Morning, ladies and gentlemen. I need to preface my presentation by saying that we're expecting a load-shedding shift, and when that happens, this screen will go black. If that should happen, I will pause if I'm in the middle of my presentation until we're up again. Welcome to the Nampak half year presentation. My name is Phil Roux i 'm the Interim Chief Executive, tasked with the challenging and simultaneously rewarding role, of leading the turnaround of Nampak, with the assistance of the executive team and our Chief Restructuring Officer, Michael Dorn. To suggest anything other than that the enormity of the task is significant would be misrepresenting the current situation. That said, every conceivable effort will be made to ensure that the Nampak brand proposition is restored in the fullness of time. At the outset, it would be remiss of me, not to thank our shareholders, our customers, and our lenders for their patience and support over a protracted period. Aside from the internal challenges, Nampak is not immune to the external environment c onversely, as a purveyor of packaging, we feel the effects of a contracting economy firsthand from our valued customers. The exigent market forces facing South Africa is making it increasingly difficult to do business and to make capital investment decisions. Nigeria, too, is in turmoil, manifesting in significantly constrained consumer spending, consequent to the inflationary pressures, shortage of currency, and the Naira devaluation. Angola, on the other hand, portends growth amidst renewed positive economic indicators. Operationally, Bevcan remains the crown jewel and performing satisfactorily. DivFood has a well-articulated turnaround plan which needs precise execution with haste. The paper and plastic division has demonstrated mixed fortunes, however, under review. Liquidity challenges of course are ever present at Nampak, as reflected in the numbers. These will be addressed via a new debt refinancing package, working capital rigor, divestitures, and a capital raise of up to ZAR 1 billion. These are some of the early observations, given that I've had my feet under the desk for some four weeks. The defining feature of chief executives globally in giving effect to sustainable earnings growth and value accretion for their organizations is the capital allocation choices that they make. I'm not standing in judgment because I appreciate how this organization, like many others in South Africa, went on an Africa investment frenzy and many, if not all, have paid the price. Exacerbating our situation is that we overpaid, and we funded some of these acquisitions in dollars. In respect of the cash operating base at Nampak, it's highly inappropriate and unsustainable, and d uring the course of my presentation, I'll offer you some granularity to that effect. Our customers, suffice to say, are showing some reservations, as one can expect. I've spent the last couple of weeks interfacing with many of our large customers, and they're hugely supportive. To quote them directly, "We have to see a successful Nampak and a Nampak that will prosper." The organization has a tendency to be production-led as opposed to being extremely customer-centric, which is at the heart of the organization in my view, and i will be attentive to that going forward, as will the management team. Suffice to say, our working capital has a structural imbalance. It's a priority effort for myself and the team, and w e will reverse that imbalance over the next six months. If not fully, certainly to a greater extent. In respect of the business model, as we begin to phase down the organization and rightsize it, the business model becomes inappropriate and lumpy and won't give effect to that, to as an enabler to the organization. Many confuse a business model and an organizational design as mutually exclusive. They're not t hey're interrelated, the one follows the other, and I'll express that fully as part of my presentation. I've also detected pockets of cultural apathy. That'll be rooted out within a short space of time. In respect of distinctive capabilities, there are wonderful people in the company, highly competent. We have an exceptionally well set up industrial base, superb assets through the organization, and we have an R&D capability that cannot be surpassed. Remembering that a distinctive capability is something that your opposition cannot emulate easily, and we have those. How's the board and how have I responded in the short term? They appointed a new CEO, that would be me. We appointed Michael as the Chief Restructuring Officer, and he is tasked specifically with interacting with our lenders and getting all the important aspects over the line, and we're making significant progress. He's also tasked with the divestiture program, which will be rather significant. We've managed to get an extension on our debt maturity, which gives significant breathing space whilst we construct the new debt package over the next five years. We're in the process of positioning a rights offer, and from an internal perspective, going through some talent calibration and understanding who the key man talent or key female talent is to take the organization forward. The business model I've alluded to, and I'll take you through some more detail in due course. Speaking of the business model, don't take this as a definitive proxy for the future, but importantly, as we phase out assets out of the organization, we need to rely on greater simplicity inside and differentiate our proposition to customers externally. What that implies is that we don't need an enormous head office. We certainly don't need divisional structures. I want to run South Africa as one Nampak, one organization with common systems, procedures and processes. No divisional fiefdoms, no misalignment in communication, and use this as a cultural unifier. In so doing, you will reduce significant cost and position us to being a customer-centric company and growth enabling in its setup. To give a little bit more granularity to that, we will embark on what I call a two-step dance. In the first instance, we've already commenced this process, where we will be merging Bevcan and DivFood. In so doing, carving out the respective synergies that do exist and the requisite cost savings that will flow from that. We'll migrate the back office and ensuring that we have a common shared service capability for finance and admin. In the fullness of time, that will spill over into the entire company, and that under single leadership. The fully fledged endgame model, and this will take some time, I don't want to be reckless and impose something on the company whilst we're going through this reorganization phase, will be something that you see to the right, and w hat does it imply? Because it's common to both customers, and our manufacturing capability r emembering I prefaced a new organizational design on the basis that this company needs three competencies: technical, manufacturing, and customer facing. That isn't a slight on the balance of the functions that you typically find in a company. They're equally important, but these will be the lead capabilities for Nampak. In so doing, you'll have a manufacturing organization, someone reporting to the CEO that sets up that manufacturing organization and how we account in that facility with common metrics according to capability streams and how we manufacture accordingly. Exactly the same mirror image for the customer approach. That we approach our customers on a key account basis, where we express our revenue growth management ambitions and understand their intent more importantly, so that we can model ourselves in accordance with their strategies. In summary then, we will calibrate our internal customer and supply chain capability. We'll recruit from outside if we have to. You'll notice the capability streaming as a central theme, and that'll give effect to a streamlined management office as opposed to head offices, divisional offices, support functions, international support capabilities, and so on. I'd like to talk to five strategic themes. You know, they're business truths that are universal, and I've used these five themes repetitively in various companies that I've found myself, and they're no different at Nampak. We have to reshape the corporate portfolio, t hat should come as no surprise. I coined a phrase many, many years ago called seed, weed, and feed. Seed connotes germinating something for the future. Weeding is exactly what it means, and you should interpret that we have to shrink this organization for it to be renewed and to grow again. Feeding is about identifying your core assets and investing in them, and we will invest for growth whilst we go through this challenging cycle. In respect of strategic customer management, they're the deliverables you would expect. Understanding what the opportunity assessment is and then aligning our supply chain capability to exactly that. In some instances, we need a strategic terms review with some of our clients, but that's an ongoing process. Every client will have a robust customer plan that we'll review against, and we will embed One Nampak type approach to our external interaction with our clients, and r evenue growth management rolls easily off the tongue, but it's a complex