Everyone, welcome to Cashbuild Ltd's Reviewed Interim Results Presentation for the six months ended 29 December 2024. Werner de Jager, CEO; Hanre Bester, CFO; and Shane Thoresson, COO, will be taking you through the presentation. At the conclusion of the presentation, should you have any questions, please submit your questions by using the Questions tab on the top left of your screen, which I will post to Werner, Hanre, and Shane on your behalf. I would like to draw your attention to the disclaimer at the back of the presentation. Please note that this presentation differs from the presentation available on the website as a result of industry-sensitive information contained therein. I now hand you over to Werner de Jager. Good morning, everybody, and welcome to this Cashbuild Interim Results Presentation. Thank you for taking the time to join us for this online presentation of the results. I'm going to, as per usual, start in the beginning with a short overview, and then Hanre will take you through the detail on the financial side, and Shane will then do some detail on the product categories. Afterwards, I will give a summary and finalize or finish up on the presentation. If we start on the nature of the business, nothing's changed. We're still a mass retailer of building materials and related products. We offer a quality-focused range of products at very competitive prices, and my view is bold to say on cement, definitely the cheapest prices. We're selling predominantly for cash. It's been like that over the years, although the definition of cash must have changed a bit, but we still focus on selling predominantly on that basis. We have 318 stores at the half-year end, mainly through the P&L and Cashbuild brands, and I'll elaborate on that at the end of the presentation. We're going to look at the key financial statistics just on a statutory basis. On the high level, revenue is ZAR 6.1 billion for the half-year, 5% up. You can see there at the bottom of the screen, on a two-year compound basis, 4% up, and on a five-year compound basis, 2% up. We then look at operating profit, ZAR 174 million. You can see there's 7% down, and that's normalized for the impairment of the prior year that's been taken out of that numbers. If you look on a statutory basis, it would have been up more than 100%, but from a comparable basis, 7% down. On a two-year basis, 19% down. You will see that we have the five-year number back. We have comparable results now, so that we can give you the number again. It is 10% down. On headline earnings per share, 573 cents, 4% up. You can see at the bottom there as well, the two-year, 9% and 6% down on the five-year compound basis. Last but not least, the net asset value per share, 79.11, 2% up. You can see there two years 8% down and over five years 1% down. That is mainly because of the impairment of the P&L goodwill that we have passed in the prior couple of years that we had to put through. That is the short intro. High level on the results. I'll now hand you to Hanre that will take you through some of the detail on the financial side. Thank you, Werner, and good morning, everyone. Let's start off with the income statement slide. As Werner mentioned, our revenue is at ZAR 6.1 billion, with a period-on-period increase of 5%. This is on the back of aggressive pricing strategies, as well as ensuring we have feed through our stores, which yielded a ZAR 50 million increase in gross profit at a 24.3% gross profit margin, taking into account prior year at 24.7%. Our operating expenses is at ZAR 1.3 billion, showing a 5% reduction from a statutory perspective. If one normalizes the impairment on P&L, goodwill, and trademark, our operating expenses increased by 5%. Taking all the activities above into account, our operating profit is at ZAR 174 million and a 2.9% operating profit margin. Our net financing cost halved compared to the prior period. This is due to the reducing profile of our IFRS 16 leases, as well as improved cash management of our cash balances. Our profit for the period at ZAR 118 million after tax is 3% higher compared to the prior period if we normalize for the impairment. Earnings per share is at ZAR 5.43, with headline earnings per share at ZAR 5.73, up 4% period-on-period. We've been able to maintain our dividend cover policy and our dividend per share is at ZAR 3.26 flat on period-on-period. Moving over to our operating expenses, as I mentioned, at ZAR 1.3 billion and excluding impairments, giving a 5% increase. The main contributors to our OpEx are our people cost increasing by 5% and comprising 44% of our OpEx cost. Property increased by 14% and at 18.7% of OpEx. The main drivers behind our property increase is depreciation on lease modifications as well as new stores. Our refits and conversions of our 20 stores, as well as repairs and maintenance and higher regulated utility and rates and taxes contributed to the rest. Our advertising and delivery expenses are well controlled and up by only 1%. Our IT cost up by 10%, which constitutes IT support fees, cloud migration, as well as connectivity cost. We are in the process and always busy reviewing our cost structures, including our model stores, as well as looking at energy efficiencies. Our customer transactions increased by 5.5% on the back of our aggressive pricing strategies, as well as various marketing activities to attract new customers. Our average basket size at ZAR 536 is slightly up period-on-period. Our quarter two shows our higher but lower basket retail customer spend compared to the first