Good morning, everyone. Thanks for joining us. I see one of my board members here today. I'd like to acknowledge you, Zimkhitha. Cheryl. Cheryl coming in, my chairperson. Thank you for joining us this morning. Really thanks everyone for coming through. For those who are joining us virtually, we welcome you, and over the phone. I hope I'm audible enough. Before we kick off, I'd like to thank our employees who delivered on these results. They take full credit for it. As you know, the trading conditions were extremely difficult last year, and I suspect they'll continue to be difficult. They've shown their commitment to Grindrod's success. We note it. I also would like to note and highlight that between myself and Fathima, we will take you through these numbers and the results for the year. If you've got any questions, please flag them. I think at the end of this session, we will take some few questions from the floor, and those who are joining us online will send their questions through. I think they'll come through verbally, or they will type some questions, preferably less questions here. We are available next week, for those who want one-on-ones to get more insights on the numbers and the results. Please use that opportunity. Either you use Fathima's email to send your questions, or you send them through to our group secretarial. To kick off, we had a sad year around our performance on safety, particularly in the second half of this year. Even though our LTIFR, which is a measure of intensity of our injuries, still remains on target, we are really saddened by the loss of life at our terminals. In particular, this incident happened at GML, and we're also concerned about the deteriorating trend of our safety KPIs across the board. What have we done? We are putting all stops to improve our safety performance with some specific intervention programs running across the group. We've actually coined one of them as Operation Bassopa, which has got 12 principles based on the risk assessment we've done across our businesses that you can address the specific issues that we picked up. Our commitment to safe working environment for all our employees remains unwavering. What was the context under which we delivered this set of results? If you look at China, which is the key importer of minerals, the growth is projected at 5.2% for 2023. I'm not sure if anyone has got the final numbers, it's expected to slow down to 4.5% this year, which will add to the trading challenges. On the other hand, India is growing strong. In Q3 2023, they achieved 8.4% of economic growth. This is phenomenal if you consider that the global growth is expected at around 2.9% this year. This translates to roughly about 7.6% of annual growth in terms of the calendar year. If you look at Mozambique, where we actually operate, they're also showing good growth, 5% GDP growth. In fact, Mozambique has been relatively stable and strong, they did 5% in 2023. In fact, this is the strongest since 2015. This compares to 4.4% in 2022. Things are looking relatively positive. Even if you look at their inflation numbers, they are sitting at around 5.3% for 2023, and it's expected to further slow down to 4.2% this year. Coming back home, unfortunately, we are still experiencing some headwinds in terms of our economic growth. If you look at the latest Reserve Bank statistics or forecast, it's at around 0.6%, which is quite sad, and is expected to average around 1.4% per annum between 2024 and 2026. It's going to be tough. SADC in general, the economic growth is projected at around 3.3% for 2023. We're seeing some challenges coming through. The drought in Zambia is becoming problematic. We're also seeing some debt issues that remain difficult to actually resolve, and that's impacting their ability to resurrect their copper mines, which are so much needed for their economic growth. This is a bit of a concern for us. East Africa remains a positive growth region. I suspect it's going to be the highest growth in Africa, probably between 2023 and 2024. Projection of 4.5%. The economic growth outlook in general remains positive in this region. It does not go without its challenges. We've seen some of the currency devaluations recently on the back of U.S. interest rates remain sticky high, which puts pressure on inflationary outlook and serviceability of the public debt in that region. It's a tough environment that we've had, and I suspect, I'm not sure to what extent you'd agree with me, that it will continue into 2024. Now, closer to what we do in terms of the commodities that we handle. Again, I've got a suite of commodities ranging from coal to EV-based cargo types and containers. Broadly, if you look at this, there's three sets of numbers here. You've got the not so good, which are on the double-digit on the upper end, covering lithium, which is a bit of a surprise for us, as you know, is one of the cargo types that we are targeting heavily. It dropped 41% year-on-year, but is on the back of high growth that we've seen in the past years. The other one that has severely suffered is coal, 55% drop on coal, which has averaged below $100 a ton. I'm sure I'm going to get a lot of questions around what that means for our business. Container volume or container rate, apologies, 49% drop. Now, as some of you would be fully aware, we do container depot handling nationally, and particularly more so in Durban, through our joint venture partners and our own container depot handling business. You compound that with the logistics constraints that we are seeing, the impact on operations is severe. The second type, if you look at the analysis, are the ones that I think have been relatively