Good morning. Thank you for dialing into the EOH Group Results For the Year Ended 31st of July, 2024. We are very pleased to present you with the financial and operational results today. Ashona will take you through the financial results in detail, while I will cover our strategy and operations, after which we will gladly take some questions. Please be sure to type your questions in the question box. A good place to start for those that are not familiar with EOH Group is probably a quick overview of who we are and what we do. EOH continues to be the market leader in ICT and an integral partner to our customers. You will notice that we have four major business groupings. If I start with Connected Industrial Ecosystems, that is a traditional OT business focusing on energy solutions, connectivities, and operational technologies. Just next to that, we have a business called Outsourced Knowledge Solutions, which was formerly EasyHQ. Here we have the people solutions businesses as well as HR and platforms and fraud and forensics. Naturally, we also have an infrastructure services business, which is a very traditional infrastructure business, which is augmented by our last pillar, which is digital enablement, where we focus on modernizing legacy estates of large blue chip customers. In the past year, much has been done to further stabilize operations and reposition us for growth. Cost efficiencies are starting to materialize, which can be seen in the results. In addition to much healthier finances, our financial reporting has improved, and we are very gratified to note that major legacy issues have now been closed out. It is exceptionally important for a skills-intensive business such as ours to retain those scarce skills that we need, and it is a significant focus for us. We are therefore pleased to confirm that we have again achieved the Top Employer certification for 2024. Critically, we are now able to resume investment for growth aligned to customer needs. As I articulated earlier, we did an EasyHQ transaction, and this is just a slide to remind you that while we no longer have the name EasyHQ nor GRC as a service, we still have 99% of the capabilities that we've spoken about before. I would now like to hand over to our CFO, Ashona, for the financials. Thanks, Marius. Good afternoon, ladies and gentlemen. By the end of this presentation, we aim to provide a clearer understanding of our continued progress, key value creation initiatives and momentum in our businesses. We are pleased to highlight the significant turnaround underway. In this, my first report to market, I am pleased to report progress on various fronts. For the first time in a while, this year's financial results do not contain normalized accounting, and the group has obtained an unqualified audit opinion for the fifth consecutive year. In the past year, EOH successfully addressed some of its capital structure, resolved major legacy issues, stabilized its financial performance, and in July, we rationalized to drive a fit for purpose structure and reset the strategy of investment for growth. These achievements are major steps toward the quest for financial stability and increasing investor confidence. In terms of the financial summary, the group reached revenue of ZAR 6 billion, despite a 3.6% decline from the prior year. From a continuing basis, revenue declined 0.3% compared to the prior year. This translated into gross profit of ZAR 1.65 billion, with steady gross margin of 27.3%. Adjusted EBITDA declined marginally to ZAR 307 million, only adjusted for share-based payment expense. Operating profit decreased by ZAR 23 million- ZAR 112 million, primarily driven by the underperformance in three business lines. This decline was further impacted by restructuring costs and the nonrecurrence of one-off provision releases in the prior year. We reduced net finance costs by 28% to ZAR 118 million this year. The significantly lower charge stems from a reduction in debt through the rights issue and a further capital repayment of ZAR 41 million, as well as the refinancing of existing debt at improved interest rates. To further note that our finance cost for 2024 includes a one-off legacy charge relating to a prior year expense of ZAR 14 million related to the Department of Water and Sanitation, without which net finance costs would have decreased by 37%. Our tax efficiency is a key focus area as the group improves its corporate structures to normalize the tax charge. We have further rationalized our legal entity structure during the year by deregistering 35 additional legal entities as at our result release date. This will reduce cost and complexity in addition to optimizing the tax structure for the group. EOH incurred a year-on-year headline loss per share of ZAR 0.21, reflecting a significant improvement of 99% relative to the prior year's headline loss of ZAR 0.21 per share. The loss per share of ZAR 0.10 improved by 23%. We had strong growth in our international and infrastructure services businesses, which saw revenue increases of 27% and 5% respectively. Our digital business revenue also remained robust, demonstrating the potential of our investments in this area. Revenue declined by 15% in Connected Industrial Ecosystems