Thanks, Rachel. Good morning, everyone, and thanks for joining us on the Regis Resources full year results for FY 2021. I'd note that the Appendix 4E and report and an accompanying presentation were released earlier today and we may make occasional references to these. So before I hand over to John, I'll just touch on some of the key financial elements And then I'll leave it to John, where John can discuss the results in more detail. So for FY 2021 year, we saw gold production of approximately 373,000 ounces at an all in sustaining cost of A13.72 dollars an ounce and a C1 cash cost of $10.51 an ounce.
Now this drove a net profit after tax of 146,000,000 which gives us with a net profit after tax margin of 18%, which reflects the strength of the business. EBITDA was $403,000,000 with a very strong EBITDA margin of 49%. Cash and bullion, $269,000,000 at year end and that was after a payment of $61,000,000 in fully franked dividends during the year. A final fully franked dividend of $0.03 per share has been declared by the Board for giving a full year fully franked dividend of $0.07 per share for FY 2021 giving a basic yield of 2.8% and a grossed up yield of 4%. Overall, a strong result with another dividend return for our shareholders.
So I'd now like to pass it over to John. John?
Thanks, Jim. FY 2021 saw a solid performance by Regis with an NPAT of 146,000,000 A solid net profit margin of 18% and an EPS of $0.26 per share. EBITDA was up 0.3% in FY 2021 to $403,000,000 with a healthy EBITDA margin of 49%. As previously reported in our quarterly results, cash and bullion sat at $269,000,000 at 30 June 2021 With debt of $300,000,000 which we took on as part of the acquisition of 30 percent of Tropicana, which we completed earlier this year. So using those two metrics, net debt sat at $31,000,000 at the 30th June.
A couple of points that I'd like to make in relation net profit after tax of $146,000,000 for the year, which was lower than the previous year primarily due to an increase in the non cash components Cost of goods sold. Firstly, there was an increase in our non cash costs for depreciation and amortization. So if we look firstly at depreciation, we see an increase in depreciation charges of approximately $20,000,000 which was driven by our 1st full year of depreciation associated with the Rosemont Underground assets, an increase in right of use Asset depreciation, again driven by the 1st full year of the Rosemont Underground being in commercial production. The commencement of depreciation of the Garden Wells Stage 3 TSF during the year and of course recognition of depreciation charges for May June associated with Property, Plant and Equipment that we acquired as part of the acquisition that we completed. Secondly, we see an increase in amortization, which increased approximately $60,000,000 year on year, predominantly because For the last 2 to 3 years, we've been mining above long strip ratios and the deferred waste associated with that is being amortized.
In FY 2021, we saw a significant capital investment in the company's existing operations. If you look at the cash flow statement in our financial accounts, you can see the Payments for mine development of $138,000,000 and that included significant pre strip and deferred waste expenditure At the Duketon open pits, which obviously needs to be amortized, again the 1st full year of commercial production at the Rosemont Underground and therefore the 1st full year of amortization of capitalized underground costs as well as the recognition of amortization charges for May June associated with our 30% interest in Tropicana. We did also see a 16% increase in our cash cost of production from 307,000,000 $355,000,000 in FY 2021. And that was given by a couple of factors, including our production, as Jim mentioned at approximately 373,000 ounces was 6% higher than in the previous year. And secondly, we have experienced some increases in our cash costs, primarily being the 1st full year of Rosemont Underground being in commercial Production whereas in the previous year it was only in commercial production for 2 months.
And we've got 2 months of cash costs associated with our investment in Tropicana. So if we move over to Page 4 of the presentation, you'll see a summary of our financial results for FY 2021. As mentioned, we saw production of approximately 373,000 houses, which was 6% up on the previous year. And again, I'll note that our FY 2021 figures include 2 months of production from our 30% interest in Tropicana. We sold 367,285 ounces of gold during the year at an average price of $2,229 an ounce.
That is the average price we secured after selling into approximately 80,000 ounces of our most out of the money hedges. I'll expand upon that a bit later I'll expand upon that a bit more later on. We had sales revenue of approximately 8 $19,000,000 in FY 2021, which was a year on year increase of 8.3%. If we move across to Page 5, it's pleasing to Regis has again declared a dividend. The final dividend for FY 2021 is $0.03 per share, which results in a total payment for the interim sorry, for the final dividend of approximately $22,600,000 This is 10% higher than the payment made in respect to interim dividend paid earlier this year and that's driven by the increased number of shares that the company has on issue following the Tropicana acquisition.
