Everybody ready? We might make a start. I think there's over 40 or 50 people online, so we might get going. Robert Millner's my name. We're doing this a little bit differently this year. Brickworks are gonna present first, and then at 1:00, Soul Pattinson will do their presentation. Welcome everybody. Nice to see everybody back again. I'd just like to introduce. Most of you all know Lindsay. On his left is Grant Douglas, our new CFO, so welcome Grant. We have some senior staff here from Brickworks as well. As you've seen this morning, an excellent result from Brickworks. Obviously the highlight was the property performance and the increased dividend that they received from Soul Pattinson. It's been interesting this morning talking to a few of the press and trying to get your head around what's gonna happen in the future, you know, where are we going, inflation, interest rates, et cetera. It was quite alarming yesterday at the Brickworks board meeting, and Lindsay said that their cost of pallets at masonry had gone up AUD 400,000. When I saw him this morning, he said last month we were paying AUD 20-AUD 22 a pallet. This last month we paid AUD 50 a pallet. That's gonna give you an idea of what I think is facing us all with increased costs. That was, I think, Lindsay, would you say AUD 400,000 just straight off the bottom line for one part of the business? I think we've all gotta be wary going forward where all this is gonna end up. Enough doom and gloom from me. I'll hand over to Lindsay. Well, good afternoon, everybody. Great to see you all. It's great to have, you know, a lot of people in the room today as well as those people that are online, and we look forward to next year having everybody here in the room. Well that's what I'll go through here, give you a bit of an overview, the divisional reviews. Grant will handle the financials, and then we'll talk outlook, and then we'll go to questions. I never thought, in 1999 when I took over this job that I'd be get the opportunity to stand up here and tell the analysts and investment community that we just did more than AUD 1 billion in sales. I'd never, ever thought that we'd also be saying that we did over AUD 1 billion in EBITDA. An unbelievable result that came together this year and I thank all the people for all the effort because it wasn't exactly all straightforward. There was a few little problems along the way, but I won't dwell on those. Just looking at the main things there that the underlying profit was a record at just shy of AUD 750 million, up 159% on last year. All four divisions improved their results, which is a really incredible effort, and we achieved a number of very strategic objectives during the period of time. Property once again was an incredible standout. You know, I think this just shows that we've been in the right sector as far as industrial property, particularly under the current environment of the last few years. We launched the Brickworks Manufacturing Trust with 15 of our properties. We delivered strong growth in North America after struggling under all the the difficulties the last few years, and we've got a significant scale over there now, where, believe it or not, on actually dollars turnover, we're equal second-biggest brick maker now in the U.S. We also were able to, because of the increased asset base and the income that came from the manufacturing trust, we were able to reduce our gearing to just 15%. I think we're in a very strong position, no matter what is thrown at us over the next year or two. Just go through those main numbers. I was going to say a thousand if it's getting used to that from the past. AUD 1.093 billion in income, AUD 1.058 billion in EBITDA, AUD 746 million in underlying profit, AUD 854 million in statutory profit. Underlying earnings of AUD 4.92 a share, and the final dividend was up 3% to AUD 0.41, bringing the total dividend for the year to AUD 0.63. Looking at that dividend, we're starting to, I think, build up a pretty impressive track record there. It is some 46 years where it has either increased, been steady, but never gone backwards in 46 years. There'll be very few companies that are able to claim that. It's a compound increase of over 20 years of 7.1%. Very proud of that and, I'm confident at this point that going forward we're gonna be able to continue that strategy as we have in the past. Looking at the growth of Brickworks over a period of time, 12% compound over 54 years. The reason we say 54 years, it was the 1968 that the relationship with Washington H. Soul Pattinson was set up. That's excellent result. AUD 1,000 invested then would be AUD 566,000 today. Just looking at our asset backing, and we don't seem to get enough credit for this. Our share of the Soul's investment is AUD 2.4 billion. The property trust now combining the two is actually AUD 1.75 billion. The building products has tangible assets of AUD 585 million, including four parcels of land that I'll talk about their valuation later on, but they're best part of AUD 0.8 billion of land in there, so I think the valuation based on that metric isn't quite right. That gives us a total of over AUD 5 billion, less our debt, AUD 33 a share. As of yesterday, I ranked the shares at being 34% undervalued. Looking at our safety, you know, we don't wanna make any money by hurting anyone. It's the number one priority in all of our operations, that we don't do anything without finding a safe way to do it. We've continued to improve, and it's really great to see the progress that we've made in the U.S., which has come down quite dramatically, to 11.7. The TRIFR of 11.7 versus 14.3 last year. In Australia, 11.1, in that same period. You know, if you gotta look back, if I look back 20 years, you know, we used to have, you know, a lost time injury a week, and we had one