Good morning, and welcome to Adbri's 2023 Annual General Meeting. My name is Raymond Barro, and I am the Chairman of your company. Before commencing, I would like to address the emergency procedures for the building. Should the building fire alarm sound or you're advised there is an emergency, directions will be provided by the event supervisor. Please follow their instructions. I also ask that you place your phones on silent. I will begin by acknowledging the Gadigal people of the Eora Nation, the traditional custodians of this land, where we host today's meeting in Sydney, and pay my respects to their elders past, present, and emerging. The company secretary has informed me that there is a quorum present, and therefore I declare the meeting open. The meeting is being webcast, and a recording will be available on our website after the meeting. I thank shareholders who have sent in their questions in advance of the meeting. We will respond to these and other questions as we progress through today's proceedings. Before moving on, I would like to make some introductions. Joining me today are my fellow non-executive directors, Samantha Hogg, Deputy Chair and Lead Independent Director, Geoff Tarrant, Rhonda Barro, Emma Stein, Michael Wright, and Dean Jenkins. With us is our Chief Executive Officer, Mark Irwin, and our Company Secretary and General Counsel, Marcus Clayton. In the front row are Jason Thorne and Penny Woods, representing our auditor, Deloitte Touche Tohmatsu, and also members of our executive team. Before we come to the formal business of this annual general meeting, I will make some general comments on the company's performance and the year under review. This will be followed by a presentation from our CEO, Mark Irwin. 2022 was a significant year for Adbri, with the business celebrating 140 years since our story began. We have grown from Brighton Cement Works in South Australia into one of the country's leading manufacturers of cement, lime, concrete, aggregates, masonry products, and industrial minerals, supplying to customers in the construction, infrastructure, mining, and retail sectors. The past year has also been one of the most challenging in our long history. Our results were delivered against a backdrop of difficult macroeconomic environment, which included global economic instability, resulting in inflationary pressures, as well as wet weather events across Australia. In spite of this, demand for Adbri's product remained strong, with volume growth delivered across most product lines and price increases driving 8.4% growth in revenue year-on-year to AUD 1.7 billion. Adbri's full statutory net profit after tax was AUD 102.6 million, while underlying net profit, excluding property profits and significant items, was AUD 77.7 million. Cost inflation was a major driver impacting performance, with volatile electricity, gas, and diesel pricing experienced across the business. General inflationary pressures were also experienced as rising labor, steel, and energy costs impacted repairs and maintenance and other contracted services. This was a challenge on the cost input side, we were able to secure important price increases across most of our products. In October 2022, Adbri paid a fully franked interim dividend of AUD 0.05 per share. Considering the capital required for the completion of the Kwinana Upgrade Project, which Mark will provide more detail on shortly, the board decided not to declare a final dividend for the year. The board continually reviews the company's capacity to return funds to shareholders. Let me be clear. As your chairman of the board and a fellow shareholder, our returns have not been to the standard we would like at Adbri. In response, your board has taken clear and decisive action. These actions included implementing changes at senior leadership level to ensure we have the right capacity for our current market context. Ensuring even greater pricing discipline in the face of some extreme cost pressures, and undertaking a comprehensive review of our Kwinana Upgrade Project to ensure shareholder capital deployed will support improved returns for all shareholders over the long term. The leadership transition commenced in October, with Mark Irwin appointed Interim CEO, taking over from the former Managing Director and CEO. Mark has provided stability and has quickly adapted to the business, executing on an accelerated transformation program aimed at improving Adbri's resilience in the face of significant external headwinds. Mark has since transitioned from the interim position to become Adbri's Chief Executive Officer for a fixed term until the 1st of October, 2024. Dianne Mong, who has been with Adbri since early 2022, has also been appointed to the role of Acting Chief Financial Officer, taking over from Peter Barker as he approached the end of his 6-month term as Interim CFO. Peter was appointed following the former CFO's resignation. The board is well progressed with the recruitment of a permanent CFO and is confident of an appointment in the not-too-distant future. At the board level, we also welcome Dean Jenkins as a new non-executive independent director. You will hear shortly from Dean as he seeks election to the board. On the 28th of February, Dr. Vanessa Guthrie AO stepped down after 5 years of dedicated service. On behalf of the board and fellow shareholders, I thank Vanessa for her valuable contribution. Samantha Hogg has since been appointed as Deputy Chair and Lead Independent Director. Adbri remains committed to operating a sustainable business. We continue to build on our strong emissions reduction focus as we progress actions outlined in our Net Zero Emissions Roadmap that was released prior to last year's AGM. This year, we reported for the first time our progress against our Net Zero Emissions Roadmap. Pleasingly, we achieved a 12% reduction in absolute operational emissions against our short-term 2024 target set against the 30 June 2019 baseline. This bettered our target of 7%. As a board, we continue to focus on having a diverse workforce. Although we have made significant progress at the board and executive level, our female workforce have remained relatively steady at 16%. While we continue to focus on initiatives to improve gender diversity, we are broadening our diversity focus with