Good morning, everyone, and welcome to the Mr Price Group's annual results presentation. This is for the year to March 2023. Just before we get into the detail, you would have noticed that the timing of the presentation itself, and the release of results, is a bit later than normal. As we'll discuss later in the presentation, we are going through an ERP change, and we thought we needed to build ourselves in some buffer time, which would give our auditors sufficient time to get the evidence that they need. We're actually going through the mandatory audit firm rotation exercise, and we've also got two sets of auditors that are running parallel, which does absorb some capacity in the team. Back to November and back to March, April results next year, we'll be back to our normal cycle. That's the one thing that I wanted to say. The second thing is, before we dive into numbers and analysis and obviously the road ahead, I just wanted to really maybe just give a sense of how I'm feeling generally about the business and the economy, and I guess the trading environment. I think certainly, as you'll find out, in this climate, it's very easy to be negative. I think when we go through the first section of the report, looking at the market and the trading dynamics, it's going to give everybody all the reason they need to be negative. I think we've got to be realistic. It's really tough out there. We've got some company-specific things that we're going to talk about in some detail, which obviously impacted results. I think if I take a more medium to longer term, I'm probably, I suppose you can be in two camps. You can be in a camp that you're negative, or although grounded in realism, and as I just said, you can also have a view that you're slightly optimistic. I'm going to say that I'm in the latter. That's really grounded on, I think, first of all, when you talk about South Africa, there's no doubt there's significant challenges, but South Africa tends to overcome those challenges as it's done before. You can look at some pretty milestone events in 1960, 1994, that I think people were not sure where this could go. Here we are, and we've overcome them. I think there's a natural resilience built in. I think the elections next year will bring a lot of focus to government and delivery, so we'll certainly look forward to that. I think that what I've seen and what I've also been party to, is business and government working a lot closer together on a lot of things, which is really positive. I guess on the one hand, receiving input is one thing, but actually acting on the input is another thing. Hopefully, that will strengthen as we go forward. The short-term is very messy. We'll give you some insights now and leave you with our outlook. From my point of view, when things are messy, and there's a lot of macro things playing out, good companies aren't immune. I will say this, good companies have a plan. From my point of view is, when this messy cycle is over and starts dissipating, I think Mr Price Group is going to be in an excellent position to capitalize on the next cycle and the swing. The layout of the presentation itself, I'm going to talk a bit about the operating environment, as I said. Mark will dive into the financial performance, and then I'll close on the medium to longer term outlook. Okay. I must apologize for this slide because it's become a bit of a swear word in South Africa. This had a dramatic effect on our performance, and performance in general for the economy. I just wanted to take a minute now to explain where Mr Price was in their decision-making process and how we reacted to what was unfolding. The graph there just really sets out the historical load shedding performance that we've experienced. As you can see, most of that graph, up until that dark blue line, I'd say it was more or less manageable. It certainly wasn't ideal. In that environment, I think it, for us, certainly it didn't require us to go and spend If you take all our companies, all the investment ever made, probably ZAR 300 million-ZAR 400 million over time on power backup solutions. Certainly as a value-minded company, we do watch our spend very closely, as you all know. We didn't make the decision at that point until to two rollout power solutions. However, at September, you can see that blue line. September load shedding was nearly as high as the full 2021 financial year. Even from that point, you can see how it escalated into December, which is obviously a peak trading month. In fact, December was the highest month on record. I think that explains how the ramp-up happened, and we certainly felt the dramatic impact from September onwards, and I think the next slide is really also going to highlight that too. We've publicly commented on which divisions, or in fact, the total group, how we were prepared in terms of backup power. The graph on the right-hand side, I think now starts giving you a much better analysis of where we were relative to what we'd call our core businesses, so it's excluding acquisitions, and then obviously our acquisitions. When you just saw on the previous graph that load shedding had ramped up in September, our core business is at 37% of our stores had backup power solutions, which as I was alluding to earlier, was low. We got up to 42% by the end of December. That really was despite best efforts to try get in pre-festive trade, it was still pretty low relative to the market and to our competitors. We then said that we had made the decision, this is at September, to roll out all backup power solutions to all our stores and that we had set a target to get there by the end of June. You can see where we landed at the end of March, 60% of our stores, our core stores, 78% of our total stores in June. It's only a week or two away, and we certainly will be at the 100% by the end of June. Very pleasingly, when we've actually done an analysis and we've taken, looking at stores performance two months before power backup was installed, and then trade two months after, we've seen on average a 5% sales uplift. Hopefully that will set us up quite nicely. If you want to quantify it, we've actually estimated that we've lost 318,000 trading hours and almost ZAR 1 billion in sales. If you just take the simple GP impact of that, of a roughly 40%, it's ZAR 400 million. If you equate that back onto the graph that we just saw on the previous page, a lot of that was in the second half. Yeah, I think we don't have to talk about the impact that that's had on the business probably much further, the solutions that we have got are, we've got strong solutions in place. Majority inverter and battery solutions. As I was saying, the backup power solutions that we've installed are really good solutions. They're mainly inverter and battery, obviously in big centers we've also got generator capacity. Roughly we've gone out with a solution that represents lighting levels of about 70% in our stores, which also puts us in a very favorable position versus competitors. Pleasingly, the solution can last us up until about stage 8. If we need to scale it because the situation worsens, these solutions are scalable because there are solutions out there that aren't. I said there that the DC and the head office has limited risk of disruption. We've just experienced it, you also experienced our generator coming up and working. Overall, as I said a little bit earlier, whilst I'm talking ZAR 300 million to ZAR 400 million for the total group, since September, we had allocated ZAR 220 million CapEx and of that we've spent about ZAR 70 million up until the end of March, with the balance being spent up until the end of June. Still staying with the external environment, I'm not going to go into a lot of detail here. I think most of it is known to you. Obviously, escalating interest rates, as you can see in the graph there, the inflation and what that's done in eroding disposable income, as you can see on the right-hand side, real wage growth is also -3.3%. I guess, looking at the interest rates, there's been 350 basis points increases in the year and another increase post-year end. We'll have to wait and see the latest inflation figure. CPI that came out was down 50 basis points. We'll have to see if that starts moderating the interest rate increases or not, and whether that's sufficient. On the top right-hand graph, you can see there the impact that inflation's had. I'll get on to discuss the impact on value business in particular. Between foods going up 14%, public transport's going up 16%, people have just got less money to spend in areas that are not absolute necessities. This is a slide that also just drives home the point. This is Capitec's data, looking at 20 million of their clients. There you can see the shift in spending that's happened in the last 12 months up until the end of February. We've highlighted the red block there as clothing and shoes purchasing, which is on the plus side, but it's obviously one of the smaller blocks because really the money is going into food, groceries, cell phones, and takeaway food. Obviously, if there's load shedding and you don't trust it or it comes on at different, frequently and at different times to advertise, you can't necessarily get home and cook. Takeaway food has gone up. Staying with the external environment, I think this is quite key messaging for us too, that if you look at the graph, it actually shows what cash sale in the industry has done and credit sales. Certainly if you look at the blue line, you can see how that's risen in the last year or two. Starting to taper off. I think when times are tight, people might have access to credit. When the repayments start hitting, there's a natural tendency to pay back. There's no doubt that credit has been fueling the system for at least the last 12 months. Relative to that blue line, we don't operate at that. You all as known us as a cash-based retailer, very cautious approach to credit. Relative to that blue line, what