Motus Holdings Limited (MTH) Earnings Call Transcript & Summary

Welcome, everyone. If we can just take the final seats. It's a bit of a new room for us today. So I see I now have to stick to my podium. So I can't walk around just in -- also camera can't follow me apparently, and I'm going to be in front of your screen. So better use this opportunity while I can still walk around to tell you that fantastic day. You've all seen the results coming out since already this morning. And what you would have seen is that momentum that we had in the previous financial year has really started kicking off in this new financial year as well, which is very pleasing for us. It gave us a nice start to the year. Volumes were up. I think that disciplined execution really made sure that even on operating profit, the numbers look well, and momentum in South Africa is particularly good. And then you will see that the finance cost reduced dramatically. And that was the one number that I think a few of our investors 2 years ago were still worried about. But I think you will be very pleased to see that in the numbers today. So I'm going to take you through the first bit, which is really around the strategy section of it. Then I'm going to hand over to Brenda, who will take us through to the financial numbers. And then just a little bit on our prospects and our key priorities at the end. So if I kick off where do we do stand from the overall environment? Where do we operate? We operate mainly in 3 territories. So South Africa, most of you are quite familiar with. At the moment, it feels as if the South African environment is certainly a little bit better off than it was a few years ago. And like I said, that momentum is currently carrying it through into the vehicle sales. You will see those numbers has really been positive. And a few positives that we can take out of it is, of course, the interest rate cycle has really been in a decline. We have moderating inflationary pressure still, but the rand has strengthened against the major currencies, and that's probably one of those future benefits that will only come through in later financial periods for us. United Kingdom, however, probably the one area where you feel for such a big economy. A little bit of uncertainty there. I think the business confidence remains subdued. And that has also played its way into our numbers to a lesser extent, but still -- and you would see that even there, there's some contraction in the new vehicle sales and particularly in commercial trucks that affected us. And Australia, that's still a resilient economy. It remains a resilient economy. I think that's also got its own little niches there. Quite interesting. They're always in a different cycle than anyone else. And for those of you who follows Australia would see that they've now turned the tide and actually started increasing interest rates. So it feels as if they are differently on a different curve than everyone else. The largest part of and shift that's taken place, however, and that's something that I think everyone in the room just needs to under, is how the shift in the passenger and the LCVs have actually taken place in this landscape over the number of years. And if you can go back to 2019, and you look there at the bottom end of the page, you will see that we hardly had any Chinese vehicles in all 3 of these markets. In South Africa, there was a little bit of Haval at that stage, maybe making up about 2%. In the U.K., I mean 0.5%, so it was virtually 0%. And even in Australia, there was only 1.7%. And that was just before COVID. Now that shift has actually been quite dramatic in all 3 of these markets and one of those areas where everyone had to adapt and see how you can actually make your new sunshine in later years. So if you fast forward to 2025, you can see certainly in South Africa the Chinese would make up about 15% of our market; in the U.K., 9.4%; and Australia was actually the first one in that curve that's actually up to 17%. But it's not only the Chinese. I think if you look at those new entrants, you will find there's also new brands coming through. In our case, we have also introduced TATA, which is part of our stable. So it's Indian and Chinese in that sense. And then also on the growing brands, even though they were here at that stage, Suzuki and more recently Mahindra certainly made inroads into that volume space and something that we need to keep an eye on. On the mature volumes, these brands remained very, very constant in their market shares over a number of years. So before COVID and after COVID, if you actually go and track those market shares between Hyundai, Kia and Toyota, they have really been one of those stalwarts in our stable that's really made a difference. And also when you push it down to operating profit level, you will see that they have been able to really perform. The area of our business, however, where there's some brands under pressure -- and it's not just us, it's the whole economy of South Africa. Remember, this is now showing South Africa really there on the brands under pressure. It's really been VW and Audi, and I see them as sort of one. But then also Nissan and Ford, where you would have seen even the closure of their plants or maybe a reduction in their production, has certainly meant that those brands you have to look at differently, where they've been stand-alones before, we're probably going to have to look at a little bit of a multi-franchising even going into the future. However, the South African vehicle market, as I said here at the bottom, you can't ask for a nicer place to be in at the moment when you know volumes are actually driving your maturity of your business. It's a very nice place to be in. So how do we build our strategy? I mean it's like I said, when we got some momentum, and that's always nice. But at the same time, you need to make sure how do you actually grow and unlock the value that you've got. And one of the first areas is to make sure you've got a very strong base and a strong foundation. And that I believe we do have. We've got a very diverse business, but also very much integrated. And what I mean with that is diversity comes in different forms in a business like that. So your diversity can be just purely your portfolios, it could be geographical. And I think in the sense of Motus, you're always going to find parts of our business that's really performing well, there will always be 1 or 2 areas that's a focus area. And that's that balance that you can play with. And with the strong leadership team, that's actually how you can then actually bring that forward. Strong cash generation, like I said, market leaders, and then we've got a very experienced and diverse leadership team that I'll just get to in a moment. But if you want to really truly grow, there's certain areas you want to transform and there's other areas where you need to go and deliberately go and grow into where you were maybe not even there before. So the first area is around the transform piece, and that would be areas where it's already in your stable, you just need to do it slightly differently. And I think where it's been quite important for us is to actually equip our people to go and deal with this change. I mean it's quite different if you arrive one day, and I take -- a specific example would be Mercedez, which was a very nice brand, completely standalone. If I ever today walked into any one of our Merc dealership in Gauteng, you're going to find they're all multi-franchised. And why? It's because they actually had to adapt. Now adapting is great. But if you need to transform your team to work with that adaptions, it's a bit more difficult, because now you tell someone who was dealing with pretty much a premium luxury brand to suddenly have other brands in its stable as well. A little bit more entry level and more volume. And that's part of the reason why we say we need to adapt our teams as this landscape changes. We have introduced lots of new products and services, and that would have been products -- you've seen some of the brands already, but also other products, if you think about our aftermarket parts, car rental side, into our mobility solutions. Other products and services we've introduced, and that is really to meet as customers keep on changing. And we have to reposition our way that we deal with our customers through our omni channels. And then the last piece is really around, how do we then grow? I mean it's all nice if you can grow with your organic growth with what you have got, but you also need some new innovative solutions, new products, things that you didn't have before, which actually you introduced. We've been quite disciplined with our capital allocation. And you would see there has been some bolt-ons. There has been no substantial big acquisitions. But if you start adding them up, you will see in the areas in the markets where we have seen that there was a need, we've actually deliberately allocated capital to those areas and have done bolt-on acquisitions and expansions. And of course, the one area for our own career path is also -- as this business grows and evolves, you would see that it has been quite a few changes into our leadership team even as these businesses have changed. Of course, it's all supported by the way we run this business. We have got new vehicles. Like I say, we're in everything. So that whole integrated model, your new vehicles, pre-owned, you're in parts, you're in workshops, you're in the car rental and then also the other service offerings you have got. And of course, the enablers of our success remains our people, the culture that we have embedded in this business with 20,000 people running it. Digitization, innovation remains center focus as well, as well as, of course, looking after our people and communities and our stakeholder relationships, why we have got the presentations today I suppose. One of the things that was on the slide -- I think it's probably 2 presentations I got was, how one of the big areas where we felt we needed to almost create that capacity for growth is to actually look at our experienced management team and how do we deploy them in the right