Right, I think we can start. Morning everybody, and thank you for all of you that you're present in the venue, and thanks for the people joining us online as well for the presentation of our results for the financial year 2025. I'm sure you all know the format, and it will be fairly the same. Three of us will take you through the details. Just in the beginning, nothing changed to our business. We're still a mass retailer of home improvement products, bringing it to the communities where we trade. We offer a quality range of products at competitive pricing, and in the case of cement, I can say the best pricing. We sell predominantly for cash still. The definition of cash has changed slightly a bit over the years, but there's maybe very little on credit. Then 318 stores. I'll elaborate on that a bit later in the presentation. Key financial statistics, this is going to be statutory, with the exception of the operating profit slide where we've adjusted for the impairment of P&L in the last year, just to make it a bit more comparative. Maybe before I start at the outset, there's something this year that's slightly different to what you've become accustomed to in terms of seeing in our results. You'll see there's a big amount in the other income line in the income statement. Following some accounting, tax, and legal advice, we this year have to account for customer refundable customer accounts that's not likely to be utilized in the future for purchases or refunds. You'll see there was a ZAR 57.7 million before tax that was put through on that line. That is something that is now going to be for us every year to do. I'm not sure about the amount. Obviously, every year we'll have to see how that pans out. I must reiterate that just for accounting purposes. Obviously, from a customer perspective, if the customer presents themselves at the store and wants to buy, we will honor that obligation, or if they want a refund on that amount, they will always be honored that obligation from our side. Let's start in revenue, ZAR 11.5 billion up 3%. Remembering this is on the 53rd week of the prior year. You can see there on the two-year and five-year, 4% and 3% up respectively. If we look at the operating profit, ZAR 344 million, the 6% up there, and again that's where we've excluded the P&L impairment so that it's just a bit more comparative. On headline earnings, 10% up or headline earnings per share, you can see there based on the COVID boom years, 8% and 2% still down over a two and five -year compound rate. Our net asset value per share is up 4% to R79.96, and you can see the two and five-year comparison there on the bottom of the graph. That's the short highlights. I'll hand you to Hanre, and then he can take you through the detail on the financials. Thank you. Thank you, Werner. Good morning everyone. I'm pleased to take you through the financial results for the year. As Werner mentioned, our sales increased by 3% from a statutory perspective. This slide depicts the statutory results, and I will focus mostly on the current year results due to the two anomalies that Werner mentioned, being one the 53rd week in the previous year, as well as the impairment of P&L goodwill and trademarks. With gross profit at 24.8%, slightly up from the previous year 24.7%. Operating expenses well managed at 22.4% of sales. Operating profit at 3% of sales. Our net financing cost only at ZAR 33 million, and the reason for the decline is our reducing profile in our IFRS 16 leases, as well as improved cash management. Leaving us at a profit for the year of ZAR 229 million. Earnings per share at ZAR 1.43, headline earnings at ZAR 1.40, up 10% as Werner mentioned, with our dividend per share at ZAR 6.26, up 12%. ZAR ZAR Our weighted average number of shares reducing on the back of previous year's share buybacks. If we do adjustments to make the results more comparable on a 52 by 52 week basis and excluding the impairment of P&L, we look at a pleasing increase in revenue and gross profit of 5%. This is the first year since our COVID year, boom year, that there's a convergence of our revenue and our gross profit increases. Our operating expenses are also pleasingly up only by 5%, and I will take you through the detail later. Werner mentioned the 71 million in other income, of which 57.7 million relates to refundable customer accounts. We've done an assessment during the year, and every six months we will continue to do that assessment. We've also engaged through a discovery project with our customers to entice them to come and shop with us and make use of these accounts. Operating profit on an adjusted basis increased by 28%. Profit after tax for the year increasing by 47% to 229 million if adjusted for the items mentioned. Excluding the refundable customer account income, we also show a pleasing increase in profit after tax of 20%. Our gross profit for the year, as I mentioned, up slightly from 24.7% to 24.8%. As you can see, our first half was under pressure at 24.3%, and after margin corrections and improvements initiated in Q2, we are pleased with our second half results at 25.3% at a gross profit level. Our operating profit margin at 3% is getting the necessary attention to increase that to our target levels. Our operating expenses excluding our impairment showing a 5% increase as mentioned. Historically, Cashbuild dealt with operating expenses increases in a good manner, and