key initiatives such as our Driver Academy Recruitment Program to encourage greater diversity within our industry. On behalf of the Adbri board, I would like to acknowledge Mark, the executive leadership team, and all our employees for their continual efforts. In the face of a difficult operating environment and significant change, they have remained focused on delivering for our customers, stakeholders, and most importantly, you, our shareholders. I'd also like to acknowledge my fellow directors for their continued counsel and contribution. Adbri has operated successfully for 140 years through market cycles and challenging times. Your board recognizes that the past year has been a particularly testing period. Saying this, we are focused on driving higher returns and creating value for our shareholders over the long term. In closing, I'd like to thank you, our shareholders, for your continued support. I'll now hand you over to Mark. Good morning, shareholders, and guests. I'm pleased to provide you with an overview of your company's 2022 performance. This is my first AGM as Adbri's Chief Executive Officer, and it's a pleasure to be with you here today. As Raymond has mentioned, the past 12 months has been a period of significant change for the company. Like many manufacturing businesses, Adbri has felt the pressure of rising costs. However, you'll be pleased to know that our response to cost management and to price increases of our products is now paying off. Since I joined in October, the executive leadership team has been focused on implementing an accelerated transformation program aimed at improving business resilience, transparency, and financial performance as we build a better Adbri. Safety remains of paramount importance to Adbri. We continually aim to embed a culture of work safe, home safe. Disappointingly, our total recordable injury frequency rate, or TRIFR, increased to 7.9 in 2022 compared to 6.3 in 2021. At every level, we acknowledge this is too high. While our injury severity rates have reduced significantly, the TRIFR for our contractor workforce in particular remains stubbornly at elevated levels. We recognize we have more to do in delivering safety improvements and are actively working to that effect. As Raymond mentioned earlier, we have experienced difficult market conditions over the past year. Across the group, we faced higher operating costs, particularly for energy, while adverse weather events also had a detrimental impact on the business. However, we recognize our goal must be to build a business that can withstand such challenges. Whilst our financial performance was in line with guidance, provided to the market in October, revenue growth as a result of price increases and increased volumes was not fully able to offset the earlier and more sudden escalation in operating costs. We did, however, progress a number of strategic initiatives or milestones, including the growth of our concrete and aggregates footprint through the Zanow's acquisition in Southeast Queensland and winning a number of infrastructure project supply contracts. An extension of our lime supply agreement with Alcoa in Western Australia. The reshaping of our business model to make it more agile and efficient. A reconfigured 1-year extension of the Independent Cement and Lime or ICL cementitious materials supply agreement. Cementitious material volumes did increase by 5%, driven by demand from the residential sector in Victoria and the industrial and mining sectors in South Australia and Western Australia. Demand for domestically manufactured lime has recovered from the step down in the second half of 2021 as customers sought security of supply from local producers. Concrete volumes were generally stable, whilst aggregate volumes increased by 15%. The demand for concrete and aggregates from residential, commercial, and industrial sectors was strong in the eastern states, along with supply of aggregates to infrastructure projects, including the Western Sydney Airport. Nationally, masonry demand remained stable in 2022. In 2022, we released our Net Zero Emissions Roadmap as we strive to be net zero by 2050. As Raymond mentioned, we reported our progress in our 2022 sustainability report, achieving a 5% reduction in our Scope 1 cement emissions intensity against our FY 20 baseline, reflecting meaningful progress towards our 2030 medium-term target. This was largely attributed to the use of alternative fuels, a large part of our decarbonization strategy. Late last year, we also released our first of a series of environmental product disclosures to provide customers with transparent information about our products' environmental impacts. Pleasingly, this EPD process confirmed that our Birkenhead operation produces the lowest verified embodied carbon type GP cement currently available in Australia. Cement, concrete, and lime are essential to the transition of a low carbon economy, and Adbri is focused on continuing to reduce our environmental footprint in line with our Net Zero Emissions Roadmap. Over the last 10 months, Adbri has engaged extensively with the Commonwealth Government's reforms to the Safeguard Mechanism. Adbri has 4 facilities that are captured under the Safeguard Mechanism. Birkenhead and Angaston in South Australia and Munster and Dongara in Western Australia. As a result of the process of constructive engagement with the federal government, it's pleasing to see that a number of key changes to the proposed reforms have occurred for cement and lime sectors, including access to reduced decline rates for hard-to-abate or value-added manufacturing, the ability to apply for support proceeds in the AUD 400 million government fund, and the commitment for a prompt review by the government to examine the feasibility of a Carbon Border Adjustment Mechanism or CBAM with a focus on cement and lime and steel. We know that to achieve our net zero goal, we can't do it alone and will continue to collaborate with partners, customer suppliers, and the government to affect change. I turn now to the Kwinana Upgrade Project. As advised in April, the detailed review of the Project had been completed, with the cost estimate revised upwards to between AUD 385 million to AUD 420 million. This increase in project costs has been driven by a combination of external