Full Year 2021 VivoPower International PLC Earnings Call
[music].
Ladies and gentlemen, thank you for standing by and welcome to the Venmo Power International plc, physical 2021 full year earnings conference call. At this time all participant lines are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question during the session you will need to.
Star then one on your telephone please be advised that today's conference is being recorded if you acquire any further assistance. Please press Star then zero I would now like to hand, the conference over to your Speaker today, Kevin Chen Chairman and CEO. Please go ahead.
Thank you and welcome everybody to our earnings results call I'm going to start on page two of the presentation.
So in.
In a nutshell, it's been a it's been an unusual year.
Our results are impacted by Covid lockdowns.
But we've also had to live with some transformational milestones which have really.
Transformed the growth trajectory of the company.
Group revenues were down 16%.
Theres $248 million for previous year, and as I mentioned, that's driven by COVID-19 related lockdowns.
Which caused operational disruption and project delays in our Australia business.
That figure includes a $1.4 million dollar contribution from timber.
For the eight months that we owned that business since acquiring it back in November 2020.
That's slightly below where.
Where we expected it to be again based on our border closures that impacted deliveries to that's Australia.
Gross profit declined as well by 11% due to the fall in revenue.
This was partially offset by some margin improvements so gross margins increased.
From $14 seven to 15, 6%.
As a result of some efficiency gains we were able to eke out a critical power business in Australia.
Our overheads increased deliberately due to investments that we made.
And people systems.
C equipments are in.
$6 four.
Uh huh.
Underpinning growth Opex to support Hyperscale.
That includes $1.9 million invested directly into timber and that's principally.
Accrued lots of hardware software and embedded engine is and there was $1.1 million of noncash share remuneration that was shared amongst the team.
EBITDA declined due to principally the increase in overhead so our underlying EBITA fell.
Two one full mill.
Versus $3.9 million profit in the prior year that that's to clarify that's a loss of $1 for a minute.
We also incurred just under 3 million of nonrecurring charges.
That's primarily related to final litigation costs.
Pertaining to the former CEO.
That figure also include some expenses transaction expenses relating to the purchase of 10 Bucks.
Of note our balance sheets was significantly improved versus this time.
Last fiscal year.
So that was principally because of the 32 mill in net proceeds.
Raised from our equity issuance.
F one and through an ATM facility as well.
<unk>.
Our cash balance at the end of the fiscal year rose to $8.6 million from $2.8 million.
And in terms of where we've invested the.
The rest of the monies that were raised $7.1 million was invested to purchase timber.
We invested.
A further 5 million just under 5 million.
In terms of growth.
Gross opex as previously mentioned a.
$6 million is obviously attributable to the cash increase.
Net debt by $9 million.
Rather debt by $9 million.
3 million went to nonrecurring costs and 2 million went to the other costs as well as interest.
The Tambo acquisition, obviously has delivered a transfer more transformational changed business are pleased to report that.
Tracking ahead of schedule as far as where we ultimately would be particularly with respect to global distribution partnership agreements that have been submitted.
Commitments for almost 5000 electric vehicle conversion kits to date.
We've also signed a binding LOI with two out of Australia, which was announced in June.
We continue to make investments in engineering Assembly and production capabilities.
And we will continue to further our and further invest in R&D going forward as well.
We also achieved a major milestone in terms of a sustainable energy solutions strategy.
We signed our first full suite SCS.
Feasibility study.
Which are we are confident will lead into contracted projects in that.
A leading English Premier League football club.
Tom and lots of the.
In relation to both their training grounds as well as the stadium in North London.
We also gained a full ownership of the remaining 50% equity interest in the U S solar joint venture.
Phenomenal consideration Oh.
I'll unpack further in terms of a new strategy that we are rolling up for that division.
Moving onto the next page. This is a quick snapshot of the 12 months that was.
This time last year, we were.
Navigating a very uncertain environments with Covid lockdowns.
And.
A very difficult path forward as far as our cash position was concerned.
Obviously, that's been transformed so we've really pivoted from hyper turnaround mode to Hawk scale by now.
Going forward. This is all about.
Driving the timber business as well as the broader SCS business for us.
On the next slides this sets out the key objectives that we like.
Communicated this time last year and.
Uh huh.
Put ourselves.
To account for I'm pleased to report that we delivered near flawless execution credits the same here.
And we completed 16 out of the 18 objectives that we had set for ourselves the only missed this web securing.
