Good morning, ladies and gentlemen, and welcome to Curro's results presentation for the 2022 financial year. My name is Cobus Loubser, and I'm the very proud Chief Executive Officer of this outstanding organization. I'm pleased also to welcome Dr. Chris van der Merwe and Stephnie, who has been part of this story from the start 25 years ago. It's good to have you here today. Thank you for your support as well, Chris. I'm going to provide a brief overview of our financial highlights for 2022, and then give you some context on Curro's journey to this point, and our strategic focus for the future. I'll then hand over to our new CFO, Burtie September, and he's going to scrutinize the key financial information with you. As usual, we'll take questions at the end. Revenue for 2022 increased by 17%, as did the EBITDA, also up by 17%. Recurring headline earnings per share increased by 35%. That's to ZAR 0.554 per share. The board of directors declared a dividend of ZAR 0.11, ZAR 0.1108 to be precise. That's of course also 35% higher than last year. Curro's weighted average number of learners for this year increased by just over 6% to 70,724 learners. The cash generated from operations increased by 4% to ZAR 800 million. That of course funded the CapEx on our existing school base. Over and above our financial performance, Curro is very proud of the matric results of our class of 22, and we're delighted that our school communities could flourish again on campuses that were fully operational and quite sort of active with the full range of extracurricular activities in this year. Curro's vision is to make independent quality education available and accessible to more learners. This slide shows the growth from 2011- 2019, the year just before the COVID pandemic struck, and I think is a good basis for the comparison to what, you know, we would regard as normal activity, particularly for 2019. We are celebrating our 25th birthday this year, and it is remarkable to review the growth in this business, particularly since 2011. The group spent much of its first two decades to establish its business and its national footprint. That of course came with the material capital investment. Curro grew from 12 campuses in 2011- 77 campuses just a decade later, with turnover now exceeding ZAR 4 billion, and learners increasing from just over 4,000 learners, if you can imagine that, to 73,000 learners at the beginning of this financial year, 2023. We created different school models that are relevant to different markets and of course, to different price points. Furthermore, we developed digital solutions to support and to personalize the academic journey of our learners. Today, Curro is a powerful brand in education and a force for good in Southern Africa. We have built significant momentum in our twin quest to offer more opportunities to learners whilst generating attractive returns for our shareholders. I believe we're well on track to achieve both these goals, more opportunity and higher returns. This graph provides, I think, some insight into how Curro's portfolio was created with a mix of self-developed and acquired schools. Roughly a third of this group was established before 2013, another third between 2013 and 2016, and the balance, the final third over the last few years since 2017. The business is therefore still relatively young, particularly if you take into account that it takes about 10 years for a school to really reach maturity. Curro's management team is skilled and experienced at managing the growth of schools along that path to maturity. I think we have very strong expansion potential in our high schools, and you can base that on the rollover growth from one grade to the next. As an example, in 2023, we have just over 7,000 learners in grade eight and 4,200 learners in grade twelve. If the number of grade eights in 2019 is compared to the number of grade twelves 5 years later, you'll note some attrition over this period. Although by and large, they're all there in the track. This was perhaps exacerbated over the last few years by the financial duress families experienced during and after the pandemic, and of course more recently due to higher interest rates and the inflation impact on food and energy in this country. The rollover of learners across grades builds Curro's academic momentum, particularly in high school, with really keen enrollment interest for this stage of schooling. In summary, Curro generated strong growth momentum. We've really established and sophisticated the offering. Our strategic focus is now firmly on achieving the operating leverage available in our business model. This means driving up operating profit through a combination of higher revenue and higher margin, and being frugal in containing CapEx and cash outflows. In this regard, revenue growth is a function of the number of learners enrolled and the fees charged per learner. Curro has a relatively high fixed cost base, and we do have excess capacity available. Curro achieved average learner growth of 6.4% for 2022, and we experienced higher learner enrollment interest for 2023 than for the previous comparable period going into 2022. We also experienced more leavers than before, which restrained the overall growth into 2023 to about 3.5%. Based on the strong enrollment interest, there is a sustained flight to the quality that Curro offers, with the prevailing economic circumstances naturally causing some financial distress amongst consumers. Lower overall growth is due to the termination of long overdue accounts, with our management teams being particularly disciplined and responsible in their collection efforts. Tuition fees for 2023 were increased by at