Good morning. I'd like to welcome everyone to the 2025 Annual General Meeting of Macmahon Holdings. My name is Hamish Tyrwhitt, and I'm the Chair of the Macmahon Board of Directors. I'd like to take this opportunity to acknowledge the traditional custodians of the land on which we meet today, the Whadjuk people, and pay my respect to elders past and present. We extend that respect to Aboriginal and Torres Strait Islander people and non-Indigenous persons. I'm joined at today's meeting by Mick Finnegan, our Managing Director and CEO, Dharma Chandran, an Independent Non-Executive Director and Chair of the Remuneration and Culture Committee, Greg Evans, an Independent Non-Executive Director and Chair of the Audit and Risk Committee, David Gibbs, Non-Executive Director and AMNT nominee, and Grahame White , an Independent Non-Executive Director.
I'm also joined by Ursula Lummis, our Chief Financial Officer, Maha Chaar, our General Counsel and Company Secretary, as well as other members of the executive management team. Also present today is Mr. Derek Meates , a partner of KPMG and the company's auditor, and Mr. [Rod Sons], who is at the back, who is from Computershare Registry. Rod is the returning officer for the meeting today. I'd like to take this opportunity to thank you all for taking the time to attend today's meeting. Today's meeting is a hybrid meeting being held at the Perth office at Macmahon Holdings and live streamed online to ensure our shareholder proxies and guests can attend either in person or virtually. Your support and interest in the company's affairs are appreciated by the Board. For shareholders attending in person, please ensure you have registered with Computershare at the entrance desk.
Shareholders and validly appointed proxies, corporate representatives, and attorneys attending in person will have received a green admission card, which is also your voting form. If you have previously lodged a proxy and are happy with the vote to remain, then you would not have to receive the green admission card, and no further action is required. If you have not received a green card and believe you're entitled to vote, please see Rod. For shareholders attending online, if you're eligible to vote at this meeting, once voting opens, press the vote icon and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit or enter button, as your vote will automatically be recorded. You'll receive a vote confirmation notification on your screen.
You can change your vote up until the time I declare voting closed. Online questions can be submitted via the Computershare meeting platform at any time until we commence question time. If you would like to ask a question, select the Q&A icon and type your question in the text box. If you have finished typing, press the send button. Please note your questions may be moderated or, if received, several questions on the same topic amalgamated. Online attendees may also ask a question verbally. To do this, please follow the instructions written below the broadcast. If online attendees experience technical difficulties with the platform during the meeting, please refer to the online meeting guide, which is available on the platform. The notice of meeting was released through the ASX on the 22nd of September and made available to all shareholders.
If there is no objection, the notice of meeting will be taken as read. As there are no objections, let's move to today's proceedings. First, I'll give a short address followed by the Managing Director and CEO's address to shareholders. We'll then move to the items of business to set out the notice of meeting. Voting of all items of business will be conducted via a poll. Instructions regarding the poll will be given prior to the commencement of the poll. The results will be tallied and announced through the ASX as soon as practical after the results become available. After the poll has been closed, shareholders will have the opportunity to ask questions or make comments about the management of the company.
Turning to the Chair's address, Macmahon has delivered another very strong performance at both operational and financial levels, driven by the successful execution of our strategy, our new operating model, and the commitment of the entire Macmahon team. The company again met guidance for the ninth consecutive year, together with record underlying earnings, margin improvements, and strong free cash flow generation. This was an excellent track record across a range of market conditions and challenges and demonstrates the resilience, disciplined execution, and focus of our business. Our performance was supported by our growing team of over 10,000 people and the successful integration of Decmil.
The added significant scale and capabilities of our civil infrastructure business and access to increased market sectors, combined with further expansion in the underground mining and our Indonesian operations, were able to exceed our return on capital employed targets, drive strong free cash generation, and significantly reduce our debt in the second half following the Decmil acquisition. These areas will continue to be a focus for the business. The safety and well-being of our people is an important focus at Macmahon, and you may be familiar with our key initiatives in these areas. Our Strong Minds, Strong Mines program, our Respect@Macmahon program , and the Macmahon Winning Way promote mental health, a culture of respect and inclusivity in the workplace, and the development of our current and future leaders. We saw some tangible results from these efforts, with a steady increase in our employee engagement scores year on year.
