Good morning, everybody. Welcome to Vector Limited's conference call and webcast to discuss the company's financial and operational results for the full year ended 30th June 2022. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. I must advise you that this conference call is being recorded today. I would now like to hand the conference over to Vector's Chair, Jonathan Mason, who will take you through the call. Please go ahead, Jonathan.
Good morning to you all. Welcome to this event. My name is Jonathan Mason, and I'm Vector's Chair. Today, we are going through Vector's results briefing for the full year ended 30 June 2022. Joining me on the call today are Group Chief Executive Simon Mackenzie and Chief Financial Officer Jason Hollingworth. Today, we wanna provide insights into what we see as the key aspects of the results and allow time, as we noted earlier, for Q&A with you all. Detailed financial statements are available on our website. I will begin today's presentation with an overview of the group's performance and the dividend for the full year, then hand over to Simon to talk about insights and highlights from FY 2022.
Jason will then give more detail on the overall financial performance before going back to Simon to take us through each business segment prior to closing with a short comment on Vector's outlook. We will then be happy to take your questions. On a high level, Vector has delivered a steady result for the 2022 financial year against a backdrop of inflationary pressure, sustained supply chain challenges, and constant evolution of the impacts from the COVID-19 pandemic. The group recorded Adjusted EBITDA of NZD 510 million. This was down NZD 3.5 million or 0.7% on last year's results and is in line with the guidance provided at the half year.
Total capital expenditure for the year was NZD 245.9 million, an increase of NZD 4.4 million or 0.8% on the prior period. The increase reflected continued investment in infrastructure to support Auckland's continued growth, higher network replacement expenditure, and continued rollout of advanced meters in Australia and New Zealand, and the rollout of 4G modem upgrades across the New Zealand advanced meter base. Group net profit after tax was NZD 160.9 million, which was NZD 33.7 million lower than the prior year, primarily due to a NZD 40.2 million non-cash goodwill impairment of Vector's LPG business.
This goodwill impairment means, to summarize, we couldn't increase our prices to offset very rapid cost increases, including the impact of higher Saudi Aramco contract price of LPG, higher ETS, and a weaker New Zealand dollar, all contributing to a significantly higher cost of gas, along with the impact of the increase in discount rates. The interest rates went up as of 30 June 2022. This was offset in our results by higher capital contributions, lower interest cost, and a gain from the sale of Vector's 50% shareholding in Treescape. Simon and Jason will give more detail on this later. Operating cash flow was 3.9% higher at NZD 518.8 million. This increase was largely due to the higher capital contributions received in the period.
Finally, on our results on our key non-financial measure, SAIDI and SAIFI, which looks at network reliability, we did better than our regulatory limit for the second year in a row. This was a solid accomplishment despite a tough year for wind events. That's it for the high level results. Now on to the dividends. The board has determined that the final dividend is NZD 0.085 per share, taking the full year dividend to NZD 0.1675 per share. The dividend is partially imputed at 10.5% and will be paid to shareholders on 19 September. I will now hand you over to Simon to talk about insights and highlights from the year. Simon.
Thanks, Jonathan, and morning, everyone. Just before I start, I'd like to recognize and thank all of our staff and field service providers for their continued dedication to serving our customers through the year, which again has seen some very challenging times due to COVID and other issues such as weather. Firstly, our electricity and gas networks. Total net connections continue to grow with electricity connections up 1.6% to 600,112 and gas connections up 1.3% to 117,995. The number of new electricity and gas connections in the year was 16,684, compared to 18,839 in the prior full year.
The level of gross investment continues to be at high levels with capital expenditure for financial year 2022 at NZD 331.9 million. Electricity volumes up 0.4% at 8,361 GWh with lower business volume offset by higher residential volume. We complied with our regulatory targets for the electricity and gas networks, including safety and SAIDI for the electricity network. The Commerce Commission is reviewing the input methodologies for the first time since 2016. These are the key regulatory rules that underpin the way energy networks are regulated. There are significant challenges to address in the regime, given it was not designed for decarbonization, nor the level of network investment and innovation now being asked of networks in the face of electrification to meet decarbonization targets.