topic. It speaks to price, volume, margin considerations, so that we can see margin expansion in the fullness of time. The next important theme is one of cost and extraction of efficiencies. Here again, most like to use them interchangeably, I don't. Although any efficiency gains that you achieve across your value chain, they will manifest in cost reduction. The efficiencies we seek is across our entire value chain, not only from a manufacturing perspective. To give you some flavor or to put some flavor to that, there's some difficult decisions that I'm having to make, and it gives me no pleasure. They're in the interest of building a sustainable Nampak, and I hope there's an appreciation of that, w e will reduce our headcount significantly across the entire organization. There's a vacancy freeze edict from my desk. Absolute salaries will be reduced and reinstated when our cash generation allows for that. We need to stabilize the company. The internal merger between Bevcan and DivFood, I mentioned in an earlier slide t hat too will unlock value. We're going to attack overtime i t's a big number in our organization, and t he head office reduction will be real. It won't be in one fell swoop. It will be done in accordance with the right sizing of the portfolio, w e will not be reckless. We're going to reassess our offshore structures that we have too. Are they still relevant, and are they compelling enough to retain as we take the organization forward? We've reviewed our IT model, and I've put external eyes onto that as well. It's important to bring new perspectives to the company, w hat I can tell you is that it's highly inappropriate for where the company finds itself today, so t hat too will be reorganized. In the fullness of time, we will create a shared service center from a finance and admin perspective, where we count the numbers in one way. We have a common approach to order to cash, procure to pay, payroll, and all the other functions that span the broader definition of finance and admin in the company. Every single cash operating expense in the company is under review, including the 421 mobile phones, most of which are sponsored by the company, although you spend 90% of your time at your desk. No stone will be left unturned. I'd like to speak to the performance anatomy, because this is the most vital aspect of getting anything done in a company. If you don't have the right competency set but more importantly, I've used a formula throughout my career that says intellect times, substance and energy and drive is what you need encapsulated in your people capabilities. I haven't worked out factorially which is the most important, but as long as we've got enough of each of them. It surprises me that in this environment we find ourselves in, there are still people that come to work grudgingly and don't understand that working is an absolute privilege. Performance at the highest possible level in this company going forward will not be optional. We will not tolerate mediocrity in any shape, manner, or form. Speed, agility, urgency will become mandatory. We will align, our reward mechanisms to value accretion for our shareholders. For too long there's been the inverse, and that's why we have grumpy shareholders, and we cannot blame them. As an outcome, the Nampak brand proposition will be restored. I read a little book many years ago written by Andy Black, think Andy Andrews, and I forget the surname i think it was Black i t was a small little book, called All Roads Lead to Rome or Ruin: Return on Assets Managed. It was modeled on a company in South Africa that managed to destroy significant value before they could rebuild themselves. If you can still get your hands on that little book, you don't have to read any other financial book again. We have to be measured on generating real returns. EBITDA is a myth. It's the pathway to generating real returns for our shareholders. At this juncture, I'd like to hand over to Glenn because he has an unenviable task of sharing any number of slides with you on our financial, financials currently and i 'm sincerely hoping if we do as we say, that the complexion of what he shows you today will change. Let me say thank you in the interim, but I will be back to give you a perspective on the outlook. Thank you. Thank you, Phil, and good morning to everybody. I will first take you through a segmental and operational review, and then I will take you through the detail of the financial information that it is contained in your booklet and it is on the, on the website. We start first by having a look at the segmental review, and clearly the revenue from our South African business is still the bulk of our revenue at 65%, slightly down from 67% in the comparative period. You can see the rest of Africa contributing 35% to the numbers, slightly up from 33% in the previous period so c ertain pricing mechanism changes, in particularly Nigeria, have contributed to that. What we have done is shown on the right-hand side, the operating profit before net impairments and t his takes into account all the difficult numbers of Foreign Exchange movements and the like, and y ou'll see in South Africa the net profit before impairments has declined from ZAR 325 million- ZAR 213 million. The rest of Africa from ZAR 553 million - ZAR 225 million t hat really is a sign of the challenges we face in the Foreign Exchange markets, particularly in Nigeria. The corporate costs have reduced from ZAR 200 million - ZAR 179 million, and that really is in the main due to timing differences on forward cover contracts that we hold at the center. We now break that up across the substrates, the biggest declines come in the metal sector, where we've declined from ZAR 702 million down to ZAR 279 million, and that in the main is because of the Foreign Exchange losses in Angola and Nigeria. The other contributing partner, parts of the equation, plastics has declined from ZAR 122 million - ZAR 61 million, and the paper business has actually increased from ZAR 54 million - ZAR 98 million. We just touch on the high level factors with regard to the segments, I think key features of the metal segment are the Foreign Exchange losses, as I've indicated, in our two businesses. More particularly in Nigeria, less so in Angola at the moment, and t he restructuring in our DivFood business is at early stages, and they are finding themselves in some difficult positions. We have had marginal revenue growth in South Africa year on year. There is a robust demand for the bigger cans within our beverage can market, the 440 ml cans and the 500 ml cans t here is a very, very strong demand for that, and there is a need for us to actually invest in our Line 2 capability where that will accommodate the demand coming from that perspective. There is a very small portion of cash that has been spent on that to date i t is only ZAR 5 million in the first half of the year. Over the period there'll be a portion paid in the second half, but the bulk of the cash flow to increase that capacity will actually happen in the full year 2024 year. There's been a very real focus internally on our production efficiencies, and those are yielding some very good savings and Henk Nel, our executive that looks after Bevcan, has driven that with his team internally, so well done to them on that front. There has been quite a stabilization in the commodity prices. During the invasion of Ukraine by Russia, we saw a very significant increase in the price of aluminum running up from around $2,400 per ton to almost $4,000 per ton. That was significantly impacting our working capital, and it compressed our actual gross margin percentage based on the pricing mechanism on the pass-through pricing there a s that's come down, it will start improving in the second half. As Phil has alluded to in his early part of the presentation, there's a structural imbalance in the working capital cycle. We are addressing that, and there will be a significant improvement in the second half. We are pleased to announce that a large portion of that imbalance that existed at the 31st of March has already been addressed with the cash in the bank, and the second part of that catch up will happen in the month of June. If you look at our DivFood business, it's a very busy business at the top line. Unfortunately, it has not been a profitable business for some time. There has been a marginal revenue reduction in the period, that really is across the fish, the fruit, and the metal segments within that business. There has been an operating loss in that business and a net swing of around ZAR 69 million, where we've battled to push those costs through to the system w e're working on trying to stabilize that position. Again, the stabilization of commodity prices has assisted, we are looking at the portfolio review in all quarters so Andrew Hood has joined us, he's a turnaround specialist in this kind of industry, he's doing a great job there assisting us in understanding all the aspects of that so t he turnaround plan is at an advanced stage i t's well developed, and w e need to execute on that in the second half. From a Nigerian perspective, the economic headwinds are pronounced. It is a difficult economy t here are a significant number of people in that economy. The real nub of the problem is