areas. You would have seen that in specifically the importer space, we needed to create that extra capacity now that we have also got Thato onboard. So Thato Magasa has now taken over TATA as the sole franchise. And Bruce Mukhola, who is not on the screen because he is not an ExCo yet, but he has taken over and is almost effectively in training for the next few months learning the ropes at Mitsubishi under the guidance of Jaco. And what you would have seen is by creating that extra capacity for growth, you actually create more focus, because once you've focused on a particular area, you know you need to go and work. You can't -- there's no lazy days. You actually have to really go and work it. And I think particular areas there would have been, for instance, Rainer, who's taken over not just the vehicle rental but other new businesses. Manny has stepped up now to be the CEO of Mobility Solutions after the unfortunate passing of Kerry Cassel. And you would have seen Niall Lynch still in his position looking after the global aftermarket parts. That's sort of the areas of our, call it, operations. But then on our functional side, we have also bolstered the team there a little bit. And the new additions there from what you would have seen maybe a year ago has been Assaad, who's come through as the CIO into that space, and also more recently, Suraiya Naidoo, who's now firmly looking after innovation and our digital marketing side. So a lot have happened. If you look at the bottom right area, you can see why there's no -- there's nothing to be said about the completed years of service and the experience we've got in this team, 229 years if you add all of those up. So I'm probably one of the most inexperienced people. I've only got 10 out of those. ACI representation, obviously important in the South African environment, and that's at 47%. And we do have our fair share of females. Now how do we deliver against our strategic intent? I mean it's quite important to understand that for every one of these pillars, we've actually sat down, we looked at what do we actually want to achieve. And this was already done more than a year ago. So you're seeing some of it that's maybe already in -- in the previous financial year, we started with, but it's only coming to fruition now. So the first area is really the growth in the SA activity. Now if a market condition is in your favor, you better take advantage of it. And I think in this particular year, we've certainly done that. So you can see our SA operating profit has gone up 15%. So if this was a stand-alone, only SA business, it is up 15% on operating profit. And I think that is a remarkable achievement. Obviously, we do have some of our international pieces maybe dragging it down for this year, and that's part of diversification, I suppose. But SA on its own up 15%. Vehicle volumes up 13%. But if you look at just the dealer sales, that's actually up 22%. So it is a market that has been in your favor, but you also need to make sure you back the right brands and that you actually take advantage of that. And that has certainly been something that we've been able to do. Pre-owned, obviously, if you sell that many new, pre-owned immediately is under pressure. But once again, like I say, strategic decisions happen over a number of months. And last year, in January, we already told you that, listen, we've started looking differently at our pre-owned vehicles. We've introduced new valuation models. We've actually looked at it differently, how we can actually make sure we extract the most of our footprint in that space. I'm very pleased to say that even despite the pre-owned almost being slightly more under pressure, we've been able to increase our pre-owned vehicle volumes also by 5% in South Africa. Vehicle rental, fantastic business, fantastic team. Operating profit up 10% and aftermarket parts up 9%. So you can see, as a whole, the business has performed really well. That speaks for itself, that you will have this increase in margins, and the increase in margins has been across the board. I mean, from an overall group, we've been able to push it up from 4.5% to 4.7%; in South Africa, from 5% to 5.3%. And then the 2 areas that really stood out is probably to get another 1% in your import and distribution at a time when you were launching a new brand. Remember that. So we also had all those marketing costs for TATA coming in, getting a brand up to speed. And we've always said this is a plug and play. So the day you bring in a new brand doesn't mean you're taking away from the rest. You're actually adding. And you can see the numbers speak for itself there. So our import and distribution up from 3% to 4%, and South Africa aftermarket parts in a very competitive space have actually been able to increase to 5.8%. Our improved brand representation has been one of the areas where we've been hard at work to try and get that balance right. You saw that first slide on where the market has moved to. And to try and move with the times is obviously quite difficult. Some of these were organic. Others, we had to have acquisitions. And in this space, you would see that we now in -- in mainland we've bought a Suzuki, Chery, Omoda and a Jaecoo. And that is obviously the flavor of the month. So making sure that -- we're also making sure we get our fair share of that market. Mahindra -- that's our first Mahindra. We didn't have Mahindra before as well, and we're looking forward to working with that relationship as that brand is now starting to evolve. But also more, GWM, Lepas and the list goes on. As I said earlier on, we have had the successful launch of the TATA passenger side. I'm very pleased to say that we have now started to hit like a very normal run rate of just over 400 per month. And TATA knows what it needs to do. That's not going to stay at that number. We're going to increase it. But a good start to the -- and getting out of the starting blocks. And in the U.K. and Australia, we certainly have positioned ourselves quite well with that brand as well. What we need -- in the U.K., we've got 20% Chinese brands in those dealers on the passenger side only. Within the commercial side, it's just death. And in Australia, the same. All of these are nice. And I always say -- and unfortunately, I'm not the CFO anymore. This is not my sentence. But I always say, you can have this -- turnover, that's vanity, it sounds great but means nothing, right? Profit is sanity. But cash flow, that's when you really -- that's reality. And if you see this rapidly de-gearing of the balance sheet, this didn't come with a little bit of pain for some of our divisions where I think there was a lot of pressure being put on them to really reduce it. But you can see the strong cash generation, ZAR 1.9 billion. It meant that our finance costs have reduced down to 23% in this first half, and there's probably still more to come on that side. Net debt to EBITDA ratio of 1.5x. And that gives you the capacity to start growing. And I think that is -- that's the beauty in having such a big, diverse business. You actually can generate cash to go and do something with it. And as you just heard, we've improved that brand representation. This will, of course, mean that the shareholders, those in the room as well, will all be smiling a little bit better today as they start looking at what this increase in dividends means. We've also done some share repurchases, which also help you on the overall shareholder returns. And in that sense, our scorecard will read that our ROIC over WACC is now over 2x or 2%, which we were aiming for as well. In all of this, there has been one area of our -- it's almost there in the background the whole time, talking about Ukhamba. And that was a BEE scheme. It was put in place approximately 25 years ago, long before any of us started at -- well, at least myself and Brenda started at Motus or even the old Imperial. And it was actually started by Bill Lynch. And that initial structure has been remaining in place, and it's probably one of the few success stories if you start looking at the South African environment where a BEE scheme actually worked. So over that period what has happened is there were 15,500 employees on day one who actually were participants in that scheme. And if you look today, where it's now unbundled effectively at the beginning of this week, there was ZAR 1.3 billion of value unlocked during that period. So a remarkable achievement. We only take the accolades at the end. And unfortunately, the people who put it in place, not always -- not all of them are with us any longer. I think Manny, you were probably there at the time, so you would know about it. Our community trust still going very strong, and we're actually aiming to get that to 100. I'll talk about that a bit later. And then you'll see with this whole unwinding of Ukhamba -- also very clever accountants in the room who understand how to make sure that -- we also make sure that the reduction or dilution of shares got taken care of, and that would be a benefit for shareholders going forward. Now in a diverse business, it's always nice to talk about all the pieces that are going fantastically well and it's very difficult to talk about the ones not going that well. But this is the way it works, because if everything was going well, then you probably didn't need me, right? So let's rather go to the area that we also need a bit of focus. Now none of these are dramatic in that fashion, but I think it's important to note where we need to still go and increase our contributions in the next period. So the first one is around the U.K. And this is an interesting market and you need to understand it if you're shareholder in this business as well. We're in the U.K. market in 2 areas. One would be sort of your commercial trucks, a little bit into passenger and then more specifically into the aftermarket parts. Now at the moment, as I said earlier, the economic environment in the U.K. is not that great. There's actually low business confidence, and you do see it coming through in the numbers. And if you start looking at just the U.K. retail, the operating profit actually reduced in this period by 6%. The big reason for