Gentrack Group Limited (GTK) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to Gentrack Group Limited's Annual Shareholder Meeting. My name is Andrew Green, and I'm delighted to be attending this Annual Shareholder Meeting as the Chair of Gentrack Group Limited. Today, we're very pleased to welcome you as online participants through our virtual meeting platform provided by our share registrar, MUFG Corporate Markets. As we have advised previously, given the global nature of our business, we are holding a virtual meeting again this year. Our Chief Executive Officer, Chief Financial Officer and other key executives and some of our Board members are usually located in the United Kingdom or Australia. Their attendance in person at the meeting would result in significant costs to Gentrack as well as other logistical challenges. You will hear more about our various locations later in the meeting. We have prerecorded the introductory message from each of the directors who are standing for election. This is to minimize the risk of technical issues interfering with the smooth running of the meeting. You can vote and ask questions online. To vote, you will need to click, get a voting card within the online meeting platform. You'll be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in a way you wish to vote by clicking for, against or abstain on the voting card. Once you have made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or phone the help line on 0800-200-220 if you're in New Zealand or +649-967-7751 if you're outside New Zealand and if you require assistance. I would encourage you to send through your questions as soon as you can through the virtual meeting website. This will allow us to answer these questions at the appropriate time of the meeting. To ask a question, you will need to click Ask a Question within the online meeting platform, select the item of business, type in your questions and click submit. Before we formally begin, I'm attending this meeting from London with our Chief Executive Officer and Executive Director, Gary Miles; and our Chief Financial Officer, John Priggen. I would like to introduce to my fellow Board members, Fiona Oliver and Stewart Sherriff, who are attending from Auckland, New Zealand; and Gillian Watson, who is attending from the U.K.; and Darc Rasmussen, who is attending from Australia. Details of the background and experience of all directors is contained in the annual report and on the website. We will hear from Fiona Oliver, who is standing for reelection as a director and Gillian Watson, who is standing for election as a director during the formal business of the meeting. Also with us today are Rob Yeardley from our auditors, Ernst & Young; and Toby Sharpe from our solicited Bell Gully. I'd like to take this opportunity to thank our auditors and lawyers for the work that they have done for Gentrack. The Company Secretary has confirmed to me that the notice of meeting has been sent to shareholders and other persons entitled to receive it. The company's constitution prescribes a quorum requirement of 3 shareholders having the right to vote at this meeting. This requirement has been met. On that basis, I am pleased to formally declare the meeting open. Details of proxy voting are now available on the screen. I'd like to thank shareholders for their participation in today's meeting. Nonexecutive directors being myself, Fiona, Darc, Stewart and Gillian cannot vote on Resolution 4 due to our interest in that resolution. This includes discretionary proxy votes. Gary is an Executive Director and does not receive directors' fees. He does not have an interest in Resolution 4 and is able to vote. Aside from these voting exclusions, directors intend to vote all discretionary proxies we have received in favor of the resolutions as set out in the notice of meeting. The financial statements for the 12-month period to 30th of September 2024, together with the auditor's report are set out in the company's annual report. The annual report was made available on Gentrack's website in December. The order of events for this morning's meeting will be as follows: First, my address to shareholders, then Gary's address, then we'll take shareholders' questions, then we'll go through the ordinary resolutions and voting of all the resolutions will be conducted by way of a poll. You'll be able to ask questions online through the virtual meeting website. I again encourage shareholders attending online to send their questions through as soon as possible. We'll now move to the first agenda item, my Chair's address. Gentrack's market segments of energy, water and airports are growth markets providing essential services. Gentrack's mission in the utilities space is to help the world accelerate towards a net zero future by supporting the global modernization of energy and water retailers. Gentrack has around 690 committed utility professionals who are passionate about this purpose. They work tirelessly to demonstrate our leadership in this dynamic landscape as utilities worldwide embark on a transformation journey. Strong revenue growth in the last financial year came in part from doing more with our current customers as they innovate. They face a myriad of drivers for system change, including regulatory and competitive dynamics, data insights from real-time smart meter interactions, time-of-use pricing, needing to provide a great customer experience, new operating models and per capita water consumption targets. Additionally, we had 4 new utility customers in financial '24, including new wins in Saudi Arabia and the Philippines. We now have utility customers in 8 countries. The pipeline of new opportunities continues to develop, and we are targeting further wins in financial year '25 in our current markets and in new territories. Separately, our Airports division, Veovo, which operates in 23 countries and over 140 airports, is playing a leading role in the digitization and modernization of the industry. We have a top-class team and a great technology with over 90 professionals in the division. We expect continued progress at Veovo with almost no customer churn, continued new wins such as the financial year '25 wins at Manchester Airport Groups and the airports of Saudi Arabia, and they add depth to our recurring revenue base. We expect to secure renewals, upsells and new wins from a strong pipeline in financial year '25. For the group, revenues in financial year '24 