Good morning, everybody. Everybody in the room and everybody online. My name is Paul O'Flaherty, the CEO of Metair. Welcome to all of you. Particular welcome to the board. I've just got an attendance register here to see you front and center. Very happy to have the MDs and some of their executive teams from all of our subsidiaries here, because what we need to talk about is really the strength of Metair. We've also have our executive teams from Romania and Turkey who are dialing in. I'm joined today by Anesh, who you know. We're really going to reflect on this last year. This doesn't seem to work. We reflect on this last year, but most importantly, we want to reflect on what we're going to do going forward and what we're doing every day and what consumes us as an executive team. For those of you online, just don't forget, you can ask your questions as we go along, and then we'll get to you at the end. If we can move to the next one, next slide, please. The next one. Thanks. Let's just start off with the results for the year under review. Revenue increase, Anesh will take you through the detail, but revenue increased 14% to ZAR 15.9 billion. Our EBITDA pleasingly increased 86% to ZAR 1.1 billion, our EBIT margin at ZAR 487 million, an increase of 7%. Headline earnings up to ZAR 1.35 a share from a loss last year of ZAR 0.17. We generated free cash flow of ZAR 306 million. One of the issues we're going to talk about is our debt situation. Obviously, we spoke about, in the first half of the year, the debt challenges we had, particularly in our Hesto business and in our Mutlu business. Our debt has increased to ZAR 2.8 billion. But if you take into account Hesto, it's at ZAR 4.6 billion. Our net debt to EBITDA at 4.3, our ROIC has improved nicely to 11.1%. Very importantly, from a safety perspective, our LTIFR is maintained at 0.2. We've achieved group at B-BBEE level one, and every single one of our subsidiaries is level 4 or better, which were really important indicators. If we can go to the next slide, please. I thought, before we go into the challenges which are well-written and well-known, is really to reflect about Metair. This is important for my colleagues in the room. Metair has a 76-year history, and it's a champion of localization in South Africa. It's a fundamental part of the landscape of the automotive industry, which is absolutely key to South Africa. The automotive industry contributes 5% to the GDP of South Africa, more than 20% of local manufacturing output, and 110,000 direct jobs. If you translate it into indirect jobs, 500,000. That's the importance of the automotive industry in South Africa, and that's the importance of manufacturing in South Africa. There's a strong forecast growth. If you talk to the OEMs, obviously, there's challenges, there's new vehicles, et cetera, but the long-term forecast growth is from today's 650,000 vehicles in South Africa to potentially 1.4 million in 2035. There's lots of good government interventions of how they see the master plan going. There's the new electricity vehicle plans. There's the Just Energy Transition plan. There's a lot of plans in place to support how this industry faces itself in the future. One of the big challenges, which you've all read about, is in the leadership of Metair. Let me just deal with that right now. There may have been leadership challenges at the Metair level, but my colleagues sitting in the room have more than 30 years individual average experience in this automotive industry and more than 22 years with Metair. This is a highly experienced management team that has been there for a number of years. Appointing a CEO to lead and guide is an important piece of the puzzle, but the actual operations are run by highly experienced individuals who are joined here today. What we have made sure of, and I've been here two months, is that we have a clear pact with all of us, clear KPIs, clear deliverables, what are they accountable for, and what am I accountable for? That is how teamwork works, and that's how you achieve stabilization. We have to work on trust. We have to trust each other to do what each other is meant to do, and we move forward on those clear KPIs, and most importantly, with full support from the board. Okay? You cannot work in isolation of a board, and the board is very aligned, and we are very aligned with the board requirements. One thing perhaps that's not sold well enough about Metair, in the two months that I've been here, is how strong Metair is on ESG. And you can read that in our integrated report. Pay particular attention to the sustainability report, Based on our independent assurance, Metair, in terms of its metrics and how it monitors and keeps itself accountable, is rated in the top 1% of JSE listed companies. That's really, really important. That talks to you about the values and the ethics of Metair. Contributing to local communities. I've been impressed to visit all the sites. I made a commitment to the MDs I would visit all the sites, and I have, bar one, but that is a geographical issue. I have been to Turkey. When you see Metair in its environment, whether you go to Stanger, whether you go to Paarden Eiland, whether you go to East London, you can see the importance of Metair, you can see the importance of the automotive industry. We employ more than 17,000 people and contractors across all the geographies we work in. We've contributed ZAR 18.6 million invested in community upliftment in the areas in which we work. ZAR 2.9 billion of our procurement spend has been allocated to HDSA suppliers. Metair is proud