This year, we also had a strategic reset for the sustainability reporting, driven by the introduction of the Australian Sustainability Reporting Standards and climate-related disclosures. To support this transition, Macmahon commissioned an external third-party review to assess our readiness for the sustainability reporting, which provided independent assessment on the robustness of our current systems and identified key areas to support future compliance and assurance readiness. This is outlined in more detail in our standalone sustainability report for FY 2025. The Board's capital allocation strategy reflects the importance of paying dividends to our shareholders, balanced with the priority of retaining financial flexibility to enable the continued execution of our growth strategy. We're committed to paying a sustainable dividend in line with this strategy.
The Board declared a final dividend of $0.0095 per share, bringing the total dividend for financial year 2025 to $0.015 per share, an increase of 43% on the prior financial year. For FY 2025, dividend is consistent with the company's target payout ratio of 20%- 35% of underlying earnings per share, supported by the company's performance in FY 2025 and a positive outlook. The Board has lifted the target payout ratio for FY 2026 onwards to 30%- 45% of underlying earnings per share. The target payout ratio will continue to be reviewed in line with the Board's capital allocation strategy. This is my last annual general meeting as Chair and Non-Executive Director of Macmahon.
With my retirement commencing at the completion of today's meeting, after nearly seven years as a Director, it has been a privilege to be part of the Macmahon team through a period of strong achievement and growth and to be part of delivering another positive result for FY 2025. Taking over as Chair will be Greg Evans, who has a deep sector and strategic expertise and is very well- positioned to lead the Board through Macmahon's next phase of growth. I have great confidence that the company will continue to develop under Greg's stewardship, together with our proven Board and management team. I wish them continued success. The Macmahon board will comprise six Directors from the 1st of November 2025.
With the recent appointment of Suzan Pervan , further appointments have been considered, and as the Board's usual process, any new appointments will have regard for composition, skills, and experience required to best deliver the responsibilities and overall governance and strategic direction of Macmahon. Before I hand over to Mick and his shareholders' address, I would like to make some final thank yous. On behalf of the entire Macmahon team, thank you to our clients for your ongoing support and trust in our business. To all the Macmahon team, I would like to thank you for your dedication, professionalism, and contribution. To the executive management team, thank you for your leadership during my time with the Board. To our shareholders, thank you for your investment, confidence, and ongoing support in our business and our people. It would not be possible without you all.
I would like to invite Mick to deliver his Managing Director and CEO's address to shareholders. Thank you.
Thanks, Hamish, and good morning, everyone, and thank you for joining us today for the 2025 AGM. Before I provide an overview of Macmahon's performance for the FY 2025 year, I wanted to acknowledge the contribution made by Hamish during his time on the Board. This has been a period of continued growth for the company, and I really appreciate the support I've received from Hamish over the seven years on the Board. Macmahon had another strong year in FY 2025 with record revenue and underlying earnings following the successful integration of Decmil, as well as continued growth in free cash flow and dividend returns to shareholders. The company delivered on market guidance, extending our track record to nine consecutive years, achieved through strong leadership, improved cost and capital management, and diversification in the business.
Macmahon has remained focused on executing our growth strategy through revenue diversification, improved returns on capital employed, and sustainable free cash flow generation, all while maintaining net debt within target levels and continuing to deliver safely and effectively for our clients. I'm pleased to say we made progress on all fronts during FY 2025. Our restructured civil business, incorporating Decmil, increased revenue diversity and supported the company, exceeding its long-term return on average capital employed target of 20%, allowing us to achieve 20.5% in FY 2025. As a result, we've increased our return on average capital employed target now to 25%. Free cash flow generation after CapEx of $221 million was a strong $141 million. This offset the $115 million to acquire Decmil and enabled the reduction of net debt back to around FY 2024 levels, in line with our commitment at the beginning of the year.
Leverage was 0.42x and gearing was 19% at 30 June, within our internal guardrails of 1x and 30%, respectively. We expect our civil business to continue being a strong contributor to growth and reduce capital intensity going forward. Driving operational efficiencies across Macmahon's expanded business was an important focus during the year, and I'm pleased to say we delivered an uplift in our EBITDA margin of 7.1% in FY 2025, and this included a mining margin percent of 7.5%. Continued margin growth will be supported by increasing contributions from the higher margin international and underground mining businesses. However, our focus will now shift more towards achieving that 25% cashback ROACE target I mentioned a moment ago, and that clearly increases earnings per share.