this year was no exception. Our largest expense of people, we pride ourselves in providing larger than inflation increases to our staff. This year, in the 2025 year under review, that increase was 6.1%. Being the greatest portion of the variance of 6% that we see, as well as in the existing stores at 5%. Property increased by, apologies on the people side. Our headcount reduced by 115 people after closure of P&L stores or many years because of the P&L store closures. Our increases for the coming years at 4.5% and for executives at 3.7%. Our property expenses increased by 9% and 6% for existing stores. Reasons for the increase is our new stores, lease modifications on older stores, repairs and maintenance, our 26 refits that we've done during the year, as well as higher than inflation, electricity, water, rates, and taxes expenses. We are busy with various projects, and the property line is getting the attention in reducing our increases and costs. IT increased by 21% after we've moved to the cloud through Azure, as well as some preparatory costs on SAP S/4HANA migration from our old ECC 6 SAP system. Advertising is pleasingly down after moving to a more digital marketing through digital channels, more so than our normal conventional marketing. A great result there at - 5%. Delivery increased moderately by 2% and 1% for existing stores on the back of P& Hardware closure of the 11 stores, as well as the different way that we deal with delivery costs within P&L. Customer transactions on a 52-week comparative basis is pleasingly up at 5.8%. We can see the same trend in the first seven weeks of this year. This is after we've applied really aggressive pricing strategies that Werner de Jager alluded to and that Shane Thoresson will talk to later. The reason for the increase at 5.8% is our various marketing activities to entice new customers to come and shop with us. The average basket size during the year reduced slightly from ZAR 737 - ZAR 729. What we can see is we have a higher retail customer base that's coming to shop with a slightly lower basket size compared to our contractors that have a larger basket. We've been able to maintain that contractor basket as well. Quite pleasing. Our segmental disclosure on a statutory basis shows a revenue increase in Cashbuild South Africa of 3%, talking to our aggressive cement pricing strategy. As we can see in the gross profit margin, margins are slightly down year on year because of the same reason. Our P&L result is pleasing in this turnaround phase. Might look like yes, there's a 3% reduction in revenue, but that's on the back of the 11 store closures. Our margin is improving by almost 1.5 percentage points and our operating loss for the year at 9%. If we normalize for store impairments, closure costs, etc., then we are very, very close to a break even, and that's a similar message that we gave at half year. Our Cashbuild in Africa performed well, and all countries apart from Eswatini had positive revenue growth as well as operating profit growth. The difference that you see on the Botswana-Malawi section is in the prior year there was a 17 million exchange loss that Malawi carried that didn't reoccur in the current year. Our capital investment at 235 million shows our intent in investing in our stores and development, up 46% year- on- year. Headline earnings per share up 10% at 1.40, and dividend per share up 12% at 6.26. Our dividend cover policy has been maintained at one and a half times, and we are pleased to say that our Cashbuild Empowerment Trust has paid out 373 million to date. Our statement of financial position remains strong with cash and short-term funds at 1.9 billion. Our equity also at 1.9 billion, and just to add to that, our inventory also at R1.9 billion, showing an increase of about 7% due to increasing stores, increasing ranges, moderate inflation increases, and then our stock modeling tool that is creating some corrections that we're busy with. Our working capital days due to the inventory explanation increasing from 90 days to 96 days. Our cash flow for the year shows a pleasing 718 million cash generated from operations before working capital, but 8% down year- on- year. Our working capital shows an inflow due to the 53rd week and how we handled our payment in 2024, being in that financial year. If normalized for that payment in the 53rd week, our increase is 126 million. Together with all the other items mentioned here, net interest, dividends, tax, fixed assets, lease payments, and share repurchases, we end up at a cash balance of 1.9 billion, of which 1.4 billion is in money market investments. Thank you, and I hand over now to Shane Thoresson, our COO. Thanks, Hanre. Morning everybody. I'm just going to take you through some graphs indicating the performance of our major categories. Maybe just before I start, all of the graphs that you see, if you look at the 53rd week, which Werner and Hanre already alluded to, we've excluded that out of the fourth quarter just for comparable purposes. If we look at our total sales per week, in the third quarter, sales grew at 5% and in the fourth quarter at 4%, and volumes of around 200- odd million a week. If we relate this back to what we've seen in the market, we believe we've definitely grown market share over the period. If we look at what's been reported recently in terms of reporting in the sector, as well as feedback from our