least 2% above the expected inflation rate for our business. This should increase revenue and operating margin in this year and in the future. Operating margin is a measure of business excellence. Curro has reduced discounts in 2022, and have done so again going into 2023, and there is an opportunity to increase the profitability of our ancillary revenue streams. Their debt-related costs remain high, and reducing this below 4% will advance operating margin over the medium term, as will efficiency in the staff cost line as our business matures. Curro manages cost quite closely relative to learner growth and the activity on our campuses. With regards to CapEx. What do we do with the cash that we've generated? Curro has now reached a stage where the cash generated from our operations, and certainly from the existing business, is consistently going to exceed the CapEx requirement for that portion of its operations. We'll consider acquisitions where there's growth and/or cost savings opportunities and attractive returns, that will be funded with debt and/or operating cash flow available. Excess cash generated should be going to shareholders over the foreseeable future. The graph here just provides a perspective on the both the number of learners and the capacity available in each of our models. Filling this capacity will of course enhance profitability and shareholder returns. If you kind of aggregate the orange blocks, there's about 25,000 learners that we can accommodate within our existing facilities. The unprecedented load shedding and failure of state energy infrastructure in 2022 disrupted South Africa meaningfully. Curro is in a unique position. Our business is not a high electricity consumer overall, but our consumption is concentrated during a portion of the day, and really typically between, say, 7:00 A.M. and then just after 2:00 P.M. on weekdays. We took the following actions in 2022 to mitigate the effect of power outages at a CapEx cost of ZAR 45 million. We installed electricity metering solutions at all of our sites to enable us to both track consumption and start to manage behavior better. We also installed large diesel generators at many of our schools, and particularly at all of our high schools, to ensure no disruption to, for instance, a matric exam. The risk of supply and the increase in cost does present an opportunity for Curro. We think it's possible to transition to real energy independence with more environmentally friendly options. We continue to evaluate battery and solar solutions which could enable our schools to generate enough power and store enough power to be self-sufficient over the medium to long term. In this regard, Curro plans CapEx of as much as ZAR 46 million in 2023 as we pursue our ambition to be energy independent. We incurred additional diesel costs, particularly in the Q4 of 2022, of some ZAR 6 million. And ongoing cost in this year will very much depend on the stage of load shedding and the extent to which we can implement alternative solutions to avoid that. In summary then, Curro built significant momentum over the last decade to establish a brand of quality education in South Africa and across various and different platforms. Our models are efficient and scalable. We believe we can optimize service, both service delivery and profitability from them. Curro is resilient, and we are well on track to enhance shareholder returns, as evidenced by the 1% improvement in our return on capital employed in 2022 from 2021. We expect this growth momentum to continue. The power may be out from time to time in South Africa, but the potential and the talent of our learners cannot be dimmed. I'll now hand over to Burtie to address the financial details. Thanks, Burtie. Thank you, Cobus. Good morning, ladies and gentlemen. My name is Burtie September. I'm the Chief Financial Officer of Curro. I'll provide commentary on the financial results for the year, as well as the key drivers thereof. In particular, I will provide commentary on the revenue and operating expenses as well as the progress we've made on trade receivables. I'll provide commentary on earnings for the year and then reflect on the capital structure and CapEx. Curro's learners increased by 6% in 2022. Average weighted learners for the year ended on 70,724 from the 66,664 in 2021. Total revenue increased by 17%. That's driven by the learner growth and fee increases. We are quite encouraged by the recovery in ancillary revenue, although it is still below 2019 levels for boarding fees. Fee increases is the main component of Curro's revenue, and that increased by 15.8% in 2022. This slide demonstrates the growth and resilience in fee revenue over the last three years on a quarterly basis. Curro reduced discounts as a percentage of tuition fees by 1.3% in 2022. Ancillary revenue consists of non-tuition fees being rentals, boarding school income, aftercare, bus income, and other income. Ancillary revenue increased by 36% from last year following two years affected by lockdown restrictions. The recovery in ancillary revenue is encouraging, although still below pre-pandemic levels in our boarding schools. Curro's tuition fees increased by 43% since 2019, but the total ancillary revenue increased 23% since 2019. Operating costs increased by 17% compared to 17% increase in revenue. This slide compares operating expenses per quarter over the last three years. Our operating cost increased by 39% from pre-pandemic base year of 2019, compared to 23% increase in learners and 43% increase in tuition fees. Learner growth and school-based activity are the major drivers of operating expenses. Extramural activities like tournaments, tours, events