At $0.03 per share, this final dividend brings dividends declared for FY 2021 to $0.07 per share. It gives a basic dividend yield of 2.8% and a grossed up dividend yield of 4%. It also represents 29.5 of our FY 2021 net profit after tax and 10% 10.7% of our FY 2021 EBITDA. It brings the total dividends declared by Regis since 2013 to well over $500,000,000 And indeed that now sits at $532,000,000 in total. As we have noted previously, we will continue to assess the level of future Dividends in the context of gold price, operational performance and capital expenditure requirements.
Page 6 of the presentation provides a cash flow waterfall that plots our movement in cash and gold on hand across FY 2021. And I'll just talk to a few of those categories. Cash flows from operations of $378,000,000 for FY 2021, which is the first bar that you'll see, It's basically cash flow from operating activities shown in the cash flow statement adjusted for income tax and other costs which is primarily head office expenditure which are shown separately in the water. We've got mine development costs of 138,000,000 And that primarily relates to pre strip activities at the Duke Nooten pits and that's primarily at Mulat Well, Bannego and Dogbona. We've got capitalized deferred waste at the Juketon open pits, primarily at Garden Well and TUI.
We've got capitalized underground costs at the Rosemont Underground and obviously pre production costs at the Garden Well Underground. In addition to that, we also have deferred waste at Tropicana for the Havana and Boston Shaker open pits for May June. Moving on to the next component of the waterfall, we see exploration and McPhillamys costs for the year of $45,000,000 And the next bar in the waterfall shows other CapEx costs of $42,000,000 for the year, which primarily includes 2 main areas of expenditure. Firstly, there's payments for property, plant and equipment, was approximately $21,000,000 And that includes TSF3 work undertaken at Garden Well, mill lifters and liners, A new workshop for the Garden Wall underground, portal support works at the Garden Wall underground and electrical substations and fans for the Rosemont underground. And the second component of that other capital expenditure, which accounts for the balance is finance lease repayments.
Moving on to the other category in the cash flow waterfall, we see a spend of $10,000,000 and that's primarily corporate overhead, but it does also include a couple of minor adjustments associated with the Tropitana acquisition. What this then shows is that the company's cash and bullion balances Increased from $209,000,000 to $353,000,000 before the payment of dividends, taxes and before the impact of any residual funds retained from the capital raising. The waterfall chart clearly shows that Regis continues to be a substantial taxpayer with an actual income tax payment of $77,000,000 for FY 2021. The next bar shows that while dividend payments were approximately $61,000,000 in total for FY 2021, some shareholders elected to participate in the company's dividend reinvestment plan leading to a lower cash outflow of $51,000,000 Finally, we have some residual cash retained from the capital raising And this will primarily be used to pay stamp duty associated with the acquisition of Tropicana. I should note that we funded the acquisition of Tropicana through a 6 $150,000,000 equity raise and a $300,000,000 loan.
Now clearly, we haven't shown those flows on the waterfall as they would make access on the graphs meaningless. So what we have done is show the residual funds that we retain after executing that transaction. And the factors that I've just gone through are really the key drivers behind why the company is sitting with a cash and bullion balance on hand at the end of FY 2021 of $269,000,000 Before I hand back to Jim, I'll just talk briefly about the company's hedging and the debt that we have. During FY 2021, we continued to execute our strategy of selling into our lowest price hedges And we met the target that we set of selling into 80,000 ounces of those hedges across FY 2021. This means that our hedges reduced from approximately 399,000 ounces at June 2020 to 320,000 ounces at June 2021.
In late May 2021, we announced that we had changed our hedging structure from spot deferred to flat forward. And that did a number of things. Firstly, it locked in or set a gold price for all of our remaining hedges of $15.71 per ounce. It moved us to a product that is better understood in the market and it still gives us the flexibility to increase sales into our hedges if we choose to do so. And what we have done from the 1st July is we have increased our sales into our hedges from 80,000 ounces or sorry, from 80,000 ounces per year or 20,000 ounces a quarter in FY 2021 to 100,000 ounces per year or 25,000 ounces per quarter across FY 2022.
And finally, I note that the company now has $300,000,000 of debt, which we put in place to partially fund the acquisition of Tropicana. Subsequent to the end of the financial year, the company Worked with Bank of America to syndicate the debt for which there was very strong demand. And we previously announced that the syndicate members are now Macquarie, HSBC, NAB and Westpac. And having said that, I'll hand back to Jim.
