increased demand for mining machinery and associated parts and services in South Africa, Zambia and Botswana. Approval for the Bucyrus transaction was granted by the South African competition authorities on 27 June 2012 and we commenced sales and support of the legacy Bucyrus range of opencast and underground mining machines in all our southern African territories on 2 July 2012. A softening in the commodity cycle led by the slowdown in Chinese domestic growth and uncertainty in the South African mining sector, started to impact our mining operations in mid-2012. The last three months of the financial year saw several mining houses announce plans to defer or curtail project investment. Accordingly, the firm order book in southern Africa, excluding Bucyrus is lower at R3.9 billion compared to R5.2 billion at 30 September 2011. The Joint Venture with Tractafric produced an excellent result, with the Equipment equity accounted share of the profits more than doubling from R63 million to R138 million. The term of the JV agreement, which was scheduled to terminate in 2017, has been extended by 50 years from October 2012. Iberia continued to trade amidst rising economic and political turmoil in the Eurozone leading to further reductions in the new machines market. The delivery of large mining equipment packages in Spain were hampered following the Spanish government's decision to cut subsidies to the mining sector resulting in the cancellation of a portion of mining equipment orders. However, the Iberian business maintained their position as market leader, with management