Thank you for standing by. Welcome to the Big River Industries 2021 Full Year Results. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you need to press star one on your telephone. Please be advised that today's conference is being recorded. Now I can hand the conference over to the speaker today, Chief Executive Officer, Mr. Jim Bindon. Thank you. Please go ahead. Yeah, thanks, Kevin, and thanks everyone for joining this morning. I seem to say this every year, I know it's a busy time of the year for small companies reporting, I'll try and scoot through the presentation fairly quickly, if that's okay. Just quickly want to run through the results presentation documents that I uploaded this morning, I'll just be reading from that. Just starting, for those who've got it in front of you, the first page I just thought I'd mention there, in this Olympics year, now that all Australia are super fans and experts in both skateboarding and BMX, you'll notice there on the front page some photos of a skateboard ramp. We've got a good customer on the Sunshine Coast who's actually supplied over 1,000 of these in the last six years, where we supply all the materials, including three different types of plywood. There's a bit of useful trivia for you just on that front page. Just moving on to the third slide, folks. It's just an update of the mix of our business there on page three. Just some key changes really, as this is a slide that we include in each of the presentations, both half year and full year. Just in the top right category there, just on the key product categories for the group, major change there obviously is the panel business, which has grown to 35% of our business with the full acquisition of Timberwood, which was announced in the first half results, as well as the New Zealand business, which we acquired a couple of years ago. On top of that, you may have seen this morning an announcement about the acquisition of Revolution Wood Panels, which is another strong panels-based business in Queensland. That ratio will probably tick up towards about 37% when that new business is included. Just the mix of our construction segments, obviously quite diverse there. The ratio changes every year. Commercial segment just down a touch, as you'd expect when that construction type's been hit quite hard through COVID with retail, office, airport-type work obviously particularly soft. On the flip side, attach housing is strong there at 35%. Both medium density and high-rise construction there is only around 18% of our business there, been 22% and 23% years gone past. Obviously, that multi-res side of construction has been quite soft and is well below mid-cycle. In fact, probably at the trough of the cycle for those two segments. The manufacturing or the OEM, and the alterations and additions in single sort of up there towards 10%. A good mix in our business there. On the asset mix though, it's worth noting there that we have manufacturing assets in all three of our key segments, so formwork materials with steel and form ply. In building products, the frame and truss plants, which we have in Adelaide, Geelong, and Perth. In panels, the plants in Auckland, in Victoria, and also the main plywood site at Grafton. I think we've got a good mix between direct importation, in-house manufacturing, and obviously partnerships with local suppliers in all three categories. A good diverse supply chain. Finally on the bottom right there, the mix of our business now. Victoria, or Southern region as we call it, they're quite strong now with Timberwood's business, particularly strong in Southern Australia. Those number of trading accounts will be up over 9,000 now with the addition of the Revolution business we announced today. I think a really good, pleasing, diverse mix in our business there. Just moving on to page four, guys. This is a slide I haven't included before, just with respect to ESG. Obviously, a company that's been around 120 years in my view has got a really strong story around ESG. Particularly timber, just on the environmental front, I think something not very well understood by the industry, but I think the general public is learning about this pretty quickly. That is the hugely sustainable nature of timber products. This particular graph refers to the greenhouse gases emitted during the manufacturing process. It uses a standard house, and the various components of it as the example. The floor structure, the floor coverings, the wall framing, the roof framing, indeed the windows. Without going through all the detail, you can see that timber for all of those categories, where timber is used in those applications, the greenhouse gases emitted is far, far lower than any other building material. Obviously, what goes hand in hand with that is that timber's got the lowest embodied energy of all building materials. Part of that comes from obviously the carbon sequestration nature of a growing forest and a working forest. It's certainly worth noting that a working forest well managed, whether that be a regrowth or a plantation, will certainly hold more carbon than a mature forest left to its own devices. I think there's a really good news story in good, effective, and sustainable working forests in Australia, and we're certainly part of the major solution for climate change there. From