were curtailed in the base 2021 year, despite schools being fully operational. Schools eagerly resumed all extramural activities in 2022, resulting in higher associated costs. The increase in ancillary revenue required additional costs to execute the associated income-generating activities. Total staff costs increased by 12% from 2021 due to learner growth and salary increase of about 5%. We do not expect a meaningful improvement in the learner-to-teacher ratio over the next two years due to the growth of our high school, which offer more subjects and accordingly have smaller class sizes. Facility costs increased by 14% to ZAR 351 million in this year, which includes additional cost for diesel for the generators. New schools acquired and investment in vocational and digital strategies in this year added to the cost increase, but that will yield revenue in the future. Curro's operating leverage is a powerful driver of future profitability as long as revenue growth outstrips its expense growth. Gross receivables increased by 2% to ZAR 491 million, from ZAR 481 million in 2021. The small increase relative to the 17% increase in revenue is due to the successful collection processes across the business. Curro actively engages with overdue accounts to rehabilitate poor payers early, to retain learners, or to terminate accounts where settlements is still outstanding. In terms of our provisioning policy, the full outstanding balance of each account is allocated under its oldest category and then provided for on a stepped-up basis. This prudently recognizes the risk that the full account balance may not be collected in the future. The expected credit loss provision is now at 49% of gross receivables, moving down from 51% in 2021. The provisioning methodology was unchanged from last year. The reduced ratio of provision to gross debtors therefore demonstrate the improvement in the aging of our outstanding accounts. In addition to the provision for expected credit losses of ZAR 147 million, the group also incurred other debt-related costs, like debt collection fees. Total debt-related cost expressed as a ratio of turnover decreased from 4.4% in 2021 to 4.1% in 2022. We expect this to improve in 2023. This graph tracks the increase in trade receivables and provisions in the first and second half of 2020- 2022. Gross receivables increased ZAR 10 million in 2022. Expected credit losses of ZAR 147 million in 2020 compared to ZAR 131 million in 2021 was incurred. The expected credit loss provision in the balance sheet decreased by ZAR 2 million in this period after writing off the oldest account balances against both the debtor and the provisioning balances. Curro wrote off ZAR 153 million of debtors and sold this non-performing portion of its debtors book, which relates to learners who have left Curro. Our trade receivables is split into two categories: active accounts for learners who are still enrolled in our schools and inactive accounts for learners who have left our schools. The remaining debtors book net of expected credit loss provision consists of ZAR 137 million of actively enrolled learners and ZAR 112 million for inactive accounts. The quality and aging of our active book for enrolled learners improved further from last year. Concerted efforts are made to recover outstanding amounts, including more frequent terminations for non-payers. The slow-paying portion of the debtors book mainly relates to the inactive book, which increased by only ZAR 2 million from last year, net of the provision thereon. This slide confirms the earnings per share numbers. Recurring headline earnings increased by 35% to ZAR 330 million from ZAR 245 million in the previous year. In evaluating these results, shareholders should consider the following. The earnings of 2021 included a ZAR 14 million gain on bargain purchase. This is added back for the calculation of headline earnings and accounts for the key difference between headline earnings and earnings per share in the prior period. Curro's Meridian subsidiary received a ZAR 25 million once-off subsidy from provincial government for one of its schools. This is included in the calculation of earnings and headline earnings, but is added back for the calculation of recurring headline earnings. Curro recognized impairments of ZAR 127 million, net of tax, relating to certain lower-yielding schools. We also excluded the effect of the tax rate change from recurring headline earnings. Curro successfully refinanced its debt facilities for the total value of ZAR 3.3 billion at the end of 2022. The group's balance sheet is well-structured to support its growth prospects and the efficient cash management in the future. Net finance costs in 2022 increased to ZAR 208 million from ZAR 170 million in 2021. Cash generated from operating activities increased by 4% to ZAR 800 million. Curro utilized its remaining assessed loss during 2022 and will be paying normal income tax in the future. The group purchased 9.5 million Curro shares on the market for an aggregate consideration of ZAR 97 million during this year. This will be used to settle the vesting obligations in terms of a long-term incentive trust. Pursuant to strong cash flows generated relative to capital investment required in Curro, the board has resolved to declare gross dividend of ZAR 0.1108 per share. This is in line with Curro's practice to pay 20% of recurring headline earnings as a final dividend to shareholders. The dividend shall be paid on 17th April, 2023. Curro invested ZAR 1.1 billion in its business in 2022, which included the following: ZAR 284 million on acquisitions of schools, new land and new buildings, and ZAR 45 million on backup power