essentially the difference between the official naira rate and the actual parallel rate at which one can eventually settle your foreign creditors, and that's translated into some tricky numbers in the income statement. We have seen a price elasticity of demand real position in the period because as we pass on the cost of this higher Foreign Exchange. There is a risk of product substitution in that market to PET away from cans, so we are trying to find the right mix there q uite simply, we have to pass on our raw material input costs to the market. As the management team of Nampak, we cannot allow or afford to absorb that cost. We have incurred a Foreign Exchange loss of ZAR 531 million in the period. There have been substantially more transfers of cash back to our Isle of Man procurement and treasury business. The availability of dollars on the parallel market has improved, and w hat happens is you have the monetary items being the debtors and the cash from the previous period sitting on the balance sheet at the end of September. Those turn into cash in the current period. We get availability during the period, and we settle the foreign creditor. The foreign creditor is settled at a substantially weaker exchange rate, and that translates into a significant Foreign Exchange loss in the period. I think the general metals business, and this is everything other than the beverage cans, we have decided to exit that market, i t has become unprofitable for us, and c ombined with the lack of availability of Foreign Exchange, we've decided that's a market that we no longer wish to participate in. In Angola, the economic indicators have improved, t here has been an improvement in the revenue. We are still operating that plant at, you know, very low levels of capacity relative to its total available capacity. It's probably operating around about 25% of its available capacity so, i f the border with the DRC opens up over time, there's significant upside in that business i t's a very well-structured, very efficient business run by a very competent management team. There is very significant upside if the volumes return there. There's been a Kwanza devaluation in the period that's resulted in a AOA 40 million Foreign Exchange loss in the numbers. As I said earlier, there's significant capacity for growth in the future in that market. If we turn to plastics, we've seen a marginally lower revenue in the period. A key feature has been the margin erosion in this business. This segment has done ZAR 1.5 billion in the first half in revenue, down 4% from the comparative period. There's not a big difference between the trading and operating profit here, r eally, the only difference really is a retrenchment cost number that sits in the difference. You can see quite a significant compression in operating margin from 7.7% - 4%. We are seeing consumer spending under significant pressure. The disposable income of people is being tested, and I think in that market we're certainly feeling it in the volumes. The load shedding has negatively affected our production at certain our facilities. That has necessitated an increase in overtime costs in those businesses and, you know, resultant production inefficiencies. There is increased competitor activity in those markets, and that does limit our ability to pass on these costs to the market. Quentin and his team are doing all they can in that area to have a look at the cost push in that period and to avoid any further under recovery of costs. The overhead structures that we have in that business are under review t hey are not sustainable at their current levels, it's partially driven by the footprint that we've got, a detailed review of that is being done as we talk. In the rest of Africa, there's very robust demand for plastic products in Zimbabwe. I'd like to make the point from April 2018, Zimbabwe has been self-funding. Nampak has not funded it in the form of ZAR 1 from that date. It is a self-funding business, t hey prepay for all their purchases in ZAR up front, there's no drain on our treasury in any way, shape, or form. The incessant power cuts in that industry makes things difficult, a very resilient team continue to produce product for a demand that is increasing in that market. We do experience Foreign Exchange shortages in Ethiopia, [Non-English content] a small part of our portfolio. Turning to paper, demand has driven the revenue where the revenue is up by 4% at ZAR 534 million. We have seen some margin expansion in this business where we've seen the trading profit increase from ZAR 81 million - ZAR 113 million. In Zimbabwe, there's been a record tobacco crop that has assisted us in many areas there. It still is difficult to secure Foreign Exchange in that market, but, v ery nimbly and ably our team, sorry, the power's gone off here, is able to manage themselves within that particular market. We have seen an uplift in the margins in that business from 10.5% - 18.4%. In Zambia, we have a small challenge where there is still traditional beer being sold in bulk. Now, why that's a problem for us is we would certainly want that beer to be put in cartons, drive up the volume of cartons that we sell. We are trying to work with the authorities to prevent that type of sale in bulk beer, which will be advantageous for our business there. We are seeing a growing demand for crates in Zambia. We are bolstering our crate capacity, and we are relocating a line from South Africa to Zambia to pick up on that demand. In the rest of Africa, from Malawi's point of view, there's been record conical carton sales, but we do still experience Forex availability issues there. In Kenya, our self-opening bag operations have ceased operation and as we hone our portfolio. From a financial overview perspective, a revenue of ZAR 8.4 billion has been delivered for the six months, that's up 4%. Metals is up 7%, plastics down 4%, and paper is up 4%. The trading profit of ZAR 899 million is up 17%, and that is assisted through improved pricing mechanisms, particularly in Nigeria, where we are passing on more of the Foreign Exchange costs to the customer base. There are losses that are reported in DivFood and Rigid Plastics, and those have negatively affected the results in the period. The operating profit is significantly different from a trading profit, and the real reconciling items between the two there are the Foreign Exchange losses of ZAR 571 million in the period, and as I've indicated, that's ZAR 40 million in Angola and ZAR 531 million in Nigeria. If we have a look at the operating loss, it's primarily made up of the impairments, t here's been a ZAR 2.4 billion net impairment. There's a slide later that I'll unpack how those have arisen. There's been a sharp increase in the weighted average cost of capital in those markets, which has translated into a goodwill impairment of ZAR 1.5 billion in Nigeria and w hile that's important to segregate it between asset impairments and goodwill impairments, at no time in the future are we able to reverse a goodwill impairment in terms of IFRS, whereas the asset impairment, if the WACC rates improve and the volume outlook improves, those impairments can be reversed in the future. Bevcan Angola has seen an asset impairment of half a billion, then in DivFood and the Rigid Plastics business, we've seen ZAR 400 million between those two parties, and the bulk of which comes from the DivFood business. The net finance costs of ZAR 494 million are up 77%. We've had a higher on average debt position during the period. There've been a 350 basis point increase in the interest rates from the Reserve Bank in South Africa, and w e've also had to, in terms of IFRS 9, expense the unamortized portion of our transaction costs related to the refinancing, and that has increased that cost by ZAR 88 million in the period. This has all translated into a headline loss of ZAR 342 million, which is ZAR 0.545 per share, and that compares to ZAR 35.6 headline earnings per share in the comparative period. The basic loss is ZAR 2.5 billion, remembering that the difference primarily between the basic loss and the headline loss are the capital items that get adjusted for in those two computations so, a loss per share of ZAR 3.966 compared to ZAR 0.349 earnings in the previous period. If we look at our cash generated from operations before working capital of ZAR 591 million, that is down 45%. Once you take into account the investment of ZAR 570 million in working capital in the period, we only produced ZAR 21 million compared to ZAR 267 million in the previous period t here's been a slight timing difference in terms of the flow on the collection of certain debtors, which happened in the period of April and May, and that has substantially changed that cash generative position post balance sheet here. The absorption of ZAR 570 million is 30% down from the ZAR 813 million that we incurred in the previous comparative period. If we just unpack where that absorption has come from, we've managed to release ZAR 16 million from our inventory holdings. We've financed our trade receivables by an additional ZAR 445 million, and we've got lower funding from our trade creditors of ZAR 141 million i f I can just focus on that for a second a s we right size the inventory side, parts of our business, the relative