Thanks, John. Look, I would just like to take a moment to cover off again on our guidance for FY 2022. We are expecting a very strong year of growth within our business as production continues to lift at Juketon And we also see the impacts of a full year of Tropicana starting to come in. So our guidance for gold production 460,000 to 515,000 ounces across the year, an all in sustaining cost of $12.90 to $13.65 an ounce Aussie, growth capital, a range of $155,000,000 to $165,000,000 exploration across Both sites, both Duketon and the Tropicana area, dollars 46,000,000 and finally, about 26,000,000 moment on Macfilomies. Now look, as we noted previously, the September quarter is expected to be a soft one for That's at Jooten.
And this is due to we had some major scheduled mill shutdowns and a motor change out during the July. We've also been undertaking some pit rescheduling requirements in the short to medium term. This was due in part to some preventative geotech work on catchment fences that we did both at Rosemont and Garden Wells as a preventative action. And also we've just seen a slower than planned ramp up in some of our mining activity, surface mining. We're confident and we know that we'll be able to pick this up.
It's just we'll have an impact on this certainly on the September quarter. And we also see Rosemont underground rebasing into its steady state. We ran it pretty hard during the June quarter And we just got to get that back to a stable point and so we're getting some rebasing on Rosemont Underground production. So we're coming out and closing out on FY 2021. It was a big year for Regis Resources.
The acquisition of 30% interest in the Tropicana gold project, clearly very significant. The ramp up of Rosemont Underground, good thing to see that we're seeing the potential for extensions, clearly possible there with our drilling. We're particularly excited about that. We've commenced the Garden Well underground and plenty of strong indicators of both more material at depth And also potentially an additional mining area just to the north about 800 or so meters to the north of Garden Well underground and that's sitting underneath the main pit that's looking certainly got some potential in it as well. Now this all we delivered a net profit After tax of $146,000,000 fully franked dividends of $61,000,000 paid for FY 2021, As John mentioned, total declared dividends of $532,000,000 over $500,000,000 since 2013.
And if you include banking credits, it's quarters of a $1,000,000,000 in value nearly to our shareholders. Look Regis continues to build on its history of growth return. Last year, we delivered last financial year, we delivered on major increases and continued to work on growth. We grew Juktan's Life through reserves addition, and we continue to optimize the operations there. We delivered a step change through the addition of Tropicana and we're also anticipating increases in this operation in production from this operation coming over the next 12 months or so as we start to round out on the end of the pre strip or the stripping associated with the Havana cutback.
We continue to push forward on the next step at Macfilanese And we continue to be convinced that there's still plenty of value to find across the Duke and Greenstone belt as is reflected in our exploration program and funding. And all the while, we're just keeping alert for other external opportunities as well. It's been a big year And we are so much better set up for the future now. And the exciting part is we know that we're only just getting started. So look on that note, I'd like to hand it back to Rachel and we'll open up for any questions.
We can see that there's a few there. So Back to you, Rachel. Thank you.
Thank Your first question comes from Matthew Frydman with Goldman Sachs. Please go ahead.
Sure. Thanks.
Good morning, Jim and John. Appreciate all the detail you provided on the financial results. But wondering if I can just ask for a quick update on the McPhylmy's approval process. It appears that the DPIE is still waiting for further information, obviously related to the DAE and has been waiting February. Is that still the case?
Or has that information been provided? And I'm just wondering if you can give us an update on the expected time line at least For the approvals part of the process from here?
Yes. Look, it's an interesting process to say the least that we're trying to work our way through here with the New South Wales government. There is outstanding Elements that or query that they've got with us, to be honest, the outstanding nature of that relies on information and guidance from an internal government department itself, which is what we're working on. And we're working quite closely with deep pipe planning as they're called or the Department of Planning Infrastructure and Environment. So and they've been very constructive and helpful as we try and work our way through this.
As we've mentioned before, the key area that we're still working on here is at this point is the surface water licensing and how that's calculated and how those licenses can be estimated allocated and locked down. And that's basically the area that we continue to work and try and establish clarity that provides the clear path forward, which is what deep pipe planning is waiting. They're reluctant to as I said, they're supportive of the project, but no one wants to get a project recommended to IPC without having the I's dotted and the T's crossed. So that's what we're working through. Timing wise, Look, we'd love to I guess, we've been dealing with the uncertainty of the often lines frankly over the last probably 10 months or so as we've been anticipating things would be happening from these areas faster than they have been.
We'd love to work on the basis that we hear something constructive and moving forward sometime in the December quarter. But at the end of the day that really sits with government as we try and work through this through the various bureaucrats to get resolution on this area of uncertainty.