factors, including the escalating cost of construction, constraints on available labor, and supply chain challenges. Furthermore, with the final design details of the purchased equipment being largely complete, structural and piping quantities have proven to be far greater than originally estimated, further impacting on procurement and construction costs and hours. The project itself remains on track for target commissioning in Q2 2024, with the plant expected to be ramping up and operational from Q3 2024. We have also recently strengthened our project delivery team, adding experience and capability. Whilst we're disappointed the cost is materially higher than initially forecast, the project continues to have a positive NPV, and we remain confident it will support solid earnings over the long term. The additional capital expenditure requirements for the Kwinana Upgrade will be funded from operating cash and debt facilities within our banking covenants. We have also recently entered into a AUD 100 million structured asset financing facility as we move to a lease model for future plant and equipment. We're also continuing to actively execute on our asset recycling strategy to realize value for shareholders. This includes progressing negotiations for the monetization of our Batesford site in Victoria, together with actively marketing our Badgerys Creek site in New South Wales and other surplus property across the group. In 2022, the disposal of non-core property plants and equipment to our operational requirements generated cash proceeds of AUD 96.8 million. With the first quarter of 2023 behind us, we continue to see strong demand for Adbri's products again across key segments consistent with last year. As a result of the combination of market forces and management initiatives, underlying net profit after tax for the period ending April 2023 is significantly above January to April 2022. Demand from the mining sector for cement and lime continues to be strong and is anticipated to remain strong for the remainder of the year. The commercial and industrial multi-residential and infrastructure sectors also continue to support strong demand for concrete and aggregates. The backlog of residential works attributed to the shortage of labor and wet weather continues to underpin good order books for the near future. The outlook for the residential sector remains somewhat patchy in the medium term. Pleasingly, we have been awarded a contract to supply approximately 60,000 cubic meters of concrete to the M12 infrastructure project in Sydney, drawing on our vertically integrated business model. Our masonry business has seen some softening in retail sales. Demand remains strong on the back of a good pipeline of work in the commercial sector. While cost headwinds are expected to persist in 2023, particularly in the areas of energy, pleasingly, as mentioned earlier, we are seeing the positive impact of last year price increases as well as further pricing gains in 2023 across most product lines as we maintain strong pricing discipline. While we are happy with our year-to-date performance and trading conditions, general economic conditions do remain somewhat uncertain, and as a result, we will not be providing forward guidance. In closing, I would like to express my gratitude to the Adbri team. It has been a challenging year, but our people have remained committed to delivering for our customers and partners and ensuring the long-term success of Adbri. Thank you. Thanks also to the board for your counsel and support. I look forward to continuing to work closely with you as we build a better Adbri. Finally, to our shareholders, thank you for your continued support. I look forward to progressing our transformational strategy that is focused on operational efficiency improvements and business simplification while always keeping our eyes on the future. I'd now like to hand back to our chairman, Raymond Barro. Thank you. Thank you, Mark. Shareholders and guests, we now come to the formal business of the meeting. Before doing so, there are a number of procedural matters I want to draw your attention to. All resolutions set out in the notice of meeting will be voted on by a poll. Poll cards have been issued to each person on entering the meeting, and only persons holding blue or green cards are entitled to vote. Please place the completed poll card in the ballot boxes when you leave the meeting. I will open the poll now so that anyone who needs to leave the meeting early can vote before they leave. A breakdown of the proxies received for each resolution will be shown when the relevant item has been considered. If you are here as a proxy and have been instructed how to vote, I ask you to ensure that any vote you cast is in accordance with those instructions. As set out in the notice of meeting, as chairman of the meeting, I will be voting all available undirected proxies in favor of each item of business. All results will be determined by our share registry after the close of the meeting and then announced on the Australian Securities Exchange and on our website. This is a shareholders' meeting, only shareholders, their attorneys, proxies, and authorized company representatives are entitled to speak at this meeting. You'll have the opportunity to ask questions on each of the items of business. Please save your questions until we reach that item. When I invite questions, please keep your questions short so that as many shareholders as possible have a chance to ask a question. As a guide, each shareholder should restrict themselves to no more than two questions. All questions will come through me as chair of the meeting. The first item of business is to receive and consider the company's financial report for the year ended 31st of December 2022 and the related directors and auditors reports. At this point in the meeting, I invite shareholders to ask any questions they may have relating to these reports or the management or operations of the company. Shareholders may also ask questions of the auditor relevant to the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted in preparing the financial statements and the auditor's independence. Shareholders were encouraged to submit questions in advance of this meeting. Three questions have been received by the company. I will