New strategic development partners for a long longer dated cods.
In the U S.
And so we didn't quite considerably.
The digital transformation solutions.
We wanted to rollout to optimize data analytics.
I think someone may need to go on mute if possible. Thank you got some background noise.
Yes.
Okay.
On the next slide this is the boards and leadership team.
So we've beefed up the boards.
<unk> attitude leadership bench.
We recruited your spend.
Spend the Linden is M D of timber in the Netherlands.
Hi, It's Gary Challinor in Australia, It's a director of sustainable energy solutions.
We also recruited James how Richardson as our general counsel.
Joining us on the board.
It was chamber Godfrey during the year.
And so we've also assembled.
Fosbury Council.
It has.
A very good mix of automotive hardware software renewable energy.
The digital transformation capabilities.
Okay.
Moving on to the next slide this is the profit lost summary for the year. So unpacking further on the numbers I presented before.
As mentioned group revenues down to $40.4 million.
Better than what we had expected given what we had to contend with in Australia, but nonetheless.
We're not happy about that result.
Gross profit was down as well EBITDA negative one four versus $3 nine mill in the prior year.
That translated into a loss after tax statutory of 8 million versus 5 million in the previous year.
Statutory EPS of 49 cents negative versus 38 cents negative in the prior year.
I won't go through the next two slides, which are go into some depth.
Reconciling.
Underlying EBITDA to interest.
As well as EPS to Empress.
I can handle any questions in Q&A section.
And he wants to put queries on those.
Moving onto the balance sheets so.
Net assets increased to north of 40 million versus $17 nine mill.
This time last year.
Total assets increased largely reflecting.
The increase in fair value attributable to the.
The U S solar portfolio, which we acquired through many 50 cents for very nominal consideration.
In addition, as I mentioned before our net debt has been reduced by.
Just under $9 million, that's a $14.5 million.
And that is.
Principally with the largest shareholder AWS are.
In Australia.
Importantly, we were also to remedy the nets.
Current asset deficiency that we had last year.
So that's now in positive territory, and we've got a healthy.
Cash balance as well.
I'm going to go through the individual business units and talk about the outlook for FY 'twenty two.
So starting first on page 10 with critical power services.
That business has had to contend with again with a number of delayed projects due to lockdowns that have been introduced in Australia last month.
We nonetheless do you still expect them to be completed over the course of FY 'twenty two.
The state of the Union in Australia is that the government. There has said that they will stop lockdowns.
On specs nation rates hit, 70% and potentially look to open its national borders on a stage basis, one specs nations hit 80%.
At the current rate of vaccination.
The expectation is that 70% will be achieved sometime in October.
So 80% will be achieved sometime in early November.
Based on these states we do expect.
Strong rebounds.
For the critical power service business problem.
From October onwards.
There's been no diminution in terms of the tailwind that underpin that business. There continues to be a strong infrastructure spends that we expect will further increase to bolster the economy.
That's a federal and state level.
And of course, we've got a resurgent mining sector, where.
Across a number of basic minerals based commodities rather.
Prices are at all time highs, including iron ore.
There is a growing contracts growing contracted head of works.
That reflect these tailwind for the obesity businesses, particularly for Jay Matson.
Which prior.
Prior to the latest Lockdowns was sitting on its record ever.
Heads of works.
For that business.
We will continue to focus on leveraging the critical capabilities to support and integrate into <unk>.
Water SCS strategy and that we expect will yield some further.
Revenue upside option in some time.
Moving onto timber on page 11.
So in terms of FY 'twenty, two we're very focused on delivery of orders to key markets, especially Australia.
This will obviously be influenced by the supply chain and broader dynamics that everyone knows about.
As we emerge from Lockdowns, particularly in Australia, we expect that that will help to unlock supply chain.
Blockages are as well.
And we do expect to also see an escalation in demands.
From the mining and other off road sectors that so we plan to manage through the introduction of a bill swap program.
So managing that demand is gonna be a key tension for us is the.
Supply chain obstacles that are willing to overcome.
In addition to that we will continue to focus on further R&D to be undertaken in the Netherlands, and the U K as well as Australia too for the <unk>.
Hence a product offering that's about.
It has.
Moving onto the next slide sustainable energy solutions. So.
We will continue to focus our S E S efforts on the mining and infrastructure, including sports infrastructure sectors globally.
