28 June 2022

Asia Strategic Holdings Ltd.

("Asia Strategic" or the "Company" or the "Group")

Interim results for the six months ended 31 March 2022

The Board of Asia Strategic Holdings Ltd. (LSE: ASIA), the independent developer and operator of consumer businesses located in emerging Asia, is pleased to announce its unaudited interim results for the six-month period ended 31 March 2022. 

FINANCIAL HIGHLIGHTS

All dates refer to the six-month financial period ended 31 March 2022 ("6M'22"), unless otherwise stated. The comparative six-month financial period from 1 October 2020 to 31 March 2021, is referred to as "6M'21".

·   Group revenues for the six-month financial period ended 31 March 2022 increased 9% year-on-year ("YOY") to US$8.3 million, of which 64% derived from Education and 36% from Services (6M'21: 65% derived from Education and 35% from Services). This growth is a remarkable achievement as the Group's performance in 6M'22 was severely affected by COVID-19 related closures in Vietnam between Nov'21 and Feb'22.   

·   The Group's net loss for the six-month financial period ended 31 March 2022 narrowed to US$2.6 million in comparison to the previous corresponding period (6M'21: US$2.9 million), primarily due to (i) the relaxation of COVID-19 restrictions in Feb'22 and Mar'22 and (ii) operational efficiencies realised throughout the Group.

·   The Group's net comprehensive loss (including fair value movement in minority investments) for the six-month financial period ended 31 March 2022 was US$2.7 million (6M'21: US$3.1 million).

·   COVID-19 cases in Myanmar peaked in the second half of 2021 and recovered by the end of the year. COVID-19 cases in Vietnam peaked towards the end of 2021 and showed improvement in February 2022. This resulted in an uneven recovery within the Group's operations wherein the (i) Education division in Myanmar recovered to pre-COVID-19 levels by Dec'21 whilst Vietnam student numbers remain depressed, albeit improving, and (ii) EXERA's growth slowed to low double digits, following stronger growth in the prior year. 

·   As a result of extensive cost control and cash flow management initiatives, financial resources continued to be carefully administered. The Group generated cash inflows from operating activities of ca. US$1.2 million in 6M'22 vs. cash outflows of US$1.1million in 6M'21. The Group's overall performance and cash flow generation should further benefit from the expected economic recovery across ASEAN post COVID-19.

·   In November, the Company announced the subscription of convertible notes totalling US$5.7 million. Through a loan re-organisation exercise, the Company's corporate shareholder, Macan Pte Ltd ("Macan"), subscribed to a US$3.5 million Zero Coupon Convertible Note satisfied through a cash consideration of US$1.0 million and the conversion of one of the shareholder's loan facilities amounting to US$2.5 million.

As part of the loan re-organisation exercise, this loan facility agreement was terminated with effect from 31 October 2021. After the loan re-organisation exercise, the Group has a remaining loan facility of up to US$1.5 million with Macan. As at the date of this report, the Group has drawn down an additional US$0.25 million and the remaining available facility amounts to US$1.25 million.

·   The diversification of the Group's operations between Vietnam and Myanmar will continue to play an important role in mitigating any further pandemic risk and single-country exposure to the Group. Management has assessed that there are sufficient mitigating actions within the control of the Group, such as undertaking a controlled expansion of its existing and future businesses, maintaining financial liquidity discipline and unutilised credit facilities for its working capital requirements for the next 12 months from the date of this report.  

OPERATIONAL HIGHLIGHTS

Education

·   Through its Education division, the Group is currently active in (i) English language learning (Wall Street English), (ii) higher education (Auston) and (iii) K-12 international schools (Yangon American International School).

Until 30 September 2021, certain businesses in Myanmar were operated by subsidiaries of the Group through an operating and management agreement with a related party, TED Limited ("TED"). Following the reorganisation, E Partners and A Partners will continue to provide operating, management and technical support services for TED's existing student contracts for a fee over the remaining period of 12 months. Therefore, these legacy businesses will continue to be treated as managed businesses and generate management fees to the Group.

·   Group revenues from the owned and managed Education businesses for the six-month financial period ended 31 March 2022 amounted to US$5.1 million and US$0.2 million (6M'21: US$4.6 and US$0.4 million), respectively.