read these questions verbatim. I will answer these questions before taking questions from the floor. The first two questions come from Mr. Peter Moy. The first question: What is a carbon reduction plan for ABC? Thanks for your question, Mr. Moy. I believe you may be here today. Adbri has a plan to reduce our emissions. Our Net Zero Emissions Roadmap, released shortly before last year's AGM, sets out the targets and actions we will progress as we decarbonize our business. Our short-term target is a 7% absolute reduction in Scope 1 and Scope 2 emissions by FY 2024 against an FY 2019 baseline in line with our sustainability framework targets. We have 3 medium 20/30 targets covering cement, lime and electricity, reflecting our main sources of emissions. Our long-term goal is to achieve Net Zero Emissions by 2050. Importantly, we're taking action. In February this year, we reported for the first time on our progress against our Net Zero Emissions Roadmap, and pleasingly achieving a 5% reduction in our Scope 1 cement emissions intensity against our FY20 baseline, reflecting a meaningful progress towards our 2030 medium-term target. One of the things I'm proud of is that our Birkenhead type General Purpose, GP, cement has been verified in our EPDs as having the lowest embodied carbon of currently known type GP cement in Australia. Mr. Moy's second question is: What are the threats of Portland cement substitutes from outside the existing cement industry? Thanks again for this question. Firstly, let me say we're not resting on our laurels. Clinker is the most emissions-intensive component of cement manufacturing. As we look at how we reduce our emissions, we must consider clinker substitutes. That is why we use supplementary cementitious materials such as slag and fly ash. Adbri is the largest importer of granulated blast furnace slag into Australia. Portland cement will still play a role in cementitious products going forward. The introduction of higher lime-limestone content to reduce clinker content will be important in creating lower carbon products. We continue to encourage governments to support new products such as Type GE cement use in Australian infrastructure progress. Type GE cement is tried and tested overseas and has approximately 7% less embodied carbon than commonly used cement products. Our last question submitted for today's meeting is from Mr Roger Capps. Between myself and my Adelaide grandfather, we have held Adelaide Cement, later to become Adelaide Brighton, for 100 years. I believe the AGMs have been held in Adelaide, the head office address of the company every year until 2 years ago. Why have the AGMs moved? What is the intention of company for future AGMs? Can you confirm the intention to maintain the company name and the address of the head office in Adelaide for the foreseeable future? Thank you, Roger, for this question, and thank you and your family for being long-term shareholders in Adbri. For the past few years, largely due to COVID and the location of executives and directors, the AGM has been held in Sydney. At this stage, it is proposed that the 2024 annual general meeting will be relocating back to Adelaide. In addition to this, Mark, our CEO, operates extensively out of Adelaide. We are also in the process of consolidating two offices into a modern collaborative head and registered office in Pirie Street, Adelaide. As that was the last question submitted in advance of the meeting, I will now open questions from the floor. If you have a question or wish to make a comment, could you please make your way to the microphone located in the center of the room down the front here. Please identify yourself as a shareholder, attorney, proxy or corporate representative to the attendant by showing your blue, green or yellow card. Please state your name and, if applicable, the organization you represent before asking your question. Are there any questions or comments? Sir. Chairman, may I introduce Wolfgang to the shareholders? Morning, Chairman. I've been once down to Adelaide for a meeting maybe, 12 or 13 years ago. Living in Sydney here for over 20 years. Why don't you consider meetings in every capital city rotating, seeing that we are Australian-wide company? One year in Sydney, one year in Melbourne, one year Adelaide or Brisbane even, because you got shareholders all over Australia, haven't you? Something you could consider. Yeah. Thank you for your question. Sorry, I missed your name then, but. Wolfgang Schwarz. Wolfgang. Thank you, Wolfgang, for your question. Look, that is a consideration the company will take into account. I think next year we'll go back to Adelaide, our where our roots came from. You make a very good point. We are a national company. I'm sure many shareholders around the capital cities would like us to have our meetings there, so they all get access and come and see what we do. We'll take that on board. Thank you, Wolfgang. Chairman, may I introduce Andrew as a shareholder? Good morning, Chairman and board. Andrew Corish is my name. My wife and I have a considerable sum of Adbri shares in our superannuation fund. I have to say we're devastated that there's no dividend being paid. I'm going to ask the elephant in the room, and that is, what's the expectation going forward on dividends? Do we need to reconsider our strategy? I'm personally placing the board on notice today. Thank you. Thank you, Andrew, for your question. Look, in October 2022, we paid a fully franked interim dividend of AUD 0.05 per share. We didn't pay a final dividend, but that was after consideration for our capital requirements for the Kwinana Upgrade Project and the current market conditions at the time. Going forward, the board always considers at the appropriate times and the consideration of an interim dividend and a final dividend. What we do is we take into account the capital requirements of the company at that time and with reference to the current shareholder policies, dividend policy. Come, you know, the half year, we'll certainly consider looking at the capital requirements of the company and our dividend policy payout. You may. Yes, Andrew. Andrew, as a fellow shareholder, we feel your pain, don't worry. What I can say, as Mark highlighted, in our first four months of this year, trading and profits are improving compared