amount of funding from creditors will reduce, so w here we had a higher creditor position at September, at the end of March, that position is lower so t hat results in the net reduction of ZAR 570, the bulk of which you'll see in the second half will change to a positive. Our group covenants have been complied with o ur net debt to EBITDA ratio of 2.9 x is below the threshold of 3x. The threshold changed from 3.5 x to 3 x at the 31st of March. That was in anticipation of the original rights issue that would yield the proceeds of ZAR 1.35 billion being received in March. Despite that process being extended, the business has managed to come in just under that limit and slightly up from the 2.8 x delivered in the comparative period. The EBITDA interest cover has been impacted by these higher interest costs, and t hat is at 3.4 x above the minimum threshold of 3 x. A success during the period is with all our lenders, both the RCF and the USPP funders. We've managed to extend the debt profiles of both those funding packages to the 30 June 2 024. And we are working on a process that will result in a refinancing of the group that will form the cornerstone for the rights issue that we'll take to the market in the second half. We're looking to put a platform down for the next five years that funds the business appropriately with the right covenant levels and the right flexibility within those structures. We've got short-term debt of ZAR 1.44 billion at the half year and long-term debt of ZAR 5.4 billion, and that has resulted in a current ratio of 1.6 x w hich shows a strong level of short-term solvency at the reporting date. The equity base has been adversely impacted by the impairments in the main, as well as the net finance costs and the Foreign Exchange losses so t hat has reduced the equity base down to ZAR 2.1 billion, and that has a consequential effect of raising the gearing ratio from a comparative period of 104% to a ratio of 252% at the 31st of March. If we look at the income statement in more detail, just from a revenue perspective, broadly, we've got volume increases in Bevcan South Africa, Angola, and Cartons South Africa. Volume declines in DivFood, Bevcan Nigeria, and our plastics business t hat's translated into ZAR 8.4 billion. The trading profit, as I've indicated, Bevcan and South Africa have improved their positions in the period. There has been ZAR 110 million adverse swing in the profitability if you combined just from a look at it in this way between DivFood and Rigids so t hat's been a negative swing of ZAR 110 million in that period. The big difference between the trading profit and the operating profit are these Foreign Exchange losses. What you will see as a key feature is that we've managed to get ZAR 620 million out of Nigeria in the period and t hat's not in any way or shape or form transferring any level of profits out t hat is repaying the Isle of Man for procurement, and that has been up 43% and at weaker exchange rates t hat's what's caused the Foreign Exchange loss of ZAR 531 million. In the income statement, there's also a ZAR 38 million non-cash flow item related to the eventual liquidation of our Nampak U.K. holding company. It's a non-cash flow item so w hen we get to the effective loss for the year of ZAR 2.4 billion, please remember that the non-cash flow items embedded in that number are the ZAR 2.359 billion for the impairments, and there is also the ZAR 38 million of the foreign currency translation a dded together, those are two non-cash flow items within the number. The net impairments impacted primarily by the WACC rate increases and has changed assumptions of volume forecasts. The high tax rates, sorry, the high interest rates have affected the net finance costs dramatically. Then the very low tax rate is in part driven by, I think around about a 16% shield that is provided by the goodwill impairment. The minority interest in these numbers is purely now represented by Zimbabwe, where we own 51.43% of it t here's 1% t here's a minority that owns the rest there. The headline loss per share of ZAR 0.545 primarily sits in the losses, I mean, DivFood and Rigids, the Forex losses, and the net finance costs. A feature of Nampak's results has consistently been variability in Foreign Exchange rates, and this period has been no different. We have seen a weaker rand, a weaker naira, and a weaker kwanza. There's limited Foreign Exchange available in Nigeria at the official rate. What we've seen is a very material decline in the ZWL, so the official currency in Zimbabwe and w hy that's important? is that it's a hyperinflation economy, and the full results are translated at the closing spot rate, unlike in normal foreign subsidiaries where it's translated at the average exchange rate so i f the first three months there was an exchange rate of a more favorable rate, once you account for the full six months at a weaker exchange rate, those first three months get translated at the lower rate, which adversely impacts our numbers. A weaker rand on both the average front at 15% weaker and at the spot rate of 22%. The weaker rate has been advantageous from an earnings point of view, where we've translated our dollar-denominated earnings from our dollar functional currency businesses at a weaker exchange rate, but it's adversely impacted the debt on the group balance sheet. There's $172 million worth of debt, and at a 22% weaker exchange rate, that's pushed up the rand portion of the debt. I think the important thing is to try and just isolate what the causes are and what the remedies potentially are for the Nigerian Foreign Exchange loss. Historically, there's been an underrecovery of the difference between the official and the parallel naira rate in our pricing mechanisms. These have been difficult discussions with customers, and they continue, but we're left with no alternative but to recover those costs. There's a timing difference between the pricing mechanism, bearing in mind we price in dollars but are paid in naira in country. Then there's a timing lag between the time we're paid and the time that we can actually get the official currency to repay our procurement business. We're trying to address that, shorten the terms, get the cash as quickly as we can, and get the cash into dollars and back to the Isle of Man as fast as we can d ollar availability has been an issue, the speedy repatriation of dollars thereafter remains challenging. One of the ways to fix this, and we have been doing this for a long time, is have multi-party interfaces with all the banks in the market there, so that when dollar availability is on the table, we can get it and get the cash back to our treasury business in the Isle of Man. The policy will be instant extraction and whatever exchange rate is available, we need to access those exchange rates and then pass those prices on to the customers. If we break down the net impairment losses, ZAR 2.35 billion, you can see the WACC rates have changed substantially. In our assessment of the WACC rates, we've held them constant at 13.6% for our South African businesses. We have applied a slightly more conservative WACC rate of 13.9% to our DivFood and Plastics business. We didn't think we needed to change that WACC rate for our Bevcan business. What you see in Angola is a 280 basis points move or a 19% move in the WACC rate. Now when you're discounting future cash flows at substantially higher WACC rates, it translates into these kind of impairments, and w orse still, in Nigeria, given the defaults in that market, there's been a 480 basis points move in the WACC rate, where that WACC rate has moved from 12.5% - 17.3%. If we try and break down this picture, you can see that ZAR 1 billion of this move is purely because of the movement in WACC rates. The economic consequences of increased imported inflation in those markets have resulted in us revising down our forecasts, and that has resulted in just over ZAR 1 billion worth of impact there. Then in the ZAR 317 million is ZAR 300 million for the DivFood impairment and ZAR 17 million for our Rigid Plastics business i f you split that across the asset classes, it's just under ZAR 700 million for property, plant and equipment. The right of use assets is ZAR 111 million, and t he bulk of this goes to a permanent change in our capital structure of ZAR 1.5 billion that cannot be reversed through the impairment of goodwill in Nigeria. Breaking down the net finance costs, which have increased by 77%, you will see on the right-hand side the core interest costs have gone up by 137%. The repo rate has gone up in South Africa from 4.25% in March last year to 7.75%. Our local interest rates for the period have increased, you know, to 10.3% versus and 10.5% compared to 8.1% and 9.3% and the foreign ranges have also moved up. We've expensed the ZAR 88 million in the interest cost in the year, and that's an IFRS 9 requirement, which requires you to put that charge through. What you can see in the new financing arrangements is there's been an increase in the interest rates effective 1st of April, so those will hit the second half. The biggest increase being the US private placement funding, remembering that that interest rate was set 10 years ago at 5.25% as a fixed rate. That rate has been increased to 12% for the duration of