·   The US$0.3 million increase in Education revenues is mainly attributable to (i) a US$1.1 million increase in Myanmar revenues (+115% YOY) driven by an early recovery post COVID-19 and (ii) a US$0.7 decrease in Vietnam's revenues due to the strict lockdowns imposed in Vietnam between Nov'21 and Jan'22. It is worth noting that Wall Street English in Vietnam has further recovered following the removal of COVID-19 restrictions in Feb'22.

Wall Street English ("WSE")

·   As of 31 March 2022, the Group owned and operated English language centres under the Wall Street English brand in both Myanmar and Vietnam. The number of centres and students were as follows:

·   The marked decrease in students during the 6 months period ended 31 March 2022 was mainly due to the strict COVID-19 restrictions imposed in Vietnam between Nov'21 and Feb'22. Management took the opportunity to refurbish two language centres during this period, which has further contributed to Wall Street English's commercial recovery post COVID-19.

·   It is worth noting the strong increase in the number of students in Myanmar. Notwithstanding the complex political and security environment, the Wall Street English business appears to have fully recovered and even exceeds its pre COVID-19 performance.  

·   Revenues at Wall Street English Vietnam and Myanmar for the six-month financial period ended 31 March 2022 amounted to US$3.3 million and US$1.4 million (6M'21: US$4.0 and US$0.6 million), respectively.

Auston

·   Auston University ("Auston") is the result of a strategic collaboration with the Auston Institute of Management, an operator of private schools in Singapore that prepares students for careers in Engineering, IT Technology and Project Management through higher education learning.

·   Since February 2020, the Company has had in place a partnership with Liverpool John Moores University ("LJMU") to provide high quality engineering training programmes for young, working professionals in Myanmar, to be taught by Auston's teaching staff at its Junction Square complex in Yangon. The partnership is of particular relevance to Auston as it enables a path towards an engineering degree and provides globally recognised degrees in Myanmar from lecturers with, at a minimum, a master's degree or a PhD from a recognised awarding body.

·   During the six-month financial period ended 31 March 2022, Auston generated revenues of US$0.1 million (6M'21: Nil) and student numbers grew exponentially to 165 students as at 31 March 2022 (31 March 2021: 24 students). The first programme commenced in June 2021 and most students are still at the Foundation level, a pre-requisite to enter the Higher Diploma programme. It takes approximately 36 months for a student to attain a bachelor's degree.

·   As of 31 May 2022, the number of enrolled students at Auston has grown to over 200 (30 September 2021: 47) and the cumulative contract value increased to US$2.0 million (30 September 2021: US$0.1 million). Students are seeking globally recognised diplomas / degrees in Myanmar to further their studies abroad in search of better job opportunities locally and abroad.  

Yangon American

·   The Group owns and operates Yangon American International School ("Yangon American") an International Baccalaureate Primary Years Programme ("IB PYP") accredited and Myanmar Investment Commission-approved international school. Yangon American's 3,000 sqm campus has a planned capacity of 400 students and its enrolment for academic year 2021-2022 was ca. 80 students (31 March 2021: 70 students).

·   During the six-month financial period ended 31 March 2022, Yangon American generated revenues of US$0.4 million (6M'21: US$0.3 million). Yangon American's student enrolment for the 2022/2023 academic year is expected to increase gradually towards capacity, since enrolment in government schools remains low and parents are in search of quality education as a path for their children to study abroad.

Services

·   Through its Services division, the Group is currently active in (i) owned security services (EXERA) and (ii) managed hospitality services (Ostello Bello).

·   Group revenues from the owned and managed services businesses for the six-month financial period ended 31 March 2022 amounted to US$3.0 million and Nil (6M'21: US$2.7 and US$0.01 million), respectively.

EXERA

·   EXERA is an internationally-managed provider of security and risk management services, operating exclusively in Myanmar. As of 31 March 2022, EXERA has an experienced workforce of over 1,600 (6M'21: ca. 1,700) security officers and provides a range of integrated security, guarding, protective services, journey management, training, and nationwide risk consulting, to a wide range of international and local clients.

·   Its customer base includes multi-national corporations, large oil and gas companies, established local businesses, governmental bodies and international organisations and embassies. EXERA's services are essential to the continued presence of these organisations in Myanmar throughout the current political and economic instability.