to the previous corresponding period. We'll certainly be looking every way we possibly can under our dividend policy to make a payout. Morning. Mervyn Vogt is my name, and I represent our superannuation fund. The previous gentleman said some of our concerns about the company. We have also been a long-term holder of shares in this company from 2009. During this period, the share price has gone from something like AUD 5.73 in 2017 to AUD 1.60 yesterday, I think. AUD 1.60. The dividends, Previous gentleman mentioned that. The concern of us is whether we continue to hold this company as it's all very well talking about long-term things, but there is also a term, a short-term view which has to be taken into account. Quite frankly, the performance so far over the past number of years has been extremely poor. I take the present directors and CEO and chairman to account for this. What we are looking for is some definite view over the next 12 to 18 months. The next 12 to 18 months, not the next three or four or five or 10 years. Some of us can't wait that long, quite frankly. Maybe you can. In our case, that's a different situation. The directors have to be held responsible for this. When you can go from AUD 5.73 share market price in 2017 to AUD 1.60, we are looking at substantial many thousands of AUD lost in our superannuation fund. Particularly as no dividend was paid recently, it's an appalling situation, and we cannot, as a superannuation fund, look at any other thing than getting out of Adbri. What we want to do is, I want some confirmation, some definite confirmation over the next 12 or 18 months, what dollar terms you are likely to see in profit and dividend. Thanks, Mervyn, for your question. Look, as chairman, and indeed a fellow shareholder, I'm the first to say that our returns at Adbri is not where we would like them to be. As we highlighted in our speeches, we are taking action to improve this position. We've implemented changes at the senior executive level, so we've got the right capabilities in place for the current market conditions. We've ensured greater pricing disciplines, so we're prepared to face these cost headwinds that have. In my 30 years of experience in the industry, I've never seen cost headwinds which happened over the past 12 or 18 months. We've put in price disciplines to help combat those. We've undertaken the comprehensive review of the Kwinana Upgrade Project. We've got Mark on board, who has experience in major capital projects. We're sure that with that capital deployed, it'll support improved returns over the foreseeable future. I think getting to your point of the question of profits, not in three years' time, but in 12 months' time, I think our first, as Mark highlighted, our first four months this year are significantly better than they were in the previous corresponding four-month period in 2022. Can I ask what significantly better means? Five, 10, 15, 20, 50% better? Look, we're not giving guidance on that today. Our half year results are only a month away at the end of June. We'll be reporting on those, I think, you know, in August. Stay tuned. Okay, I'll stay tuned. Let's say we are not happy. We are not happy. We understand that. As I said, as a fellow shareholder y our board is committed to improving performance. The annual report, which this is a minor thing, I know, the annual report which I was supposed to receive, didn't receive, and I only have received it today at the meeting, so I will look at it very carefully. Remarkably, somehow or other, no, we got risked off the list. That's another thing which doesn't go down well, I can tell you. Mervyn, on that issue of not receiving annual report, I will put you in touch with Callum, who will make sure you receive one. Well, I ordered another one two or three weeks ago. Nothing yet. Okay. Seriously, speak to me after the meeting, and I'll make sure that happens. Not now. Chairman, may I introduce Charles Edwards, a shareholder? Mr. Chairman, just to put a bit of balance on this, all companies are cyclical: share price, profits, earnings, whatever. Even more so a company like this, which the building cycle goes up, down, and sideways from year to year, decade to decade. I'm a patient shareholder. A couple of other shareholders who've expressed a bit of impatience might have forgotten that if you look at page one, we had a special dividend only five years ago, which kind of makes up for a long-term shareholder, makes up for a bit of a lower dividend over this financial year for cost pressures well beyond the ability of any company member to control. I think you've done all right under difficult conditions, and praise for that. It does highlight another issue which is a bit tangential to what our previous speakers have said. All companies are cyclical. Doesn't matter what. They've got a cycle of their own. What is an emerging issue, if you look in the newspapers the last few years in particular, is the number of takeovers of good Australian companies. I've got a list literally as long as my forearm at home. Sydney Airport was probably the most outstandingly, in my view, foolish example of giving away a good Australian company with long-term previous and future prospects for good mum and dad shareholders such as we've had at the microphone this morning. I would like... This company's a little bit different because you own a very substantial part of it. That's a sort of a buffer against an opportunistic takeover by private equity or something of the like. Time and again, I won't reel off all the companies 'cause we'll be here all morning. We've got private equity or similar businesses, either from overseas or nationally, scooping up good Australian companies for a knockdown price when they're at the bottom of their price cycle. Now, we're at the bottom of a price cycle. Just a quick shifty glimpse through the last 10, 15 years of our price cycle in Adelaide Brighton. As one gentleman already said, we were AUD 6.50 a few years ago. We're now about AUD 1.50. That's a substantial drop, and I'm not making any great criticism 'cause there are features above and beyond your control that result in that dip in the market. Can you give us an even better guidance that whether some of the previous shareholders are worried about the share price, that it won't be scooped