Good morning. We are presenting today our first half fiscal year 2025 results. The format remains unchanged. I will provide a summary and then hand over to Ivan to go through the detailed consolidated financial results. I will then cover the operational review of the main divisions and conclude with a wrap-up. Starting with the summary. Slide four. Gross profit grew while reported revenues fell. Gross profit is the real measure of the dollars we bring in the door as revenue reporting under IFRS is affected by the shift from traditional hardware to recurring software and services, which are increasingly net accounted. Under net accounting, the reported revenue is the gross profit. The increased gross profit and margins, along with tightly controlled operating costs, meant adjusted EBITDA grew considerably by 19%. All the earnings measures grew in tandem and underlying earnings per share jumped 56%. The consolidated EBITDA margin of 4% would have been higher if not for the drag from a still weak Latin America region. Both Westcon and Logicalis had excellent profit growth and margin expansion. Aside from the P&L performance, the main highlight in this period of reporting was the very strong operating cash generation. Logicalis LATAM has experienced three challenging years. The market environment seems to now be improving, supported by an end to the economic turmoil in Argentina. We are declaring an interim dividend of ZAR 0.75 or approximately $0.04. Current trading. For most of this year, there has been a slowing of network infrastructure purchases, driven in part by the surge in orders and backlog built up during the years of challenging supply chains. Demand for cloud infrastructure and especially cybersecurity solutions remains robust. Across the world, there is a mixed economic picture. North America and Asia remain strong. Some markets in Europe, especially Germany, are weak, while Latin America remains a laggard. Interest rates are now falling in many countries, and we expect our overall finance expense to begin to drop. All divisions are expected to deliver a stronger full-year performance. I will hand over now to Ivan to take us through the detailed financial results. Thank you, Jens, and good morning, everyone. We are pleased to present a very strong set of interim results. Moving to slide eight, the P&L. Gross profit grew by 3.5% despite revenues declining by over 5%. The decline in revenue is as a result of a change in mix, with more revenue being reported on a net basis where we act as agent as opposed to principal in a transaction. We had a very good quality of earnings with EBITDA growing over 27%. Adjusted EBITDA margin was 4.1% compared to 3.2% in the prior year. Net finance costs increased as a result of higher interest rates as well as higher average utilization of facilities, primarily in Westcon. The effective tax rate of 33% is approaching a more normalized rate for the group. As announced with our trading statement earlier this month, we have changed the definition of underlying earnings per share to now also include unrealized foreign exchange losses. This aligns our reporting with peers and also creates further alignment between our adjusted EBITDA and our underlying earnings per share metrics. Slide nine. This slide shows the segmental P&L. Both Westcon and Logicalis International had a significantly improved operating performance. Latin America also had an improved performance compared to last year, with conditions in Argentina starting to improve. Slide 10. The geographic mix of revenues was relatively stable year-on-year, with an increased contribution from Asia-Pacific and Europe. Slide 11. The mix of revenues is gradually changing to more services and software. It is important to note that there's been an increase in net revenue accounted software. Slide 12, the balance sheet. The balance sheet remains healthy. We had a good working capital performance during the half, resulting in a reduction in net debt. Liquidity remains strong. The increase in goodwill from H1 FY 2024 is due to acquisitions in that period, including Mason Advisory becoming a subsidiary. Over the page, slide 13. This slide represents our segmental balance sheets. Slide 14, cash flow statement. Operating cash flows improved significantly from the prior comparative period. The Westcon EAP scheme was settled in the prior financial year. We paid a cash dividend of ZAR 9 million during the first half. I will now hand over to Jens to cover the remainder of the presentation. Thanks, Ivan. I'm now moving on to the operational review of the divisions, starting with Westcon International, slide 17. Another very solid performance from Westcon. The main underpin over this period has been the continual and steady rise of the cybersecurity industry, which is now the largest component of Westcon's business at close to half the total. Coupled with this profitable growth has been a steady improvement in working capital and debt management. Innovative methods to improve margins and returns are being utilized, and one of those is a small but now profitable contribution from flexible financial services, supporting both customers and vendors. Revenue. There has generally been slower demand for networking products in this period. The growth of cybersecurity has changed the mix to more software and services, which is largely recurring and also where revenues are often net accounted for. These factors have led to a slight reduction in reported revenues. However, the growth in recurring revenues