Macquarie Group Limited

Good morning everyone and welcome to Macquarie's Financial Year 2024 full year results presentation. Good to see so many of you here. Before we begin today, I would ask that you turn your phones to silent and I would also like to acknowledge the traditional custodians of this land, the Gadigal people of the Eora Nation, pay our respects to their elders past, present and emerging. As is customary, we'll hear today from both our CEO, Shamara Wickramanayake, and our CFO, Alex Harvey, on the results, and then we'll have an opportunity for questions at the end. And I'd also note that probably for the first time since COVID, we've got all of our EC here today in person, so that's great. With that, I will hand over to Shamara. Thank you.

Thanks very much, Sam. And I should also note that we have our chair, Glenn Stephenson, the chair of our audit committee, Michelle Hinchcliffe, here in the front row with us, as well as the pleasure of having all of the executive committee with us in person for the first time in ages. So welcome from me as well, everyone. And as usual, before going through the result for this year, I'll just touch on the footprint that we have across our four operating businesses. And as you know, we have very good diversification across those four businesses with four deep areas of expertise that are exposed to structurally very well-growing underlying themes. And those are our Australian digital banking offering, headed up by Greg Ward here, that group. Our global Macquarie asset management business, very strong in private markets, but also public investment, set it up by Ben Way here in the front. Commodities and global markets, which has strength globally, not just across commodities, but also financial markets, and very good runway to grow across all those areas. Simon Wright, group head there, sitting next to Greg. And then Macquarie Capital, which as well as doing advisory and capital market solutions, brings the balance sheet in our areas of expertise in equity and debt, and Michael Silverton is with us here, the group head for Macquarie Capital. They're obviously supported by very strong operating platform across our four operating groups. And in terms of our very important risk management framework, the risk management group headed by Andrew Cassidy, and sitting next to him, Evie Bruce, head of our legal and governance group. Also, the financial management group, as well as our regulatory and financial reporting and tax, et cetera, and communication with stakeholders like yourselves, is dealing with funding capital liquidity through the cycle, which is very important for our performance. And Alex, our CFO, is here on the stage with me. And the corporate operations group, where the platform supporting us to invest, particularly in this area of technology moving so fast, but also covering HR, our premises, strategy foundation, Nicole Sabara, here in the front row. Now, in this last year, the split of contribution from the annuity and the market-facing businesses was 45-55. As you know, that varies depending on the external environment of the time. So turning to the result for this most recent year... You will have seen we delivered a result of $3.522 billion. That was down 32% on our very strong record year last year. And the two big contributors for that were in commodities and global markets. We didn't experience the external environment volatility, particularly in energy markets that we had in both FY22 and particularly FY23. And then in Macquarie Asset Management, where we're transitioning our balance sheet green investment strategy to a fiduciary strategy, which we consider very important for the medium term, that impacted results as well. I would note the second half of last year was up on the first half. And it's reflected that we had a better second half. It was down on the second half of last year. We had very strong commodities earnings. I won't dwell on the details by half, but I'll just note that the operating group contribution was also up 35% on half, and year on year it was down 35% from the very strong year last year. Before turning to looking at each operating group, a couple of things I'd note. One is the assets under management have grown by 7% to $938.3 billion. The big drivers there were in our private markets funds, the investments that we made lifted AUM, and also market movements and foreign exchange contributed. That was partially offset by assets that we no longer manage as a result of reduction in our co-investment management rights. And the second thing, apart from assets under management, I'd note, as usual, is the... footprint globally in terms of diversification of our income. This year, Australia contributed 34%, which is up a little bit due to the non-repeat of the big gains we had in North America and EMEA over last year. But more broadly, we expect to see this non-Australian earnings contribution continuing to grow, given our small presence in these big offshore markets. And This last year, we had two-thirds of our income come from those offshore markets. We also had more than half our 20,000-odd staff based outside of Australia. Now, that 20,000 staff number has grown significantly tight materially over the last few years, particularly over FY22 and FY23, and Alex is going to give you a bit of a deeper dive into the headcount growth and the cost growth when he speaks. I won't spend ages on this slide in terms of the diversification. It follows the messages I gave. by region. I'll turn now to going through each of the operating groups and starting with Macquarie Asset Management. The result, as you will have seen, was $1.208 billion, contributing 18% of Macquarie's earnings. That was down 48%. And as I said, the big driver there was, as we discussed