Attacq Limited (ATT) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to Attacq pre close. Before we go into our June year-end results, we thought let's give you guys an operational update of what's happened at a tech over the last few months since we've last seen you at the interim results presentation. I can certainly say that it's been an interesting few months that we had to navigate our business. But sitting here today, looking back at our results and reflecting to what the teams have achieved over the last few months is I think we can be certainly proud of the actions that our team have has undertook over the last few years, really certainly evident in the results and also in our operational update. I'm joined this by some of our expert members. I've got David Oosthuizen, Michael Clampett, Rajesh Nana and Peter de Villiers. So all the difficult questions, if you can divert the to the gents alongside me. This morning, we will quickly talk about update on our strategy. Michael will take us through some retail updates on our trading densities. George will go over the capital structure, and then we'll give you some updates on what we've done over the last few months in certain of our portfolio, retail experience hubs. If we say -- if we go back on our strategy, and our strategy really is centered around quality income. How do we create quality income, mitigating our cost, our cost base. We've certainly seen with low shedding, interest rate hiking, all of our suppliers are under pressure. So really a big focus in Attacq is how do we mitigate? What do we control and how do we manage it to the best of our ability. Our occupancy has increased by almost 1%. So our occupancy now at 93.2%. And really, we are encouraged to see the activity in the office space within Waterfall and also in linked with Pretoria. Our collection rate is at 104%. And then our client retention rate is at 81.8%. So really evident that our clients are remaining in our portfolio, and they're renewing their leases with us. Michael will talk today about our trading density growth of 13.3% and really giving you some more detail of where do we see the wins and also where is our pressure over the next 6 months. 15% year-on-year in turnover rental income growth, and that's really because we're always on in Attacq. We've seen a marked increase in turnover rentals due to the fact that all of our retail centers are generated backup, we always trade, and we've definitely seen a starting coming through the numbers that our shoppers understand that the malls are on, they're always trading, and we're seeing it translating through in the numbers. We've renewed 189 leases over the year, which represents just under 60,000 square meters of lease renewals, and we're currently busy upgrading waterfall circle. -- no leases it signed, but really focusing on getting the building upgraded, and we're really focusing on a multi-elite strategy there where we want to subdivide the building and lease the space to smaller clients. Reducing the -- sorry, resilience on diesel, really linked to our ESG plan. So when I talked about the ESG plan a little bit later today, and the diversification of our portfolio really links to the resilience that we create in our portfolio. In the development space, -- we've completed the Plumblink building head office and also distribution center, 15,000 square meters, a beautiful facility on LP 22 and also LP 22 now completed, a precinct in the logistics precinct. -- Ellipse waterfall, a major success, Phase 2 completed 15,000 square meters and very excited the first amenities that has opened up as part of the Luna Club operated by Olives and plates and then also SPA that will open up over the next few months. The Ellipse sales, every time the team over the last few months presented the sales to me when David whatsapp me, the sales, I couldn't believe the numbers. Over the last few months, we've had the highest sales that we've achieved in the highest interest rate cycle, selling Ellipse. So we were really proud of what we've achieved, proud with our JV partners, Phase 1 and Phase 2 83% transferred . Phase III, we launched towards the end of last year. We were already 108 units sold, sales going really, really well. And I think also potentially as people can see the product, they can experience the product. And with the opening of the immunities, Its really fast track the sales of the Ellipse units. Currently, under construction, we've got 23,000 square meters of developments under construction. It's the office building Nexus 2. We've launched Midyunits, just under 15,000 square meters of mid units on a speculative basis. We're currently talking already to 1 client to take up 2 of those units and then expansion of Amrod 3,500 square meter expansion. In our pipeline, about 36,000 square meters of pipeline. We're very encouraged with Vantage Data center talking to a Phase II expansion. And then our Phase III Ellipse expansion that we will complete over the next 12 months. We continue with the acquisition of the buying up to 50% of waterfall junction. The only outstanding there is the competition commission approval. And then we will complete that sale of buying up a further 27%, increasing our stake to 50%. When we look at our capital structure, we are on track to deliver our guidance of Debt growth as we've communicated a few months ago of between 8% to 10% for this year. The proposed GEPF transaction, we are making really good progress on the transaction. We're finalizing the legal agreements and the detailed announcement will be released once the legal agreements have been signed over the next course of the month. We've successfully hosted a funding road show, and Raj will go into the detail of the refi plan that is linked to the GEPF transaction. And once again, thank you to all the funders that has joined us. Raj and his team took all the funders throughout South Africa showing our retail, introducing the funders to the team, teams that run the retail centers and really got a chance to walk and experience our assets and not just in credit and approve the funding, but really experience what Attacq and waterfall is about. The Ikeja City mall transaction is still ongoing, and we will also have further detail in the next few months on that transaction. When we get to our ESG and the diversification part of our business, really supports the operational side of our business and it's interwoven with each other. So over the last few months, we've completed 630 kilowatt rooftop system, and that's at Ikeja City Mall. We've completed the LED retrofit at our retail experience hubs, the automated generator controllers. People say, what is that? That's just the controller that you put on your generator to almost reduce your capacity of a generator when the malls are not trading. We've seen great success on savings on diesel costs when we don't need all of the power at certain stages when the mall is not at full capacity. We've concluded our EPC certificates. And we've also introduced a water consumption logging program, really understanding where are we wasting water, where is water not efficiently used, and it's been remarkable to see the impact and where water is lost in our portfolio and the savings that we're already achieving by introducing the water logs. I always say to the team, [indiscernible] is a good African saying, and that's what we're doing in Attacq. Currently, we're busy with 1.2 megawatt of rooftop systems that will be completed in the next month. We've also committed to a further 5.2 megawatt. That's part of the 7 megawatt we've introduced a year ago, and that we will complete in the next financial year. Battery backups very expensive. We're currently busy looking at viabilities, the studies and how do you recover the cost from clients. So a big work stream that our team is currently busy with and again, reducing the reliance on generator and diesel consumption. Waste recycling project is ongoing and then a water resilience project. And part of this year's budget approval process, the operation team -- we've got an ambition of improving our water backup from 48 hours to a 5-day backup. As much as we are concerned about electricity in our country, our focus is equally so on water and the availability of water and understanding how do we create further backup and redundancy from a water point of view. So we've been really busy in Attacq over the last 6 months. I'm very comfortable to report that we're on track with our strategy. We're on track with our guidance, and I'm going to hand over now to Michael to provide you some detail on the retail turnovers for this year.