of this. This is what drives Metair over and above the profitability and return to shareholders. A really important point that you need to take into account. This is our flywheel. This is what Anesh, myself, and the executive team, Wolf and Johan, grapple with every day. Okay? As I said to you, the first was about stabilizing the leadership. We've moved into a scenario in the history of Metair where, from a group level, we are in more strategic control position. Okay? Before it perhaps was a more investment holding type scenario, but given the challenges we have, it's more a strategic control. Closer interactions with the businesses. As I said, clear KPIs about who does what, and everybody take accountability for what they need to do. We are moving to get that stabilization and make sure we understand each other very, very quickly. We don't have time. Very, very quickly about the levers we need to pull. This is a classic flywheel. If you've read Jim Collins' "Good to Great," this is a flywheel. You have to push each part incrementally to start to get the momentum, to make sure you can clear all these hurdles so that this group can really perform. The next is the debt levels. As I said to you, those debt levels are significant when it looks at Metair and its history. We've delayed non-critical capital expenditure. We've already extended one of our RCFs to April 2025, and most importantly, we've appointed external debt advisors. Those external debt advisors are looking at how we have geared our balance sheet. Where are the opportunities to change our debt profile? Where are the opportunities to look at non-core assets? We're hoping to bring an executable plan to the board by the end of May. That is our intent, and that is what we're focused on. Whilst we're doing that, the colleagues sitting here today have to manage their cash. They have to manage their working capital. They got to do what they need to do to make sure there's no more cash creep in the group. We have to solve for the Mutlu debt, and I'll talk about Mutlu separately. For Hesto, significant progress. I think the company reported to you that in the first six months of last year, there was ZAR 711 million operating loss. That turned to ZAR 104 million profit in the second half. It's not where we want it to be, but you can see the signs of it turning. Hesto, when we look at it from a debt perspective, is a ring-fenced issue that we deal with with the customer, our technical partners, to make sure we make it profitable. Which leads on to the third part of the flywheel, is that Hesto profitability. We've re-looked at it as a management team, based on two major customers and the cash and the profit that can get generated out of Hesto together with those customers, together with the technical partners, and we have a plan to 2032 for the specific projects. That plan is profitable, that plan is cash flow generative, and we need to deliver on that. Yes, there will be the ongoing operational challenges we face, but that's our commitment as a team. The fourth lever that we busy looking at is Mutlu, and I think the group has spoken about that a lot, and what does it mean to unlock? The first most important thing here, the most important thing is we have to get Mutlu running full. Okay? I learnt this in my days at ArcelorMittal. Run the mills full. If you run the factory full, the operating costs come down. It's your basics of manufacturing and your cash flows improve. Mutlu suffered in export sales, we need to win export sales back. We need to run the factory to capacity, and we need to sell those extra volumes that we produce. In order to do that, we must make sure we have a stabilized management team. In the last few months, we have beefed up the executive team. We have made sure, as I said, from a group perspective, we are exercising strategic control over Mutlu to make sure they do the right things. Whilst we are doing that, we have also appointed external advisors to look at options around Mutlu, and that is currently underway. In terms of deadlines, we have committed to the board, or I have committed to the board, Anesh has committed to the board, that we bring options by the end of May of what we need to do with Mutlu, but not forgetting they need to continue to deliver. They need to get their operating costs down. They need to get their volumes up. That is the most important. The final issue, which is really a long-term issue and has been going on for some time, and remember, Rombat was acquired by Metair in 2012, and there is a historic potential competition commission issue dating way back before Metair stepped in to buy the company. We received what they call a statement of objection from the EU Commission in December, and we need to reply to that, and we will be replying to that in April of this year. But there is a long, tough, arduous process that follows. Like with any competition commission issue that gets dealt with, I went through the ArcelorMittal one, it is just a long process. It is very complex, very technical, and there is absolutely no way at this point you can even determine if you have a fine, and if you do have a fine, what is the quantum of that fine? We are dealing with it. What we have done as well since we received this statement, we have beefed up. We have had a legal team from the EU looking at this for many, many years. We have now beefed that up. We have a legal team specifically in Romania to deal with it from a Romanian perspective, and we have a legal team that we have appointed in South Africa to look at it from a South African