increased 25.5% over the prior year to $213.2 million. In our Utilities business, total revenue grew by 23% to $181.3 million. Underlying utilities revenue, including $27.6 million of revenue in financial year '23 from insolvent customers grew by 51%. Upgrades and other customer transformations, new customer wins and strong demand for innovation and change across the customer base helped drive our nonrecurring revenues 104% higher to $60 million. Wins and upsells from prior periods increased our recurring revenues by 33% to $121.3 million. At Veovo, new customer wins in the U.K. and the Middle East powered them to a 45.5% increase in revenue over the prior period to $31.9 million. The project work to implement these wins alongside upgrades from existing customers drove nonrecurring revenues 101% higher than financial year '23 to $15.7 million. This included $6.8 million against $2 million in financial year '23 of revenue for sales of hardware sourced from our supplier network. Customer wins and upgrades from prior periods also pushed recurring revenues 15% higher to $16.3 million. EBITDA for the group at $23.6 million compared to $23.2 million in financial year '23. That included $7.1 million booked against expected payroll tax on the group's LTI schemes compared to only $0.3 million in financial year '23. That follows the strong rise in our share price as the tax is based on the share price at vesting. Furthermore, for LTIs made at the start of financial '24, more shares vest and vest earlier when the share price is higher. And so we are now amortizing most of this expected cost over 2 rather than 3 years. We've continued to increase investment in strategic R&D as well as increase our sales and marketing spend to support our international expansion. Our NPAT of $9.4 million against $10 million in financial year '23 included a $1.3 million loss being our share of the losses of Amber in which we acquired a 10% stake during the year. Alongside our equity, we hold a seat on Amber's Board, and so we account for this investment as an associate company within our financial statements. Gentrack continues to deliver strong cash generation. Our cash as of the 30th September 2024 was $66.7 million, a $17.5 million increase over the start of the year after investing $12.9 million in Amber. Our utilities and Veovo businesses both operate in high-growth and consolidating markets. The Board believes that the best use of the company's capital is to continue to invest in growth. We have, therefore, decided not to pay a dividend. We will keep the use of our capital under regular review. Our G2 technology strategy with Salesforce's Energy and utility cloud embedded is resonating extremely well with our existing and potential customers. A recent testament to this has been G2 winning 3 prestigious awards with the ACEN Business Review Awards in 2024 for enterprise software, energy, enterprise software utilities and ESG tech utilities. In November '23, Genesis Energy selected the G2 solution to modernize their business, and we're making good progress in this transformation program to remain a key program across financial year '25. Upgrade discussion with parts of our customer base are underway and new customer sales are all on G2. We have a strong and exciting technology road map for financial year '25. We continue to invest in data solutions for better AI insights and automation as well as a broad range of sellable add-on functionality that energy and water customers need as they transform and innovate. We continue to invest in products in areas such as dynamic pricing and propositions for distributed energy sources such as battery optimization for industry, for homes and electric vehicles. Our minority investment in Amber accelerates our road map in this key energy transition domain. Amber is an Australian-based technology company and energy retailer that gives companies direct access to real-time energy prices and the technology to automate their home batteries and EVs. Their product is augmenting our solution well, and we see encouraging interest in the combined Gentrack and Amber solution. We're pleased to have achieved our first joint win on a Gentrack and Amber solution in Europe. We also work with other distributed resources management technology suppliers to bring the right solution to our customers in this nascent market. Veovo has had another strong year of growth. Airports are again handling 2019 passenger numbers, and that has meant a drive for technologies to deliver more capacity and better journeys. We've seen a number of big projects Veovo with major successes in the Middle East and large contracts in Saudi Arabia for our passenger predictability products and the delivery of airport billing in Dubai. In the U.K., Manchester Airport Group has selected Veovo for passenger tracking and queue measurement across all their airports. We continue to have excellent customer retention. We expect Veovo to continue this strong story in financial year '25 with current projects becoming operational and a strong pipeline of opportunities with existing and new customers. Our financial '25 annual report includes our very first climate statement under the New Zealand Climate-related Disclosures regime. We believe that our technologies can play a key role in accelerating a sustainable future for the planet. Our platform support automation and operational efficiency at Airports and at Utilities, we deliver customer-centric solutions that can help end customers adopt greener solutions to advance the energy transition. Both the Utilities and Airports industries are transforming at pace. They are dynamic markets in a state of change, and we're confident in our ability to lead these markets globally over time. We remain confident of our midterm guidance of growing revenue more than 15% compound annual growth rate and an EBITDA margin of more than -- of between 15% and 20% after we expense all our development costs. In financial year '25, we expect both utilities and Veovo to show continued revenue growth and EBITDA improvement. The extent of that will depend on when business opportunities close in the year. In closing, I'd like to thank all our customers and shareholders for their continued support and the entire Gentrack team for their achievements last year and their commitment to Gentrack's future. Thank you for your attention to my Chair's address. We'll now move over to the CEO commentary from Gary Miles. Gary?