We know for a fact that decarbonization is an increasing focus of the mining industry.
Set of executives expect sites to electrify within two decades.
61% believe next generation minds will be all electric.
And 83% think renewables will drastically change our mining operations.
This firsthand from being a member of what's called the electric minds consortiums.
Consortium in Australia.
Where are we are in constant dialogue with the mining companies.
And the industry more generally.
We expect to deliver the first S T S projects with Tottenham.
Obviously, you know a high profile.
The company and that will stand us in good stead in terms of Oh.
Developing further.
For the pipeline in terms of SCS customers.
Yes.
Moving on to page 13, we've called this vivo solar on this on the stick we announced are just off to releasing this that we have.
<unk> changed the name of the sensitive two carat solar and.
Carriage solar will be focused on what's called power to X applications.
So power to X.
In simple terms means the.
Excess that the use of excess renewable energy over and above Baseload power.
Other energy intensive applications.
The highest profile of this at the moment as crypto mining.
Where we're seeing an increasing appetite from crypto mining grubbs to vertically integrate their operations to include the renewable generation plants.
And given the exodus of crypto mining groups out of China. In particular, there that there is you know very strong demand that we're seeing.
Full renewable plants across the U S and rest of the world.
Another area, where we expect to see.
Increasing demand from the green hydrogen sector.
So a very energy intensive industry.
That wants to be Green this would be especially the case at the $1 two trillion dollar infrastructure.
Infrastructure Bill in the United States has passed.
Given the attractive incentives and the bill for Green hydrogen developers and producers.
So we believe that power to X potential of carriage projects, which are.
In Texas and New Mexico.
In areas with relatively low solar project penetration.
We expect that they will continue to be strategic interest in that.
Ah portfolio.
Various pallets ex plants.
That being said a solid developments in isolation is no longer a core activity, but very much focused on our core sustainable energy solutions.
Our intention is to reinvest any proceeds generated from.
Any potential monetization of cash projects into.
Our core SCS strategy.
Turning to the last slide. So these are our objectives that we're going to hold ourselves accountable to.
Two for FY 'twenty two.
The famous to accelerate execution across our growth vectors.
First one is to expand on our CF pipeline and delivery capabilities.
To complete the Tottenham Hotspur projects.
We want to further build out our engineering engineering and sales teams to grow the SCS pipeline.
We wanted to look at enhancing our capabilities through acquisitions and joint ventures.
Second one we want to grow the business units what S. Yes.
First and most of that is to complete all scheduled works include delayed projects are.
A further expand the collaboration between S. Yes, the SCS team as well as the Tambo team to further accelerate growth Corp.
Core repeats itself.
We're also completing a strategic review of M&A and joint venture opportunities.
So it could enhance growth for them.
Next one is to deliver on timber orders on schedule and on budget.
As I mentioned before.
On a complete a build slot strategy to enable just in time Assembly.
We want to execute to the necessary timelines to deliver on autos and.
And so deepen our collaboration with distribution partners to accelerate.
It's a delivery of conversions.
Ah we're also focused on advancing.
The E L D product design.
Ply gem quality initiatives also are front of mind.
So that includes completing the engineering and mass production model for <unk> bees.
Spanning the supply chain network for key components to Derisk that.
Increasing R&D to improve hardware software and data capture to OEM standards.
Next one is to cement our partnerships with the T. M C O, which is Toyota Motor Corporation, Australia.
As well as our global distributors.
We mentioned in June in a press release that so we'd be looking to work on an MSA or master service agreement with Toyota.
We have a strategy to also grow our global distribution network to all continents, but at the end of this calendar year.
And in doing so we want to secure an additional 5000 E.
Lv kits globally, which will bring us to just under 10000.
Last but not least we want to execute on corporate initiatives to support growth.
I mentioned before this includes maximizing value of our U S solar portfolio carrots.
Our strategic initiatives.
We Wanna completes the digital transformation and workflow automation.
Across the group, which will really underpin accelerated scaleup.
And importantly, we also want to retain our focus on be called impact and the triple bottom line Ventura that are that we subscribe to.
Thank you for listening into our <unk> 'twenty one.
Our full year results presentation.
I'll open it up to questions at this juncture.
Thank you.
<unk> can I ask a question you will need to press Star then one on your telephone to withdraw your question. Please press the pound key.
Please standby, while we compile the Q&A roster.
Yeah.