that has been a deferral of commercial truck purchases. Now it almost sounds absurd in an economy that large where people will actually defer commercial truck purchases. So you would realize it can't carry on for too long, but it shows you the pressure that's in that market as well. And that has really been the one area where we need to go and just make sure we remain the right brand. We've got -- I mean, DAF is still the market leader. It still does 30% of the market. But the trucks themselves, as you can see, that the volumes have actually come down. Coupled with that, we will look at costs. But one of those businesses that you also know over a longer period of time will certainly turn, and it's just something we need to focus on for the immediate future. Then on the international aftermarket parts, that's a business that we obviously bought in the last few years. It's really been performing well. Last year already we said, listen, there's this big value unlock coming your way, and then you get a little bit of a rocky road here in the middle. And that rocky road has really been around the fact that the consumers in that space have also been under pressure. Now you must remember, if a consumer almost starts deferring spending money on an aftermarket part -- this is not even just your normal service, it's actually further delayed. It tells that those consumers are really feeling the pinch around the cost of living. And hopefully, the whole economy as such can actually turn around in future. However, we have seen the benefit coming through. And in the -- I mean, operating profit is still increasing. I'm also being hard on the guys. It's increased by 1%. It didn't go backwards. But our expectation was much higher, as you can hear. And we believe that if we just scale that private label even further, we drive volumes through the gradual expansion. There, we actually do need a few extra stores as well. And we also look at those adjacent territories. We'd be able to unlock this value within the next 12 months. Then turning to the other one, which is almost weird in nature because I've just told you how well SA Retail is doing. And I'll show you the slide. And you would think -- well, I've got the slides wrong. It should have been on the previous page. Because H1 performance, the SA Retail has had profit growth of 22%. That's phenomenal. I don't think we've had too many years where we had 22% profit growth. However, if you go and unpack what's in there, certain parts of that business have performed exceptionally well and other parts of the business actually needs focus. And that's why the slide is on this one, where we said it's still an area of unlock that we need to get to. So the areas that's really done well is, like I said earlier, we've got those mature brands, Hyundai, Kia, Toyota, really performing well. And if you actually start putting them into a bucket of their own, they've had significant improvement. They've -- on a very high base, they've been able to increase with an additional 27% in operating profit. Now that is, as a standalone, a really nice business to be. However, there's also another area, and that area is where we've had brands where they have been under pressure, they've lost or have had shrinking market share, and in a lot of cases, they were still stand-alones. Now it takes, unfortunately, time to move a standalone into a multi-franchise or just to reduce the overall footprint. But even in doing so, you need to look at even more costs. And unfortunately, in this case, you will see the overall loss have increased, which means they already had a loss the prior year, their loss increased by 29%. Now luckily, in value, it's less than the top one. That's why the overall still remains at a 22% increase. But this is an area of the business where we needed to go and sit down and see how do you actually fix this. And that's more difficult. I mean, fixing it is difficult. I mean, one comment is maybe you should just get out of it. I don't think getting out of it. I think we need to just go and fix it. It's not a business that you don't want to be in. I mean, you talk about the brands in there. Like I said, VW is still a top 3 brand. It's not like you don't want the brand. You just need to go and see what is the average cost to do business in an environment like that. And that is where a lot of focus has been. And also some pain inside the business because that was probably the one area where suddenly it got a bit of attention. But the reality is it is a small part but a part that needs fixing. And then you get to the success story. So if you can fix these -- and we probably had more businesses that were slightly under pressure before, where we've been able to put them into these multi-franchise environments. For instance, where we've got -- Kia is now with a TATA or we -- we've also got other brands where we've been able to introduce some of the new Chinese brands into it like Chery or [ Motors ], et cetera. We've been able to turn those businesses around. And where we've been able to turn them around, you see that there's an increase of 13% on the operating profit for those. So there's very distinct 3 buckets that we need to work on here. So one is taking advantage of these overall volumes and actually doing really well. Other one is where we actually need to go and look at that cost base to make sure the cost to income is right. And the other one is where we actually need to accelerate our multi-franchise dealerships, including the emerging brands. And that, as a whole, will give us a better result in time to come. But for the year, still a good number, up 22%. Shouldn't really complain too much about it in its totality, although there's areas inside -- specific areas inside that business that needs fixing. So all of this means that you need to be very agile. If you haven't noted before, I mean you'll quickly see it if you look at those slides just showing where the focus is. There's never one day that we arrive, we know exactly what's going to happen today. I think you need to be very agile to your approach. We are very deliberate and measured on our brand representation. Maybe 2 years ago, I think we were criticized you're not quick enough on Chinese. I mean, if you look at it now, you'll see we actually have turned it and have actually been very deliberate on which brands we want to back. And those brands that we're backing, we believe is going to be the winners in the future. So I think it's been very deliberate in that approach. We've strengthened our OEM partnerships, I think not just in the ones that you see, but there's also others where we started delivering services to some of these Chinese brands, which is slightly underneath the radar, not so evident in all the results. But where we go through mobility solutions, where Manny and his team is also providing services to some of these Chinese brands around roadside assistance, around the way we administer their service plans, et cetera. We are meeting your evolving customer needs, and this customer needs is much wider. This is around mobility solutions, around car rental. We've introduced lots of innovative products there. Also around the aftermarket parts, where we've actually deliberately moved into areas where we -- which was previously underserved. And that is part of the agile nature of our business. The multi-franchise strategy I already spoke about, so I'm not going to say much more about that. And then I think equipping our people has been very important, and you will see a slide later where we talk specifically around training. And I think in this space, we have been able to really respond to the complexities that's now sitting around us. I'm not allowed to apparently talk about numbers. I was given this instruction like, you're not the CFO anymore. So I've slipped in one slide, okay? This is my slide. I just want to say performance at a glance. Because sometimes it's very difficult when Brenda is still giving you all the numbers, okay? So are we winning or are we losing, okay? So the overall result is, yes, we are winning, okay? We're winning in most places. So in new vehicles, in those mature stand-alones, we're definitely winning. Car rental, we keep on improving on a number which I thought was too high already. So definitely winning on car rental. Pre-owned, we're winning, but I want more. Aftermarket parts, same. I think we've already established that there's new markets we need to get into, but there's even more work to be done there. Workshops, I think is something we always focus on. And the other service offerings, I would like to get more of it. So I think on all of those, I'll give us a proper green tick, but maybe not 2 ticks. The new vehicles of Chinese and Indian OEMs, I think there's more work to be done, but we've got a great foundation to actually move forward now. And the one area we need to go and really work on would be those new vehicles, those brands under pressure. And that's the South African business in a concise manner. You don't need to go through all the numbers. You can see that's what's happening. All right. And in the U.K. and Australia, it's pretty much the same. So I think there -- the new vehicle passenger workshop is actually doing quite well in the U.K. side, but that's the passenger. And there, we have been able to get the Chinese. But it's quite a small piece of our business. There, the big ticket item is going to be to make sure we get those fleet businesses in commercial. Pre-owned, we can still focus a bit more there. And I think aftermarket parts, there, it's partly the economy, but we also need to make sure we drive that private label. And then in Australia, overall, pleased with the overall numbers, even though it is smaller in our overall stable. The workshops and the pre-owned are really doing well there. And I think there's a lot of effort being placed onto that side of the business, maybe the new vehicle slightly less. Hopefully, I didn't steal too much of your slide, okay? You can still come and present the proper numbers. But that is it in a nutshell. I'm now going to hand over to Brenda to take you through the real numbers, and then I'll see you later.