Indexation continues to introduce the perennial challenge of inflation forecasting and back-ended cash flows, which risk the ability to finance the infrastructure investment that will be needed. Vector is advocating the review needs to focus squarely on the implications of the government's decarbonization goals for the energy sector. Excuse me. This is because the review comes at a critical time to ensure these settings are fit for purpose and properly support the transition to a net zero economy, all the while being completed ahead of the government's 2024 energy strategy and 2023 gas transition plan. We believe the review should be approached with a significantly higher level of engagement between the Commerce Commission and industry, and we look forward to participating fully.
The Commerce Commission has also set the next default price quality path, or DPP, for the gas pipeline business for the four years commencing 1 October 2022. The new DPP allows for a moderate acceleration of asset depreciation. Our view is that this is a step in the right direction and is aligned with clear and consistent direction from government about the role of gas in New Zealand by 2050. We've been working constructively with the Commerce Commission, Gas Industry Company, and the government both individually and as part of the Gas Infrastructure Group, to seek a transition plan that works for customers, government, and infrastructure owners, as well as recognizing the option for renewable gas. More broadly, policymakers should take into account long-term interests of consumers at the level of an overall household energy wallet rather than separately considering electricity or gas pricing.
In many instances, electrification may lead to overall savings for households, the largest being the potential for EVs to reduce household spending on petrol costs by more than they increase spending on electricity including the network investment needed to meet new demand which customers pay through electricity bills. We will actively participate in the government energy strategy and believe we will bring a unique perspective to this strategy given our global alliances with leading technology companies as well as proven long-term experience in trialing, analyzing, and operating new technology and solutions in the energy sector. To metering. In financial year 2022, we deployed and built 93,000 advanced meters in Australia and 18,000 in New Zealand with volumes impacted in both jurisdictions by COVID-19.
Our advanced meter fleet now totals 1.98 million meters across New Zealand and Australia with nearly 490,000 meters installed in Australia. We invested CapEx of NZD 156.7, or 3.9% lower than the prior year, and our 4G modem replacement program is well underway in New Zealand with around 200,000 complete to date. Earlier this year, we announced a strategic review of Vector's metering business, recognizing that smart metering has become a critical part of the transformation and digitalization of the energy sector around the world, and we are seeing strong demand from investors for these businesses. We expect to announce the outcome of the strategic review by the end of this calendar year.
For gas trading earnings, as Jonathan mentioned, have been impacted by significantly higher cost of LPG input prices including Saudi Aramco contract price, emissions trading scheme, and a weaker New Zealand dollar. Along with the impact of the increase in discount rates as at 30 June, this led to a NZD 40.2 non-cash impairment of goodwill of the electricity business, the goodwill dating back to when the acquisition of NGC occurred back in 2006. In natural gas, we saw improved margins and performance despite volumes being lower. We saw a 7.4% decrease in 9 kg LPG bottle swaps to 629,651 in the year, and LPG volumes were down 1.6% to 44,330 tons with bulk volumes and cylinder volumes down slightly.
In local gas, we saw a 10.3% increase totaling to 112,913 tons. Other highlights against our Symphony Strategy include Vector Technology Solutions continues to explore opportunities for digital solutions created through our strategic alliance with Amazon Web Services and other global partners. We are already providing services to five EDBs across New Zealand. We continued our strategic collaboration with X, the Moonshot Factory, formerly Google X, which is developing technology and tools to enable the virtualization of the energy system and assist in managing the complexities that will arise both in real time and for longer term planning. We've concluded a two-year trial to find out how EV drivers impact electricity demand patterns, and how we can manage that while keeping the cost of new infrastructure to a minimum.
This trial shows the benefits of looking at how to enable the energy transition from a number of different points of view, including the customer experience, pricing, network management, and optimization. This is feeding into the work we are doing with the wider sector, including the criticality of smart charging for customers and distribution networks. As such, we continue to call for critical decisions to be made surrounding EV charging infrastructure needing to be able to be controlled, as this has far-reaching impacts on network investment and affordability. Recent developments in the United Kingdom and Australia support this requirement, and we're pleased to work with many others across associations and industry that share the same perspective. Moving on to other highlights through the year. We achieved a 16.5% reduction in our carbon footprint.