Thank you very much, Jackie. As you will see on the slide, we've published the numbers for the 12 months ended April 2023. And today, I'm going to use the opportunity not to go through each of the numbers, but to tell you 3 stories about how these numbers were created by the work done by our asset and property management teams behind the scenes. So first off will be more of Africa. You will see that more of Africa grew extensively by 19.2% over the last 12 months. At the previous results presentation, I quickly mentioned that we were using a tool that we developed in conjunction with the financial institution in South Africa and that we'll be using this tool to make leasing decisions. I can now comfortably say that we are seeing the fruits of the labor via the densities and the growth in densities at Mall of Africa. So maybe quickly, just rehashing that again, we use the financial institutions information about where shoppers shop and spend their money outside of the Mall of Africa and then we use that information to attract tenants that we believe are going to be really successful in Mall of Africa and it's certainly paying dividends. We are currently working with another financial institution, building some similar models looking at Glenfair and Lynnwood specifically and hoping to implement that soon. Maybe at a high level, just where does that growth come from at Mall of Africa. We've expanded our electronics offering over the last 12 months, including tenants like HP store and compute mania. And certainly, we've seen that drive up some of the densities, also a focus on fashion, upgrading some of the guys that were on the fringe of doing really well, a new flagship sports end a new flagship adidas and all of that has contributed to the significant growth at Mall of Africa. Next step down is [indiscernible] . Eikestad Mall, you will see there grew at 11.4% over the last 12 months. What happened there, those of you, the investors that are familiar with our asset in Eikestad Mall will know the 2 big anchors there are [indiscernible] and checkers. They trade on 2 different levels. [indiscernible] is on the upper level and checkers on the lower level. And you could only access those 2 levels from the Street via staircase. We did some work and we built a ramp towards the lower level that exits close to checkers. The intention was to make trolley shopping possible. Have people go up and down this ramp with folly shops to the public parking area outside. And very happy to say that since January to the end of May, the Checkers turnover has increased 27% on the same preceding period or 5 months in the past year and certainly putting us very close to that area where we can now look at potentially upgrading the tickets to a fresh X because they are now doing the numbers. So once again, congrats the team down tuners for putting that ramp in place. And then a quick touch on Lynnwood Bridge . Lynnwood , over the last 12 months grew at 14.8%. As mentioned, I think a couple of times in our previous results, that specific asset, having a large exposure to restaurants, 2020 and 2021 really was a tough time. But we used that time to rejig the tenant mix, make sure that we understood what we introduced and where we put them. And certainly, since we've introduced brands like [indiscernible] , [indiscernible] that trade has gone significant or really well. And also [ small weak] , we've changed the outdoor cycle shop, which used to be called Lynnwood cycles to a name brand called [indiscernible] . And we've seen turnovers the increase by more than 100% since we've introduced the main brand. So all those property management and asset management interventions really bearing fruit for us.