and metering solutions. In addition, Curro invested ZAR 786 million in its existing business, of which ZAR 542 million was used to expand the capacity in classrooms and facilities. ZAR 244 million was spent on refurbishments, maintenance, and replacement of assets. We are focused on increasing the capacity utilization of our existing facilities. Curro will invest as much as ZAR 800 million during the year in the business on maintaining and operating its existing business. This includes the acquisition of Courtney House that we've acquired at the start of 2023 for ZAR 30 million. CapEx and acquisitions will be funded by operating cash flows and the unutilized revolving debt facilities. Thank you, ladies and gentlemen. Cobus and I will now take questions. All right. Thanks, Burtie. Are there any questions from the floor? There's two or three online already, but, let's maybe just start with the floor. Any questions in the room? Chris, you're not allowed to ask a question. Good morning, everybody. Is the sound clear, Cobus? Yeah. Thank you. I conclude that our return on equity is also gradually coming up quite nicely. Am I making the correct conclusion? Yeah, that's right. There's a difference, of course, in the return on capital employed and return on equity. Return on equity is slightly lower. I mean, if return on capital last year was 5% and this year 6%, return on equity is about 4%, 4.5%, and maybe 5.6% or so this year. Slightly lower. I think given the extent to which we've already invested about ZAR 12 billion in assets in our schools, that's in there. I think the extent to which this business is very focused on the operating margin that we achieve and the operating profit on that means that we are focused on return on capital in a sense already employed. Of course, for an investor, return on equity matters. I think my comments around excess cash going to shareholders is quite relevant there. The extent to which we would seek to increase dividends and so on in the medium term, I think should assist in that regard. Another question there, Wilhelm. Thanks. Gents, Bertie mentioned that we shouldn't expect any improvement in the learner-to-teacher ratio over the next two years because of the growth in the high school. Is implicit in that statement that one should then expect further improvement post two years from now? Now you're putting me in a corner. Wilhelm, I think so. I really do. I think one must be... You know, I'm quite cautious. I think, you know, one needs to appreciate that if we add 7,000, 8,000, 9,000, 10,000 high school learners over the next few years, that that will be a bit of a drag on the learner-teacher ratios. We've got a few strategies in terms of the digital space where we think that'll really empower both the learner's journey and the cost of execution. We will always have teachers and, you know. We in quite an intricate process where right now I prefer to talk about the next two years. I don't think you're wrong. That should improve beyond that. I think maybe just there's one or two questions I think on screen. One of them was around fee increases. I think the question was that the 15.8% is quite high. can I give color on, you know, how that was distributed across the brands, et cetera? I think the way to understand the tuition fee increase of 15.8% is you can start by subtracting the learner volume growth of about 6.5%. Now you're into kind of below 10% kind of territory, 9.5%. deduct whatever inflation you like to use, 6% or 7%. The difference really is the extent to which we had fee increases ahead of inflation, and much the same should be applicable for this 2023 year. Insofar as where those fees, you know, are kind of concentrated, it is substantially across the portfolio. Of course, there are unique, kind of schools, particular competitive environments, et cetera, where you've got to be really sort of sensitive to what the market can bear. It's broadly speaking across the portfolio. I think it's a function of, as our facilities are filling up and waiting lists are building, there's a bit more pricing tension available to our business to charge a fair price relative to the facilities and the education that we offer. That's the one question. There was also a question, Burtie, I think on CapEx. Wilhelm wants to know what's gonna happen after 2024 or 2025. I'll tell you what's gonna happen on CapEx until 2026. We think that as a business, we'll invest about ZAR 2.8 billion on CapEx from 2023 until 2026. Basically over that period. The pace and the momentum at which we invest will to some extent be determined by the learner growth that we achieve. We may be a little bit quicker. In other words, it could be a 700 kind of thing, or it could be a little bit sort of front-loaded to accommodate expected growth. Let me just turn it off. 3,001 teacher ratio 19. There's a very complex question about learner-teacher ratios, which I'll have to answer separately, but it's. Yeah, I think I'll take that one separately. Then there's a question around the expected CapEx between maintenance in 2023. I think one feature of this result is that we've given you a better understanding of the CapEx split between maintenance, expansion, acquisition and the like. And I think it's something that the market was kind of really asking for. We've given a better split of that. If you think about, broadly speaking, the same buckets, the ZAR 800 million for next year, or sorry, for 2023, for this year, we'll have effectively there's about ZAR 60 million in there for acquisitions. There's about ZAR 46 million in there for electricity related investment in what we call energy independence. There's about ZAR 400 million-ZAR 