Well, good morning, everybody. Thanks for your attendance. Robert Millner is my name. I'm Chairman of Brickworks. With me this morning, I have Lindsay Partridge, our MD. Grant Douglas, who I think you've all met before. He's our financial man. The guy on the left, I don't know, my left, you probably haven't seen before, Mark Ellenor. He's our General Manager of Building Products for Australia and America, he will give a presentation as well today. An excellent result. On that note, I won't steal their thunder. I'll hand over to Lindsay. Thank you, Chairman. Good afternoon, ladies and gentlemen. Thank you for taking time out of your busy schedules to spend some time with us today. I'll start by providing an overview to you about our commitment to sustainability and responsible business. I know this has become an increasingly important issue for our investors, and we're frequently reminded of that. I'd like to discuss our history of asset growth and shareholder returns, and I'll cover the property performance for the first half. I'll hand to Mark Ellenor, who will handle the building products for Australia and the United States. Finally, Grant Douglas will handle the financial numbers. Just looking at this responsible business practices, we understand we've got to take a long-term view to achieve a lot of the issues that are currently confronting us, and we've already made significant progress in a number of areas. In our core, our commitment is to sustainability, and I feel very good in this area because I feel there's no more sustainable product than clay bricks. If there is one, please tell me what it is. No one has been able to do that to date. There are a number of key areas that we look at, and a lot of that is also in regards to the health and safety of our employees, the diversity of our workforce, where we're very pleased to announce that we now have 31% of our senior executives are females, and 23% of the total workforce is females. Over a long period of time, we've made significant progress in reducing our carbon emissions. We didn't just start now or set some target. Since 2006, we've already reduced our carbon emissions by some 42%. As far as the community is concerned, we've had a very long association and greater than 20 years. We have supported the Children's Cancer Institute, and we've made donations, both the company and the employees of the company have made donations exceeding AUD 4.4 million. Turning to safety. Once again, we made significant improvement in this area. We had a record total recordable injury rate per million hours of 10.3, and that was down from 11.7 in the prior year. That was 9.8 in Australia and 10.9 in North America. What I think we're particularly proud of, if you look at the two graphs there, you see that we started a long way behind the eight ball in the United States. In the space of five years, we've managed to bring that down so it equals the performance we're achieving in Australia. We're very happy to what's been achieved with Mark and his American team. We had three lost time injuries during the period. That was one in Australia and two in North America. Looking at the environmental performance and sustainability of our products. Bricks have a lot of things that are going for them. We guarantee our bricks 100, for 100 years, and we have many buildings out there that are already 100 years old. When those buildings come to the end of their life, they'll be able to be recycled or reused, and that's unlike many of our competitors' products. We have some other critical performance characteristics besides that long life cycle. They're very efficient and very sustainable. A lot of the bricks we make, you know, the clay is very abundant raw material. A lot of the bricks we make, particularly here in Sydney, actually come from recycled material, whether the government is building a tunnel or digging a hole to put some waste or, in fact, digging a hole to put a building. A lot of that material ends up in our clay pits, and we subsequently make the bricks out of it. An enormous percentage, particularly in Sydney, is made from recycled material. Our products have thermal mass and which is quite different to lightweight materials. Reduces the need for artificial heating and cooling. They're low maintenance, fire resistant, and do not emit any toxic or volatile compounds. Of course, they are fireproof. There was an article yesterday where of all the buildings in New South Wales, which I think is close to 600, that need the cladding, the combustible cladding replaced, there's only two been done to date. Now a lot of those buildings they're going to actually move away from aluminum altogether. They don't feel confident with that. I think we're gonna see perhaps a number of these buildings either reclad in brick or reclad in thin brick or reclad in some other ceramic material that is not combustible. We also have over a long period of time produced the bricks from bioenergy. In a lot of cases, that's actually mostly down at Tasmania, where we use sawdust, but we're also using other waste carbonaceous materials in our products, which is further reducing our emissions. We have two plants that are running on landfill gas. We also have an arrangement with Delorean, where we're looking at producing bioenergy from waste food. That is really a very exciting prospect because I don't think any of us think it's really very ethical that we waste food, and this is a very good use for it. As far as our property is concerned, all of our latest developments at Oakdale West are of sustainable design, including drought-resistant landscaping, rainwater harvesting, electric vehicle