Great. Thanks, Mike. Thanks, Jackie. From a capital structure, really, we want to bring everyone's attention to is our interest-bearing debt. The team has been harder to work behind the scenes and in anticipation of the GEPF waterfall City transaction, we've been engaging with all of our lenders. And as Jackie mentioned, we invited all of the lenders to join us on a road show of sorts, visiting all of our assets across the country, including waterfall City, our Precincts Pretoria, MooiRivier Mall, Eikestad in George . And I must say the feedback has been really, really positive, not often that the teams get to walk these sites with the management team of those assets available and having the ability to interact with that. So we had really good attendance and really positive feedback from those attending. If you think about the GEPF Waterfall City transaction, as mentioned before, we'll be using the proceeds to pay down debt, roughly ZAR 2.8 billion proceeds going towards the debt settling that both in the Waterfall City portfolio as well as our rest of South Africa portfolio. in addition to paying down debt, we'll be refinancing all of the other debt at more favorable rates and terms and conditions. And so that process is well underway. We've received term sheets from all of our lenders Needless to say, we were obviously very well oversubscribed, a huge support from our existing lending base. And as Jackie mentioned, very appreciative of all of those lenders attending and part of this refinance process. If you I look at the slide, which is Slide #8, gross interest-bearing borrowings currently at approximately ZAR 8.15 billion. That will reduce to roughly ZAR 5.35 billion post the transaction. Our weighted average loan term will increase from currently the 3.1 years to somewhere between 3.5 and 4.5 years. We are aiming to refinance most of our debt between 3 and 5 years with as a small stub piece that we're looking to do in a much shorter space rather shorter term so that we can enter the debt capital markets in the next sort of 12 to 18 months. If you look at our hedging percentage 56.1%, I think this is the lowest it's been over the last sort of 10 years. Certainly, our internal policy is to maintain a 70% hedge percentage, and we've got certain covenants with our lenders to maintain that above 60% but we have received consent from all of them in anticipation of closing the Waterfall City GEPF transaction, the debt will reduce significantly. And just through the reduction of debt, we'll be going back up to roughly 70%. So this is just a temporary hedging scenario for us. If we look at our weighted average cost of debt, now up to 10%, a significant cost of debt really as a result of the increases in interest rates that we've had over the last 6 months. I think between January and now we've had about 150 basis points increases in rates. currently at about 8.5%. And if we add margin to that of about 1.5% to 2%, you can see why we're over the 10% mark. And hopefully, rates have reached the peak. We certainly expected that to take place earlier this year, but the markets have been extremely volatile and our reserve bank following the mandate to keep inflation in check. you if look at our group financial covenants, 38.1% gearing ratio, well within the covenant of 60%. And we're expecting that with the GEPF Waterfall City transaction for that to drop to 25%. We don't have an interest cover ratio covenant. But again, with this transaction, we'll be improving that interest rate cover up to about 2.5x post the transaction. And so I think in anticipation of the transaction, that profile that you see at the bottom of Slide 8 will change significantly. All of the debt being refinanced, hedges will largely stay in place that we have, but we look to potentially add hedges later this calendar year and hope by then the [indiscernible] rate, which is currently the 3 [indiscernible] , which is currently at about 8.8%. hopefully, that will come off a bit, and we'll be able to hedge some of our debt at more favorable rates. Liquidity is still looking extremely strong, ZAR 1.4 billion of total liquidity, made up of ZAR 240 million of cash balances as well as ZAR 840 million of prepaid facilities, which we can redraw and ZAR 310 million of committed facilities that we can draw in if need be. I'm going to move on to some videos that we've prepared. We cannot always take everyone to visit all of our sites, so we've prepared a couple of short videos, showcasing 4 of our assets, MooiRivier Mall out in patch post the reform project, Garden Route Mall in George. More recently, we launched the Luna Club at the Ellipse and we've got a short video prepared by David Oosthuizen and then the Plumblink head office and distribution center, which was also recently completed. After the video kept permitting, we'll take some questions. [Presentation]