perspective, so that we make sure that we cover all of our bases as we address this complicated issue. Finally, as we start to push this big wheel and gain momentum and win back our confidence, making sure that the MDs deliver on their promises, we have to come up with a new strategy. We cannot just keep looking in the rearview mirror. Again, we have made commitments to the board that in the second six months of this year, as we start to feel the momentum, as we start to get where we need to get, we will come up with a new strategy. It will be a turnaround strategy, but it will also be a forward-looking strategy. Where does Metair want to play? Where does Metair fit into the new automotive in South Africa? What are the other geographical opportunities we may or may not have? That gives you a real good snapshot of what we deal with on a daily basis. I will hand over to Anesh to take you through the finances for last year. Move to the slides. Is this working? Okay, I'll try and cover a financial review, how we performed on bottom line earnings per share, EPS, and operational performance. Concisely, I think Paul gave a nice overview of where the group landed, and the key issues that we focus on for the next and upcoming current year. Revenue grew 14%, really driven by strong automotive volumes recovery in our South African context. If you remember in 2022, mid-year, we had those floods from a major customer in KZN, so volumes recovered quite nicely. We had a new major customer, a new model ramp-up that we had earlier in the year from January onwards that boosted automotive volumes by 48%, and boosted revenue by 14% to ZAR 16 billion. Just remember, those numbers don't include Hesto, our significant operation in Stanger. If you overlay Hesto into it, you're talking about a ZAR 20 billion business for the year. Group operating profit up 7% to ZAR 487 million. Just remember, these numbers include hyperinflation. Mutlu operates in a hyperinflationary economy, that basically means we got to do some restatements on the operational results due to the impact of those complications with hyperinflation. Therefore, our margin comparatively is online 3%. Just remember, if we exclude the impact of hyperinflation, we move more closer to the long-term, lower range of long-term margins of between 7%-9%. We are actually around 7% on an operating basis. What's key to these results is obviously the interest cost. Because of the impact of new investments that we've done for major customers, the impact of doing business in Mutlu, which is the high cost of replenishment of working capital, and the peak debt that we've incurred because of new projects. The debt in the business at the moment from a group level is ZAR 2.8 billion. With the high cost of borrowings in Turkey, because of the impact of hyperinflation, you got interest rates that are at average range between 45%-55%. Because of the country dynamics, our interest bill has increased by almost 100% to about ZAR 741 million. About 65% of that interest bill arises out of Turkey and Mutlu. Because of the hyperinflation restatements, we have something called a net monetary gain. This is the impact of indexing your operational results, the cost of doing business in a hyperinflation environment, and the result is an increase in the gain of ZAR 556 million. What's driven this gain is because of Mutlu's leverage position. The more debt you have in a hyperinflationary economy, the more monetary gains you have in your income statement. What's also important in these results, and as we mentioned in half year, is Hesto and how we treat Hesto. Although the group has a 75% or 74.9% holding in Hesto, it's treated as an associate, essentially a joint venture. It comes through in our results in one line accounting or equity accounting earnings. Because Mutlu is written down, because of the losses, it's written down to nil, and there's no requirement for shareholders to fund losses directly or make due losses in terms of the contractual obligations. We are limited in terms of the amount of profits we take into the books. These results will exclude about ZAR 390 million of the group's share of Hesto losses incurred during 2023. We had to, due to technology shifts in the lithium industry, especially how we set up the incubator line at time, we did incur an impairment of about ZAR 179 million. Really, that's due to technology shifts in lithium together with delay in commissioning since COVID. The impact of COVID did have challenges for us in terms of the engineers we needed to deploy to get the line operational, and we'll need to look into 2024 how we treat this line going forward. But it was a ZAR 179 million impairment, which is added back in your headline earnings per share. The effective tax rate in the group is high. Traditionally, if you go back to 2021, 2020, our tax rates were about 27%, 28%. It's now 56%, 55%. It's come down from previous year, and largely it's the low profit base. It's higher taxes in Turkey, compounded by inflation and some non-deductible expenses at head office with the debt that we carry. All in all, headline earnings improved to ZAR 262 million. It's ZAR 1.35 per share. A good improvement from the ZAR 0.17 per share loss that we had in 2022. Other intricacies in the results is other operating income. We had the business claim fully settled in terms of the interruption claims from the floods. It was all in all a ZAR 377 million gain in 2022. We don't have that this year, and all we have in other income is the APDPs that we have through our businesses like First Battery. If I