resilient. We're seeing just a marginal downtick on those commodities. That includes copper, which is only down 4% year-on-year, it's still relatively at high rates. The other one is iron ore, which has been quite resilient to date and continues to sort of perform or at least hold where it should. The only commodity that seems to have done well and continues to do well is chrome. Now, for those of you who understand our operations, chrome is handled in the Port of Maputo, MPDC, and later on you'll see the positive impact that has had on our results. Now, this portfolio of commodities, if things work according to one's diversification strategy, you should be seeing an uptick on one commodity and a downtick on the other. It does not completely work in that fashion at times. On the backdrop of those difficult conditions, I am pleased to report that at Grindrod, we achieved EBITDA growth of 16% to ZAR 2.5 billion if you compare it to last year. We grew our headline earnings by 29% to ZAR 1.4 billion. We retain our strong liquidity with a cash balance of around ZAR 2.5 billion on a legal basis, and it is about ZAR 3 billion if you include joint venture cash that is sitting in those businesses. I am expecting questions around that liquidity, but I will leave it for Fathima to respond to it. We also achieved a return on equity of 19%. You challenged us last year that 15% as a target did not sit well given the inflationary pressures, as well as the rising cost of capital. Our target has now moved up 16%, so we comfortably achieved that. On the back of these financial KPIs, and taking into account our investment commitment and challenging trading environment in the short to medium term, we were able to secure support from the board to grow the final dividend to the shareholders by 71% to 38% per share. This brings the total dividend for the year to ZAR 0.724 per share, up 84% on 2022. I hope we have encouraged you enough to hold onto our share. This level of dividend places us at 2.1x dividend cover on core headline earnings. And we consider this to be a generous dividend payout when considering our target of between 3x and 4x dividend cover on headline earnings. However, my CFO has warned me and has indicated that we will return to the range of between 3x and 4x in the next interim dividend cycle. The good news is that the extension of the concession to operate the Port of Maputo through MPDC until 2058 was confirmed and formally granted by the Government of Mozambique in February 2024 this year, and reflects positively on the sustainability of the concessioned port operations, as well as our investment in the port of 24.7%. So those who will be with us, we have extended the life beyond probably my working life in Grindrod. I received a call this morning, pending our negotiations on the back of this extension in terms of our sub-concession extension. I am pleased to confirm that on that call, I was assured that a corresponding sub-concession extension for the Matola terminal will be granted, and we are looking to be signing off on that in the next few days. That is confirmed. The negotiations on the remaining two concessions or sub-concessions, which is the car terminal and GML sub-concessions, those negotiations are underway. I have no doubt that we will secure them. If you move on to the port and terminals, I have summarized it there, but I will just take you through the highlights. The port and terminal segment did well. This is despite challenging areas at our terminals. The dry bulk that is operated by MPDC achieved record volume growth of 20% compared to 2022. The strong demand for the footprint on this facility, in particular, continues to be unabated, particularly for chrome customers. Mozambique and Matola, which is our Grindrod Terminals, delivered record performances across the board, each growing its volume by 10% and 22% on prior year, respectively. Notably, the volume flow into the main port for chrome in terms of rail improved by some 8%, which is really encouraging in terms of the rail performance. Continuing on the highlights, the compounded annual growth rate of 23% since 2020 on the port side was achieved, which is phenomenal performance. At the current rate that was achieved in February of 1.3 million tons, you can work out the numbers if they repeated that, how the 2024 will look like. Despite 30% drop in volume in our Richards Bay, you'll be aware of the conveyor belts challenges that we've had for over two years. Overall volume level from our Grindrod Terminals remained at 16%. Sorry, at 16 million tons. A compounded annual growth rate of 19% was achieved since 2020. We are encouraged by the growing interest from our customers to commit long-term on our facilities, particularly on the main port. Following the concession extension at MPDC, we are seeing customers calling for contract terms longer than 3-5 years being requested. This is a vote of confidence from our customers in terms of the service offering that we provide to them. If we move on to the logistics segment of our business, we spent ZAR 700 million of CapEx in that business. ZAR 200 million of that was spent on rail, locomotives in particular. This shows our intent on our rail strategy because that's key for us to unlock cargo volume flows to our own terminals. The rail operations last year moved a total of 9.2 million tons, covering iron ore, manganese, general freight, coal in Sierra Leone, Eswatini, Northern Cape, and through PVR in Zambia and Zimbabwe. We are relentless in pursuing collaborative breakthrough opportunities with the various rail authorities, operators, and customers to unlock potential in the SADC region, focusing