charging, LED lighting, and recycling facilities. Currently, we have enough solar power stored out there for 11.6 MW, which is equivalent to taking about 7,500 cars off the road. Looking at the asset growth and shareholder returns. We've aimed to do this by having sustained asset growth and a steady increasing dividend. By achieving these, we've been able to outperform the other many other companies on the share market over the longer term. Over the last 20 years, there was only one year when we didn't increase the net asset backing of the company. During that period of time, the share price, the net tangible assets, the share price has grown from $4.13 to $19.79, almost $20. That's 8% compound per annum over that period of time. Though that net tangible asset doesn't recognize the full market value of our assets. For example, property that's held outside the property trust is held at the original acquisition price. The value of our investments, because they're equity counted rather than taking the market price, is the book value is below what the market price is. Investment in Washington H. Soul Pattinson and Fastbrick have a market value of over AUD 2.7 billion. Our interest in the two property Trusts has a combined net asset value of AUD 2.2 billion. The building products net tangible asset in Australia and North America, AUD 577 million. There's three parcels of land we've identified that have a, as is where is, market value of $461 million. We have net debt of $595 million, giving us an inferred current asset backing of $5.4 billion or approximately $35 a share. When we look at the last five years, there's been significant increase in our asset value over that period of time. That's come from us expanding internationally in our building products business, where we've become the largest brick maker in the Northeast and Midwest regions of the United States. We've completed a number of significant upgrades across our plants and consolidated our operations. In Australia, we've had a major CapEx program. We've invested close on AUD 300 million and built and now commissioned the most advanced masonry plant in Australia. As I speak today, we're in the process of commissioning the most advanced brick plant in the world. We've removed ourselves from some areas where we're not getting adequate returns, and that includes Auswest Timber and Austral Precast. That, which has allowed us to focus more on more attractive opportunities. Just moving on to dividends. We're proud of our history of dividends, over some 47 years, either sustained or increased our dividends. Quite impressive when you compare that to most other building product companies in Australia. I don't think we have any equal in that regard. In this year, dividends were increased. This half, the dividends were increased AUD 0.01 or by 5%, to AUD 0.23. The record date for that will be the 11th of April and paid on the 2nd of May. Looking at the shareholder returns. It's quite an impressive graph. I know it is exceeded by Soul Pattinson's even more impressive graph. A 10% compound for 20 years. It's very impressive, but it exceeds the All Ordinaries Accumulation Index over 3, 5, 10, 15, and 20 years. AUD 1,000 invested in 2003 would be worth AUD 7,000 at the end of the period. Turning to the highlights for the period. It was a very strong performance once again. A record first half profit of AUD 410 million, up 24% on the prior period. The Property Trust was one of the standout parts of that with a return of AUD 484 million. The value of our shareholding in Washington H. Soul Pattinson also increased by AUD 285 million. As I mentioned, we've completed major capital investments both in Australia and North America. Our size of our asset base has doubled in five years. Looking at some of the key numbers in there. The EBITDA from the operations was AUD 607 million, up 25%. The profit from the underlying profit after tax was up 24% to AUD 410 million, that translates into AUD 2.69 per share. Including the impact of significant items, the headline was down 38% to AUD 354 million. Part of that was because in the prior year, we had the very large one-off of the Milton transaction with Souls. Looking at the divisional review. There are four parts to Brickworks, as I'm sure most of you are aware. The property, investments, Building Products Australia, Building Products North America. Just in case some of you are not aware, we talk about the property trust. In actual fact, there's many property trusts, but they basically fall into two categories. A 50/50 joint venture with Goodman and the Brickworks Manufacturing Trust, where we own 50.1%. The only difference between them really is the fact is the latter, we're the tenant. Moving forward, that won't remain the case because there are properties within those trusts which can be developed, and they'll be most probably developed and leased to external parties. Outside of that, we have approximately another 5,000 acres of land. Most of that is in regional areas. It was another outstanding period with an EBIT of AUD 453 million. The highlight was that we moved the Oakdale East Stage 2 into the JV Trust for AUD 301 million. That delivered a profit of AUD 263 million. Development in the Trust continued with a number of facilities completing during the period, and that delivered a development profit of AUD 54 million. That wasn't the only profit from those assets because under a change in accounting standards, we had... Where the building has passed 80%, we do take up approximately 80% of the profit in advance. The overall profit of that large number of buildings we had was significantly more than that. A