Animalcare Group plc

Okay. I was rather hoping to see everybody's faces, but clearly today we're not going to be able to do that. So a big welcome. We'll kick off. My instructions are to say that if you want to ask some questions, if you go into the Q&A box and flag that you've got questions rather than asking the questions on that box, and then when we get to the end, Gemma will unmute your line and you'll be able to ask your question then. So hopefully that makes sense, but use the kind of Q&A box to slide that you want to ask a question and we'll come back to you and unmute lines and hopefully answer any questions that you might have. Okay. So you're very welcome to the animal care full year results presentation. Myself and Chris will be talking you through the results. No great surprises after our trading update, and you'll have seen more of the information this morning. So hopefully what we can do today is just to give a little bit more flavor and a little bit more commentary about the numbers and some of the things that we've been doing. So I'll kick off with hopefully a slide change. Okay. Having looked down the list of people attending and the participants in the meeting, I think many of you have talked to either myself or Chris or been part of these sessions before, some of you many times and some of you a few times. But I think most people will be aware that we've focused on five key things for the last two and a half years, really. And so what we'll do today is talk you through our progress against these five. And we have stuck to them throughout what we're calling the challenging year in terms of the pandemic. So strong finances has been a real focus for us. And this is about making sure that our finances are in good shape so that we can invest in future growth. And you'll have seen from the R&S and you will see through the presentation, we're very focused on cash conversion and net debt. And so both of those are going in the right direction. Leadership, we recognise in the last couple of years, how important leadership is going to be to the success of animal care moving forward. And really happy with the results from our, we did a Gallup Q12 survey and we've got an 11% improvement. So that's pretty cool. We're very, very proud of that. And we've put in place a new structure. And then the next three are really about our business, our portfolio and what are we doing there. And we split this into three areas. The growth portfolio, which is really, we think of that as our existing business, the business that we have today, and really making sure that we focus that. We'll talk a bit more about that. Making sure that we're focused on high-margin brands. Business development, really to drive our future. And many of you will know, because we talked about this at the interim, the STEM deal, which is targeting biofilm diseases, is now... reality and we've strengthened our BD capability and really, you know, made sure that we focus there. We'll talk about that. And then most one of the most exciting things that has happened for us. And actually, it was in early 21 was the Committee on Veterinary Medicines gave a positive opinion for our exciting new novel product, Daxacox. And that really marks is a really important milestone and very exciting for us. And so we are initiating more pipeline projects. So we'll talk you through a little bit more detail. What I'll do first is to hand over to Chris to talk you through the financial highlights.