at the half year, that we had meaningful realisations of about $800 million a year in FY22 and 23 in our green investments, which were a balance sheet strategy. This year we've held those assets to seed a fund which is called the Macquarie Green Energy and Climate Opportunities Fund, but MGECO for short. And you saw we launched that fund and transferred six of the seed assets across to that. As we transfer assets to the fund, they're typically later stage ones, and we're transferring them at pretty close to the investment we've made in them, which we're typically expensing in DEVX and OPEX each year, compared to the more mature assets on the balance sheet, which were being realised, as I said, for gains of about 800 mil a year. This year, in contrast, we had a 200 mil negative number due to the OPEX and DEVX on those numbers. So about a billion dollar turnaround in Macquarie asset management. I would also note going forward, Macquarie asset management still has a portfolio of more mature green assets that will be realized over the next few years, but unlikely to be at the scale of contribution of FY22 and 23, because we're no longer pursuing that strategy. So over the next while, we'll gradually realize the balance sheet assets, but raise the funds and build the fiduciary income. Now, as well as launching that MGECO fund, we also, over this year, had very good fundraising. So equity under management is up at just over $222 billion, and that was after nearly $22 billion of raising in what was a very challenging fundraising year, but investors were doubling down on their core managers. And so the seventh in the series of the European funds, MEF7, It's the second largest raise in infrastructure funds globally, being just a regional fund at €8 billion and closed, subscribed above its hard cap. We also, as well as MGECO, as I mentioned in the half as well, have the Macquarie Green Energy Transition Fund, the earliest stage fund MGET's raising. That's at $2 billion US, and interestingly and materially, it's the first of our private markets funds that's distributed its capabilities via the very big US wealth channel, which is not one MAM has previously done distribution into. We've really worked with big institutional investors, but areas like insurance and private markets, welfare, becoming bigger sources of funding. So also, we're ending the year with over 37 billion of dry powder in MAM. That's also a record dry powder in the private markets. In the public investments, the assets under management, they were up 6% to just over 567 billion, mostly driven by market movements. But pleasingly, 69% of the strategies, it's a multi-boutique approach, are beating their benchmark on a three-year basis. Then turning to banking and financial services, the result there, again, you will have seen $1.241 billion up 3% and contributing 19% of the operating group income this year. Our digital banking offering continues to gather market positioning and grow the franchise, so we had good increases in the home loan portfolio up 10%, the business banking portfolio, which was up 22%. Now, that's off a low base, so a material percentage growth for us, and the funds on platform, which are up 15%. That was supported by the deposit growth of 10%. In terms of volumes, we did announce just recently that we would cease new car lending through our broker and our direct and our novated loans. leasing channels. So that will see runoff slightly. The other thing that impacted the results, obviously, is the competitive dynamics and margin pressures, as well as ongoing investment in the platform. Then turning to the market-facing businesses, commodities and global markets, 3.213 billion, which was down 47%, but still the biggest contributor at 47% of the group. That middle column there, the commodities area, is where we saw the meaningful step down And that was basically, as I said, due to the market environment where we didn't have the European and North American volatility we saw in FY22 and 23. That impacted both the income from risk management services, which depend on how active our clients are, and also the inventory management and trading. Alex will take you through in more detail where this played out. But in the risk management, it was really a mere gas and power and resources to an extent offset by agriculture, where we continue to grow our franchise. And in the inventory management and trading, it was a North American gas and power. Now, either side of that, the two businesses, financial markets... Another good year and growing of the franchise there in foreign exchange. We had strong client activity globally. And we also, in the fund financing, had good growth in the book in North America. And in futures as well, we saw improved commission and interest revenue. And the asset finance business, and I should say that financial markets in a more normalised year like this, we're getting sort of two-thirds from commodities and a third from financial markets, and asset finance with financial markets being a big contributor at nearly 30%. Asset finance, again, we were able to grow the total portfolio by 5%, 6.5 billion. Then Macquarie Capital, the result of 1.051 billion was up 31%. Apologies, Michael, I got it wrong by a percent when we were speaking earlier. That's a good result for Macquarie capital improvements and step up wise. 16% contribution from it. The big driver over this year was the investment-related income, where we continue to grow that private credit book. So it's up $4.5 billion now at $21.5 billion. And also in terms of lower impairment charges for our equity positions. On the fee income side, last year you saw across the industry again was a more subdued year. So the fee income was down, but we had higher broking fee income. Then