my own perspective, all of our manufacturing sites are certified with the European Standard PEFC, which is one of the benchmarks in chain of custody certification for tracing the source of all logs that are processed. I think there's some very positive stories there with respect to timber in general, and I think that's been recognized now. You may have heard of some high-profile projects around tall buildings there, I think including some in Australia. Some of the tallest timber buildings in the world are now being highlighted in multiple countries, up to 50 stories and 60 stories. I think the use of timber products in conjunction with other products, even in large scale construction, is being well understood, and there's a great story there. Just on the social front, just a couple of examples of, again, businesses like ours support a whole range of community programs and so forth, but certainly worth highlighting the one with respect to our partnership with Clarence Correctional Centre. That's part of, obviously, the corrective services industry because we've got a 15-year partnership with Corrective Services. This particular jail facility here we supply all the plywood for a really important program called Toys Save Lives, which is an indigenous inmate program. It's more like art, to be honest. You can see those images there. It's beautiful, and we supply all of the ply for that, as well as having a two-way partnership with the Clarence Correctional Centre where we supply product and the other workshop, obviously using inmate labor adds value to those products. That's something that we're very proud of and over 30 years of contribution to the helicopter services in both Australia and New Zealand. We've had long partnerships with that organization, with the employee contributions or payroll deductions been going on for many years. Then from a governance point of view, look, our industry is heavily governed and the Illegal Logging legislation, which is federal legislation, is something that we obviously very closely manage both locally and also with a lot of our international suppliers. Too the Chain of Responsibility accountabilities. Modern Slavery we've rolled out during the year to all our international suppliers. From a board perspective, currently in the process of recruiting a couple of directors, given the change of status of one of our existing directors, just to ensure that independence ratio, which is obviously good governance and best practice. I think we've got some really good stuff going on, and I could talk all day about the ESG story, but I won't because I think there's great news in a business like ours here, and it can have a real impact on the climate change story. Just moving on to page five there, folks. Just two images. The reason I've got these, I think it goes to the story about our diversity and the strength of our results, and that is these vast and varied products or applications that our products go into. A fully prefabricated timber bridge there, which we installed in one day, right through to the big renovation of the Taronga Zoo and a major large formwork construction site there in Brisbane, obviously being the casino project. If you went back to the front page as well, apart from the skateboard ramps, you've got a commercial fit-out of a major hotel and obviously a large residential project with Alangni. Some really good applications there, which shows how diverse our range of products are. Just moving to page six, guys. On the headlines of the results, I think, yeah, certainly very pleasing year in my view. The revenue up at AUD 281 million, which was up 13%. I think more importantly, good growth on a like-for-like basis, which we haven't seen for some years as the construction sector has declined. 4% like-for-like growth across the year or indeed 7% in the second half. I'd be the most important part of that was that growth accelerated every quarter from Q1- Q4. The underlying EBITDA there of AUD 22.5, up 30% on last year or if you did in this post-AASB 16 world is the language you prefer, so AUD 13.1 up 47% on last year. NPAT, again, underlying, given we had some significant items we identified in the first half results up 68% despite substantially higher tax payments. Good news there. Then EPS growth also up about 25%. Just worth noting, that builds on the 5% EPS growth last year. I know there's some particularly good ratios and numbers for the company this year, often because they had a pretty average last year. I think in FY 2020 for us to actually out sales EBITDA, NPAT, and EPS growth during that pretty tough COVID year, we've built on that obviously with even more growth this year. Just finally on that first section, the treatment of the closure of the Wagga site, which we detailed in the first half, that consolidation project, the net effect of that project, negative AUD 4.5 million after tax. We actually reported minus AUD 9.4 in the first half, you'll see that's obviously an improvement as the full project, including the government grant, has been brought to account in the first half. Steve might talk a little bit more about that when we get to the financials. Just a few of the operating highlights there in the middle section. Still on page six, folks. Margin continues to expand. Look, it's been a good news story