So I think let's go into the Q&A. The first question we received, Brenda , are you going to read us the questions or should I drive the questions from this side. Aker, do you have a mic? So the first question is from Sandile, -- would you consider buying back more of Africa minority stake from post the GEPF transaction? What is the MOA current live? We get this question a lot. I think we love our mall. We're 80% owner of our mall. So it makes absolutely sense for us to buy back our stake of 20% or buyback or by the stake of the 20%. But for us at Attacq, it's sensible capital allocation, and that's what it is for us about at the right price and always at the right time, it's definitely a natural acquisition for us, but it needs to be sensible. We can't acquire the Mall of Africa stake and erode earnings. So for us, it's strategic. Yes, but at the right price and the time must be right for us. So it's definitely a key acquisition in the future, but we need to make sure that it fits into our capital deployment strategy, and that's the basis of how we would look at the transaction.

The next question comes from Tobi. Your discount rate for retail hubs is similar to the senior South African government bond yield. Normally, the discount rate is 2% to 3% higher than the 10-year yield. Should we expect asset values to fall due to higher discount rates?

Yes. So maybe I can answer that. Toby, thanks for the question. I think it's a very good question in the context of where the risk-free rate is. Our valuations are all completed by independent external valuers. And certainly, we don't have too much influence on discount rates and cap rates. But what we do understand is that these valuers take a long term through the cycle view. And so typically, they do not change discounting cap rates for what they believe is potentially short-term movements. And we haven't seen any updated valuations for the period ending June as yet. So I can't really give any insight into where the values views are on discount rates and cap rates. I think what we do need to understand is that given the market and where we're seeing various inputs into the values coming out at retail is still relatively strong. Obviously, we're seeing some headwinds coming from the retailers themselves, but certainly, rental turnover ratios, occupancy levels, et cetera, are still strong. And these are [indiscernible] into the valuations. We can potentially counter some of the impact of a higher cap or higher discount rate. We do provide -- I think there's a follow-up question potentially we do provide in our financial statements, sensitivity analysis on cap rates and discount rates and other observable and observable inputs into those valuations. So you're welcome to have a look at our financial statements and potentially see what that impact could look like if changes in cap rates and discount rates would materialize?

The next question is also directed to Rosh may, please remind us of the sensitivity of a 1% change in discount rate to values. Raj, are you going to take that question on gives...

Yes. So I've kind of alluded to it already. If you look at our financial statements, it's available on the website. I think it's Page 61 of that. We look at different sensitivities, both to the discount rate as well as market-related rentals and vacancies, et cetera. So Nazeem , you're welcome to have a look at that. There's a fair bit of detail in the financial statements and you're welcome to touch base with the management team after that, if you still have any follow-up questions.

Okay. The next question is encouraging the trading density stats. I'm going to ask Michael to answer this. Are you able to give us indication direction of rent for the period under review, not necessarily the number, but would you say up or down the introversions...

So at our previous results presentation, we disclosed the 6 monthly numbers for retail, they were slightly negative. We gave the feedback that during that 6-month period, there was a discom lease at Life that's been there for 10 years that we set leading to the slightly negative reversion on retail rates. I can just forewarn to say that there's another 4,000 square meters of Virgin Active that we renewed in this 6-month period that will lead up to 30 June. So certainly from a trade perspective, very positive. We've been able to capture a lot of that in rent. There's a national retailer what can i mention , but collectively, I think the portfolio rental in a specific more went up by 14%. But if you consider that what we're going to disclose for the 12 months end of 30 June is going to include this 4,000 square meters vision active instead visor setting. Mike got says to me that the number should still be slightly negative, but I'm pretty sure that we will make -- do a good job to give you enough disclosures to ascertain what the general rental is doing in the retail if we exclude some of these specific examples.

Thanks, Mike. Next one is for Pete. Could you provide more info about the possible sale of [indiscernible] Is Nigeria changing its ForEx regime... Difficult one.