quarter, where it's more our contractors with larger baskets that contributed to this period. Looking at our segmental disclosures, and one can see from Cashbuild to Africa, our aggressive pricing strategy with an increase in revenue of 6% yielding an increase in gross profit in ZAR terms, but at lower GP percentages. Our P&L Hardware result is pleasing, showing a 7% increase on revenue, resulting in an operating loss of ZAR 7 million, much improved on the prior period. Also taking into account, the ZAR 7 million loss includes a ZAR 6 million closure cost of our P&L stores as we restructure the business. Cashbuild in Africa, unfortunately, disappointed on the revenue side, but made up for a satisfactory result at operating profit level. Capital investment at ZAR 109 million for the period increased significantly based on the prior period, and showing our investment to grow. Gross profit and operating profit margin is depicted on the slide, showing the post-COVID boom years, retracting down to a 24.3% gross profit margin and a 2.9% operating profit margin. We are looking to improve both with sustainable and responsible sales growth strategies. Our headline earnings per share is at 4% increase at 573 cents. Our dividend cover policy has been maintained at one and a half times at 326 cents, flat period-on-period. We are proud to say that our Cashbuild Empowerment Trust paid ZAR 360 million to date based on all employee levels. We have a strong statemental financial position showing cash resources at ZAR 1.9 billion, with inventory slightly lower compared to the prior period at just over ZAR 2 billion and 88 inventory days. Our shareholders' equity is at ZAR 1.9 billion, and our net asset value per share increased by 2% at 7911 cents. Our cash flow generated from operating activities before working capital showed a pleasing ZAR 398 million, down 4% period-on-period. Our working capital outflow increased slightly if one ignores the 53rd week creditors that was paid in the previous financial year. Together with all the other cash flow items, it yielded a closing balance of ZAR 1.9 billion for the group, which is very pleasing. I now hand over to our COO, Shane Thoresson. Thank you. Thank you, Hanre. Good morning, everybody. I'm going to take you through some slides just showing performance of some of our major categories. I'm going to start with the total group sales per week. As we can see in the first and second quarters, growth of 5% and 6%. This is on the back of purchase inflation of 1.5%. We're quite happy with the growth in terms of the unit and volume of sales. We're averaging around ZAR 220 million a week. Relative to the market, we've really only got two comparatives that we can make at this stage. We do follow Stats SA's numbers, and they've come out recently reporting numbers for the period October to December. Although that was an improvement on the prior three months period, it was still 2.7% negative growth for hardware, paint, and glass. The second number that we can obviously follow at this stage is earlier this week, Italtile reported some numbers, and their volume, their revenue was down by a negative 1%. We are still happy that in terms of our strategy, we are gaining market share, and we believe that is really closely related to our approach in terms of aggressive pricing, which Hanre has already alluded to. We have a look at our performance for the first seven weeks of the third quarter. That is plus 6% on the prior year. Possibly just to point out on the graph, and it is a trend that you will see throughout the graph, if you look at the peak, the earlier peak in December, it is nothing more than a cutoff. Also, Christmas and Christmas Day and Boxing Day not being in a comparative week in the prior year. I'm moving on to cement sales, and this is specifically a slide showing pockets of cement sales. We can see growth in the First Quarter, a pleasing 6%, slowed down a bit in the Second Quarter, only a 1% positive growth. In terms of mix, consistent with the prior year in the First Quarter, 23.1%, and declining slightly into the Second Quarter, 20.6%. This is really indicative of better performance of some of our decorative categories, which you'll see later on in a couple of slides. This performance is on the back of purchase inflation of 2.1% on cement. I can say that certainly of late, there has been a retraction of some of the price increases that were processed earlier in the year post this reporting period. I'll touch on those a little bit later as well. Volumes of around 550,000 pockets a week. Again, relative to what's happening in the market out there, we really only have comparisons in terms of what has been reported publicly. A couple of days ago, PPC reported that their volumes for South Africa and Botswana have, in fact, declined by 1%. Still happy that our strategy in terms of cement pricing and being the lowest priced in all of our stores is working and gaining market share. If we look at the performance for the first couple of weeks of the Third Quarter, it's 6% up on the prior year in terms of pockets. This slide shows the cement unit sales per supplier, or effectively each supplier's market share of the Cashbuild business. We've seen consistent growth, certainly in terms of Dangote Cement, growing from 27%- 30%. We've also seen growth in Mamba from 26%- 27% over the period. Also Afrisam growing from 7%- 9% over the period. These growths on the back of declines, specifically in PPC, from 15%- 13%. Also in terms of Afrimat or the old Lafarge business, from 4%- 2% as they