With the increased scale of the civil business, we introduced segment reporting in Macmahon's FY 2025 annual report, comprising mining, which included surface and underground, and civil infrastructure. The simplified segments should provide greater transparency and clarity on our financial performance and strategic objectives. Also, a new corporate operating model to support the new structure has been implemented, which will enhance ownership and accountability and bandwidth across the entire business and allow us to grow safely. The mining segment continued to perform well, with a number of significant contract extensions and new wins during the year in both surface and underground mining. In surface, we secured over $500 million in new work in Indonesia, including the $80 million project at Poboya and a $463 million project with Awak Mas Gold. We're very pleased to also be awarded a $900 million extension at the Byerwen Coal Project in Queensland.
In May 2025, the surface business signed a Life of Mine Alliance-style mining services agreement with Cyprium Metals to accelerate the redevelopment of the Nifty Copper Complex. The Nifty project is an exciting opportunity for us to provide a whole mine service offering where we are working with Cyprium to bring the Nifty Complex back into full mine production. Underground continued to grow, with revenue now accounting for nearly 25% of the group revenue. We secured approximately $580 million in new contracts and extensions, which included Daisy Milano, Ulysses, Olympic Dam, and Fosterville in Australia, and the Poboya Gold Project underground section in Indonesia. Post the completion of FY 2025, we're really pleased to be awarded contracts at Majestic and Toka Tindung also.
This clearly positions us well for continued growth towards our 50% growth target over the next two to three years, and we expect this through both existing clients and new clients across both Australia and Indonesia. FY 2025 was a transformational year for our civil infrastructure business. We're very pleased with the seamless integration of Decmil and subsequent new work won, which now totals more than $600 million since the acquisition across resources, renewables, and public infrastructure sectors. Macmahon's workforce now has grown to over 10,200 people as we've welcomed Decmil to the group. This marks a significant milestone in the company's history, with Macmahon now a major employer across Australia and in Indonesia. The safety and well-being of our people is clearly our top priority, and we remain committed to ongoing improvement in safety and mental health across the business.
Our Strong Minds, Strong Mines program remains an integral part of our well-being strategy, designed to reduce mental health stigma and provide meaningful resources for employees and their families, and even more broadly across the sector. The program has seen strong growth and engagement, and we remain committed to its ongoing delivery and improvement. Our Respect@Macmahon program also continues to make positive impact across the business. It's focused on building a culture of respect and inclusivity. It provides training, tools, and a clear framework to help prevent bullying, harassment, and discrimination. The work in this space is critical to maintaining a stable workforce, and we will continue to drive this with the Winning at Macmahon program to enhance effective leadership. During FY 2025, we also embarked on a journey to evolve our employee value proposition.
We held focus groups at 15 sites across Australia and Indonesia to ensure that our people can have input on this important project. We also continue to invest in the development of our people. Our Grow Our Own program delivered 19 grads, 150 apprentices, 274 trainee operators, and over 240 leaders through structured leadership training. Disciplined execution of a consistent strategy has been critical to Macmahon's demonstrated track record of revenue and earnings growth delivery across changing market conditions. Macmahon's growth strategy maintains focus on strong underlying margins, cash flow generation, and ROACE through diversifying the earnings mix and reducing the capital intensity of the business. We are well- progressed on achieving our targeted revenue mix, which includes an equal contribution across surface, underground, and the civil infrastructure businesses.
Over the next three years, we are focused on underground achieving 50% revenue growth, civil infrastructure growing to over $1 billion revenue a year, and Indonesia contributing 15%- 20% of overall group revenue across all the three activities. Following a strong start in FY 2025, the focus in our civil business segment will now shift towards winning larger projects exceeding $100 million in size, given that we now have the people, the balance sheet strength, systems, and processes to do so within the Macmahon group. Potential partnerships also exist with large international Tier 1 players in the civil sector, which may offer additional opportunities to secure these larger projects. With the successful achievement of this, we should see sustained improvement in ROACE towards that new 25% target I mentioned and above. Before I conclude with the outlook, I would like to recap Macmahon's capital allocation policy.