on the corridors where we operate. Rail is critical for us. Rail remains the only sustainable solution for dry bulk cargo movement, both from environmental as well as cost-effectiveness perspective. Record performance continues in our ships agency, clearing and forwarding businesses, I'm glad to see Kuben here, achieving a 49% growth combined in their earnings compared to 2022. The non-core, we have fully impaired the carrying value of ZAR 241 million of our non-core investment, the material one that was remaining, which is the taxi finance business. I suppose it comes as no surprise for some of us, seeing the distress in that industry in general. This marks the end of Grindrod's material exposure to the private equity investment portfolio. It's been an interesting journey for all of us. It's been difficult news to bring to the investors. We are pleased that we were able to absorb this impairment. Recovery of North Coast property-backed loans and advances remain difficult, and the initiatives that we are working on are yet to yield positive results, so we request your patience in that regard. This property exposure has no liability commitment, so please take comfort from that. At that half year, we reported that our security ranking on this property was improved on the waterfall, where we now rank first on the property to the value of ZAR 190 million. Any potential proceeds that materializes, we now rank first. Before the interim, we were ranking second. We communicated at the interim that we are closely monitoring the developments on the Club Med for any possible catalytic potential of this development on our North Coast property exposure. We are also a shareholder in the Club Med development. Margins on the marine fuel reselling business were impacted by lower oil prices. We expect the volumes on that business to tick up. The Red Sea challenges are resulting in demand for marine fuel as a result of vessels having to traverse via the Cape of Good Hope. We continue to engage with the core shareholder on the way forward on this business, and I'm hoping that at some stage it'll deliver positive results. Thank you. I will leave it to Fathima. Good morning, everybody, and a warm welcome from my perspective. I think Xolani's done well to talk to a lot of the factors, challenges, tailwinds, headwinds that have impacted our business and certainly our performance for our 2023 financial year. Overall, a good performance, certainly surpassed our expectations, and again, echoing the sentiments of Xolani for all the teams on the ground who have all consistently delivered strong performance for us this year. I think most pleasing for me is the strides that we're making towards the achievement of the strategy that we certainly hold ourselves accountable to. I think we closed this year with a very strong core business and a healthy balance sheet. If we continue further into the results for the year, certainly from an income statement perspective, I think key factors impacting financial results, Xolani talked to a lot of the markets coming off compared to the conditions that we saw in FY 2022. We saw it in the charter markets, we see it in the commodity markets, and we certainly experienced it in the container markets as well. The second factor really that drove and impacted performance as well as our balance sheet are the corporate transactions that we had in the year. Both of them, both of the significant ones happened in the first half, so we would have reported it to you at interim. Just to refresh the memory, the first was really the joint venture transaction around our Grindrod Logistics business with Maersk, where we own a 49% interest in that JV. The second being us buying out the joint venture partners in the Richards Bay empowerment structure, which forms part of our terminals business. Revenue is certainly on the slide. It looks like our core business revenue is flat. Again, if you normalize for charters and value-added services, again, if you recall, value-added services was the initiative we embarked on in 2022, where we aimed to have bigger participation, from a profitability perspective around the boom of the coal prices. Again, we're seeing really a 16% growth in our core business revenue once you normalize and adjust for that. Certainly, we're also seeing that in the trading profit or EBITDA line, with one additional factor to consider around the removal of the impairment that we booked, again, on certain preference shares in that Richards Bay empowerment structure. Good news is we've managed in our core business to maintain what we believe is strong EBITDA margin at 34.5%. Our depreciation has increased 19%, really a function of the extent of capitalizations, and we'll look at that further once we look at the balance sheet in a few minutes. Our non-trading items, these are really the items that we adjust for to report headline earnings, nothing significant to report on in the second half with the big factors driving that having been reported on at interim, again, around the corporate transactions, profit on the disposal of our business and the JV with Maersk, as well as certain impairments that we booked on taking control of the Navitrade business. Our net interest is looking better. Really, this is the consequence of the ring-fence cash that we hold on balance sheet. Essentially, this is cash that we're holding coming out of the disposal of Grindrod Bank in 2022, for which we have earmarked certain growth projects expansionary in nature. The port, like Xolani said, exceptional performance for us. That's what contributed to the 57% improvement that you're seeing on screen. Happy to see that in our core