major highlight for us, we've now exceeded 1 million square meters of leased area within the Trust. Total rental income continues to grow and was up 47% to AUD 25 million, and that includes the AUD 5 million contribution from the Brickworks Manufacturing Trust. I'll talk a little bit more about it in a moment about the rental income, because some of those properties just came in during the period. You haven't seen a full year's rent on them. Of course, some of them have, you know, free periods, and that all takes a while for it all to kick in. The total value of leased assets held across the property Trust was almost AUD 5 billion at the end of the period. The Trust also holds a further AUD 772 million worth of land, which is currently under development. Most of that, of course, is in the Oakdale East we just moved in, and some of it that's remaining in Oakdale West. After including borrowings of AUD 1.2 billion, total net asset value is almost AUD 4.5 billion. Our half share of that is at AUD 2.2 billion, as I mentioned. More importantly, when we put Oakdale East in, there was the potential for us to take cash out that period of time. It was decided to leave those funds within the Trust, avoiding us to take any construction finance when we build out that property. The outcome of that was that the gearing in the Trust has now fallen again down to, I think, a very low 21%. There's a photo of the Oakdale East. The stage one is the area on the right in blue. You can see our Masonry factory and an office and warehouse we have there ourselves and three other tenants. To the left of that photo, you can see Plant Three, which is in the process of being decommissioned as we speak, and the pit area behind it, which is in the process of being rehabilitated. Right at the top of the screen, just in front of the reservoir, you can see Plant Two, where we're building this new state-of-the-art facility. Now, we always get asked every period, what's the future outlook for the Trust? It's ongoing. It's a living operation. There's always something happening, either finishing a job or commencing a new pre-lease. We look at that sort of graph tries to show in the waterfall chart where it's all going. The current annualized rent is AUD 178 million, that exceeds the run rate because of what I said before, because of the delay in the rent coming through and getting a full year rent. When all those facilities in Oakdale West come through, there'll be a combined AUD 32 million rent coming from them. Greater than the future years. If we complete the balance of Oakdale West, that will deliver an additional AUD 20 million-AUD 25 million a year rent, gross rent that is, and an additional AUD 0.5 billion in assets. When we build out and develop Oakdale East, it will deliver approximately AUD 40 million-AUD 45 million a year in rent and about AUD 1 billion in assets. In addition to that, one other area which I get lots of questions about is, well it's always about cap rates. Rents have increased quite dramatically. Not all of it. Some of our rents are on inflation-based increases, but others are on fixed rates. As those leases roll over and they've got to come to market, well then they've got to come and make the market rate. Within the Trust, currently, we believe that the overall rent is about 20%-25% below the current market rate, give you some idea how much the market rate has increased. Potentially, there's an uplift of about AUD 35 million-AUD 40 million coming through as they are re-leased. When we If we were to complete those Oakdale East and Oakdale West, as I mentioned, on top of the other properties, give us a total rent increasing to more than AUD 275 million a year as gross, and the assets exceeding AUD 6.4 billion. On top of that, we have a number of parcels of land, as I mentioned, inside the Manufacturing Trust. One at the outlet, for example, where there's potential to do future development, and we'll work our way through those steadily. As I mentioned before, there's three identified properties outside the Trust, which we think we have great potential to bring into the Trust. They are the Craigieburn site in Victoria, the Horsley Park site in New South Wales here, and the Mid-Atlantic site in Pennsylvania. A quick look at investments, because I know most of you are staying here for the Washington H. Soul Pattinson pre-presentation a bit later on. Our main investment, of course, is a 26% shareholding in WHSP. During the period, they delivered underlying contribution of AUD 100 million, which was up 37%. They delivered a cash dividend of AUD 55 million, which was up, 61%. The combined market value of those investments is AUD 2.732 billion. I might just jump over to the next slide because I know, Todd will be talking to that soon. I'll now hand over to Mark, who will run you through the building products. Thanks, Lindsay. In Australia, building commencements declined significantly in the first half of the 2023 financial year in response to rising interest rates and a reducing pipeline of work from the HomeBuilder program. Nationally, detached houses commencements were down 18%, with relatively consistent declines across all states. Commencements have now declined significantly from the recent peak, there remains a healthy pipeline of projects under construction. During the upturn, building timelines extended as a result of supply chain delays and labor constraints. The usage of brick and roof tiles on site is now typically lagging commencements by 6 months or more. Looking across the states, residential housing activity has been weakest in Western Australia, with detached house and multi-residential commencements