We published our second TCFD report and developed a carbon abatement cost curve that's helping us identify and prioritize areas we can focus on to reach our science-based target of 53.5% reduction in Scope one and two emissions by 2030. This year, we have also worked alongside Umbrella Wellbeing to develop a new mental health and wellbeing strategy. We recognize the role that workplaces have to support their employees' wellbeing, which benefits the individuals, teams, and organizations. Personalized wellbeing assessments were completed by 675 staff, and the aggregated results have informed our strategy.
We continue to undertake annual pay equity reviews across gender, ethnicity, and age, and take action as required. Our proactive engagement with government and regulators continues with focus on solutions for the challenges facing our industry to enable an affordable and equitable decarbonization. For example, by highlighting the approximate cost per household of switching from gas to electricity to underscore our advocacy for a managed transition. I'd like to now hand over to Jason Hollingworth, our CFO, to go through our financials in more detail.
Thanks, Simon. Vector's financial performance for the year reflects a steady result with Adjusted EBITDA of NZD 510 million. This was down NZD 3.5 million or 0.7% on last year's result. Adjusted EBITDA for our regulated networks was NZD 355.8 million, up NZD 5.1 million against the prior year. This was largely driven by higher electricity revenue due to the growth in connections and higher recovery of pass-through and recoverable costs. It was partly offset by lower gas distribution volumes and the prior year release of Loss Rental Rebates. Gas trading Adjusted EBITDA was NZD 21.9 million, down NZD 5.5 million against the prior year total of NZD 27.4 million. The result was primarily due to the impact of the higher cost of LPG product, which is only being partially recovered from higher consumer prices.
The higher cost is a result of the higher cost of LPG, higher ETS, and a weaker New Zealand dollar. These increasing costs have reduced the profitability of the LPG business and along with the impact of the increase in discount rates, resulted in us recognizing a non-cash impairment of NZD 40.2 million. The reduced profitability of the LPG business was partially offset by an improved performance from the natural gas business, where margins have benefited from a tight gas market. Adjusted EBITDA for Vector's Metering segment grew by NZD 2.1 million, or 1.2%, to NZD 173.7 million as a result of continued growth in advanced meter deployments in New Zealand and Australia, offset by increased operating costs shifted from capital expenditure due to changes in accounting policy and additional one-off income received in the prior period.
Group net profit after tax was NZD 160.9 million, which was NZD 33.7 million lower than the prior year due to the NZD 40.2 million non-cash goodwill impairment of the LPG business. This was offset by higher capital contributions, lower interest costs, and a gain on the sale of Vector's 50% shareholding in Treescape. The bulk of this goodwill arose from the acquisition of NGC Holdings in 2006, and reflected the value of the legacy gas contracts owned by NGC that were allocated to Vector Gas's CGU. Vector made attractive returns from trading this legacy gas, but under accounting rules, this goodwill could not be amortized against these earnings. Gross CapEx is up 0.8% to NZD 545.9 million.
This increase reflect ongoing investment in infrastructure to support Auckland's continued growth, high network replacement expenditure, continued rollout of advanced meters in Australia and New Zealand, and the 4G meter modem replacement program in New Zealand. Note, this increase in capital expenditure was partly funded by a NZD 29.3 million increase in capital contributions that is recognized as income under IFRS. Net CapEx, after deducting these capital contributions, was down 5.9% to NZD 394.1 million with growth CapEx down 4.6% to NZD 390.6 million, and replacement CapEx up 9.5% to NZD 226.3 million. The increase in replacement CapEx was driven by the 4G modem replacement and AMI meter replacement programs in New Zealand.
During the year, our debt increased by NZD 158.8 million to NZD 3.229 billion. Our gearing, as measured by net debt plus adjusted equity, was 58.2%, and we remain investment-grade credit risk with a Baa1 rating from Moody's and a BBB rating from Standard & Poor's. During the year, we successfully completed NZD 857 million of refinancing, consisting of NZD 325 million of three-year bank facilities, a NZD 225 million six-year senior bond, and the rollover for a further five years of NZD 307 million of our perpetual capital bonds. I'll now hand back to Simon to look at the segment performance in more detail.
Thanks, Jason. I'll now talk through the segments in a little bit more detail, starting with regulated networks. Jason has already covered earnings for these segments, so I'll focus on some other details. We continue to control costs despite our very high inflation environment. The current high inflationary levels aren't reflected in financial year 2022 revenue. The regulatory mechanism allows for inflationary adjustment, but this won't flow through until regulatory year 2024. That's an estimated NZD 16 million impact. Total net connections continue to grow with electricity connections now topping 600,000, up 1.6% to 600,112, and gas connections were also up, as previously mentioned. Gross regulated CapEx increased by 4.7% to NZD 331.9 million, compared to NZD 316 million in the previous year.