·   The Group's revenues for the six-month financial period ended 31 March 2022 were US$3.0 million (6M'21: US$2.7 million). The 12% YOY growth was attributable to (i) continuous demand for high-margin quality integrated security and risk management services throughout the current political and economic instability, (ii) favourable currency mix, and (iii) successful renegotiation of certain key contracts.

·   The ability to continuously maintain and secure new high-profile customers is mainly due to EXERA's competitive advantage as the only company in Myanmar with ISO 18788 Management System for Private Security Operations, ISO 9001, OHSAS 18000, and ANSI/ASIS PSC 1 accreditations.

Ostello Bello

·   Ostello Bello, previously operating within the Hospitality Division, comprises boutique hostels with 423 beds and 105 rooms in four locations across Bagan, Mandalay and Nyaung Shwe, the most popular tourist destinations in Myanmar.

·   The performance of Ostello Bello has been severely impacted by the continued COVID-19 related travel restrictions in place between 2020 and 2022. The Group has recently decided to discontinue its location in Nyaung Shwe from July 2022, thus reducing the number of beds and rooms managed by the Group. As at the date of this report, the number of beds and rooms managed are 282 and 73, respectively.

·   To address the continued under performance of Myanmar's tourism industry and to offset the currently challenging operating environment in Myanmar, the Group's remains focused on reducing operating costs and generating operational synergies. It is worth noting that through its boutique hostels the Group provides livelihood for hundreds of individuals in developing communities such as Bagan. Management takes great pride and acknowledges its role as a responsible long-term investor in these communities.

New Business Development

·   Asia Strategic continues to develop its business network and expand its pipeline within the Group's existing sectors and explore new sectors. The Group is currently focused on building stronger presence on-the-ground in Vietnam whilst seeking new opportunities throughout emerging Asia to diversify the Group's geographical exposure.

·   Management also routinely conducts in-depth studies of new sectors (e.g. Healthcare, Retail and Financial Services) to determine whether to allocate additional human and financial resources to selected initiatives.

The Group's minority investments include, among others:

·   A minority interest in Myanmar Investments International Limited ("MIL"), a Myanmar-focused investment company listed on the AIM market of the London Stock Exchange with investments in the telecommunications and financial sectors. As at 31 March 2022, the quoted share price was US$0.27 (31 March 2021: US$0.61) per share and the unaudited net asset value reported by MIL as at 30 September 2021 was US$0.67 (31 March 2021: US$0.74) per share.

SIGNIFICANT AND SUBSEQUENT EVENTS

a)  Settlement and termination of shareholder's loans

      During the financial period, the Company entered into a loan re-organisation with the Company's shareholder, Macan Pte Ltd ("Macan") as detailed below:

(i)  Subscribed US$3.5 million Zero Coupon Convertible Notes of the Company satisfied through cash consideration of US$1.0 million (Note 16) and the conversion of principal shareholder's Loan Facility 2 amounting to US$2.5 million (Note 15); and

(ii) Terminated Loan Facility 2 agreement with the Company with effect from 31 October 2021.

b)  Convertible Note Programme

      On 4 November 2021, the Company launched a Convertible Note Programme to raise up to US$10.0 million over a six-month period for working capital and future investments. The convertible note ("CN") holders have an option to subscribe to either (i) a 10% coupon option ("10% Coupon Convertible Note") or (ii) a zero−coupon option ("Zero Coupon Convertible Note").

      As of the date of approval of these financial statements, the Company's existing shareholders have subscribed to CN amounting to US$5.7 million (excluding transaction costs) comprising:

(i)  10% Coupon Convertible Notes amounting to US$0.5 million; and

(ii) Zero−Coupon Convertible Notes amounting to US$5.2 million including subscription by Macan as detailed above and in Note 16.

c)   Issuance of shares in lieu of bonus payments

In December 2021, through recommendations of the Remuneration Committee of the Company, the Directors approved the payment of annual bonuses to certain key management personnel of the Group in respect of financial year ended 30 September 2021 of US$640,000 satisfied through the issuance of 80,000 new ordinary shares in the Company at a price of US$8.00 per share (being the closing bid price of the Company's ordinary shares as of 10 December 2021). Refer to Note 19 for further details.

d)  Adoption of the 2022 Employee Share Options Scheme

At the Annual General Meeting held on 4 March 2022, in order to incentivise existing and new management and employees, the Company's shareholders approved a new share option scheme (the "2022 ESOS"), whereby share options in respect of up to 200,000 ordinary shares in the capital of the Company may be granted to certain individuals at an exercise price of US$11.00 per share with a typical vesting schedule of 40% of the option on the first anniversary of the grant date, 40% of the option on the second anniversary of the grant date and 20% of the option on the third anniversary of the grant date. No option has been granted under the 2022 ESOS as of the date of this report.

e)  Exclusive agreement for Kids&Us School of English

On 25 April 2022, the Group entered into an exclusive franchising agreement with Kids&Us English, S.L.U ("Kids&Us") for the development of English language centres for children under the brand "Kids&Us School of English" in Myanmar.