from the day we listed. We've had some other challenges, but the expansion of gross margin's been a really good story and another 150 basis point improvement for the year, despite those pressures of international supply movements and the real challenges in freight. I think that's been a good news story. More importantly, growth across all product category panels, building products, and form work. There was an expansion of margin in all of those categories. From a weighting perspective as well, that's certainly been a contributor now that our business is up circa 35% from our panels category. As some of you may be aware, that is the highest margin category in our business and the acquisitions there are continuing to weight up that. That product mix is certainly a factor in that growth of margin. From a plywood point of view, again, we've referenced the consolidation strategy and the looming closure of Wagga, a good turnaround in our plywood manufacturing business contribution up 80% on last year and volume growth of 5% after many years of decline is a good news story, I think. A good mix of products, labor efficiencies, energy costs, all were positive in terms of the result. Just finally on page six there, just from a strategy perspective, talked about gross margin, just worth noting that some of that's come from starting to get some good traction with our new ERP system we put in last year. Obviously, they aren't simple projects, and when you start to yield some good results from it, that's particularly pleasing. Timberwood, we've already talked about. Obviously, that's expanded the company's sites to 21. Again, from a strategy point of view, trying to fix the squeaky wheels is always our goal for everyone. The fact that we got profit growth from every region and every business category was pleasing, and it certainly shows that that upswing in the construction cycle has created much more favorable conditions for us. That's pleasing and certainly a part of the improved performance. Just moving on to page seven, guys, just a little bit more color on some of the operating metrics. Certainly, revenue I've already talked about. I won't go through that. It is worth saying that the formwork category, New South Wales, was the only area where we really did decline. Obviously, large exposure the company's got there to both high-rise construction and commercial, the two soft segments. The fact that we held that segment decline to only 3% when there were some considerable pressures around supply chain and indeed soft markets, I think was a pretty good result. At an overall level, that growth in the overall addressable market of about 2% after a few years of decline, I think that's pleasing. Obviously still being impacted by the weakness in the multi-res and the commercial market. Not bad overall and really good to see some growth starting, but certainly still held down by some of those large markets where we have a significant exposure. Supply chain's been talked about a lot during the last year in the press, and everyone seems to be able to quote the lumber index now, which is interesting. That has had some impact on our business, and certainly it's had some impact on builders' ability to roll out a HomeBuilder program as quickly as they'd like. Notwithstanding some of those real shortages of structural timber products, we actually grew the product categories that were most affected by 15% on the prior year. I think we've managed that particularly well, and it hasn't held our business back, it's fair to say, albeit that we'd like to have more, but that's just a reality of a supply-constrained market. Then obviously once we've dropped down to a SKU level, the fact we got growth across 90% of our SKUs, again, that just highlights the breadth of the market recovery. This is not just a great lumpy result from one little corner of our business. This is across the board, which is the most pleasing component of the result. Just quickly on manufacturing and ops. Some really good internal controls, just continuing to do better there. I think the ERP system helps and just maturing as a small public company is all part of that. From a stock performance point of view, aged debtors and hence, EBITDA margin, we've got really good improvements in all three of those metrics. Plywood manufacturing, I've already talked about, and really good to see some volume growth there again, which just sets us in a really good position for when we're consolidated onto the one manufacturing site. We've got a good strong base of demand, and that's a good way to go into that particular project. Look, investment in inventory, you'll see in Steve's notes there that we did grow inventory through the year, which sounds a bit counterintuitive where there's been some shortages. I think we have taken advantage of our scale and our strong supplier relationships and the diversity of our supply, and that's certainly helped. Along with the revenue growth, which I touched on, and the margin expansion during times when there's been some real shortages, I think we've managed that side of the business well. Just on acquisition, the final category there, just worth noting that we're good for the New Zealand business, achieved the maximum earn-out for the second year of that earn-out schedule. That's obviously pleasing