Thank you. Thank you, Ockert. And it clearly looks like I've got my work cut out for me this morning. All right. So good morning, colleagues, and it's a pleasure again to present to you the results of Motus for the period ended 31 December 2025. So I also like to walk. So before I show you all the numbers, at least -- I can at least show you my Europcar dress that I'm wearing today. All right. So colleagues, overall, Motus delivered a huge improvement if we compare to the results of the previous period. And that was largely due to us taking advantage of the momentum that we've seen in the South African market. And when we dig deeper into the numbers, you see that South Africa contributed 60% to revenue and 67% to EBITDA. So we were there, we were well positioned, and we took advantage of that. But more importantly is, when Ockert shared the strategy with you, what's clear is that there was a disciplined execution of the strategy. Over the past 6 months, he's been working with every single one of our business unit leaders to make sure that we had our eye on the target and we were delivering and consistently generating cash. What you see come through in the numbers as well is a very strong robust cash generation trend that we are starting to see come through very strongly, and that was largely led by higher vehicle sales volumes, stronger margins as well as a significant reduction in debt. Now you're going to say to me, but historically, you've said to us that Motus is always going to have a higher debt number when we get to an interim reporting period. Well, here we've surprised ourselves as well. And due to the strong cash generation that we've seen, we've actually dragged that core debt number down significantly period-on-period. And if there's anything that you're going to take away from today's results presentation is that our debt is well under control. The balance sheet is deleveraging at pace, and we are starting to see the impact thereon in our profit after tax. So with that being said, I will now take you a bit deeper into the results. So just a few financial highlights. As Ockert mentioned, operating profit is up 8% to ZAR 2.8 billion. Our net finance cost is down 23%. And that was largely due to, as I said earlier, the strong cash generation that we saw in our business, focused effort by the treasury team to pay down debt as fast as we could during the period. And when we look at this and you say, but you probably also benefited from interest rate reductions. Yes, we did, and that was about 40% of the total movement if we just look at period-on-period. Our profit before tax, as you can see, benefited from the higher trading activity as well as the interest benefit and was therefore up 21% period-on-period. Earnings per share and headline earnings per share -- I know someone said to me this morning they were worried that we didn't issue a trading statement. Please don't be worried. You'll see that both of these metrics are actually up 19% period-on-period as well. Now the Board had a -- as part of the Board, we had quite a long discussion around the dividend. And looking at the strength of the balance sheet, the value that -- of which the debt has been reduced as well as the deleveraging cycle that we see ourselves in, and considering the earnings performance, we have increased the dividend by 25% and have, therefore, declared an interim dividend of ZAR 3 per share. That is equivalent to 37% of our headline earnings per share. And for those of you that have been following Motus for a long time, you also see that we've increased that payout ratio as well. Our cash flows from operating activities is also at a stellar number of ZAR 1.9 billion, and that compares to only ZAR 186 million in the previous period. So I always believe that cash is king. The accountants can cloud the numbers with provisions and everything else. But when you look at that cash number and ZAR 1.9 billion in just 6 months -- and here, it's really kudos to the Motus team who have gone over and above to be able to deliver such a stellar number that has been banked and able to strengthen the balance sheet for the 6-month period. As such, our net debt to EBITDA is sitting at 1.5x. And I want to remind you of the pain that we took in the previous interim period when we presented the results and net debt to EBITDA was sitting at 2.1x. So when we look at the balance sheet, when we look at the deleveraging cycle -- and you'll hear me say it a few times today, because I want to give you the comfort that the balance sheet is deleveraging. And as long as we can get that cash cycle to continue to perform, we should see further improvements in that number. This has been acknowledged by the rating agency as well, being GCR, who is an independent rating agency, and they've just improved the outlook on Motus now from stable to positive. And that again reaffirms the strength and the belief in Motus going forward. As Ockert mentioned earlier, our return on invested capital is now exceeding our WACC rate by 2.4%, which again is some level of confidence for our shareholders. So let's dig a bit deeper into the income statement and what actually happened in there. So you see that revenue is actually up 3%. And if we exclude the disposal of our Mercedes Truck and Van business, that was in the prior year number, but not in the current year, revenue was actually up 6%. That talks to total sales volumes actually being up across all segments in which we operate. As mentioned earlier, operating profit is up 8% to ZAR 2.8 billion. But more importantly is that our operating margin is up from 4.5% to 4.7%. And I think we all acknowledge how difficult it is to be able to move the margin in such a competitive environment given the rise of the emerging brands, particularly into the spaces where we play. Now that increase was largely driven by our import and distribution business that I'll talk to in a few minutes. Now the rand has been all over the place, right? Who would have even have thought that the rand would have broken ZAR 16 at some point. And because of the way we operate and we are importing vehicles, a lot of our pricing is in dollars. We have quite a stringent hedging program in place. However, when we take out forward cover on parts and duties, we actually do not hedge that. And as a result, where we had open positions on forward cover that was taken out for parts and duties, we did incur an FX loss of ZAR 91 million. Now we have started to relook at our mitigation strategies and have taken out additional cover, and we'll start to see that benefit flow in future months because the new cover will come in at better rates. As mentioned earlier, finance costs, we've touched on, which was 23% down, and that culminated in our profit before tax at ZAR 1.9 billion, being 21% up period-on-period. From a tax perspective, you'll see that our effective tax rate is sitting at 26.2%, slightly higher than the prior period. That was largely due to lower dividends that were received during the period. But importantly, it is still slightly below the statutory South African rate of 27%. So overall, we were very pleased with our earnings per share and headline earnings per share being up 19% period-on-period. So only when -- I mention to you that South Africa contributed 60% to the revenue number, you see it here on the graph, with 40% then coming from our international business. It's important to also look at the numbers, excluding MTV, which is on the extreme right-hand side of the slide, and you see that our sales of new vehicles actually contributed 8%. Now we glance over used vehicles quite quickly because what you're finding is that the competition between new and used is starting to get more rife, because suddenly a new vehicle becomes a lot more attractive because of the pricing points. But despite that, the teams have leveraged on the technology that we have. We've improved our sales techniques as well as on our marketing side. And we've actually increased the revenue on our used cars to be up 5% and volumes are also up 5%, which is quite exceptional for our teams as well. Our parts and goods have also increased by 3% period-on-period. But really, when we stand back and we say, where was the revenue actually generated? And you'll see that the stellar performance actually came from our import and distribution business, and we'll get into that in a few minutes. Similarly, on the operating profit, it's not easy to say that our import and distribution business increased their operating profit by 66%. And that is what largely drove the higher South African performance as well as the operating profit for the group. And it's by no coincidence, but you'll see that the rest of the segments each also increased by 4% as well. So they all had an equal share in there. So let's get into the Import and Distribution segment. You'll see that our revenue number is actually up 22%. And we should not forget what last year looked like versus where we are now. Last year, we said to you that we were in the process of working with our OEMs, we were going to introduce new product, we were looking at pricing, and we were almost trying to counteract the impact of the emerging brands, meaning the Chinese that were just entering the market at that point in time. And hopefully, when you look at the results today, you'll be able to see that all of those efforts and the proactive decisions we've taken a year ago is now starting to pay off. Our operating profit, as I said earlier, ZAR 519 million, is up 66%, and our operating margin increased by 1% from 3% to 4%. And you're probably going to say, but how did that happen, right? One is that there was an increase in volumes. And we saw that the import and distribution was feeding a lot more product into the dealer channel because of the demand, because suddenly we had a lot more attractive products, attractive not only from a pricing perspective, but also from a quality and also in terms of the range that we were offering our customers. The second component of it is that we chose or elected not to put that many vehicles into car rental. And here, I don't talk about Europcar. I talk about all the other rental cars that we supply, and rather to push