I can tell you, particularly in the second half of this financial year. Our credit growth was about half the growth rate of the industry, we were very comfortable with that. That's evidenced by our net bad debt to book ratio. Mark will talk about that a bit later. For us, the quality of our sales and earnings is very important. This just really talks about GDP growth, and you can see it, 1.8% in Q3 of last year. Absolutely no reason to get excited. That was on the -1.9% of the year before for the same quarter. I've spoken a bit about the government and their response to their execution and accountability. I don't think I have to go into that again. Certainly, the weakening exchange rate doesn't do consumers in this country any favors. Whilst it might be unfavorable for exporters, it hardly helps when we're busy damaging international relations. I'm talking specifically on our relationship with the U.S. at the moment. Just looking at the competitive environment. As I said, the heightened focus on the value segment, it is the largest consumer segment in SA. There's been a lot of post-COVID-19 M&A activity. Certainly, the performance of existing competitors in that set has strengthened. Increased competition from traditionally premium-focused players. There, I'm really talking about. It also interlays into some of that M&A activity that I was talking about. Obviously, companies in stronger hands, stronger balance sheets. It's not just that. There's also the non-apparel retailers, FMCG guys that we've seen enter this market too. It's not in the traditional homewares sector either. It's now moved into apparel. The homeware segment in particular, there's been definitely a rise in competition there. I think the whole work from home and lockdown, the whole trend that emerged globally was people spending money on their homes. Obviously that, in the last two years or so, has set a very high base. Certainly, there's been a flood of new stores opening in the marketplace, literally hundreds. Low barriers to entry, so it's not just in the I'm talking about the large listed retailers. It's many of the smaller independents as well. The comment that I've made there and the point that I've made is really that's driving a lot of the non-comp growth activity in the market, just the sheer number of doors opening. That was all the external. In the internal environment, we've had to navigate these conditions with, as I said when I opened the presentation, one or two internal things that we are working through. I think in terms of the execution of our differentiated fashion value positioning, we've executed it pretty well. I'll get onto stock and merchandise in a minute. I'm very happy that we haven't strayed from what we've done internally. We've had to obviously respond to the very volatile market conditions, very extreme competitor activity in terms of promos and markdowns. I guess as everybody has to manage their stock levels, it does create a very disruptive environment. Part of that repositioning, and I think a lot of what we had done leading up into There's a slide on it a bit later, certainly the last two years. Some of this, we did anticipate. What we had done in Sheet Street, for example, in the homeware sector, is just really putting into a more defensive mindset and making sure that we're not cannibalizing Mr Price Home. We had gone and repositioned Sheet Street more as a price player, obviously with very good quality backing that up. It's a small part of our group. It's less than 5% in sales and profits, and I think in that repositioning, we got some things right and we didn't get quite a few things right. To me, there's a real opportunity for us to bounce back there. The leadership changes that we've put in place, we've just spoken about the org design process. Those positions have been filled, and it's really to refocus on the execution of those two business units, that is apparel and homewares. The primary thing that those two gentlemen are focused on is comp growth. Okay? Very important. It'll also, in the longer term, support our strategy and free me up with a bit of time to look at future growth, more long-term growth. Really delighted that those positions are in place. It's working, and of course, what that meant was another rotation in some leadership roles elsewhere in the business. We completed the Studio 88 acquisition as well, 70% interest. I think as you work through the income statement, just bear in mind that all Studio 88's profits are included at 100%, stripped out right near the bottom of the income statement, and that's where you see the reduction to the 70% ownership. The point I want to make, it's a really high-performing business, and it's a business that's really never had to focus on H1, H2. Being privately held, take a view on the annual profits, and certainly, H2 is a very significant part of their earnings for the year. We'll come to the outlook section a bit later. We won't see the same impact in H1 going forward as we did that we have from H2, but nonetheless, great business, very profitable, and it's working well. If you take what I was saying about the catastrophic impact from load shedding, I think we've all suffered from that. I'll just repeat, we are slightly on the back foot in terms of the rollout to all our divisions. We've caught up. We're in a good place now, but there's no doubt that it had a very, very big impact on our customers. Overlaying that is the Oracle ERP, merchandise ERP implementation that we've been through. Look, I guess, that's why companies will only do this every 15 or 20 years, because they're really disruptive. We're not alone in this. Others that have been through the same or have experienced the same, but they really are hard, complex things because you're transferring out of legacy systems, and it's not just system changes. Processes sometimes have to change as well. If you can just picture it, in H1, our merchants in particular had to get used to know the system. It wasn't familiar to them. Natural tendency that when information's coming out, can I trust it? Do I have to find a second way of verifying it? There's this whole transitionary process that I think certainly detracts from a time and effort point of view, and as I said, it was in a key merchant area. As you do that, what happens is that you really can't focus enough or require time and effort on necessarily all the pre-season stuff. Seasons that are coming up, how we're reacting to trade, and all the changes that we do in our model to react to what trade's telling us. Couldn't, unfortunately, do many of those activities. I'm talking about allocations to stores, adjusting pack sizes, managing our store grades, adjusting patterns and print, and all those kind of things that we do to manage trade. That was compromised in a sense, but I am standing here telling you, and I'll come to it a little bit later as well, that we do not have product issues. Really my hat's off to everyone and all the users. In terms of the eventual merchandise that we put out there, I'm very, very happy of what we've put out. Mark will talk about stock in a minute, but the only problem or issue that we really got with stock is we've got too much of it. If you look at actually that differentiated fashion value that I've spoken about, I'm very pleased where we are. That's how it sort of played out in H1. Couldn't action markdowns for a while, couldn't action promos. Sort of going to H2, as I said, merchants suffered because some of those activities that now translate into H2 couldn't be done to their satisfaction. I think when load shedding intensified, the consumer fell off a cliff, and all these other things compounded it. It made for a very difficult situation. There's no doubt that fatigue had set in. There's only really certain things that you could do, and I think without the load shedding and the consumer problems, we would have probably been in a pretty good place. Certainly it was very challenging, to say the least. We're obviously then delighted that the project closed on the 15th of March, so we won't be talking to you about implications of ERP system again. The load shedding response plan, we've spent some time talking about that, but obviously there was a high level of activity there. I just want to bring this all together and how did all these things come and impact trading? As I said a little bit earlier, first of all, I believe it impacted the value segment the most. A lot that happened with grant payments, discretionary income being redirected into necessities. As I said, that was born out by the cost of living increases, increased transport costs. Also don't forget that in terms of our own store footprint, and I guess it's where we're located and as part of our model, is that we also had many, many locations relative to the competition that just weren't centered in regional and super regional centers, but very diversified where there wasn't always backup power available. I think it's a really key point there. There's never a good time for load shedding or the consumer challenges, unfortunately, it did escalate at the worst possible time, and that was the lead into our peak trading periods. When you look at then our ability to trade with all those challenges on the go, and you've got a market that is highly promotional, you've seen the extent to which competitors have spoken about their stock levels. It's not just the listers, as I said. It means that this high level of promotion does play havoc on the market. It's not sustainable. Part of the reason that I'm feeling more bullish sort of going into H2 is that people will manage their stock levels down over the next probably 6 months or so. It's really critical that our everyday low price, our EDLP positioning, gets back to where it can be. Really what happens is that when we've got too much stock and there's just this myriad of promotions in the market, our EDLP and our differentiated product offering doesn't