Thank you for standing by, and welcome to the Adbri 2023 full-year results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Mark Irwin, Adbri's Chief Executive Officer. Please go ahead. Good morning and welcome to Adbri's 2023 full-year results presentation. I would like to commence today by acknowledging Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia. We recognize their continuing custodianship of Country and culture and pay respect to the Elders past, present, and emerging. Joining me today is Jared Gashel, our Chief Financial Officer. The full-year report and presentation have been lodged with the ASX this morning. The slides will also be visible via the webcast for this briefing. In terms of the agenda, I will provide a brief snapshot of the business at 2023 highlights as well as address our safety and sustainability progress. Jared will then run you through our financial performance before handing back to me to take you through our 2024 priorities and outlook. Finally, there will be an opportunity to ask questions. As you can see, Adbri has a strong presence across Australia and produces a diversified collection of products. We supply high-quality and low-cost construction materials to customers in the commercial, residential, mining, engineering, and infrastructure sectors. On this slide, we have also included our revenue by state and product. In 2023, Cementitious M aterials accounted for 39% of our revenue, followed by Concrete at 33%. Both Lime and A ggregates account for 10% respectively, while Masonry makes up 8% of total revenue. Our geographical diversification has also held us in good stead, allowing us access to varying markets and sectors across the country, which better positions us to withstand changing market conditions. Our strategic pillars of safety, customer focus, inclusivity, and sustainable growth remain at the center of our decision-making at Adbri. I'll now take you through our financial results for the full year ended 31 December 2023. In 2023, the company achieved strong financial results, underpinned by a 13% increase in revenue to AUD 1.9 billion. Adbri's significant business turnaround helped deliver a 30.9% uplift in underlying EBITDA when compared to a year earlier. Solid price traction across all product lines, together with cost discipline, delivered an underlying EBITDA margin of 16.2%, up 220 basis points. Underlying EBIT also increased significantly, up 44% on the prior year to AUD 175 million. Underlying NPAT was up 43.8% at AUD 111.7 million, while statutory NPAT decreased by 9.5% to AUD 92.9 million, reflecting the AUD 46.2 million of property and Rosehill plant property and equipment earnings recognised in that prior year. The improved underlying earnings performance highlights the effectiveness of operational efficiency initiatives that have been implemented during the year as we continue to reshape and refocus our organization. Jared will take you through these numbers in more detail shortly. Adbri made significant progress on key operational and strategic initiatives during the year. We delivered operational efficiencies through our new decentralized business model supported by a strong leadership team. A focus on delivering value through cost management and best-in-class customer service is underpinned by this decentralized operating model now firmly embedded throughout the organization. We expect our Kwinana Upgrade Project to be operational by the end of 2024, supporting operational efficiencies and future growth in market demand. It's important to note late in the period that Adbri received a non-binding indicative proposal from CRH and the Barro Group to acquire 100% of Adbri shares not already held by the Barro Group for AUD 3.20 per share in cash. Today, alongside our results, we announce our entry into a scheme implementation deed with CRH. I will address this later on in the presentation, but let me first cover our improved safety and sustainability performance. The health and safety of all of our workers, including our employees, remains the highest priority at Adbri. Our total recordable injury frequency rate improved by 10% compared to 2022. We continue to see positive trends in other key safety lead and lag indicators, with visible leadership walks doubling year -on -year and critical control verifications increasing significantly. But we still have a way to go, in my opinion. We have also put an emphasis on improving psychological well-being and contractor engagement, and pleasingly, we are seeing positive results from this focus. We remain committed to our goal of net-zero emissions by 2050 and make good progress towards it in 2023. In our ongoing efforts to reduce emissions, we signed a long-term agreement with CSL to supply and operate a new hybrid diesel and electric battery-powered limestone transport vessel by 2026. We expect the new vessel to reduce our emissions by about 40% compared to the current emissions of the Accolade II operation. We will also continue to phase out coal as a kiln fuel at Munster to reduce our emissions, while in South Australia, we received approval from the EPA to increase refuse-derived fuel, or RDF, usage at Birkenhead. Importantly, Adbri already produces the lowest embodied carbon type GP cement verified in Australia, and we are always looking to improve our carbon footprint. We're doing this through innovative new products like Futurecrete and EvoCem, which were launched during the year. 2023 saw the introduction of the federal government's Safeguard Mechanism reforms, which we actually engaged with the government on. As previously indicated, these reforms are not anticipated to have a material impact on our earnings based on this current legislation. As you can see, Adbri has made good progress against our short-term 2024 targets, supported by our ongoing alternative fuel strategy, grid decarbonization, and the increasing use