battled some issues during their transition period. We've also seen down the coast, NPC's volumes declining in terms of our business from 5%- 4%. Cement industry generally at this stage is very, very volatile. There's a lot of short-term strategic decisions being taken by the majority of the suppliers. Everybody believes they're losing market share at this stage. Pricing's extremely erratic. Obviously, with not having consolidated numbers to view, and we do believe that that is going to change in the next couple of months, we have been informed that the majority of the major suppliers have all agreed to share some numbers in terms of size of the market. That is hopefully going to stabilize the market a bit when people start to realize their share of the market based on their capacity as well. Also, maybe just from an interest perspective, we also understand that imported cement volumes have increased significantly in excess of 20% during the last 12 months. We have seen volumes grow to 1.2 million tons, which on the market of between 12-13 million tons, depending on who you speak to. It is around 10% of the market at this stage and growing. We move on to total timber sales. We've seen growth of 7% in quarter one and 4% in quarter two, mix of 7.4 and 6.8 in the first and second quarters respectively. This on the back of slightly higher than average purchase inflation of 2.5% and volumes of around 17 million odd a week. In terms of the market and how the market is performing, we do get figures from an organization called Crickm ay, who reports specifically on building lumber. Our information is that building lumber has increased by 1% during the reporting period. Again, happy to see that we are growing market share there. Also, if we look at performance going into the first couple of weeks of quarter three, a positive 9%. Moving on to brick sales. The makeup of this category is really the clay bricks as well as the cement, various cement products. Growth at 4% and declining to only a 1% growth in the Second Quarter. It is indicative of what has happened with the cement as well. This is on the back of purchase inflation of 5.6%. Clearly, we are not doing a good enough job in terms of negotiating with our brick suppliers. We take note of that. Purchase inflation is a lot higher than what we are seeing on cement, for example. Volumes are around ZAR 16 million a week. Going into the Third Quarter, first seven weeks, positive 6% growth. Total roofing sales on the makeup of this category is roof sheeting and also concrete products. We have seen growth here of 6% and 4% in the respective first and second quarters. Negative purchase inflation of 1.6%. Really, on the back of all the noise that's happening out in the steel industry at the moment, with regards to imports, potential tariffs, we all know what has been reported in terms of the way forward for ArcelorMittal. Who knows what's going to happen with purchase inflation going forward. At the moment, volumes of around ZAR 20 million a week. Going into the Third Quarter again, positive 5%. Total opening sales, the makeup here is really all the frames, door frames and window frames, as well as the doors on the various products. We obviously have steel product, aluminium, which is still driving this category, and then a bit of wood-related products. Growth here consistently at 10% in both quarters, which is very encouraging. Purchase inflation only at 0.9%. Obviously, the negative impact here of steel, which I alluded to earlier on. Volume shows around ZAR 17 million a week. Going into the Third Quarter again, positive 8%, which is encouraging. Lastly, our total decorative sales on the makeup of this category is paint and related products, as well as our flooring, ceramic and porcelain, etc. As I said earlier on, some positive growth in the second quarter, 4% in the first, 10% in the second quarter, on the back of slightly higher average inflation of 2.8%, largely driven by paint-related products. Volumes, apart from the peak trading period of around ZAR 30 million a week. Again, relative to the market year, we get some stats from a company called Aquanet Consulting. They are indicating that paint volumes are up by around 2% on the prior year. Again, growing some market share. Going into the Third Quarter here, positive 5% growth. Those are the slides. We're happy to take some questions later. Thank you very much. Thank you, Shane. I'll finish up with a few comments and information on our store development and a few other matters. This slide you have become used to, this is more for information purposes on the market. The only change we did to this slide is we changed some of the owners on the corporate competitor side that you will see. I have nothing more to add on this slide. Over to sales by province or by region. Just a quick reminder on the layout of this slide. You'll see the percentage in the bubbles at the top is the percentage growth year-on- year of sales. The numbers at the bottom of the bar charts are the number of stores this year and the prior year, the prior year being in the gray bars. When we look at this, KZN is still the top performing. Good performance in that area, albeit off the base of two extra stores in that area. The next best one would be Limpopo Province. There we've actually had two less stores. That's purely reflective of the better performance that we've seen in the P&L business. It's a big portion of the Limpopo numbers. Similarly on Mpumalanga, 7.4% up, two less stores, but reflecting the better performance as mentioned. The