450 million relative to the expansion of facilities and the balance just about ZAR 300 million is maintenance and refurbishment related CapEx. I think there's a question here around what was the exact number of people put out for bad debt? I think you must appreciate that when somebody leaves your school as a client or your business, they don't necessarily tell you that they can't afford you. They go. Okay. That's, you know, obviously there's a few people that we have to terminate. That number was more than last year. The key difference being in 2022 than 2021, maybe about 1,000 people more than the previous year. The key difference being is that we terminated throughout the year. I think it's wrong to have somebody fall behind in March and just watch the account get older and older and build up. Those were conversations that we would, for instance, have in June, and a consumer would, you know, kind of have to exit. It's a hard thing. It's the worst part of our business insofar as you've got 6,000 people who get up every morning to look after 73,000 learners. For them, any of them to have to tell those learners they can't come back because their parents can't pay is a tough thing. It really is. We can't offer a service for free. Can't do that. Okay. Yeah. There's a question on head office costs. Head office costs went up, I think, just on 20%, which is heavy. If you unpack the increase above inflation, there's broadly speaking three constituents to it. Marketing and travel cost in a normalized environment, 2022 was up about ZAR 10 million. The bonus and incentive provision is about ZAR 10 million higher than the year before. The balance of it relates to facility costs, to sport, to consultancies, to, you know, various other kind of, you know, sort of matters, which I think you can put in the kind of strategic bracket. We don't think it's out of control or, you know, sort of... I think it's a pity that we can contain that better, but I expect that to flow through in future years. Some of this normalization of activity also washes through into head office. Okay. There's a question on the impairments. If you go back in time, two and three years ago respectively, we impaired in aggregate, ZAR 330 million worth of assets, and that related to about eight schools, with a total asset value of about ZAR 1 billion. Effectively, we impaired a third of eight schools' value, and that happened two and three years ago in aggregate. It was interesting this year. We do impairment valuations, of course, every year in terms of IFRS. Because long-term interest rates have increased by, you know, about one percentage point, our weighted cost of capital has also increased by roughly that. Mathematically, that's put some pressure on the impairment calculation, if you understand the sort of process of discounting cash flows. If you kind of take the impairment that we raised this year, it equates to... It's ZAR 174 million before the deduction of tax, and that's roughly 10% of the value of assets of about 12 schools, four of which was in the previous pot. I think by and large, I view it as a mechanical kind of issue in terms of the accounting and the calculation thereof. The way really to understand this is that the extent to which our current calculations suggest that those schools will not over the foreseeable future deliver a 15% return or 14.5% return for our business, and therefore they're impaired. Roughly, if you impair them by, say, 10%, it suggests that they may get to 13%, but not 14.5%. That's the kind of way I think very simplistically to understand that. We've got a large asset base, and we'll keep evaluating these things. There's also, you know, in some instances, we had two schools that was actually previously impaired and was increased again in value this year because of the recovery and/or the momentum in those schools in terms of learner growth. It's a dynamic thing. It's an annual thing, largely mechanical, and that's the impairment story. I think there's a question around depreciation, which was quite sort of flat from last year. We did a lot of work over the last two years. We implemented a new asset register in our business. We did a lot of work in terms of maintenance reviews, of disaggregating CapEx within our business. Previously, you build a school, and arguably you put, like, a bulk value on the balance sheet and/or your asset register. Disaggregation, the attachment of, you know, useful life calculations Remaining, residual life at the end. All of these things have had a slightly positive effect in this year on our depreciation cost. I think also as our CapEx starts trending down a little bit, I think depreciation, you know, should probably kind of increase gradually, if not stabilize at these levels. Sorry, thanks. Just wanted to latch on to the impairments question. The schools that were impaired this year, are those schools that have persistently been struggling or sort of? It's not as if there was a major surprise in the impairments and that one school suddenly fell out of bed this year. It's. Well, I mean, there's a bundle of things. You know, if you take the 12 schools, four of them were on the list before. Let's call them, they were on the edge and kind of it was a little bit more. Not dramatic, but a little bit more. There's eight new ones, and let's just say they were kind of on the edge maybe last year, and they've just kind of, sort of tilted over. I don't think there's significant surprises or shocks there. As I said, it's a very mechanical process. You can, you know, think if you really want to be blunt about it, this is a business with ZAR 12 billion worth of assets and a market cap of ZAR 5.5 billion. To