always stand out the way it should. Results in cluttered stores. I think as well, don't just perhaps look at what's happening at GP levels at a retail or a group level. I think you really want to see what's happening, you really got to get out at stores and actually see where those promotions are being actioned. We certainly got competitors with 50% off almost across all stores and all products, and that gives you a sense of the trading environment rather than just looking at group GP numbers. I'm just going to restate again, we don't have product issues. There were one or two comments in the lead up to this to, has there been merchandise problems? Have we made some wrong fashion calls? Absolutely not. Merchants have done a fantastic job, as I said. It's all the other factors that we've explained that have had a much, much bigger impact on results. These numbers you would have seen by now, that talks to the translation of what happened to earnings at a group level, 17% mainly due to the inclusion of Studio 88 for the full six months or the second six months, so it's H2. EBITDA was positive. Obviously, once you strip out the interest forgone out of the acquisition, that's really one of the primary things that gets you down to diluted HEPS being down 6%. As I mentioned a little bit earlier, EBITDA's pre minority interest, HEPS is obviously a net of it. Very pleasingly, we'll talk about the balance sheet and how we think about cash generation and everything else a little bit in a short while. Delighted to be able to maintain our dividend payout ratio and into the future, we don't see that changing either. I won't go through this whole slide. There's quite a lot of detail here, but what this starts showing is compared to last year, how have we traveled? What is the shape of those earnings and performance H1 relative to H2? If you just cast your mind down, and I won't go through all the detail, as I said, but diluted HEPS, you remember that we came out with a 10% growth last year. It must be stated, we did have a higher base last year. I think our base was probably the toughest, if not one of the toughest in the market. We had, I think it was on a 52-week basis last year. Our HEPS growth was actually 26%. It certainly must be taken into account. You can see the transition in what happened. We're now saying the timing of load shedding, the timing of the consumer running out of cash, and all the other factors I've just mentioned really came to the fore in H2. As a business, we've actually been gaining market share for approximately 24 months post COVID lockdown. Certainly what we saw is, and we'll go on to discuss it just now, the market share shifts that we've seen have really coincided with these really traumatic events that I've just explained. Okay. Just to, for those that haven't identified at this point, H1 HEPS up 10.8%, very tough H2 down 15%. Okay, I'm going to hand over to Mark Stirton, our CFO, who's going to take you through some more of the details in our financial performance. Good morning, everyone. Thanks, Mark. I'm going to start off with just the shape of the income statement. You would have seen that from our H1 performance to the annual, the shapes changed slightly. Obviously, we pride ourselves on having positive operating leverage. Obviously in the second half, all the factors Mark spoke about that impacted particularly upon our core business, with the introduction of Studio 88 definitely helping support the H2 results. Just from a cosmetics difference, you would have seen the last line of ZAR 111 million, which relates to the non-controlling interest change, I'm sorry, reduction, which took our profit after tax from the 3.6% reduction to the 6.9%, and that obviously flows down to your basic earnings. In line with our strategy, we said that we would buy the acquisitions in order to dilute the influence that particularly our apparel division has on our overall group performance. You'll see there, our apparel segment's gone to 74.5% from the 69.9%, and that's obviously heavily influenced by the introduction of Studio 88 into the business, which now represents 13% of RSOI in the group. You'll see on the far right-hand side, again, just to allude to what Mark said, all segments were up against very, very strong base effects, with apparel up against 30.9%, the home division up at 15.6%, and the financial services and telecoms up at a 22%. All still that's really strong operating margins, but excluding Studio 88, particularly in the apparel division, you would see that comes down to 2.8% and the operating margin at 4.6%. For the reasons Mark said about our home segment and the threats and the attack on that particular segment, you would have seen that they fared worse in this climate with RSOI down 3.8%, and operating profit down at 35.9%. With the financial services and telecoms segment, the RSOI was heavily impacted in terms of the positive operating leverage on operating profits, and that was impacted by bad debt. I know that we had a comment around H2 expenses that came through earlier. It's our H2, I'll take you through the bad debts a little bit later when I take you through debtors, but our bad debt impact in H2 was quite a lot higher than H1, that impacted that segment. From a channel perspective or growth perspective, we've got some slides in the back of the deck around SA/Non-SA, the SA/Non-SA still remains pretty consistent. We haven't overly gone into detail on that. From an e-commerce perspective, the channel still remains a very important channel to us, I'm not going to concentrate on that for now. Our store growth, what is very important and we're quite proud of, is that over the period, we added 1,000 new stores to the group to take the group to 2,702 stores. The introduction of Studio 88 gave us 778 stores, and during the period in which we owned them, they opened another 51, and our core business opened 171 stores. That gave us a weighted average space growth, including Studio 88, of 16.9%, and the core business, excluding Studio 88, is 5.7% weighted average space growth. Our trading density is still very strong at ZAR 36,000 per square meter. Despite all the performance in the second half and well below our expectations, what I am pleased to say is that our returns on our capital that we employ in our new stores are still multiples of our WACC. We will talk about why we still believe we are confident to continue to invest in our cost base and why part of our capital allocation is our strongest returns do still remain in our core business. You will see also on the right-hand side, with all the stores, you will see the Power Fashion, the Yuppiechef, and the Mr Price Money, which is really the cellular business, all of those showing really strong weighted average space growths, but with the core businesses still showing very good space growth. We still see very good space opportunities within them. From a GP analysis perspective, the group GP came down 150 basis points. The increased contribution of our high-growth acquisitions, coupled with the slower performance in our core business, obviously had an impact on that GP. Excluding the acquisitions, GP metric decreased 120 basis points, which shows that. From a merchandise perspective, Mark's spoken about the higher markdown environment in H2. When you couple that with the ERP and the load shedding and just generally the overstocking in the market, it affected everyone's merchandise GPs in that second half. I think everyone who has come out or the competitors have shown how margin in their second half was heavily impacted. We were no different. We made a strategic call because of the rand's depreciation of 18.5% over the period. Despite being very well hedged, you can only absorb certain amounts of inflation. We decided to protect our everyday low pricing leadership, obviously a lot earlier than H2, and we did not pass all the inflation across, which also slightly impacted our merchandise GPs. From a telecoms perspective, we are very proud to see this 200 basis point increase in the telecoms, and we continue to gain market shares in that space with a lot of roadmap for us, which we are quite excited about. From overhead expenses, again, the inclusion of Studio 88 does distort things. So what we have done is we have created a change excluding Studio 88 section on the far right-hand side. So I am not going to speak too much to the including Studio 88 numbers. Suffice to say that when you have got weighted average space growth, and remember that most of your expenses come through stores, which is that selling expense is at 74%. So when you think about that and the introduction of Studio 88, 16.9% weighted average space growth on a 21.2% total expenses, you will see that the delta is about 5%, which is very respectable in this climate. If you take the expenses excluding Studio 88, which is really the core business, including Power Fashion and Yuppiechef, we managed to keep expenses at 6.7%. I think this, which is very important and we speak about a lot, how we believe we owe to shareholders quite as management and as across the teams, and that is that we have got a flexible remuneration structure that floats with the performance of the business. You will see a large portion of the reason why we are able to contain employment expenses at 1.6% is because of that variable remuneration structure. We have IFRS 2 costs. That is to do with our share schemes. If you strip out, there was a credit in the base, you would have taken employment cost down to 2.1%, declined 2.1%. Occupancy costs were obviously impacted by things like the increase from NERSA. Also within this climate, we're finding that a lot of, particularly in Studio 88, but also more so in our own businesses, that some of our rental negotiations are going into a month-to-month areas, which now falls out of IFRS 16 and would fall under that occupancy costs. Other operating costs is quite high at 19.8% for the core business. When you