down 30% and 34% respectively. The major East Coast states have typically seen declines in the range of 10%-20%. Next slide, thanks, Mark. Despite the reduced commencement, sales remained resilient with revenue for the half up 11% to AUD 364 million. Increases in Austral Bricks and Concrete Products were partially offset by a decline in Bristile Roofing. EBIT was AUD 25 million for the period, and EBITDA was AUD 50 million, down 6%. The decrease in earnings were primarily due to the decline in Bristile Roofing and Austral Bricks Western Australia. Most of the businesses' units recorded improved earnings. The launch of the Brickworks Manufacturing Trust resulted in a negative AUD 2 million impact to EBIT compared to the prior period. Looking more closely at business unit profit. Within Austral Bricks, revenue and earnings increased. Higher earnings in New South Wales and Victoria were partially offset by a decline in Western Australia and South Australia. As Lindsay mentioned, construction of the new brick plant in Horsley Park in Sydney will be completed in the coming months, and hopefully the kiln will be lit mid-April. Sales volume in Western Australia was sharply lower as a result of the slowdown in building activity and the loss of key accounts in that market following attempted repeated increases to increase margins. Production was reduced to just one plant at Cardup, with the Bellevue facility closed in November. A detailed review of future options in the state is underway, including a potential business sale or exit. Advanced Cladding Systems, a new business system unit within Austral Bricks, was launched during the period. This business will focus on commercializing thin brick cladding systems, a product category that is experiencing growing demand, particularly in the high-rise commercial and multi-residential segments. We do sell a lot of thin brick and wall systems in the United States. Concrete product earnings significantly increased compared to prior corresponding periods, with Austral Masonry and Southern Cross Cement both delivering improved results. Within Austral Masonry, commissioning of the Oakdale East plant in Sydney was completed during the period. Performance of the plant has been pleasing, with product cycle times and plant efficiently progressively improving during the half. The reduced earnings within Bristile Roofing were primarily attributable to lower sales volume in Victoria and New South Wales. Across the country, trade shortages remain a significant issue for both tile and metal roofs installations and continue to impact the ability to meet market demand. Sales of premium imported terracotta tiles were lower, with high shipping rates and extreme energy prices in Europe adversely impacting unit results. These supply chain issues are now easing. Just switching to North America, where activity has been mixed during the period, varying significantly by region and segment. Across the country, the total value of the building activity commenced was up 18% compared to prior period. A 55% increase in non-residential and a 9% increase in the multi-residential was offset by a 25% reduction in single-family commencements. As the graph there highlights, our key regional exposure is in the Midwest and the Northeast. Combined, these two regions will make up around 80% of our total sales revenue. Building activity in these regions was relatively consistent with the rest of the country, with increased activity in non-residential building offset by weakness in the single-family market. Sales revenue was up 18% to AUD 220 million for the half. The uplift in revenue was driven primarily by strong growth in sales to the multifamily residential segment and through the vertically integrated retail division that we've renamed and rebranded Brickworks Supply. Retail sales were further supported by a small acquisition of Washington, D.C. brick distributor Capital Brick in February of 2022. EBITDA was up 16% to AUD 14 million. The prior corresponding period included a small benefit in relation to property sales, including this, EBITDA was up by 24%. Margins continue to be impacted by labor constraints similar to here in Australia, resulting in higher wages to attract and retain staff. Other cost pressures are persisting across the supply chain, including a significant increase in transportation and mining costs. A larger proportion of sales to the residential segment was pleasing in Texas. Particularly these base range are at lower prices and had an adverse impact on our margin. Despite these challenges, the business continues to make progress on key strategic priorities. Over the past 5 years, we've undertaken a plant rationalization program that's seen the number of brick operating plants reduced from 16 to 8. The program continued during the half with the closure of our 1955 kiln in Caledonia in Ohio, with the output transferred to plants in Pittsburgh and also to Iberia in Ohio. Extensive upgrades are now complete at Sergeant Bluff and our Adel plant. The second kiln is coming online over the next couple of months in Iowa. In addition, production of our handmade and thin bricks were consolidated from our Old York factory to our Mid-Atlantic site and Pittsburgh plants respectively, both in Pennsylvania. The picture on the screen is the college at Vanderbilt University in Nashville, Tennessee. It looks like a picture from the past but that was only just completed, and we supplied 800,000 bricks from our Mid-Atlantic plant, which is a terrific job. These are the scale of the universities and the schools that we get across America. Unlike Australia, most schools are 1.2 million-1.4 