those cars into the dealer channel. And why is that extremely important, is commercially the profit margin is a lot higher if we were to sell those cars through our dealer channel. If there's demand, we will choose to sell those cars through the dealer channel. And hence, you see that boosted operating profit as well as the operating margin. The moment you're putting cars into car rental, we're taking a buyback loss on day 1. So that has actually benefited us and that strategy has worked. But this will be something that we'll evaluate every year depending on where the market is and what is the demand from the dealer channel as well. So looking at how many cars did we sell, and I know you've all been waiting to see the TATA number in here. So there it is. Okay. So in total, the import and distribution segment sold 37,342 cars. And just to be able to picture it, and I have said to you before, imagine if you were to park 37,000 cars outside. It's not going to fit on this road even, right? It tells you about the scale and the number of cars that we are selling through this channel. And that is a 17% increase year-on-year. Our TATA Motor -- TATA passenger vehicles actually sold 2,400 cars for the period. And when one looks at the -- we are not reporting on naamsa, and we will in the ensuing month. But when you look at some of the other brands, TATA is actually making it into the top 20 if we look at what's being reported currently. And I think really well done to Jaecoo, to TATA and the broader team because you've just relaunched a brand and you're already reaching 400 a month. And importantly, if you try and divide this number by 4, which is how long we've been in the market, 4 months, is please remember that there was an initial push into the dealer channel just to be able to set the dealers up. As Ockert said, we're averaging just over 400 units a month. As I mentioned earlier, we are now quite active in the market in terms of taking advantage of the current strengthening of the rand. We do take out approximately 7 months of cover. And as of today, we have covered ourselves fully for October. And you see that the rates that we have is quite attractive, sitting at ZAR 17.15 on the dollar. And importantly, as the months start to roll back and probably from about quarter 4, from about April onwards, we're going to see that ZAR [ 17.50 ] drop even further as the old cover wears out and the new cover starts to come in. So we are well positioned again in this segment to deliver a solid result for the next 6 months as well. On the euro, we have covered ourselves for ZAR 20.17. And importantly is that we've also covered our purchases for TATA as well in here. Okay. So retail and rental. So before we get into the detail, as a reminder, when we talk about the retail business here, we're talking about South Africa, we're talking about the U.K. as well as Australia and then our rental business, being Europcar and Tempest as well. So revenue was up 1% to ZAR 45 billion. And if you look at operating profit, it's sitting at ZAR 1.2 billion, that is 4% up. The operating margin was marginally up. It was 2.6%, and it's now 2.7% in this market. Looking at South African retail. So Ockert has given you quite an in-depth detail around this segment. And importantly, the revenues increased by 7% and operating profit up 22%. What is driving that increase is largely the imported dealers that Ockert had talked to earlier as well as Toyota. And why you need to remember that is when we talked about the importer segment just now, you saw the big push of vehicles into the dealer channel. This is when it has now gone out into the external market. And then what we are seeing is that we sold 58,000 cars in this segment, which is up 11%. And importantly, because I don't think we've shared this metric with you previously in a results presentation, but the amount of workshop hours that we have sold in 6 months is 1.1 million hours for the 6-month period. And that tells you, again, the scale and how many times we are engaging with the customer. And importantly is a lot of the money that we make in a vehicle cycle comes through workshop and parts and less on day 1. Looking at our vehicle rental business. So they delivered exceptional results with revenue being up 7% in a highly competitive environment. So when you look at the likes of Zeda and all the other names that you can probably think of, is everybody is competing for the same car rental business. So we're seeing a lot of price cutting in the market, where average daily rates have been challenged. But what is -- what this team has done really well is brought in innovation as well, tried to touch the customer from different aspects and maintained our ADRs for the period. As such, revenue was up 7%. And importantly is that we also increased our utilization rate from 70% to 71%. Our average fleet size was still maintained at about 17,000 vehicles. And at a high point, we were actually pushing out 21,000 vehicles within the fleet. Our operating profit was, therefore, up 10%. And really very well done to this team in terms of the delivery and continuously challenging themselves as to how they could do things differently. From a U.K. retail perspective, Ockert has given you a good sense of the challenges that we see within the commercial truck business. And importantly, I'm going to remind you again is that 80% of the profit that comes from the commercial business is linked to servicing. Because within the U.K. environment, we do have a regulatory requirement for the servicing of vehicles, automatically, that becomes an annuity, and 80% of their profit comes from the mandatory servicing. However, where we did feel some pain in this business was largely due to the sale of new trucks, and that was particularly on the fleet. So when it came to selling trucks outright, there we actually did increase revenue. But when it came to fleet sales, there was actually a reduction thereof. Our U.K. passenger vehicle business -- so historically, we have been considering what is the future of this business going forward. And we said, well, one is we could either sell it or two is we could fix it, and we opted for the latter because we had the belief in the team and we saw the opportunity that could still play itself out. Over the past 18 months, we have been working very closely with that management team to see how do we fix it, because you can't just cut costs and say, well, profits are going to increase. One of the key strategic levers that we pulled then was to change the brand -- to change the brand portfolio and introduce some diversification. We currently have 5 BYDs as an example in the U.K. as well as some of the more popular Chinese names in there. To the point that, if we look at the U.K. sales today, 20% of their total sales is actually coming out of Chinese brands. So it's this proactive actions that were taken by management that is now starting to bear fruit, and we've actually turned this business around from being loss-making to now being a profitable business, generating a healthy revenue and profit number. So putting that together with a performing passenger business and a commercial business that's under pressure, our revenue increased by ZAR 8 million, excluding MTV, and operating profit was down by ZAR 2 million, excluding MTV as well. Now what is also impacting that profit number is within the U.K., we have seen a cost pressure starting to come through because of the minimum wage increases and national insurance charges. In the current environment, which Ockert described earlier around it being a stagnating environment, it's very difficult to pass those charges on to our customers. So we did see some margin pressure come through. From a workshop hours perspective is that we did maintain 650,000 hours for the period. But importantly is in the numbers that we see in the background is when you look at the commercial trucks in pound terms, meaning on a revenue side, both their services and parts were actually up period-on-period. From an Australia retail perspective -- so again, it's a Chinese story in here as well. We are seeing that the Chinese brand representation has increased quite significantly. And we've recently acquired Warragul, which is a new acquisition for us in January of this year, where we started to introduce more Chinese brands into our stable there as well. So what we are seeing is our revenue is up AUD 13 million. And what's driving that has been the recent acquisition of Toyota. Toyota has been a success story for us in Australia, and we can immediately see in a short period of time the benefit that it has had to the revenue line. From an operating profit perspective, however, we are down by AUD 2 million. And if you translate it, it's actually not a big number, but it is still down in terms of period-on-period. And that's largely due to the volume and the margin pressure, as I spoke, around the Chinese brands starting to get momentum in that space. But importantly, in the workshop hours, we also increased the number of hours that we've delivered to 160,000 for the period. So Mobility Solutions, and I recognize that it's quite a difficult piece to understand, the nuts and bolts and how does it work. But the one thing that probably -- and the second thing that I want you to take away for today is the Mobility Solutions business remains a strong annuity income provider for Motus. More than 70% of their profit number is in annuity. So as we are selling more and more cars through the importer division and now through retail, the pot gets bigger and bigger and gets released to the income statement over the period of the service plan. So their number is less about revenue, but more about operating profit. So revenue remained in line with the period, but operating profit was actually up by ZAR 680 million. And again, to demonstrate the scale of this division that we have, because sometimes we take it for granted, is this business currently has more than 700,000 customers. So when we talk about the administration, when we talk about the customer interaction, we're managing more than 700,000 customers and we have more than 1.5 million policies that are currently under administration. So