strip out bad debts and you strip out our computer expenses, bad debts in particular, if you take just bad debts out, it would've come in under 10. If you take out our shift in computer expenses, bearing in mind that we're shifting a lot to cloud-based solutions out of fixed infrastructure, those would've come in under inflation. That's also partly responsible for why depreciation and amortization has come down because of the switch out of physical infrastructure in our computer or IT environment. From a group expenses as a percentage of the RSOI, it was at 26.3%, including Studio 88, and it was 40 basis points lower than a pre-acquisition level. Despite including Studio 88, which is at a lower operating margin in the group, we were still able to keep the operating overhead costs as a percentage of RSOI in line. From a balance sheet management perspective, we obviously pride ourselves on our balance sheet. We believe we've got a very strong balance sheet, and we pride ourselves on our working capital management. That was heavily impacted over the period with inventory up, excluding Studio 88, up 18.6%, including Studio 88 up 85.1%. That's obviously quite obvious because you've got nothing in your base. From an excluding Studio 88 inventory was mainly impacted by those lost trading hours that Mark spoke about. The higher input inflation we experienced, because of the exchange rate I spoke about a little bit earlier, there was about 9% or 10% input price inflation, and we had weighted average space growth of 5.7%. If you strip all of those, the weighted average space growth, the input inflation out of the 18.6, you probably got unit growth of about 3% or 4%, which we feel despite when you think about the lost trading hours, it's a reasonable result. Stock freshness, also for the core business is at 83.4%, which is nought to three months. From a cash perspective, bearing in mind we paid ZAR 3.6 billion in cash outflows for Studio 88 in the second half, our cash balance was ZAR 1.4 billion, which just goes to show the cash generation of the business, our cash conversion ratio was 82%, despite some of the changes in working capital, which I'll take you through right now. It's mainly because of our cash contribution, which is at 87.3% of sales. You obviously see the balance sheet cosmetically has changed quite dramatically from March 2022, and that's due to the introduction of Studio 88. From a working capital perspective, again, across the industry this has been a challenge for everyone, and it has absorbed capital. Again, I don't want to reemphasize the inventory point again, but we obviously experienced bloated inventory as a result of some of our own internal challenges but just the general market overstocking. What's our action plan? We've appropriated some, or we've called back some of our sales calls. Mr Price's real strength is chasing, what we call chasing, where we actually call the clearances a little bit stronger. What we do is that because of our supply base, which is very used to our business rhythms, that they're highly responsive to our needs. If we do feel that the sales are there, we'd rather chase into those good products. That's going to be a strategy that we're going to employ strongly into this new financial year. We're hoping that with the stability of the ERP will enhance our stock placement and productivity. Bearing in mind, like Mark said, when you do an ERP change of this nature, a lot of your planning activities are highly influenced, which for us, being an in-season trade business, definitely, we're hoping that that will be a strong bounce back for us. From a trade receivables perspective, I think like much of the market, the demand for new credit was definitely there, with everyone experiencing very high appetite for applications for credit. We, in the first half, did take on some new credits, for what we call less than 12 months on book. When we started to see the climate change, we did tighten that scorecard into the second half, but we did experience bad debt, which like I said a little bit earlier, did impact our overhead expenses in the second half in particular. Just with the rising interest rates, they went up 350 basis points over the period. That's definitely started to impact upon our customers' ability to pay. What is very important, and I think we alluded to it at COVID-19, is that for our business in particular and our customer, our stores remain a primary collection point for trade receivables. When you've got disrupted trade, people not taking as many shopping trips, all of that impacts upon your ability to collect, and therefore you do have a tendency in your book to roll between periods. We feel like from an action plan perspective, we're going to keep our scorecard quite tight over the next 12 months. With this appetite for credit, we're exploring heavily an extension into our lay-by program and Buy Now, Pay Later, which is a slightly longer-term solution, but there's obviously to try and get those customers still facilitating the sale that those customers want. We want to improve our contribution of our greater than 12 months on book. I'll speak to you a little bit about the health of that book. It's a lot better than our less than 12 months on book. Over this next period, I think in line with FirstRand that came out yesterday, all the sector definitely wants to concentrate on its core customers that have got a proven credit history record, I think that will be an industry-wide strategy. Again, we're just going to focus more heavily on our stores collection as our backup power solutions start to roll out or have rolled out. Our supply chain finance program continues to be a really strong program for us. We've raised over ZAR 900 million in working capital over the last 18 months, and this year we hope to raise another ZAR 500 million. From a CapEx allocation perspective, when you have these type of climates and there's a lot of concern about where the future is, you've really got to look at your business model and the fundamentals of who you are as a business and how much of it is transitory and how much of it is permanent. I think despite the load shedding, we did pull back some stores, and we have pulled some of our guidance with regard to the CapEx that we were going to spend, and we spent ZAR 945 million over the period. What is important is that we funded all of this out of our cash reserves. What I didn't allude to on our balance sheet, is that we continue to remain debt-free from all forms of long-term funding debt, which does give us this ability that we do grow within ourselves. Because of our high cash generation, we're able to fund these capital allocation initiatives. From a credit growth perspective, I don't want to spend too much time on it. It's an important part of our business, but not the major part of our business. It only contributes 12.7% to our sales, credit grew 8.3% over the period, which was stronger. This is only the core business. Studio 88 doesn't have credit, which is a possibility into the future. It obviously grew faster than our cash sales, excluding Studio 88. Whilst it did incur a little bit more bad debt than we would have liked, it was an important growth channel for sales for us. Growth was driven, like I said, by the existing base was up 9.9%, with new accounts decreasing 6.4%. We see how we had to pull that scorecard back in the first half and how that influenced our new account growth. Our accounts approvals was at 33%, and we came all the way down to 23% to reduce the risks. Our interest and fees supported by the interest rate increases and the book performance. Our credit growth was up 24.2%. Trade receivables, just to go a little bit more detail because it is a big balance and we normally give more detail on this, was up 9.3% for March on March. Like I said, the new account growth did cause a lot of extra bad debt that we had to incur, and that took the net bad debt to book ratio up to 8.4% from last year's 6%. Likewise, we've increased our provision to 10%, mainly to be prudent into this next cycle. When you look at the model, some of the model actually looks at the economic factors and say they're improving. We just believe in this climate that to remain a delta between our net bad debt book of 8.4% and 10% is the right approach. What we are pleased about is that our book is 75% or there and thereabouts is in the current status, which is industry leading, according to TransUnion reports. We're confident that the trade receivables that we do have are in a healthy place. What we've got on the far right-hand side, there's the Principa Face of Credit report, which is their most recent report, and you'll see that for every one bad customer, we've got eight and the rest of the industry for every one bad customer, they've only got four good customers. We're almost 100% better, or more than 100% better than the industry, and the same flows down to cycle balances greater than four months. Financial outlook. Much what Mark said, inflation remains sticky, and while it remains sticky, interest rates are going to remain elevated. We believe that's going to be around, and economists believe it's going to start coming down in towards the latter half of this financial period. We do believe that consumers are going to remain constrained over the next 12 months, and that'll just squeeze non-discretionary items within their share of wallet. It's also going to start to increase promotional activity for the foreseeable future. We do, and there's been a lot of market commentary about what is the next 12 months or at least the next six months over winter load shedding. We seem to be in an okay place at the moment, but if that starts to escalate, we do believe that could weigh heavily on business in general and consumer sentiments in general. Winter is quite a terminal season, not quite, it's very terminal season. Any disruption to that environment could precipitate more promotional activity. What