I'll deal with the easier one, which is the ForEx regime changing. I mean, obviously, not to asset elections so the less than a month into a new administration. If you look at the great disparity between pro market rates and the FX rate, one would expect that there could easily be some kind of a revaluation. That said, albeit under a different administration, the bank or the Central Bank did hold out and didn't really devalue the currency over the last 4 years very much. So -- it is anyone's guess, I don't like to speculate on economic constraints, but the economy there is struggling, although they always seem to make a plan. That said, [indiscernible] Is fully let and trading very well. So it's definitely showing its resilience. Regarding a transaction there, it's still exactly as we left it a few months ago other than obviously, the USD liquidity has abated a little bit. We have gotten some dollars recently, which we used to settle our property bank debt at more level. The reality is, however, though, that there hasn't been a widespread increase in USD liquidity. And we're also looking to see how the new administration and the new changes the Central Bank play out in the real economy. From our side, the key constraints to closing that transaction are the prospective by Actis completing its fundraising. That said, they have continued on. They're putting in the work, continuing to get closer to reaching their fundraising targets. And as soon as there is any positive news or negative news for that matter on that transaction, we will inform the market.

Thanks, Pete. I think then we've got a few in the chat box a few questions, and I think they're all centered around the timing of the GEPF transaction. So we've got any possible of giving some sense of timing of the announcement of the deal. And I think Yesh is asking when can we set timing for the circular regarding the GEPF transaction. As I said, we're finalizing the legal agreements. We've had numerous work streams that we are currently busy with the transaction has taken much longer than what we have anticipated. I can't give you exact timing, but we're hoping for over the next month, we will be able to make the detailed announcement and then the circular will follow after that. The next question, also from Yesh, maybe an update on the debt, Raj, do you see any benefits from the potential debt refi on this transaction?

Yes. So certainly, we are expecting both from a quantum of debt, also the margin of debt that we procure are going to be significantly better for the group. I have mentioned that we've received term sheet from all of our lenders, and we've asked them to quote over a multitude of tenders. And we're seeing a compression in margin on the back of, obviously, stronger credit metrics post the transaction. It is -- whilst the refinance and the repayment of debt is not a condition of the GEPF Waterfall City transaction, it is part of the implementation phase. And hence, we're running these work streams in parallel, we're expecting that we should have the debt refine the repayment lined up so that it will dovetail with the closing of the Waterfall City transaction with the GEPF and so we should be able to reduce the debt and benefit from the lower cost of debt soon thereafter.

Thanks, Raj. Raj, I'm going to keep with you here. Its lovely being the person asking the question so I need to answer them. Is there potential upside risk to current DPS growth guidance, what things need to happen for a tack to increase its payout ratio of 80%.

Yes. So I think as Jackie mentioned, the guidance still is still confirmed between 8% and 10% growth. We're certainly not at this stage, indicating that it's going to be higher or lower than that. We're comfortable with the range that we've provided the market. If we talk about payout ratios, payout ratios are largely determined by the need for capital to be reinvested in the business. It's also, I think, a function of gearing levels. And post this transaction, we will have lower gearing levels. But certainly, we're seeing that there are a number of capital-intensive projects that we'd like to continue implementing within our business. For example, we're aggressively rolling out PV across the portfolio, Phase 2 on certain assets where we've already had PV installed a number of years ago and Phase 1 on buildings that we're installing for the first time. In addition to PV, we're on a big driveway, as Jackie alluded to in some of our slides to make sure that we increase our water resilience across the portfolio. This does require a fairly substantial capital investment in that. But again, like the decision we took 4, 5 years ago with installing generators across the portfolio, we think this is makes for a sustainable business. And certainly, with some of the challenges that we're seeing with local government, it's something that we need to focus our capital on. And so at this stage, we're still comfortable with the 80% payout ratio. But if ever that changes as a result of gearing and/or capital requirements, we'll communicate that to the market.

Thanks, Raj. Pete, can you provide an update on Waterfall Circle vacancy, Michael. Also, please give more color on what was done to my waterfall circle a multi-let building and associated costs to this.