I think we underestimate the talent and the work that goes in there, but really well done to the team. But what you need to take away, though, is that this business continues to feed us and it's ZAR 680 million that we would not have had previously had we not had this business. So aftermarket parts still remains as an exciting growth vector story. And as we're starting to see customers, particularly in the U.K., hold on to their cars for a longer period, the strategic intent around this business still remains intact, and that is to be able to grow and expand not just in the U.K. but also into adjacent territories. So from a global aftermarket parts perspective, their revenue number was up 4% and operating profit was also up 4%, and they've maintained their margins. Now some of you may have seen -- if you go into a Midas, you see the blue boxes in there. That is now us scaling the private label offering, which is FAI Pro. We've now introduced it into South Africa as well, and it is gaining good momentum. So turning to the South African business. And here, it's also recognized the highly competitive environment that you have within South Africa when it comes to aftermarket parts. But despite the competition, we have increased our revenue by 2% and operating profit has increased by 9%. The nice growth story in here is we previously spoke to you about a program that we've just initiated, which was called Clutch, where we were looking at the informal sector and how do we get to customers in the informal sector to supply them with quality aftermarket parts. The good news is, is that, that initiative is now fully embedded in the business and already delivering value. In 6 months, we have signed up additional 1,400 mechanics, and this is a new revenue stream that we've not had before. So that talks to growth and incremental revenue that we are building on to this business. From an international aftermarket parts perspective, revenue was up 8% and operating profit was also up 1%. And this is another key point when we talk about scale, is that our aftermarket parts in the U.K. is really in one of the top 5 aftermarket parts suppliers. So it talks about our scale and the amount of customers that we are reaching. The wholesale business is delivering slightly better than expectations, and we are gaining good momentum in actually rolling out the FAI Pro product and now expanding into other areas outside of the U.K. as well. The Poland warehouse is finally operational and is delivering value, and the growth numbers have been impressive in terms of what we've seen coming out of Poland as well. However, our operating margins is still very -- is still coming under a lot of pressure. And that's again because when you look at discretionary consumer spending, what we're seeing customers now is almost second thinking about should I be actually buying parts for my vehicle, can I defer those purchases as well. So in that current environment where we've been seeing a higher labor cost starting to come through because of the minimum wage, we haven't been able to pass that on to the customers yet. However, the good news is that we have seen some green shoots already in January where the market is starting to turn, and we are currently working with those management teams to look at other avenues and other areas in terms of how we could actually achieve the growth ambition. As Ockert said, in the next 12 months, we should see a better result starting to come through. So moving on to the balance sheet, and there's probably just 2 items I want to highlight in here for you. The first is that you'll see our vehicles for hire is actually -- if you compare to June, it's only increased up by 16%. And the reason for that is that we've looked at different ways as to how we could fund and actually get assets into the vehicles for hire line item. But second to that, as I mentioned earlier, is our importers did not place as many vehicles into the car rental channels, excluding Europcar. Our net working capital from June has actually decreased by 9%, and that has been the kicker in the cash flow from operations for the current period. Looking at our liabilities, you'll see the contract liabilities related to Mobility Solutions. And unlike any other balance sheet item, we're actually glad when we see this liability grow because it means that there's going to be more income starting to flow to the income statement in future periods. And you see that has grown by 2% due to the increase in vehicle volumes. Our floorplans from financial institutions actually increased by 5%, and that has been due to the upfleet cycle for car rental. But most importantly is that our core interest-bearing debt has reduced by 5%, which I've said seems counterintuitive to the historical trends that you've seen for Motus when it came to the interim reporting period. So just taking a quick look at our net working capital and how we've reduced that, you'll see that what we've done is, again, looked at different flexible funding strategies and we've actually used a lot of floorplans from suppliers. That has held us in good stead because of the credit rating that we recently achieved. But second to that is we really had a hard look at the commercial terms to make sure that they were commercially viable for the strategic intent that we were driving. Our inventories, you see that compared to June, only increased by 1%. And that's important again because with the relaunch of TATA, we had to bring in a significant amount of stock into the books. But you see that didn't move the dial at all. From a net debt perspective, so versus June, you'll see that net debt is down 2%, and versus the previous December, which is actually a better comparison because of the cyclicality in our business, you see we're actually down 33%. And you're probably going to say, well, is there more to come? I think absolutely, yes, you are still going to see a further reduction as we start to generate cash flows now into the next 6 months with no big acquisitions on the horizon. So that gets us into the cash flows then for the 6 months ended 31 December 2025. So if we just stand back and we say cash generated from operations, the first dark blue block on the left-hand side, this is ZAR 4 billion that we generated in the first 6 months. That seems like a lot of money. After we had taken care of our vehicles for hire and released money out of the working capital, you'll see that our cash flows from operating activities was ZAR 1.9 billion. We then also looked at how can we reward shareholders either via dividends or share buybacks. And you see that through the share repurchases, we actually purchased ZAR 476 million during the period. So hence, there will be a higher dividend or money actually landing in the hands of shareholders going forward. And the dividends paid were just over ZAR 500 million. But standing back, and you've got to say, but how is this company really performed since its listing? So since listing in 2018, we have cash flows from operations of ZAR 35.1 billion. And we have reinvested 32% into working capital into vehicles for hire to make sure that the business can continue to churn. But more importantly, the takeaway from here is that we've returned 30% back to shareholders. And that, again, reaffirms Motus' commitment to sustainably return value to shareholders. You can rely on us for a dividend and make sure that you are going to get attractive returns being delivered to you. So our financial framework really underpins the strategy. And you can see today's presentation was a lot about strategy, where we're driving, what are we doing and what are we delivering on. So there are 5 key priorities that we drive and we drive it very hard. And the first is, and every CEO sitting in this room today knows that, is that the first focus has to be is about how do we generate cash, right? Cash is king and we want the cash. And how do we do that? It's really about robust inventory management to the point where it's been micromanaged the number of days. Every single Board meeting is really about how much of inventory do you have and what are you doing to reduce it to optimal levels. The second one is about disciplined cost management, to make sure that we are fit for purpose and that we can actually be a profitable business and competitive relative to benchmarks. And lastly, it's about maximizing that free cash flow and making sure that every rand and every dollar and every pound that we spend that there is that strategic intent behind it. The next one is around managing net debt. And hopefully, you can see why it was a key focus area because it has delivered. And this has really meant about looking at the different levers, how do we fund this business going forward and understanding what are the different mechanisms available to us. The next was really about disciplined capital allocation. Now Ockert and I are inundated every single week with opportunities for acquisitions, and this is where we should grow, and this is where we should expand, but it always has to come back to the strategy and make sure that it is adjacent to our business. And the first priority has been to deleverage the balance sheet, which I think we've done really well. And the second is to say we are not going to do big acquisitions. We will consider small bolt-on acquisitions, but that will be considered in conjunction with share repurchases as well. Fourth is about responding to economic volatility, just purely because of where the exchange rate is currently and the movements we've seen in recent months. And I think our risk management program holds us in good stead so that we're not speculative, but we rather have a very measured program in place where we can predict then exactly what our gross margins are going to be. And lastly, it's for our shareholders, and that is meaning our commitment again to deliver attractive returns to you. And that may be in the form of dividends, that may be in the form of share repurchases. But ultimately, we want to be the most attractive company currently that you have in your portfolio. So on that note -- hopefully, I've given you all the numbers. And on that note, I'll hand you back over to Ockert.