Hi, morning, everyone. Sorry, I can't see. It's strange. So as Jenny said, we've had a really resilient year and we'll come on to more detail. But before we start on covering some of these highlights, I just thought we'd I kind of talk about the kind of shape of 2020 in particular, the kind of H1 and H2 dynamic in terms of the pandemic. So just to kind of recap, we entered 2020 in a strong financial position, as we've said before. We've had an overall resilient revenue and profit performance, despite the kind of challenging conditions and another year of strong cash generation. In terms of the shape of 2020, so to recap at the half year, revenues were down around 4%, and that really reflected the significant disruption in Q2 after a strong quarter one. EBITDA was broadly flat, largely due to action taken to defer or reduce spend. And then debt and EBITDA leverage ratios were roughly in line with 2019. one area to note was that uh cash conversion at the half year was significantly lower than expected and that was largely due to stock build return now to the full financial year um we saw year on year revenue growth in h2 of around three percent so that follows the pattern of recovery in our companion animal business and then cash conversion significantly improved since the first half which has led as jenny noted to another material reduction in net debt. And that means that we're better placed than we've ever been to fund our growth ambitions. If we move on to the headlines on the slide. So obviously all the relevant numbers and detail can be found in the press release that we'll pick up just at the highlight level. So revenue down 0.9%. We'll find more detail on the next slide, but we've seen, as with the first half, varying impacts on our markets both in terms of country and the product category performance with companion animals seeing a greater impact of COVID versus the production animal. Underlying EBITDA was down 8% to 12.1 million with a corresponding reduction in EBITDA margin. We saw a modest drop in growth profit, albeit pleasingly. Growth margins held firm despite the higher percentage of revenues from our low margin production animal portfolio. And as we execute the strategy coupled with the strong market fundamentals and the resilient trading performance, we've become increasingly competent about our future. And hence, despite the challenges on the revenue line, we've continued to invest in the business and future growth And that's in particular in the areas of sales and marketing excellence, STEM, and most significantly, Daxacox. We're really excited about those two opportunities. And for Daxacox, we recognize that we'll be operating in what we describe as the Champions League in terms of potential competitors. Hence, we've invested appropriately in advance of these expected launches in the current year with the objective of driving uptake during the second half of this year and further sales growth in 22 and beyond. And that investment led to SG&A costs as a percentage of revenue increasing by 1% to 35. And actually notably, that overall level investment is what we expected to invest notwithstanding the pandemic. Cash conversion, another excellent year here. exceeded 100% of our EBITDA, really demonstrating our ability to deliver strong and sustainable levels of cash. Overall levels of working capital were broadly the same versus 2019. The 1.6 million in inventory is largely strategic stock bill now in advance of manufacturing transfers. So really we saw a good reduction in H2, so the supply chain team have done a really good job in reducing the stock bill we deserved in H1. And then that increase in stock is balanced by other trade working capital movements. Net debt, this is down 4.2 million to 13.6 million, largely driven by the cash conversion. Our EBITDA leverage was around 1.1 times at the end of the year. And you'll have seen in the press release that we've continued this momentum post-year end, providing us with even more capacity to invest in growth. finally on the dividend um so reflecting the resilient performance in 2020 continued strong cash generation and confident outlook and that outlook is about the confidence is kind of reflecting in part what we're seeing in terms of the encouraging start to 2021 the board proposed a final dividend as a final dividend of two pence per share and that gives a total dividend for the year of four We move on to slide five, so more colour on revenue here. So as I said, the performance reflects the very market portfolio dynamics across the operations with the overall resilient trading picture, as I mentioned, driven by the balance of those two dynamics. So we'll touch on companion animals first. That was 3.6% down in revenue terms, and that compares to a 11% reduction at the half year. And as I said earlier, reflects the recovery in certain of our markets during the second half. If we view country performance against this backdrop, we can see, as at the half year again, that the most significant decline in the UK. And this is where the portfolio in the UK is all companion animals. And what we saw here in quarter two was more severe disruption and impact of COVID on the customer base. where in particular the corporates were subject to large-scale closures of veterinary practices. The companion animal business in Benelux also saw double-digit decline. That was largely observed in the OTC portfolio and vaccine product range. So the former was COVID-driven and the latter was driven by a novel competitor launch. We contrast this to Germany, which was at 4% in the last year. The market data was all saying that around three quarters, maybe even more, of vetted practices remained open and continued to operate in normal, and that's just reflected in the performance. Italy continued to perform really well, so just over 30% increase in 2020, on the back of 20% growth in 2019. And that was largely driven by the companion animals portfolio there, in particular sales of annualized products that we launched in 2019. So really pleasing performance there. And just to note, we've said before about Germany and Italy, really good businesses, but small in a very large market. So absolutely remain focused on scaling up both of those operations over the next three to five years. If you contrast companion animal performance to production animals, which this year counts at 28% of the sales, so higher than normal, this is less affected by COVID, hence the growth we've seen. That growth was largely driven by Spain and Italy, with the increase in Spain helping to offset some of the further distributed de-stocking we saw at the end of 2020. which is contributing in part to the Q1 strong performance that I noted earlier. Just very briefly on network partners, as you can see on there, it grew strongly in the year. That was largely driven by new product launches and more significantly, customer stock build in advance of either manufacturing transfers or cessation of contracts. We are going to see some unwind of that growth in 2021. So, slide six. So, as we've commented in all recent presentations, the financial strength underpins our capacity to invest in strengthening the platform and future growth opportunities. And this slide, we just wanted to show here that it demonstrates how our continuing focus on sound financial discipline largely observed through the above 100% average cash conversion in the last two years, has led to a halving of our debt since the end of 2017. We're at or around now the lower end of our target leverage range, which is one to two times EBITDA, which means we're in a a really good position to increase investment over the next years in general, come on to some of that area, including continued and further investment in DAX or COPS and STEM. Pipeline capex for information in 2020 was 1.7 million, and we'll come on to expecting to increase that in 21 and double that as a percentage of sales in 22 to deliver on the opportunity available to us. Just a brief note on banking facilities, which you may be picked up. We've almost completed the renewal of our facilities with the four syndicate banks. And the objective there was to extend the term from March 22 to March 2025. And we expect to finalise that process in the next week or so. So just to summarise, so looking forward into 21, it's clear we're seeing evidence of a recovery in our markets with, as I've said in my CFO report, a marked increase in revenues versus the same period in 2020. I'm remembering that that was a pre-pandemic period where we did actually see strong growth on 2019. We're still early in the financial year, so obviously there are some uncertainties around, in particular COVID remaining. but I think we can take confidence from not only the start, the strong start to the year, but also the kind of learnings and dynamics we've seen in the market in terms of how our business, the veterinary profession, et cetera, has learned to live with the virus. So, and also take confidence from the plan launches from DAPS, ACOCS and STEM. So together with a strong balance sheet, and opportunities available to us, I think that the execution of our strategy since 2018 will become more evident in financial performance in the next couple of years. That's me. Back to you, Jay.