does worry us the most, and Mark alluded to it, is the very high inventory levels across the industry at the moment, and that definitely will start to impact discounting and promotional. How do we feel as Mr Price? Over the next six months, we believe that our GP margin will be under pressure. It's the exchange rate. You would've seen what's done to the exchange rate just over this half. It's another 18% just over the last six months, period on period. That inflation is definitely going to weigh on Mr Price. We are well covered, but it's covered at rates under the current spot, but definitely higher than last year. We're also concerned about the highly promotional winter product that is in the market at the moment. Studio 88 in the first half will not be as supportive as it was in the second half, this is in line with the historical trend. What can we do? We've got a strong internal focus on the inventory management, like I spoke about. We definitely are starting to tighten our sales calls and also our clearances. Our cash generation is imperative over this period, and that's why we have the focus over the next while just to build a bit more headroom on our balance sheet from cash reserves. Obviously, it's in our nature and our DNA is expense control. What are our targets? I think Mark's going to allude to our capital allocation a little bit later in his slides, but our new stores, we're going to put down 260-280, including Studio 88, excluding about 90-100. We'll have weighted average space growth of 15%-17%, including Studio 88, and between 5% and 7% excluding Studio 88. Like I alluded to, we believe input inflation as a result of mainly the exchange rate could be up to double digits for most of the period. Thanks. I'll hand it back to Mark. Thanks, Mark. Just on that input inflation, obviously exchange rate is one thing. Pleasingly, we're getting very good negotiations with suppliers, which will offset some of that currency impact. That's some good news. I think we've been in a lot of detail in the last hour or so. Sorry, we are running a bit behind, partly because of that disruption. Let's spend the proportionate amount of time that we have to on the future. There's some really important slides that I want to land here. I'll speed through some. You can read them at your own leisure, but we'll dive in terms of some of the other ones. The first thing is nothing's changing in our strategy as communicated to you. Yes, there is short-term noise. We think the strategy is still a sound one, and we're executing in line with that strategy. The page that I'm really talking about, whilst we're not going to go and discuss each of the strategic pillars now. There's a lot of detail in our integrated report. I think when you just take a look at what's happened over the last two or three years and the level of activity that has been going on in the business, relative to all the factors that we've just explained, I think it really talks to a team that's got energy and clarity in what they're doing. We've listed perhaps some of the more key achievements. I think it gives you a really strong sense that there is a lot of activity and, amongst that, there are some very serious external events that have happened: COVID-19 lockdown, civil unrest last year, the flooding, and now the intensified load shedding and a poor consumer environment. I think relative to that, some of these things we could foresee happening, what is happening in the marketplace to a certain extent, and a lot of the activities or some of the activities that we've done over the last two years, mainly in the growth area, was a direct result of us having a view of the future and what those forces would bring. The thing I want to land on this slide is there's a lot going on, it's a difficult environment, but this hasn't caused distraction to the team. There is clear responsibility in place. We're executing very well. It's more about all the other stuff. Over the period and all this activity, we've grown revenue 43%. As Mark has just explained, the profit trajectory is not quite the same, but when I think medium to longer term, I'm quite happy and quite confident that that profit trajectory will catch up with what's happened at the top line. It'll start closing that gap. Once again, committed to our long-term strategy. Don't forget, we spoke some time ago, and two of the things that we're really focused on is diversifying our customer and our segment exposure. Previously, we've described our investment matrix to you. I think it's very clear there. We've really been executing in line with that. Also historically, Mr Price Apparel has been so material to the group's performance that I think we weren't quite happy with that. Of course, we want to grow Mr Price Apparel as much as we can, but I think an appropriate balance is probably what we're happier with. There you see it, 56% was Mr Price Apparel's contribution in 2021. It's down to 45%, and we've got a really exciting opportunity to tell you about that division in particular, which I'll get onto in a couple of minutes. As I said, doing justice to that brand, which is a very strong brand, growing it as much as we can, obviously all the other things that we've done and exploiting opportunities in departments in each of the trading divisions and also the newly acquired companies. Key to that was, don't forget, positioning in terms of that broad middle fashion value segment. This goes down to the next item there, where we see nine trading divisions as opposed to six, and the positioning of three divisions in terms of that investment matrix. Yuppiechef, much higher income customer, higher price points, a very different customer. When I start talking about the home segment in particular, you'll understand why we took that move ahead of that. Then the introduction of Yuppiechef and Studio 88, then introduce the more aspirational customers or customers after more aspirational product into our mix. Where are we as a group? I think, really in terms of our cash sales contributions, we're comfortable with where it is. There's no plan to accelerate our credit growth to 20% or anything like that, although there are opportunities in some of the divisions to grow credit. Yuppiechef would be an obvious example. It's a cash business now, and we'll think about a credit offer in due course there. In terms of private label product, although we've introduced brands, and I'll talk about them in a minute, certainly in terms of our total offer, still very much a focused private label assortment with a balance of brands. Okay, I'll talk about market share now, I think for us, getting reasonable market share is obviously becoming a bit more cloudy with all the movement that's happened in the market. Let's just start off with Stats SA, and this is type D retailers. Our market share increased by 70 basis points. Quite notably, and why Stats SA is important, is that it's the reference point that includes all our trading divisions. The RLC market share was down 110 basis points, mainly due to the homewares performance. Just don't forget that RLC doesn't include all our divisions. It doesn't include Mr Price Sport or the Studio 88 group because there's no RLC for that, and competitors won't include their information either. Under market share, I think it's also quite important to point out that we are after sustainable, profitable market share. As I said before, we've got an EDLP model, and it means everyday low prices with support of our promotions occasionally and in specific categories. We're after profitable market share gains, not market share gains at all cost. Mark spoke about what's happening on the storefront a little bit earlier. Just really looking at what our goals and our targets are there. We've got the appetite for it. We say here that we're going to plan to open about 130 stores per annum, excluding our acquisitions. In acquisitions, I'm including all three in those. There you can see the approximate split. Whether you're talking apparel or homeware chains, and even if homeware is under a bit of pressure performance wise, we're still investing in those chains because there's still definite, A, we're getting the returns, and B, there's more locations we can go to. Very importantly, it does tie up to one of the slides I'm going to come to next, the revamp program that we had temporarily halted because of our power backup solutions rollout will get new life in the new year. Remember, I spoke to you about this before, and when we did have that revamp, there was a really nice kick in sales and performance of those locations, bearing in mind when they were last revamped. Let's just talk about the apparel segment in totality first. Don't forget, this is the lion's share. Let's just call it 75% of our business. We believe that the market share performance in the absolute short term has been temporary. It's not structural. We've come under attack in some of our categories. We've got a clear plan how to address that. Always staying one step ahead is certainly part of our DNA. Plans are well afoot on that. Just point out again that Mr Price Apparel was more affected by the headwinds that we've spoken about. Really, it's a strong brand and it's working. It's got the highest brand equity on the market, and the largest customer base. If we were seeing dilution in that, we'd be worried, but we're not. I think on the apparel side, feeling very confident about our strategy, where we're going to grow things and where we're going to go. As I said, a very exciting thing that we're going to tell you about just now. The homeware segment's slightly different. It's about 20% of our business. When you piece together what I was saying a little bit earlier, I think part of that shift in the market has been structural. With apparel, we don't think it was. There's no doubt that with the market entrants coming into the homeware segment in particular, all the doors that have opened, I think it's going