turning from earnings to balance sheet and funding, our funded balance sheet has ever remained strong with our term funding comfortably exceeding our term assets. Over the year, Alex and the team were able to raise another $21.1 billion of term funding in what were quite conducive markets, and our deposits grew across the whole of Macquarie Group by 10% to $148.3 billion. Our capital as well has ended the year stronger at $10.7 billion, up from $10.5 billion. The big contributor there was the earnings offset by the dividend. We also did 600 million of buyback, which again Alex can give more details of, and the businesses absorbed about 600 mil, which I'll elaborate on in a moment, but I just wanted to note that our CT1 ratio is at 13.6% at the end of the year. In terms of that 600 mil absorption of capital, the biggest area was in Macquarie Capital where we were growing both the private credit book and equity deployment, and that was in areas like technology and in infrastructure and energy. We also had CGM, particularly in the second half, increased credit capital driven by portfolio growth and client service. And in BFS, we had ongoing growth in home loans, business banking, partially offset by the runoff in car loans, but consistent absorption of capital. And then in Macquarie Asset Management, particularly in the second half, you saw that reduction of 700 mil just in the second half due to divestments predominantly driven, as I said, by this agreed acquisition of the six renewable investments by the MGecko Fund. So with that, we remain very comfortably above our BAL3 regulatory ratios, as you can see here. And the last thing I wanted to touch on is the dividend before handing over to Alex. The board has declared a second half ordinary dividend of $3.85 a share. That takes the full year dividend to $6.40, and that is a 40% frank. It's at 70% payout at the higher end of our range. We have mentioned that we feel we have surplus capital at the current stage. We're mostly addressing that. The most effective way for shareholders is via buyback, but we also are doing it through dividends. So with that, I will hand over to Alex to take you in much more detail through the financials.

Thanks, Shamara, and good morning, everyone, from me as well. As Shamara said, I'll now take you through a little more of the detail of the financial results for the March year end. Starting with the income statement, I might focus initially on the second half and then draw it together for the full year result. So you can see, as Shamara said, a stronger second half relative to a pretty subdued first half of 24. Operating income for the second half was up about 13.5%. And the main drivers of that, you can see at the top of that stack there, $417 million increase from net interest and trading income. We also had a $203 million increase in fee and commission income. We had a $252 million reversal through the P&L of credit and other impairment charges. We also had nearly a doubling of the investment income as the climate for realisation in the second half was better than we saw in the first half. From an operating expenses viewpoint, you can see the operating expenses up about 4% on the first half. Largely that reflects the The increased profit share expense we saw coming through the group in the second half, consistent with the performance of the group, partially offset by lower underlying salary costs as the headcount is trending down. So on a total basis that was 2.107 bottom line, up about just under 50% on where we were for the first half. Now if you bring those two halves together and look at the full year result, you can see net operating income at $16.9 billion, down 12% on where we were this time last year. And the main drivers of that were a 16% reduction in net interest and trading income following the very strong conditions that CGM experienced through FY23. We also saw a 49% reduction in investment income coming through particularly Macquarie Capital and Macquarie Asset Management. Partly offsetting that was a $235 million release in the P&L from some impairments that we'd taken on a small number of equity positions across the group in prior periods and $134 million release in the P&L from credit impairments where we see the macroeconomic climate improving and we've changed our weighting of scenarios that are impacting our expected credit loss provisioning. If you look at the operating expenses, operating expenses were broadly in line with where we were for FY23. There's a couple of things happening there in terms of underlying average headcount. Average headcount for the year was up 8% from where we were in FY23. And we're seeing ongoing, albeit slowing, wage inflation through the year. We've continued to invest in data and digitalisation efforts across the group. And we had some unfavourable foreign exchange movements as a result of the depreciation of the Australian dollar. Partly offsetting that were lower profit share expenses consistent with the underlying performance of the group. The effective tax rate for the year at 26.8% up from 26.1% last year. So an increase in the effective tax rate, really the nature and the geography of income coming through this year. And so the bottom line of 3.522 down 32% on the record result that we saw in FY23. Now, given the increase in the operating expenses that we've seen over recent periods, we thought we'd add a new slide to the deck, which really shows the composition of operating expenses and, importantly, the movement in average headcount over the course of the last few years. I thought I'd focus on the period from FY21 to 24, obviously. That's where we've seen the significant step up. But that's also been a period of time of significant growth across the group. So from a revenue viewpoint, in