due to the slowdown in the mining, metals, and minerals markets impacted by lower commodity prices. This resulted in delays and deferments of connectivity infrastructure and industrial power supply projects and contracts. Revenue declined by 12% in the Digital Business Solutions business, where we experienced loss of a key contract and slower closeout on system integrations. While we experienced declines in Connected Industrial Ecosystems and Enterprise Applications, we have addressed these challenges through targeted initiatives, resulting in a considerable uptick in performance specific to these areas in H2, which resulted in overall improved margins despite the revenue decline in H1. We are pleased to note that the iOCO SA businesses has good pipelines and a positive outlook for FY 2025, with the increasing need for cloud, managed services, AI, software development, intelligent data solutions, and cybersecurity creating accelerating demand for EOH's leading solutions. The iOCO International segment grew revenue by a strong 27% this year to ZAR 661 million, now contributing 11% of group revenue from 8% a year ago. The expansion into the Middle East, Switzerland, and the United Kingdom has exceeded our expectations and is an important source of further revenue growth potential and geographic risk diversification. In addition, we are starting to see an increase in revenue back into South Africa as we increasingly utilize the South African skill set and capacity abroad. This is particularly true as we see a growing trend in multi-business deals between South Africa and the U.K. as a shared partnership. We anticipate further growth from these initiatives into FY 2025. From an EBITDA perspective, EOH achieved ZAR 307 million Adjusted EBITDA at 1.4%, marginally lower than the ZAR 312 million generated in 2023. We have had strong performance in digital at 20% growth, infrastructure services at 3% growth, and international at 18% growth, with some headwinds faced in the Connected Industrial Ecosystems declining at 14% and Digital Business Solutions declining by 7% due to lower revenue. The EOH HQ cluster included the Highveld business unit, where a one-off legacy balance sheet provision of ZAR 64 million was released in the prior year. EBITDA margins remained stable at 5%. In June of the financial year, a board subcommittee was formed to turn EOH around. Key initiatives in July included business restructure and rationalization plans. The corporate and admin cost restructure has just been successfully completed, which is expected to result in cost savings of between ZAR 160 million and ZAR 200 million into FY 2025. The rationalization incorporated the drive to ensure a fit for purpose corporate structure. In addition to the above, the current year's EBITDA reflects significant restructuring costs aimed at generating savings in FY 2025. These costs are included in the EBITDA figure. We're normalizing for the restructuring cost. The earnings present a clearer picture demonstrating growth. EOH has made notable progress in restructuring and stabilizing the business, positioning us for more efficient day-to-day operations with promising growth potential. These are significant steps towards improving investor and other stakeholder confidence, giving us a strong competitive position in the market and setting the stage for future growth and innovation. Our balance sheet remains stable with a focus on value creation and liquidity preservation entering 2025. Key highlights include trade debtors decrease due to enhanced collections and lower revenue, goodwill reduction due to sales of the remaining non-core businesses, together with a slight impairment on the value of two businesses, increased non-controlling interest from improved Middle East operations, debt reclassifications to long-term liabilities, and significant provision reduction following the Highveld SARS resolution. We're well positioned for FY 2025, focusing on value creation and liquidity preservation. Net working capital remains closely managed in the current environment, reducing by approximately 21% to ZAR 263 million in FY 2024. The group continues to manage working capital tightly. We are still seeing our customers push out their terms with cash not moving as swiftly in the economy. However, the key focus is to continue to enhance working capital management. Looking at the cash flow. From a cash flow perspective, the group generated ZAR 171 million of cash from operations during the year, an improvement from the prior year, also paying 5% less interest and 9% less tax. The closing cash balance, together with accessible facility, is ZAR 436 million as at 31 July 2024. We made a net investment in infrastructure maintenance, assets and additional infrastructure of ZAR 64 million during the financial year. The successful rights issue that concluded in 2023, which raised a net ZAR 550 million, has been critical in right sizing EOH's capital structure. With an improved capital structure in place and significantly lower interest payments to our lenders, EOH is now able to make proper long-term decisions. This, together with the much needed resizing of the organization from a cost perspective, refocuses the group on growth for the