Thanks. Okay. If I could change the slide. I feel a bit like the COVID press briefing I don't seem to be able to change slide at the moment. Okay, so hopefully the magic has happened for everyone else, and here we are. You'd think after a year that this would be just seamless, wouldn't it, being able to change slides, mute and unmute and see everybody, but hey. you know the second pillar that we talk about and we're really focused on is advancing our leadership agenda and really when you reflect on 2020 and the performance the financial performance that chris has talked about i'm absolutely convinced that that was driven because we've got some great leaders in place now and you know i can look at the organization and think we've got a great team but Actually, I also am really proud of the fact that we redid the Gallup survey at the end of 2020, and our improvement year on year was up by 11%. And given that some of the teams had to completely change the way that they worked and working from home, dealing with all of those issues that we've all been facing around kids and dogs and COVID and all of those things. So I think this result is great. And more people participated. And, you know, Chris talked about the first quarter. And when I look at the performance, clearly our team is becoming better building capabilities. And as they build and as we get better working as one team, you can feel the increase in motivation. Recognizing that, you know, all of the work that we do to get to that financial stability, get the team in place, sort out the portfolio, is really, you know, that kind of is a tick in the box. and recognizing that our strategy is all about future growth. And one of the things that we did actually in February was restructured the business to make sure that we're really fit for that future growth and that we have, our structure is aligned. Some of you who we've talked to previously know that I ran a completely flat structure because, as I say to the teams, it enabled me to be nosy into everything. But the time has come where we really need to focus on the priorities. And for us, the three priorities are making sure that we deliver on our existing business. So that's priority number one. And in order to do that, we put in place a north and a south structure with a regional director. So that's really about performance management day to day, delivering on our expectations, but also reducing duplication, etc., When you look at our business, and Chris talks about production animal and companion animal, we've got a really clear split. So the south, so Spain, Italy, Portugal, is a mixed business. There's production animal and companion animal. The north is almost entirely a companion animal business. And so there's different challenges facing those groups. Corporates and the ways that vet work are different in the north than in the south. And one of the things I thought was fascinating was when we looked at data about vets' willingness to see our reps, the South are desperate to have the reps back in visiting them. They want that face-to-face. In the North, it's a little bit more maybe when the time's ready, a bit more conservative about that. So we've set up that structure in North and South, which is great. And it gave a good opportunity for one, the head of the South is the lady called Maria, who's been with the organization for about three years. And the head of the North is a gentleman called Bernard Putz, who we actually brought in to head up Germany in September. But he comes, both of those individuals have great experience from big pharmaceutical companies in this field. So then the other thing that we've done is our second priority is to make sure that we're really building that future portfolio and growth portfolio So we're recruiting for somebody to be the head of our product and business development organization. Because one of our opportunities is that we've got some great products that are now part of our business. So that's Cox & Stem. But also we're looking for external opportunities to continue to build that pipeline. And balancing and prioritizing that portfolio is going to be really important. So that new structure includes business development and product development to really drive that future growth. And then, of course, financial strength. And Chris and his team continue to make sure that we have that financial strength. So that new organization structure is done. It's gone very well. And the final point on this slide is the time had come to make sure we all looked the same because we still had a lot of different branding around the different countries and we had a lot of different logos, styles, et cetera, et cetera. And so we've now implemented the new branding in March and it builds on that heritage. So what we've done is taken a pragmatic group, a pragmatic view of the group and said, look, if you are Equifar in Spain and you've built a really good reputation, let's not change you to animal care, but let's look the same. So we're now all aligned in terms of look and feel with sort of a one family approach that we haven't changed names where the name was established. There's another practical reason for that. We have lots of marketing authorizations, and all of those need to change, which takes time and money. So the new style is now out there, and it's getting some good feedback. And it all adds to that motivation and employee engagement that we're seeing in the Gallup survey as well, people feeling about the future of this business and the excitement. We talk about our existing portfolio and I just wanted to share with you a couple of things that demonstrate what we've been doing here. So on the left-hand side, we've got about 200 brands. We had about 330 brands at the time of the merger in 2017. So we've been really reducing those. But actually what we're starting to see is that the growth is starting to come from the big brands. And so 71% of our revenues account come from the top 40 brands, and they're growing at 3.2% year on year. So we're starting to see this move towards a smaller number of higher selling, higher margin products. And it's a reality. We will continue to take products that aren't really driving revenue, that have a lower margin or less profitable. We'll continue to take those out of the tail. We've sort of set ourselves a target of about 150. I don't know that there's a right and wrong answer of