Got it. Yes, thanks for the update there, Jim. And then I guess just on your I guess, the recutting of the numbers on the Filmya, I see that you've got unallocated segment assets of nearly $600,000,000 Aussie. Just wondering if maybe John can give us an idea of roughly what component of that is Macfilomies? And is there potential or is it likely that When you do get an opportunity to complete that revised EFS, do you expect that that may trigger a reassessment of those carrying values?
Thanks.
I'm not sure that I can give you precise numbers Matthew. Perhaps I'll have a look into it and I'll have a chat afterwards. I don't have that exact breakdown off the top
of my head.
Okay. No problem. So we'll Pick that one up offline. And then maybe just finally, Jim, you mentioned there the I guess the Tropicana stripping profile, clearly there's a component of that In growth capital next year or in FY 2022, I should say. Can you give us a bit of a sense of the ongoing stripping requirements For that asset, maybe in terms of total material movement levels, is the TMM going to say broadly Flat over the medium term.
And just wondering whether we might see a shift over time from either capitalizing that stripping to expensing those stripping costs. Just wondering how much of that capitalized stripping is expected to carry forward? Thanks.
Yes. Look, I think, I mean what we're seeing in the growth capital at Tropicana as we've noted in our guidance, The reality is you end up with these 2 different approaches almost to how stripping can be defined. Now under the all in sustaining cost version, certainly the bulk of or in fact, I think all of the growth capital as it would be defined for all in sustaining will be completed this year. And then it will move into a phase of just sustaining and lower strip ratio type of work. Because obviously at the moment I think most of this year or a big chunk of this year.
A lot of the material moved out of Habana is all waste as they get down as we get down and get access to the ore. So I'd expect that to drop over time. We haven't given any specific guidance at this point and we're still working on what that longer term strategy story is that we're able to phase the market. And when we're in a position to do that, we'll give some better guidance on it. But I would certainly be anticipating that that stripping ratio will drop off as we get well into the realms of mining and processing ore.
And of course, there's coming out of it or virtually nothing coming out of it at the moment.
Okay. Thank you. That's helpful, Jim.
Thank you.
Thank you. Your next question comes from David Coats with Bell Potter Securities. Please go ahead.
Just quickly just following up on that. That's CY22. I assume you're talking about this calendar year that Growth capital expected to be completed at the Havana cutback.
Yes, sorry. What was the Just so that
Just following up from Matt's question, that you were talking about the growth capital, the ore pre ship at Kavana Being complete this year, I assume you're talking about calendar 2022 or FY 2022?
FY 2022. Right. Thanks.
Let's see. Just you mentioned the Steady state at the Rosemont Underground and a couple of ramp up issues at the open pits, you're sort of getting settled into the Yes, September quarter. Can you just give us a bit of a background on some of those, what some of the types of issues you may be seeing? Is it labor tightness? What are some of the underlying factors behind that?
Yes. Look, So just thinking about that first question that you asked, we are anticipating a little bit of growth capital will probably roll into the September quarter next year, which would put it in the very early stages of what would that be FY2023. But it's certainly expecting that it will all be well and truly just running as sustaining CapEx in by the end of next calendar year. But yes, there will be a little bit in the September quarter we're anticipating. I thought it made sense on that one.
Yes. Coming back to your other question as to these impacts. Yes. Look, I don't think there's any doubt. It's a pretty consistent message with around the tightness in the labor.
It is having an impact different it hits a different areas. A fair chunk of our professionals were from the East Coast and they've either we're now at that stage where everybody's either moved or given up and moved home. And that causes what I would call is a bit of a slow rundown. You don't have quite as many geos or quite as many mining engineers as you would normally have it doesn't have an impact on day to day, but it does mean that you like a spinning wheel that hasn't got as quite as much energy being into it or in this case Intellect. And so the business just starts to run down a little bit and gets a bit harder to achieve things.
So We're certainly seeing that as a potential risk. Then on the near term, our contractors and their source of labor is certainly getting harder and that is having an impact. If we were running at steady state, We probably would have been able to manage that, but because we've ramped up our activity on BCM movements from our pits lease for the next or we had it planned for the next 6 months. I think that's just causing some challenges. Because it is sort of a lift and a drop, we believe that we've got the ability to cover that over the years.