was very strong at 16%. Revenue by geography. Revenues declined slightly in Europe and the Middle East and Africa, but grew strongly in Asia Pacific. Increased net accounting affected reported revenues everywhere. Revenue analysis. The slowdown in networking mainly impacted the Comstor Cisco unit. Other Westcon technology categories posted good growth year-over-year. Sales to large system integrators and global IT companies grew. Revenue by technology category and segment. Cybersecurity continued its multi-year growth trajectory and is approaching half of the total revenue mix. Networking will remain a significant sector as it provides the foundation upon which the internet and cloud infrastructure operates. Software and services has, for the first time, exceeded 50% of the segmental revenues, accelerated in part by the reduction in hardware. This trend, with the increase in annuity and recurring software license sales, is set to continue. Gross profit. Gross profit advanced steadily in the period by ZAR 12 million. With distortions in comparative revenue analysis due to additional net revenue reporting, it is better to focus on gross profit contribution as the key indicator or the total value of what is generated. Adjusted EBITDA. One third, or 33%, of the gross profit contribution converted into adjusted EBITDA. Margins are now at a high of 4%. In the past five years, adjusted EBITDA over this period has risen more than threefold from ZAR 23 million to ZAR 71 million. EBITDA. Reported EBITDA closely tracked adjusted EBITDA with growth of 16%. 80% of the incremental ZAR 12 million of gross profit generated turned into EBITDA. Working capital. Another period of excellent working capital management with further contraction in the net working capital. Smarter inventory management and payables control generated a high proportion of EBITDA conversion into free cash flow. Net debt at the close of the first half was ZAR 42 million lower than at this time last year. Outlook. There are mixed economic signals, albeit overall growth is still predicted in most markets. Europe in particular is facing challenges with low growth, whereas the U.K. economy is finally feeling more energized. The multi-year investments in digital systems with customer and supplier integration on the company's common ERP platform is really paying off. Productivity is on a continuing improvement trend. Moving on to the Logicalis Group and starting with Logicalis International, slide 29. A period of strong gross profit and EBITDA growth with lower revenues, but a much improved business mix. The multi-year strategy to move from a largely transactional product sales business to more software and services is paying off. The investments in modern technology are helping with more automation still to come. Hybrid cloud solutions are ever-increasing, and technology supply chains have become more normalized. The financial performance ratios and quality of the P&L are much better. Revenues. Both total revenues and recurring revenues were impacted by a greater element of net revenue accounting with more software and services. To illustrate this point, on a gross revenue basis, the rise in recurring revenues would have been 11% year-over-year from ZAR 502 million- ZAR 558 million on flattish total revenues of ZAR 932 million. We report IFRS revenues, which is on a net basis. Revenues by geography. All regions showed a slight decline in reported revenues despite the gross profit contribution rising. Again, this was a function of the business mix as software license sales and services grew while hardware sales reduced. The U.S. and Asia had the strongest underlying growth, while Germany was the weakest market with low profitability over this period. Revenue by segment and cloud revenue. In proportion, all services grew while hardware fell. Software sales also increased in total gross revenue value, not after the net accounting required for IFRS revenue reporting. The biggest increase came in cloud revenues, which includes any product or service run as a cloud solution. Gross profit. The real indicator of growth is the gross profit contribution. As revenues fell and gross profit increased, so did the margins. Gross margins for this period rose to 28%, a new high driven by the changing business mix. Adjusted EBITDA. The ZAR 10 million increase in Adjusted EBITDA exceeded the growth in gross profit as real operating expense reductions took effect in this period. The operating expense reductions were largely as a result of workforce reductions in Europe and the U.S. made during the latter part of last year. EBITDA. Reported EBITDA mirrored the increase in Adjusted EBITDA. The U.S. in particular had a very profitable contribution. Germany was the weakest market and South Africa narrowed previous losses. All other markets performed in line with expectation. Working capital. The value of receivables outstanding fell slightly, as did inventory. The year-over-year changes were modest, reflecting the disciplined working capital management. There is more improvement to be gained. Outlook. Going forward, the focus will remain on driving efficiencies, controlling CapEx, and improving operating cash generation. The environment is stable and well-supported by the growing adoption of hybrid cloud solutions. Enterprise users continue to depend on technology service companies to augment their internal IT resources. The company is well-placed to take advantage of the advisory, managed service, and infrastructure requirements that