million premium bricks. Following numerous acquisitions, the store networks now comprise of 25 locations. During the period, all stores have been unified under one brand, Brickworks Supply, with locations, market strategy, and product range being fully aligned. In October, we executed a supply agreement with Brickability for the sale of bricks into the U.K. market. The 10-year supply agreement includes a minimum purchase of 10 million bricks per year. We've supplied out of our factory. We're recommissioning at place called Rocky Ridge, which is up near Camp David in Maryland. We'll transport those bricks out of the Port of Baltimore, and hopefully, they'll be headed across early in the new year. The U.K. market is a very brick-intensive market with about 2 billion bricks per year produced and about 1 billion bricks per year imported. With that, I'll hand over to Grant for the financials. Thank you. Thank you, Mark. As Lindsay mentioned, total underlying group EBITDA for the half was AUD 607 million, up 25%. After depreciation and amortization, the underlying group EBIT was up 26% to AUD 569 million. Total borrowing costs were AUD 23 million, and tax was AUD 136 million. This resulted in underlying net profit after tax from continuing operations of AUD 410 million, up 24%. Significant items decreased net profit after tax by AUD 48 million, and I'll discuss that a bit more in detail in a moment. In addition, discontinued operations contributed an after-tax loss of AUD 7 million for the period. mainly related to non-cash impairment of assets and closure costs within the Austral Precast business, which resulted in statutory net profit after tax of AUD 354 million for the half. Turning to significant items. Table on the screen shows our significant items in more detail. Obviously the largest of those is in relation to the non-cash impairment of Austral Bricks Western Australia for AUD 32 million post-tax. This follows our impairment testing process as part of the half, and primarily comprises impairments to plant and equipment and right-of-use assets. The impairment's based on our reassessment of the outlook for the business, which deteriorated significantly over the past six months, as alluded to by Mark earlier. We also had plant relocation and commissioning costs of $8 million, mainly related to the commissioning of both the Oakdale East masonry plant, so the value-added side of that plant, and the Horsley brick plant at the new plant, too, at Horsley Park. We also had $3 million in restructuring and site closure costs, mainly in relation to the closure of Bellevue, late in the last calendar year. We also have the standard share of significant items for our holdings in Souls and FBR. Turning to cash flow. Total operating cash flow for the half was $46 million, down from $63 million in the prior corresponding period. Cash generation was adversely impacted by inventory build within building products operations, the plant commissioning costs I talked about earlier, and higher interest costs in the period. CapEx of AUD 56 million was incurred, mainly related to the construction of the new brick plant in Western Sydney. That major capital program has been going on over the past few years, is now nearing its completion. Dividend payments of AUD 62 million were made for the half. Onto key financial indicators. As Lindsay mentioned, net tangible assets per share was up 8% over the period to AUD 19.79 a share. Shareholders' equity increased by AUD 271 million to over AUD 3.5 billion, which represents AUD 23.19 a share. Underlying return on shareholders' equity was 23% on an annualized basis, in line with financial year 2022. Net debt increased to AUD 595 million, up by AUD 102 million over the period. Taking into account increased equity, gearing was only up marginally to 17%. Interest cover is very conservative at 23 x. We currently have around AUD 340 million in funding headroom, based on committed debt facilities, and significant headroom within our existing bank covenants. I'll now hand back to Lindsay to discuss the outlook. Thanks, Mark and Grant. It's the right page. Well, I think, you know, really importantly that, within our property Trust, all of our warehouses are fully rented. We have a development pipeline, we have strong demand. We expect significant increases in rental income over the coming years, as I explained to you. I've also mentioned that we have a number of properties which we believe that we can move into the Trust, including the Mid-Atlantic site in Pennsylvania, Craigieburn site in Victoria. Across the building products, we're confident sales will remain fairly strong during the second half. There's no doubt that in the second half of the calendar year, there will be a slowdown. Interesting though, however, when you look at the tightness of the rental vacancy market, I don't know if any of you sort of drive around the city on the weekend, but you'll see lines of people 50 and 100 meters long trying to get an apartment. Those single-bedroom apartments have gone up about AUD 300 or AUD 400 a week to about AUD 1,000 a week. That is running counter to the interest rates. There's gonna be some friction at that point. If you're wondering where the demand came from, there was a very slight change in the occupation rate during the pandemic. Prior to the pandemic, the occupation rate in Australia was about 2.59 people in Australia, it fell to 2.50. That 0.09 difference is 160,000 dwellings. On top of that, in the last 12 months, we've had 250,000 people return to Australia who need another 100,000 dwellings. In the space of about 12 months, we're 250,000 dwellings short in Australia. I