Our policy continues to reflect the importance of balancing dividend payments to our shareholders and retaining financial flexibility to enable the continued execution of our strategy. The charts on the slide show our track record, and you can see that we've managed our debt within our guardrails while growing earnings per share and dividend returns to shareholders. We are well- positioned to continue this, and the dividend payout ratio range of 20%- 35% of underlying EPS has been increased to 30%- 45% in FY 2026. This has been a result of our focus on strategic growth, but also achieving strong business performance, disciplined cost management, and delivering for our clients.
The company has ended FY 2026 with a healthy balance sheet and positive earnings momentum underpinned by a robust order book with $5.4 billion of work in hand at 30 June, including $2.1 billion secured for FY 2026 at the start of the financial year. The tender pipeline of opportunities coming into the year, valued at $24.2 billion, provides a clear long-term pathway to deliver continued growth in earnings and cash flow. As always, we'll remain focused on delivering value to our clients and our shareholders while also prioritizing the safety and well-being of our people and the environment. The company is well- positioned for future growth and success, with a strong focus on executing and delivering its strategic objectives.
I'd like to close by thanking all our stakeholders for their ongoing trust and support in executing our growth strategy, and in particular, our shareholders and clients for their shared approach in supporting and protecting the health and well-being of our people. I'd like to join Hamish in acknowledging the crucial contribution and support of the entire Macmahon team in delivering another year of improved performance. I'd now like to hand back to Hamish.
Thanks a lot, Mick. As mentioned earlier, voting on the resolutions will be conducted by way of poll, which I declare open shortly. After each item of business has been introduced, there will be an opportunity for shareholders to ask questions of the Board in relation to that item of business before shareholders cast their vote for that resolution.
If you do ask a question, please state your name and limit your questions to the item of business being considered. There will be time for general questions at the conclusion of the meeting. For those physically in attendance with voting cards, when called upon to vote, please do so making your voting cards either for, against, or abstain. Your voting cards will be collected prior to the end of this meeting. For those voting online, simply press the vote icon and resolutions will be activated with voting options. To cast your vote, select one of the following options. Before we move to the formal business of the meeting, I would like to advise everyone that I'm holding undirected proxies in my capacity as the Chair, and it is my intention to vote all such proxies in favor of both resolutions.
Any directed proxies that are not voted at the meeting will automatically default to me as Chair of the meeting, and I'm required to vote those proxies as directed. I now declare the poll open, and we'll begin the formal business of the meeting. The first business deals with the financial reports of the company. The Corporations Act and the company's constitution require that reports of the company's Directors and auditors and the annual financial report, including the financial statements for the company's financial year 2025, be laid before the meeting, and hard copies of these have been sent to the shareholders who have requested them and are also available on the company's website. No resolution is required, but I now invite shareholders to ask questions or comment on the company's report.
Questions may be asked of the auditors in relation to the conduct of the audit or in relation to the preparation of the financial statements. For those attending in person, please address your questions to me as the Chair. Are there any questions or comments from shareholders in the audience on today's financial report? Maha, as Company Secretary, can you please read out any online questions regarding this item?
Chair, we've received one question from Mr. Stephen Mayne , and his question is, thank you for disclosing the proxies earlier to the ASX with the formal addresses, and well done for achieving such strong voting support on both resolutions. Your shareholders are clearly very happy. As an additional disclosure measure, could you please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment and insight into the chronically low shareholder participation rate. It is true that retail shareholders tend to vote against remuneration reports, but the likes of Qantas, ASX, Suncorp, Stockland, ARB, Myer, Tabcorp, and even our own share registry provider, Computershare, have all voluntarily provided this data in their most recent AGMs. You've got the data, so why not let the sun shine in it?
Okay, thanks Stephen. We do provide the information, and actually there was a comment, I think, on the participation rate. Macmahon, over the last few years, our participation rate in voting has actually been steadily increasing, which is good. I think as of last night it was 76% or 77%, so near on 80% participation, which is very encouraging and very good, and it shows that our shareholders are active and obviously keen to be involved with what Macmahon are doing and are reading our reports and also looking at the resolutions. Yes, we do provide the information. Obviously, the voting is ongoing now. You'll see that shortly, and at the end of the meeting, we do publish the information. Are there any other questions, Maha?
No further questions, Chair.