business, our effective tax rate maintaining at around 32%, which is really the rate that drives the tax in Mozambique, which is where we earn majority of our earnings from. Our core business delivering earnings at ZAR 1.3 billion and headline earnings of ZAR 1.4 billion, 29% uplift on the year before. If I touch on our non-core, and again, this is the marine fuels business as well as our private equity. From a private equity perspective, Xolani's talked to the impairments that we've recorded, essentially withering down to the most significant extent, the work we've got to do in that space. Again, that 10% impact on the overall headline loss is because of the 39% shift we saw in marine fuels business with the softening of the oil prices. Grindrod, as a whole, reporting headline earnings of ZAR 1 billion for this financial year, which is 36% up on the previous year. If we take a closer look at the segments, again, of the backdrop that Xolani had initially, ports and terminals, really the star performer this year, 19% uplift in revenue, 29% uplift in EBITDA, strong EBITDA margins and strong return on equity, and still very much a U.S. dollar-weighted business for Grindrod. From a logistics perspective, a bit of analysis to do here, again, because of the market conditions, charters and containers really impacted the logistics business significantly. Again, the shift in our percentage shareholding in the Maersk business from the logistics business from 100% to 49%, also impacting this. Once you adjust revenue for charters, the 51% loss of our shareholding in the business, you actually see 41% uplift on revenue, you see 23% uplift on EBITDA. Margins normalize to around 33% comparative to the 31% that we're seeing in the current financial year. We'll talk to some normalizations on the headline earnings on this slide now. From an earnings potential, you see the ZAR 1.4 billion overall for the group, 35% uplift in port and terminal, not much normalization. No real abnormal items or market factors influencing that. From a logistics perspective, the key normalization in the current year is around charter markets. If you look at the normalized headline earnings of ZAR 471 million, that's actually uplift of 32% on 2022. From a group perspective, here you see the interest again coming in on the ring-fenced cash that really contributed to the 40%. We close at normalized headline earnings of ZAR 1.3 billion. What we have done, because we know a lot of you like to see this in cents per share, this translates to headline earnings from our core business of ZAR 2.04, and normalizes to ZAR 1.94, which is effectively 95% of what we have reported. On to the balance sheet. One big anomaly, you'll see the significant balances in 2022 for non-current assets held for sale, as well as the liabilities associated with that business. The net carrying value, again, sat in one line for what we disposed of into the Maersk JV, you have 49% of it coming in proportionately onto the 2023 balance sheet. The big investment in our property, plant, and equipment, up 31%, and you'll see the stats on the side there. We've invested slightly over ZAR 1.1 billion, with close to 50% of that on expansionary capital in the current year, spread significantly between our logistics and our port and terminals business. Big investment for us, like we said, in rail. New rolling stock that we've acquired, locomotives and wagons, and certainly glad to report that our refurbishment program on the locomotives, which is replacement in nature, also concluded by the end of the year. Investment in our container business, our facilities in Denver and Heriotdale, and then in East Africa for our Pemba warehouse, for the ship that we've invested in, and yellow equipment for the crude oil pipeline projects that we are looking to participate in. Certainly from a terminals business, we acquired certain strategic leases, and also did further replacement CapEx work in our Matola facility in Mozambique. Investments, the ZAR 1.3 billion really represents the carrying value of the port to us, a significant number for us. If we look at our net current assets, we actually see uplift of close to ZAR 600 million, ZAR 300 million of that is the debtors book coming back for the Maersk JV, and the remaining ZAR 300 million locked into most of our logistics businesses for the cross-border brokering that we're doing, as well as clearing and forwarding. Of course, in there, the healthy bank balance that Xolani talked about of ZAR 3 billion on a segmental basis. On to non-core. You can see the lock-in coming off, of total equity in that business, marine fuels at ZAR 724 million, and the residual relating to private equity. You can see in the investments line, total investments sitting at ZAR 94 million, and that book sitting with a carrying value of just ZAR 59 million now. Our land balance is still at ZAR 1 billion. On that, we recorded fair value impairments of close to ZAR 93 million in the current financial year. Overall, balance sheet sitting with equity of ZAR 9.9 billion and a solid asset base of just under ZAR 19 billion. In terms of our net debt reconciliation, again, these numbers exclude the impact of the joint ventures. No major significant shift in net debt. We started the year at ZAR 1.3 billion and closed it at ZAR 1.2 billion. Good cash generation during the year of ZAR 1.2 billion, 62% of that went to our interest tax and towards dividends. Of course, you see the significant CapEx coming in at ZAR 745 million. The key driver in terms of proceeds from disposal was again on the Maersk transaction, where we saw cash of close to ZAR 272 million coming in. Of course, the impact on