Well, good afternoon, all, and thank you very much for taking time out and joining us this afternoon. As we're all aware, it's been a very extraordinary 18 months or so, and when you go through our results, you'll see that particularly affected our performance in the first half. We can all remember the fall in the equity markets, and commodity prices came off as well. We've had a complete turnaround in the second half. Equity markets have picked up and commodity prices in particular, which has flowed through to the Soul Pattinson result. Very big jump in coal prices and copper prices, which we're involved in. Brickworks had a very good result again. Building products were steady, and the property result was an excellent one. Before I go on, I'd just like to introduce Todd Barlow, who's the Managing Director from Soul Pattinson, and David Grbin, who's the Financial Officer from Soul Pattinson. They will give you a presentation when Lindsay's finished. Lindsay is the Managing Director of Brickworks, and Robert Bakewell is the Chief Financial Officer of Brickworks. On that note, Lindsay, I'll hand over to you for your presentation. Thank you, Chairman. Good afternoon, ladies and gentlemen, and welcome to the Brickworks analyst briefing to the year ended July 31st, 2021. Today, I'll start by providing you an overview of our results for the year, including a review of the divisional performance, and then we'll discuss the outlook for Brickworks. Robert Bakewell will then cover through the financial side of things, and then we'll take questions, but most probably at the conclusion of Todd's presentation, as we've done previously. Just giving a high-level overview. Well, it gives me great pleasure to deliver another strong result. Underlying profit of AUD 285 million. It was a record, up 95% on last year. The property trust was, of course, the standout and very strong demand for our prime industrial land and a significant increase in the value of our portfolio. Performance across the building products was mixed. Australian operations were largely unaffected by COVID. When I say largely unaffected, there's been numerous interruptions, and I'll get into those. They delivered higher earnings. Our North American operations were disrupted to a greater extent and a greater variability, being more states and precincts that we had to work in. They were knocked around quite significantly at different times. In addition to that, Washington H. Soul Pattinson delivered a great result. Our 39% holding in Washington H. Soul Pattinson increased by AUD 1.2 billion and a further AUD 289 million since the end of the year. Phenomenal return there. Those headline numbers, revenue was AUD 890 million, down 6%. There was no property sales this year. There was some property sales last year, and there was some negative exchange rate movements as far as the North American operations were concerned. EBITDA for continuing operations was a staggering AUD 453 million, up 61%. As I said, driven by the increased earnings from property. The underlying profit of AUD 285 million translates into earnings per share of AUD 1.89. The statutory profit was down to AUD 239 million, down 20% on last year. That was because there was a large one-off profit in the Washington H. Soul Pattinson result last year. Directors are very proud to be able, once again, to increase the dividend, both at the interim and final. The final increased to AUD 0.40, bringing the total dividend for the year to AUD 0.61. The record date will be November 3rd, and the payment will be on the November 24th. We're very pleased with our graph there of the dividend performance, and it's been 45 years since the dividend was last reduced. It has either been steady or increasing. You can see it's increased every one of the last seven or eight years there. Looking at value creation, this is sometimes I think overlooked, over the long term, Brickworks has created enormous value for its shareholders. We've got a compound return of 13% per annum over 53 years. That means that AUD 1,000 invested in 1968 would be worth AUD 630,000 today. Of course, 1968 is the year that Brickworks and Washington H. Soul Pattinson first started their ownership of each other. Performance over any of those periods has outperformed the index, whether it be one, three, five, 10 years, 15 yhears, or 20 years. Looking at how that portfolio performed as far as asset creation. Washington H. Soul Pattinson's current market value is AUD 3.4 billion. 50% value of the property trust is now AUD 911 million. The NTA of the building products in Australia, AUD 831 million. Building products North America, AUD 205 million. That's a total of AUD 4.8 billion asset backing and the net debt of AUD 519 million. If you look at that on a per share basis, the net assets per share have increased by 149% over the last 10 years, from less than AUD 13 to almost AUD 32 today. It's also worth noting that the building products has a significant amount of land in it at the original purchase price. Obviously, today's value is much higher than that. Turning to safety, I'm pleased to announce that we've made steady progress on improving our safety. In Australian operations, we just had one lost time injury during the year, which turns into 0.4 lost time injuries per million hours worked, which is a fabulous result and a repeat of the prior year. That has happened, and we brought that about by a sustained effort over that time through disciplined implementation of safety management systems and procedures, together more recently with behavioral leadership and safety training, and that's helped us get the last little bit, reduce the accidents that last little bit with that changing in the behavioral areas. To date, we haven't been able to replicate that in the U.S., but we are applying all the same measures that we've done here to achieve that, but we did suffer 10 lost time injuries. Part of the issue we had in the U.S. was a very high turnover of staff, difficulty getting staff, and of course, if they turnover quickly, you don't get a chance to train them, let alone change their behavioral actions. The other important issue that many shareholders are asking us on an increasing basis is about sustainability. I'd have to say to you that nothing is more sustainable than clay bricks. We try and make beautiful products that last forever, stand the test of time. There's very few products on the market that can claim that. We make our bricks from clay and shale, which is abundant, although we're using an increasing amount of recycled material. Just at the moment, we're in discussions to take the spoil from the Cross River Rail in Brisbane and one of the tunnels to go to the new airport in Sydney. We take that material that would've otherwise been put to landfill. It means that this is years and years and years of material to make our bricks, which is recycled. We've issued our Build for Living strategy, which states 15 clear, measurable targets that we'll be working on going forward. We are very pleased that we've reduced our carbon emissions by 40% since 2006, and we continue to invest in modern, fuel-efficient production processes. We're also very pleased that we have the only fully certified carbon neutral brick range, and we've expanded that in the last year. I'll be talking about each of the divisions in detail, so I won't go through it anymore here. I'll