Okay.
Yeah.
Again that is star then one to ask a question.
And I am showing no phone questions at this time.
Yeah.
Okay.
Okay.
And pardon me speakers, we have no questions in the queue at this time.
Okay. So we bring the meeting to a close.
Ladies and gentlemen, this concludes today's conference call.
Thank you for your participation you may now disconnect.
Thank you all.
Yeah.
[noise] [music].
[music].
[music].
Yeah.
Thank you and welcome everybody to yourself.
Yourself.
I'm going to start on page two of the presentation.
So.
In a nutshell, it's been a it's been an unusual year. We've had our results are impacted by Covid lockdowns.
But we've also delivered some transformational milestones which have really transformed.
Transformed the growth trajectory of the company.
Group revenues were down 16%.
Compared to $48 million for previous year, and as I mentioned, that's driven by COVID-19 related lockdowns.
Which caused operational disruption and project delays in our Australia business.
That figure includes a $1.4 million dollar contribution from Tambo.
For the eight months that we owned that business since acquiring it snapped back in November 2020.
That's slightly below one.
While we expected it to be again based on our border closures that impacted deliveries that too that's Australia.
Gross profit declined as well by 11% due to the fall in revenue.
This was partially offset by some margin improvements so gross margins increased.
From $14 seven to 15, 6% as a result of some efficiency gains we were able to eke out a critical power business in Australia.
Our overheads increased deliberately due to investments that we made.
And people systems.
The equipment.
I'd say close for.
Underpinning growth Opex to support Hyperscale.
That includes $1.9 million invested directly into December and that's principally.
So the hardware software and embedded engineers.
And that was $1.1 million of noncash share remuneration that was shared amongst the team.
EBITDA declined due to principally the increase in overhead so our underlying EBITA fell.
The one point full mill.
<unk> was $3.9 million profit in the prior year and that that's to clarify that's the last one for a minute.
We also incurred just under 3 million of nonrecurring charges.
That's primarily related to final litigation costs.
Pertaining to the former CEO.
That figure also include some expenses transaction expenses relating to the purchase of 10 Bucks.
Of note our balance sheets was significantly improved versus this time last.
Last fiscal year, so that was principally because of a 32 mill in net proceeds.
Raised from our equity issuance.
She went F one and through an ATM facility as well.
Uh huh.
Our cash balance at the end of the fiscal year rose to $8.6 million from $2.8 million.
And in terms of where we've invested.
Rest of the monies that were raised $7.1 million was invested.
Such tembo.
We invested.
A further 5 million just under 5 million.
In terms of.
Opex as previously mentioned.
$6 million is obviously attributable to the cash increase we reduced net debt by 9 million.
Rather debt by 9 million.
3 million went to nonrecurring costs and 2 million went to the other costs as well as interest.
The Tambo acquisition, obviously has delivered a transfer more transformational change business I'm pleased to report that we're.
We're tracking ahead of schedule as far as where we ultimately would be.
Particularly with respect to global distribution partnership agreements that have been cemented.
And commitments for almost 5000 electric vehicle conversion kits to date.
We've also signed a binding LOI with two out of Australia, which was announced in June.
We continue to make investments in engineering Assembly and production capabilities.
And we will continue to further our and further invest in R&D going forward as well.
We also achieved a major milestone in terms of a sustainable solution strategy.
We signed our first full suite S. T. S. A feasibility study, which we are confident will lead into contracted projects in that.
The leading English Premier League Football club.
Lots for.
To both their training ground as well as the.
Stadium in North London.
We also gained a full ownership of the remaining 50% equity interest in the U S solar joint venture.
[noise] consideration.
I'll unpack further in terms of a new strategy that we are rolling up for that for that division.
Yeah.
Moving onto the next page. This is a quick snapshot of the 12 months that was.
This time last year, where you are.
Navigating a very uncertain environment, so it's called the Lockdowns and.
A very difficult path forward as far as our cash position is concerned.
Obviously, that's been transformed so we've really pivoted from hybrid sent around about a hawk scale by now.
And going forward. This is all about.
Driving the timber business as well as the broader SCS business for us.
On the next slides this sets out the key objectives that we like.
I communicated this time last year and hold ourselves to.
To account for <unk> I'm pleased to report that we delivered near flawless execution credits the same here.
And we completed 16 out of D H chain objectives.
Objectives that we had set for ourselves only Mrs foot securing.