look at a more operational context, this is based on operational numbers, turnover in energy storage was 77% down, and largely that's due to Mutlu and the lower volumes that we sold in the 2023 year. Mutlu did undergo a curtailment in volumes during the busy season due to some contract worker issues we had in the country. We've resolved that. We've resolved the bargaining unit, wage negotiations, and we're on track for a good year for 2024, barring any other external intricacies in that country. Automotive up nearly 100% to ZAR 13.5 billion. Volume boost from our OEM customers, and from a group perspective, as we said, 14% turnover growth. Operating profit for the group, ZAR 487 million. You might add the parts and wonder why you don't get to ZAR 487 million if you add ZAR 89 million and ZAR 41 million loss from the two business verticals. That's largely the difference that we have out of Hesto. That's why the sum of the parts is a bit disjointed. ZAR 89 million is the impact of hyperinflation. If you add back the impairment of the lithium ion line, we get more to ZAR 270 million, which is comparable on ZAR 195 million from the energy vertical operating profit. Automotive components, if we add back the loss from Hesto, we get more towards a ZAR 580 million mark from the rest of our auto businesses, close to a 7% margin. Those businesses, core businesses, have done quite well for us in a very challenging year. EBITDA on a reported basis for the group at ZAR 1.1 billion. Free cash flow, we improved from last year. There was some curtailment in CapEx, additional earnings out of EBITDA. Financially, the working capital did improve on the books because of the impact of hyperinflation in Turkey. We did have a good reduction in trade receivables in the year, and we generated positive free cash of ZAR 300 million compared to an outflow of ZAR 664 in the previous year. Group EBIT margins at 3.1% on a reported basis, and ROIC improved to 11% from a group perspective. If I just move on to the balance sheet and really the key issues on our balance sheet. Two items. The amount of fixed property that we have, it has moved up about ZAR 526. That's the impact of capital investments we've done for new customers on top of the hyperinflation impact. The hyperinflation impact is that you've got to keep your historical cost books up to date in terms of current purchase power, we have about ZAR 6 billion of assets on the group at the moment. NAV per share improved to ZAR 27.90, up 6.7%. I think one of the big wins we had last year was the ability to still get our funders to support the group. They remain very vested in Metair, and we've extended the ZAR 525 pref facility due in April for a further year, and that's done in context with restructuring the group's debt and repackaging it to something more attainable that the group can manage from its EBITDA carrying capacity. Net cash was impacted by two factors, the larger interest payments that we had together with low cash inflow out of Mutlu operationally. Cash held in the group, it's about 34% of gross cash we hold internationally and about 66% that we hold locally. Group net debt to EBITDA 2.6 times. If you overlay the Hesto debt into this, we're more around 3.1 times. We've complied with our funders' covenants, which was a good improvement from where we were in 2022 when we had to condone our covenant breaches. What I've done is just to help understand where Metair's debt is at the moment, and you can see from a net debt perspective, we're at ZAR 2.8 billion. A little bit of an improvement from where we were in the half year of ZAR 3.2 billion. The main item, and what we always look at, is the whole encapsulation of debt, including Hesto in the group. We've improved from half year of about ZAR 5.2 billion to ZAR 4.6 billion at year-end. Largely, we did have some improvements at Hesto. We had a cash recovery in Hesto from our major customer that helped us on a net debt and cash basis. We carry about ZAR 1.7 billion of debt at Hesto. We carry ZAR 666 million at Mutlu. In absolute terms, it might look a bit small, but Mutlu used to be in a net flush position, not a net geared position. From a group perspective, at head office, we do carry about ZAR 745 million, and that's the preference share facility that's a large driver of that. It's about ZAR 840 million. We took that out when we acquired Mutlu way back in 2013. It is due in December, that will be part of the refi package that we do in terms of how we treat that debt and how we unlock value out of Mutlu, as the year goes on. We spoke about the debt mandate. Paul has mentioned the debt mandate. That is a key focus for us for the first six months of this year. We will look at deleveraging out of Mutlu in whichever way possible. From a movement in gearing, we were at ZAR 3.8 billion at the end of last year, including Mutlu. You can see that ZAR 0.5 billion and ZAR 0.4 billion is where we crept up in debt out of Hesto and Mutlu to about ZAR 4.6 billion at the end of FY 2023. Debt by geographical area. Majority of the debt is still in SA, 68%, 29% coming out of Turkey. From a maturity profile, 73% of our debt is short term. We have extended to 2025, we will look to extend and have a more bearable structure, as we go through, in the next five years. The increasing borrowings I spoke about, it is difficult in Turkey at the moment. The ability to raise financing is also difficult. There is a tendency for banks to lend you USD borrowings as opposed to local Turkish borrowings as a method to prop up, exchange rates between the U.S. dollar and the local Turkish lira. What's changed during the year as well, in Hesto, there was shareholder funding that was put into the business, and Metair's guaranteed ZAR 57 million of that effectively. The whole Hesto debt restructure will be looked at as well as the group structure in terms of our funding mandate into the future. 