look first at the investment results. I won't say too much because Todd will be coming on shortly, but the Soul Pattinson delivered AUD 97 million for the year, up 91%, with, as the chairman mentioned, higher contributions from New Hope and Round Oak Minerals. Brickworks received AUD 58 million in dividends, up 3% on the prior year. I mentioned their shareholding. I won't cover this, but Todd will. A fabulous effort, outstanding effort that Soul has achieved, up 13.4% for the last 20 years. Excellent. Amazing, it's a 70% lift in the last 12 months. I won't go into the merger, because Todd will cover that off. I will mention one thing, or two points. First of all, is that our Brickworks shareholding in Washington H. Soul Pattinson will drop to 26% because of the merger, and there will be a one-off non-cash profit that Brickworks will receive somewhere between AUD 375 million and AUD 425 million, because it's a deemed What's the word? Disposal. The deemed disposal, yeah. A non-cash accounting transaction. I'll move into property, which I think most of you will find a great interest. Fabulous results. EBIT of AUD 253 million. All property trust assets were revalued under our guidelines if the cap rate moves by more than 25 points. The revaluation profit was AUD 149 million. That's because there's very strong demand, people looking to invest their money, and they see this as good stable returns, and it keeps driving around the return that they're prepared to accept. Of course, our industrial sheds are in excellent locations and are all, of course, A-class building. The property trust income increased by 3% to AUD 31 million. Development profits were AUD 24 million on the completed facilities during the period. Property sales. There was a retained earning from a previous period when we put Oakdale West. We couldn't claim it until such time as we had leases on the properties there. That released a further AUD 52 million of previously undeclared profits. Looking at the property trust asset value, the total trust is worth in excess of AUD 2 billion. In addition to that, we hold AUD 686 million of land and infrastructure that is under current development or is developed. This is mainly in Oakdale East and Oakdale West. Including the development land, the total value of assets held within the property trust was AUD 2.7 billion at the end of the year. Borrowings were AUD 845 million, which, if you follow the calculation, means that Brickworks' half share is AUD 911 million. It increased by AUD 184 million during the year. It's interesting when you look at that graph, you'll see back in financial year 2012, that's all the trust was worth. Here we are now a few years later, increasing by that amount every single year. Gearing of the trust was very low, conservative at 32%. Since inception, the asset values of the trust have increased by 18% per year compound, which has been an excellent return for shareholders. Just looking at some of the finer details around the trust. We're going through a period of unprecedented development. Is that one on as well? No. I know. That's it on. Okay. Can you go back two slides. two slides. I think we have it back on. I've been asked to go back two slides. Let's get this one. Okay. Okay if we proceed? Yep. Okay. I'll just go over the looking forward in the trust. We currently receive about AUD 89 million in gross income for the trust. We have a weighted average lease expiry of 4.9 years and an average cap rate of 4.2%. We have 708,000 sq m that is currently being leased. We have 284,000 meters of area that is currently under construction, and that includes Amazon, Coles, Woolworths, and so on. All frontline companies, large corporations, that if they were ever unable to pay their rent, we'd have greater troubles than that. We're very confident that they will be continuing meeting their obligations. In addition to that, we have 227,000 sq m of land that is addition to be developed. When that 284,000 meters comes through, that will increase our gross income by AUD 51 million per annum, and the value of the leased assets will increase by AUD 1.2 billion at a cap rate of 4.2%. Looking at some of those properties to give you a bit of an idea. This is Oakdale South, which is just the remnants of that. There's 25,000 meters under development there. This is called Site 1C. You can see that we've got a building there for Amber Tiles and Newsome. We'll take that facility out. Those assets are due to be completed during the first quarter of FY 2023. Going to Rochedale. We have three pre-commitments up there, and we'll build that estate out. There's 30,200 meters to be built out. It's the 10,600 sq m facility for Woolworths, a 16,800 sq m facility for CHEP, and a 2,800 sq m facility for Franklyn. That is expected to be completed during financial year 2022. Looking at the big one. You can see here Amazon in the foreground, you may not have heard that from Monday, there are no restrictions on the number of people that can work. Amazon will go back to being built around the clock, seven days a week. We're hopeful that it'll be completed. Subject to approvals, its mixed use or industrial and possibly residential will go into that area. More broadly, we continue to explore what other parcels of land that we can bring on under Frasers. Increases in shortages of other materials and also it's very significant, and it'll only took a couple of weeks before we have to start taking plant offline. Sales revenue was steady at AUD 152 million during the period. The EBITDA, while it's delayed, will open in the next month. The net profit after tax from continuing operations was AUD 240 million. That's down 24% from last year's record, but that included a large one-off via our holding in WH Soul Pattinson following the TPG Vodafone merger. Including a small loss on discontinued operations. Statutory net profit after tax was AUD 239 million. Just focusing a little bit more on those significant items. The key items are a AUD 29 million cost in relation to WH Soul Pattinson's significant items and the deferred taxes on our holdings in that company. There were after-tax restructuring costs of AUD 13 million. Primarily relating to the relocation of the masonry plant in Sydney, the post-upgrade commissioning of our brick plant in Cardup in Perth, the closure of retail outlets in the U.S. as we streamlined there, and the staged decommissioning of production at the York plant in Pennsylvania. COVID-related costs after tax were AUD 3 million. This was a mix of unabsorbed fixed costs in our U.S. plants, as well as other incremental costs across the group. We had AUD 3 million of acquisition costs over the year, primarily in relation to the purchase of IBC. We picked up a tax benefit of AUD 4 million in relation to U.S. acquisition costs incurred in prior years. Turning now to the cash flow. Total operating cash flow for the year was an inflow of AUD 140 million. That's up from AUD 74 million in the prior year. That prior year being adversely impacted by higher tax payments, particularly the AUD 54 million in tax we paid when we sold some shares in Soul Pattinson in December 2018. Capital expenditure was AUD 117 million. As you know, the company's midway through a significant capital investment program, including the new masonry and brick plants in Sydney, major upgrades at Hanley in Pennsylvania, and the deployment of a new