last year, and that was it, so in Australia, so it's a really incredible improvement of that period of time. Looking at sustainability, it's something that all of our investors focus more and more. As recently as this morning, I got another letter from another major shareholder who's focusing my mind as if it already wasn't. I think we've got some very good credentials in this area. You know, there's very few companies that guarantee their products for 100 years, and that's what we do. Most of our bricks are made from a shale, which is very abundant in the world, and here in Sydney, a very large percentage of those are actually recycled material that comes out of excavations. Of course, at the end of that 100-year life, I think they'll last. The bricks we're making today will last well beyond 100 years. The bricks can be recycled or reused. We are working towards, you know, reaching the government's goal of 43%, I think it is, by 2030 emissions. In actual fact, since 2006, we've already reduced our emissions 42%. Effectively, we've already achieved the federal government's goal with a few years to go. We'll keep working on it because it's not as easy as you think, particularly when you're talking about replacing kilns, et cetera, or building new systems to produce energy. They don't happen overnight. They take time. We have a number of plants already. We have two running on landfill gas. We've got one running on sawdust. We've got a collaboration agreement with Delorean, where we're working on making biogas, and we hope to make a decision the next 12 months where we go into that biogas plant, and that will feed into the new plant at plant two. If that's successful, we'll expand it, and that'll be running off waste food. I think I find it unethical with the amount of food that gets wasted, and if we can, you know, reuse any of that food, I think that's great. A city like Sydney could waste 3-4 million tons of food annually. Of course, we've always over the last 20 years, supported the Children's Cancer Institute very strongly, over that period of time. Looking at the divisional review, as you know, the four divisions we look at are Investments, Property, Building Products Australia, Building Products North America. Just looking at investments, to start with, and I won't say too much about because I know a lot of you are staying for the Soul's presentation. The contribution almost doubled at AUD 181 million, thanks to the strong support of New Hope Corporation. We received AUD 61 million in dividends. And as I mentioned before, the value of our holding is AUD 2.4 billion. I won't go over that. I'm sure that the Todd will talk about that later, but a very impressive result. 12.2% over 20 years, but even more over the 40-year, the longest term. I won't go into too much of this. I might jump over that because I know Todd's gonna talk about it soon. Then I'll talk about the Milton transaction. I'll move to property. As we said, there's the Industrial Trust, which is the joint venture with Goodman, where we own 50% share. For the Manufacturing Trust, we own 50.1%. Certain advantages in doing that. Outside that, we retain over 5,000 hectares of land. Looking at the property result, unbelievable effort. AUD 644 million EBIT, up 155% on last year. The trust income was up 17% to AUD 36 million. Interesting in that profit, if you have a look at it, the revaluation was AUD 227 million, which was surpassed by the development profit at AUD 387 million. I think it's important that the development profit actually exceeded the revaluation profit. The revaluation profit came from a 50 basis points reduction, but also there was AUD 42 million associated with fully serviced land which is available for development. The development profit resulted from the completion. Of course, the main one in the first half, of course, was Amazon. There were properties also at Rochedale, Oakdale South and Oakdale West. Some of those properties, they were delayed because of the rain, and they may have normally would have finished last year, though, but they were 80% complete. They've been brought into the profit this year, to meet our requirements and accounting standards. I won't talk about that. Just looking at the trust. The total trust now has assets over AUD 3.3 billion, and as you can see that line there on the right, if you add the industrial trust on top of that, you get to that AUD 1.75 billion. It took us, it's amazing with these things. It took us, you know, 12 years to get to AUD 900 million, and we almost doubled it the following year. Incredible. Inside the trust, there's AUD 867 million worth of land that is currently under development. There's land, including the development land in the trust. There's properties and development land in there to a total value of AUD 867 million. I just want to go to Greg. What did we decide this morning? Was it how many square meters where we had 158,000 m? 158,000 sq m of future developable area as well. If you look at that, if you break down the total value less the debt, you know, we come up with AUD 1.543 billion for the industrial trust. The gearing, and very importantly, the gearing in the trust is only 26%. In general, we have a headroom of 55%, so it's very lowly geared in there as well. Looking at the overview of the properties, I guess there's 15 years work there building this scale out. The current annualized gross rent is AUD 127 million. The WALE is 7.3 years. The cap rate's 3.6%. The gross developable area just shy of 1,918,000 sq m. So it's a significant series of estates. The Oakdale South estate and Rochedale are now complete for the time being. If you look at that from a photographic point of view, you get some idea of the scale. I mean, if you look at Amazon there in the foreground, you know, and the 2,000 car