suppliers, and also if we look at stats sales reporting on hardware, paint, and glass sales, we also see that that has been negative for a number of years now. Positive in the sense that the last quarter they report-d on was 0.2% growth, which effectively fell in our fourth quarter reporting year. If we look, already been alluded to, sales in the first quarter or the first couple of weeks of the third quarter at 6% up. We look at our total cement sales in terms of pockets, and the third quarter growth of 3% and the fourth quarter 2%, make slightly down on what we've seen in the prior year, 21.4% and 22.1% respectively. This on the back of purchase inflation of 0.3%. Market is still extremely competitive, pricing very volatile. We have seen price increases come through from the majority of the suppliers, but prices revert fairly quickly when they start losing market share. Very up and down at this stage. If we look at the volumes of around 500- odd thousand pockets a week, again relative to the market, it depends on who you're talking to and what document you're reading. Our information is that the market continues to decline somewhere in the vicinity of about 5% - 7%. Total demand for the last 12 months has been in the vicinity of around 13- odd million tonnes a year, and that on the back of capacity of around 16 million. The 13 million includes in excess of 1 million tonnes which have been imported over the last 12 months. We've seen a record level of imports that increased by about 20% over the 12-month period. Generally, suppliers are running at around 75% capacity at this stage. Notwithstanding that, obviously, we're still seeing the influx of imports coming in. On a positive note, if it's to be believed, an organization called EMR or Expert Market Research believes that we will see compound growth over the next 10 years in terms of volumes of around 2.5%. I hope they know what they're talking about. If we look again at what we've seen in the first couple of weeks, we've seen growth again of 7% on reasonable growth of the prior year at 6%. Each of the cement suppliers' share of our business: I'll start with AfriSam, and we can see that AfriSam showed some initial gains in the first half, but lost some of the business going into the second half, and they're back at levels at which they started out of around 8%. We've seen a similar trend with Sephaku. Sephaku 27%, increasing to 30%, and then losing a bit of ground, coming back to 27%. PPC, on the other hand, have shown a steady decline over the 12-month period, going from 15% to 12%. I think we've commented on that in the past. That slack has really been taken up by Mamba Cement, which has grown consistently from 26% to 27% to 30%. Mamba's very aggressive in the market in terms of their approach to the market, their pricing in the market, and it's well aligned with our strategy, which Werner referred to early on in terms of offering the cheapest cement in all the markets we trade. Afrimat showed a bit of a decline. They had some issues, some production and logistic issues early in the first half of last year and came back toward the second half, so they're back at 3%. Siemens has been consistent at 6% over the period. We've seen NPC following a similar trend to some of the other suppliers, but consistent over a 12-month period. We see the other product, and the other product really refers to some imports, which we do stock down the coastline, as well as some of the blended products, which we stock in our P&L Hardware business, and also some of the brands being supplied in the neighboring countries, Cheetah and Ohorongo Cement, specifically in Namibia and Botswana. Every time I stand here, I say we don't see this changing, and then it changes. I'm not going to make a comment this time. It might change. Total timber sales in the third quarter were 6% up. In the fourth quarter, 4% up, very similar to what we saw in the first half. This on the back of above-average inflation at 4%. I can say that there's been some reversion of prices here fairly recently. This inflation will certainly come down. Volumes of around ZAR 15 million a week. Again, in terms of the market, we have an organization called Crickmay, which reports on building lumber. According to Crickmay, cubic meters of building lumber over the last 12 months has declined by about 1.8%. We also have some information from Sawmilling SA, which say that the building lumber market has been down for a number of years. They do see those volumes increasing by about 0.2% for the current year that we're in, 2025. Also, some interesting stats are that Sawmilling SA believe that the number of formal sawmills have actually declined over recent years from in excess of 100 now down to about 30 sawmills. Obviously, consolidation and closures have happened. They believe that around 25% of building lumber into the market now is supplied informally. Those of you that travel in the rural areas might have seen just arbitrarily on the side of the road, you will see a guy who set up a sawmill plant with some saws, and where he gets his product from is debatable. It obviously has a negative influence on the quality going into the market. 