leases, largely attributable to lease modifications that we do for leases that are CPI linked or based. If we look at our total debt for the business or the group, of course, our short-term debts between our overdraft coming off, again, based on working capital requirements and how we manage that, and we see the maturing of certain of our leases with the lease liabilities coming off. What you are seeing is that our borrowings have increased by 15% year-on-year. We close with a net debt to equity ratio of 12%. Of course, as Grindrod, we really pay attention and look closely to our net debt to EBITDA. Those really give us more stringent measures with respect to the debt capacity that we have. When we ran the numbers for this financial year, we're sitting with debt capacity of close to ZAR 2 billion. That together with the ring-fenced cash, I think, places us in a good position for the aspirations that we have, which we'll look at closer once we get to capital allocation. We closed the year with a net asset value of ZAR 13.68, which is the 13% improvement on the year before. Of course, the devaluation of the rand did have a contributing factor to that, but still close to 82% of that NAV locked into our core business. Equity for our core business sits at ZAR 7.5 billion, that ZAR 7.5 billion has produced returns of 19% year-on-year. We look at return on earnings in terms of a target of 16%. Happy to see that we actually tracking well above that. I think what was also pleasing for me was when we looked at our return on invested capital measures for our core business this year, we achieved 16%. We measure that against the WACC we hold ourselves accountable to, and that we target and track at 14%. I guess that leaves us to where next or what next for us as Grindrod. Xolani will do the heavy lifting here. Thank you. Thanks for the numbers. Just to put some of the numbers in perspective from shareholder perspective. As Fathima was talking, I was looking at the NAV slide. She tells us that the NAV is ZAR 13.68. The share price currently is ZAR 12.85. It looks like we are narrowing down on the discount. Those of you who've been patient with us for many years, that you felt the pain, and I'm sure there's a bit of joy now. I also pretended to be an analyst for a second. I zeroed out, because I've been told many times, that the value attached to non-core is zero. I zero out Cockett, I zero out land exposure. As you know, the private equity book is almost impaired fully. That leaves us with an adjusted NAV of ZAR 11.22. If you compare that to a share price of ZAR 12.85, we're sitting at 14% premium. No more discount if you just do that. Thought I should just share that. Where to from here? Really, our strong EBITDA generation allows us to fulfill our maintenance and asset replacement program. I've said it before that it's critical for us to do that. We should be in a position to spend around ZAR 2.5 billion in the next three years maintaining our asset base. To put it in perspective, the last investment we did in Matola was in 2017, and theoretical capacity of 7.3 million tons. Since then, we've done incremental, non-consequential investment in Matola. As you know, we've now achieved 8.9 million tons on that. For us to get to 12 million tons, we need to do an asset replacement, we prefer to replace that old equipment with bigger capacity equipment. Outside Matola upgrade, we're projecting to spend around 20% of our CapEx on rolling stock, positioning Grindrod to be a regional rail operator within the SADC region. The spend will be ramped up as the confidence and clarity of the structure of the third-party access improves over time. Things are looking positive, there's some level of certainty required before the board allows us to go full on the spend. We continue to incrementally grow within our abilities and to the extent that we've got the ability to deploy those locomotives. Overall, our CapEx is governed by our investment policy framework, which governs us in terms of the head rate we're chasing, between 16%-18%, depending on the risk, in terms of the regions that we invest the funds to. Interesting in this slide is that if you look at the core EBITDA of this year, it adequately covers the CapEx commitment for the next three years. The outlook, there is no doubt that we are facing market headwinds and a rise in geopolitical risks, which will have an enormous impact on the businesses in general and global trade in particular, in the short and possibly to medium term. If you look at the media statements, the trading houses are sitting with billions of ZAR in their balance sheet. They're not giving them to the shareholders. They're keeping them for themselves. That should mean something. You're aware that one of the big coal mining companies in SA is sitting on good cash. They're not giving it to the shareholders. They holding it. There is a reason for that. We are not alone. Equally, we were warned that 2023 was going to be a challenging year, which it was, I have full belief that our employees will come to party. We hope that some improvements will begin to come through, especially as the elections worldwide are being finalized. Most of us globally are voting in some form or shape. Closer to home, we've got elections in May coming up, we need to be prepared. And in Mozambique later this year. Two of our countries where we are running our businesses are going through the elections this year. What is our response to all of this? Cost control or containment is key. I'm challenging the CFO and the rest of the businesses to tighten the belt. A no-frill capital spend is the way to go. Unrelenting focus on driving integrated logistics