spots, it sort of sets the tone. You know, that's a 10-story high building. Coles is bigger behind it, and AusPost, Xylem, and Telstra all in Oakdale West. Oakdale South, as we said, just about finished. Oakdale Central finished, and Oakdale East is really sort of points to where we're gonna go in the future. The only number I didn't mention there was 144,000 meters of pre-commitments currently under construction. Okay, looking at the manufacturing trust, and the reason we did this, we felt that we weren't getting the value inside the building products that, you know, that people value it on earnings, but they forget that what the assets that are sitting in there. It was trying to bring that out and realize that. Also we think the number of the properties that we can work with Goodman to, you know, if you like, concentrate the footprint of the manufacturing and make more land available for further development. There was 15 properties. Total of 496 hectares. The value is AUD 416 million. 50.1% interest, as I mentioned. Our— there's no debt in there. No debt. Our value is AUD 211 million after stamp duty. I didn't mention that. And the leases, depending. We sort of set the leases depending on what we thought the lifetime of the facility was, and they range five to 20 years and a number of them with multiple options. Looking at future properties that we have coming through, there's four main parcels of land I wish to bring to your attention. When I say we have 5,300 hectares of available land, I mean, a lot of that is maybe in regional areas or quarries that would never go into it, but these four parcels we've identified as having a potential. We value them as is where is at AUD 0.8 billion. When they're rezoned, they'll be worth somewhat more than that. On the top left, the Oakdale East, which is, you've got a little blue corner there, which is the first stage of Oakdale East we did. There is 75 hectares there. Plant three, it sits on that parcel, and there's a quarry behind it. We're obviously building plant two to replace this plant. When that happens, that's been delayed, of course, with the delay of plant two. We'll be looking at turning plant three off, demolishing it, rehabilitating, and putting it in. Therefore, at that point, the raw land will be worth about AUD 300 million. Fully develop that site, the rest of that site will be worth AUD 1 billion. On the right-hand side, we have Craigieburn. We've been talking about Craigieburn a long time. One year we'll get there. 332 hectares, so that's a massive parcel of land. I think there's about 180 hectares net developable in there. Looking at the Horsley Park site, where we have plant one and two, there is surplus land there as well that could possibly be developed. There's a few planning issues we're working on that one. That's another potential site. That's 83 hectares. In North America, initially, I know I said to a lot of you that we didn't think that there was much potential for the value of land. Unfortunately, or fortunately, we were wrong. 600 acres at Mid-Atlantic, most of it is already zoned industrial. We have our Mid-Atlantic plant, which is the closest Brickworks to New York. It makes about 100 million bricks and is running at full capacity. But there's parcels of that. There's a first stage we're looking at developing, and we've signed a heads of agreement with Goodman to investigate that going forward. Now turning to building products. Market activity in Australia. Well, it's been interesting. You know, the home builder incentive that the government put out there during the middle of COVID was far more successful than they thought it would be. At the same time, we got hit with lots of supply bottlenecks, and it's been a, you know, quite a difficult period, I'd say, for a number of builders. There'd be many builders out there that'd be building homes today relating to that program, which would be, they'd be building them at a loss. Anyhow, I won't go in all the ins and outs of all the difficulties. I think you've seen enough of that in the press. Our feeling is that we've come back down now to pre-COVID levels. Normally, you'd expect that would stabilize there, but it really depends on how aggressively and how much further the government lifts its interest rates. Okay, looking at the actual earnings there, our sales were up 7% to AUD 694 million. The headline earnings include AUD 89 million coming from the sale of the manufacturing trust. Without that, the EBIT was up 34% at AUD 64 million, and the EBITDA was AUD 116 million up 19%. As I mentioned, it was a bit frustrating. I thought we could have done more. You know, how much more, who knows? It was what it was. Looking at the various business performance, Austral Bricks was a standout business, particularly on the East Coast. We saw the cost increases coming about 18 months ago. We decided that we were not gonna get caught behind the cost curve, and we aggressively pushed our prices, generally in the order of 8%-10% on the East Coast. We instigated a second price rise halfway through the year when we saw the scale of what was going on. We could say we got in front of the curve. On top of that, we were lucky that we had long-term gas contracts and electricity contracts that roll over at the end of this year for another two, and we're protected from that through to the end of now, 2024. Our gas and electricity are tied in for another couple of years. We've got a bit of time there to maneuver and just see what goes on. That was one of the main things. The construction of our new plants that we're building. The masonry plant we got operational during the year, at least the block side of it. The value add is still in commissioning. It was heavily delayed because we couldn't bring in the technicians from Europe until recently. Our