the extension that we've got there. If we look at the balance sheet, I think you know there's ZAR 15 billion worth of assets. Those are down 9% from the previous year. I've taken you through the impairment implications on that. There are small assets held for sale at this point in time. IFRS 5 is very prescriptive about having to have a highly probable outcome before you put any assets in that category so M ichael and his team with Simon and our advisors, as they progress through the journey of certain disposals, you'll find in the next reporting period those classification changes. If we have a look at the absolute value of inventories, those are up by 5%. I think they come off a comparatively low base, where one of our suppliers in the comparative period wasn't able to supply at our targeted levels. Now that they've got back to a more efficient level of supply, our inventory holdings in particularly Bevcan South Africa are back to normal levels, and it portrays itself as a 5% increase. Trade and other receivables, those have increased t here's been a 4% increase in the revenue, y ou've seen there's a timing difference between the first half last year and the first half this year. Remembering in the foreign denominated debtors, the rand has devalued by 22%, so when you translate it back into South African rands, that has increased. If you have a look at the efficiency within that number, the debtors days have decreased from 63 days to 61 days, and we remain with a very, very high quality trade receivables book. The cash balances have changed in the period through certain Foreign Exchange losses, some losses in DivFood and Rigid Plastics, and our use of the cash to repay certain of the debt. I've indicated the shareholder equity moves and the reasons for those t hat's down by 51%, and t he debt maturity has changed the short-term liquidity very well in the balance sheet with a current ratio of 1.6 x and an asset test ratio of 0.8 x. The trade creditors are being well managed, and we continue to receive very good support from our trade creditors. If you have a look at the covenants, this is a critical thing for all funding partners, we've complied with the covenants through all the periods. That dotted line on the blue has the difference between February and March, where the covenant for the net debt to EBITDA reduced from 3.5x to 3 x, was in anticipation of the rights issue actually proceeds being received by the 31st of March, d espite that process being moved out, we've managed to come in just under those numbers. That graph clearly shows compliance throughout the period. If we have a look at the net debt position, we are sitting from a covenant point of view, bearing in mind that we do have certain funds in certain markets which are disqualified in terms of the net debt for covenant purposes. There's a slight difference between the reported statutory debt and the covenant debt. We sit at a position of ZAR 6, just over ZAR 6 billion for debt for covenant purposes. Part of that increase is because of the rand/dollar exchange rate movements, and we've also invested ZAR 570 million in working capital in that period, and that represents about 9.4% of our debt. We have taken serious actions on that working capital, and we expect the working capital investment to drop significantly in the second half. A key feature of the period has been the extension of the debt, and I think, as I've indicated, the RCF debt, which had a maturity date of 31 December 2023, has been extended to June 2024. The US private placement holders were due to be repaid on the 28 May 2023 t hat's been extended to June 2024. The funding impact is there's an amendment fee of 0.43%, and there are ratcheted interest costs depending on where we sit in the net debt to EBITDA table going forward, so i t's in our interest to manage that as best as possible to minimize the costs. Indicated earlier, there are increased interest rates from the 1 April. Conditions to these debt extensions are the asset disposal plan, which is being actively worked on. We're trying to find the optimal mix, and the timing will be announced as and when we progress during that journey. We are required to keep minimum liquidity of ZAR 1 billion, and we have, we're gonna have to deliver certain security for the extension of the debt. The agreements in this regard have been signed, we have accounted for it accordingly. We are required to pay ZAR 350 million back in the facility by 30 September, and from internal sources, not from any disposals, and w e are working from all angles to make sure that we contract the working capital and generate the cash that we can. In terms of the rights offer milestones, we needed a credit-approved term sheet by 15 June 2023. We are looking to get that as the platform for the rights issue. The board would need to approve this by 30 June. An EGM, or extraordinary general meeting would be before, on or before 31 July. And the rights issue proceeds is the key issue, needs to be received on or before the 30 September 2023. By the 31 December 2023, we need right, disposal proceeds of at least ZAR 250 million, and we're making good progress in that regard. If we look at the cash flow statement, the cash flows in summary have been impacted by the Foreign Exchange losses in Angola and Nigeria, the operating losses in DivFood and Rigid Plastics. We have funded an increase in trade receivables and the trade payables, there've been a lot of interest payments in the period so, i think that leaves us in a position where cash flows from operation are down by ZAR 513 million, and we've invested ZAR 71 million in investing activities. The bulk of which has been ZAR 137 million in replacement CapEx, partially offset by some proceeds that we have got on the disposal of certain of our assets. In the period, our cash balances have reduced by ZAR 937 million, leaving the position at the reporting date at ZAR 517 million rands worth of cash. If we just unpack the working capital, we've spoken about the bit on the left-hand side m aybe on the right-hand side of the slide from an activity point of view, we are funding a net cycle of around about 83%, 83 days. What we have seen in the period is a dislocation between our inventory holding of 109 days and the funding on the credit side of 87 days. That's been a requirement for us to fund those extra 22 days in the period, and you can see that translating into the cash absorption. We've made really good progress, and I think when we report at the end of the year, there will be a significant change in the working capital. From a CapEx perspective, we've managed the CapEx within our funding constraints. We have had quite significant impairments over time, and as those assets get impaired, so does the base on which they are depreciated get impaired, and you can see a decline in the depreciation charge in the period. We are saying that there are no major single capital expenditure items other than the Line 2 Bevcan Springs upgrade that we are looking at. The future kind of annualized requirement for CapEx going forward will be a maximum of ZAR 350 million-ZAR 4 million going forward. But we are, actively managing a sustained maintenance program within the business to ensure that the operating capacity of our business is not compromised as we go through this process so t he assets have been well looked after and well-maintained. I'll conclude on that basis and hand over to Phil, who will take you through the outlook. Glenn, thank you very much for that articulate and detailed rendition. My head's spinning from all the numbers n o doubt yours is too. Let me ask you this: What makes for an investable stock on a sustainable basis? Number 1: You need runway on growth. Number 2: You need margin expansion. Number 3: You need cash generation. Number 4: You need an increase in your return on invested capital. Number 5: You need competent management. Notwithstanding that my short exposure to the company, I believe we have the ingredients and the capability and the program to craft a credible and compelling investment case as we take the company forward. Perhaps just think about Nampak for a minute with respect to the industry that we participate in and the consequence of us not succeeding. For those of you that are viewing this presentation from the outside, you wouldn't have visibility of the products, the branded products that I left at our guests, at our guests' chairs. Think brands. Think Rhodes Foods. Think Castle Lite. Think Clover. Think Lucky Star Pilchards. Think Hunters Dry. Think Heineken, et cetera, et cetera. We play slap bang in the middle of that value chain. Think about the inputs from a Hulamin right through the value chain to our customers, who are the pathway ultimately to consumers. This company cannot and simply won't fail. We will not allow that. It has to prosper in the interests of the livelihood of all those people and concomitant industries that are involved in making it a success. As we embark on a journey of organizational rejuvenation, we know who we are. Unconditional integrity. Self-directed leadership. Nudging people along will no longer suffice. We will behave like we are owners of this company and think like shareholders, and we will always act as responsible citizens. We also know where we're