ERP system across Australia and the U.S. The uptake of the DRP that was in place last year for last year's final dividend resulted in net dividend payments being flat over the period, despite the increase in the dividend paid per share. Normally here, net tangible assets per share is down 1% to AUD 13.88. This was mainly due to a decrease in the market value of Soul Pattinson's listed investments, particularly with the merger of TPG with Vodafone, and the change in accounting that resulted in. Then also the recognition of lease liabilities in relation to a number of significant new long-term leases. The corresponding right of use assets, which are intangible, are excluded from the NTA calculation. Shareholders' equity, on the other hand, increased by AUD 77 million to AUD 2.48 billion, which represents AUD 16.41 a share. An underlying return on shareholders' equity was 12%, which is up from 6% last year. As I mentioned, operating cash flow was AUD 140 million for the period. Net debt increased to AUD 519 million. That resulted in a slight increase in the debt- to- equity gearing on the balance sheet to 21%, and our interest cover was 20x. I'll just finish on our debt maturity profile. We currently have a total of around AUD 878 million in committed debt facilities. These include a syndicated multi-currency facility of around AUD 632 million, a bilateral cash advance facility of AUD 100 million, an institutional term loan facility of longer tenor of AUD 100 million, and a construction loan facility of AUD 46 million, which is related to the construction of the new masonry plant. This will convert shortly into a lease as that project is completed. As I mentioned, at July 31, our net debt was AUD 519 million, giving us around AUD 360 million in funding headroom based on committed debt facilities and cash on hand. As you'll note from the information we've supplied in that slide, we maintain significant headroom on our banking covenants. With that, I'll hand back to Lindsay to discuss the outlook. Thank you. Thank you, Rory. Brickworks is in a strong position. We have conservative debt levels and a diversified portfolio of attractive assets. We're excited about the outlook for Washington H. Soul Pattinson following the recent merger of Milton Corporation, giving them greater scale and liquidity and providing new investment opportunities. As I've discussed, development activity in the property trust is continuing at a unprecedented scale, and the completion of these facilities over the next two years will result in a significant uplift in rental income and asset value. Building products in Australia's underlying demand across the country is strong, with a large backlog of detached house construction work in the pipeline. New South Wales has been impacted by the latest COVID outbreak. I'm pleased to report that we've basically returned to our pre-lockdown sales. It's taken about six or eight weeks to get over it and get back to full speed. Heading forward, I'd say that New South Wales will continue to strengthen, particularly as the last restrictions are removed on Monday. Of course, we've brought back online that second kiln at Plant 3, and I assume in the next week or so, we'll also bring back online the Punchbowl operation. In the short term, there's a significant amount of uncertainty persists, as we saw with this week with the close down or lockdown in Melbourne. There, similar to Australia, amazingly, our sales fell 80% in the first couple of days. Assuming that it's lifted as has been indicated by the government at the end of two weeks, we'll be in a situation where things will then start to recover. It's actually given us a bit of a chance to put a bit of stock on the ground because we were very tight in Victoria. If it goes more than three or four weeks, we'll definitely have the same problem down there. We can't stock our entire output for a month or more. In North America, the sales momentum has recommenced following the summer holiday period where this year everyone did take holidays. Assuming there's no further disruptions from the pandemic, we expect that we'll see improving sales through the balance of the period. However, it is taking longer for the commercial work to come back online. In some cases, this is because the developers are concerned that they don't have all the materials, and they're waiting till they stockpile all the materials before they start. In other situations, they're concerned that the costs have risen so much that it's no longer commercial to do the project. They're waiting for, particularly lumber prices, to return to a more normal level. Having said that, we've redirected ourselves into the housing market. I've mentioned before, and we've now effectively got 60% of our sales go to housing. Unfortunately, we don't receive the same margin from housing as we receive from doing the commercial work. Having said that, though, the acquisition of IBC is definitely going to give us a spring in our step going forward. I won't go to questions. We'll hand over to Todd. Now, I think I've got to swap. You can keep going. Sorry? You can keep going. can keep going. We'll just keep going with it? Okay. I will be doing the slides for you, Todd, so I'll hand over to Todd. Great. Thanks, Lindsay, and good afternoon, everybody, and thank you very much for your interest in our company. I'll turn to the next slide. WHSP offers a unique investment product in the Australian market. Through WHSP, an investor has the opportunity to gain exposure to a range of asset classes and industries, investment strategies that have delivered above-market returns for decades, steady and growing dividends, and a management team with a strong track record of execution and active stewardship of capital. Our investment philosophy defines our strategy and competitive advantage. We invest in a diverse range of uncorrelated investments across listed equities, private equity and venture capital, property, structured credit and cash. The key advantage is our unconstrained and flexible mandate, which allows WHSP to invest in and support companies from an early stage and grow with them over time. We are disciplined and value-focused and willing to invest through market cycles to deliver returns over the long term. As you'll see in this presentation, we have an excellent track record of paying consistent and growing dividends for over 20 years. We are also focused on protecting capital by investing in a portfolio of assets which generate reliable cash through the market cycles and therefore perform better in market corrections. We aim to be a trusted capital partner with attractive companies and management teams who will value our long-term, stable and supportive approach. Now looking at the results for FY 2021, the group regular profit for the year was AUD 328 million, which was up 93% on the prior year. The major drivers of this result came from Brickworks, as you've just heard, generated a record underlying profit and increased its contribution to us by 95%. Round Oak increased its profit contribution by AUD 103 million as a result of higher production and higher commodity prices. There was a strong recovery in coal prices, which increased New Hope's profit contribution by 45%. Group statutory profit was down 71%. However, you may recall that FY 2020 included a large one-off non-cash gain of around AUD 1 billion from the