FY21 we did $12.8 billion worth of revenue. In FY24 we're doing $16.9 billion worth of revenue. Commensurate with that, I guess, is the increase in the operating cost base. The operating cost base in FY21, 8.9 in total, now just over $12.1 billion. In terms of the underlying drivers of that increase in the cost base, you can see average headcount over that period of time increased 29%. There are three main drivers there. We've invested in the growth in the business that we've seen over the course of the last several years. We've increased our focus, our headcount associated with regulatory and compliance obligations in many jurisdictions around the world. And we've also undertaken some acquisitions. So we've increased our headcount as a result of those acquisitions that the group's done over the last few years. In addition to that, we've seen a 50% increase in non-salary technology expenses. Things like market data, things like software licenses, programs of data and digitalization across the group that are intended to scale what the enterprise is able to do on a global basis. And of course, investment that we're making in data and digitalization to support our important regulatory and compliance obligations around the world. So that's a 50% increase in non-salary technology. And we've also seen a nearly $500 million increase in other expenses. And there's a few components there, obviously, but a couple of things that are worthy of note in this period in particular is that we saw travel and entertainment expenses up quite considerably from 21 to 24, mostly because 2021 was actually a low period, as people recall in COVID. But in addition to that, we've seen a significant step up in the amortisation of intangibles consistent with the sort of businesses that we bought over the course of the last few years. You can see from 23 to 24, the headcount, the operating expenses are fairly flat. And what we're really seeing there is whilst the averages have been going up over the last three or four years, we're now starting to see that headcount trend flattening out and, in fact, coming down. If you look at the ending balance of staff at 31 March, it's pretty consistent with where we were at 31 March 23, albeit the average for the year was up that 8% that I mentioned previously. A slide that I think people are no doubt familiar with, the regulatory compliance and technology spend. That's obviously been a large component of what's been going on from the expense viewpoint over the last few years. And whilst you can see from this chart that both the regulatory compliance spend and the technology spend continues to trend up, A couple of things that are worthy of note, and we mentioned this last year our expectation. In relation to the regulatory compliance spend, the growth rate is actually lower than the growth rate we've seen over the last five years. And that's really consistent, I think, with the work we've been doing in terms of preparing the organisation for the change that goes through. in regulatory and compliance in an organisation like ours, but also the conclusion of some of the projects that we've had that have been influencing that spend over the course of the last couple of years. And in relation to the technology spend, the growth rate's still pretty consistent with the average. It's about 14% over the last 12 months. But importantly, we're now spending 35% of that technology spend on change the organisation initiatives and 65% on run the organisation initiatives. That percentage has changed. It used to be a smaller proportion on change, The important thing there, of course, is setting up the organisation to meet our obligations but be also able to support the growth of the business that we expect in years to come. So turning now to the operating groups, a little more detail of the financial results. And I'll start with the Macquarie Asset Management business, as Shamara mentioned, down 48% from where we were for FY23, ending result of 1.208. If you look at the movements there, you can see base fees across the group up $92 million. And the two components there, on the private market side, base fees up 11% at an additional 143%. worth of base fees, and that really reflects the investing the team's been doing, not just this year but in prior periods, and also the fundraising that we've seen, the good fundraising we've seen continuing in that business over now many years. On the other side, partially offsetting that was a reduction in the base fees coming through from our public investments business, and that's largely consistent with the story we've seen over time where we've seen a shifting of exposures, our client exposures, from equity portfolios toward fixed income portfolios, and that's really driving what's going on from a base fee viewpoint in that part of the business. As Shamara mentioned, and we've been talking about during the year, if you look in the middle of the chart there, you can see the reduced contribution from green divestments during the year, down $823 million. People recall we had a very strong period of divestment in 23. We didn't see that repeat into 24. And we're also continuing, Ben and the team are continuing to invest in the renewable and development activities we're undertaking across many markets in the world. And that resulted in increased expense going through the P&L of $212 million. Assets under management over the year up, as Shem said, 7% at $938 billion. Importantly, $38 billion of dry powder to invest after another good period of capital raising. So the team's been busy raising capital and is well positioned to deploy that in the coming periods. Turning to the banking and financial services business, you can see up 3% from where we were this time last year. It's a really strong and