25% being supplied informally. Total brick sales in the makeup of this category is both the cement-related products as well as clay products. Around 55% of that is cement-related products. Disappointing, flat growth or no growth in the third quarter, only 1% in quarter four. We believe that's indicative, Hanre alluded earlier on to what we've seen in terms of our customer shift. We've certainly seen that in terms of the product leaving our stores. There's a lot more product being sold directly from the stores as opposed to direct deliveries onto site for contractors. I think it's indicative of the fact that we're certainly seeing more retail business coming through and less construction business or contracting business. I'm talking major contracts, not the bucky builders. Purchase inflation of 3.6%, above average inflation, and that's really coming off the clay product price increases and volumes of around ZAR 15 million a week. We also see 5% growth in the first couple of weeks of this financial year. Total roof sales, the makeup here is our steel roof sheeting as well as concrete roof tiles. We saw 5% growth and 4% in the third and fourth quarters, very similar to what we saw in the first half. Purchase inflation year is a - 2.5%. I think what's happening in the steel industry has been well documented and reported on, and we can certainly see that coming through in terms of negative pricing inflation. Volumes year of around ZAR 17 million or ZAR 18 million a week. Going into the new financial year, a 7% increase for the first couple of weeks. Total openings over here, we're seeing our door frames and window frames as well as the wooden doors, sliding doors in both steel and aluminum. Also, a bit of timber, but timber's not big in this category. Aluminum is still driving the revenue in the openings business. We see growth of 7% and 4%, and that on the back of very good growth in the first half of 10% and 10% in the two quarters respectively. Purchase inflation 1.3%, and again, the impact of steel pricing taking its effect. We can see volumes year also of around ZAR 15 million a week. Going into the first couple of weeks, fairly subdued growth of 4%, but as I said, on the back of some good growth in the prior year. Our total decorative sales and the makeup of this category really is our flooring, mainly ceramic flooring as well as paint and paint-related products. We've seen growth year of 7% and 4% on the purchase inflation of 2%, slightly above average, mainly being driven by what's happening in the paint market. Volumes year of around ZAR 30 million a week. In terms of what we see in the industry, our information is that volumes have increased by about 3% over the period. If we look at what's happened for the first couple of weeks, we're showing 8% growth on this particular category. Also, relative to the market, we've seen that Edeltale has reported recently, and this would also indicate that we're happy that we've grown some market share. That's all the slides on the category. Happy to take some questions at the end. Thank you. Thanks, Shane. I'll just finish off with some information on our stores and locations. Sales by province, just a quick reminder again, those bubbles, percentage year-on-year growth, and the number of stores on the bottom there for the comparative two years. It's pleasing to see that on a 52-week comparative basis, all the areas that we traded in were positive for the year. That was quite pleasing. The best one year, you can see KZN 8% up, but there were two extra stores. Our worst performer being the Eastern Cape at 3.1%, but on two less stores. Fairly equal sort of spread over the stores. It's quite pleasing for us. If we look at our stores by location, as we do the classification, you can see the pie chart here showing you the makeup of the store locations. Also on the graph here, you'll see the number of stores this year and the prior year. The total growth for that area plus the growth on a comparative basis is below that. Good numbers there from rural and from the township side. The one that's lagging is the metro, as was the Casatopia, one less store on a smaller store base and not performing as well as the rest of the locations. Store development in totality, four less stores this year, mostly due to the closure of the 12 P&L stores or 11 P&L stores, as we mentioned earlier. You can see there just historically how it's been fairly flat. Other projects, other than store openings and closures, there's 33 projects, which consists of the first half 20 and then 13 that we did in the second half. Best showing in the last or second best in the last five years. As Andre mentioned about the increase in RMM cost, we spent quite a bit of money on refurbishments. If we look at the summary of what happened in the year, there were seven new Cashbuild stores, one Cabbie Fit that opened, 26 Cashbuild refits, and there was one P&L e that was relocated, six P&L conversions into Cashbuild, and then the closures that I mentioned, one Cashbuild and the 11 P&L stores, leaving us at the 318 stores. I thought of the store formats and all that's happening on the store formats, maybe just to split it up a bit that we're all on the same page. This is the traditional Cashbuild model. You can see a fairly consistent number of stores over the last couple of years. It's very difficult for us to be able to open traditional stores now. Quite a number approved, but they're not happening. Happy to say after year end, there's one new Cashbuild traditional store that has opened. That number will go up. P&L in line with our strategy that we are converting