change in accounting treatment of our investment in TPG. The company's key performance indicators are capital growth and growth in the net cash from investments. The portfolio ended the year valued at AUD 5.8 billion, which was up 12% for the year, and the net cash from the investments was AUD 180 million. While that was down 29% on the previous year, again, last year we saw an inflated figure due to a large special dividend paid by TPG prior to its merger with Vodafone. The strong cash generation from the portfolio has enabled the directors to declare another increased final dividend of AUD 0.36 per share, fully franked. That brings total dividends for the year to AUD 0.62, which is 3.3% higher than the last year. Total dividends for FY 2021 represents 82% of the net cash that we generated from our operations. We remain the only company in the All Ordinaries Index to have increased dividends every year for the past two decades. As I said, the net asset value of the portfolio was AUD 5.8 billion pre-tax, which was an increase of 12%. That growth was despite our biggest investment, TPG, decreasing in value by 23% through the year. As you can see in this table, most portfolios experienced strong growth through the market recovery, with particularly strong growth in the value of Brickworks, Round Oak and Financial Services. The New Hope share price increased over 52% throughout the year. However, as a result of WHSP selling some shares, the value of the stake increased by 21% during the year. The equities portfolio also had a very strong year, increasing AUD 275 million, of which only AUD 33 million came from new investment. External borrowings were stable despite the issuance of the convertible bond, which was primarily used to repay existing debt. The gain in the value of the structured yield portfolio was a result of new investment of about AUD 148 million. The TSR performance has been very strong over any period of investment. As a long-term investor, our focus is on delivering outperformance over the long term, WHSP has outperformed the index by 4.7% per annum over the last 20 years. This outperformance has had a material impact on shareholder wealth. Over that 20-year period, an investment in WHSP appreciated over 11x, which compares to a 4.3x multiple for equivalent investment in the market. The 40-year performance is even more impressive with a compound annual growth of 14.7%. If a shareholder had invested AUD 1,000 in 1981 and reinvested all of those dividends, the shareholding would have appreciated to around AUD 240,000 40 years later. We've remained a very active investor. A couple of years ago, we had a slide showing the active M&A amongst our major investments over the past decade. It's also worth noting that we remain very active on our own portfolio. Over the last three years, there's been a total of AUD 2.3 billion in investments and disposals. AUD 1.1 billion of that activity was in the last financial year, as we were actively investing in the market recovery and repositioning of the portfolio. While WHSP is generally fully invested, it does retain liquidity for opportunities, it essentially means that we have to sell assets to invest in new ones. The gap over the last three years where investments have exceeded divestments has largely been funded with cheap debt. The activity has been across the board with an increase in allocations to private equity, structured yield and public equities. I'll now cover off on some of the key portfolio themes in the portfolio. TPG now has a year-end of December 31st and recently released its half-year results. For the half-year, TPG reported EBITDA of AUD 886 million on AUD 2.63 billion of revenue. Both of these numbers were 3% lower than the pro forma period last year. These were solid numbers given the continuing short-term headwinds from NBN migration and COVID-19. Pleasingly, we are seeing some improved trends with increasing on-net subscribers in fixed broadband, market repair in terms of ARPU growth in mobile, and synergy realization from the merger tracking ahead of expectations. TPG is a full-service communications business with scale and a significant amount of infrastructure assets. In mobile, Vodafone is rolling out its 5G network, which by the end of this year, will have excellent metro coverage and service 85% of the population. TPG has very competitive spectrum holdings, which will serve it well as take-up for 5G services increases over time. The 5G rollout will allow TPG to offer fixed wireless services to bring customers that migrated to NBN back on net. TPG already has the second-largest broadband customer base in Australia with over 2.2 million subscribers and a 24% market share in NBN. I think I mentioned at the half, for every 100,000 customers that sign up to fixed wireless 5G broadband, that would represent an additional AUD 50 million of margin. Importantly, TPG and Vodafone provide excellent service with fewer complaints and award-winning products and customer service. There's a very large asset base, and TPG has announced a potential to look at selling its mobile towers, but the fiber optic network, international subsidy cables and connections to customers are actually far more valuable assets. As an investment theme, we are very attracted to telecommunications as an essential service where demand for data is growing, and TPG in particular is very well-placed. It has a network that will become increasingly valuable as we move into the Internet of Things and technologies such as driverless cars. TPG is a low-cost competitor, which we are always attracted to as it provides a margin of safety and competitive advantage. It will also continue to achieve integration wins, not just from cost synergies ramping up, but the ability to cross-sell and win market share as an integrated supplier. The short-term impacts of COVID will reverse as borders open up and international travel resumes. I won't go into too much detail about Brickworks given Lindsay's comprehensive presentation, but we're very comfortable with our Brickworks positioning, given its commanding position as a supplier of building products in Australia, benefiting from strong growth in detached housing. We're also excited about the prospects in the U.S., where Brickworks is building out regional scale and efficiency in markets that are currently seeing strong residential demand. Non-residential demand is expected to pick up on the back of government stimulus. As Lindsay outlined, there's very strong and rapid growth in the value of its industrial property, and there's also significant further growth from pre-committed developments as well as the future development of land. New Hope reported an underlying EBITDA of AUD 367 million, which was 27% increase on the prior year. It really was a tale of two halves for New Hope. In the first quarter of FY 2021, thermal coal index pricing sunk below US$50 a tonne. By the end of the year, prices were over US$150 a tonne. You can see on this graph that if we just focus on New South Wales, the second half revenue was 63% higher than in the first half. I focus on New South Wales revenue for two reasons. Firstly, the Queensland operations contributed little to profit. Secondly, the Acland mine will cease production within a few months. New Hope is back before the land court in Queensland seeking approval for Stage 3, but it will be some time between