Thank you, Andy. Well done. Since Andy covered the business and its fundamentals, if we could go on to the next slide, I would like to provide an update on some activities since our last earnings that we had in November. First of all, the -- you can see up in the top left-hand corner, our G2 stack is being deployed successfully at Genesis. We're excited about that. It's resonating well with the customer base and with our pipeline, but we have a really good partner across the park, so to speak, literally in Auckland. And we're really pleased with the collaboration that we have with the Genesis team to land that. We moved into systems integration test and headed towards production this winter, summer, July time frame. Part of that stack includes our partners, AWS and Salesforce and Snowflake and others. We want to thank our partners for helping with our technology journey and landing value that we bring to our customers. Andy mentioned our inaugural climate statement that we released in New Zealand. We're very excited about this. We're a purposeful organization. We believe that our technology can help accelerate the path towards net zero. And New Zealand is really at the frontier of climate statements and climate pledges, and we're glad to be making our initial climate statement in New Zealand and provide that transparency with -- not only for our shareholders, but for our people and our customers and their supply chains. And down at the bottom, on the right, you can see some of the management team is there with me. I want to really call out the management team as a world-class team. We have a great collaboration amongst ourselves despite the times on differences at times. And we're working really well together. This is a positive thing that really drives us towards our long-term objectives. So that's something I want to underscore is in a very, very strong state. In the middle here, I put this because our India base is growing. Having said that, we have large people presence in Auckland and Melbourne and London and Denmark, Copenhagen and Pune in India. We're actually off to Pune this next month to spend time with the team and the whole leadership team together. So -- but in all of those core people markets are growing. So we're leaning into India, but we're leaning into all of our people centers, which is fantastic. Veovo on the top right-hand corner, Andy talked about the momentum that the business has. It's pretty outstanding as we move from Tier 3 and Tier 2 airports into a lot of Tier 1 airports around the world like Dubai and Miami and others and some new wins here in GACA is the country of Saudi Arabia, Manchester Airport Group and others. So continue to watch that space and the contribution we have to modernize airports worldwide. So I'd like to move to the next slide and summarize the market dynamics. The market dynamics are one of the fundamentals that are driving our strong growth. We've been very consistent with this message. Having said that, I do think that it is becoming -- we said we thought this was going to happen, and it's actually happening in a really strong clear state. So first of all, industry-wide [ RFP ] momentum is accelerating across our growth areas of Europe and Asia. I think it's accelerating because, a, we have better visibility. We're out in the market getting tenders; and b, because more people are getting -- taking seriously the benefits of moving off legacy technologies. And there's a trend in this direction to move off those technologies. And so we see the RFP momentum increasing. G2, as I mentioned before, resonates well. We think it is the market-leading integrated billing and CRM play. Technology on the market is resonating well. And so that strategy is a sound one. And most interestingly, there are very few credible players that will be able to service this global replatforming that the utilities industry and the airports industry is undergoing, really a small handful and the barrier to entry to get into this space is significant, multiyear proof points to do that. And so due to these factors, our pipeline continues to expand. As messaged in prior announcements, mature deals are expected to start closing this year. Our transition into development in the Asian and European market is in its maturing stage with the 12- to 36-month sales cycle. And -- but because of that sales time line, we expect the new wins and the revenue to be second half weighted. I remain very confident in our ability to execute against 2 things. First of all, our purpose, which is to accelerate the journey to a net zero future by leading the IT -- global IT modernization of energy and water retailers. So our aspiration is to globally lead this space. And then our plans to achieve midterm growth of greater than 15% CAGR, as Andy mentioned, and 15% to 20% EBITDA -- cash EBITDA basis. So we intend to provide full year guidance in our one half results that we will have in May when we'll come and visit Australia and New Zealand and talk to our global shareholder base. So with that, I would like to say thank you and hand back to the Chair.