Yes. So in the current financial period, which ends to June, we've commenced about 1.5 months ago with an external upgrade, repainting, looking at some parts of the facade, the needed upgrading, et cetera. I must say the building is looking fantastic. It's about 70% complete. And that cost us about ZAR 3.5 million to do this year. In the new financial period, we've budgeted to upgrade the internal part of the building, mostly to the lobby. I want to just reiterate that not a lot of work is necessary. A lot of this work is cosmetic in nature because not a lot of hard work is necessary to create a multi-let building, the building itself and it's a regional design, the way the lift cores work really lends itself to become a multi-let building very easily. From a leasing perspective, we're still in the running for a tender for 6,500 square do direct deals in the running one for 3,000 square and one for 10. And then we've also been on, let's say, 1 or 2 dates with the international flexible workspace company. That deal could land anywhere between 8,000 and 11,000 square meters depending on where we go in the next month or 2. So certainly, a lot of deal activity. And I'm also confident that now that we've looked at the outside facade and we're going to look at the lobby, certainly, the building is going to make a much better pressure when we take prospective tenants there.

Thanks, Mike. And the building is looking really great. Well, a question from Nazeem , Raj this is yours. Will the lay in the GEPE transaction adjusts for the prepayment penalties on date? How much does this decrease by every month?

Nazeem it doesn't change significantly. So typically, prepayment penalties are set for 12 months intervals. And so if we had a prepayment badly, prepayment penalty rather resetting from a higher level to a lower level for June, for example, and we had penciled in this transaction closing at the end of July. We do have to wait another 11 months for that prepayment penalty to step down. But having said that, they will have -- it will have some minor implications with regards to the prepayment penalty that we expect to have paid. Having said that, we also are negotiating with our lenders. And depending on which lender gets paid down by more or less than a pro rate of share that will also have an impact. I think the sort of numbers that we indicated to the market was a very conservative view, and we certainly expect to come within that conservative number.

Thanks, Raj. I think, Lukas, your question on any color on any reversions. I think we've answered that question. And I think the [indiscernible] That I'm seeing here in the news feed is from yesh, please remind me the yield from your solar PV projects... Raj, do you want to take this one?

We're happy to answer that. So yes, I mean, we look at -- when we allocate capital to PV projects, we look at a number of metrics as a result of that investment and the type of return we're looking at. PV projects are rather PV equipment is a depreciable assets. So I think looking at a 1-year yield can sometimes get you to the wrong answer. So we look at the 1-year yield to see if there's any negative impact on the 1-year forward yield of Attacq. But certainly, we also then look at IRRs, and we look at that between 5, 10 and 20 years. And so yields typically are between 16% and 17% first year yield, and our IRRs are also between sort of 16% and 17% on a 10-year horizon.

Question from Lukban, any updates on progress with the Cell C campus leading and rental collection. So I can give an update and I can give a group update here because everyone is working on the Cell C campus on this team. So as you can see, our collection is 104%. So Cell C definitely is up to date with their rental payments. David and his team are also looking at a redevelopment opportunity in the walk-in center, David. I don't know if you want to give some color on what we can do on that site from a redevelopment point of view. But at this stage, Chelsea's up-to-date with their payments.

Yes. So there's 2 things we can do there. From the walk-in center point of view, we can create a lease area and do a couple of small warehouses totaling approximately 12,000 to 13,000 square and I think as I mentioned previously, we have been able to get our hands on the cost estimate letter for that site of [indiscernible] which gives us the ability to potentially do a data center there. We have already done interim designs and the site actually doesn't end itself to that. What's quite nice about it is you also phased the power. So I think the initial power, we get 11 MVA and we grow it up to 8 MVA by 2030. So we started engaging with Pacific Data center inquiries in the last sort of 2 to 3 weeks. And so far, it's looking quite promising.

Thanks, David. I think if I -- we haven't missed anyone. Thank you so much for joining us today. And once again, apologies for the Internet connection that we have -- that you've suffered -- the presentation will be sent out. And Brenda, maybe we can also share the audio with everyone that has joined today the presentation. So I'm going to say goodbye. We're going to play you out with a video. As Raj said, it's not always easy to take you all on our sites, but we are very proud of what the teams have done over the last few months with some phenomenal upgrades. Some of our malls are fully late. The Luna Club, just to show you a little bit of a glimpse of the magic we creating in our precinct. So thank you, one, and thank you very much. Thank you to my team. And I hope you enjoy the small little video that we have shared with -- which you will share with you.