brickworks, well, I'm glad we started when we did because I'd hate to be trying to convince the board to build it today, because it is running about a year late and extremely over budget. It did get flooded no less than three times in the first half of this year, and we've been waiting on and still are waiting on certain supplies, SEW-EURODRIVE drives, dump valves, all sorts of bits and pieces. Maybe the worst, if you're talking about interested in the supply chain, the worst part of supply chain is the parts you need to build factories. That's the worst part of it, because if you've got an existing factory that makes cars or makes bricks or whatever, they're up and running and they're already complete. Where you need the parts to build a factory, that's the bit that's really is of concern. Looking at the American operation, it was great to be able to deliver some earnings for once. Looking at the overall market, the overall market was up 10%. Housing starts actually peaked at 1.7 million units, which was the highest since the GFC. It was a phenomenal number. I think, you know, I've been asked many times what the split of our business is and you see it there. I think where people get that a little bit wrong, they look at detached housing and multi-res as the same, and they're not. They're really quite different markets. We tend to look at it as detached housing. We're at about 45%, and it's up from where it was. Whereas we look at non-res and multi-res as being in the same market segment for us, and that's about 55%. Whatever, you know, detached housing and tract housing, in particular in Texas, increased strongly, and we got a lot of that business during the year. What we have started to see is our traditional business, our main business, the non-res market, come back. That was really knocked around during COVID. We lost that, and that's what, you know, kept the lid on our prices. But we're now seeing that come back. Also, during this period, we bought IBC first of August last year, and they were very strong in the Midwest, Indiana, Illinois, Iowa, Ohio, Minnesota, and Michigan. That area now accounts for 60% of our business. Our largest business is, of course, New York, where we've got close to 60% market share. The business we do in New York, when I talk multi-res, I'm talking about 50-story or 70-story residential towers. You know, along with universities and schools and hospitals and police stations, et cetera. Fast food chains. Looking at the results, revenue almost doubled. I don't know why we didn't get the extra AUD 1 million and make it AUD 400 million, but AUD 399 million. I mentioned the acquisition of IBC. EBIT was AUD 25 million. EBITDA was AUD 48 million. We had one sale of one of our quarries from York for AUD 13 million, or it was a couple of quarries there making up the AUD 13 million. So it was well up on the prior year, 113%. The EBITDA was up to 35 million, and EBIT increased to AUD 12 million without the land sales. It was a good performance, and that was really all done in the second half. If you remember back to the first half, it was really a break even. I think what you're going to see also coming forward is generally there'll be some land sales and things. As we've consolidated, we've released a lot of land. I think I'd say many of the sort of situations you're seeing in Australia as far as supply chain is the same over there. You know, you can't get trucks, you can't get rail cars, you can't get people. You know, those sorts of things have been very difficult. We did achieve a lot over there during the year. We've expanded our distribution network dramatically with the acquisition of IBC. We rationalized our plants from 16 to nine. The seven plants we took off, most of them should have been closed maybe 20 years ago. The plants, the fleet of plants we've got running now are all generally post-2000 construction. We did get a long way behind in our engineering objectives because of the pandemic and our engineering team couldn't travel. We're now focused on that, on the getting these plants to the efficiency and the performance that we want now that we're able to sort of run most of them all year, most of them at full speed. The boards approved the recommissioning of the second kiln at Adel, and we're investigating recommissioning of two other plants that we have in the fleet, modern plants that are currently offline and bring them online. We think there's very good potential to take their output. We launched a lot of products. We completed some capital works that Hanley's completed in Lawrenceville. We opened our, which is shown in the slide, our new design studio at Fifth Avenue, New York, which has really set the stage, set the standard for us in the United States. I'll now hand over to Grant, who will do the financials. Thanks, Lindsay. As Lindsay mentioned, total underlying group EBITDA for the year was AUD 1.058 billion, up 133%. After depreciation and amortization, the underlying group EBIT was up 154% to AUD 982 million. Total net borrowings were AUD 20 million and underlying tax was AUD 216 million. This resulted in a net, underlying net profit after tax from continuing operations of AUD 746 million, up 159%. Significant items increased net profit after tax by AUD 124 million, resulting in net profit after tax from continuing operations increasing 258% to AUD 857 million for the year. As Lindsay mentioned, Austral Precast is now classified as discontinued operation. The business contributed an after-tax loss of AUD 15 million, made up primarily of the impairment of the non-cash impairment to the carrying value of the plant and equipment in that business. Including this loss, statutory net profit after tax was AUD 854 million, up to 257%. The table on the screen shows the significant items in more detail. Key