up by some advantageous to the private equity takeover entity, that we won't be scooped up during what has been a fairly prolonged period of price weakness over at least 5 to 10 years? That's my real worry, that we get a good company like this, even with your large shareholding that could be a blocking stake. It's a real concern that I'm trying to get a good stable mum-and-dad portfolio together. Capilano Honey, Sydney Airport. We've had offers for the various medical companies, InvoCare, which is going to be right here tomorrow. These very opportunistic takeovers at the bottom of the cycle. I'm prepared to ride out that cycle if boards similar to yours are prepared to stick the distance and tell a lot of the private or the opportunistic private equity takeover offers to basically go bowl a hoop. Thanks, Charles, for your question and comments there. Look, I guess I can't give you a guarantee that private equity is not gonna make an opportunistic takeover. The board put up the best defense we can if we don't think it's an appropriate takeover. So, you know, I can't give that guarantee. I guess at the end of the day, it's up to shareholders like you and like me. If we don't think it's a good offer, we don't have to accept. Plenty of offers have gone through, and I reference again Sydney Airport, which I think was outrageous, frankly. Okay, different company, but good solid earnings like this company. We're much older than Sydney Airport by 120 years. It just seems that a lot of good Australian companies are going for peanuts at the bottom of the cycle, and a cycle which, in the various instances that I've got at home on the list, could very much easily come back up again. Capilano Honey would be a good example. Honey is flavor of the month, literally and figuratively speaking. That, to my mind, was given away at the bottom of the cycle about 5 years ago. I'd like to see a bit more gumption, to use that word, that boards like yours in the various other companies that you various directors are directors of as well, provide a bit more substance and a bit more resistance to opportunistic bottom of the market takeovers. That's my worry, more so than a temporary suspension of a dividend or a temporary cyclical downturn in the share price. That, that's my real worry. Have a bit of fortitude. Thanks. I'll take that last as a comment, but you can be sure the board, you know, will look at any opposition to it for sure, and we'll, you know, give the best, what we think is the best in terms of defense. Chairman, may I introduce Les Fourniss, our shareholder. Mr. Chairman and board members, I'm a self-managed super fund shareholder. A couple of long-range questions. The Kwinana project, could you... You've talked about the cost blowout, but I'm interested to know when that's running, the impact on reducing your costs and what impact that will have from a carbon point of view. Looking forward to improve your cost line. The other two points I wanted to make was, could you comment about how much the market's weighing down the price because of the issue that you have in your industry with carbon? The third point is, in terms of new products, I was aware that the CSIRO was talking about the ability to sequester carbon dioxide in cement and the increasing properties of self-healing cement. I was wondering, I know it may be proprietary, but what your long-term new product development thoughts are in the way of differentiating your products in the marketplace. Thank you. Thank you. Les, was it? Yeah, thanks, Les, for your questions. I guess there's quite a few issues there. First one, Kwinana Upgrade. Look, I'll get Mark to give us a bit more color of that, about that. We are, commissioning is expected to be in quarter 2 next year and with operational in quarter 3 next year. I think Mark, in his speech, spoke about the cost overruns. Do you wanna do that now, Mark? Then I'll go onto the next topic. You can- Happy to, Chairman. Thank you, Les. A few things. What will happen when Kwinana is operational, our cement kilns at Munster will shut down. That's a process and as they shut down our production, the Kwinana upgrade plant is larger than Munster, so it has the potential to produce more. Once the conveyor systems are in place from the port through to the Kwinana plant, our operating costs are estimated to be in excess of savings or in excess of AUD 20 million a year. That's quite significant. If you think about the plant having a life of 20, 30, 40 years, you extrapolate that out, that's a significant saving. Whilst the capital overrun is disappointing, the operating cost benefits are material. I think the second part of your question was talking about sequestration or CCS, where we put the emissions underground. That is a possibility and we are looking at that. Today, it's totally cost prohibitive. With these things, they do get cheaper over time, and it's certainly one of the options that not just us, but industries are looking at doing. In terms of new product development, I think Mark spoke of GP cement, which is less carbon intensive. That's one of our new products. We are using more supplementary cementitious materials, blending slag, fly ash with cement and the GPs to bring down the carbon footprint, which people, our customers are asking for, which is becoming more prominent. Was that the three? They're the three notes I wrote down. I'm not sure if I missed one. How much the market's pushing down your price because the view of you being a carbon impacted company, the space that you work in, sort of similar to AGL, the price has been pushed down because of the carbon impact. I don't know the complete answer to that, but what I can say is that we are a hard-to-abate industry. Today, we make 60% of our emissions from what we do, making limestone calcified into clinker, then into cement. While I'm not sure if we're getting marked down on that, I just don't know the exact answer to that in terms of the share price, what how much of that's because of our carbon footprint. I don't know if you wanna add to that. I think it's a very good question. Firstly, there's still probably another month or so worth of negotiations with the government on the Safeguard regulations. I think once that position is finalized, and certainly by the time of the half year results, our