how many brands should we have, but that feels like the right sort of numbers. So we're gradually moving products from right to left effectively on this visual. And just in contrast, if you look at what we had at the merger, whilst 63% of revenues from the top 47 brands is not that far off the 71, but the really important thing And the challenge that we had at the time was 14% of revenues were generated by the smallest 236 brands. Complexity, fragmentation, all of those things was quite significant. So this is an ongoing process, but really improving the quality and the shape of portfolios. One of the things that several of you will have heard me say before is that we've set ourselves criteria for anything that comes into our portfolio. And it has to be up in that top 10 level. So our top products are... around the three and a half to four million. And so what we're looking for is to bring products into that level. And so you gradually move that, the bigger brands become bigger and we gradually take off the tail. So that work in progress has really made an impact and we're starting to see some really nice growth. This is our exciting area, Dax Cox and STEM. Dax Cox, whenever I've spoken to you before, We've always called it E6087, apart from every so often I accidentally said back to Cox. So it feels really nice to be able to talk about back to Cox. And we're really excited about this. So we're expecting the EU marketing authorization middle of April. That's up to the CDMP exactly when that happens. And we're all very actively planning for launching the second half of 21. Hopefully early in the second half, we're a bit dependent on when the final authorization comes through. We've extended the geographic reach beyond those countries where we're directly selling and marketing it ourselves. We're through some partnerships. And in terms of what this product represents, it represents two things. One is this marketplace, which is sort of chronic, chronic acute pain, osteoarthritis type pain. In Europe, the segment is worth about 130 million and it's growing. And Dax Cox is differentiated. Whenever we talk to key opinion leaders, they're very excited about this product. And so really for us, this is real, it's ours, it's patent protected, all of those good things. And now it's down to us to execute. And so we, as Chris said, we've been investing in making sure that our sales and marketing teams are ready to go, that we have the right sort of support. And we're hoping to compete really effectively with some of the some of the Premier League players and teams or the Champions League. So, you know, this is really exciting. I think the second reason why this is exciting for us is it demonstrates that we can do what we've set out to do in terms of our strategy. We can develop a product. We ran all the clinical studies on this. We did all the regulatory filings, etc. And it demonstrates that we can do it. And I think this is why the organisation is so fired up for success. The other thing that the positive opinion has given us is the confidence to really invest in future lifecycle management projects. So additional indications, different areas of pain, different formulations, tablets, injectables, et cetera, but also starting to do the work that we need to do to be able to register the product in other territories around the world. Some are easy to do because they accepted European license. Some we need to do some more work. And as Chris mentioned, our R&D spend will be increasing. And about 50% of that increase in R&D will be to fund either DAX Cox or a smaller amount to fund some new pipeline development on STEM. And so that's relatively low risk because we both know that both of these are successful technologies. And so we are planning in 2022, just thinking ahead, to deliver on pipeline opportunities, particularly around DAX and STEM. So our investment will go up, but in really good quality. Just a few words on STEM. We talked, I think, a lot at the interim, and we've been talking about this. We're planning to launch the first of the biofilm products, which will be the dental product in quarter four. We're currently transferring manufacturing from North America to Europe, which is really important for us to make sure we have a robust supply chain. And since September, we've looked at all the other opportunities for pipeline projects. And we're particularly focused on otitis, so ear infections. And that, again, some of the R&D investment will be funding those. The other part of the R&D investment is really linked to some of the business development activities that we are engaging in at the moment to bring products at different stages from different companies into our pipeline. And so the other part of the business development, sorry, the R&D budget will fund some of those opportunities that we will be bringing in in the next few months. So just summarising, and then we can go to questions. I see Mike's already got his hand up for questions. So overall, you know, look, it's been a really resilient performance in the face of pandemic. We're pleased with where we got to. We've had so many uncertainties. but it seems really responded extremely well. Cash generation continues to be good, continuing reduction in net debt, and both of those are really giving us the increased capacity to invest in growth. And as I mentioned, you know, we've got lots of exciting discussions going on and lots of exciting things to do with our pipeline that's got STEM. And I'm really you're making progress on all fronts. It feels very much like a very different business to where we were even last year. And so we're really moving forward. And just to reiterate what Chris was talking about, you know, encouraging quarter one revenues well ahead of 2020, which was a pre COVID. So it's, you know, it's a really good indicator. We're expecting to return to revenue growth this year. And normal trading, whatever that looks like, you know, sort of despite COVID going on, we're pretty confident that we'll be able to weather any future storms that may come. And as Chris said, you know, our finances are just getting stronger. So for us, the real focus is growth. Where do we go next? What are the opportunities of really making success out of Dax Cotswold Spem? So I'm going to stop there and maybe Gemma, you can, I think a couple of people, so both Max and Mike, I don't know who'd like to go first.