New strategic development partners for a long long dated Cogs are in the U S.
And so we didn't quite especially the digital transformation solutions.
But we wanted to rollout to optimize data analytics.
I think someone may need to go on mute if possible. Thank you got some background noise.
Okay.
On the next slide this is the boards and leadership team.
So we've beefed up the boards as well as their attitude leadership bench.
We recruited a spend the linden.
M D a tempo in the Netherlands.
We hired scary Challinor in Australia, It's a director of sustainable Energy solutions, and we also recruited James how Richardson as our general counsel.
Joining us on the board it.
Was chairman Godfrey during the year.
So we've also assembled a advisory council that's has a very good mix of automotive hardware software renewable energy.
And digital transformation capabilities.
Okay.
Moving on to the next slide this is the profit lost summary for the year. So unpacking further on the numbers I presented before.
As mentioned group revenues down to $40.4 million.
Uh huh.
Better than what we had expected given what we had to contend with in Australia, but nonetheless, a bit unhappy about that result.
Gross profit was down as well EBITDA negative one quite full for St. Nine mill in the prior year.
That translated into a loss.
Loss after taxes, the statue of 8 million versus 5 million in the previous year.
And statutory EPS of 49 cents negative versus 38 cents negative in the project.
I won't go through the next two slides, which are going to some depth and send you reconciling.
Underlying EBITDA to interest.
As well as E P S to Empress.
I can handle any questions in the Q&A section if anyone's got queries on those.
Moving onto the balance sheets, so net assets increase to north of 40 million versus $17 nine mill.
This time last year.
Total assets increased largely reflecting.
The increase in fair value attributable to.
The U S solar portfolio, which we acquired a 350% so a very nominal consideration.
In addition, as I mentioned before our net debt has been reduced by.
Just under $9 billion, that's a $14.5 million.
And that is.
Principally with the largest shareholder AWS.
In Australia.
Importantly, we were also to remedy the net.
Current asset deficiency that we had last year.
So that's now in positive territory, and we thought a healthy.
Cash balance as well.
I'm going to go through the individual business units and talk about the outlook for FY 'twenty two.
So starting first on page 10 with critical power services.
That business says had to contend with again with a number of delayed projects due to lockdowns that have been introduced in Australia over the last month.
We nonetheless do you still expect them to be completed over the course of FY 'twenty two.
State of the Union in Australia is that the government. There has said that they will stop lockdowns.
Once vaccination rates hit 70%.
And potentially look to open its national borders.
On a stage basis, one specs nations hit 80%.
At the current rate of vaccination. The expectation is that 70% will be achieved sometime in October.
And so 80% will be achieved sometime.
Bye bye.
Based on these states, we do expect a strong rebound of course.
Critical power service business.
October onwards.
There's been no diminution in centers that tailwind that underpin that business. There continues to be a strong infrastructure spends.
That we expect will further increase to bolster the economy.
Both at a federal and state level and of course, we've got a resurgence mining sector where cros.
Across a number of basic minerals based commodities rather.
Prices are at all time highs putting iron ore.
There is a growing contracts growing contracted head of works.
That reflect these tailwind for the base businesses, particularly for Jay Matson, which.
Prior to the alleged Lockdowns was sitting on its record ever heads of works for that business.
We will continue to focus on leveraging the critical capabilities to support and integrate into our broader SCS strategy and that we expect will yield some further.
Revenue upside option in some time.
Moving on to timber on page 11.
So in terms of FY 'twenty, two we're very focused on delivery of orders to key markets, especially Australia.
This will obviously be influenced by the supply chain and broader dynamics that everyone knows about.
As we emerge from Lockdowns, particularly in Australia, we expect that our that will help to unlock supply chain blockages.
Blockages as well.
And so we do expect to also see an escalation in demands.
From the mining and other off road sectors that so we plan to manage through the introduction of a build slot program.
So managing that demand is gonna be a key tension versus the.
Supply chain obstacles that are that will need to overcome.
In addition, so that's we'll continue to focus on further R&D to be undertaken in the Netherlands, and the U K as well as Australia too for the <unk>.
Hence a product offering that's about has.
Moving onto the next slide sustainable energy solutions are so.
We will continue to focus our S. E S. If it's on the mining and infrastructure, including sports infrastructure sectors globally.
We know for a fact that decarbonization is an increasing focus of the mining industry.