intention is to talk to the market about what the consequence of that means for us. In terms of conversations with shareholders and analysts, it's something that they're patiently waiting for us to explain to them, but it's hard to see that it's a draw on the share price at the moment. I'm not the expert in that area, but it's not front and center as a topic of valuation. Any other questions? Hi. Hi, my name is Ron Strautins. I'm a small little man shareholder, and I just wanna quickly describe my journey with Adbri. It was in the late 1980s that I had to cement render my house and I went to Bunnings, and there was the product Off White Cement hit me in the face. It's a great product. Because of that, I bought some shares in Adbri. At one stage, I was so happy with the product, I was almost gonna tip all my life savings into the company. Fortunately, I'm glad I didn't. That was one of the thoughts that went through my mind. Over the years, I go to Bunnings and everything else, and lately I go to Bunnings and I can't see the products hitting me in the face anymore. I don't think the average person in the street knows anything about Adelaide Brighton. I'm looking at the marketing perspective. What has the company done wrong that Adelaide Brighton doesn't shine in people's brains? You've got to make people aware that this is an Australian company. It's got a great product, but nobody knows anything about it. I think marketing has failed a bit, and I think it's probably one of the reasons why the share price is so poor. Thanks, Ron, for your comments there. What I can say, I don't even know the date. I think it was late last year. We did change the name from Adelaide Brighton Limited to Adbri. We are on a journey of changing our branding to become Adbri. You will see this taking place, you know, going forward. It's starting and that's our journey we're going on. Adbri is a great Australian company. As I said before, it's been around for 140 years. Sure, if you look at on one of the in the annual report, you'll see so many trading names that we do trade under. We are on the journey of reducing them so that we become one Adbri, and even the management team are fully behind this transition. If you wanna add to that, Mark. No, it's a great question, Chairman, 100% right. We are rolling, particularly and starting in South Australia, to move some of our other trading brands. You'll see this year will disappear and be replaced by Adbri. It's a great question, sir. It's something that we're doing in the course of this year. Then we'll see how efficiently we roll that out and then learn from that and continue that rollout process next year. No, thank you. Thanks, Ron. Okay, if there's no more questions, I will bring your attention to item 2, Adoption of the 2022 Remuneration Report. As a board, we remain focused on ensuring our remuneration framework provides a solid foundation for attracting, motivating, and retaining an executive team to deliver on the group's strategy that will create value for shareholders. Robust benchmarks are used to review executive remuneration in line with the group's remuneration policy and market competitiveness. Are there any questions on the remuneration report from shareholders? As there are no questions, I will now display the proxy instructions received for this resolution. We'll now move on to the next resolution. I now bring your attention to item 3, the re-election of Emma Stein. Emma was appointed to the board as a non-executive director in October 2019. She is Chair of the Audit, Risk and Compliance Committee and a member of the People and Culture Committee and Nomination and Governance Committee. Further details about Emma's background and experience are set out in the notice of meeting. The board recommends Emma Stein for re-election as a director. We will now hear from Emma. Thank you, Chairman. Rhonda is kindly pressing this button for me. It's a bit of a two-woman act in this regard this morning. Good morning to you all. I'm seeking re-election today following what has been a challenging period for the company, and returns have not been at the levels that shareholders, including myself, want them to be. As one of your board directors responsible for governance, the company's leadership, strategy, delivery and execution, I recognize the context in which I'm seeking your continued support, and support which is never taken for granted. On a day-to-day basis, Adbri employees put in extraordinary efforts to service customers, to respect the environment and community and each other. The company is fortunate to have many such employees and their undoubted commitment, which was drawn upon during the daily uncertainties and unceasing challenges of COVID, during 2020 and 2021. 2022 followed and was more than a difficult year for many Australian industrial companies, particularly those with distribution-based business models. At the operational level, the continued wet weather inhibited getting products to markets and customers. Of course, the war in Ukraine also threw supply chains into turmoil as energy prices surged. Adbri, along with others, found its commercial and cost structures were under pressure. I continue to believe that our proactivity was essential in deciding that new capabilities were necessary to lead Adbri's response to these and other challenges. I acknowledge the destabilizing impact. The resultant leadership changes, however, have provided a much sharper focus on doing what matters to generate uplifted trading results, particularly in the last quarter of 2022. Since joining the board, I've sought to contribute to the board's decision-making, applying judgments based on prudence, flexibility, and the balance of stakeholder interests. I've also been pleased to support the finance and sustainability teams to ensure that our Net Zero Roadmap is realistic, well-communicated, and reflected through to our financial statements. As a company and as a board, the decision we make on low carbon products, energy, material substitution to help manage emissions are high on our agenda. Hard-to-abate is just that, making this a challenging, but I would say, invigorating area intellectually. I hope to continue to input with commercial rationality in the interests of Adbri, but also in our national journey. I firmly