Thank you very much, Gary. So before turning to the formal part of the business of the meeting, I'd like to give shareholders the opportunity to ask questions whether related to the presentations, the financial statements or the management of the company. You can continue to provide questions online, and we'll also address those that have already been submitted. If we run short of time and are unable to answer your question online today, we will turn to the formal part of the business and endeavor to respond to you after the meeting. So John, what have we got in the way of addressing this?

So we have received questions from shareholders online. The first one being New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will the Chair undertake to voluntarily put up a remuneration report resolution for an advisory vote next year's AGM rather than just deal with this narrow director fee cap component. Annual rent voting is the law in Australia, and we are dual listed on the ASX. So why don't we step up and respect shareholders by adopting Australian market practice?

Well, we do respect shareholders, but the rules are we follow New Zealand. New Zealand isn't the backwater. It leads, for example, in the climate reporting area. Certainly, we'll consider it as a Board, whether it's a sensible thing to do or not. But I mean, I think the right thing to do is to follow the rules of -- personally, I think the right thing to do is follow the rules of the exchange you primary quoted on, but we'll take that into account and we'll have a conversation with the Board about whether that's a sensible thing to do.

The second question is, could new Director, Gillian Watson and the Chair comment on the recruitment process that led to her appointment to the Board? Was a headhunter involved? Did the full Board interview Gillian as a group? And did they interview any other candidates? Did Gillian know any of our directors before engaging with the recruitment process?

So I'll answer, if I may, all of that. Of course, we included a recruitment company, a full Board interview not all at the same time. We're in many different time zones, but all the Board members interviewed Gillian and other candidates. There were several other candidates and nobody knew Gillian before she was appointed, and I think we think she's an excellent appointment.

Third question. Now the company is the NZX top 50 -- in the NZX top 50, will the Board consider appointing a future director or an interim director as part of their corporate social responsibility?

Look, I think this is a really good point. It's about how do you bring younger people into the pool of directors. Honestly, although we are in the New Zealand 50, we're pretty flat out running the business. We're a tight Board, I think, with a good dynamic, who is able to support Gary and the executive team very effectively. So again, it's one of those things we might think about in the future. I don't think it's very likely we'll do that in the short term.

Another question. The 6 most valuable U.S. big tech stocks, so Microsoft, Apple, Amazon, Alphabet, Meta and NVIDIA are together worth more than $20 trillion, largely because they have enormous pricing power and are overcharging customers the world over. Could the CEO comment on which of the global -- sorry, on which of the big global technology companies we are most reliant on and what we would do if they suddenly put their prices up by 30%. Also, are we at all exposed to a potential U.S. trade war involving Australia and New Zealand's treatment of big U.S. tech companies?

Yes. It's kind of the big tech companies run the highways of today's commerce and communications and trade. We definitely work closely with AWS and Microsoft primarily. We have other options. I think if they put up their rates 30%, that would be a surprise in an environment where AWS is cloud compute and storage costs have been going down on a percentage basis regularly. And Microsoft's obviously other options with Google Technologies and others, and we have the ability to pivot pretty well. So I think we're pretty well protected from that. But for sure, we have dependencies like the world over. I'm not sure I'm in a position to comment on the trade policies of Australia and New Zealand at this point.

I honestly don't think shareholders spend a lot of time worrying about that. I strongly expect that anything that happens will be much more consumer-facing, much less to do with the sort of inner workings of the B2B side that we are involved in both in our relations with those types of companies and in the business we do.