What percent of executives expect sites to electrify within two decades.
61% believe next generation mines will be all electric.
And 83% think renewables will drastically change our mining operations. We know this firsthand from being a member of what's called the electric minds consortium as a consortium in Australia.
Where are we are in constant dialogue with the mining companies.
And the industry more generally.
We expect to deliver the first S. T S projects with Tottenham are obviously up you know a high profile.
The company and that will stand us in good stead in terms of Oh.
Developing further.
The pipeline in terms of SCS customers.
Moving on to page 13, we've called this vivo solar on this on the stick we announced a <unk>.
Just off to releasing this that we have changed the name of the center T. Two carat solar and carriage solar will be focused on what's called power to X applications.
Power to X.
In simple terms means the.
Excess that the use of excess renewable energy over and above Baseload power for other energy intensive applications.
The highest profile of this at the moment as crypto mining.
Where we're seeing an increasing appetite from crypto mining grubbs to vertically integrate there.
Our operations to include the renewable generation plants.
And given the exodus of crypto mining groups out of China. In particular, there that there is you know very strong demand that we're saying.
For renewable plants across the U S and rest of the world.
Another area, where we expect to see increasing demand from the green hydrogen sector.
Also a very energy intensive industry.
That wants to be Green this would be especially the case at the $1 two trillion dollar infrastructure.
Infrastructure Bill in the United States has passed.
Given the attractive incentives and the bill for Green hydrogen developers and producers.
So we believe that powered so ex potential of carriage projects, which are.
Kate It in Texas, and New Mexico.
In areas with relatively low solar project penetration.
We expect that they will continue to be strategic interest in that.
Portfolio from various pallets of ex plants.
Uh huh.
That being said a solid developments in isolation is no longer a core activity.
We're very much focused on our core sustainable energy solutions. So our intention is to reinvest any proceeds generated from.
Any potential monetization of cash projects.
To.
Our core SCS strategy.
Turning to the last slide. So these are our objectives that we're going to hold ourselves accountable to.
Two for FY 'twenty two.
The famous to accelerate execution of cross sell growth vectors.
First one is to expand on our CF pipeline and delivery capabilities.
To complete the ton of hospital projects.
We want to further build out our engineering engineering and sales teams to grow the SCS pipeline.
We wanted to look at enhancing our capabilities through acquisitions and joint ventures.
A second why do we want to grow the of each business unit to support S. Yes.
First and most of that is to complete all scheduled works include delayed projects are.
Further expand the collaboration between S. Yes, the SCS team as well as the timber team to further accelerate growth of core beats itself.
We're also completing a strategic review of M&A and joint venture opportunities that could enhance growth further.
Next one is to deliver on timber orders on schedule and on budget as I mentioned before we want a complete a build slot strategy to enable just in time Assembly.
We want to execute to the necessary timelines to deliver on orders.
And so deepen our collaboration with distribution partners to accelerate.
Alright delivery of conversions.
Ah we're also focused on advancing.
E L D product design, our supply and quality initiatives also front of mind. So that includes completing the engineering and mass production model for El B's, expanding our supply chain network for key components to Derisk that.
Increasing R&D to improve hardware software and data capture to OEM standards.
Our next one is to cement our partnerships with the T. M C O, which is Toyota Motor Corporation, Australia.
Well, it's a global distributors.
You mentioned in June in a press release that so we'd be looking to work on a an MSA or a master services agreement with Toyota.
We have a strategy to also grow our global distribution network to all continents, but at the end of this calendar year.
And in doing so we want to secure an additional 5000 E.
E L D kids globally, which will bring us to just under 10000.
Last but not least we want to execute on corporate initiatives to support growth.
I mentioned before this includes maximizing value of our U S solar portfolio carrots.
Our strategic initiatives are we Wanna completes the digital transformation and workflow automation.
Crossed the group, which will really underpin accelerated scaleup.
And importantly, we also want to retain our focus on the copper impact.
And the Triple bottom line Ventura that are that we subscribe to.
Thank you for listening into our FY 'twenty one.
Full year results presentation.
I'll open it up to questions at this juncture.
Thank you.
As a reminder to ask a question you will need to press Star then one on your telephone to withdraw your question. Please press the pound key please standby, while we compile the Q&A roster.
Okay.
Yeah.
And pardon me speakers, we have no questions in the queue at this time.
Okay. So we bring the meeting to a close.