believe I have the skills and experience to continue to serve our company and shareholders, having had 30-plus years experience in boardrooms and senior executive positions in the building materials, oil and gas, energy, utilities, mining resources, waste and water industries. In seeking reelection in, Well, if I look back to 2020, when I sought election for the first time then, I said that I was reminded of the position of trust that you, the owners of Adbri, place in me. In seeking reelection today, undoubtedly, I would welcome your willingness to continue to place that trust in me. Thank you, and thank you to Rhonda. I will now take questions on this item of business. It appears there's no questions. I will now display the proxy instructions received for this resolution. Moving on... Oh. Oh. Sorry. That's the one. Okay, moving on to the next item. The next item relates to my own reelection as a director of the company. Accordingly, I will step down as chair during this item and will ask Samantha Hogg, our Deputy Chair, to chair this part of the meeting. Thank you, Raymond. Item four relates to the reelection of Raymond Barro. Raymond was appointed chair in May 2019 after having been appointed to the board as a non-executive director in August 2008. He's a member of the Safety, Health, Environment and Sustainability Committee. Further details about Raymond's background and experience are set out in the notice of meeting. The board recommends Raymond Barro for reelection as a director. I now invite Raymond to address the meeting. Thank you, Deputy Chair. I've been a non-executive director of Adbri since August 2008 and Chairman since 2019. In accordance with rotational requirements, I seek your support for my reelection. I'm currently a member of the Safety, Health, Environment and Sustainability Committee and will continue to do so at the board's pleasure. Adbri today is a vertically integrated construction materials company, a change from the cement and lime-focused company I joined in 2008. I've been involved in the construction materials industry for over 30 years. I am Managing Director and Chairman of Barro Group, a family-owned company, which is a prominent player in the cement, concrete, and quarrying industries. Our family company, Barro Group, is also a major shareholder of Adbri. I believe my skills and experience in the construction materials industry, along with an accounting and governance background, build on the current strengths of your board. It would be my privilege to serve a further term. Thank you, Raymond. I'll now take any questions on this item of business. If there are no questions, I will now display the proxy instructions re-received for this resolution. I'll now hand back to the Chairman. Thank you, Samantha. Turning your attention to item five, the election of Dean Jenkins. Dean was appointed to the board as the non-executive director in August 2022. Further details about Dean's background and experience are set out in the notice of meeting. The board recommends Dean Jenkins for election as a director. I now invite Dean to address the meeting. Thank you, Chairman. Emma, I'm gonna try to do this by myself, I might be in trouble. Good morning to those of you here in person and to those of you online. It's an honor to be here today and to introduce myself to the shareholders and broader stakeholder community of Adbri. If I may first thank my fellow directors for their nomination and to the broader Adbri team and your teams below you, it's been a challenging time for all, the positive and open attitude that I've found around our operations in my short time here has been enlightening, I thank you all and congratulate you for that. For those of you who I've not met before, having started out my career as an aerospace engineer, I've been fortunate enough to work in a range of large asset-intensive global firms, both on the ASX and the FTSE in London. Most recently, I was CEO of MaxiPARTS, which was formerly MaxiTRANS, an ASX-listed manufacturing and distribution company. Prior to that, I was COO for Scotland-based The Weir Group PLC, a UK-listed engineering company. Having led teams from all parts of the world across sectors of technology, power, aviation, rail, mining, manufacturing, and oil and gas, I bring a range of experience and best practice to my role today as a non-exec director. As a leader with chief executive officer experience, I believe I can add to the existing board's operational capability and strategic direction. This, in conjunction with my technology background, will be critical in the coming years as we and our customers face the dual challenge of energy transition and a community in need of our product. Elsewhere in my professional life, I'm an independent non-executive director of Alinta Energy and also a member of the Australian Institute of Company Directors. As an outcome-focused person, I hope and believe I can add value to your company, to its people, its customers, and the community it serves. I've no doubt that I can learn along the way from the shareholders and the people of Adbri. I thank you for considering my nomination and look forward to working in your interests over the years to come. Thank you, Dean. I will now take any questions on this item of business. As there are no questions, I will now display the proxy instructions received for this resolution. Fellow shareholders, if you've not already done so, could you please fill in your poll cards. The poll will close 5 minutes after the meeting is closed. Please place your poll cards in the ballot boxes within this timeframe. If you require any assistance, please raise your hand. The results of the poll will be announced on the Australian Securities Exchange and will also be available on Adbri's website. Shareholders and guests, that concludes the proceedings of today's annual general meeting, and I declare the meeting closed subject to the finalization of the poll. Thank you all for joining us today and for your continued support of Adbri. I invite you to join the board along with our executive team members sitting down the front. We've got Dianne Mong, Brett Brown, Andrew Dell, Christine Rietveld, Michael Miller, and Felicity Lloyd. Please feel free to chat to them, probe them, and enjoy the refreshments outside. Thank you very much