Next question. While NZSA, New Zealand Shareholder Association acknowledges the release of the KPMG report, albeit only 2 days before the ASM, we were disappointed the report did not disclose the details of the comparator companies and provide more detail around the rationale for the increase. We will, however, vote undirected proxies in favor of the resolution.

Thank you. Look, I'm sorry, we were late in publishing that. It is a very complicated thing when you're operating with directors in Australia, New Zealand and Europe. The reason that we made the changes was in order to recruit a -- if you remember, Nick Luckock, who was our previous U.K.-based director, who originally came on as part of an investment by his company and didn't take fee at all originally. So it's a long, long time since we've been out to the U.K. market seeking a director. When we went down, it was clear that we were well off the pace. And when we benchmarked it in Australia and New Zealand, too, it was clear that we need to make this change. Honestly, I think for most shareholders, it would be really complicated to show this sort of benchmarking across 3 markets in that way.

And the currency impact.

Yes. The pound has got stronger since then. Anyway, these things are...

The next question. Thanks for disclosing the proxies early and well done to Fiona to getting reelected with around 98% in favor. However, the turnout was around 70%, mainly because more than 95% of retail shareholders didn't bother to vote. When disclosing the voting outcome, please advise how many shareholders voted for and against, similar to that with a scheme of arrangement. This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail voting rate. The likes of Qantas, ASX, Suncorp, Tabcorp and Computershare all do this.

Interesting idea. I agree well done to Fiona, who is a first rate colleague. I think it's an interesting question. We'll have a look at it. I mean, again, I don't think making life really complicated helps. We'd certainly like to see retail shareholders voting. I think very often, they are wanting to hold the shares in order to get a return on those shares rather than take part of the government. That's just the way the world is. 70% turnout globally is not a bad result, actually.

There are no further questions. Sorry. Thank you very much.

Okay. If we may then, and there are further opportunities to ask questions if anybody has any as we go through, but we'll come to the formal part of the business. So ladies and gentlemen, we now come to the formal part of the business, matters requiring resolution, which are outlined in the notice of meeting. You may ask questions on each matter being put to shareholders through the virtual meeting website. Now moving to the resolutions. I propose to call a poll on each of these resolutions. As I mentioned, shareholders will be able to cast their vote using the electronic voting card received when online registration is validated. To vote, you will need to click Get Voting Card within the online meeting platform. You will be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking for, against or abstain on the voting card. Once you have made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or use the help line on 0800-200-220 if you're in New Zealand or 649-967-7751 if you're outside New Zealand, if you require assistance. Voting will remain open until 5 minutes after the conclusion of the meeting, and the results of the vote will be announced by the stock exchanges this afternoon. Each resolution set out in the notice of the meeting is to be considered as an ordinary resolution and as such, must be approved by a simple majority of the votes cast by shareholders who are entitled to vote and voting on the resolution. The outcome of proxy votes will be displayed for your information on the slide of each of the resolutions. Resolution 1 is the reelection of Fiona Oliver as Director. Fiona Oliver joined the Board as a Non-Executive Director in February 2019. She retires by rotation and offers herself for reelection this year. Fiona's credentials are set out in the Notice of Meeting. Fiona will now address the meeting on our proposed election in the form of a prerecorded video.

Good morning, everyone. I'm delighted to seek reelection to the Gentrack Limited Board and to continue to work with the committed group of people who contribute to the success of this company. I mentioned at the time I joined the Board in 2019 that there were many attractions to being part of this team. Principal among these attractions was the focus of the company on its customers and in building a sustainable global technology business. To develop software to meet our customers' needs and with teams in New Zealand, Australia, London and Denmark, we needed to ensure we were connected to one another and connected to our customers. We needed a clear product strategy, great people and strong processes. It's very pleasing to have been witnessed over the last 6 years to what has been a transformation and the establishment of a solid foundation to develop and deliver software that our customers need for their businesses to be successful. Recent years have been eventful for all of us. Unforeseen factors have created stark differences from year-to-year on how we've needed to operate. Gentrack has not been immune from these external factors. And as you will recall, a few years ago, we had our own internal challenges and understandably, the market questioned our long-term strategy. I have been so impressed by the management team, determination and the extremely hard work undertaken to respond to both the internal and external multifaceted challenges and ultimately to achieve the position Gentrack is in today. There is, of course, almost always more we want to do and need to do, but what we have now is a sound platform to continue to drive strong and profitable growth. We have talented people, strong leadership and better technology. In my role as a Director of Gentrack, I will continue to bring my breadth of governance, investment, capital markets and legal experience to benefit the already astute and effective oversight of the company by the Gentrack Board. I will continue to ensure my focus is on delivering value and sustainable returns to you, the shareholders, which I know is shared by current Board members and the senior management team. I would welcome your support of my reelection as an independent director to the Board, and I'm very happy to answer any questions you have with me. Thank you.