21% of the group's debt is in hard currency. That is mainly EUR funding in Turkey and in Romania. If I move on to working capital, quickly. We did have a reduction in days from 83 to 77. Our long-term targets or current or medium-term targets still remains between 65 to 70 days. We target to be around 68 days in 2024. That reduction has come from trade receivables. The profile at Mutlu did change during the end of the year. We do carry a lot of safety stock, that is a method of combating any short supplies that may arise due to suppliers and customers. Our main motto is to keep our customers going, we've got to be adequately supplied, to supply parts into them and to combat whatever supply chain challenges we have. Obviously, we know about the issues at Transnet, we've got to carry on average eight to 10 days additional stock, additional inventories in our automotive businesses, to ensure stable supply into our customers. Net working capital as a percentage of revenue reduced slightly to about 21%. We will look at optimizing working capital, we are looking at that on a daily basis in terms of trying to reduce safety stocks, trying to look at daily customer volumes and how we navigate to breed with our customers a bit better and as well as improvement in terms of terms that we get from our customers. From a cash flow perspective, the graph does look better from a cash conversion perspective. We've had improvement in EBITDA. We had a reduction in working capital from a financial point of view, and we had a cash conversion of about 104% for the year. Cash generated from operations improved from ZAR 800 million to ZAR 1.1 billion, sorry. Net finance charges, unfortunately, has increased from ZAR 391 million to ZAR 771 million, a big outflow for us, in the group. Financing inflows, we raised a lot of our debt in previous years, that reduced quite a bit from ZAR 1.3 billion to ZAR 155 million. Just remember, the cash flow is presented on a hyperinflation basis. Complexity is that we actually got to analyze all our inflows and outflows from a working capital perspective, then reindex that, based on CPI tables in Turkey. Net cash on hand did reduce. We had the impact of foreign currency movements and hyperinflation, and the group net cash stands at ZAR 576 million. From an operational viewpoint to some context in terms of volumes, a good growth, 48%, especially from our key customers on the top. If you go back to 2019, this volume of 649,000 is actually much more higher than where we had from a pre-COVID basis, where volumes were about 615,000 from a market perspective. Where we're concentrating on is energy storage, obviously. Total auto batteries sold of 7.3 million units is not good enough for us. It's about 75% of the capacity, and that really will come out of what we're trying to do in Mutlu and how we try and replace our export volumes with the loss of Russian units. From a Rombat and First Battery perspective or First Battery perspective, we are more or less in line with previous year. Obviously Mutlu is where we want to correct the mix at the moment. We are towards an OEM mix of 36%. That balance is a bit misconstrued in terms of margins. We need to get it closer to 30, 30 in terms of aftermarket exports and OEMs. Capital expenditure and capital requests for the year. We did spend ZAR 690 million during 2023 on new equipment, maintenance, and new projects, largely due to new OEM models as we mentioned. For FY 2024, there is a request for ZAR 900 million, that largely is driven by new models. There's new models that our customers have, not just in 2024, 2025, but also running into 2026. Some of our operations, like Lomotec, is what you call long lead time supplies. They got to prepare at least a year to two in advance to invest in new customer models. We've got new derivatives that would affect Hesto. We had to put in about capital of ZAR 80 million as a request. Health and safety in the group has increased quite a bit, that's largely also driven by the earthquake issues that we had in Mutlu. We've got to reinforce some of the buildings that we have at Mutlu, that's driven health and safety. We did put on an approval for Rombat, a solar park at Rombat, strategically to combat the high energy cost in that environment. That's ZAR 69 million allocated to Rombat. In total, we do always have maintenance that we spend more or less in line with annual depreciation and amortization. It's about the ZAR 400 million mark. An important thing with this group CapEx, it is ZAR 900 million. It is high, but it's controlled by myself and Paul. It's dependent on cash flow availability. It has to meet the requirements of Metair's investment criteria, and it's a request pending on affordability and availability of credit lines that our funders will allocate to us. In terms of commitments for 2023 or capital expenditure, it did come down to 3.79% compared to about 4.5% from the previous year. From normalizing, let me speak about normalizing the result. I know it's a bit difficult to analyze Metair's results. It has complications of hyperinflation in one of its biggest environments, which distorts the income statement. We've got the anomaly of Hesto and how we treat it, and we've had one or two major impairments in the