can't see that the housing start's gonna stay down long. I think once the interest rates stabilize, we're gonna see strong return to demand. That's exactly what we're seeing in the U.S., where the main interest rate is the 30-year mortgage rate. It's now been stable four or five months, we've seen a pickup in demand. We're seeing a stabilization in the drop off there. That's in residential. For us, of course, in North America, you know, we're very much focused on commercial. When I say commercial, I'm not talking about office building type commercial, which is most probably the one area that we're all glad we're not in. I'm talking about commercial as in multi-res buildings is our main area where we're going. Also, as Mark mentioned, universities, schools, fast food chains, various sporting stadiums and whatever, that's the sort of work that we talk about when we're in commercial. We see no letup on that. The Architecture Billings Index that they have out there is very strong, and we're seeing the same situation here in Australia. Commercial work in Australia and the United States is strong, and we've seen no letup in that area at all. Of course, we're very confident of Washington H. Soul Pattinson's future prospects. You know, I think therefore we're gonna see significant growth in our assets over the longer term and a continuation of our ability to increase dividends. I guess, Chairman, we go to questions, if there's any questions. How are we handling the questions from online? We've got one right here, thank you. Straight up, yeah. Just wait, there's a mic coming your way. Thank you. Lee Powell at UBS. I'm not sure, Lindsay or Mark, whether who wants to answer this, just the comment around kind of continued cost pressures. Can you give us an idea of what brick pricing you have in the market in Australia at the moment? Going on, like, thinking on a longer term basis, so once the pipeline is exhausted, we're obviously in a kind of a higher cost environment. How do you think those two match as volumes come off and input costs potentially stay higher? How do you think pricing plays out in that environment? Well, first of all, in relation to historic, you saw that we basically increased 11% our turnover, which was mainly just the volume was constrained by all the bottlenecks, that was mainly our price rise, and it just wasn't quite enough. That tells you what the inflation was in the last 12 months. The areas where we saw in that period is clearly wages. I was talking earlier today that, you know, we were paying most, like electricians and fitters around AUD 30 an hour. Now, the only ones we can get are contractors at AUD 90 an hour, right? We've got plants, a couple of plants in Australia, a couple of plants in America, where even at AUD 90 an hour, we can't get tradespeople to maintain the plants. That, that is a real problem. The non-performance of those plants not running is a cost as well. We had thought that the areas that were a problem last year, like glazes, stains, oxides, had steadied up a little bit, and that's generally the case. This year, in the last six months, we've seen another wave. I think some of the material companies were a bit slow in responding. I don't wanna mention any names here. We'll know names. It's a bit slow in responding to the increase in costs coming through. We've seen a dramatic lift in the last six months in aggregate sands, cement, which is, you know, even supplying ourselves. Cement's gone up. We've seen those sort of products come through with increases. The other one which has hit us here in Australia, you know, this calendar year, electricity and NIC 100%, not 10% or 20%, 100%. These are big increases to take. We've kept our foot on the price rise pedal, and we're putting through another high single-digit price rise. It varies in timing and magnitude depending on the business and the state. We have no choice. We have to push that through. The people are gonna have to pay the price or we don't supply. It's just as easy as that. There can't be any other way about it because as you've seen, the minute we don't get adequate returns, the auditors are gonna come out with a red texta and put it through our books. You have to get the return. You just have to put the prices up. You got no choice. Mm-hmm. Mm. Then Craigieburn, can you just give us an idea of how we should be thinking about that in terms of timing? Megan's right behind you there, but we've been at it now, what, 15 years? Yeah, I know. We were trying to get into resi and, you know, the government just thought it wasn't big enough, you know, to stand on its own as a suburb. In Victoria, they tend to sort of release suburbs. We've sort of come across to commercial. We're working with Goodman through the issues there. I don't know. Do you wanna add anything to that, Megan? No. We're working on it. Okay? Yeah. I mean, it's getting surrounded. I mean, it's days ago to come. I mean, you know, it's like all these things. We managed to sort of get the timing sort of right in the end, but I think hopefully, we've got better prospects on the Mid-Atlantic site in the next 12 months and maybe Craigieburn's, you know, a year or two after that. Okay. Thank you. Yeah, right in the second row here. Thanks, Manny. It's the second row here. Well done again, Lindsay. Thank you. Just on those two properties, Craigieburn and Mid-Atlantic, what are they worth? Well, we said in there that there's a combined value of AUD 400. Six. AUD 460 million, that's those three properties as is where is. Yeah. AUD 460 million. AUD 460 million. Yeah. Yeah, that includes Horsley Park. Yeah. Right. In terms of the new kiln that's gonna