to be pretty hard for us to get back to the 40 or slightly more than 40% market share that we had pre-COVID. We're still investing in stores, as I said. There's still growth that's going to come out of those divisions, and certainly hoping to get back some of the market share we have lost, but we don't expect to get it all back. Then financial services, which is 6%. Yeah, very happy with what we're doing there. As you know, it's financial services and cellular, which is in many of our stores, but the standalone concepts are trading exceptionally well. We're gaining market share very nicely there and, in fact, the returns that we're getting out of business are some of the highest in the group. We're really going to go for it on that front as well. Margins. Mark spoke a bit about margins, and I guess the million-dollar question is, how do we see margins playing out in the more medium term? If you remember some time ago, I said that when looking at our core divisions, and this is publicly available information, you just have to go to integrated report, we were aiming for a gross profit margin of around 42%, and pretty much most of the core divisions were around that mark. Acquisitions, we were targeting 38%-40%, sort of in that range. I'm here to tell you that those numbers are still on for us. There's nothing changing there. Even in terms of the acquisitions, Studio 88 and Yuppiechef are just really knocking on that range that I just described. Just very slightly under, but it's the market conditions that we described. Confident that we'll get into that 38%-40% GP margin. Power's operating a little bit below those numbers. In terms of how Power's performing right now, very happy that it'll achieve those, and certainly has been a mountain of work done in that division by a very experienced team that's given me a lot of excitement going forward. I'll chat a little bit just now. Overall margins, very happy. I think that, as I just said, then to reiterate, with homeware, I think it's going to be more challenging than the apparel side, but there's a plan to address and look at how we're going to offset the impact of that effect. New opportunities, when I was just really talking to the slide a little bit earlier about all the activity in the last couple of years, I said there's no distraction. Also just wanted to iterate that those are all the things that we've chosen to do. There's a whole shopping list of things that we've applied our minds to that we've chosen not to do at this point, and those will remain further opportunities. What's on our plate at the moment and the focus on comp sales is taking priority, we're not going to action some of those, except the very significant opportunity that we've got in front of us now. I think when you look back at the new opportunities and definitely a skill set that we possess as a company, is a proven ability to launch and scale new concepts over time. If you look at the next page, I think that really explains what I'm talking about. It goes back to the early days. Although Miladys was an acquisition, really grown Mr Price to what it is today from the early days. Acquired Sheet Street and grew it. All those other red Mr Price, Mr Price Home, Mr Price Sport, Mr Price Money, Cellular, those are all organic concepts that we've grown into what they are today and with the potential that they've still got today. Very pleasingly, this is the core Mr Price business. Although we've got some acquisitions on the right-hand side, those businesses too, because they've had entrepreneurial roots, have got a similar story that they've delivered over the years. When you see, for example, Studio 88, don't think it's one division, one company. We've previously explained to you that there's many retail chains within that stable. If you remember last time we spoke to you about Mr Price Baby, and that there was a test process underway. In fact, it was late 2020, we said that, and we were giving it some time to see where it would settle. Working on the product mix, profitability, analyzing that, and certainly, it's shown some great potential for us as a group. The exciting opportunity that I just want to then share with you, and exciting from the point of view because of the natural scale that it'll bring, the real rand value of the opportunities there. Also, it impacts one division, but different customers in that one division. What we've identified excuse me, is a completely new model, and it's going away from the Mr Price Baby concept, which I just explained to you, into a more holistic kids offer. This will be a kids focused store. It's going to deal with from really babies from a very young age, from birth, in fact, right up until pre-teens, so probably about 12 years old. At that point, kids start making their own fashion decisions. The real opportunity in kids right now, it's about a ZAR 3 billion business to Mr Price. We believe that we can comfortably double that in the next five years. When I say comfortably, I think the constraint there is the opportunity in the market there with the product and the differentiation that we've got. It's more about can we secure the trading locations? It really is up to us partnering with our landlords. I think if you then just take the sheer scale of things, when I said it could double to more than ZAR 6 billion, we've actually done our homework, and we've identified the first 300 stores that we could trade out of. When you look at the year ahead, I think, and it really depends on how the engagement with the landlord now goes, we've provisionally forecast only 20 stores in this financial year. Certainly then the ramp-up would happen next year. If the site slots are available, then we'll certainly take them. Really looking forward to a positive interaction with our property partners there. The ideal location is that, because don't forget, in a Mr Price store, stores are offering trading within themselves for space. For argument's sake, Mr Price Kids has currently got a very small footprint. Competitors might have a much larger footprint, and they're fighting for window space and marketing spend, and now they won't have to. Ideal strategy for Mr Price Kids is actually in the larger centers, is to be completely adjacent to the Mr Price store, separated, but with an area that you can navigate from one site to the other, or just a standalone store in hopefully very close proximity to the mothership as well. A great opportunity in Kids. It is dependent upon store locations, as I said. The real why I'm feeling so confident about this is there's no testing involved. We've got the test under our belt. We know our kids' stores that are currently standalone are performing exceptionally well. We've got a skill set, and although when I was talking about a GP margin of 42% a bit earlier on, Kids naturally operates at a slightly lower GP margin. Our forecast of our Kids business is around 40%. Because we've actually got existing skills, existing teams, existing processes, although they're going in at a lower GP margin, the net profit margin will actually be quite similar. That's the one exciting growth opportunity that we've got. Certainly all our studies are reflecting that there's no reason that we shouldn't achieve our ambitions there. It creates another opportunity in the Mr Price mothership. What our researchers showed over the last year or so is that our junior fashion customer in particular, that's the 16 to 24-year-old, whilst obviously very engaged, I've spoke about the shopper numbers a short while ago. They were feeling that we could be speaking to them directly a little bit more. That's us saying about marketing spend, about store windows, navigation in the store. As we then pull Mr Price Kids out of the mothership, it allows us to do exactly that, to talk to those customers directly on all fronts. Once again, the test that we've had in place there, with the additional space to the adults' wear business, has proved successful. One great opportunity there that solves for two different things at the same time. Yeah, we're certainly looking at growing our market share over the next five years by probably 50% or even slightly more. Great opportunity. I can feel my phone buzzing in my pocket right now. Must be the landlords finding space for us. We'd like to certainly beat that 2020 target that we've got. Looking there's quite a few pages on acquisitions in this. In the interest of time, I'm not going to go through them all. I guess when we announce these acquisitions, there's a bit of skepticism in the market. Have we bought the right business? What did we pay for them? How do you know there's still growth and runway? I'm very happy with how they're performing and the potential that they've got in front of them. If you need to look for less things to worry about, I think don't worry about these. There's great opportunities. They accrete us, as we've just said, that the operating profits are around double what the interest forgone is. They've got clear strategic plans. Really excited about the opportunities of these businesses. The biggest learning is that some of these things do take time. Like the first acquisition, Power Fashion, there's some detail in the slides that follow. We changed a lot of that team. There is a very high-class team that's been hard at work in the last 12 months, taking us into a new place with Power. I'm really pleased to say that it's performing well. That's the one. We know, the seller exited the business. That was always by design. Yuppiechef's a lot smaller in terms of scale. I've made some changes to that team as well. I think the real opportunity in that high-income segment for us is large. We're working hard at that. What it does mean in the short term is that you put investments into it. Investments can be in technology, it can be in people, even just simple things like travel to go forge new relationships with key suppliers or look for alternative products or go into different