Gemma, can you open up Mike's?

Mike, you might be muted yourself, don't you?

Am I muted now? Yes, you are. Super. Good to see you this morning, Jenny and Chris. I just wondered on Daxacox, if you could elaborate on the present IP estate as it stands and how you anticipate that developing in due course. I'm just thinking about what that indicates for your strategy, future commercialization of the product beyond Europe.

Yeah, so the patent status is we've got strong patents everywhere. We own the patent and it's a pretty long, basic patent. So obviously one of the things we'll do is make sure that we make the most of any new data that we use for regulatory data protection and make sure that we have a very robust patent strategy. But the basic patent has a long life ahead of it anyway, so we're pretty confident there.

Got it. In terms of the EPO, the European Patent Office, I've seen that running through to 2034, so I presume that that's the reference. Okay, great. Yes, yes. And just thinking about your lifecycle comments, would you be looking for exactly the same indication or sets of indications for dactylocoxenol markets? Are there certain nuances or additional opportunities you've particularly got your eye on now that you've got this first positive opinion in the bag?

Yeah, I mean, if you look at the products that we'll be competing against, our first indication is in that sort of chronic, acute chronic pain area. And this is a once-a-week product, so that's a really good thing if you've got a chronic treatment. So we'll be looking at new indications around pain, acute and chronic, things like post-operative pain, et cetera, et cetera. So what we'll try and do is build a, in fact, what we've got in the development plan is building an extension of indications, so different areas of pain, and different formulations, so looking at bigger tablets The other thing we're looking at is different species. And so we've got different species in the plan. So it's a pretty comprehensive development plan, looking at all of those things, trying not to fragment it so that we have one indication there, one indication somewhere else. We probably will do a slightly different, have a slightly different approach in the US, just because the US market is a bit different around these sorts of products. But other than that, we'll try and make sure that we have indications that are aligned globally. That will really help to build a strong brand.

Yeah. That's fantastic. Thanks, Jenny. Cheers.

Okay. I think Max wanted a question there.

Hello, Bea. Hi, Max.

Hi, Max.

All right. Double protest to unmute. Thanks for taking my question. Or actually, if I may, let me just A little bit more detail on the current trading. You alluded to, obviously, it's a period comparison versus kind of no COVID with a little bit of stocking, I believe, ahead of lockdown this time last year. But then you also mentioned that there was some inventory restocking in Spain in the first quarter this year. I just wondered how that normalizes Is there any more colour you can give on the performance of whether there's companion animal versus food producing or production animals bias in that?