be here in Sydney, how much is that gonna add to efficiency? Look, a good point. There was two kilns. The one kiln's replacing two kilns, that's a good start, right? One of the kilns was our very best kiln and was originally put in to run at about, I'm talking cars per day, I think most have been cars per day. It was put in to run 36 cars. For most of its life, it ran at 44. In the last 5 or 10 years, we made the bricks lighter, we did a few other things, and we got it up to 60 cars a day. Its fuel consumption was just incredible 'cause it was running so fast. Because the losses through the walls are fixed, the more you can put through the tunnel, this kiln is gonna be pretty quick. It might take us a year or two before we catch up that other kiln. What we are doing more is putting in more, particularly in Queensland, we're using, like, sawdust flour, wood flour. It comes out of, say, like a door plant, so it's waste material. We call that onboard fuel, so we're starting to get some amazingly low fuel consumptions out of these kilns. In relation to your investment in FBR, what's your intention there? You've got 19.9 now. Good try. just getting back to Western Australia- Mm-hmm. The Buckeridge thing has never been sold, so presumably, are you saying that market's basically a write-off in the next five years? Look, it's hard for us to see a way forward. You know, we didn't agree with the ACCC approving them to purchase Midland, which gave them 80% market share. To compete against a company with that level of market share in a vertically integrated because you can't contest their own companies, you know, it's a very difficult place to be in. We're really got to the point now we're almost subscale. Having said that, their own performance, you know, they've lost a lot of money in the last three or four years. They're running negative cash. They've stopped taking orders for new houses. They've got 3,000 houses to build, most of which they've got to build at a loss. I would think that they're in a. I think that whole market is in a very tough place at the moment. Okay. How are we handling questions online? Are you just gonna read them out? No, we've got one more here, I think. Sorry. Thanks, Lindsay. Just a quick question around volume and scenario planning and how you'd essentially adjust the production profile of the business should you have a decline to manage operating leverage, Lindsay? Perhaps in Australia as well as in the U.S., if you could just give us your sense of how you're planning for the next- Well- Six to 12 months At the moment, believe it or not, our brick sales this month exceed where they were a year ago. Right? Because the bottlenecks are coming out of the system, the run rate of the builders is going quicker. That's the first thing. We haven't seen any downturn as yet. That's the first point. The second thing, we're about to swap our biggest plant, right? Which is now going offline as we talk. My biggest concern is not reducing production. My biggest concern today is that I don't run out over the next sort of three months as I get the new plant up. Because the new plant is likely to take three to six months to really get rolling. We're watching that. When we've taken off such a big capacity, 'Cause we're gonna demolish that plant so we can develop Oakdale East. That's our main concern at the moment. I'm not worried about stock at this point in time. We're also very lucky, and I've explained this to you before, when you've got 9 or 10 plants, we're talking bricks on the East Coast, if we don't quite sell enough output, well, you know what we do? First of all, you do is maintenance. You know, a lot of them are run, you know, it's five, six, seven years. You take them off and do some maintenance, and that takes 10% off your production. If I'm still in trouble, I've got too much production, we've only got to take one of those plants offline on the whole East Coast, and then we just shuffle it around to keep. The remaining nine, if you've got 10, take one off, the remaining nine still run at 100% capacity. It's not really a such a concern. The same thing goes with our masonry plants. You know, we take one off. There's a network of 10 or 15 of them. You take one off, and it brings all the others back to full capacity. The same in the U.S.? In the U.S., the same thing. I think you've seen it. Mark Ellenor said we've come from 16 to 8. You know, if we take another one off, we'll balance it up. We're still in the transition there. They had a lot of plants when we bought the business originally. A lot of plants running 9 months of the year at 60% output. Bit by bit every year, we've run more plants through winter and, you know, and running them harder and longer. That process is still underway. Almost complete, but still underway. How are you experiencing the implications of 44% of your business being exposed to single family and what's going on in that market? Well, you gotta think where the single family is. I mean, one of the big growth areas for us has been Texas, Oklahoma. Mark can talk more about this. A lot of the people coming in there are leaving California to get away from the taxes because they wanna go to states where there's low taxes. They're not first-time buyers. They're selling a home they've got, where they had significant equity in, and they're buying homes. They're not particularly worried about the cost of the mortgage rates. Remember, as I said, the 30-year mortgage rate in the U.S. is 6.6%, and has been at about that level now for about 5 months. With all the stuff that happened in the last 24 hours, that 30-year rate didn't move at all. It's very stable. That's