categories like we have in Yuppiechef. Really excited about that. The Studio 88 model is really working well for us. In the first six months, we've really given them the space that they need to carry on trading in a very difficult climate. Certainly having those owners involved allows you to do that. I must say, a very high-performing team. Guys, when I look at all three businesses, I'm full of confidence that we're going to deliver in terms of our expectations for those businesses. It really does allow us to revamp, to scale up and ramp up those businesses. The profits will follow. I'm going to skip these next couple of pages. I would just ask you to just go and read them. There are some quite important messages there, opportunities, where we've been focused. Yeah. Power Fashion, as I said, double-digit operating growth for the year that's just gone. They've been introduced to some of our processes. Now [Marie] talk about merchandise planning and buying. We've introduced them to suppliers. There's a really good integration happening there. We've been involved in supply chain improvements there. In the short term, we've grown that business from 174 stores on acquisition to 262. Just to reiterate, we did say on acquisition that the goal here was well north of 500. That's definitely still our view. Mr Price, I've spoken a bit about there. Really excited about the new customer, the new opportunities, the products, certainly what our offer is in terms of our store rollouts as well. Looking ahead, open 14 stores. You could probably bank on that for the next, say, five years or so, that kind of pace of rollout. Yeah, I think the opportunities are really good there. Mark is talking about capital allocation. I don't want to reiterate a whole sort of capital allocation process again, I think we're known for a couple of things. The first thing is we're quite cautious. When we invest in something, we want to know that those returns are going to come. That's probably why I've been more confident in our acquisitions, for example, than perhaps the market would appreciate. It's because we're deep thinkers and we run things through the mill before making decisions on things. If we're taking a long-term view on South Africa, it sort of ties up to my comment that I was saying a little bit earlier, you're either confident or you're not. It seems like a lot of the talk out there is that we've got long-term confidence in South Africa's ability to turn things around. We're certainly in that camp, as I said. In the short term, if you've got that confidence, why wouldn't we carry on investing? The reason that we're carrying on investing, as Mark said, our store returns are excellent. We're getting the required returns that we want, our thresholds. Just to be a little bit more cautious in this market, we've actually increased our return on capital employed targets. It'll just make sure that we don't run the risk of any stores coming into our fold that are marginal. I think what it talks to is that all our brands have got opportunity. We're investing in ourselves. Rather than a share buyback, we're investing in our own proven concepts, I think that's key. That generates strong returns. Lastly, I guess it's because we can. We've got cash. We're highly cash generative. That's going to certainly support our growth. If you consider the concepts that we've spoken about, our focus on comp sales and obviously the store opening opportunities, I think that starts giving you a lot more confidence about the medium to longer term. Our payback periods in our stores are very good, as you can see. We don't plan on any more significant acquisitions in the short term. We've still got to acquire the remainder of 30% of the Studio 88 Group, which is over the next 3 years. Apologies again for that disruption. I was on the capital allocation slide, we were talking about we're investing in the future because of the strength of our balance sheet and our cash flow. I had mentioned earlier that we're choosing not to do certain things in FY 2024. They'll remain longer term opportunities for us if we wish to proceed with them. Very key for us is to avoid shareholder surprises. Our balance sheet maintains us maintaining our dividend policy. When it comes to debt and servicing our opportunities with debt or cash, we're strong cash generative, we don't see ourselves incurring any significant debt. Looking at the prospects, it's just really building on what Mark said a bit earlier, H1 is still going to be very challenging. Sectoral inventory carry, markdown and promotion environment. Load shedding is not in the base, although we've got a solution, there's still very little in the base. We'll have to see how we go through winter trade. Cost of living pressures are still real. We're expecting a better H2. A lot of those things will be in the base. Competitors as well as ourselves are trying to actively manage the inventory carries and things should start settling down unless there's no other substantial macro event that comes and takes its place. Our EDLP model that I'm referring to, I've referred to it a couple of times this morning, our goal is to sell more full priced, differentiated fashion value merchandise. I think that fashion value is we've got real skills there. Others can come compete on price more, but the fashion side of things is a real competitive advantage. We just have to have the environment where it stands out and displays itself the way that we're expecting. That strategy move that we said between kids and apparel is definitely one of those things that's going to aid in that. We are obviously playing our part in being involved in any local or central government interfacing initiatives in the long-term future of the country, are hopeful that anything that comes out of those forums is actioned. A little bit about what I said about earlier. It's a very messy cycle we're going through now. You must either stand, you're confident about our businesses and the prospects or not. Personally, I wouldn't be taking the risk that I'm taking about investing the way we're investing capital expenditure of over ZAR 1 billion in South Africa next year, mainly in stores, because the stores are performing, if I wasn't confident. I think it would have been reckless of me. A lot of the activities, whether it's the new concepts or stores, is based off the track record of how we've been performing up until even current times. If anything untoward then happens thereafter, we will obviously react very swiftly and curtail things. As it stands now, the plans are on. I think we've got a resilient business model. It doesn't obviously reveal itself in a climate like this that's as chaotic as it is. We've got a very strong balance sheet, certainly our team culture and the skills that we've got internally are definitely the team that's going to take us forward. That's it from me, thanks for joining. I'll now hand over to Matt, who will now lead with some questions. Great. Good morning, everybody, thank you for joining, thank you very much for all the questions. Apologies again, just for the technical challenges. It has also constrained us a little bit on time for Q&A. We'll try and get through as many as we can in the time that we have left. I just wanted to start just with a number of questions around current trade and trade post period. We do have a trading update on Friday the 21st of July, so it's just over three weeks from now. We'll be doing a full, the first 13 weeks of FY 2024 trading statement, sales trading statement on the 21st of July. We'll talk the 13 weeks then. Just a question to start with regards to store growth. Is this brand new store growth because existing stores are over trading or is it better use of space? Why add so much space in this tough environment? A similar question around low GDP growth in the economy, but still expanding on space. Just linked to that, what supports the above WACC returns with regards to new space growth? Mark, maybe start with that, and Mark Stirton can jump in if there's anything else. I'll let Mark talk about the WACC, but I think I maybe covered the point in the presentation. First of all, the store growth that we're anticipating is, I guess in the environment, you could take a view that it's risky. The GDP growth is low. It is based on historical performance. When we said we've also tailored some of the shape of those stores into which divisions are performing better, we've actually reduced the areas that we're not as comfortable as the others. We've taken that proactive step. It really is based on a track record of how we have performed. Quite key, I said how we've performed up to date. It's not historical two or three-year averages. It's certainly the last financial year. If the returns are there and we've got a positioning and our brands are loved in the market, if you just take our biggest division, whilst we were talking about the impact that that division's got on the group, in that division alone, we've identified and we've got just over 550 stores there. We've identified 400 locations in South Africa where we don't trade, but at least two of our competitors do. I'm not saying that they're all going to be locations suitable for us, but I think certainly if you take the growth over the years and the performance that we've delivered and the process to identify new sites and then to critically evaluate performance, is something that we're very comfortable with. Maybe just to add to that, why we're confident is we've remembered branch contribution over your capital employed, which is where you get your returns from. We historically have, and even in this tougher climate in our core businesses, those new stores are still giving very strong operating margins. While you still got strong operating margins within the climate where it's constrained with all the factors we've spoken about, and it's giving you returns of ROIC versus WACC of multiples and multiples of it, you