Yeah, so the destocking point, there was a bit of destocking in 2019 versus 2020 as well. So that's relatively normalised. I think it was a continuing trend of the Spanish business in the market kind of returned to what we would see as kind of normalised levels versus kind of what we see in other countries. So I think that's, there's a little bit of impact there, but in terms of the dynamics, there's absolutely a return to what we've seen in terms of pattern of companion animals growing very strongly versus production animals. So both categories growing, but companion animals growing stronger than production animals. So that's the trajectory or the kind of shape of that Q1.

And then just on the manufacturing and the transfer of that to Europe, how does that, you know, how's that process progressing and, you know, what's that involve? A bit more detail in that and a bit on timing as well.

Yeah, sure. So at the moment, the dental products for STEM which is where we're referencing manufacturing transfer made in North America. And so what we do is we take the file that gives all the details of how to make them. And we did effectively a review of available manufacturing around Europe. And we have chosen the site and the transfer is in progress. So our new site is talking to the North American site to make sure that they get everything aligned and everything is good and ready to go. So that's a very active process at the moment. It's all about validating the process, checking it, doing lots of quality assurance and quality control. And that's all going very well. So we're very comfortable with that. It'll take us another probably six months to finalize all of that just because it's a new manufacturing site. But that really makes it much more robust for us rather than shipping products into North America. And it's much more agile as well.

Then just a couple of others more related to Daxacox and what you call self-marketing excellence. On the Daxacox rollout, you obviously talked a bit about splitting your marketing and the way you look at it into north and south territories and how they behave differently. Is there a rollout plan where you introduce those? I know in farming, you're usually kind of introducing places like Germany, UK, those type of northern territories first, perhaps, and southern later. Is there anything like that to be aware of and how Taxicots gets rolled out? What are your key selling messages? And then just on the sales and marketing excellence, Are you investing in new sales reps or are you retraining or what's going on?

Yes. You're right. With human pharmaceuticals, there's usually a rollout plan, often driven actually by pricing. We don't have that same challenge because the medicines are pre-priced. The other thing that drives that rollout plan is usually the amount of time it takes for the individual member states to approve the packaging. a sort of fairly local bureaucracy type thing. So UK and Germany are usually the quickest. They just happen to be. But we think with Jaxacox, we're using standard packaging across all the teams, so it'll look and feel the same. We think that we should have a fairly small gap between first launch and last launch. And so we're aiming to get them all off the ground as quickly as we can. starting, we hope, early in the second half. So you shouldn't see that big spread that you sometimes see in human pharmaceuticals, fingers crossed. From our side, there's nothing stopping us. It's much more about local regulation on packaging. So in terms of how we're doing the sales and marketing excellence, this is something that we started in 2020. So we were very clear that for something like that, we needed to build some capabilities, build a strong team. So we brought in last year some really good sales and marketing people to work at the group level. And so for the last year, actually, we've been running a group. The group has been running with representatives from each of the countries, the whole sales and marketing excellence program. So we've done lots of marketing training. We've got brand plans in place. We've got, everything's aligned in terms of messaging, which I won't share today because it's a competitive sensitive, but you know, we've got all the message tested and we're ready to go in terms of sales and Salesforce. What we've spent some time doing is looking at in our countries, what's the best go to market model and whether it's the same representatives selling both the existing portfolio and the new portfolio, or whether actually we need some different skills. And that's a bit more driven by the local customer setup. So in the UK where you've got corporates, we've put in place a very strong key account manager together with a technical vet to talk to the corporates about the clinical effectiveness of that. In Germany, where it's much more of an individual sales rep talking to an individual customer, We are increasing the capability of our sales teams through training, but also bringing in some people who are used to selling these sorts of products. So it's a bit of a mix of organic growth, development, training, and a few people that we've brought in. But there's a very clear sales and marketing excellence process running. And that includes all the communications, key opinion leader advisory boards, As I said, all the packaging is the same across all the countries, all the materials look the same and have the same feel. And that's in pretty good shape, almost ready to go on the day of launch as soon as we get the label. And people have really responded well to it, mate.

Okay. Great, thank you.

Now, have we got anybody else? I think that's the only questions that we have currently.

If anyone else has got any questions, they want to pop onto the Q&A screen.

If not, I think we're done. So unless anybody has anything else, I shall thank you all very much for attending. And as always, funnel your questions through. More than happy if we've missed something or you've got other questions to address those. So other than that, I shall stop sharing and finish the meeting. I'll do one final check. No more questions, thanks.