first time in many years. Debt as at 31st July 2024 was ZAR 644 million, after a further ZAR 41 million reduction through disposal proceeds. We will, together with our board members and shareholders, continue to look at options to optimize the group's capital structure. From a legacy payments perspective, EOH has managed to close out two of its significant legacy matters in FY 2024 financial year, which puts the group in a position to now focus firmly on further executing our growth strategy. In January 2024, the various EOH entities implicated in the Mehleketo matter and the liquidators of Mehleketo concluded a settlement agreement in respect of the ongoing dispute between the parties. The settlement agreement sees the various EOH entities paying the liquidators an amount of approximately ZAR 49 million. EOH also reached a settlement with SARS regarding the legacy PAYE matter within EOH Abantu. During March 2024, ZAR 112 million was paid to SARS as the full and final settlement of the matter. The amount is in line with the provision raised and has not affected the group's consolidated statement of profit or loss and other comprehensive income. Legacy payments are fast approaching the end, with final payments due to start closing out in FY 2025. This is another important step forward as these will be the final remaining legacy issues, and which will coincide with the conclusion of the strategic reset and restructuring process. I will now hand back to Marius and see you again at our Q&A. Thank you. Thanks for the update on those financials, Ashona. I'm now going to talk about the strategy and operation. Our turnaround has taken the form of three phases. We have formed a special sub-committee with the Board in June this year that is specifically looking at business turnaround and growth. The first stage of structuring is to improve efficiency and reducing costs, and that is very well advanced. The second and third stages of revenue growth and capital allocation are in their infancy, and I will take you through the thinking on each of these slides. We have looked at our corporate and administrative structures and operations and have restructured and consolidated to simplify those structures to give us the most efficient platform from which to service our customers. We've also rationalized unnecessary duplication and improved inefficient tax structures. While the restructuring had an impact on our financial results in FY 2024, we still expect to achieve somewhere between ZAR 160 million and ZAR 200 million of much-needed cost savings into FY 2025. Very excitingly, we have also proposed to our board, which we will take to the AGM in November, that we want to change the name from EOH to iOCO, and when those requisite approvals are achieved, we will revert. On slide 19, we've streamlined the business to be more competitive. Our natural industry rhythm is built on forward load, i.e., that is contracted as well as pipeline and gap. We are in the fortunate position that we've already started FY 2025 with more forward load than we did in FY 2024. Pleasingly, the business units that have traditionally longer lead times had robust forward loads. Our pipeline is healthy and is weighted more towards the business units that have shorter conversion cycles. Our new structure has been designed with the aim of specifically unlocking the opportunities related to the IT/OT convergence, which we believe are significant. Continuing in growing revenue growth, we have created a CVE cluster. We invested in customer value enhancement capability to consolidate opportunities for customers at scale. They lead the demand generation from a solutioning perspective. With customers needing digital transformation partners, we believe that CVE will accelerate those opportunities. We undertook a highly successful large implementation, which acted as the blueprint for establishing the formal capability within EOH. What we've also done, continuing in the customer segmentation piece, is analyzed all of our customers into various sectors and then also decided whether we would optimize, disrupt, ideate, innovate, grow, or protect those customers. This is just an illustrative example of how we've tried to achieve that. As you can see here, there are sectors, and as the customers move through their life cycles, we have mapped them accordingly. On slide 22, we refer to customer relationships. This is all still in our quest to bolster revenue growth. EOH is in the fortunate position that it has a very large, diversified, and loyal customer base that to date has been served by one or more of our existing business units. A significant opportunity exists for us to extend our relationships with these customers through our CVE solutions, offering a greater breadth of products and solutions, and thereby providing valuable revenue growth opportunities with customers where we already had established track records. The new structure allows for far better engagement models as we leverage off these relationships. While the world of technology has many things going on at the moment, we have simplified on what we would focus on in the medium term. While we will do lots of other things within the industry and within our own business, in order