important volume growth this year. So 13% growth in average home loan balances this year, a really strong 20% growth in the business bank, which is really pleasing to see given the focus the team has had there and a and supported by a 14% growth in terms of average deposit balances over the course of the last 12 months. Now net interest and trading income you'll see coming through the P&L up 5%. So that volume, overall volume growth, has been partially offset by margin pressure and funding costs associated with that business. If you sort of break down the component parts a little more there, from a personal banking view, up $23 million in terms of contributions, so we're seeing increased volume, but competitive pressure from a margin viewpoint and funding costs that are dragging down that result. Business banking, as I said, benefiting from the volume growth, but also we saw the benefit of the interest rate environment coming through our business banking deposits over the course of the last 12 months. Credit and payment, there was an increased release of $49 million in the P&L this year. Again, that was reflective of the fact that the macroeconomic environment is much improved from where we were 12 months ago, and we've reweighted the portfolio to a more balanced view between our upside scenarios and our downside scenarios. We've continued to invest in the business with expenses up 12% this year. And in that other column at the end, you can see the drag that's amongst other things, but the drag that's occurring from the rundown of the car loan portfolio over the course of the last 12 months. Underlying products, volumes all heading in the right direction with home loans at I think now 5.3% of the market and deposits just over 5%. In terms of the first of the market-facing businesses, the commodities and global markets business, as Shamara mentioned, I think a really pleasing result, particularly in the context of the subdued environment that the business experienced over much of the last 12 months, and I think reflects the point we've been talking about for some time, that the underlying drivers, the franchise drivers here are the growth of the client franchise and the provision of services to those clients, and we saw that coming through over the course of the last 12 months. I'll break down the movement a little bit. So the end result was 3.2. You can see on the commodities side, commodities income down $2.6 billion from where we were in FY23. Importantly, as people know, we're up on FY22, $200 million up on where we were from FY22, which again reflects that client franchise point I was making before. In terms of the drivers of the move between FY24 and FY23, we saw a materially lower contribution from our North American gas and power business, which experienced very strong conditions in FY23. We also saw a reduction in the contribution from our EMEA gas and power business and our resources business, partly offset by opportunities the team saw in the agricultural markets, particularly sugar and cocoa, I think, over the course of the last 12 months. Great to see the financial markets business continuing to grow $166 million and I think people will recall over many years now that business has been ticking up at a nice rate as we grow the client franchise and we extend some financing opportunities to clients in that market. So really pleasing to see that continuing to grow and that business this year represented 29% of CGM's overall result. And you can see the expenses coming through. They're up $400 million as we continue to invest in the data and digitalisation opportunities in CGM. And importantly, CGM has many obligations around the world from a regulatory and compliance viewpoint. And we continue to invest to ensure we can meet those obligations. Hopefully reasonably familiar slides now for everyone, but we've set them out again, the operating income and the client numbers. The only point to make here is the strong correlation between client numbers going up and client-related business also heading up. This business is all about more clients in more jurisdictions and more often, and that's what the team's been doing for many years and has continued, obviously, over the last 12 months. In terms of the capital position, the capital position is pretty consistent with where we saw at March 23, still very exposed to credit capital, predominantly exposed to credit capital, consistent with a client service type of offering. And then on the right-hand side, you can see the daily P&L chart, which again, we've produced this year, and I guess the shape is hopefully what people were anticipating. We saw more subdued conditions, so we see the distribution of daily P&L slightly skewed to the right, consistent with the growing client franchise and far fewer outlier days than we saw in the prior periods where we're experiencing much more conducive trading conditions. And then finally, turning to Macquarie Capital, I think a really pleasing result in the context of quite a difficult market for investment banking and merchant banking type activities around the world. So up 31%, 1.051%. billion of contribution. You can see the drivers there. Investment-related income up $487 million. The returns from our private credit portfolio up 406. This reflects the fact that we're able to grow the book in terms of average balances by $3.6 billion during the year, and margins were pretty consistent in that business, which is great to see. We also saw the release of expected credit loss provisions in that part of the business as well. The underlying book is performing very well. In addition to that, we saw we see an improving macroeconomic climate relative to where we were last year and obviously the reweighting of the scenarios. We had increased investment