going to. We refer to it in our presentation, portfolio optimization. There will be any number of assets exiting this company on our journey of shrink to grow. We'll have a streamlined and laser focus in everything that we do, and leverage the unbelievable technology and research and development capability in our company. We have some 30 scientists deployed against every single substrate that this company offers. It means nothing, though, if we don't attain cost competitiveness. There are players out there trying to eat our lunch, and they're being successful in part, but we will respond accordingly. A critical enabler will be how we overhaul our business model and our go-to-customer approach. We also know what is important. Customer centricity will be at the heart of the organization, enabled by innovation, technology and growth. There will be a cultural evolution, perhaps a revolution, at Nampak with a high-performance focus, we simply have to generate real returns ahead of our weighted average cost of capital. I personally, I don't wanna overcook this thing. I'm pragmatic, and I believe in pragmatic sophistication. You can't pronounce too quickly, but I've seen enough already over the past number of weeks. We'll be measured and considered in our optimism. We have the ability, it's a controllable, to manage the impact of the structural economic inhibitors facing us. We have the ability, we will have the balance sheet to combat increased competitive intensity, we will invest for growth in our beverage organization. As an outcome, 12 months from today, you will see a streamlined and competitive Nampak. Along that journey we will fix, sell or close operations. That's absolutely fundamental. Leon alluded to an improvement in our working capital. I've been customer-facing for the past couple of weeks, I can assure you. Our working capital structure and complexion will change in the second half. I've referred to investing for growth. You know, ending my presentation on a light note before we move to a question and answer session. Last week, News24 published an article, "One Minute to Midnight for Nampak." I'm sorry for you, News24. It's not gonna happen on our watch. Thank you very much, ladies and gentlemen, for your attention. Are we gonna be taking questions from this audience first or external and internal at the same time, Lebog? If the audience is keen, we can take questions. They will give you the mic. Hi, Phil i 'm Nick Wilson from News24. It's me y es. He's on that camera. No, no. Fair comment a very, very interesting presentation, Phil, nice to hear about all the plans to turn around the business i was wondering if you perhaps could give us an idea y ou talked about having to make some really tough decisions, y ou're gonna have to obviously slash head office costs. You know, that obviously means job losses. I was wondering if you could kind of let us know kind of what the full staff complement is at the moment? and what how many jobs could be affected? Then tied to that, my second question, around that whole shrink to grow plan. I'm gonna just put it out there straight away a re you looking to possibly exit Nigeria as a starting point? Sorry. Nick, thanks, and I hope you don't mind the little gibe. To News24, you had it coming. Two questions that you asked. I'm sure you'll respect that I can't get granular. You know, these are internal considerations w e're in a consultation process right now, and it gives me no joy to speak about numbers i give you a big number, that's not reason to celebrate. This is survival and prosper, and I wanna demystify this whole head office thing, t here are lots of costs that are unavoidable that get reported as a head office cost. Will they be attended to? of course they will, with the same rigor that you'll find across the entire organization. Let's not just assume that this is a head office slash and burn. Okay? th is is addressing all our cash operating expenses on a broad front. Will we sell Nigeria w e have a very clean canvas. Okay. Nigeria has got a fantastic asset. It portends growth. You know, I worked at Coca-Cola Sabco for a few years, and I realized the importance of the portfolio balance that you need y ou invest in a portfolio of assets on the African continent if you've got real courage and a strong balance sheet to support you as the engine room. The reality is that we will do at a portfolio rationalization level, whatever is appropriate, and I want to leave it as broadly as that. Suffice to say, in our divestiture program, we have priorities. In my mind's eye, we will do what it takes to craft the best possible portfolio outcome for Nampak. You can take that as a yes or a no. Absolutely not. Thank you very much for that question. All right, next question, James Twyman from Prescient. He's just requesting more clarity on the Forex losses that were incurred since the 31 March and the working capital improvement. I mean, clearly any organization wants to achieve balanced working capital. Where have we detected inhibiting types of limitations to our working capital? Quite clearly on the accounts receivable side, order to cash, and that's been addressed, but t he job is never done. It requires constant scrutiny and ensuring that we keep ourselves in terms, in accordance with the negotiations that we've had and contracted with our clients. Okay so t hat's a big focus area. In some instances, we've found ourselves flat-footed and holding too much inventory, and that should correct itself over the next six months, and that appears in some of our divisions. I don't think there's much more to elaborate on that because Glenn gave, you know, an elaborate response to that, but I'll give you a second hug, Glenn i promise I won't mess up. The Forex loss, I don't think anybody can do justice to it in a presentation format like this i t was like going back to university for me because I never understood this, and I'm not sure I entirely understand it in as I stand here. The biggest infringement comes out of Nigeria, where you have dual rates in a country. You extract at a parallel rate, and you account in the official rate. As these extractions happen, you have your first negative impact a s the naira devalues, you have the next impact if you're not bringing that money, repatriating that money quickly enough. Then you have a hangover effect of debtors and cash outstanding that again finds its way back into the parallel rate, and a s these rates move, you feel the wrath of that. Can it be managed better? That's the question that needs to be asked. The answer is yes, to a degree. Some of it is structural in nature. It's not going to go away. Rather focus on the underlying profitability that gets generated out of that asset in Nigeria. I'm sure if we weren't a listed company, no one would ask us this question because they understand the vagaries that happen and the long-term view that you have to take on these assets. What you can do about it. Is ensure that you recover your cost push from your customers in country according to that parallel rate, w hat you see embedded in these numbers at the half year is not a full recovery, w hat you will see in the second half is a full recovery. But be mindful of this. As you recover, there's a pass-on effect to consumers. You've never seen a market like Nigeria with a level of price elasticity. I recall from my Tiger days and my Pioneer days, you had to just about strip every bit of meat out of a Gala Sausage Roll to get it sold, given how elastic that market is. That product is the most on-the-hoof consumed product in Nigeria. You see volume falloffs of 50%, 40%, 50%, 60%. It doesn't just trickle down, t hese are big effects. And the consumer's feeling the wrath of the Nigerian economy, which is exacerbating the situation. I feel far more upbeat about Angola. Our biggest clients put in three new canning lines. That portends growth. The economic indicators are positive. There are aspects of that Forex loss that cannot be managed. There are timing issues involved. I'm sure Glenn can give you a doctoral thesis on that, but I think we should leave it at that for now, Glenn. I think it suffices, and in some of our one-on-ones and chats that we have with you, we can give you a more granular view on that. Are you okay with that, CFO? Yeah. Oh, he's nodding his head. There's a slide 42 that if you take time to go through, I think we'll try and decode it for you, and i f you are still unclear on it, please phone. There's our minister of Nigeria and Bevcan and Hank. Anything to add, Hank? Did I pass? Any more questions? Hey? Sure. You're really taking advantage. Yeah. Sorry, I- Sorry about that. Phil, you were talking, you said that Nampak a year from now is gonna be completely sort of transformed, so, i s that kind of the timeline for, I suppose, let me call them long-suffering investors that there is, sort of the new Nampak is gonna sort of rise like a phoenix from the ashes in about a year's time? That's when we will see sort of the runway as it were s orry. So- A bit clumsy. Next so, i think one's got to apply, some sense to this and be pragmatic, okay. It's quite tricky t here's so many interventions which I call working on the business, and then concurrently you have to work in the businesses to have a turnaround. What's been