So thank you very much. I think that gives you a good understanding of where we've been, almost like you mark your own scorecard a little bit here. But I think it's fine, you've sort of seen. But I think once you start looking at what's your key priorities and your prospects for going forward, I think the first area you need to understand is what important place the Board has in all of this. So you sit back -- and I think we've been very fortunate that -- thank you very much for the Board members also attending today. You can see they're taking very much a keen interest on how this business is performing. They've already been backing us in the last while when there was some negative publicity in the press, et cetera. I think that confidence in management has really come through. And you would see that also when you start looking at where we see our key priorities for the future. Thanks, JJ and the rest of the Board. When you look at where our key priorities is, it's almost sometimes you would immediately jump into financial slides. But I think our key priorities -- one of the key priorities we have at the moment is really to go back and actually ensure that we care for our people. And I think in this environment, you sometimes get carried away with how well the business is doing and you realize, well, with 20,000 people, you really need to look after them, because in the end that's the key metrics that actually give you the overall numbers. And we're very pleased that I think -- obviously, in South Africa, transformation is a large part of our business. But I think what has really been important is how many new employees we've been able to take on as part of the YES 4 Youth learner site. Some of you may know that we even received a prize there from President Cyril Ramaphosa himself, acknowledging the larger contribution that Motus has made in this YES program in the last while and being one of the top job contributors. We've also invested heavily into the training of staff. And as you would have seen also when we spoke earlier about this volatile business that we're in and how it actually keeps on changing, you have to continuously make sure you train your staff. And we also invested heavily into a Motus training academy, where we're not just training our own staff, but actually also for the whole industry. And we've recently introduced a new training center in KwaZulu-Natal over and above the 2 we already had in Gauteng and in Western Cape. We don't forget about our communities, and we spoke earlier about the Ukhamba unwind. And one of the key beneficiaries out of that Ukhamba program was actually the Ukhamba Trust that started with a library program. And that library program also started with like 1 or 2. When I started, I think they were up to 20 or 30. And I remember Hafiz at the time saying -- Hafiz Mahomed, he was saying, listen, I want to get this to 100. And I thought, okay, you got the great goal there, but I mean we're sitting at 27. But yeah, okay. 10 years later, look where we are. We are actually already at 94 of these libraries. Now in an environment and a society we live in, in South Africa, where one of the key competence is to actually be able to read but read with comprehension. And we've realized it's really been one of the areas where as a country we've been lagging. And we've actually been able to make a large contribution there, where we think we're going to get to the 100th milestone, 100 libraries by the end of this year. And that is already accommodating 113,000 learners a year that you see through that program. We're also in the safety scholar program and Unjani Clinic. We spoke a lot about that last time. We are one of the founding members of the NGBV Alliance, which we kicked off in November. I think that's also a very nice initiative for us to be involved in as we support victims of GBV through one of our bursary funds as well. And of course, enterprise development remains key, building a greater society. Looking at the other key priorities we obviously need to focus on for the immediate future was I think we need to defend and grow our market share across the various value chains. We already spoke a lot about that. Brand optimization still remains key. The pre-owned vehicle volumes, I think we still say, listen, we can do slightly better there. And maybe we have delivered already in H1, but let's see if we can do even better there. I think the scale of our nonvehicle income streams have really delivered well in H1. And despite the large growth we had in vehicle volumes, you would have seen the other side did not lag. Expanding of our aftermarket parts business, this is more into adjacencies to unlock opportunities there, also in South Africa into those informal markets where we've already started, but we can also still do better there, I believe. And then I think on disciplined capital allocation, you would all agree that they probably have scored full marks already in H1, and we will continue with that. So I know quite a few of you immediately go to the slide right at the end and say, what's the prospects for the full year? The reality is we believe this momentum will still continue into H2. We don't see anything slowing down in South African space. We didn't speak much about where we see the overall market. We don't think that the 600,000 was a once off in 2025. We believe we will still at least remain at those levels and maybe even slightly higher, maybe not the big growth we saw in 2025. But looking ahead, I think our disciplined capital allocation will still be key for us to make sure that we not just go into the right working capital environment, but also those strategic acquisitions that we've made will probably assist us. We believe that our earnings and our headline earnings per share are expected to grow by double digits for this full year and that our EBITDA will remain at below 1.5. So overall, I think this group is in a very positive state at the moment. We believe that we can still take this forward. And thank you very much for your participation today. What I would do now is -- I don't know. We're a little bit over time already. I saw that because I know 1 or 2 people told me, listen, 10:00 there's new -- other presentations starting. But maybe we have time for 1 or 2 questions if there was something online there. Brenda, do you want to maybe join me up on stage here?