Kids&Us is a leading provider of English language education for children from as young as one-year old through teenagers. Founded in Manresa, Barcelona, in 2003, Kids&Us has over 155,000 students across 437 schools in Spain and 90 schools internationally. Kids&Us has developed an innovative and effective pedagogical method:

·   Kids&Us uses a unique teaching method based on the natural process of developing one's mother tongue, a process which takes place in a specific, natural and spontaneous order.

·   The courses are adapted to the students' ages and life experiences.

·   Small groups - a maximum of five in the 'Babies' stage (one and two-year-olds) and eight across the rest of the courses - allow for personalised attention and a high level of student participation and interaction in the classroom.

·   Continuity of the courses allows children to learn from one-year old.

·   Classes are conducted entirely in English, ensuring total linguistic immersion.

·   Students can continue learning English outside of class time:

o The Kids&Us 360º Universe provides an endless range of activities and stimulating opportunities to continue learning at urban day camps, workshops (for cooking, science, theatre), summer camps, etc.

o Products created by Kids&Us include books, boardgames, etc.

o Apps, online homework exercises and electronic devices.

Under the terms of this exclusive franchising agreement, the Company shall pay Kids&Us (i) an initial fee of approximately EUR100,000, upon signing of franchising agreement (ii) ongoing service fees as a percentage of revenues and (iii) didactic materials based on consumption, among other fees.

The Company is planning for its first two centres to in Yangon to be operational by June 2023.

Vietnam Macro-Economic highlights

·   The General Statistics Office ("GSO") reported that Vietnam ended 2021 with a 2.6% GDP growth rate, despite witnessing a harsh COVID-19 lockdown in the second half of 2021. Vietnam is one of very few economies in the world to post two consecutive years of growth since the start of COVID-19. The GSO report explained that industries have been impacted in different ways. Tourism, hospitality, F&B have been struck the hardest whilst export-based sectors in Vietnam have shown resilience over the past two years. Vietnam recorded an increase in total export value in 2021 from to US$336 billion (2021: US$286 billion), according to the GSO. According to Vietnam Agribank, overall Vietnam remains a resilient economy as the country is expected to bounce back strongly in 2022 to become the fastest-growing ASEAN economy, with forecasted GDP growth at 6.6%, followed by Philippines (6.3%) and Malaysia (6.0%).

·   According to the GSO, Vietnam's economy in Q1 of 2022 (January-March) expanded by 5.0% compared to the same period last year. The growth however was down sequentially from 5.2% in Q4 of 2021. Nevertheless, the government agency stated that Vietnam is on track for economic recovery. Q1's GDP structure was dominated by services at 41.7% followed by industry and construction at 38.0%, and agriculture, forestry, and fishery at 10.9%. Total retail sales of consumer goods increased by 4.4% YOY though passenger transport was down. Vietnam's exports stood at US$89 billion while imports were recorded at US$88 billion. As with previous years, the US remains Vietnam's largest export market at US$25.2 billion in Q1of 2022.

·   Vietnam is now the destination of multiple supply chain and manufacturing relocations, due to strong economic fundamentals and a favourable foreign investment environment when compared with neighbouring countries. According to the Foreign Investment Agency ("FIA"), the country recorded total new, adjusted capital and share purchases by foreign investors of US$31 billion as of 20 December 2021, an annual increase of 9.2%.

·   In recent years, Vietnam has emerged as a leading hub for manufacturing electronics in Southeast Asia. Relocations by manufacturing companies such as Foxconn, Intel, Foster, and Luxshare since 2019 highlight this trend.