solution. And healthy balance sheet is what we need to focus on going forward. Just to emphasize, our strategy on cost-effective, efficient integrated logistics is what we are driving relentlessly. Rail to feed our port and terminals is critical, and that's why we are investing in rail. Thank you for listening to us this morning. This marks the end of our formal presentation. We are now ready to take questions from the floor, starting here, and I think later on we will either read some of them that come through electronically or for those who are on the call. Thank you. No difficult questions, please. Good morning. Thanks for the presentation. It's Rowan Goeller from Chronux Research. Xolani, just a question on your terminals and your expectation of volumes, in particular, Matola, GML and Navitrade. GML probably saw a lot of coal going through it when the prices were high. Can you just give me an indication of where you expect that to go from here? Then Navitrade with the conveyor belt being repaired, what are your expectations for that? Thank you. You will know that generally we don't talk to the forecast. I will highlight broadly what we're seeing. You are correct, the coal price has dropped significantly. In fact, I think second half of last year, it must have averaged below $100 a ton. For us to ensure that we induce and maintain cargo flow on coal, there are two things that we are doing. One is costs. Costs from the terminal perspective, but also costs from the logistics perspective. If you understand the cost of logistics flow into Maputo, an average truck costs you around ZAR 700 a ton from a siding in Witbank to Maputo. A train flow costs you around ZAR 350-ZAR 400. If one is able to influence and get access to running on rail corridor, suddenly you create a headroom for our customers, some of whom can actually be in a position to withstand a coal drop as far down as $70, depending on the cargo type. That's one aspect of it. The second aspect of it is that for the port to be efficient, we need to reduce or find a way to minimize the congestion at the border. For us to be able to do that, the MPDC team are working with the Mozambique team on the Mozambique side, and we are initiating a project where we are going to work hard at borderless trains. One of the things internally within our business is to work closely with rail authorities to ensure that we drive borderless trains. In Richards Bay, the belt is back. I think it's being commissioned. If it's not fully commissioned at this stage, we expect the performance to start picking up. For that terminal to operate profitably, rail has to work. We've got two tippers there. We can handle about 28 trains a week. Currently we're running at less than 10 trains a week. There's scope to actually grow the volumes. Of course, the diversification strategy is quite key so that there is no single dependency on coal. Without answering what the prospects are looking like, I hope I've given you enough to make your judgment. Thank you. Good morning. My name is Daniel Ouma from Risk Insights. We have measured Grindrod's ESG performance for a number of years now. We have seen that the disclosure in 2022 for ESG emissions, water, and waste was commendable. However, we wanted to ask if reporting on energy and green energy specifically as well, will be more transparent in the 2023 report. We'll definitely take that into account. I can tell you that for the past 12- 18 months, I've been educating myself. I'm an accountant by profession. It's quite interesting this journey of ours. What we're starting with is to put science-based targets, and that's what we've been pushing hard with the teams, and we've rebased our base year and watch out for a better narrative that is quite informative on the next IR. Question. Question. Thank you. I am Ken Thomas. I am a private investor. I think you have seen me around for a number of years. How do you see the projects in northern Mozambique affecting your business? If I may, this concession extension to Maputo, 2058. Is that customary? Because that is in excess of 35 years, according to my sums, and I thought I heard you talk about 75-year extension. One wonders on what basis those are done and what the sustainability of those are, because a lot of water can go under the bridge during that time. Please would you explain what your Navitrade activities are in relation to Richards Bay? Further, please will you clarify where you are with Maersk. I hear a reference to your joint venture in aspects of logistics, but I would be grateful if you clarify that bit. Finally, if I may, if you are willing to, talk about Transnet and how you see that affecting your business. Thank you. Thank you. Okay, let me see if I can recap. Politics in northern Mozambique. You will recall that in 2021 or 2020, 2021. 2021 We were operating the LNG project by TotalEnergies. Exciting. We had close to 12 LCTs on sea, moving up and down, ferrying the cargo, all the way from Durban and between Maputo and Cabo Delgado, Nacala. It was exciting. In fact, at the time, we were approaching a quarter of a billion rand in clean earnings. Unfortunately, the politics came in the way of us achieving that. We bled, and we came out. As it stands now, the indications are that there are positive developments, but we have not embedded any numbers from that outlook. If anything comes through, it will be an additional revenue stream coming through. What do we think about it? We are guided by what's coming out of the media statements. The team do work closely with some of the service providers and customers to understand when this thing will reopen. Watch out the media, and I think we will