to simplify the focus areas which will take us to the medium term, we have seen the rapid advance of AI. This has increased the demand for OT and IT services, data, and compute power that's needed to be applying AI in business. Cybersecurity issues are accelerating, and EOH's fraud and forensic capabilities have experienced tremendous growth. The revamped group structure will allow our own IP greater growth opportunities, and we will extend new products and services as a service. This is just illustrative of how we intend to focus on the things that will get us to the medium term and grow our revenue. Lastly, I'd like to talk about our capital allocation. We continue to focus on bringing our debt down and managing our working capital requirements. Once we are comfortable we have achieved that, we will start investing in a meaningful way again and will focus on three specific areas to maximize shareholder value. They will be selective acquisitions, investing in our international growth, and possibly share buybacks. In closing, we are pleased to note that some green shoots are emerging in our economy, which will improve business confidence and, with that, hopefully increased investment in growth. We certainly need our customers then to grow and for us to be their chosen digital transformation partners. Digitalization and technology are the forefront of innovation needed by companies to achieve this growth, and our products and solutions are relevant to those needs. We have identified a range of strategic priorities for the coming year to benefit from a more robust economy. With the shareholders, board, and company leadership all aligned, EOH remains an agile business positioned for success in the years ahead. I would like to thank you for your support, and we will now go on to questions. Now some questions have already started to come through. Let me just get straight into it. Marius, a question for you. We see you are changing the EOH name to iOCO. Tell us a little bit more about what went into that decision. Yeah, thanks. I think it's been a long time coming. We spent an inordinate amount of time as iOCO. Many of our customers have contracted with iOCO over an extended period of time. Coupled with that, our staff contracts also moved across to iOCO. We just felt that, with us closing out two very major legacy items last year, which were linked to the EOH brand, this would be a great opportunity for us to start a new beginning, which was coupled with the turnaround strategy that we agreed with our board. We do know that there is some approvals that need to be done. We will take it to the AGM, so it's certainly not all done and dusted. Us as an organization are fully behind the change, and we look forward to what it can bring us. Thanks, Marius. Ashona, a question for you. Can you unpack your plan for paying down debt? Sure. The efficiency and cost-cutting program we have in place puts the group on a sustainable path with cash flows that can be applied to reduce debt. While we have some legacy payments in 2025, we should still see some progress in debt reduction. This will gain momentum in 2026 with higher free cash flow conversion. We don't see any further need to dispose of assets. Another question for you, Ashona: When will we start paying dividends? Our first priorities will be to reduce our debt and to invest in growth. However, our reconstituted board are eager to allocate capital for share buybacks rather than dividends, depending on the level of the share price. Certainly, at the current price levels, that would be our preference. Marius, I think this is a question for you. We see good growth in the international business. Can you elaborate on that a little bit? I think it's an exciting opportunity that we unlocked some time ago. We're quite fortunate that we had a base that has been part of the group for a long period of time. Currently, we are based in the U.K., Switzerland, and Egypt. The teams there performed exceptionally well in FY 2024, and certainly is a part of our ongoing strategy to make sure that we can explore opportunities specifically within the U.K. and the Middle East. I think our opportunities that we look forward to in the Saudi will be driven out of the team that operates within Egypt at the moment. Certainly from our perspective, it currently makes up about 11% of our revenue as a group, which is certainly up on what it was in the prior years. We're looking forward to some more exponential growth, and I'd like the teams that delivered well in FY 2024 to deliver something similar in FY 2025. We're looking forward to unlock those opportunities, Esma. Thanks. Thanks, Marius. Ashona, another question for you. It was around dividends. When will we start paying dividends? Our first priorities is to reduce our debt and to invest in growth. I think I've already answered that question. All good. Yeah. Sorry about that. When will we see a share price up then? Sure. It stands to reason that the share price is determined by investors in the market, not by management. I think the focus for us as management is to make sure that we bring as much efficiency into the business as possible and start to aggressively look at growth, both locally and internationally, which