year. If we just try to contextualize it in terms of our verticals and especially as well on a group basis, from an energy storage perspective, if we exclude the hyperinflation impacts that we do on Mutlu, if we exclude the one-off impairment of the Rombat lithium line, a normalized operating profit is ZAR 760 million, which is more or less in line with the previous year, ZAR 760 million. If we try to do the same principle in automotive components and exclude the effects of Hesto, our remaining businesses have an operating profit of close to ZAR 570 million, quite strong and quite an improvement from previous year, ZAR 465 million. From a group basis, we add back hyperinflation, we add back the Rombat line, normalized based on current pull and volume in the year of 2023 is about ZAR 1.2 billion. From a normalized PAT perspective, if we move up and we creep up from EPS of ZAR 0.49 and add back the anomalies, we get to a normalized HEPS of ZAR 1.05, which is quite significantly down from prior year and from the current year reported HEPS of ZAR 1.35. That's largely the impact of the interest cost that the group has at the moment arising out of Turkey, and one of our key focus and priority is to try and reduce this interest cost coming into the new year. I've put together for information purposes more of an operational context in terms of the business verticals, and from a normalized basis in Metair, excluding the impact of Hesto, is 6.2% operating profit. Automotive 7.3%, the lower range of our guidance. In energy, quite a good or healthy operating margin of 9.5%, sorry. A normalized ROIC of 13.4%. Metair's WACC is 15.7%, so we've got to make do with about 2% improvement we need in terms of WACC. Automotive, we are 7.6% ROIC normalized, below our requirement of 25%, so we've got to look at what we can do in terms of normalization of EBITDA and improvement on cash flow. Energy storage is doing better. 17.4% is the average WACC, and we at 18.8%. Energy storage is doing well at the moment on a normalized basis. That's my financial summary. Thanks. Thanks, Anesh. Let's look a little bit at the outlook. Obviously, we spoke about our five key challenges. This can't deflect from running a business. We need to make sure we're really up to date with rapid changes in the automotive industry, the new technologies, how does Metair fit into those new technologies. That's ongoing discussions with our major customers, with our partners to making sure we're well-placed in the vehicles of the future. Obviously, looking at our lead assets, energy storage. Where do we play going forward? Anesh spoke about the ROIC. We have to de-risk businesses. We have to de-risk businesses to make sure that everything that we're doing fits into the investment profile, otherwise it's not worth investing money any further. That speaks to portfolio optimization, which geographies, where do we play, where are our really key strengths and our core assets? These are what we will deal with. Obviously, we have the South African challenges that every single manufacturing company in this country experiences, whether it be Eskom, Transnet, ArcelorMittal potential close down of Newcastle at the end of the year, and therefore the long steel, and then the potential Sasol gas issue in 2026. Those are what we face with. Those are what manufacturing companies deal with. That's not unique to Metair. Our customer mix is really important, particularly in Turkey. Yes, we have our pride in the OEM support. We have to actively improve our aftermarket. We have to actively improve our exports, and particularly in Turkey, as I spoke about. Run full, look for the export opportunities. We continually collaborate with our OEMs and our technical partners to balance demand and improve efficiencies, talk to the potential new entry vehicle manufacturers. There's South African initiatives to drive a Pan-African model that is always spoken about. Those interconnections across the continent are important to us. We have to remain competitive. The people in the room, they have to remain competitive through quality, cost, and delivery. That's their commitments. That's their commitments, what they are absorbed with every day. We have to make sure that in the longer term, Metair is still and remains fundamental to the supply chain for the OEMs in South Africa. In Hesto, we've got everything on it. We've got our most experienced operational executive in Hesto. We're on top of what Wolf and the team are doing. We are with Wolf. We are working with Wolf. Any specific questions, he's here in the audience, he can answer that himself. A little bit of a lookout for half one 2024, what will you see potentially in June? First, as I said, we will be presenting options to the board in the first six months on the debt restructuring and the options about de-risking Mutlu and what we need to do. Hopefully, we can report good progress there. Customer volume volatility. That's what the MDs live with. I know they always raise it to me and extended shutdowns of major customers deal with it. That's what they deal with. That's what they're good at. That's what 40 years of experience in this industry teaches you to do, and that's what I expect from the MDs. They've got all the action plans, short-time production, cost-cutting, reduced safety stocks, adjusting long lead times, talking with the customer, making sure everybody's on the right plan, making sure your planning's right, making sure you're planning to deliver. Excluding the effects of hyperinflation, which we can't predict, and dependent on customer volumes, for