Our CapEx net of capital contributions was 7.3% lower than the prior year, at NZD 181.6 million. CapEx continues to be at a historically high levels due to the investment to improve reliability, resilience of our network, as well as higher growth, reflecting the continued growth in Auckland and infrastructure projects across Auckland. For the regulatory year 31 March, SAIDI, our measure of network reliability, was 92.4 minutes within the regulatory limits, which are just over 100. Bulk and cylinder sales were lower compared to the prior year. Total LPG sales were down 1.6% at 44,330 tons.
Bottle swap 9 kg volumes were down 7.4% to 629,651 bottles from 680,099 a year earlier. This decline is partly attributable to the impact of COVID, as well as the loss of a major customer from December 2021. LPG tolling volumes were up 10.3% to 112,913 tons from 102,351 tons a year earlier, and natural gas sales volumes were down 3.3 PJ- 5.3 PJ from 8.6 PJ. Our advanced meter base grew 6.5% to 1.98 million from 1.86 million.
We've said previously, we've deployed nearly 490,000 advanced meters in Australia. Total meter and CapEx invested was 3.9% lower at AUD 156.7 million due to the lower level of advanced meter deployment in the period, partially offset by increased expenditure for our 2G modem replacement program. Now look ahead. Vector is well positioned to enable decarbonization guided by our vision, which is to create a new energy future.
Despite the challenges of climate change today, our Symphony strategy helps us seize the opportunities of a decarbonized future by creating a decentralized energy system that opens future possibilities, delivering decarbonization consistent with safe, reliable, and affordable energy solutions for all customers. Our wider industry has never seen the level of change that is before us or the critical nature of getting the transition right. Collaboration across the industry, government, and regulators is vital, as is learning from our overseas counterparts, and we'll continue to participate fully and advocate for our customers. We expect growth in electricity and gas connections to continue. The high level of CapEx is set to continue, driven by high connection growth in Auckland, advanced meter deployments in Australia and New Zealand, rollout of 4G modems, and advanced gas meters in New Zealand.
The impact of higher inflation on regulated revenue is deferred by two years, as mentioned earlier, under the current regulatory model. We have a strategic review of the metering business underway, and we, as mentioned, expect to announce an outcome by the end of this calendar year. We intend to provide guidance at our financial year 2023 interim results, and I'll now hand back to Jonathan.
Thank you Simon. In closing, I'd like to thank everyone at Vector and our field service providers for their continued effort as we take further steps toward our vision of a new energy future. Simon, Jason, and I are now happy to take any questions.
As a reminder, to ask a question, you need to press star one one on your telephone. Once again, that's star one one. Please stand by while we compile the Q&A roster. Our first question will come from the line of Andrew Harvey-Green from Forsyth Barr. Your line is open.
Hi. Thank you and good morning, Jonathan, Simon, and Jason. A couple of questions from me. First of all, just around the metering business, and a couple of questions on the strategic review and the process there. I think it's been widely expected that you're, I guess, looking at a partial sale and 50% is the most likely outcome. Is that correct? Is there any sort of situation where you might sell more or less?
Simon.
Yeah. Hi, Andrew. We've announced in undertaking the strategic review, we see there's still great opportunity for us as a business, particularly with the Australian growth. We have, obviously, a significant market share across New Zealand and Australia. To look at that growth offshore, we do see a partnership. 50/50 partnership is something that we see would be attractive.
Great. Secondly, I guess the other question that is on most people's lips really is around use of proceeds from any sale, assuming it does take place. Is it largely gonna be used to repay debt and fund future growth, or is there any potential for a capital return?
You have it right, Andrew. We'd be looking at use of proceeds both to repay debt, but also position us for attractive growth opportunities. We're very high on, you know, over the next two years, what the growth in the Australian metering market would look like with a great partner. That would be use of proceeds. First, the strategic review has to be completed, so it's probably too early to talk about use of proceeds.