quite consuming is the working on the business. Now, that emphasis shift has to change, okay. Michael, our finance community, have done a great job getting our long-form agreement signed off. It was last night. We are very well progressed in respect of our refinancing debt package. I'm confident that we'll craft an investment case that our shareholders, I hope, will entrust us with additional funding in respect of the rights offer that we've positioned. The working capital, the cost reduction, some of these things take time y ou incur more cost while you go through these processes, and then you wake up one day and the stuff starts to ratchet. So, we might not get assets away out of the portfolio as quickly as we'd like to. I think most sensible investors will give us, let's call it a 24-month term to have the organization completely repositioned. That's my best estimate I can give to you right now. Phil, next question from Nick Kriek Signal Asset Management. Nick makes a statement that there seems to be a lingering perception, that Nampak is the servant of its most dominant customers. He asks the question: Does Nampak have the pricing power? or are the customers too dominant? Well, I don't even like to use the word dominance in any embedded language, whether it's us or our customers. Nobody should be using words of that nature, for starters, okay? What I won't allow us as Nampak is to be victims, and indulge ourselves in victim speak, okay? We have a proposition, that is inextricably linked to a much wider value chain. We have to ensure that offering is compelling and sustainable. We have all the embedded technology. We have all the research and development capability. If we get our costs to the right level, there's no reason why we can't be competitive, and we've gotta convert that to cash. That's where I stand on that. I don't believe we're at the behest of our customers. If you engage your customers correctly, and hence my focus on building a customer-centric organization, and you articulate where your organization's at and what you plan to do about it. Every single large customer I've engaged with over the past four weeks have said to me unequivocally, "We want you, Nampak, and we need you." Does that detract from tough negotiations? Absolutely not. That's in the normal course of doing business so, t here's no structural imbalance in that regard. We've gotta do our job properly. We've gotta buy well to sell well t hey've gotta buy well to sell well. We've gotta keep that in check. Okay. Next one, Warren Riley from Bateleur Capital. Interest rates have been revised effective 1 April. These will obviously lead to increased finance costs. Is the ZAR 1 billion rights issue still enough? What will the capital structure look like post the rights issue? I'll answer the first part, and then I'll do a Robbie Fleck pass to Glenn. You know, when is enough. I mean, we'd like a lot more money and a lot more money quickly, but we've gotta be reasonable. Think of the long journey that our shareholders have partnered with us to get to this juncture, okay? Our rights offer up to ZAR 1 billion, we think is appropriate, and one must also understand the overall financial metrics and what you can actually take on as a rights offer and that, and how that plays out in respect of our overall authorized share capital. Glenn, would you like to deal with the second one, which is tricky? Sure y eah. You know, the second part in terms of the capital structure, I mean, clearly there's a tipping point between the maximum rights issue you can do from a mathematical point of view, and we've got it to a point where we think the ZAR 1 billion is the right number. What we have to do, is manage the underlying assets well to avoid further impairments w e can do nothing about further impairments that may come from further increases in the WACC rate. As we go through the disposal plan, the capital structure will be impacted either positively or negatively depending on the sale proceeds we get relative to the embedded NAV of the target disposal assets that we have. To the extent that there is any disposal that is below the carrying value of that asset, there'd be a loss on disposal of that asset, which would affect the capital structure. To the extent that we can sell any assets at a premium to the underlying NAV, there'd be a profit on disposal so i t's a very complex question to answer, but those are the mechanics, and I think it would be remiss to try and give a forward-looking statement of that as opposed to just giving you the parts that can move within it. We will obviously try and optimize the value for Nampak shareholders on the disposals as we reshape the portfolio. That, together with the rights issue, will end up with a capital structure that's more sustainable. Let's be real. I mean, our first responsibility is to ensure that we preserve and increase our EBITDA, okay? We've gotta get the profits up. The last thing you can do is take on, if we successfully rights offer and you start consuming cash, okay, beyond what you normally do. So we've gotta manage the profit side and the velocity side of this business a hell of a lot better. We cannot afford to have slippage on either side. The enormity of the task facing us shouldn't be underestimated, w e certainly aren't underestimating it. Phil, I think you have a fan in Chris Logan from Opportune. He asserts, well done, Phil, on the energy and experience brought to Nampak. On slide 32, you mentioned EVA greater than WACC, and that's very important. If so? why not adopt EVA-aligned incentive schemes like Ball did in 1992 with huge success? I concur wholeheartedly. I mean, I come from an environment, whether that was at Tiger Brands or Pioneer Foods, where we were measured according to not only the percentage improvement in your EVA, but your rand's improvement in EVA generation. In the absence of that, your performance portion of your share options simply didn't vest. Can there be any other more important metric than generating economic profit? Absolutely not. I'm with you on that, Chris, and it'll be foundational in revising our STI and our LTI structure going forward. Perfect so o ver to you, Rowan. Thank you very much i t's Rowan Goeller from Chronux Research. Just to jump back to Nigeria and not going into the mechanism in detail, but just, I mean, maybe simply, you take currency risk on behalf of your customers so y ou take in real dollars. I mean, it comes to trying to get money out y ou're effectively losing half of that value on the parallel exchange rate. When you talk a new pricing structure, I mean, effectively, does that mean you double your prices? in Nigeria so that you're doubling the local currency, you can then get out hard dollars, but you're not losing? Is that what you're looking at effectively in saying that you, second half, you're gonna get rid of that imbalance t his is purely on the parallel exchange rate. There will be a volume impact, but you absorb it i s that what we're talking about when you talk new pricing? Thank you for the question c an I give you a short response? Yes but, we're doing that, but we're going to have to watch this thing very carefully because we also have very volume-hungry plants. If that means we have to give a little bit back, what we've gotta guard against, that there's leakage along the way, that that just gets absorbed into someone else's margin and the consumer isn't the beneficiary of that. We are breaking new ground here, okay? We've moved hard to the left. We might make some adjustments to the right and find that balance in discussion with our customers. Ultimately, all what we all want to do is to sell more stuff, okay? Profitably. So that's where we stand right now i t's embryonic, but it's being executed accordingly. Thank you i f I may, a second question D ivFood. I remember going on a site visit to Vanderbijlpark seven, eight years ago. It was a work in progress to fix DivFood. It's still a work in progress w hat is the issue there? You know, why is it so difficult to fix a business? Can you maybe explain what's been done before that hasn't worked? It really has been a long process in fixing. Look, it's been poorly managed. That's the first point. We have a manufacturing architecture that is so complex for a business that's lost significant volume, okay? we've had big clients exit that business, and your manufacturing architecture and that overhead overhang remains in place, okay? so these are all the elements we're addressing. The people, management capability has just not been of the ilk that is required. It's another inhibitor. The margins have compressed. Why is that? Interactions and the interface with our clients needs to be done on a commercially sustainable basis. I don't think there's any element of the value chain in the turnaround plan that we have, under the leadership of Andrew, that will go untouched. Some of it is getting busy, and some of it is getting smart. To consolidate plants into a single plant type operation, if that's what our numbers reflect. I did something very similar in the beverage industry for Tiger Brands many years ago w e had multiple plants. We went into a super plant inland. You know, we used people out of America, like Profit Point, to support The Coca-Cola company, because you have