of supplementary Cementitious Materials. Given our short-term targets are approaching their end, we will set new targets this year aligned to our existing medium-term targets for 2030, and our goal of being net-zero by 2050. I'll now hand over to Jared. Thank you, Mark. I will now take you through our financial performance in 2023. Pleasingly, we have made good progress against all key financial metrics. As Mark mentioned, on an underlying basis, we have delivered a significant improvement in profitability, driven by a strong focus on pricing and cost discipline across the business, with the group's EBITDA margin increasing 220 basis points to 16.2% and returns on funds employed increasing by 200 basis points to 8.5%. Moving to product performance, Cementitious revenue increased 7.8% in 2023, the third consecutive year of growth, with volumes increasing by 2.8%. This performance was driven by strong demand across most sectors. The average selling price of cementitious products increased by 8.2%, demonstrating our commitment to pricing discipline. Inflationary pressures, although moderating, continue to impact energy and raw material costs. During the year, we have installed a new, more efficient kiln burner at Birkenhead that is providing a 5% clinker gas consumption benefit, and we also received approval to increase the usage of refuse-derived fuel in the calciner with up to 100% substitution of natural gas, now possible. Revenue for L ime increased 9.6%, primarily driven by improved pricing, with the average selling price of lime products increasing 14.6%. Demand for lime was negatively impacted by higher rainfall across the winter months in Western Australia, as well as several mine closures. This resulted in a 3.4% decline in volumes, a trend that is likely to continue given the evolving landscape of the Western Australian alumina market. Moving to slide 16, revenue for Concrete increased by 20.3% on the prior year, driven primarily by price increases implemented in the second half of 2022 and early 2023, as well as a 2.4% increase in volumes. During the year, we opened two new concrete plants, one in Rosehill to service the growing Western Sydney region, replacing the plant that was compulsorily acquired by the government, and one in Pakenham to supply the outer southeast Melbourne growth corridor. Substantial inflationary costs continued to impact our operations, particularly fuel and raw materials. Moving to Aggregates, aggregates demand has continued to grow year-on-year, with a 2% increase in volume in 2023. Infrastructure project revenue for the year was strong, underpinned by supply of material for the Western Sydney Airport and the C2C project in Queensland. The average selling price of aggregates increased by 14.4%, helping offset heightened production costs due to the inflationary environment. Masonry revenue increased by 9.1%, driven by a significant increase in contracting revenue as well as price increases. Product volumes were 3.8% lower than the prior year, with lower retail and residential demand. Moving to joint ventures, which accounted for more than 9% of our EBITDA in 2023. Across the joint ventures, revenue grew 8.5% and earnings grew 20.8% to AUD 29 million, with strong growth in ICL and Mawsons, partially offset by Sunstate. The group's look-through EBITDA for 2023, which takes into account the joint ventures' EBITDA, was AUD 348.3 million. Turning to slide 19, the EBITDA bridge highlights the continued inflationary environment in which we're operating, with raw materials, energy, freight, and labor all remaining at elevated levels. Despite the inflationary pressures, our focus on price realization, together with operational efficiencies, has helped drive Adbri's underlying EBITDA to AUD 311 million, or 30.9% higher than the prior year. Turning to our half-on-half earnings trends, pleasingly, our margin recovery continued, with the second half of 2023 delivering an EBITDA margin of 16.2%. Moving to cash flow, operating cash flow increased by AUD 48.6 million compared to 2022, primarily due to improved trading performance, with net working capital slightly unfavorable due to the timing of payable payments in the current year. Free cash outflow of AUD 104.7 million was in line with our expectations, given the elevated investment in the Kwinana Upgrade P roject in the year, which totaled AUD 165.8 million. Cash generation, cash conversion, and disciplined capital allocation are key focus areas in 2024. Moving to capital management, leverage has improved to 2.2 x, down from 2.4 x in 2022, and is trending towards our target range. Notwithstanding the improved leverage ratio, the group's net debt level increased by AUD 105.5 million, primarily driven by the elevated investment in the Kwinana Upgrade Project, as previously discussed. Despite the elevated debt levels, the group has substantial liquidity with more than AUD 356 million, significant bank covenant headroom, a weighted average debt maturity of 3.6 years, and no near-term renewals. As noted earlier, returning the leverage ratio to less than 2 x is a key focus for me and the team. Turning to capital expenditure, capital expenditure increased from AUD 255.1 million in 2022 to AUD 316.2 million, with the increase driven by the continued investment in the Kwinana Upgrade Project. Capital spend for the period was split between stay-in-business capital of AUD 128.4 million and development capital of AUD 187.6 million, with 88.4% related to the Kwinana Upgrade Project. Stay-in-business spend increased by AUD 4.7 million over 2022, with shutdown capital across Cement and Lime, construction of the Rosehill concrete batching plant, and fleet replacement driving the spend. Moving to slide 24, the chart on the left summarizes the group's financial framework. Starting at the top of the chart, a key focus area for 2024 is improving cash generation through improved operating