stores and also looking at the non-performing stores. Since the end, we've had another one convert into Cashbuild stores. That's all on track. The Cashbuild SMS or alternative model stores, as we've mentioned it, there's now 29 of them. The 12 increase this year was the six conversions and six that we opened during the year. Again, since year end, we've opened another one. That number is now 30. Cashbuild Extra, we spoke about it at Darthear, the change that we're doing there. There's now two of them trading. Since the end, another one opened or was converted into a Cashbuild Extra. There's now three. Last but not least here, the Cabbie Fit. You'll see there are two stores. There's a little asterisk. One is an in-store concept that we included in our Deckers Extra stores. We decided not to count it as an extra store because it's all under one roof. It's a separate store inside the store that does the cutting and edging and sells all of the related products. Various of them at the moment, there will be standalone ones and in-store concepts that are going forward that we're busy developing. Just where the stores opened this year, you can see the provinces and the names there. Behind it, the SMAs where there were SMA stores and the two Cabbie Fits here at the bottom of the graph. This one I'm not talking about too much just for reference purposes. I'm leaving it in the deck. I'm going to move on. In summary, the DIY market segment, Shane mentioned it when you speak to suppliers and see public information that's been published. It seems like there's a bit more positive sentiment than last year this time, but it's still tough. We know it's still tough out there. Our growth for the first seven weeks, Shane mentioned that, 6% up. Positive for us. Customer transactions also growing very nicely. Geopolitical tensions still impacting indirectly on us, the U.S. tariffs. We're yet to see, I think, a brunt of that. Eswatini already this year saw some U.S. aid funding that didn't happen that caused the country to suffer a bit. I think Lesotho as well will see some impact of retrenchments in that in the country. Locally, our economy is still not growing as one would expect. Our new store format's been received well. We're quite happy with the progress we've made. It's performing as we've expected, so quite happy with all of that. Last, our Allboard transaction, the ComCom process is well underway. All the information has been supplied, and we hope that we will, before the year's out, get some positive news from ComCom. They take their time and they take their process. We'll see, but we're positive on this one and hopefully we'll see that come through. That's it from us this morning. I'm sure we're going to take some questions from the floor and from online. Maybe if we can start, if there's any questions from the floor. The first question is from Ridamai Govinder from Value Capital. What portion of the cash balance is unrestricted, therefore not deposits from contractors? The refundable customer accounts is in the region of about ZAR 1 billion. You'll see that on the liability side of the balance sheet. This year, we've got an additional amount of about ZAR 140 million that is there for money that we received for Zakilikaya, the project that we also mentioned to you where we work with the NHFC. That money is also restricted because it is for customers that will come and buy their house products and finish their house based on the subsidy we get. The rest would be unrestricted, but we now upgraded the payment. It's in the region of ZAR 800 million, ZAR 900 million every month. Thank you. There are two questions related to cement. If Shane wants to take this. Tyler Ginsburg from Utombo Wealth wants to know, it seems that cement sales are up. Is there anything specific driving this trend? Yeah, I think the man in the room is driving the trend. We have a Senior Operations Executive, Ian McKay, and he drives our cement for us. I think it's on the back of what both Werner and I alluded to in terms of our strategy with regards to pricing of cement in each of the markets that we trade in. Werner gave us a challenge probably about 12 months ago, and he said we will be the cheapest priced on cement in any market we trade. I think that, as well as the ranging of the various products from various suppliers, that's really what's driving it. Thank you. Damon Bass from M&G Investments. Can you provide some more detail on why PPC is continuing to lose share within your stores? I don't think it's a secret. We reported on it probably once or twice in the past. We just believe that we've reached a stage where our strategies are not aligned. PPC is a primary product, and it is a very good brand in the market. Our focus is on giving our customers the best quality at the cheapest price. It's all about value. There are still customers that specifically want a PPC product. The majority of our customers in today's times are interested in terms of price. Unfortunately, PPC doesn't offer that. Thank you. A question from Tyler Ginsburg again. I see you are closing and converting a lot of P&L stores. Do you still believe this brand brings value, or would you be willing to sell or completely transform P&L? I take it. You take it. I think it's part of our strategy that I communicated last year already that we are going to be doing that. We will probably end up with about 15 P&L stores