get clarity in terms of the progress on that front. You also talk about the concession extension. You ask if it is customary and on what basis that was done, and I think you mentioned 75 years. Just to clarify, the current concession, the main concession that's granted by the government, the conceding authority, is currently or before the extension was up to 2033, which was extendable to 2043 by 10 years, provided three conditions were met, which were all met. However, because of the level of investment that we, when I say we, MPDC, DPW, and ourselves, were looking to make at the port and the history of performance that we've done, as well as the investment we've done, we are comfortable to apply for an additional 25 years from 2033. That takes us to 2058. The government of Mozambique agreed. On the Navitrade activities, you've asked what activities we are doing there. The Navitrade is part of the complex in Richards Bay. We are running four facilities there. One with a warehouse and open space for dry bulk cargo handling, and one contains the shed for handling sulfur import, which is northbound, and the fourth one, sorry, the third one is the silos for our heavy mineral customers. I saw their customer representative present here today. The Navitrade, which is the bulk terminal. Now, the bulk terminal is rail-linked and also, to an extent, can receive trucks. It is belt-linked into the port, the dry bulk terminal of Transnet. That's the operation. We receive coal, we handle it, and we send it through the belt to load onto the vessels. That's the business we do in Richards Bay. You also talked about, I think you meant Maersk when you talk about Maersk. We announced last year a transaction where we were merging our container depot businesses nationally in South Africa with Maersk's container business nationally. That merger was effective beginning of last year, so it has run for a year, and the implementation was completed. Fathima did talk about the impact of that merger on the logistics segment of our business. I think you then asked me to talk about Transnet. Look, Transnet will work. If you look at the actions that Transnet are taking, they have made what we believe is good appointments. For us, if you look at the container depot as an example, a functioning Durban container terminal is good for our container depot business. A non-functioning DCT is not good for our business. Why? Because the container inbound cargo, when it comes off the port, needs a container depot facilities. Is the evacuation of the empties. Now, if there is constraints on the logistics side. Our business stalls because our container depot facilities are not storage, they are throughput facilities. That's just one example. Thriving Transnet is good for Grindrod business, and probably the rest of the logistics peers will agree with me on that front. Thank you. First of all, with a capital. Well done. Have a very good set of results. Just want to find out, Maputo, your auto terminal. I think that's maybe one terminal that's a little bit underutilized. I just want to find out what's the structural reasons for that. Is there anything that you can improve to take. I think the capacity is 100,000, if I'm not mistaken. Just want to find out what you can do to take that utilization up. Thanks. Thank you. Very good question. Last year, we got excited when it was announced that what is referred to as gray vehicles will no longer be calling at the point, and will be calling at Maputo Car Terminal. We are confident that at some stage, we'll begin to see the result. That's one aspect. The second aspect is for us to sustain MCTL, it thrives on cargo flow, both direction. We would need to secure importation and match it with the export. The heavy work is happening behind the scenes to see if we can return to the days of the BMW. If you recall, back then, where we had a contract for export, and thereby we were able to attract the import to balance the cargo and reduce the cost for the terminal. The third element is to position MCTL as a transshipment hub for all the vehicles calling in are being distributed north of the region. Those are the three focus areas for us to get the terminal up and running. What we've also done, we've engaged MPDC, and they have agreed jointly that a portion of the facility be made available for project laydown area to support northern Mozambique. It's one of the facilities that will benefit from the return of the LNG project in northern Mozambique. Hi. Good morning. It's Troy Dyer from a strategy consulting firm. First of all, congratulations on a great set of results. I think what is more impressive is the way in which you've presented a lot of complex information and fielded the questions. My question is from the perspective of strategic management, and just forgive the somewhat lengthy question, the link between strategy, finance, and enterprise performance management. It's more of a complementary question than an interrogative question. One gets the sense of great complexity in your business, multiple dimensions to be managed. It's a soft question. Could you give us some insight into a behind-the-scenes management of strategic management at Grindrod? How do you craft a system in which so many different moving parts can be managed in a systematic manner? Thank you. You'd have to send me to Harvard. Yeah. Without giving away a lot of IP, I think we've come out very clear in the market. If you look back in Grindrod, we had four divisions. I think I've said this before. The challenge we had with those four divisions is that we thought that because they are interrelated, the activities would naturally interrelate. If you