cessation of mining at Stage 2 and commencement of Stage 3. On the next slide, we have, this graph shows the average price New Hope received for product broken down by quarter in FY 2021. The first quarter was under AUD 70 a tonne, and increased to around AUD 120 a tonne in Q4. Since the end of the financial year, prices have remained strong and the index pricing is now over AUD 240 a tonne. Just in August, the first month of FY 2022, New Hope has already produced over AUD 100 million of EBITDA. Coal prices are currently at levels not seen since 2008. It is clear that there is still strong demand for coal, notwithstanding China's ban on Australian product. Australian producers have switched supply to other countries, and global supply is still constrained. We do not expect to see the same supply response we saw back in 2008 when large new mines were coming to production. You can see on this graph that Bengalla is very low on the global cost curve of all thermal coal mines. This not only contributes to the high margins in the current environment, it underpins the sustainability of operations into the future. We're extremely cognizant of the fact that global coal demand will need to reduce if the world is to meet its ambitions to cap global warming. Coal remains the largest source of electricity generation in the world, accounting for around 40% of global generation capacity. Its importance is even greater in Asia. Bengalla has an approved mine life that ceases before 2040, and the Stage 3 of New Acland would have a similar lifespan. In this graph, we've illustrated the drop in demand modeled by Wood Mackenzie in their two accelerated energy transition scenarios. The most aggressive reduction in coal would be part of the achievement of the accelerated energy transition scenario, which limits global warming to 1.5 Degrees, and would see a drop in demand of coal by 30% by 2030, and a drop of over 65% by 2040. New Hope believes that its position as a responsible operator of coal mines producing more efficient and lower emission coal will make its operations resilient to falls in global demands of this magnitude. In a scenario like this, we would expect to see a rapid reduction in supply of higher cost, dirtier coal from the global seaborne market, and we do not expect to see meaningful new supply into the market. Looking now at Round Oak Metals, which is a wholly owned subsidiary of WHSP. Over the last few years, as you know, we've been building out our operations across Australia, and we have assets in Queensland, Western Australia and Victoria. In FY 2021, we finished mining the open cut Barbara mine in Queensland, and we're exploring an underground extension. We continue to mine the Mount Colin underground mine. Jaguar in Western Australia has a few more years left. However, the nature of the deposit there is that there tends to be ongoing opportunities for extending the mine life, and we're certainly seeing those opportunities at the moment. We've also been progressing the Stockman asset in Victoria. Stockman is a long life development asset with approximately 10 years of production. It has all of its key approvals, and we're currently fine-tuning the mine plan ahead of its development. Last year, Round Oak produced an EBITDA of AUD 183 million as a result of increased production and efficiency at the same time as an increase in commodity prices. After the COVID-19 disruption to commodity markets, FY 2021 saw the price of both copper and zinc, which are the major commodities produced by Round Oak, increase by 50% and 30% respectively. We believe that copper has some structural tailwinds in supply and demand that will continue to support higher prices. Copper has traditionally been a proxy for global growth, and as we see China and the rest of the world emerge from COVID-19, we expect demand to be very strong. We also believe that copper is a key component of the transition to renewable energy and increased electrification, including the uptake of electric vehicles. On the supply front, we're seeing globally a decline in copper grades, increase in capital intensity required to mine new deposits, and declining discovery rates. When we put these things together, there is likely to be a supply gap emerging in future years. For these reasons, WHSP is currently exploring opportunities to enhance Round Oak's ability to be a meaningful producer of metals, and we're currently considering an IPO which will enable Round Oak to attract new capital and be a platform for growth. If we look at the other investment segment of the portfolio, there is around AUD 2.2 billion in assets spread across seven discrete portfolios. This segment increased in value by 38% through the year and contributed profit of AUD 129 million, which was 87% higher than the previous year. You can see in this table that there is a good balance across each of the portfolios. Obviously, once the merger with Milton takes effect, there will be a significant increase in the large cap portfolio initially, and it will be our job to increase the balance over time. The financial services portfolio includes investments in LICs, funds management and financial advice companies. We saw a strong market recovery after the COVID-19 market disruption, and that benefited not only valuations, but operating companies like Pengana and Ironbark. We believe this theme has strong fundamentals with the growth in superannuation assets under management. The pharmaceutical and health portfolio may undergo some changes in FY 2022. As many of you will be aware, the largest asset, API, is currently under offer from Wesfarmers, and WHSP has indicated its support for a transaction that is recommended by the API board. We remain interested in looking at new opportunities in the health, retirement and aged care sectors. The large cap portfolio is a diversified portfolio of Australian equities, generating strong yield, and it contributed AUD 12 million to operating cash flows in FY 2021. The small caps portfolio had a very active year and contributed significantly to profit and net operating cash. This portfolio is more active in short-term trades which realize cash profits, and we saw some solid gains across many of the portfolio's major positions. The private equity portfolio saw increased investment in the agricultural real assets of AUD 60 million, and the other major assets include Ampcontrol, which is leveraged to the commodity cycle, as well as the growth in renewables, energy transition and infrastructure investment. We also continue to invest in swim skills through Aquatic Achievers. Our property portfolio is relatively low as a proportion of the overall portfolio for a few reasons. We've been recently taking profits on a few assets, and we also take into consideration our look-through interest in Brickworks' substantial property portfolio. We are, however, continuing to invest in new assets, and in particular, suburban industrial property where we see strong fundamental growth. Finally, our structured yield portfolio has seen a lot of growth in FY 2021 with nearly AUD 150 million of new investment. The running yield of the portfolio is 8.4% and generally includes high cash yield loans with some downside protection mechanisms in the form of security or seniority above other capital. There is a healthy mix of industries. We are keen to continue to build out this portfolio. As