Myanmar Macro-Economic Highlights

·   The World Bank's Myanmar Economic Monitor January 2022 projects economic growth of 1.0% in the fiscal year ending September 2022, a single digit recovery after experiencing a contraction of 18% in fiscal year 2021. The near-term economic outlook remains weak due to the ongoing impact of the military coup. The recent Russian war against Ukraine caused additional economic uncertainties and inflationary pressures globally exacerbating the economic issues.

·   In April 2022, through notifications and directives, the Central Bank of Myanmar ("CBM") implemented certain foreign exchange control measures requiring all foreign currency receipts from 4 April 2022 to be converted to Myanmar Kyat ("Kyat"), restricting conversion of foreign currencies and limiting offshore remittance. The immediate impact was further weakening of the Kyat.

·   Any future recovery in domestic activity will likely be contingent on political improvement, the removal of temporary foreign control measures, the reopening of the country to international travel in a bid to bolster international tourism and continued engagement with the international business communities.

Enrico Cesenni, Chief Executive Officer of Asia Strategic Holdings, said:

"I am very pleased to report that over the six-month financial period ended 31 March 2022, Asia Strategic Holdings has continued to grow, in a complex social, economic and political environment.

"As the COVID-19 related restrictions were gradually lifted from November 2021 in Myanmar and February 2022 in Vietnam, the Group has experienced a strong rebound in its operating businesses, particularly within consumer facing brands such as Wall Street English and Auston. It is worth noting that revenues grew across both Education (+7% YOY) and Services (+12% YOY) and that the Group continues to benefit from commercial momentum that is driven by pent-up demand and the limited spending options available to customers, particularly in Myanmar.

"While global inflation and supply chain shortages may reduce disposable income and hinder discretionary spending, the Board and I feel that the Group is strategically positioned in sectors that will attract continued investments such as Education and that demonstrate less correlation to the broader economy such as Security services. In turn this allows us to take a long-term view and pursue a long-term agenda, confident in our capital structure.

"We would like to take this opportunity to thank shareholders for their continued support and all members of staff across the Group for their hard work and sacrifices through these challenging, uncertain and troubling times."  

For more information, please visit www.asia-strategic.com or contact:

Notes to editors

Asia Strategic Holdings Ltd.  

Asia Strategic Holdings Ltd. (LSE: ASIA) is an independent developer and operator of consumer businesses in Vietnam and Myanmar, two of the fastest growing economies in the world over the last decade. The Company's portfolio currently focuses on Education and Services with the view to expand within the broader consumer sector.

Education sector:  the Company currently has exclusive development and franchising agreements with Wall Street English for up to ten English language centres across Myanmar. Two centres were opened in 2017, a third in August 2018, and a fourth in February 2020. As of March 2022, Wall Street English Myanmar served over 1,800 students.

In July 2020, the Company completed the acquisition of the Wall Street English business in Vietnam. Founded in 2013, the WSE Vietnam business operates through seven centres in Ho Chi Minh and Binh Dhuong serving ca. 2,500 students.

The Company also operates a joint venture with Auston Institute of Management to develop and operate the Auston College Myanmar. The private school opened in May 2018 offering diplomas in Engineering Technology, Mechanical Engineering and Networking, Information Systems, and Security. English language learning is also provided by the Company's nearby Wall Street English centre. In February 2020, the Company announced a partnership with Liverpool John Moores University to provide high quality engineering training programmes for young, working professionals in Myanmar, to be taught by Auston College Myanmar's teaching staff at its Junction Square complex in Yangon.

In August 2019 the Company launched its first private K-12 international school, the Yangon American International School ("Yangon American") in Yangon. In July 2021 Yangon American was recognised as an official International Baccalaureate Primary Years Programme ("IB PYP") school by the International Baccalaureate Organization.

In April 2022, the Company entered into an exclusive franchising agreement with Kids&Us for the development of English language schools for children across Myanmar. The first two centres shall be opened in Yangon by June 2023.

Services sector:  through its acquisition of EXERA, the Company offers security, risk management and secure logistics services, including cash-in-transit. Founded in 2013, EXERA employs approximately 1,500 well-trained and high-quality security officers making it one of the largest security services providers in Myanmar.

Furthermore, the Company provides hospitality services, managing over 282 beds across four boutique hotels in three core tourist locations in Myanmar, operating under the award winning Ostello Bello budget hospitality brand. The Company operates an asset light strategy, entering into long-term operating and management agreements with local hotel owners.