Okay, we have no questions from the floor either. As there are no further questions, we now move to the formal resolution. Under the Corporations Act, listed companies are required to include as part of their Directors' Report a Remuneration Report, which includes specific information. The Corporations Act also requires that the companies put to shareholders a resolution that the Remuneration Report be adopted. The Directors have prepared a Remuneration Report for financial year 2025 and it is included on pages 55- 72 of the financial year 2025 Annual Report. The next item of business asks shareholders to adopt the company's Remuneration Report for financial year 2025. Unless there is an objection, I'll take this motion as being read and refer you to the screen for details of the proxies received to this resolution.
Whilst this is a non-binding advisory vote for shareholders, the views and comments of the shareholders will be certainly taken into account by Directors when further considering remuneration matters. I note that voting exclusion applies to this resolution as set out in the company's Notice of Meeting. The company will disregard votes in accordance with this voting exclusion. The Board recommends that shareholders vote in favor of this resolution. Are there any questions or comments regarding this resolution from the shareholders in attendance today? Maha, can you please read out any online questions regarding this item?
There are no questions online, Chair.
Okay. All right, that wasn't me. That's the screen went crazy for a few seconds. As there are no further questions, I now draw your attention to the resolution and the proxies received on the screen. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. I'll now move to the next item of business. The next item of business that requires voting is the reelection of Mr. Greg Evans as a Director. As an ordinary resolution, this resolution requires to be passed by at least 50% of the votes cast. Unless there is objection, I'll take this motion as being read and refer you to the next slide for details of Greg's qualifications and experience. These are also set out in the notice of meeting and the company's 2025 annual report.
Greg was appointed as a Non-Executive Director on the 1st of November 2024 and is Chair of the Audit and Risk Committee. Greg was appointed as a Non-Executive Director from November 2024, sorry, it's in twice, and is Chair of the Audit and Risk Committee. Greg has over 25 years of investment banking and capital markets experience with a focus on mergers, acquisitions in the resource sector. Greg is a graduate of the Australian Institute of Company Directors and is currently a Non-Executive Director of Yandal Resources and Neometals Limited. The Board, excluding Greg, recommends shareholders vote in favor of this resolution. I invite any questions or comments from the shareholders regarding this resolution. I will again start with any questions from the floor to give our shareholders online a moment to submit questions on this. Maha, can you please read out any questions online regarding this item?
We've received a further question from Mr. Stephen Mayne , and the question is, as the incoming Chair, could Greg Evans please describe the Board process through which he was identified and supported into the role? Did a recruitment firm assist with the process, or was it handled internally by the Board with just one obvious candidate and no need for a ballot and competing presentations?
Okay, the question was directed to Greg, but I'll answer the question because obviously Greg wasn't the one that put together the process, how we onboarded the Independent Directors. I can say not just for Greg, but for all Independent Directors, we have always used an external company to support and facilitate the process. We went through an independent review of the existing Board skills matrix and mapping. We also took into account the acquisition of Decmil, which changed the, I guess, the necessary contribution and skills that were needed on the Board and looking at where Macmahon is and what Macmahon's strategy was so that we can both uphold the requirements of governance, but also support the strategic direction of the company. Following the skills mapping, we went to an external recruitment company, and we went through a process that took probably almost six months, maybe even longer.
We started off with a long list of probably 30-odd people. Myself and Mick and various other Directors interviewed candidates, and ultimately we invited Greg to join the Board following the AGM last year. Greg, I don't know if you want to add to that.
No, it was an extensive process, Hamish. Sorry. Thank you, Hamish. No, no more to add. It was an extensive process. It was actually more like seven months, and I think more than half a dozen interviews with various people from the company.
Yeah, and you know the question was he known to the Board. I had not personally met Greg before. I knew of him because I went to UWA and was West Australian once upon a time. Obviously, Western Australia is a relatively small market, and I was aware of people that did know Greg. Apart from the formal process, I did my own personal background checks through various people I knew as well. Is that the only question?
Yes, Chair.
Okay, as there are no further questions, I would now draw your attention to the resolution and proxies received on the screen. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. Proxy results remain on the screen. There are no items of business, so that now concludes the discussion on the items of business before this Annual General Meeting . I'll shortly close the voting. Please ensure that you've cast your vote on the resolutions, and I'll pause to allow time to finalize those votes. During this time, and as advised in the Notice of Meeting, I will vote all available undirected proxies in favor of all resolutions. I now declare the poll closed and ask all shareholders attending in person to place their voting papers in the ballot box being circulated by representatives from Computershare.