for outlook, I'll talk about the impact of the Milton merger on the business. We're very excited to announce that the merger of WHSP and Milton Corporation has been approved and will complete on October 5. This is a highly strategic transaction for WHSP and will deliver a number of key benefits. Lindsay, if you wouldn't mind just flicking over to the next slide. Firstly, an opportunity for greater portfolio diversification and additional liquidity for future investments. Secondly, the addition of the Milton portfolio will increase cash generation across the company. Thirdly, we will welcome up to 30,000 new shareholders, which will virtually double the number of shareholders and increase liquidity in our shares. Fourthly, we'll see significant uplift in market capitalization and free- float, which will increase WHSP's index participation. Lastly, the Milton investment team will nicely complement WHSP's existing capabilities. Immediately, you can see that the gross value of the portfolio increases from AUD 6.5 billion to just short of AUD 10 billion on merger. The heavy concentration of our core investments in Brickworks, New Hope, and TPG, which currently are 58% of the portfolio, will reduce to less than 40%. We'll see a large increase in the portfolio weighting to the diversified large cap portfolio. However, these assets are highly liquid and give us the opportunity to reallocate to other parts of the portfolio as we see new opportunities emerge. Milton employs an experienced and high-performing team to manage its assets with a similar philosophy to WHSP. We're delighted to welcome this team to WHSP, where the expanded team will be able to leverage investment opportunities and ideas across the larger platform. We're also pleased to announce that Brendan O'Dea will become WHSP's Chief Investment Officer. Brendan has a distinguished career across the globe managing a range of assets and investment teams, and we are confident his skills will provide significant benefits to WHSP. Looking forward, WHSP will have significant liquidity for future investment. In a cautious and disciplined way, we will seek to reallocate up to AUD 2 billion of Australian large cap equities into diverse assets as they become available. Our gearing levels will be significantly reduced, enabling further gearing to be introduced at the right time and for the right assets. As I outlined earlier, we have a strong deal flow, as evidenced by the AUD 1.1 billion of activity in the past year. As we expand our investment horizons and investment team, we think that that deal flow will increase. We're opportunistic in our approach, but we're also looking at a few key themes. We're interested in broad investment themes such as health and aging, energy transition, agriculture and real assets, financial services, and education. We're interested in the way that technology can play a part in disrupting existing businesses in these industries. We're also very keen to establish platforms that allow us to build upon. This is an approach that has worked well for us in the past, and we believe we have some very suitable assets in the current portfolio that we can build around. Thank you very much for your time, and I'll now hand back to the Chairman for questions. Thank you, Todd. I'm not sure if Rob's going to come in for questions or I might go to Lisa. I think the questions have been coming in by email. Go ahead. We could go as to those. Thanks, Lindsay. This is for Brickworks. Could you please update on industrial gas prices, including what AEMO assesses are potential future supply issues in Victoria? Well, we've had a five-year contract with Santos to supply gas on the East Coast. That was at better prices than we're previously paying. That contract still has another four years to run. We've got indications that they and some other parties will be prepared to provide gas after that point of time. We're also looking at the production of synthetic natural gas as a way in which that we can make our products more sustainable overall. At this point of time, we're okay. There was a lot of volatility in the market. We used our flexible contract to have trading opportunities where we were both buying and selling gas at different times. That was quite a profitable exercise for us and something we couldn't have done before we were in the wholesale market. The next question, please. From the two-week or longer shutdown of Victorian construction plus continuing CFMEU unrest, do Brickworks expect problems such as build-up of inventory or an unrecoverable loss in sales? Yeah. Well, as I mentioned, the sales fell off 80%. The same experience in Victoria as what we had in New South Wales. Obviously, we're now stocking at the rate of in excess of three million bricks a week. We have adequate space to go for about another two to three weeks before we have to consider starting to ramp down production. In actual fact, it's going to be profitable for us because we're able to build our stock up in Victoria, which means we can supply more product from Victoria, not have to bring it in from interstate, whereas we're always a bit shorter supply in Victoria. I think once it gets going, I don't think the jobs will be lost. They'll just be deferred. My biggest concern in amongst all that is that a lot of builders, their costs will have increased because of the delay and that they might be building houses at a loss. Therefore, I think, in the next year, we've got to keep an eye out for potentially some builders getting into financial difficulty. Okay, next question. 73% of Building Products Australia's sales revenue is from New South Wales and Victoria, above their combined population share of just under 59%. Does this remain okay given that many have left Victoria for good and more will emigrate overseas into Queensland as the borders reopen? Look, that's a really interesting question, a good question, because it shows a fair amount of insight into what's going on. Yes, in the longer term, the lack of immigration is going to be a concern, and it's unlikely that immigration will immediately return and try and recover the lost 500,000 people that have now emigrated. It's more likely to be quite slowly recovered. The loss of people in Australia that we would have otherwise had could blow out to more like, say, 750,000 people. In Victoria, they have generally gained from immigration, and their population's been increasing because they haven't been losing the people to the same extent as New South Wales. New South Wales has always lost more people to other states than any other area. This, I suppose, held back the growth of New South Wales. Listen, having said that, we're in a very good position in Victoria. When we replaced the three plants in the last sort of 12 years-14 years that we had down there, we didn't put back the original capacity, which was about 230 million bricks per annum. We only put about 170 million bricks in. We've been running short of capacity ever since, and we've been pulling in product from South Australia, Tasmania, New South Wales, and Queensland to maintain supply down there. What that will mean if there is a bit of a slowdown in housing in Victoria is that the demand will more equally match our production. From that point of view, I don't see it's a particular concern. Of course, where the people move, they're going to need a house. We'll be in a