think of bank, you think of shipping, you think of freight, and you think of trading. You think the traders will use the freight, and they'll use shipping, and they'll find a trade with bank, right? Life does not work that way. Customers have got a choice, and when a customer book a vessel, they don't necessarily come to Grindrod Shipping. When they want to do trade, they don't necessarily want to be funded by the bank. By the way, the bank had its own strategy that was different to what the group was. We had what we call a discount overhang, if I'm using the right expression, you guys challenged us, the previous management embarked on a strategy to narrow down the business. As freight became elevated, we had to come up with what now, going forward. The what now is a cost-effective, integrated, and efficient logistics solution. Sounds very simple, but for you to be present in the entire value chain from the mine, dropping the ton to the vessel, does require some level of complexity. Whether you like it or not, it's the nature of the game. Therefore, you will have to have capability of truck brokering, as an example, rail. You will have to have capability of ships, agency business, clearing and forwarding, et cetera. What makes even more sense for us is the access to port. In fact, the ownership of the port and the access to the infrastructure, which I suspect you will struggle to find any other logistics peer that have got a similar access to port. Whether you talk about Navitrade through the belt into the DPT of Transnet, or we talk about port access in MPDC, or the terminal operations both in the main port in Maputo or Matola. That gives us a competitive advantage. If you move on to the West Coast, you have WBPT, which I have been promised by one of my executives that it will be turned around. We will continue to be looking for strategic infrastructure assets, the key to unlocking those is the ability of our teams to traverse across the corridor. I will stop there before I say a lot. Thank you. Thank you. If I may, picking up on your reply there. In the ports, do you actually manage them? Or do the government authorities manage them under your advice or with your cooperation? Are you still in Walvis Bay? Correct. Thank you. The terminal we manage. The port in Maputo are the shareholders. The port itself has got four activities. One is the marine, which we don't manage, which is contracted out. It's the terminal itself, which is run by the MPDC team. It's the sub-concession business, which is your container and other operating leases within the port, and it's the MPDC group overheads in terms of running the operation. Thank you. Walvis Bay? Yeah, I did say yes. Okay. Yeah, in Walvis Bay. Any questions online? We have a question from the conference callist, the dial-in. Andersen, we have no questions on the lines. Thank you. Okay. That marks the end. No, we've got some online questions, Xolani, three of them. I'll start with Matt's question, Matt from 36ONE. He asks, "When you're looking to further expand into East Africa, are the opportunities dollar-generating businesses, or do they generate revenue in local currency?" Matt, the simple answer is dollar. Whether it's freight rates, charter rates, logistics, leasing of equipment, we peg that in US dollars. Of course, some of the cost base might have a local currency impact, but generally, we manage that quite closely. The next question, Xolani, comes from Imraan at Engineering News. "What are the CapEx demands on Grindrod in terms of the extension of the MPDC concession?" In terms of MPDC concession extension, you'd have read in the media, the top line number, $2 billion, I'm sure. A very significant portion of that comes from MPDC itself. If you rewind, we've probably spent $800 million across the precinct from the inception of the current concession. It's not an alarming number if you look at it over the period. In fact, for our TCM sub-concession extension, it enhances our value proposition for our existing extension. Sort of our existing CapEx. There's a $2 billion headline number is split between three parties based on the commitment on the extension. The commitment in each of our, without giving away on the concession agreement and sub-concession agreements, because they are confidential, there are certain requirements that need to be fulfilled. As an example, the corridor must work. In other words, there's no point in expanding TCM to 18 million tons and the corridor only handles 10 million tons. Those nuances are adequately covered for us. I hope I've answered the question. Lwazi Bam from Standard Bank asks, "Is any of the work performed by the government and related stakeholders where Transnet and the terminal infrastructure is concerned felt in your business? Do you feel that the inefficiencies should be baked in as being more permanent for the short term?" It's difficult for me to answer that question. I don't know the answer. The last question from Sandile at Umthombo Wealth asked us if we got future plans to buy back the preference shares. The answer here is no immediate plans to buy back the preference shares. We do continue to closely monitor this. I think with respect to where we see the debt levels, our preference shares are pegged at about 88% of prime. The big advantage for us is really looking at the tax efficiencies around the structure. Because of the way our group is structured, with preference shares coming out of our holding company, which is mainly a dividend and investment holding company, we just don't see the significant leverage. It is something that we do monitor quite closely. I don't have any more questions on the online segment.