will be needed to support the AI implementations of its customers. Logicalis Latin America. Highlights, slide 39. There is potential for a better backdrop to emerge across most of Latin America. A much more positive, albeit cautious evolution is underway in Argentina. Within this period, we had an elimination of Forex losses. There has been a pickup in order intake across the region. Brazil has been very dependent on the telecommunications sector for many years, but is now transitioning to a more enterprise and public sector-focused business. The shape of the P&L has improved considerably, with net debt and interest costs continuing to fall. Revenue. The Latin America region started the year with a much-reduced backlog position. In addition, a few multi-year cloud-delivered managed services contracts did not renew. This rebased situation, driven largely by events in Brazil and Argentina, is expected to improve in the second half. Revenue by geography. Brazil has the biggest weighting and also had the biggest decline. Unaided by the previous year's backlog, revenues were much lower. NOLA, Northern Latin America, which includes Mexico and Colombia, and SOLA, Southern Latin America, which includes Argentina and Chile, fared much better. As mentioned, the Brazil business has been refocused and is developing well new opportunities in the commercial and enterprise sectors. Revenue by segment and cloud revenue. The majority of the revenue contraction was from hardware. Annuity and recurring revenues gained in proportion, but still reduced overall. Revenues derived from cloud-delivered solutions fell. This was tied to the reduction of a few managed service contracts. Gross profit. Gross profit declined by less than revenue as hardware was the main component. Gross profit margins edged up to 22.4%. Adjusted EBITDA. Despite the fall of over $9 million in gross profit contribution, adjusted EBITDA was flat year-over-year. This was helped by the resizing of the cost base and reduced operating expenses, mainly as a result of workforce reductions in Brazil. EBITDA. Reported EBITDA had the benefit of a tax credit item related to cost of sales. This helped the shape of the P&L and drove a much-improved profit before tax. Working capital. The big driver of improved working capital came from Argentina and the ability to turn inventory into revenue, collect the cash, and remit the money internationally. This shows up in the reduction in accounts payable as aged creditors got paid and trade flowed more normally. Inventory fell by almost half year-over-year. Outlook. A more positive outlook is apparent, and a much more diversified pipeline is developing in Brazil. The areas of focus for growth are around core networking in cloud infrastructure, information security, and in developing Mexico. Mexico has roughly the same size IT market as Brazil, but our operations there are less than one-third in size. Mexico presents lots of opportunity to grow. If Argentina can continue to stabilize, the whole region could benefit and, at some point, risk pricing and interest rates should improve. In closing remarks, prospects and outlook. We are entering an era of technology regeneration where artificial intelligence will lead to much-enhanced business automation and will require a new balance between skilled workforces for continual economic progress. It's going to be an exciting time for many industries, but it's also clear that the dark side of AI will create a more sophisticated threat landscape in cyberspace and will add more pressures on suppliers of security. We are confident in the focus and execution of all our businesses and with the long-term value creation objectives that we have established. I will hand over now to questions from the webcast. Thank you. Our first question is from Nick Kirchner from Sygnia. A few years ago, Datatec hired Lazard to examine strategic alternatives. Can you give us an update on this matter and what Datatec intend to achieve? Thank you, Shane. Yes, indeed. That was almost three years ago. Our strategy remains to maximize performance improvement along with maximizing value. I think we're demonstrating a good, a pretty good job of that in terms of the execution of the businesses. Of course, there are other dynamics in the world in the last few years in terms of rising interest rates and reduction in M&A activity and so on. In the meantime, you know, we've been applying ourselves to developing the business, you know, each of all of our main business divisions as best as we can, and the results are excellent. In the last two years, we've also drawn in or brought in senior executive management into the equity of the respective divisions through various management buy-in schemes. They are now completely aligned with Datatec in terms of strategic outcomes and strategic possibilities in terms of how we can maximize value in the future. Next question. The next one, from Katherine Thompson, Edison, Westcon. Did you see changes in customer demand for cybersecurity after the CrowdStrike issue? I don't think there's a direct correlation to organizations' budgets and behaviors in real time to such an incident. The CrowdStrike incident certainly raised the profile in many places and most probably put, from what we have seen, has put enhanced cybersecurity and threat protection in general, you know, it's yet again elevated, you know, this space to the forefront or further to the forefront of many enterprise and corporate decision makers. Thank you. Next question from Katherine