position to pick them up at the other end. If they move to Queensland, we'll pick them up there. Yeah. Okay. With the important property trust, when you refer to medium-term possible development of Craigieburn's 332 hectares, and separately read similar for the remaining 75 hectares at Oakdale East, do you mean five years to 10 years for each? Look, we've traditionally developed these areas at about 30,000 lettable sq m -50,000 lettable sq m per annum. As I mentioned, we're running at currently about 270,000 sq m or 280,000 sq m. It is absolutely extraordinary. I would sort of tend to think that it's got to steady up a little bit, particularly once we get out of the COVID and maybe online sales slow down a little bit. I think that will come back a bit, and that will give us more time. Also, by the way, we're still bringing on properties, and this will be ongoing as we decommission factories and make the land available. That will continue. Clearly, we've developed a lot of land five years in New South Wales and maybe longer. Of course, we haven't started the one in Craigieburn. Craigieburn at 330 hectares is enormous. Of course, to the north of there, we have the Wollert facility and a significant amount of land around that. I would think that overall that the Victorian development is something that could go on more like 10 years or 15 years. Yeah, there's a bit of a difference timing there. Queensland, we're almost up against the wall, if you like, up against the factory. New South Wales, five to 10 years. Victoria, 10 years-1 5 years. Okay. This is a question from Peter Steyn from Macquarie. Could you give us a sense of the process? The value of land. The value of land behind the building products is significant. It's something that we're looking at. The valuation given to building products doesn't seem to take that into account. If you look at Brickworks, overall, USA-wise, Brickworks a little bit undervalued. We're sort of indicating here we think a better price for Brickworks is more about over AUD 30. Where that is, and that would be one area that we're looking at, that maybe it's hiding under that rock. Question from Daniel Kang at CLSA. Congratulations on a record result. With the carbon neutral brick range, are you seeing or do you expect a premium to emerge for this range? Yes. Particularly architects that are trying to get the embodied energy in a building down. This is very popular and they are prepared to pay for them. I would say over time, we'll gradually expand that. Partly why I was talking about that synthetic natural gas. If we can get a significant supply of synthetic natural gas, we'll be able to offer all of our products as carbon neutral. Also, I've got to say, some of the questions and some of the analysis we've had on our product range that I've seen in the last six or nine months, I don't think it's fully understood. People, investors appear to be looking at the first level, what's the embodied energy. They're not looking at the second level, what is the energy consumption of this building by using the various products. Clearly, that is a much higher number and far more significant than what the initial, what's the embodied energy. It's a bit like looking at the cost of a car and not what the fuel efficiency is of it. Well, you've got the replacement cycle as well. That's right. Of the other products. Yeah. We obviously guarantee the bricks for 100 years and they could easily go 1,000 years. Another question? Another question from Daniel, again, from CLSA. On property, can you provide some thoughts on your expectations for development profits and land sales that may fall in financial year 2022 and 2023? Well, the biggest one that we've indicated that once we get the new Plant 2 operational, that we'll decommission Plant 3, and there's potentially in stages up to 70 hectares of land on the Oakdale East site will be able to go into the trust. At this point of time, I think is really going to be in the first half of next year. Next year. Yeah. Don't hold me to that because there's a lot of moving parts and we've been delayed trying to get engineers in to get our plant built. We've got no idea what other hurdles are going to be thrown our way over the next 12 months or 18 months. Okay. Another question from Peter Steyn at Macquarie. Inclusive of IBC, could you give us a sense of fixed variable cost split in the U.S. and how you see operating leverage potential in the context of improving demand? Not off the top of my head. Good question. There's a fair bit of integration to go before I'd like to give any kind. Yeah view on that ratio. Yeah. It's quite an effort to integrate IBC. Yeah. The second part of that is. Is the margin leverage? Yeah. It's the complimentary products that they sell at that higher margin. Yeah. Look, I think the most important thing for the future profitability of the United States is for us to see our institutional work return. The schools, hospital, we'd always have a dozen high schools underway. They're all about a million bricks each. We're doing university extensions, football fields, baseball pitches. All sorts of municipal buildings. These things. N.Y.'s back. We'll get back into that high-rise buildings, et cetera. Overall, it's very disrupted, and enormously variable in these areas. There's a question from Raju at CCZ, also on the U.S. market. Noting increased material costs making a number of non-resi projects less justifiable, do you see that risk emerge into housing as well? What is your view on the timeline of normalization of this lumber price challenge? Yes. Look, good question, Raju. Thank you. What my experience has been, for housing, yes, there'll be some people that will have difficulty paying a higher increased cost. Some of them will, of course, have fixed price contract, and that will put that burden back onto the builder. My concern, therefore, about builders starting to build houses at a loss. What we've historically seen is when the overall value moves up, there's a whole lot of medium density and other developments which now become viable that weren't viable before. That has generally produced a second leg. The first leg is people start buying houses, and because there's no existing houses available, they're going to buy new. That's the first leg. Prices of existing houses go up. The second leg is medium density development become viable, and we see a second wave of work caused by that increased value. I would have no reason to believe that we won't see that again this time. I also believe that there's a good chance, because of the low interest rates, high employment, there's a lot of people who would like to buy a home that haven't bought a home. The historic percentage of people who are buying a home is low. We could see that increase. It'd only have to increase a couple of percent of people that are wanting to buy a home versus rent. You'll see strong demand caused by that. While we're seeing lower immigration, I think there's quite a few positives there that may also drive the market going forward. Okay, a question from Raju again. The Brickworks Australian housing market. It appears that housing market recovery post Royal Commission expats returning in 2020 and the pull forward of demand with stimulus should support a solid financial year 2022. What are your thoughts on approvals from here on in, and do you see risks or reverse migration