related income, partly that's gains on revaluation of assets on the balance sheet and some disposals that the team undertook during the year. But we also saw the reversal of a number of impairments or a small number of impairments on on equity investments that we've taken in prior periods coming through this result. Fee and commissioning come down 155 million. I think everyone's probably pretty familiar with the level of activity around the world, been more subdued over the last 12 months and Macquarie Capital saw that as well and operating expenses up $82 million. In terms of the capital, partnered with Macquarie Capital clients around the world, you can see up $1.2 billion. So the team has seen some good opportunity to invest over the course of the last 12 months. You can see the growth in the private credit book there coming through. But in addition to that, key sectors of expertise, technology, energy transition and adaptation, digital infrastructure, all those areas are providing really good opportunities for Macquarie Capital to deploy over the last 12 months. And on the right-hand side, you can see the private credit book. As Shamara mentioned, the closing balance, $21.5 billion, a pretty diverse book, about 160 positions, typically defensive type underlying borrowers and good cash flow generation. So we're really pleased with how that book's performing. So if I now turn just to a few more aspects of the financial management of the group, starting with the balance sheet, another good year from the team, over $21 billion worth of term funding raised in the last 12 months. About 75% of that's been in the bank and about a quarter has been in the group. Pleasing to see the ratings upgrade from Moody's that came through in March this year and that will obviously help us continue to diversify the source of funding and raise the most cost-effective funding that we can. As I said, we have diversified the issuance strategy. Really important. We've been doing this for many years now and we continue in the last 12 months. We now have over 2,000 investors that actually own Macquarie Paper around the world across a whole range of different programs. And we added another 100 new investors or new to organisation investors over the last 12 months. And the weighted average life hasn't changed much from where we were before. Now we're at four and a half years. Deposit base, super important obviously from a BFS perspective, largely providing the funding that's supporting the growth of Greg and the team's business in BFS, so up $14 billion this year and really pleasing I think to see the increasing diversity of that deposit base, in particular the work the team's done around the transaction and savings accounts over the course of the last few years and the traction we're getting with clients because of the product we're actually out there providing in the marketplace. The low in the lease portfolio up 11%. You can see the main movements there at the top of the page. You've got home loans and business loans up. And at the bottom of that page, you can see the growth in Macquarie Capital business from $17.1 billion to $19.8 billion drawn at 31 March 24. In terms of the equity investments, obviously quite a big step up from $9.6 billion to $13.2 billion. Some of this is a bit transitory because we've, you know, on this page there are, for instance, the assets that Shamara mentioned that have been sold from the balance sheet into the Green Energy and Climate Opportunities Fund. So they sit there as held-for-sale assets at the balance sheet and they'll settle there. settle in due course. But in addition to that, we've seen quite a bit of investing across the group. So the $3.6 billion of growth, obviously we've continued to invest in our green energy portfolio, particularly in Corio. We talked a lot about the offshore wind asset in the US that we were successful in tendering for at our half-year results. So you're seeing continued investment through our green energy portfolio. You're also seeing, particularly from Macquarie Capital viewpoint, as I mentioned before, an increase in digital infrastructure, an increase in cell towers, fibre optic networks, IT services type businesses that the team have been investing in for many years and were successful over the course of the last 12 months at achieving some completion of those transactions. In terms of the regulatory update, obviously the environment here in Australia continues to evolve. The near-term focus, I think, as everyone is probably aware, is around operational and cyber resilience, obviously two really important topics, liquidity, interest rate risk, and obviously the ongoing conversation about bank hybrids. The capital position of the group, the bank at least, at 13.6%, CET1 ratio, so a very strong capital position, and similarly a very strong liquidity position. We still have nearly $60 billion of unencumbered cash and liquids on the balance sheet. Obviously, the LCR has come down a little bit to 191. That's a deliberate strategy to bring that back closer to the target level for liquidity. And just finally, from a capital management viewpoint, just a couple of things. Shamara mentioned the dividend. Obviously, the board has also opened the dividend reinvestment plan at a 0% discount for the final dividend. Any shares issued under that DRP will be acquired on market. And in relation to the Macquarie Group Employee Retained Equity Plan, the Board has also resolved to acquire shares on market to satisfy the issue of MIRAP grants for FY24. And just finally, in relation to the buyback we announced as part of our half-year result, as at balance date, we bought back $644 million worth of shares at an average price of $183.26. And with that, I'll hand back to Shamara. Thanks very much.