why you're seeing people starting to return to that market. It's helped stabilize. I don't think, at this point in time, I mean, I don't know what the future holds, but at this point in time, we don't anticipate a GFC style downturn. Thanks, Lindsay. Back over here. Matthew, down the front again. One online. Sorry. We'll get to those in a second. Thanks. With your agreement to supply 10 million bricks into the U.K., what's the current capacity in America? Can you easily meet that 10 million? We're bringing on, as Mark mentioned, we're bringing on the Rocky Ridge plant at about 35 million units. It's also going to make a couple of specialist products for us. We'll also be taking approximately about 10 million, 12 million out of Hanley and Pittsburgh. Yeah. What about further expansion in the U.S.? Further acquisitions, you mean? Yeah. No, I think for the time being, we're just happy to sit pat. We've got enough on our plate. Have we got any questions online, Mel? Yeah. Few questions online. Thanks, Lindsay. First one from James Casey: With the capital expenditure for Horsley Park nearing completion, what are your CapEx requirements over the next two years? Yes. I think we've mentioned that cost of that plant ran significantly over and it's also run significantly late. I'm very happy though that we've now built it. To start that project today, it would even cost you more money. We've got to commission those plants, we're throttling back our CapEx. CapEx will be at depreciation or less for the next few years, while we just sort of digest what we've been doing in the last few. Next one from Liam Schofield: Can you please comment on the cap rate movement across the industrial JV and the manufacturing JV relative to revaluation gains, i.e. cap rates up, reval gain up? I think what we're at 35 points, Megan? We're up 35 points. The rents exceeded that. That's why we end up with a revaluation profit of. Remind me the number. 114. Sorry. 114. We had AUD 114 million in revaluation profits, basically because. That include the development profit in that number or not? That's just the reval. Put it this way, the growth in rents outpaced the growth in the cap rate expansion. Just to make sort of that point just a bit clearer, when the valuer looks at it, they're looking at the transaction value of equivalent buildings. They don't necessarily look at what your particular rent that you're receiving on that building. They're looking at what that building would rent for if it was at market rent. At the moment, as I mentioned before, we have 20%-25% under-rented on many of our properties. I mean, it depends what your view is, long-term view of interest rates. If interest rates, like no one can predict the future, but if interest rates, as forecast, peter out with another 25 or 50 points, well, then, you know, the rental growth has exceeded that, in that period. Next question. What sort of market share do you have in the brick market in America? What's the market share? Well, 7% nationally, but in our key markets like New York, it's 70%. In Philadelphia, it's 80%. Illinois is $80, I believe, million. I'll have to repeat so they hear it online. Nationally, it's about 7%. Because we're focused in certain areas, the key markets, New York, it's like 70%. Chicago, it's 80%. Philadelphia, it's similar sort of number. In the areas we operate, we have exceptionally high market shares, but of course, we don't operate in the volume housing brick markets of Texas across to the Carolinas. Has the board discussed the merits of a buyback? The board discusses everything thoroughly, but buybacks are problematical. I've gotta say. Yeah. Any more questions? I got one down the front here, please. Ready. Thanks. Thanks. Anderson Chow from Jarden. Just related to sort of the capital management questions. Our CapEx is about to peak out. Property, we're seeing very strong rental to come as we guide it for the next five years. You just mentioned, you know, buyback probably a bit difficult. Should we be expecting ordinary dividend to, you know? It's a fantastic trade record of 47 years increase. Should we be expecting ordinary dividend to probably increase in a faster pace or maybe some sort of one-off special dividend, something like that? Thanks. Look, generally, as a rule of thumb, we look at the dividends we received and the trust earnings to pay them out. Clearly, the trust earnings are gonna grow, we just got to next. There's a couple of things here. First of all, you don't know what's gonna happen in the next, you know, 12 or 18 months, we just got to be a bit cautious with what we do as far as the dividend's concerned until we work our way through that. You know, there is the potential there to continue increasing dividends. I'd be pretty certain about that. To dramatic increase or special, I'm not sure. Not in the next sort of 12 or 18 months. Okay, one more from Mel. Why does the AUD 6.31 deferred tax liability add to NTA per share? Page 10 of the slides. This one for you, Grant. I think what you're looking at there is the inferred net asset. The inferred asset value, and what we've put in as a bridge between inferred asset value and NTA. What we're saying is the inferred asset value, there's deferred tax associated with the Property Trust primarily, that is not in that inferred asset bridge that we've done. What we're doing is bridging from balance sheet NTA back to the inferred asset value that's bridged in that in that slide. What we're trying to do is just reconcile the two. That makes sense. No more questions? Okay. Well, thank you very much, everyone. Thank you for coming along to listen to the Brickworks story. Thank you.