disappointing one on the slide would be the neighboring countries down 1.5%. It's mostly because of the Malawi company as well as Eswatini. It's facing some difficult trading conditions at the moment. If we look at stores by location, the pie chart showing you the different locations and the store numbers on the pie chart. Not too much of change on them. On the right-hand side, there's the block that shows you the sales growth by the different locations. You can see that the rural stores are still performing very well and actually outperforming the rest of the classifications. They're even on the existing side, growing by 9.7%. The metro stores are disappointing, down 2.1%, albeit off a slightly lower store base of one less on a smaller store base. The countries we have spoken about on the previous slide. I want to spend a bit of time on this slide on store development. You can see overall the store number came down from 322 at the end of June to 318. It is a drop of four stores. I'll explain that mostly because of the rationalization of the P&L Hardware stores. I'll cover a bit more on that. In the middle there, you can see the brand representation, 39 P&L Hardware stores, 278 Cashbuild stores, and then the one Cabi- Fit store. I'll deal with that in some slides to come a bit later. This slide or the pie chart will change as we continue our process of converting P&L Hardware stores into Cashbuild, as well as us closing some more of the P&L non-performing stores. On the right-hand side there, you've got the group refits, relocations, and conversions. 20 of them in total. Quite a pleasing number, more or less the same as we've seen in a total year for the last three financial years. That also speaks to the higher R&M costs that Hanre spoke about earlier. In summary there at the bottom, what happened to how we got to these numbers? There were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. were three new stores, two Cashbuild stores, and the one Cabi- Fit. We had refits and relocations. We had 14 Cashbuild refits, and then the one P&L relocation. On conversions, we did five P&L Hardware conversions to Cashbuild stores, and we closed seven P&L Hardware stores. You can see that leaves us with the 318 stores. This is where we have opened the three stores I spoke about on the previous slide. You can see Mettler Ringmore there in Limpopo. It is a traditional Cashbuild model. Pomeroy in KwaZulu-Natal is a small model store. The Cabi- Fit one was opened in Hammanskraal. During this half year, we launched two new pilot store formats. The first one there is Cabi- Fit. Cabi- Fit is a cut, edge and drill shop that also sells associated products, and it's focused on the contractors and cabinet makers. You can see on the right-hand side, there's the picture of the store that we opened in Hammanskraal. We're busy with another one of them, and we should have another one opened by the end of this financial year. The next one is really just a bit of an update on the Cashbuild brand. What we did here is that there are some larger Cashbuild stores. When I say larger, it means it's got a bigger footprint. What we're busy doing is we're extending the range in that store, as well as adding new product categories. In order for us to show customers that come past the store or that get the marketing for that store, that they can expect something extra in that store, it's just not a standard Cashbuild offering. We've updated the branding to read Cashbuild Extra, as you can see on screen there. We're monitoring these two very closely because we want to make sure that we get all the learnings that we can and improve on it as we do more and more of these pilot stores. Hopefully, we'll roll out more of them as time progresses. In summary, at the end, it's been a slightly improved result for the group for the six months. Market sentiment seems to be more optimistic than a year ago. We're showing you their growth in the first seven weeks of past this half year, up 6%. Maybe just a short note why we're showing the seven weeks is that we are more comfortable with the numbers coming in quicker. Hence, we can show you now seven weeks going forward, not the six weeks that you've been used to over a couple of years. The Sakhekhaya Project is gaining momentum. There's a high amount of interest in this and lots of queries coming through the business and interest shown in this project. The two-pot system did not translate into the expected growth, not just for us, but building retailers in general. It seems like customers or consumers use that money to pay for taxes and buy food and some household goods. We also understand that some of them use it to actually pay off debt. Our focus on our stores and investing in our business and getting more stores out there and delivering on our promise. We've launched Cabi- Fit during the six months. We had the cash pool extra I spoke about. The rollout of the small model stores are progressing well. Although only one opened, there's quite a number being approved, and it's in different stages of the process. Our plan with P&L Hardware of closing some stores, relocating, and also converting some of them remains positive. We are quite happy with the progress that we've made on that. As you can see, we are laser-focused on delivering our strategy and executing very well. The business is currently in a very good spot. We're comfortable where we are, but we'll keep on focusing on finding improvements and driving efficiencies in the business. Thank you for your attendance at the presentation.