Thompson. Would you ever report gross invoice sales in addition to IFRS revenue, so we can see how software and services is growing on an underlying basis? Thanks, Shane. I'll take that. Katherine, yes, that's something that we are considering to essentially also show pro forma numbers for gross sales as the trend towards more net accounted revenue reporting is certainly expected to continue. At the end of the day, I'd say that your gross profit growth is the most relevant metric as this essentially represents the dollars that we bring in the door. Thank you. Next question from Nick Kirchner again. Paraphrasing NVIDIA. NVIDIA have invented a new computer. Two, Moore's Law has stopped working with old computers, and there was little innovation. Three, one trillion of old computers need to be replaced by new computers. What is your opinion on this statement, and how is it NVIDIA positioned for this uptrade cycle? Thanks. Yes. I think in my commentary in the presentation, I mentioned on at least one occasion that we expect that there's going to be a significant upgrade in PC and laptop refresh as a consequence of AI developments in the last few years, and in fact, the fundamentals to AI developments have been the exponential increase in processing power, which goes to your point about. NVIDIA, of course, has played. NVIDIA, which was an old name in graphics in computer processors for many years, has obviously been at the forefront of the processor, the processor surge now, which underpins AI. We think that there is gonna be a massive endpoint, if that's the right way to put it, surge in AI. AI at the moment is dominated by cloud-based infrastructure and cloud-delivered solutions and so on. Just the sheer amount of processing power that's required suggests that the activities will be repatriated away from the cloud, potentially back onto campuses and premises where these AI-intensive applications and processes need to take place. We think there'll be a massive rising tide for endpoint devices, and in turn that will lead to another generation or regeneration of network refresh and so on. Of course, the other almost dark side of AI is the exponential threat landscape is gonna change because you're gonna have such a degree of automated invasion or attacks in cyberspace that previously were organized by more traditional human control or human intervention. That's another area that could go exponential. Next question from Katherine Thompson. Logicalis LATAM, the multi-year cloud services contracts that didn't renew, were these related to the weakness in telco demand? Yes. Essentially, we have some very large contracts with some very large telcos and service providers, and there's been basically some shrinkage in the IT spend of that, of that entire customer class. Question from Sandile Magagula. In (uncertain), what has been the common driver of slower hardware sales across the different geographies? In which segment of the market, you had been observing higher adoption rates in AI technologies? Two parts. On the AI adoption, I'll start with the second one first. On AI adoption rates, I think it's hard to, it's hard to opine on that in terms of geographies at the moment. It's easier to pinpoint certain business segments as opposed to geographies that are better exploiting AI from an automation perspective. For example, large online or B2C kind of businesses have been aggressive users of AI because it helps modernize and automate their processes more efficiently in dealing with, you know, areas of customer service, client interaction and so on. The first part of the question, sorry, Shane, was? What has been the common driver of slower hardware sales across the different geographies? Right. That's a pretty common thread. Lower hardware sales has two components. There's obviously been the over-investment or overbuilt period that happened during the 2- 2.5 years of very poor supply chain dynamics, which was basically post-COVID. There was an era, sorry, where organizations were not double counting, but were ordering, you know, in advance. There's still the, I guess, the period coming out of that overbuilt or excess hardware purchases that were built up during the supply chain years. The other dynamic that's going on is a financial dynamic, not a, not a device dynamic. The value of hardware, somebody asked before the Moore's Law question. I mean, the Moore's Law has gone exponential, which is basically prices dropping and performance increasing. That's the axis of Moore's Law. What we see is the absolute volume of hardware has being shipped isn't changing. In fact, it could be going up, but the value of that hardware is decaying. When you look at our numbers or manufacturer's numbers, our suppliers, organizations like Cisco and others, you see exactly the same trend. You see this increase in value that's been ascribed to software and then associated services, and the value that's being ascribed to the hardware is falling. On top of that, you have this other dynamic where recurring revenues and annuity incomes are going up and transactional revenues are going down. Of course, we opine on that a lot in our reporting, the whole net accounting, net revenue accounting that we're talking to. One of the earlier questions about what are we gonna do about future disclosure. That's a dynamic which is, you know, affecting our entire industry, and you know, we'll be focusing on that quite a bit going forward. There are no further questions.
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