At an Annual General Meeting , shareholders may ask questions about or make comments on the management of the company. Before calling this meeting to close, I would like to provide shareholders with the opportunity to ask any questions that you may not have been able to ask earlier. As before, I'll start with any questions from the floor to give the shareholders online a moment to submit any questions. Maha, are there any online questions?
Yes, Chair, we've got two further questions, both from Mr. Stephen Mayne . The first one is, it would have been better if Suzan Pervan was announced as a new Director two weeks earlier and put up for election at this AGM. Was there a reason why that couldn't happen given that she is starting on November 1st? Also, was a recruitment firm involved in Suzan 's appointment, and was it a competitive process with multiple candidates assessed? Which of our Directors and senior executives knew Suzan before we commenced this latest Director recruitment phase?
Okay, as Greg just pointed out before, it was seven months, his process with multiple meetings that he had when we started this process with Suzan . Yes, we also used an independent company to shortlist and to identify people that were suitable for taking on the role, especially with Greg moving to the Chair. Obviously, Greg is currently the Chair of the Audit and Risk Committee, so we needed to have someone that had the attributes and qualities to potentially take over the Chair of the Audit and Risk Committee. Yes, we ran through an independent process. It would have been nice, yes, to do it two weeks earlier, but as Greg pointed out, that process is seven months or six months, and the timing did not work.
We actually announced it earlier so that people were aware of what our intentions are and what the Board is doing, so that all shareholders have comfort that we have a Board that has the required skills, capacity, capability, and time to support the company.
The second question is...
Sorry, there was another question. Does anyone know Suzan ? For those who can't see, I'm getting multiple shaking of the head no. The only person that has met Suzan in a, I guess, professional capacity was Greg, being Perth-based, and Suzan is also Perth-based.
Chair, the second question is this. Thank you, Hamish Tyrwhitt, for his excellent seven-year contribution to the Macmahon Board. After being unfairly spat out by Leighton by the new Spanish bosses, Hamish could have retired on his big payout. Instead, this gun operator chose to get even as a competitor to his old company, and we've been lucky Macmahon was his chosen vehicle. It is always helpful for investors to have access to some exit perspectives from the retiring Independent Directors, particularly Chairs. In his final contribution as Macmahon Chair, could Hamish comment on what he regards as the best three decisions made during his time on the Board, and does he have any regrets?
Okay, firstly, I want to correct a couple of things that Stephen said. I wasn't spat out of Leighton. I actually resigned, so that's not the case. Thank you very much. I assume he voted in favor of my, what did he say, very large payout?
He said you could have retired on your big payout.
Okay, he was a shareholder at the time, and he must have voted in favor because I did get some form of payout, and the taxman did very well out of it. The other, sorry, the question that he asked was...
Do you have, what would you say are the best three decisions made during your time on the Board, and do you have any regrets?
Okay, my decisions with Macmahon started before I was an Independent Director. It was June 2014. I got a call from an Independent Director of Macmahon asking to recommend someone to come in as the Chief Operating Officer to support the then executive team, and I recommended Mick. I guess that would be the number one thing that I've done. As far as other contributions or successes, I guess just seeing Macmahon seven years ago, Macmahon was navigating a lot of challenging times. We had some clients and some jobs that were not that successful, incredibly capital-intensive business. Just seeing Macmahon rebuild itself and deliver on the strategy, as we point out, it's now nine years that we've met guidance, just seeing the company deliver on the promise.
It's been a great experience, and I think where Macmahon is now and where the market is, it's positioned to really go on and achieve great things. Any regrets?
The only regret is I didn't do it to get revenge on Leighton because if Stephen remembers, at that time, Macmahon were Leighton's largest shareholder. If I did anything back then, it was to the previous management of Macmahon, Ross Carroll. All right, nothing else?
No further questions.
All right, thank you very much for that, and I'd like to now call this meeting to a close. On behalf of the Board, I'm looking forward to your continued support. As there's no other business notified by shareholders in accordance with the company's constitution, this now concludes the business to be dealt with at today's meeting. I declare the meeting closed. Thank you.