Okay. There have been a few questions that have come through online.

Okay.

Just in the interest of time, I'm only going to position 4 of them. And then if there's anything else, anyone can just contact me via mail.

Yes, we will still be around afterwards as well for 1 or 2. Yes.

Okay. First one, you have acquired some Suzuki and Chinese brands. Can we expect more?

Yes, I think it's one of those -- we continuously look at that portfolio. Hopefully, that was addressed in the presentation already. I think we acknowledge that there's certain of those brands that's now starting to grow. And as they become more embedded in the South African market, but also in the U.K. and Australia, we will look at expanding into those. I think we would like to do organic growth as far as possible, but in some instances, we would also look at acquisitions. So probably still part of our overall strategy.

The next question is around the debt levels. Debt levels have reduced significantly. Can we expect higher dividends or more share repurchases going forward?

Yes. So the debt level is still expected to decline. And with that, in line with the capital allocation framework, given that we don't have any significant acquisitions planned, we will still continue to look at how do we reward shareholders given the extra cash that would be available.

The following question is around Chinese and Indian brands. What is your experience so far in the aftermarket? Margins compared to legacy brands, availability of parts and availability of workshop skills?

I think just when the Chinese brands and maybe some of the Indian brands just started, I think it was a bit more difficult. I think part supply was initially quite erratic. And we did see within the workshop space, we had vehicles off the road, et cetera. It certainly has improved in the last while. And I think when you start looking at the particular brands that we're also backing at the moment, if you think about -- we said Chery, GWM, the more established ones, even MG, we do believe that their part supply is on par now with what you would have seen in the past and that we don't see too many of those issues going forward. So overall, yes, it's actually doing well. And I think on the margin side, you would have seen where we've done those multi-franchises, they do make sense. I think as a stand-alone for a new entrant brand, very difficult to make money from day 1. So I think in a multi-franchise environment, which all the Chinese brands and the Indian brands have actually allowed, we've been able to take advantage of that.

And then to close off, can you please provide some insight into the outlook for floorplan financing?

So when it comes to floorplan financing, it's either via the OEM or it's going to be from the banks. And I think what's important for us is that every year, we've got to look at the commercial aspects behind it in terms of pricing, in terms of duration as well as the health of the balance sheet. So Justine, maybe the direct answer is it just depends as each year progresses. But more importantly, given the recent upgrade to our credit rating, we do believe we will have a lot more leverage and could access better rates.

Perfect. That's it. There's nothing on the con call.

All right. Let's, I think, call it a day then. I see 1 or 2 people unfortunately had to leave. But thank you very much for everyone attending today. Hopefully, we've been able to give you a bit more insights on how we see the business. And we look forward to engaging with you in the next week during the roadshows. Thank you very much.