So we're not it's frustrating in having a short term impact, but we believe that it can be managed over the longer term. The other area that we've just seen is our we've got to increase our drilling and blasting capacity because which I think is and we're mobilizing some more rigs are being mobilized at the moment for that. Just as we've been we've had to shuffle our activity around. It's just brought forward some of that additional drilling and blasting requirements. In terms of the geotech, As you know last year last financial year we did have some impacts on the geotech and we've been watching that quite closely.
These delays that we've had early in the September or during the September quarter have been less around actual failures and more about, well, we want to put up some safety management, some catch fences, Geotech fencing that captures loose rock as it scuttles down, it comes loose. And that is particularly as the pit starts to get towards the bottom and you've got a lot of work occurring in a relatively find space down the bottom. We just need to make sure we've got the right elements for risk management in place And that takes time. And because you've got a narrow base while you're putting in the walls, basically, you got to stay clear. And that's just caused that It's actually been pretty painful for us, but we'll come out of that and recover that.
But as I said, it's a short term but it's definitely something we wanted to do for risk management. The mill shutdowns were just fairly routine, nothing out of the ordinary, just timing wise, you could imagine sometimes they might have originally been planned for June, but you push them over because That's what happens in June and we just a little bit of catch up and just a little bit of work that it was all scheduled to happen at the beginning of the year, which I prefer it to be at the beginning rather than at the end. So that sort of adds a little bit of flavor. COVID Also impacted our when we go into a lockdown, which we have done in this quarter, month or so ago. That causes productivity issues for us because we can only run things like night shift Crews only run for a certain amount of time before we have to give them breaks for fatigue.
And they just have a bit of a cumulative effect. And in a quarter where we're expecting and planning for our activities to lift a bit, they have lifted, but not to the extent that we wanted. So it's just they're having an impact on our immediate production this quarter.
And, Orest, if I Mike, just pop one more in. You're thinking around changing the hedge profile?
Yes. Yes, that's right, David. So we are increasing the sales into our hedges to 100,000 ounces a year. And I think at this stage, the intent is that we'll continue sell down those hedges at that rate.
So is there the strategy behind it?
Strategy? It's Georgi behind it. Well, I mean we certainly we inherited A pretty substantial hedge book that was a fair bit out of the money some time ago. And frankly, the strategy has been that we would we prefer to be More exposed to the Australian dollar gold price. And so we put in place a strategy probably 2 years ago now to start selling into them.
And we've continued to execute that strategy and we've progressively increased the amount that we're selling into and we can do that with a Not overly significant impact on our revenue streams. So that's the strategy that we've been executing over the last 2 years and it's a strategy that we'll continue to execute into the future at this stage, but we continue to assess it as we do a number of things.
And we've that hedge was around for quite some time And we had the right reserve base to be able to in effect kick it down the road if you like. It was clearly with the increasing gold price. It was an issue that we knew that we were going to have to deal with. So that's why we started selling it into it in the first place. The reason that we changed from the spot deferred to the flat forwards with a locked in profile was we just found number 1 there has been a cost in running with the spot deferreds, you don't see it because every time they get rolled, basically the pricing was getting readjusted and it was costing us in reality.
We don't see it as a cost, but you see it as a further reduction in the strike price for the the price for the hedging. And that was probably in a high gold price environment was costing us $1,000,000 to $1,500,000 at least a month as it was as we were seeing that backwardation occurring. We've locked that down now. We don't see that anymore. We feel that it's much easier and clearer for us to plan the cash flows around this profile.
And frankly, it's a lot easier for the market to understand what our hedge book is and run it because even though it was the spot defers were probably almost unique to Regis and not everybody understood it. So we felt that there was number 1, it had to be dealt with and we started dealing with it a couple of years ago. Number 2, we saw that with a strong gold price, it was costing us effectively the hidden cost behind it that we just wanted to lock away, which we've done. And now we just continue to sell into that hedging and frankly just get rid of it.
And I'd just add on the end there, David, that what we've seen is that since we put that in place, The gold price, the Australian dollar gold price has increased and that increased out of the money funding risk is no longer borne by Regis. That's effectively one of the benefits of doing what we've
done. Awesome.
Thanks so much.
Thanks,
one. Your next question comes from Peter O'Connor with Shaw and Partners. Please go ahead.
Hi, Jim. Hi, John. Couple from me. Tropicana, Jim, when Do we expect to get the MROR, that's our Q1 next year from Anglo? And when will that be when you're in a position to give a much clearer view?
Sorry, what was that? Were you talking about the mineral resource update?