cash flows as well as capital optimization cash flows, including through property initiatives. Moving to the middle of the chart, the delivery of the Kwinana Upgrade Project and efficient deployment of stay-in-business capital are priorities for the group in 2024. The combination of disciplined cash generation and capital allocation underpin our commitment to maintaining a strong balance sheet and restoring our leverage ratio to less than 2x. Turning to slide 25, which outlines how we think about our property portfolio with a focus on surplus properties, the company's property footprint will continue to evolve as we invest in our network and optimize our operations. Once a property is deemed surplus to our operations, it is repurposed, and the highest and best use is determined. This might include holding for recurring earnings, divesting and recycling capital, or long-term development. Moving to slide 26, this slide showcases three properties currently under assessment for highest and best use opportunities. I will now hand you back to Mark to address the strategic priorities. Thanks, Jared. A few of our strategic priorities have already been touched on, but I'll now address them in more detail. The Kwinana Upgrade Project continues to be a critical project for Adbri to strengthen and consolidate our cement milling operations in Western Australia. As of 31 January 2024, we have invested AUD 265 million in the project, and it is over 70% completed. We are tracking well against our project timeline and expect the facility to be operational by the end of 2024. In 2023, we made good progress towards the completion of the construction of the site, and we recently achieved key milestones of silos, tanks A and B being installed. The upgrade is projected to deliver annualized cash savings of AUD 21 million as we consolidate our two cement operations in Western Australia to the one site at Kwinana. In 2023, Adbri commenced a review of its lime operations with the view to improve asset performance and customer offering. In that time, the Western Australian market has evolved, demonstrated by Alcoa's recent decision to curtail production at its Kwinana refinery. Alcoa's Kwinana refinery is an important consumer of quicklime in the Western Australian market, estimated to have used approximately 100,000 tons of quicklime in 2023. Adbri is in negotiations with Alcoa regarding its supply agreement, which expires in October 2024. The Western Australian lime review will consider the changing demand profile from customers in the alumina and mining sectors, especially nickel, gold, and rare earths, with a particular focus on assessing optimal productions at the Munster site having regard to future lime market demand and key customer negotiations, evaluating the business case for a potential lime import facility at Munster, utilizing existing silo and storage infrastructure, adopting a hybrid supply model capable of bringing additional grades to the marketplace, and analysis of opportunities for Adbri's surplus land holdings at Munster. As I touched on earlier in the sustainability section, in December we announced we had entered into an agreement with CSL to replace the MV Accolade in 2026. Adbri will have one of the world's first hybrid -battery electric -capable cargo vessels as a limestone carrier. This new vessel would provide major benefits compared to the Accolade II, including reducing our Scope 1 emissions for limestone transport by about 40% and allowing us to transport up to 2.7 million tons of limestone per annum, representing 35% more carrying capacity than the current vessel. To accommodate this new vessel, upgrades to the Klein Point and Birkenhead ports are planned at a total cost of approximately AUD 26 million out to 2026. In parallel to this, Adbri has commenced a business review around expanding the plant milling and blending capacity at Birkenhead. This feed study will be complete by early 2025, and if approved, any significant capital investment would be expected from mid-2025, with this additional production commencing from 2026. Together, these initiatives support the decarbonization of our operations, create efficiencies, and enable greater supply of lower carbon products to the market. As you are aware, late last year we received a proposal from CRH and the Barro Group to acquire 100% of Adbri shares not owned by the Barro Group at a price of AUD 3.20 cash per share, representing a 41% premium to the undisturbed closing price on 15 December 2023. Today, following CRH's completion of confirmatory due diligence, we announced that we have progressed the transaction with CRH by entering into a scheme implementation deed at the best and final price of AUD 3.20 cash per share. The independent board committee established to assess the offer has unanimously recommended shareholders vote in favor of the transaction, subject to the independent expert concluding the offer is in the best interests of shareholders. This slide lays out some of the high-level steps to come. A scheme booklet will be provided to independent shareholders in due course and will include the complete timeline and independent expert report. At this time, shareholders do not need to take any action and will keep shareholders informed. Now onto our priorities and outlook for 2024. I am presenting this slide to you having just acknowledged we are progressing the scheme implementation deed with CRH. However, management remains acutely aware of our responsibility to shareholders and the community. This year we will focus on completing the Kwinana upgrade and transitioning our Munster cement operations to the new site. As I mentioned earlier, our lime review is continuing and we will provide an update once completed in 2024. In concrete aggregates and masonry, we will continue to optimize supply, including concrete plant upgrades in South Australia, embedding our new