to understand the interrelationships between logistics and manufacturing. There's a lot of stuff to fix. So, the litmus test for me is: what does this profitable sustainability look like in this business with current volume? Forget about new opportunities. Can we change the complexion of this asset with the existing volume base? I think the answer is yes. We've got to start y ou know, I made a point of, you know, working on the business and working in the business. There's gonna be a definite emphasis shift now, certainly from me going forward to getting into the business with the respective business leaders. I'm sorry that sounds quite broad-based as a response, but that's all I can offer you. If you ask me to double-click, the double-click's there in our plan. Phil, next question, Anthony Clark from Small talk Daily. His questions is not small at all. He says you've been at Nampak for four years. What quantum of fat? Four weeks y eah, four weeks. It feels like forever. I wonder if that's because I've aged a lot in four weeks. Yeah h e asks what quantum of fat have you already identified at Nampak? or can you indicate areas that you've already identified that can be cut? Anthony, firstly, congratulations on being rewarded with Analyst of the year on Small and Medium Cap i read that this morning. It's a lovely accolade. Anthony, as you would know, perhaps better than me, the job's never done in any company, and f at, as you refer to it, or lumpiness, creeps into many organizations. I don't want to be accusatory and say that, you know, Nampak's a bloated organization. What I'm suggesting to you is that we are forced to make accommodations in the area of cost reduction and enhanced efficiencies. But in keeping with the revised business model, we simply have to scale back the organization's enabling capabilities to fit that, and that's the journey that we'll be on over the next 12 months. Next question. Ntlantla Nkwabele from 36ONE Asset Management. Can you please quantify how much debt will be reduced? by working capital improvements and asset disposals? Robbie Fleck. If we're talking from a working capital perspective. T he second half, I would think that, bearing in mind that when we go into September, it's a higher seasonal time than March. Probably between ZAR 400 million and ZAR 500 million is what we're targeting in the short term. There'll be a seasonal uptick towards September. I think, you know, several 100 million ZAR will be released in that regard by that point. Asset disposals. Again, the asset disposal plan, I can comment on the ZAR 250 million, which needs to be paid by December, w e have got very clearly defined assets at advanced stages to deliver on that target. And the other assets in the asset disposal plan, there are information memorandums t here are advisors being appointed, and u nder the leadership of Michael and Simon, that is being addressed and we'll come to market with more advanced plans in due course. Is that it? Any questions? There's, I think I've got a four here. Matthew Mada from Alpha Wealth. Are we going to see forex losses at this level going forward? as you convert current assets held at the official naira rate? There is the likelihood that'll be forex losses i don't want to comment on the exact amount because you always have the hangover effect of monetary items, locked in debtors and cash that roll into your next period. I wouldn't want to pronounce on the exact amount now. Phil i f I can just refer people to slide 42 i t will help you in your analysis. Seems like a good slide, that one. Yeah. Nick Kriege, Signal Asset Management. Nick is of the opinion that IFRS obscures the economic reality of the operations in Africa. He hopes Nampak will place less emphasis on IFRS and focus on communicating the economic reality of the operations in Africa. We concur wholeheartedly i mean, there's an economic reality and there's a commercial reality, the one is driven by accounting practices and the other one is about how you run a business well in country. I suppose that's what you should really be measured on t he reality, though, is it doesn't go away. And if it continues to be an encumbrance to us, then we've got to make the asset go away. Just a follow-up question from Ntlantla Nkwabele, 36One Asset Management, on the asset disposals, can you give some detail as to which assets are these? I think that's pretty sensitive information at the moment because, you know, whilst they've been identified and we have a program to sell assets in a sequential manner, I mean, I would be fibbing i t becomes a nonlinear process ultimately. Willing buyer, willing seller. There's certain assets, of course, that we hold sacred. I'd like to leave it at that. We just have three last questions. Anthony Clark again, Small talk. Could you give us some color on the U.S. $66 million Zimbabwe receivables? Oh, do you want to comment on it, Glenn? We have received to date $5 million of the original $67 million. There was a whole debt agreement that we entered into with the Reserve Bank several years ago, where there was a two-year payment holiday, and they were due to pay $5.7 million per quarter. The contracted and committed payments were defaulted on, hence our expected credit loss ratio of 90% that has been carried in the accounts. We have received $500,000 in the month of March, another $500,000 in the month of April, and we are working towards trying to find resolution on future flows out of that asset. Bearing in mind that to the extent that we're able to get further flows at anything greater than 10%, it would positively impact our equity base, and clearly we'd use those proceeds to reduce our debt. So there's a latent asset lying in our group balance sheet of quite a significant value that's only carried at 10% of its face value. Hi, Gcaza from Mazi Asset Management. On the asset disposal, I just wanted to ask, at what point can you declare them as non as held for sale, or disclose them as held for sale? Cause I think that could also help us figure out, even though we don't know which assets, you're selling. I think once we've got binding offers and we've gone into a legal sort of structure in keeping with the divestiture of those assets, at that point we'll start to account for them as assets held for sale. There's a specific accounting standard, IFRS 5. So it's got five requirements that you have to meet, the final one of which is that it has to be highly probable as a disposal to classify it as an asset held for sale o nly once you're absolutely sure that the transaction is going to happen are you allowed to classify it so w e're in a position with one particular asset where the agreements have been signed. It's subject to certain funding, t hat funding for the buyer isn't yet highly probable. Accordingly, we haven't disclosed it so o nly once we meet all five requirements are we allowed to put it in the classifications and asset held for sale. I think we've got time for one more question w e've also got some media interviews. Yeah. Thank you. Last question. Johann Baise. Are Forex losses included in the EBITDA number? In operating profit. The Forex losses are included in the IFRS EBITDA number. In the rolling EBITDA number for covenant purposes, they are added back. Can we call it there? Yeah w e can. Oh, one more. Internal. Just one final one, sorry. Motevalli from Bloomberg News. My question is, two questions. One is to what extent are you looking to downsize your staff? If you can quantify that and t he second question would be on, just one second. On what the impact has been domestically in terms of rising interest rate? and, you know, the domestic situation in South Africa of rolling power cuts and so forth t o what extent have those impacted your company? If I can just squeeze one more in. Sorry i f I can just squeeze one more in, is to understand, you know, in terms of the company, making a profit or a loss, is it because, is it more because of the operations of the company? in terms of how the company's performing? Is it in terms of the domestic conditions? Are those the biggest factors in how the company is performing on making a loss? Thank you for those questions i mean, the, let's deal with the latter, the last question. It's always an amalgam of both. We're facing economic headwinds in all of the geographies that we operate in. There's some missteps internally in the company. You know, the escalation of interest rates puts pressure, to your second question, on consumers. I mean, the buying power is heavily reduced, and you'll find that reported in most companies in South Africa currently, and even when you look north beyond our borders. The first question on our staff and the reduction and the quantum thereof, as I said, that's sensitive and we're in a consultation process. I do not want to elaborate on that matter if you don't mind. My apologies for not being able to say your name again. It's a bit difficult i t's a bit like PE's changed to Gqeberha or what. We will get it right. Ladies and gentlemen, thank you so much for your attendance t hank you for your time. For those that have been listening in, we thank you too, sincerely, and c ertainly hope that we can report a more positive outcome or steps to a more positive outcome, you know, at the full year. Thanks so much.