Yes. I believe that the site runs on a sometime during the March quarter, I think it will be the same. They run the same. In fact, Coincidentally, we've changed our reporting period to be pretty much the same. But we won't see an update until sometime around March, I wouldn't imagine.
Okay. And to McPhillamish, the timing that you talked about and the uncertainty, COVID or red tape or both?
Look, certainly more the latter than the former, although COVID is just making it really difficult to Yes, I guess, in front and have those face to face to
try
and push the process along. It's challenging and trying times in New South Wales, particularly level trying to manage this extremely significant outbreak. I can understand where the Short term priorities would lie. But COVID just makes it a whole lot harder. It adds the level of Instead of swimming in a stream slightly swimming slightly against the flow, you're swimming in treacle because everything's just slowed down.
But They're both part of the timing issue.
Okay. And on the topic of COVID, Do you encourage or will you mandate requirements for vaccination
for employees? Yes, good question.
Good question. Very topical one, Peter. Thank you. I'm not sure how that relates to value, but I guess it's I get it.
It's farms on seeds, Jim. It's important.
Yes, look it's an interesting one. I think the whole question is mandating and clearly there's lots of different views around. I think the number one thing that will drive any decision that we make as a company will be on the basis of protecting the safety of our people. And that means that whether we go down a path of mandating And I know there's been some commentary made over the last few days of course about whether it would make life harder or easier with people. At the end of the day, whatever you do, you can't afford to put your people at risk.
So does that mean we mandate? Maybe. Does that mean that we look at other alternatives? For example, you don't need to be vaccinated, but if you aren't then you're going to have to take extra precautionary measures like permanently wearing masks or we may close-up access to site for risk areas. We're still working with The advisory group CME and AMEC to understand what's the right thing that the industry would take.
We would certainly support and participate in any program that involves mining companies helping and With the rollout and being points, we would sort of certainly step up to that. We're not a big part of the population, but and we are definitely actively encouraging everybody at the moment within our company to get out and get their vaccinations done as soon as they can both for the benefits of the company and also for the broader community.
Thank you, Jim. And John on finances to the dividend and the slide which is 5, You skewed a lot of numbers around how it fits with regard to the payout ratio of net profit, payout ratio of EBITDA. Is that the way the board thinks about it Despite your sort of more subjective commentary below, is it 30% is that a way to think about A line in the sand for the dividend? Or did that just drop out that way?
Yes. Good question, Peter. We don't have a formal dividend policy, But clearly the board is very cognizant of its dividend paying history. I mean we just look at it or we look at it as a percentage of NPAT. That's what that's essentially what fell out of it.
But there was as there always is very robust discussions at board level about the dividend. And that's the dividend that the board landed on. They certainly take their Dividend pay and get you pretty seriously and that's where they land. Absolutely.
Yes. I mean as every time This is a conversation, Peter. It's clearly around number 1, capacity to pay, what was our profit, But also there's looking ahead to what future requirements might be for capital. And so it's a combination of Capacity to pay, level of profitability and capital requirements all entered into the discussions that we had in the lead up to this dividend decision and they're the ones we always have. It's the same points that we need to consider.
Okay. And John, just on your funding facility and the syndication that Bank of America has gone through, how did the syndicate look at you as a risk, Well, that's not you, but the company in terms of risk. Given your hedge book is now a less proportion of your overall production profile or your reserve base, you've got a diversity of assets where you didn't before. And what sort of coupon drops out of that against that risk profile that they have?
So in relation to risk, Peter, what I'd say is That it's safe to say that we were inundated with banks wanting to participate in that syndicate. So in my mind That's the best that's the easiest way I'm suggesting to you that I would say that the banks viewed us favorably in relation to risk. We had pretty much all of the major players and then had a lot of the smaller banks as well wanting to take part. That's how I'd answer that one. And in relation to the coupon rate, I think that's probably Measuring confidence, I suppose.
But the reality is that the rate is it's remarkably low. And I doubt that I could probably get a home loan for the same sort of rates that we're paying.
Is it like a BPSB plus a margin? Is that how I should think about it?
Actually there is a little bit of disclosure in the financial statements there Peter about that. So it is a BBS wide plus the margin. That's right.
Okay. Thanks. Thanks Jim. Thanks John.
Thanks, Peter.
Thank you. There are no further questions at this time. I'll now hand it back to Mr. Baier for closing remarks.
Thanks, Rachel, and thanks everybody for dialing in and listening. As always, if anybody's got any follow-up questions, Please feel free to give us a call and we'll do our best to help you out. Okay. Thanks for joining us and have a good day.