concrete batching plant in New South Wales, and expanding our general limestone silo capacity across the network. We will also continue to organically grow our masonry contracting business. Across our business, we're continuing to improve safety, and that remains a key priority in 2024. As we touched on earlier, we will also focus on disciplined capital allocation, improving our cash conversion, and developing our 2025-2030 ESG targets to align with our net zero emissions roadmap. Finally, to the outlook to close today's presentation. Adbri expects demand for its products, with the exception of lime, to remain strong and broadly in line with FY 2023. Adbri also expects pricing and cost discipline to support margin expansion in FY 2024. Finally, we expect capital expenditure to be between AUD 270 million-AUD 290 million, inclusive of the Kwinana Upgrade Project, which now has a lower capital cost estimate between AUD 370 million and AUD 400 million. With that, I've now like to hand back to the operator and open up for questions. Thank you. We will now begin the question -and -answer session. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. And today's first question comes from Keith Chau with MST Marquee. Please go ahead. Good morning, gents. Just a quick from me on the strategy around concrete. Obviously, the market is conducive at the moment to players adding concrete capacity. The majors, I think, are seemingly willing to cede share in what is a very strong price environment. So just trying to understand what are some of the dynamics you're seeing as you put on these new concrete plants, your demand for concrete, how you're winning customers, and whether that win of new customers is based on price, geography, etc., etc., and how long you think there is runway for growth from a concrete perspective, please. Thank you. Yep. Morning, Keith. It's Mark here. It's a really good question. How do we think about it? You always break your concrete market down into the submarkets. Let me start with South Australia. We are investing a little bit of capital this year in some organic growth, so increasing the capacity of a couple of our plants. We think that there's good growth in the residential market in South Australia, but we also think in the next couple of years some really good growth in the infrastructure markets in South Australia. There's just growth within the market itself, so that's a real positive. If I also turn to your markets on the east coast of Australia, again, they're all different, but we're well placed in Victoria. That's a market where we're maintaining our position for want to paraphrase, compared to South Australia, where we're investing capital. We are commissioning and have commissioned our plant in New South Wales in Rosehill, and we're looking at further footprint opportunities in New South Wales. In Queensland, we're just building out capacity. We're confident that the market is growing organically, and so we certainly don't so we think we do that for the reasons that's mentioned. The other thing I'll also flag is that through Futurecrete, which is a concrete product, and EvoCem, which is a cement product, there's a real demand out there for a lower embodied carbon concrete product. What's interesting at the moment is that what we're producing and selling into Victoria and New South Wales is being consumed by ourselves in terms of this lower carbon embodied product. So we think that there's growth there as well. We're doing it through strategic positioning, some organic growth, looking for new opportunities, as well as through product differentiation. Thanks for the question. Thank you, Mark. Just maybe a second one, quick one. Just on your development application under ICL for a new cement grinding facility in Geelong, wondering how that's tracking strategically? How do you think that changes the position for the business going forward? Yeah. So I think that the view we do have a view that there is good demand in the long term for, again, what I call a lower carbon embodied product, ultimately in cement and in concrete. So clearly, that's part of the combined thinking of the shareholders of ICL, being the Barro Group and Adbri. But that's very early stages. A DA is an application. The study itself is embryonic. But what we are also doing, and you have to understand the complementary nature of things, is we are sort of also doing a study which we are commencing and have commenced in South Australia around, again, how to increase capacity at Birkenhead, which, again, gives us market opportunities both in South Australia and potentially into Victoria. So yeah, two separate studies at different points of maturity, Keith. Okay. Thank you. That's really clear. Sorry, maybe if I'll squeeze one more. Just on the lime industry, clearly, Alcoa shutting down one of the refineries is a bit of a game changer for lime supply, and you recognise that through a review of the lime assets. Can I make the assumption that a single kiln going forward will be the best way to handle the change in the market? And when you talk about importing supply into the market, do you need to import supply to supply Alcoa if you get another extension, or will those just be your flex volumes in your network going forward? Thank you. The market in Western Australia is circa 1.2 million tons, give or take. It is a market that's growing, we think, notwithstanding the Kwinana curtailment announcement. We think over time there's growth above 1.2 million tons. The reason that we're doing a review is we think it's really around what the market needs in terms of product requirements. One of the considerations for us is how do you complement domestic production, and are we the right people to complement domestic production via an import product? And that's what the study's about. The other thing in addition to that, which is secondary, is we do have good land