will return us to a sustained profitability. Hopefully, the market will take notice of this and reward that growth through the share price. Thanks, Ashona. Question for Marius, please. Between selective acquisition and organic growth, which one presents the greatest shareholder value creation at the moment? Yeah. Thanks. Maybe to respond in sort of two parts. You would get that question only once you're in a situation that Ashona's already described, where we've managed to reduce our debt levels. Certainly, from our perspective, in terms of our capital structure, we want to reduce our debt first. I do think that the business restructure that we've done is to unlock organic growth from within the teams, but certainly once our debt levels are at comfort levels that we are comfortable with, what we will then do is invest in acquisitions that will accelerate that growth that we've built off the organic base. For us, certainly in terms of priorities at the moment, the priorities are certainly to get the debt paid down. Once we've done that, the free cash flows will enable us to do an augmentation of the organic growth that is as a result of the business structures that we've created. Thanks, Marius. Question from Duncan: The previous CEO was pursuing large damages claims against various former executives, including former CEO Asher Bohbot. Marius, does EOH intend to continue pursuing those claims? Can you explain why or why not? Sure. Thanks. Esmaé that's part of the EOH legacy. I do think it's well documented in the public that those matters have gone legal. Certainly it's an ongoing process. It's nothing that we're involved in as a management team at the moment. The justice system wheels turn according to their timelines. As a result of EOH being part of that, when required, all the documentation that needs to be submitted from our side will be, but we're not actively pursuing anything different to what was communicated before. Ashona, a question for you. Can you please provide more details and break down the cost-cutting numbers as well as the restructuring costs? There are a few questions around that. Do you want to respond to that? From a restructure cost perspective, the detail is quite insignificant in terms of the various aspects of the restructure costs. That is included in the FY 2024 numbers. Thank you. Question for Marius: What is the strategy to mitigate the negative market view that EOH remains unstable due to the numerous and constant restructuring and changing that has happened and continues to happen? Yeah. Esmaé I mean, I think again, probably in two parts. I think we broke our strategy into three relatively simple buckets. The first one was to do a systemic cost change that will fall through into FY 2025. The second one will be to focus on revenue generation. In how we've constructed ourselves, we're a business that's been coming from five years ago that was 900 different businesses and probably more than 270 legal entities. That rationalization process for us has been ongoing and certainly not something that was only an FY 2024 implication. We're quite optimistic that those three structures are driven largely by customer needs. The industry that we're participating in requires solution-driven structures that are within our business, and so we changed from a product-based business to a solution-based business. Yes, I am appreciative of the fact that when you try and analyze our accounts, there does seem to be changing needs from how we organize ourselves. I think with us creating headroom now around the cost base, the next phase will be to create momentum and rhythm within the structures that we've created with the four pillars as disclosed in the financials. By and large, we will then only now tamper with that as we see solutions that are better offered to customers. It's an internally driven restructure that we're planning. If the customers demand different solutions, we will organize ourselves around their needs as opposed to what works for us internally. Hopefully from a market perspective, we'll provide greater clarity on what that looks like. We have already undergone significant simplification over the last three or four years. Thank you, Marius. I just want to assure people we see lots of questions coming in. If we don't get to your questions in this session, we certainly will be responding in writing or get to you on the phone. Are there, Marius or Ashona, any risks that could lead to the remaining legacy payments being higher than guided? Esmaé, as far as we're concerned, we've just come through a full audit, and I'll let Ashona comment after me, but we're certainly not aware at this stage of anything that could make those payments more than they are. They're contractually committed by us, the two big legacy payments specifically referred to in the Fs or the Mehleketo and SARS matters. I mean, as a leadership team, you know, business risks are normal, but from a legacy perspective, yeah, we are quite comfortable with the mitigation factors that we've got with the rest of the stuff that's in our system. Okay. Thanks, Marius. Next question, and we probably have about five or seven minutes left. What is the vision of iOCO in the next 20 years? 