Sure. Okay. Thanks for that. Final question on metering is just in terms of this year's results and looking at the revenue number in particular. I think the number of meters installed increased 6%, and yet revenue even after adjusting for the one-off last year only increased 4%, which sort of implies pricing went backwards. My understanding was that there is some sort of CPI-linked growth in most of the metering contracts. Can you perhaps I guess talk to that a little bit more?
Starting with your last question, yes, there is a CPI linkage to the contracts in Australia. That's positive. There's a waterfall in our slide presentation that shows you the EBITDA impact. It does call out the growth in Australia. There were some adjustments in the prior year that I think has distorted the view of that, which we try to call out in that waterfall. In doing your numbers, I'm not sure whether you've adjusted for that correctly, but I guess that's something that I'd be happy to take offline with you afterwards. But yeah, there's I mean, it's a competitive market in Australia. There are pricing pressures, but you know, we are continuing to perform well there and you know, expand our meter base.
Okay. Thanks. Thanks, Jason. The last question is just around the LPG impairment. It sounds like most of it was, I guess, around the margin squeeze, and you're kind of seeing that as structural, which I just wanted to unpack a little bit more 'cause the things that you signaled I would have thought should be able to be passed through to consumers in time. Yeah, can you just talk to why you sort of see that margin reduction as being structural and permanent as opposed to just a temporary thing?
We do see it as more temporary, Andrew. We think we will return to historic profitability in that business over the next couple of years. Half of that impairment was purely due to the increase in discount rates we've seen over the last six months when we last tested. Yeah, more than half of it is purely discount rate movement.
Which sort of makes the next couple of years more important than five, years five-10 .
That impacts that.
Sort of the discount-
The recovery couple of years.
Discount rate mathematics. Yeah.
Sure. Yeah. Okay. Thanks for that. That's all for me.
Thank you. Once again, as a reminder, that's star one one for questions. One moment. Let's take a moment to compile the Q&A roster. All right, we have a next question. Our next question comes from the line of Phil Campbell from UBS. Your line is open.
Morning, everyone. Just a couple of questions from me. Jason, with the impairment on the LPG businesses, do you have like a book value for LPG, or was it part of a larger CGU?
No, it is disclosed separately. Its book value is around NZD 75 million. It was previously NZD 40 million higher than that.
Okay. Awesome. The other one was just, I looked at one of the notes, the accounts that talks about the Loss Rental Rebates. Looked like there was a component in the result, about NZD 8.7 million. Could you just run us through?
Yeah
Is that effectively a boost to FY 2022 earnings? Obviously you'll then pay that back to consumers later on, I imagine.
Yeah. No, it's not a boost. What happens is, it's like volumes have been impacted partly by COVID during the year. Rather than seek to recover that from our customers in the future, as we're entitled to do, we've elected to retain those Loss Rental Rebates to avoid future price increases. That is real income. It just means we don't have to wait two years to recover it. We've recovered it this year by using those Loss Rental Rebates. We won't seek to double-dip and take it from customers again in the future. We're taking it now. It does reflect our regulatory allowance for this, for the FY 2022 year. It's just we've brought it forward, which by using the Loss Rental Rebates.
Great. Then just one on metering. Obviously, the rate of growth in the meters has been slowing down over the last year or so. I imagine in the commentary you're talking a bit about, you know, some COVID disruptions and obviously some quite extreme weather events in Australia. Like, could you give us a bit of a feel for, like, what kind of level of deployment would expect the metering business to get back to, maybe over the next year or so?
In the New Zealand context, we see it pretty much staying around the same level because we're really just looking at new and replacement. In Australia, we still expect that to increase and be, you know, well above where we currently see it. It's all dependent on, you know, where retailers sit with regards to their expectations on deployment and us, you know, deploying those meters for them. We do expect that to increase to above historic levels.
The other thing, Phil, there are a num-
Oh, sorry.
There's a number of regulatory reviews in Australia as well that could also have quite a big impact on that deployment rate, sort of in the medium term.
For the whole market.
For the whole market.
Yeah. Is there any? Obviously, kind of my next question was just, is there any kind of update on the timing of any of those potential changes?
No. I mean, the Australians still working through it. I think it would be fair to say in the last six weeks we've seen more of a focus by the AER on the metering space. We think it might be quicker than what we had anticipated, motivating, you know, the rollout of smart meters. But, you know, essentially trying to speculate on when regulators make decisions would be a bit premature at this point in time. But we definitely think it is gonna be quicker than what we previously thought, and previously we thought that would have been kind of, you know, 2025, 2026 roughly, but maybe a bit earlier now.