items include a net profit of AUD 271 million following Soul's merger with Milton. Included a AUD 452 million dollar profit on the deemed disposal of our Soul's shares, partially offset by a Brickworks share of a goodwill impairment incurred by Soul's. A AUD 40 million post-tax gain from other Soul's significant items, mainly related to the deconsolidation of New Hope Corporation. A AUD 17 million expense in relation to the deferred taxes on the movement in our Soul's holding. A non-cash impairment in Building Products Australia. This was based on management's assessment of more conservative forecast of building activity over the medium term in light of the increasing inflation and interest rates and pressure on global supply chains as compared against 31 July 2021. These factors, together with the increased lease asset base and a higher discount rate, have resulted in the recognition of a non-cash impairment of AUD 117 million post-tax. A net AUD 28 million cost is associated with the plant relocation and commissioning costs. This is primarily attributable to the non-cash impairment of buildings, plant and equipment and clay in relation to the planned closure of at Plant 3 at Horsley Park. We also incurred after-tax restructuring costs of AUD 10 million, largely related to the planned shutdown of the Bellevue plant in Western Australia and the closure of our Caledonia plant in North America. COVID-19 related costs of AUD 8 million were incurred, reflecting the unabsorbed fixed costs in our North American plants and incremental costs such as the construction delays on our major construction projects and the cost of our RAT testing program across the operations. Turning to the cash flow. Total operating cash inflow for the year was AUD 130 million, down from AUD 140 million in the prior year. Cash generation was impacted by increased inventory in Building Products operations and higher payments, including interest payments on leases. Capital expenditure was AUD 134 million during the year, including the purchase of 121 hectares of land at Bringelly to support our future brickmaking operations. The company is midway through a significant investment program across a range of major projects. Projects being included are the new brick plant and masonry plant in Sydney that Lindsay already touched on, and extensive upgrades at our Hanley plant in Pennsylvania and our Lawrenceville plant in Virginia. We also finalized the deployment of our new ERP system in Australia. In addition, we spent AUD 75 million on acquisitions, primarily the IBC purchase in August of, like, 2021. Offsetting that, we had gross cash proceeds of AUD 277 million received in July in relation to the sale of the properties into the Brickworks Manufacturing Trust. Looking at some of the key financial indicators. Net tangible assets per share up 33% for the year, over the year to AUD 18.34. Uplift is primarily driven by the increase in the Industrial and Manufacturing Trust values. Shareholders' equity increased by AUD 780 million to AUD 3.26 billion, representing AUD 21.48 a share. An underlying return on shareholders' equity was 23%, up 12% on the prior year. We touched on operating cash flow earlier at AUD 130 million for the period. Net debt decreased by AUD 25 million to AUD 493 million. Together with the insignificant increase in equity, as Lindsay mentioned, that decreased our gearing to 15%. Interest cover increased to 35 x. Looking at our debt maturity profile. During the year, we refinanced two tranches of our existing syndicated debt facility and added two additional U.S. dollar tranches. This increased our committed debt facilities from about AUD 830 million to around AUD 1 billion. It includes a syndicated multicurrency facility of around AUD 742 million, bilateral cash advance facility of AUD 75 million, and an institutional term loan facility of AUD 186 million. We have around AUD 510 million in funding headroom, based on our committed debt facilities net and cash on hand. We, as you can see on the screen, significant headroom in our banking covenants. During the year, we also renewed our lease over part of our brick plant at Wollert in Victoria for a further five years commencing May 2022. I'll hand back to Lindsay for the outlook. Thanks, Grant. Sorry, just gotta find the right page. Okay. Moving ahead to the outlook. Following the recent merger, Washington H. Soul Pattinson's merger with Milton, the larger Washington H. Soul Pattinson, I think, will deliver superior long-term returns, consistent dividend growth well into the future. I've discussed the strong development pipeline with the industrial property trust, and particularly we're looking at Oakdale West will continue to drive this area. The Brickworks Manufacturing Trust, I think, opens the opportunity for us to do further development on those sites. As I've mentioned, we're exploring opportunities in North America with a non-binding heads of agreement signed with Goodman. I think as in Australia, I think it's maybe one of the major concerns that people have with the future here. Significant pipeline of work that I feel has got at least probably nine months or nine to 12 months to run in this particular first half and into the second half. They're still working off a lot of that stimulus homes that were agreed to or committed to, you know, 18 months ago. That's just gonna take time. At the moment, there's still. Sorry. Thanks, Mark. Still, the construction is very inefficient because it's not happening in the normal sequence of events because the shortage of materials and shortage of trades. If it slows up a little bit, what I expect we'll see is a more efficient construction process and therefore, it'll actually, it might help things continue moving. In North America, the conditions are very much too, as