20 years in this technology age is an exceptionally long period of time. I have only been here for five years, and the volume of change I've experienced this five years is more than I experienced in my previous 30 years. You know, I think from a futuristic perspective, if I can, there's absolutely no doubt that the digital revolution is gonna dominate every aspect of business. Our ambition is to make sure that we can stay abreast of those trends. We're trying to plug into the journeys that the customers are undergoing. I do see a world where technology will dominate every aspect of life. It's been fascinating for me to participate in some conferences in the recent three or six months. I think what we'll be grappling with as a service provider in this industry, if you follow the revolutions taking place in sort of cybersecurity and AI, we're going to have to play a role that far out, which will be something that's societal and ethically related. I think while we unlock the opportunities and what good technology has to offer, it's becoming very apparent that this unbelievable compute power that's unfolding before our eyes in the hands of the wrong people could be quite damaging to society. Probably in closing, I think we sit on the side of complete optimism that, with the planet in the condition that it is currently in, being part of a company that is socially and technologically relevant, affords us an immense opportunity to be part of a much better future than the one we've got. Thank you, Marius. Question: Does the Government of National Unity present an opportunity or threat for EOH iOCO? Yeah. Working at EOH, you'll never be able to stick to technological questions only. There will be some political thing. I mean, Esmaé, from our perspective, we're here to play an important role in society. The government of the day is something that is chosen by the citizens. We want to play a role with whatever government that is in enhancing and improving the lives of our citizens. We're super excited about the new engagement levels that we've seen with government over the last sort of 6-7 months, is probably an accurate reflection. Because we do believe that we can play a role in changing that. Yeah, whether it's as a result of Government of National Unity or not, we want to make the society better than it was before and certainly play a role with the government of the day. Okay. Thank you, Marius. We have time for three more questions. What is your target debt to equity ratio to allow for focus to shift to growth opportunities? That's quite a difficult question right now as we work through our capital allocation, but we will have more guidance for this at half year. Yeah. Thank you, Ashona. Would we ever engage Microsoft again to become a partner? Yeah. Esmaé, absolutely. We've agreed to support the process. I think that's part of the legacy that we deal with. We certainly have maintained Microsoft skills within our organization. I guess for us, following the process and pursuing a fruitful relationship on the go-forward structure is certainly part of our plan. We understand that they've got to follow their internal processes globally. We'll adhere to that and comply accordingly. Thank you. Last question. When do we expect for EOH debt to be at a comfortable level to allow for external growth? Yeah. I think Ashona covered the debt story quite comprehensively today. I mean, fundamentally for us, we're a services business. In an ideal world, debt will be at a minimal level. I mean, we look to have debt on things that we invest in and acquire and enable growth. From that perspective, you know, for us, we'd like to build a structure and a model that generates free cash flow, that makes sure that we've got all stakeholders comfortable with that. Yeah, I mean, I think certainly from the board level and executive management as well as our teams, the less money that we've got to pay away to debt and the more that we can invest in things that generate and enhance the stability of our business, the better. That is the plan. Yeah, I think we've sort of articulated and outlined the stages of that process. It probably in conclusion couldn't be quick enough. We're a business that's got to balance many stakeholders in the industry. Okay. Thank you, Marius. I think there's time for one more question. At the moment, you are not getting much benefit from a listing. Does this continue to be your preferred structure for raising capital? Yeah. Thanks, Esmaé. It's the structure we have, and we're trying to optimize and make sure that that's the best structure that's available. We've got a very open-minded board. We've got a very open-minded board that is engaging with shareholders on that. To my mind, it's the structure that we have, and as we grow and hopefully, you know, deliver on what we've set out to do, we'll review that structure, you know, over time. I think that's probably the most appropriate response for now. Thank you so much, Marius and Ashona. Just to reiterate to the questions we didn't get to, we have them on record, and we will be responding. Didn't get to. People are interested, which is a very good thing. Thank you. Thank you so much. Thank you. Thanks very much. Thank you. Thanks everybody for listening.