Vietnam and Myanmar were among the fastest growing economies in Asia in 2017-2020 (Source: Asian Development Bank). In 2022, Vietnam's annual GDP growth is expected to be 6.5% (Source: Asian Development Bank).

The Company is well positioned to provide investors early exposure to Vietnam's and Myanmar's strong economic fundamentals enhanced by ASEAN's wider growth prospects. 

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FINANCIAL REVIEW               

·   Group revenues from the owned and managed businesses for the six-month period ended 31 March 2022 were US$8.3 million (6M'21: US$7.6 million).

·   The 9% YOY increase in group revenues reflected the impact of (i) a strong recovery in Myanmar's education businesses (+115% YOY), (ii) the sustained performance of EXERA (+12% YOY) and (iii) the underperformance of Vietnam's education businesses (-17% YOY). It is worth noting that Vietnam's education businesses have further recovered, thanks to the full re-opening of Vietnam since Feb'22.

RESULTS OF OPERATIONS

·   Group gross profit for the six-month period ended 31 March 2022 was US$3.2 million (6M'21: US$2.2 million), a marked increase in both absolute and relative terms (38% in 6M'22 vs. 29% in 6M'21). The notable improvement in gross profit margin was attributable to (i) the recovery of Myanmar's revenues, (ii) the shift to a more profitable product mix, (iii) positive net FX exposure and (iv) further cost efficiencies across all divisions.  

·   The growth in revenue (+9% YOY) and gross profit margin (+44% YOY) was partially offset by the increase in administrative and other operating expenses (+12% YOY excluding depreciation and amortisation), primarily due to higher marketing expenses and employee welfare (e.g. extensive vaccination campaigns).

·   The Group's EBITDA loss for the six-month period ended 31 March 2022 also reduced to ca. US$0.5 million (6M'21: US$0.7 million loss). When adjusted to include the impact of the Right-of-use assets ("ROUs"), the Group's Adjusted EBITDA loss amounted to US$2.2 million (6M'21: US$2.4 million).   

LIQUIDITY AND CAPITAL RESOURCES

·   As at 31 March 2022, the Group's cash and cash equivalents amounted to US$2.6 million, compared to US$2.2 million as at 30 September 2021, an increase of US$0.4 million.

·   The Group recorded positive cash flows generated from operating activities of US$1.2 million, compared to cash outflows from operating activities of US$1.1 million in 6M'21. This is mainly due to the increase in contract liabilities of US$1.3 million (6M'21: US$0.3 million) arising from strong collections from WSE Myanmar and Auston where courses are paid in advance of services being delivered over the duration of the respective courses. If repayment of leases liabilities were considered, the Group would record a manageable cash outflow from operating activities of US$0.2 million (6M'21: US$2.6 million).

·   During the six-month financial period ended 31 March 2022, the Group incurred capital expenditures of US$0.6 million (6M'21: US$0.1 million) mainly on leasehold improvements for the relocation and space optimisation of three English language centres in Vietnam and the expansion of the Auston campus in Myanmar. Such investment is expected to further enhance the Group's commercial success post COVID-19 and set it apart from its competitors.

·   The Group's Convertible Note Programme launched in November 2021, successfully generated cash subscriptions amounting to US$3.2 million (excluding transaction costs) which were utilised for working capital and partial repayment of the shareholder's loan and interests. As part of the Group's loan re-organisation with Macan, the Group repaid cash of US$1.8 million as part cash settlement of the Loan Facility 1 and full settlement of the Loan Facility 2 which terminated with effect from 31 October 2021 (6M'21: drawdown of US$1.5 million).    

OTHER INFORMATION

In support of the nation's effort to achieve a higher vaccination rate in Myanmar and ensuring the well-being of its employees, the Group, on its own accord, initiated the COVID-19 vaccination programme for all eligible employees in Myanmar, and subsequently Vietnam.

As of 31 March 2022, 78% of the employees in Myanmar and Vietnam had been vaccinated and are back in the office and on the sites.

As of 31 March 2022, 96% of the total workforce (30 September 2021: 96%) are local employees in the countries where the Group operates. All employees are paid at least the local minimum wages and approximately 69% (30 September 2021: 71%) of the Group's workforce are female (excluding EXERA's security officers).

Direct and indirect Full Time Employees ("FTEs") marginally decreased to 2,257 (30 September 2021: 2,284) due to a slight decrease in EXERA's security officers and the hospitality segment.