting to pick up now is our aftercare. We're getting back to those levels as you've got normal activity at school and a full day of events. Parents are starting to keep you know their children at school and pay aftercare. Obviously throughout lockdown, you didn't see that. If parents are still working from home, that also will have an effect. That's gradually, I must say, recovered quite nicely. Then the other big one is the renting out of our premises, which as things open up now, you're getting more and more income of that, on that as well. The biggest being our boarding. Hopefully, we've been active in the market now at marketing our boarding schools, and let's see how January will go. It obviously will have a direct impact in your learner numbers as well, because if you don't have them in a boarding school, you don't have them in your school at all. I think we can recover next year. Thanks. Any other questions? I think we can close, Cobus, and then should people have any other questions, those are here. There's a lot of our ex-com members here. You're welcome to speak to any one of us. Online audience, if there's any one of you having questions, you know how to get hold of us. To close down, I just wanna thank everybody for attending and being here, for your loyal interest in our company. Thank you for your support. We're looking forward to the year-end results next year and opening of 2023. I thank you. Thanks very much.