buffer zones around Munster. That's sort of a subset of the study. The major component is what do we want our footprint to look like in terms of product offering and the volume of that offering, as you say, and the product mix of that offering over the next couple of years. We'll have that work done largely in the course of this year. That's great. Thanks very much, Mark. Appreciate it. Thank you. As a reminder, if you'd like to ask a question, please press star then one. Our next question comes from Daniel Kang with CLSA. Please go ahead. Good morning, everyone. I guess in your outlook statement, you talk about pricing and cost discipline. Can you talk about some of the initiatives that you've put through so far this year? There's a few things. I think you'll see that, and it's sort of referenced in our presentation, that we are rebuilding margin. And if you go back and look through the cycle, that EBITDA margin came off the last couple of years, and we've been using the last period of time to rebuild that. And you rebuild it through different lenses. One is through price. That's one thing. The second thing that we have been having to manage, as has the industry, has been, and that started really in late 2021, early 2022. And there, your input costs. Now, whether it's wages, transport costs, other associated labor costs, or energy. And I think for us, what we're seeing and what we're talking about is that we are seeing a leveling off of those rather large percentage increases that have occurred over the last few years. So the key thing is there's a leveling off component. What we're also doing is we're trying to actually increase the intensity of production relative to energy usage. So we have initiatives underway for that. And we're also looking at the substitution there of energy that we pay for. So it's a broad range. We do have some elevated costs this year compared to last year in corporate, but they're really associated with catching up with some historical underinvestment in areas such as IT and associated costs in that area, as well as, in a good way, a greater provision this year for paying bonuses to staff that have been lower over the last couple of years. So yeah, so it's not a particular; there's no silver bullet to answer your question. It's around price discipline, which is actually discipline in the market around your product. Our products are in high demand as our competition, I'm sure, but our products are in high demand. So making sure that you maximize the value for your product. And there's no particular silver bullet, as I say, around cost management other than decentralization of the business, empowerment of the business, cost management sitting with the people making the decisions, accountability for making those decisions, but also more broadly seeking to reduce our dependency on things like energy. And that's probably the one area that I'm not as comfortable with, but thank you. Good question. Mark, is there a normalized level, EBITDA margin level, that you think the business should be striving for or targeting? Well, the answer is that the market has changed relative from 2019 and 2020. There are structural changes in our industry. So there's structural changes in terms of, let's call it, competition in 2019 and 2020 that's in place now that we didn't have as much at some of our markets back in 2019, 2020. But on the flip side, what we are seeing is that our product type is changing. I think we are close to one of the leaders in Australia for, generally speaking, a lower embodied carbon cement and cement type. So we think that gives us a positioning opportunity in terms of pricing. So it's interesting that an industry that you would think is a traditional industry has undergone fairly. We've undergone fairly significant macroeconomic changes in the last four or five years. I think we're just more robustly able to be positioned for that because of the way we run the business, because of our product mix, and our portfolio of assets. To answer your question, I won't give a guide on the margin, but certainly our aspirations are for that margin. As we talked about on a forward outlook basis, we talk about maintaining margin and price going forward. If I can just squeeze one last one in terms of the scheme of arrangement with CRH and Barro, do you anticipate any issues from FIRB or shareholder approval? So there's a few things. In terms of the, let's call it, the regulatory approval process, that's something that the bidder is looking after. And you're right, our role is to work with the investors, for our investors, to support and vote for the resolution. So on that second point, we're about to engage an independent expert. And our board is given a clear indication about what they think that this is a compelling transaction. I mean, it's a 51%+ premium to the prevailing 30-day VWAP prior to the announcement. So that's compelling. And I think we've said we'll support it because we believe it's in the best interests of shareholders. So I think that's what we would hope the independent expert, that they arrive to that effect. And I think the shareholders will then support it. That is our job to do that, convince the shareholders to do so. Yeah. Thank you, Mark. I'll pass it on. Thank you. This concludes our question -and -answer session. I'd like to turn the conference back over to Mark Irwin for closing remarks. Okay. No, thank you. I'd like to thank everyone today for participating in Adbri's 2023 full-year results presentation and for your interest in the company. As you can see, we feel that the organization has delivered significant revenue and earnings growth that's driven by pricing and cost discipline. We are reshaping our business to deliver value with a true focus on cost management and best-in-class customer service. So thank you for your time today. Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.