Great. Okay. Thank you. Sorry, just the last one. Just the IM review next year. What would kind of, you know, a best case outcome look like there for you in terms of potential changes if Com Com were to make them?
I think the biggest issue is around the whole topic about indexation. From our perspective, we look at the you know, we're kind of going into a totally different world with regards to the investment required in the energy networks, whether it's transmission or distribution, to really cater for the expected demand increase from decarbonization, whether that's the you know, transition to electric vehicles, as well as the potential change of mode from gas onto electricity and particularly in industrial. As a result of that, you know, the capital profiles of most businesses over the next 10 years are increasing and reasonably significantly. To fund that, indexation can become problematic because it backends the cash flows. We've historically seen the likes of Transpower when they have had large programs.
They're on a non-indexed base, which means that the regulated asset base isn't indexed. We think that that's a really important element to the commission to take into account if businesses are gonna be able to invest in the networks to meet the decarbonization challenge. That would probably be the biggest issue that we see is coupled with you know, expenditure and other elements such as cybersecurity under the previous and under our recent reset, we haven't seen any allowance for cybersecurity, which, you know, most people would say is pretty odd given the impact of cyber risks across energy systems. Secondly, also, when we look at the likes of innovation and technology, I think that's another area which has to be really seriously considered.
Because to manage the capital expenditure to meet the new, I guess, challenge of demand and the growth in the energy system, we just don't want to replicate the old historic mode of investment in networks by chucking more assets in the ground where there can be smarter ways through technology, solutions such as our customers' load can be optimized and managed with smart control systems, and that includes the likes of electricity. You know, to put that in context, if we look at our electricity demands, we currently sit, let's say, around 1,800 MW.
If we follow the curves of electric vehicle expected uptake out to about 2045, and that was an uncontrolled system, i.e., people could just plug in and charge up when they like, our demand would go up to probably around 5,500 MW. All our modeling from our trials and everything shows that if we use a controlled environment, we can reduce that to around 3,600 MW. A significant and material cost to consumers that could be avoided through innovation and technology, which is something that we think super critical in this DPP reset, as well as the other dimensions around how do we ensure that our networks are resilient and secure against the weather impacts that we see more and more prevalent now.
Great. Thanks, Simon. Just a last one on a discount rate. I'm assuming that obviously the fiber or telco recent IMs assume a risk premium of 7.5%. I'm assuming ComCom will move all the other regulated energy sectors to that risk premium. Is there anything else on the discount rate that you think would be potentially changing?
Jason?
Yeah. There's the, I've just forgot the name of it. There's the weighting they do and the discount rate as well, which is also up to review. We might get the 7.5%, but there are a couple of other factors in there that'll also be reviewed by the Commerce Commission. The 67 percentile that we currently sit on, I think is another area that is likely to be looked at.
Great. Would that be going down to 50, or do you think it possibly goes up?
Well, I think there's an argument going both ways.
Right.
It might, which might mean we stay where we are, but we'll. Yeah. That's another area for discussion and agreement with the commission.
You know, our position would be given all the challenges.
Correct
decarbonization and the need to meet higher electricity demand.
Attract capital. There's a lot
We're certainly trying to put our point in to not dilute the investment signal or not lower the investment signal.
Yep.
for us, if that makes sense.
I think the other aspect we should mention too is that within the calculation of WACC is also how does the cost of debt get actually calculated. We've long argued that using a point estimate on debt isn't consistent with other regulatory regimes where they use actual trailing average or the actual cost of debt from the entity. Using a point in time estimate in times of volatility in the markets doesn't make a lot of sense.
We can't raise debt all at one point in time.
Yeah.
It sort of mirrors.
Yeah.
how we raise debt better.
Great. Thank you.
Thank you. I'm not showing any further questions in the queue. I'd like to turn the call back over for any closing remarks.
With no further questions, we'll now end the teleconference and webcasts. If analysts and investors have further questions, please contact Jason. For the media, please contact Matt Britton or call our usual media phone number. Nō reira, tēnā koutou, tēnā koutou, tēnā koutou katoa.