the next six months, our targets include making sure our operating margin is closer to our overall 5%-6% for the first six months. Last year it was 4.2%, the year before it was 2.5%. We need to get closer to that 5%-6%. Our interest levels, though, if you take the second half of 2023, interest levels of around, you can calculate it yourself, of around ZAR 500 million. While we figure out what we're doing with the debt, we expect the same interest cost in the first six months of the year. Those are giving you a small outlook as to where we operate today. Okay. Thank you for your attention. We're going to take some questions, firstly from the floor, and then we'll go to the online. Louise, are there any questions? There being no questions from the floor at this stage, we'll go to the webcast for now. The first question comes from Alistair Lea of Coronation. You mentioned a maximum antitrust fine of 10% of turnover. Is that Rombat or group turnover? If it relates to Rombat, what is the current Rombat turnover? The Rombat turnover, we don't disclose specifically. The way the Competition Commission works is it is in the last period of which they believe you may have some competitive practice, they would take 10% of that turnover, and they would apply it for the years in which you supposedly committed the offense, and then you get a whole lot of deductions against that turnover. Talking about what that potentially could be or not be, I don't think is appropriate at this point. Thank you, Paul. The next question comes from Sandile Magagula of Umthombo Wealth. It's actually quite a few questions. Can you refinance Turkey debt with SA debt and manage the debt better here in SA? I'll get Aneesh to join me. Fighting back with debt. Sorry, Louise, can you repeat that? Can you refinance Turkey debt with SA debt and manage the debt better here in SA? Well, I think it's one of the options we're exploring. One of those options will be on the table. Another option will be to ring-fence the debt, international versus local. Another option will be to how we can refinance some assets or do some asset sales if we need to strategically beat some of the parts in Mutlu. Mutlu does have a valuable property portfolio as well. Those are the options we need to look at. It's quite challenging at this point in time. You must know we have elections coming up in SA as well, and internationally as well. We've got to look at how the debt markets play as well. Those are all the options we're looking at at the moment, with the core competency is to unlock the debt gearing levels that we have in Turkey. Thank you, Aneesh. The second question from Sandile is, how should we think about Metair working capital cyclicality? Yeah. It just depends on the profile and the mix. We've got safety stock issues at the moment, we're carrying about 10 days additional stock in the automotive environment. The balance at our energy storage businesses is something we need to pay particular attention to. The balance at Mutlu wasn't right at end of the year, as we had lower aftermarket sales. We had a bit of production stoppage because of the contract workers that we couldn't find in the market, given the economic situation in that country, that we corrected, luckily, in December. Mutlu did carry a lot of scrap balance, scrap lead, that will be used in the first half. In terms of working cycle and days, we want to get it to below 70 days for the 2024 year end. Thank you, Aneesh. The last question from Sandile. In which way does Metair try to optimize tax obligations to minimize impact on the bottom line? Have you got adequate tax expertise within the board, or do you have plans to make appointments in this area in the future? Yeah. As part of our structure at HQ, we're looking at capacitating Metair. Now, let me take you back to what Metair was traditionally, a lean head office. Basically, two or three people running finance. The world has changed. It's become more complicated, we're looking at all avenues, including tax. Tax is a complicated space, especially when you're dealing internationally. In the past, we had some good credits out of Mutlu. If you remember, whatever assets we used to put into Mutlu or invest, especially with the AGM line, the government was lenient in terms of investment tax credits. In some of the years in Turkey, we used to get effective rates of around nearly 3% or 4%. Metair's effective tax in the past, as I've mentioned, at max used to be 27%. That dynamic has changed, and it's something we need to concentrate on in the 2024 year. As well as tax losses, we do have some tax losses in the group. If you look at some cash flow perspective going forward, once we generate those earnings, we will have the cash savings coming through in the tax line where we can utilize those assessed losses. We have assessed losses of about ZAR 400 million in the group at the moment. Thank you, Anesh. Alistair Lee from Coronation wanted to get clarity with regards to the antitrust fine, 10% of turnover. Yeah. He just wanted to check, is it Rombat or group turnover? At the moment, the supposed contraventions are at Rombat. Thank you, Paul. The next question, or a couple of questions, are from James Twyman at Prescient. He said, "Thank you for the presentation. Could you talk about whether rights issue is a possible option for you when doing your strategic review? Okay. I'll answer that direct. It's not an option. Thank you, Paul. The next question. Could you talk about the recovery at Hesto in 2024, especially regarding the Ford contract, when you have made adjustments