realize it gives you a level of confidence that this is, and you look at our historic, which Mark said, our historic track record, knowing some of the own self-help elements we've got in our own business. We believe it's the best allocation of capital for shareholders in this climate. We're confident in our brand. A lot of you guys have spoken to us around, why aren't you investing more in yourself? I think this is a great vote of confidence that we do believe in ourselves. Obviously, when you are adding new stores, you've got a fixed cost base that's also growing. While you've got still great operating margins out of your store base, you've got to contribute to fixed costs. That's a very important part of us. Remember that a lot of these stores don't come with additional fixed costs. That's also now the strategy on how we're going to grow group operating margin. Great, thanks. There have been a number of questions just around the home segment. How should we think about the home segment margins relative to the historical margins? To discuss the competitive dynamics and what you mean by a defensive strategy. The defensive strategy was really around Sheet Street. Historically, there's been, I guess, some degree of overlap between Sheet Street and Mr Price Home. Mr Price Home is a bit like apparel in the apparel sector. It's a fashion value. In this sense of the word, home means contemporary taste. It doesn't mean high fashion. That's clear differentiation. Sheet Street, we wanted to take a more defensive position on that, bearing in mind its product categories that it's got, and be more price player in terms of competing with its own set of customers. To talk about the margin opportunity, I think we're talking about operating margin here. Gross margins, I'm still comfortable with the goals that we've set ourselves, as I said a little bit earlier. I guess what happens then is depending on top line, if you're maintaining your GP, which I'm comfortable with at this point, it depends on what happens to the line underneath that. What we've done for the first time as well, with the appointments that we've made in terms of the org structure, we've got two people, or in fact three heads, apparel head, a homeware head, and a cellular financial services head. For the first time that I can remember, I've been here 18 years, we've now got projects running across all those lanes to look for efficiencies in the way that we do things. I think even in the homeware segment, that's one lever that you can pull, that you can share resources, share structures, et cetera, that even if you are under pressure, because we did say homeware is probably structural, there are some structural levers that you can pull at the same time. Thanks. There have been a number of questions regarding inventory. I'll just read one in particular that covers a number of the different components. Inventory provisions have been raised over the period which weighed on GP margins. Should we expect provisions to remain at these levels or drop as inventory is cleared into the first half? How should we think about GP margins into the full FY 2024 and therefore into the medium term, bearing in mind the competitive nature of the value segments? Look, I think the quantum of an inventory provision is one thing. That's relative to the absolute stock carry that you've got. If you're then managing stock better, for example, the 18% that we are talking about, we're targeting reductions or minuses at the half year and year end. As you pull down the pure quantum of the ZAR of stock, and let's just say everything else being equal with the shape of the stock, the quality of the stock, then some of that release will come through. Honestly, the inventory provision is at a point in time at two reporting dates, and it depends on everything that I've just said. The stock carry, how old the stock is or how fresh, what's the performance been, and therefore, has there been activity of identification of a markdown event, and how are we feeling about the next six months? It's depending on all those things. The second part of the question was more around the margin management. I think I've answered that question already. Question to Mark Stirton. Can you elaborate on the supply chain finance program where you've unlocked the ZAR 900 million and give some more detail around how the program works? Effectively, it's a program where we've extended our payment terms with our suppliers. What we do is we have a back-to-back agreement through using our banks, where they get to leverage our balance sheets. Obviously, being an ungeared balance sheet, they get superior borrowing credibility through that mechanism. That unlocks the delta between our borrowing rate and our supply chain's borrowing rate, and that effectively pays for the additional term. For the most part, most of our suppliers are in no worse off position. They get to discount their invoices on day one, which means that even the payment terms that they were getting with us, they're now getting their cash on day one, which also strengthens their balance sheets, which we were always opaque around our own supply chain's balance sheets. I think for now, we've injected capital into their balance sheets a lot earlier than what they had in the past. It also serves us because now we've got an additional payment term through them. This is a question with regards to Studio 88. Has Studio 88 been affected by large brands going direct to consumer in this period? Are you still seen as a preferred partner to these brands, and what is your outlook regarding this? Yeah. I think the thing to point out that Studio 88 Group, that's all the brands, are number 1 in terms of quantities across all the major sporting brands that supply them. With the exception of Nike, where they play second. The track record, the relationships, this is really a place where Studio 88 does excel. There has been some speculation over the last couple of years, and even in the press quite recently, as to brands are making this move direct-to-consumer. They're going to start bumping out partners. I think certainly that's not our understanding at all. I think there's been some consolidation over the last couple of years. I think the brands have chosen their partners. If you go back to Nike and Adidas's most recent results presentations, and knowing who's hitting those businesses up, I think there's a move back to more the wholesale model. In other words, part of the reason they're giving for their own underperformance was the D2C approach that had been taken. Our relationships are extremely strong. It's something that's one of the most important things that's on the slide that we were going to talk to a little bit earlier. I don't see that happening at all. This is a question to Mark Stirton. In the prior year results, it was said that the business interruption insurance claim was outstanding. Was it received during the current year? If not, do you still expect to receive this claim? Yes. It was ZAR 80 million on the balance sheet that we carried into this financial period, we released it into this financial period. Okay. Just in terms of keeping a number of different questions into one theme, please can you just share strategy with regard to share buybacks, either from this current period or your view on it from a capital allocation perspective moving forward? Yeah, I did speak to the capital allocation page. I think with the environment as it is, despite our confidence in our store performances that we've spoken about at length, we also can't rule out other disruptive events. Got ZAR 1.4 billion on our balance sheet shortly thereafter, well, coming up in the next couple of weeks, dividend payment will flow out. We certainly do want to get back into a bit of a buffer zone. As I said a little bit earlier, by investing well over ZAR 1 billion in capital expenditure, that is investing in ourselves. I also said that I can't share some of the other growth things that we're talking about. We've got to strike a balance between funding all that, maintaining a really strong balance sheet, I guess, share buybacks is always something that we factor into that equation. They're never off the card. They're always discussed, it's always relative to other capital allocation opportunities. Okay. I think just to end with this last question, as talking to the kids opportunity, it seems significant. Does this give you more opportunity with regards to space, as a group, as you have another format in your portfolio? Absolutely. In those sort of store targets that we were giving, that's with, I guess, a forecast low expectation of kids space included in that, just to be conservative. It really does then come back to the opportunity to work with our landlord partners and really create and engineer that space. If we can, it's going to be a significant chain all on its own. As you do that, you also then have got the opportunity for giving our junior customers more of a special process in their own store. As I said, it's a dual thing, but with kids and if we get to ZAR 6 billion plus, that's going to be a very significant chain in our division, in our group. Great. Thank you everybody for joining, and thank you for all the questions. We've tried to get through as many as we can in the minutes that we've had remaining. There have been a lot of questions, and my aim is to make sure that all of those are answered for you in the coming days. Please do email me directly, or you can set up a call with me, which I'll field over the next couple of weeks, and just make sure that all your questions are answered. A number of the questions I think have been answered through the slides, just looking through what's come in. We do hope that we've done a job of doing that in the presentation itself. We'll certainly make sure that the time is given to you to answer questions in the coming days and weeks. Thanks very much for joining today. Cheers. Thanks, everybody.