The Board has determined that Fiona is an independent director for the purposes of the NZX listing rules. The Board unanimously supports the reelection of Fiona. I now propose that Fiona Oliver will be reelected as a Director of Gentrack Group Limited. Are there any questions for the Board concerning the motion from shareholders in attendance online?

There are no questions on this matter for shareholders joining online.

Thank you. Please now select For, Against or Abstain for Resolution 1 on the voting card. [Voting]

Resolution 2 is the election of Gillian Watson as Director. Gillian Watson was appointed to the Board on the 1st of June 2024. A director appointed by the Board must not hold office without reelection past the next annual meeting following the director's appointment. Gillian offers herself for election this year and our credentials are set out in the notice of meeting. I now invite Gillian to address the meeting on her proposed election.

Good morning or good afternoon, ladies and gentlemen. My name is Gillian Watson, and I joined the Board of Gentrack in June 2024. I succeeded as Chair of the People and Culture Committee in October 2024. My background is in finance, primarily corporate finance and M&A and in strategy and business development in the energy sector with a particular focus on renewables and the net zero transition. My executive career spanned Asia, Europe and parts of Latin America. I currently sit on the Board of 2 other energy companies engaged in different ways in the important role of our transition to net zero. I joined the Gentrack Board as I fully believed in its mission to develop and provide technology to transform utilities for the sustainable era. I consider that I can contribute through my experience in the global utility sector, my understanding of strategy and growth and my knowledge of regulation and good corporate governance. Thank you in advance for your support, and I look forward to playing a part in our exciting future.

Thank you, Gillian. The Board has determined that Gillian is an independent director for the purposes of the NZX listing rules. The Board unanimously supports the election of Gillian. I now propose that Gillian Watson be elected as a Director of Gentrack Group Limited. Are there any questions for the Board concerning the motion from shareholders in attendance online?

There are no questions on this matter from shareholders joining online.

Thank you. Please now select either For, Against or Abstain for Resolution 2 on the voting card. [Voting]

Resolution 3 is regarding authorization to fixed auditors remuneration. Resolution 3 concerns the remuneration of Gentrack auditor. The Companies Act 1993 provides Ernst & Young continuing offices auditor. However, a resolution is required in respect of their remuneration. Details of the proposed resolution are outlined in the notice of meeting. I now propose that the directors are authorized to fix the remuneration of Ernst & Young as auditor of Gentrack for the ensuring year. Are there any questions for the Board concerning the motion from shareholders in attendance online.

There are no questions on this matter from shareholders joining online.

Thank you. Please now select either For, Against or Abstain for Resolution 3 on the voting card. [Voting]

As I have an interest in the next agenda item, I'm going to hand the chair to Gary Miles for the next item. Executive directors do not receive directors' fees, so Gary has no interest in this resolution.

Thank you, Andy. Resolution 4 concerns an increase to the cap on nonexecutive director's fees. Details of the proposed resolution are outlined in the notice of meeting. I now propose that the aggregate maximum annual remuneration for directors be increased from $800,000 to $850,000. Are there any questions for the Board concerning the motion from shareholders and attendance online?

There are no questions on this matter from shareholders joining online.

Thank you. Please now select For, Against or Abstain for Resolution 1 on the voting card. I now hand the chair back to Andy. [Voting]

Thank you, Gary. Well, look, that concludes the formal part of the meeting. You should now have submitted your votes. The poll will close in 5 minutes. So ladies and gentlemen, thank you very much for your attendance at our annual meeting. We'll be announcing the results of the formal business of the meeting to the stock exchanges later today. I now declare the meeting closed.