to it? I'll ask Wolf, if he doesn't mind. If there's a mic there, Louise. Wolf can talk about operationally what he's done. As I said, the first six months, ZAR 711 million loss. Turned it around to ZAR 144 million profit in the second six. Wolf, maybe talk about the 2032, where you're going. Yeah. Look, we've made some changes. Added some additional controls, some reporting, and obviously had some discussions with some major customers, sorted out a few pricing issues, and have gone forward with that. The prospects for 2024 are still difficult. Depending on the volumes, we'll see how that comes out. Thanks, Wolf. Thank you, Wolf. There is a follow-up question on Hesto, from Matthew Roberts at Blue Quadrant Capital. He said, in the sense a while ago you mentioned cash compensation for Hesto for the complexities during the ramp-up phase. Will this include a once-off payment, or was this just the price adjustment moving forward? There were price adjustments moving forward. Obviously, based on the cost bases of Hesto for that particular project. Those are now established. We now need to deliver to that cost base and deliver on our commitments in the project. Thank you, Paul. The next question is from Tayla Ginsberg of Umtambo Wealth. She's addressed it to you, Paul. You alluded to leadership in the beginning of the presentation. How do you feel you will make a difference to moving Metair forward? Do you think your specific style of leadership is beneficial? Well, I think I should ask the MDs to comment on that. I think what's required is focus. I think what's required is intensity. I think what's required is absolute direct talk, no bull, and clear KPIs that everybody knows what they need to deliver. That's what Metair requires today, that sort of leadership style, I believe, is what is required today, and I believe that's why the board asked me to join Metair. That may not be the leadership style in another environment. Today, that's what we have. Thank you, Paul. There are no further questions from the webcast at this stage. Perhaps we can go to the floor. It's Andrew Moses from Mipha. A couple of questions, if I may. Hesto. Is there any parent company guarantee on debt? Is there actually legal debt issues there, or is it more of a moral obligation thing? Where are we sitting at the moment in terms of Hesto? Yeah. The Hesto debt at the moment is made up of two parts, right? There's funding debt to Standard Bank has provided debt into that business and has been supporting that business, and it's about ZAR 800 million. That's part of the debt that we're looking at in terms of the restructure going forward. There's shareholder debt, subordinated shareholder debt. That's a majority of which is provided by Yazaki. That's about equivalent of ZAR 1 billion. That debt does require rebalance, but that is dependent on how we project cash flows at the moment, and that's why we have a Metair guarantee of about ZAR 57 million on that debt. Great. Thank you. If I can ask, while we're on Hesto, what was the interest capitalized last year, and what was the interest capitalized this year? Obviously, we can't see deep into the accounts. Well, I'll tell you what the interest charge is. In Hesto, the interest charge is ZAR 120 million for FY 2023. Was there interest spent on projects that would've been capitalized or nothing like that? There's no interest. Oh, sorry. If you're talking about borrowing costs, no. It didn't meet the requirements for borrowing costs. Those assets in progress were done within a year, so all interest was expensed. Yeah. Great. Thank you so much. Are there any other questions from the floor? Just a reminder to those on the webcast to submit your questions via the Question tab. We have a question from Irma Venter of Engineering News. If a new OEM customer comes to Metair, can the company accommodate them? Is there funding available? Also, does the restructuring process include selling the European assets? On the first question, absolutely. That's what Metair's about. We need to accommodate all customers. The way these projects work is there is funding the customer provides, but there's also funding that we need to provide. Part of freeing up our debt capacity is to make sure that we are well-positioned to take advantage of any new customer requirements. Sorry, the second issue was around? Will the restructuring process include selling the European assets? I think what we've said is that we're looking deeply at Mutlu, and we're looking at de-risking that. De-risking that means many things. Obviously, that may end up that Mutlu ends up being sold, and those are what we have to bring to the board. We have to go and do our detailed analysis and bring it back to the board. Thank you, Paul. The question from Mark Narramore of Excelsior Capital. When do you expect the Hesto earnings to reflect on the group financials again? Ooh. That's a question. Obviously, we have to, in terms of this fancy equity accounting, we have to restore the equity of the company by its profits, and then thereafter, you should be able to see income from the associate coming through. These projects are long-term, to 2032. Wolf has just said, it's not likely. In fact, it won't happen next year that we start to show profit. In other words, that you've absorbed all the losses that you've had, and that is what our plan is the years after that. Thank you, Paul. There are no further questions on the webcast. Any further questions from the floor? Great. Thanks, Wolf. Thanks, Anesh. Thank you. Okay. Thank you, everybody, for your attendance. Thank you