they are in Australia. Short term, we see a strong backlog of work. Particularly in some of those areas where the new areas we're supplying, as in Texas, there's an enormous backlog of work there, and it's just gonna take a while to work its way through. In terms of the impact of the manufacturing trust on group NPAT and cash flow, we expect that there'll be no significant impact because of that. Although we will be subject to further revaluation or devaluation profits in there, the same as we would be on the industrial trust. I guess we've all seen that the future is a bit uncertain as far as interest rates, et cetera. We're hoping that we're gonna start seeing some of the international supply loosen up a little bit. Of course, a lot of factory facilities have gone offline in Europe with the shortage of gas, you know, we're just watching that to see how that sort of pans out, but it is a bit of a concern at the moment. That's it. If we've got any questions, happy to take them. Do you want to start here or do you want to start online? Have you got some online there? Okay, we'll do the online ones first if that's okay. Okay. The first question is from Eric Johnson. How would you describe the trend of current inflation pressure in your business? Accelerating? Slowing? And what are the biggest drivers? Look, it varies a little bit from area to area. I mean, international shipping is a really good one to watch 'cause it impacts so many things. We were paying about $9,000 a day for a 25,000-ton bulk carrier pre-COVID. That went to over $40,000 a day. It came down a bit before the Ukraine war, but went back to $40,000. Now that's dropped to about $16,000-$18,000 a day. That seems to be coming off. That side of it, you know, seems to be clearing a little bit. If you've been watching the photos of the ships moored off Los Angeles, you'll see there's none. They've all gone. The bottlenecks are clearing. Other things are still, you know, there's a shortage. You can't get, or you can get trucks, but they're expensive. The chairman mentioned pallets. Containers are hard to get. Rail cars are hard to get. You know, it's, we're not out of the woods yet. It's just, it's difficult in these areas. I think in some of them they'll be softening, but other areas I'm not quite sure where they're gonna go. Like, things like natural gas, even though we've got a good position about it, I mean, I don't think in the broader market, unless we get some more gas fields on, this is obviously gonna remain tight for some time. Okay. Next question is from David Williamson. Given Soul has declared a special dividend, is it likely that Brickworks will in due course follow suit? That is a good no. Look, I think one of the things is we did do special dividends 20 years ago, and I don't think we really achieved much for our shareholders as far as our value is concerned. We've tried to, you know, on the other hand, just regularly keep increasing it. This is our main goal, to if we can achieve that, so people can rely on the dividend. 'Cause there's a lot of, you know, we've got 25,000 shareholders now. A lot of those will be retirees or pensioners, and they wanna see the dividend check. You know, I think consistency is maybe more important than just outright scale. Next question. Lindsay, do you think the Goodman JV business could be as successful in the U.S.? Well, we've identified one property. I think we'll just work our way through there. We haven't done anything with them yet, so we've obviously gotta learn the ropes over there. It's slightly different. Although I must admit, we're finding that the politicians from both the House of Reps and the Senate for these various states are very, very supportive and, you know, really go out of their way to try and help you invest in their areas. So that side of things is very positive. You know, but a lot of our land, of course, is in rural or regional areas and doesn't have the value, but the Mid-Atlantic site is a good opportunity. Next question. Are you able to pass on inflationary costs in the Building Products division? Are there inflation-linked rent increases in the property trust? The answer to the first one is yes, and I think I covered that. The second one, the leases are either inflation-based or they're fixed term. There's only a couple of them, leases that are very long-term. Most of them sort of roll over in a certain period of time. Obviously, when they roll over, they'll go to inflation-based leases. The other thing that'll happen when they roll over is, of course, we're getting much higher rental rates. To give you some idea, some of the properties, the smaller properties, we might have been doing AUD 120, AUD 130, we're now seeing sort of AUD 170-AUD 180 a square meter for rents. There's been good uplift in the rental rates. There is no vacancy, so, you know, I think we're able to recover those increases and able to get leases under those arrangements because of the tight market. Question from Robert Rex. Why was the dividend increase so small in relation to profit increases? Well, I think the main thing is we've just gotta keep an eye on what's gonna happen next year. I mean, there's a lot of things that, a lot of moving parts that nobody knows the answer to, and we've just gotta just be conservative until we find out, you know, what, how this year pans out. Well, that's it for online. Thanks, Lindsay. Okay. All right. Questions from the floor. Raju. Welcome, Raju. It's great to see you. Thanks, Lindsay. Raju Ahmed from CCZ. A couple of questions. Going back to the property business, just focusing on two things. You've changed your development profit accounting from 100% to 80% completion. Does that impact FY 2023 development profit? Well, a lot of that was brought forward, you know. Generally, you know, rough rule, don't hold me to this. Rough rule, 80% of the profit was brought back into the last year. It would've been in this year. But the, you know, they would've been in last year if they weren't delayed. I mean, it depends how you look at it. If we hadn't have had all that bad weather, most of those properties were mostly PC'd at the end of last financial year. Because of the delay, they're pushed over into the next year, so yeah. Do you expect the profit levels to be as chunky as it was this year or next year? Well, just because that was a very good year. I can't forecast what's gonna happen next year. Yeah. All right. Looking at your Mid-Atlantic site, can you give us some color on what dimensions, what's the size of that place? What are you thinking? 