some extent, the market has impaired our assets. There's a little bit of that kind of, I guess that flows through if you kind of think about it just mathematically. Just on that 20% increase in head office costs, I just want to confirm that's nothing to do with the new CEO's salary package? Disappointingly, no. Thanks. Could be related, are you noticing any impact on your schools on immigration, or caused by immigration, and then secondly, also relocation within our borders, so also referred to as semigration? You know, it's a fascinating thing, they're two very different issues. Let's start with semigration. In other words, let's just define that as the concept of people maybe living in Cape Town and preferring to move up to Johannesburg, for instance, or the other way. Then there's also people who prefer to live in Hermanus. You know, I wouldn't know why. What happens is we've had it. It's actually, you know, it's quite encouraging. We've seen families follow our footprint. We've seen families relocate, but they've relocated to areas and/or adjacent to our kind of footprint to seamlessly switch from, you know, whatever school they were in anywhere to their new school along the coast as an example. That's been good. We've had a few thousand relocations. It's not just between inland and coast. It's also as families move around the country. The semigration and/or transfers is arguably with the business with our footprint is an advantage in our case. If you kind of reflect on immigration. We got 73,000 learners. I think we had just over 500 immigrations. Now, these are people that are saying, "I'm immigrating." It's possible that, you know, some say not. We had about 500 people immigrating out of our portfolio in 2021, and that number was just over 800 in 2022. Is it meaningful? Probably. As a national concern, yes. As a business concern, you know, we seem to be able to replace, but we're sad to see those people go. I think, yeah, that's kind of the answer. An increase, yes, over the last year or so, but not necessarily material in our overall portfolio of 73,000. There's a question. Once the high schools are full, where will growth come from? I think we've certainly got our hands full just to kind of get through that point over the next few years, it's an exciting challenge. I think it's one we'll meet. I think this business has plenty of potential to absorb more, to acquire more, to drive our model and our reach around the country. Right now, with the capacity that we have, we're not gonna fall over ourselves to build new schools. We will focus on the portfolio that we have and make sure that we can generate sufficient cash and return from that before we sort of take on the next episode of acquisitive and/or expansion growth. Madeleine? Morning. Can you give us a little bit of sort of indication and color on the economics and/or timing of cash flows? How do the high schools compare with the primary schools? Because you have worse teacher-learner ratios, smaller classes in the high schools, and from grade one, you have sort of appropriate learner-teacher ratios potentially. Just how do those economics and cash flows compare? You know, it's an interesting question, I guess you could apply the same question around the models. You know, what's the difference across the models? I mean, I've looked at this, you know, over the years, and there's actually not too much to choose. In essence, I think important to say that high school learners, the fees at the high school are higher than primary school, and in some instances could be 2x in metric to what to more than 2x in metric to what you would have paid in Grade one. There's that kind of offset in value. I can tell you that the level of prepayments in our business this year was more than last year, and prepayments being people who pay the whole year up front. I can tell you that across the portfolio, there's not discernible differences either between grades or across models in terms of payment patterns to historic trends. I'd like to think that the kind of culture of payment and the kind of discipline that we've been working on over the last two years, particularly post-pandemic, is, you know, paying dividends in a sense in our cash flows. What I can also tell you is that if you look at our CapEx out, if you take the kind of ZAR 800 million of CapEx that we're predicting for this year, that's not all gonna flow by June. In fact, a good portion of it may only flow in the second half of the year. Our business is prone to having excess cash in the Q1 at least, and often in the first half, and then fund CapEx in the second half relative to the operating cash generated. The change and refinancing of our debt introduced a nice revolving credit facility which allows us to now park cash against debt, which is very efficient in the first half of the year. I see most of my bankers are here today, and can I just say thank you to you. Thank you for looking after us, and thanks for partnering with us in that process, and then supporting our growth. No, no more there? Okay. This is, I think, the end of this session, and thanks very much for joining us. Can I just ask that if you got one of these expensive name tags that you please give it back. We manage costs closely, so please give it back. If you give it back to Marguerite, she'll stamp your parking ticket. You can exchange a paid parking ticket for your badge. We'll buy it back from you. Otherwise, just in general, I think if there's anybody in the investment community that want to engage with us and kind of talk about the story or follow up on any questions, you're most welcome to do so. We are always available. Thank you very much.