trading and being profitable. Longer term, 15 stores to have a separate brand for that is something that we'll need to think about. For the moment, those will remain as P&L stores once we've completed our conversion and rationalisation project. Paul Bosman from Granite Asset Management. How interest rate sensitive is your customer base? Yeah, look, I think any advantage that they can get in terms of improving disposable income is good. I think it doesn't really weigh that much in terms of benefit to our customer base as opposed to those that are maybe operating in the middle to higher LSM market. Thank you. Riaan van Heerden from Valeo Capital. How competitive is Afrimat Cement's product quality and pricing versus competitors? It's very good. Afrimat, in terms of pricing, is very competitive in the market, and there's nothing wrong with the quality. It's very good. Thank you. Yeah, let's go to the floor because there's some questions here. Thanks. Thanks very much for the time. Just three questions from my side, please. The first one is on your GP margins, there was a big step up in H2. How much seasonality is in that number, or is that sustainable going forward? Secondly, noted your CapEx stepped up to about ZAR 210 million. Is that the new level going forward with your store rollouts of the different formats? Lastly, can you give us any color around how much cement contributes to your gross profit? I'll answer the last one first. Not much. At the store level, very little, but there are rebates, and there is some money that comes from that perspective. I don't have a percentage to tell you that X% of that total is based on cement. The other question, I don't know if you want to talk about the deep, deep, maybe you just stand at the. Thank you. You on the screen. I'll answer the CapEx question. Our CapEx, as we refer to, involves quite a number of refits, and we do see that continuing into the future. I mentioned our SAP S/4HANA project that will also consume quite a lot of CapEx. We're looking at the Allboard acquisition of approximately ZAR 93 million that will also then contribute as a CapEx type item. Our second intention is to increase our footprint and our number of stores. This year, we've increased by eight stores, and we look to improve on that or at least to add the same levels. I better answer your question. The GP, yes, there's not seasonality necessarily in that number. Typically, our Q2 GP is the best because that's a time when we sell a lot of decorative. We embarked on a very specific margin improvement plan that helped us in the second half. We hope that that will, or we know that we're managing it very closely now that we can maintain those levels. We're still aiming to get to the 25%, which is our level that we should be. We're eeking closer there, but we won't be responsible just to put pricing up and lose the momentum we have on sales. We've got a question from Alex Hartman from Resco Asset Management. What is your expected rollout for Cabbie Fit for the upcoming financial year in store and standalone? Yeah, I think it's early days at this stage. It's not going to be easy to give you an exact number. I mean, it's a proof of concept at this stage. We're learning a lot of things. It's a new market for us. As Werne r said, we've got two at the moment. We've got another two approved. I will be disappointed if we don't have at least another two or three by the end of the year, financial year that is. Thank you. Gershwin from the S Comp Pension Fund on cement sales. You mentioned that prices increased, but quickly reverted after suppliers lost market share. In your view, what price increase range is sustainable under current market conditions? I don't know that any price increase is sustainable at this stage. I think there's too much panic with regards to what suppliers are believing is happening to their market share. What we've seen fairly recently is somewhere between 1% and 5% increases, which have come through in the last six to eight weeks. That in itself, how long that's going to stick, I'm not sure. I think until we see what EMR is predicting in terms of compound growth over the next couple of years, until we see that, I don't know that we're going to be seeing too many sustainable price increases. Thank you. There are no further questions from the webinar. There's another one in the front here. Hi, morning. Thank you for the presentation. Just on the P&L stores and the operating profit that's in there now, you do incur a level of closure cost and inventory write-downs when you close stores. Can you give us a sense of what that was in this period or at least of what the underlying stores are doing at this point? Certainly. On the 11 stores, we incurred ZAR 12 million closure costs. All right. Thank you. Your IT cost increase in this year was quite high. I know you're still investing in CapEx. I'm assuming we're going to continue to see that for a period of time. Correct. How long does that period last? Through the year, we went through the Microsoft Azure migration. That's actually at the beginning of the year. That cost is better down now. It's the conversion cost of SAP S/4HANA, and we're looking at a year and a half implementation project. Okay, thanks so much. All right. That's it. Thank you very much. Appreciate your attendance, and thank you for listening online as well. Please join us for some snacks. Thank you.