600 acres, I think the first area we're looking at. Maybe it was 180 acres, that first stage we're looking at. 180 acres might have a market value of $100 million. Coming into Building Products Australia, I understand volumes might ease up from the second half of FY 2023 financial year. I am aware that you've got a wholesale supply agreement with Santos for natural gas. If the volumes were to ease, do you think onselling that gas into the retail market could actually buffer the EBIT decline? Look, we have a lot of flexibility in our gas contract, so we won't be caught with gas that we don't need. I think is the first thing. We have got flexibility if for any reason we're not producing. We can move that gas back into the wholesale market. Look. You know, you plan that, okay, it would make sense to close in winter and sell the surplus gas. You know, we've had a shutdown at the moment. One of the plants does need some repairs, and so it's gone off now. You can't always pick it as to when you're actually gonna close things down, so. Okay. Just staying on in Building Products Australia, I think you mentioned through your presentation that all else being equal, you expect volumes to ease towards the pre-pandemic levels. Now, if my memory serves me right, pre-pandemic was you just came out of the impact of the banking royal commission, which had a downward impact on housing starts for a period of time. If you've got multiple waves of hit like the pull forward of demand because of the home stimulus in the pandemic, and then now you've got rising interest rates. Yeah, I think the counter to that though, Raju, is the fact that you've got, you know, rental vacancy rates is nonexistent. There's no, you know, believe it or not, obviously, more people have come into the country this year than, you know, the students have come back, the people on short-term visas have come back. The government's talking almost 200,000 immigrants a year, and we're already full. On one side, you've got interest rates trying to slow things up, but on the other side you've got demand. You know, interesting to see how that, they pan out. At this point, your expectation is more of a shallow dip for a period of time rather than. Well- A structural decline? I don't know how to answer the question. I mean, you know, interest rates, you know, what's the US Federal Reserve gonna do later today? I mean, you know. You know, it's nobody knows at this point in time how high interest rates are gonna go, but I assume they're gonna keep increasing interest rates till they get rid of inflation. Okay. The very last one, Building Products North America. I think originally when you sort of synthesized the strategy, it was about the strength of the commercial opportunity. Mm. Are you seeing telltale signs of that opportunity now emerging? Yes, I think those larger jobs got really knocked around with COVID more than anywhere else. That architectural building index is a very good indicator of how busy all the architects are, and they're all absolutely flat out. There's a lot of work coming through, and I'm hoping that a lot of that work is gonna be less interest rate sensitive than the housing work. Definitely from a point of view as for the selling prices we achieve, they're more than double what you get from housing, so it's a much more profitable business. That's why you look at. I mean, I mean, I said before that in sales dollars, you know, we're the equal second-biggest brick maker in the U.S. now. The other one makes most probably 2x or 3x our volume, but they sell their bricks for so little, they don't actually generate much income. You understand what I'm saying, so. Okay, thank you very much. Thanks, Roger. Any more questions? Oh, okay. Somebody, okay. Hi, James Stanners from Jarden. Just wanted to kick off on the Aussie business in light of the impairment that was put through. I was wondering if you're seeing any kind of pockets of concern directly with your own customers, or is it more of a macro concern at this point about how things will play out? Impairment, that's one of my favorite subjects. I've gotta have my auditor here, careful what I say. Look, I think we, you know, we took the view that the future wasn't so certain, and we backed down our forward estimates, so that obviously impacted. Also, the higher interest rates have impacted on it. But you know, some of the things, the biggest piece, of course, was the impairment of the goodwill in the brick business. Now that goes back to 2003 when we bought Bristile. At the time, this was all amortized. We wouldn't have had any goodwill left by now if that had been amortized, but the change in policies meant that it was still sitting there. Eventually it was gonna get caught, you know. Eventually there's gonna be a downturn, and there'll be impairments. That's just the way it is. More of a housekeeping question. Just on the second price rise that you put through. Mm. You said 8-10 was the first. Have you quantified what the second price rise? I think I was saying there was 8-10 overall. Overall. Some