ahead? Well, there's always a potential for reverse migration, then we spoke earlier about people moving around the country. I think a lot of people have reassessed their lives because of COVID, that's why we're seeing such enormous turnover of staff in our operations, both here and in America. People are reassessing their lives and deciding to go live somewhere else. That's clearly going to be one of the trends. What was the first part of that question, Lisa? Um- Housing starts. Yep. Yeah, look, there's definitely a full year. We're seeing some mixed results. Many builders are reporting that their sales have continued on strongly even though the stimulus has come to an end. That's positive. Look, there's no doubt what we're seeing in Victoria at the moment, there's going to be a month or so hole in the sales because of the lockdown and people physically can't get out. Once the lockdown's lift, I think we'll see a stronger level of sales than we're currently seeing. This is what we've been going on now for 18 months. It's stop/start. It's like trying to call a horse race. It changes continually all the time. Yeah. A final question from Raju. In regards to property, with regards to your expectation of 60% growth in gross rents within the coming two years or so, can I please confirm if this is all committed? Is this just tracking? Yes. This is the 284,000 sq m of pre-committed- Yeah work that we've got agreements to lease on. This is buildings we're building for customers at Woolworths, Coles, Amazon. Signed up. Signed up. Yep. Okay. Ross Illingworth from Kingfisher Capital Partners. What is Brickworks' ability to increase trade prices for clay bricks in Australia and separately the U.S. market to insulate against rising input costs, particularly rising energy costs? Well, our energy prices are contracted, so we haven't faced increased energy costs here. We have now started to lay out long-term contracts in the U.S. at a number of our plants as well. We're fairly well insulated there. We've put in additional price rise this year, a significant price rise, and there's a lot of volume builders that are very unhappy with us at the moment. These shutdowns all cost money. These delays cost money. We have to recover it as best we can. I assure you many builders are having quarterly price rises to recover their costs as well. We are getting price rises. We continue to get them. One of the great things about our business is our main raw material, clay, we already own it all. Whereas I mentioned before, with receiving material from two tunnels being built, that we often get paid to take the raw material. When you've got that tied down and wages are generally contracted, we've got in that there, we've most probably got 60% of our costs all under control. The main thing is just to keep those prices moving forward and keeping those margins climbing, and hopefully we don't have shutdowns. Shutdowns cost money. Decommissioning plants, like we've had to do, cost a lot of money. What are the challenges you talk about for the W.A. bricks business? Yeah. It's very interesting. BGC has now taken over Midland, and they've branded it as Midland. They have now started to consolidate their product range, and they're telling customers, so customers are seeing that they're not going to have the existing range that they had and are starting to make inquiry with us, and we're starting to win back major accounts that we'd lost during that long, drawn-out battle or war that was going on in W.A. Prices have started to lift, but they need to lift further. Demand has started to lift. It needs to lift further. We've got to have resolve what happens to BGC because BGC itself is still for sale. I haven't heard anything recently. I assume either this side of Christmas or early in the New Year, that whole organization will be coming on the market. We'll have to see how that plays out. There's a few moving parts still there. The early moves are positive for us. It's returning to a more balanced market. I think that we'll see our market share will gradually climb. Assuming that we can make high-quality products with good service, that we'll gradually pick up our market share. Over time we'll recover. We're still obviously making losses in the West. We're starting to pull them back. Okay. Do you think there is a round of consolidation to happen in the Queensland cement markets? Well, a lot of moving parts there. Yes, and look, it wasn't mentioned, but there is some tension in the cement market at the moment because the price of shipping, and there is a genuine concern with the supply line, whether or not there's going to be shortages, and also in regards to oxides are concerns. If anything I was concerned about, I'd be concerned about those two. We have made arrangements with some of the other competitors where we're able to get product on a tolling basis, and so we've sort of been accepted into the industry. Look, there's potential. Yes, there is. In fact, we're seeing more, right across Australia, we're seeing more competitors online. There's a terminal that's been there for a while in Newcastle. There's a new terminal just come online in Port Kembla. Yep. We're seeing this starting, and I hear there's a terminal being built in Adelaide. A lot of people like ourselves that use cement realize that they could, for a commodity, get a better price by having their own terminal. We're in a bit of an unusual period at the moment, but I'm hoping that that will sort itself out in the next six months. Okay. That's all for Brickworks. Thanks, Lindsay. Thank you. I have a question for Todd. With the Milton merger expected to increase the group's net cash from investments, can you talk about how this may potentially impact your thinking about dividends and payout targets? Thank you. Look, I think the merger is going to be directionally positive for dividends for a number of reasons. Even before the merger, we had a portfolio that we had invested in over the last few years to try and enhance the dividend income that we receive, and the benefits of some of those investments will be seen over the next few years. In addition to that, we're seeing very strong underlying results from our businesses such as Brickworks, New Hope, and TPG. Even on a standalone basis, we were expecting quite good cash flow growth over the coming years. For example, last year, we returned 82% of the cash that we generated from our portfolio to our shareholders as dividends. We've sort of generally been around that region of 70%-90% in recent years. The reason why we hold some back is to make further investments as the capacity to increase payout ratios, as well as seeing higher net cash generation on a per share basis. We have a huge bank of franking credits to enable that to happen. Thanks, Todd. That's all for today. Someone was just asking if there's a catch-up video available, which there will be later today. That will be up on our website. That's all. Thank you. Thank you. Thank you. Thank you, everybody. I am not sure if the chairman wanted to make any final words. Okay. If not, all right. Well, thank you very much for your attendance today. We greatly appreciate your interest in our companies, and we look forward to the AGM, which unfortunately will also be done in the same manner. We will not see you in person. Thank you very much again, and good afternoon. Thank you. Thank you.