of the states went, you know, 8% sort of straight up, but others that maybe only went 5 or 6, you know, went back in for 4 or 5. Okay, great. It'd just be great to get a comment on your interest in FBR. Obviously, that's been increasing over the past little while. Just, yeah, wanna get your thoughts on how you see that business evolving and what your relationship might look like in the future. Oh, well, yeah. Look, they made a lot of progress, I think, in the last few years, and I think it's an area that, you know, we wanna be part of. There's an opportunity that we have. Most people don't realize, but we're one of the founding investors, and we've always held a shareholding in them, so. Okay, great. That's all from me. Any more questions? Very good. I think we'll all be here for a while, and Grant will be in the chair, so if you wanna- Sorry, Lindsay, I've just got a couple more online. Oh, okay. Great. How do you see medium-term demand for industrial space and rents given the poor updates from FedEx in the U.S.? Well, yeah, but at the moment there's virtually no space available. There's no doubt there could be a bit of a slowdown as people reevaluate. It's not only, I think, reevaluating what they need as far as warehouse space in regards to what their demand is. It's gonna be reevaluated because the cost of construction has lifted so much that some of these you know, some of these, you know, the amount of rent they've got to pay to get that, you know, people might find that stretches their operating model a little bit. So I wouldn't be surprised if there's a bit of a slowdown for that reason. Or the other issue we're seeing, I think is going to emerge, is that the real pinch point is in building factories. If you're you know, distributing food and you've got to put an automated warehouse in, you've got to go get that automation for the warehouse, and you might not be able to get it. That, I think, is gonna put a bit of a damper on it. At this point in time, we're 100% leased. We've got lots of demand, particularly in some of the small parcels. We're seeing good rent increases, so at the moment it's not eventuating. All right, a question from Daniel Kang from CLSA. Firstly, can you quantify the profit impact of disruptions during FY 2022? Could we see a profit benefit from the likely non-repeat of these disruptions? And secondly, can you quantify the benefit of plant closures in North America? Any likely further closures? I'll hand them in reverse order. No further closures. The benefit takes about one to two years to come through because you've got to run off the stock and get rid of the sites and move the products across and get the market used to it. That takes time, and then you've got to get an opportunity and fix the factory up so you can run it all year and run it at full speed. That takes time. Now that's started to come through and will continue to come through over the next 12 or 18 months. The value of... we didn't value the cost of disturbances. Some of them, which we could, went to the non-recurring significant items. You know, some. It's. I always thought that's a little bit like the dog got my homework because, you know, we might have a wet month this month, but then we catch it up next month. It just moves it around. I just don't think that was that significant. We did, in the early part of last year, have shutdowns in our two major markets, and that did knock us around in August and September last year. We're seeing, you know, we were seeing better performance this year, but then we've had a couple of problems with plants. If it's not something, you know, it's not one thing, it's something else. It's not something I've put a lot of credence on. Another question. Has management considered a possible change in structure of Brickworks in the future, such as a demerger between the Property Trust and Building Products business with a view to the value of these assets being better reflected in the share price? Yes. Look, we've got a very strong model and it does work. You know, building products is a volatile business, and the fact that we've got these investments allows us to you know, perform strongly in difficult periods and allows us to reinvest. If we didn't have that, we wouldn't be the company we are today. I think the fact that you know, Brickworks is mostly you know, one of the biggest building products companies, investment company in Australia today compared to 25 years ago when we were sort of one of the smallest. I think says a lot for our model. It's worked very well over a long period of time. No further questions. Okay. Oh, okay, yeah. Sales are gonna start in a few minutes. Last question. Oh, last question, that's it. Hi, Suraj Nebhani from Citi Research. Question on the property business. Development profits, they were strong contributor this year. How should we think about the key development completions over the coming years, I guess, which could contribute to profit? Yeah. Well, I think we highlighted the ones that are yet to be completed, and I think we sort of also highlighted that approximately 80% of the potential profit has been taken up. We don't know until we get a valuation on PC, you know, what the final values of them are going to be. I don't think really anything can start now, we're not gonna get finished this year. Megan, it's too tight to do it. The construction process in industrial warehouse has slowed down too, compared to everything else. I mean, there was a time when they'd turn the first lot of dirt, and six months later they'd move in. I mean. I think those days are, for the time being, not there, so taking a bit longer to get these buildings up. Thank you. Good. All right, just a reminder that sales are on at one o'clock. We're here if anyone wants to ask any questions. Thank you.