and goes to the strength of the New Zealand result, even though commercial construction is quite weak in New Zealand, as it is in Australia. We do have a reasonable exposure to commercial there, so a really good result to hit the top category of EBITDA targets there. Strong start from Timberwood, only Q4 contribution from the Timberwood business, but the run rate's certainly tracking ahead of our numbers or our expected numbers, so that's a pleasing start. Of all the acquired businesses, one of the things we focus on is trying to broaden the product range and add some of the other Big River specialty products to their core. In all cases, those non-core categories for those new businesses all grew at a higher rate than the rest of the growth in Big River. I think that suggests good positive revenue synergies as we integrate those businesses. A good news story there as well. Just my final slide before I hand on to Steve with the actual financials. Just a quick update on the strategy. Some of these points we've already covered off, so I should be able to move through it quite quickly. That product diversity has really been a good news story throughout the year, and that's certainly helped with our results. Obviously, the execution of Timberwood helped that deal. The geographic diversity, that's been particularly important during these periods of lockdowns. There's been multiple lockdowns in certain states. ACT construction is down at the moment, as is New Zealand. Victoria's been cut back materially. Sydney's still got restrictions. The fact we've been spread all over Australia and New Zealand, I think that's worked in our favor. Like-for-like revenue growth accelerated every quarter. I touched on that earlier. There's some real momentum in the market. The consolidation project remained on track. Good news there as we continue to roll out that plan we've outlined for some time. Growing scale, obviously a critical part of our overall strategy. We've already spoken about both Timberwood and Revolution. We continue to expand our network there, and particularly pleasing that all of those businesses are in the highest margin category and the most specialized where there's distinct product differentiation, which is not the case in all market segments we're involved with. I think that's pleasing. There's really good traction on our in-house organic growth as well. Our range of civil products we've expanded during the year. We've got particularly good growth in FY 2021, and there's some really good prospects for the new financial year as well. Blending that organic and non-organic growth is a critical part of the strategy. I think we've done well on both those fronts. Then financially, obviously, we believe we do need to improve the financial performance of the business. We've been achieving that in the last two years. Gross margin, I've already talked about. Underlying EBITDA margin's up 100 basis points, which is pleasing. Good cost control, margin expansion, and revenue growth. All three levers of the business have played a part in that. It's not just about stripping costs or anything like that. We've got good contribution from those three levers. We talked about supply chains. Despite the fact we've had to invest more in some of our international supply chains, I think working capital and indeed cash conversion stayed within our target range, notwithstanding a little bit of a growth in inventory, but that certainly set ourselves up well for the future period as well. That's just finished on page 8 there, folks. I'll just hand over to Steve to run through the couple of financial pages, and then I'll sum up at the end, if that's okay with the outlook. Thanks, Steve. Great. Thanks, Jim. Yep. Just on that page nine there with our earnings summary, we have obviously got headline revenue up there, 13% on the previous financial year, coming in at AUD 281 million. That includes three months from the Timberwood acquisition. That contributed revenue of about AUD 15 million into those numbers. That overall growth saw our distribution EBITDA up 22.7% from AUD 19.1 million the previous year, up to AUD 23.4 million this financial year. That is flowing from those increased margins that Jim mentioned, and also that increased sales flowing to the bottom line, that extra revenue. For a business like ours, it is good to see that dropping to the bottom line. The manufacturing sites there at Wagga and Grafton increased EBITDA by 86%. That was particularly pleasing, going from AUD 1.8 million up to AUD 3.3 million. That's on the back of some of those lower energy costs that we had this year, some of the higher-margin products that we've been selling out of Grafton in particular, and some good cost efficiencies, which is pleasing to see after some of the recent years we've had declines in that particular category. Our corporate costs there grew roughly about AUD 500,000, mainly from the improved financial performance. As funny as that sounds, from resulting payment of bonuses to the senior executive team, as there was minimal that was paid in the last year. That led to our overall operating EBITDA before significant items being up 30% at AUD 22.5 million. A particularly pleasing result there. Those significant items include the Wagga impairment and restructure costs, some acquisition costs, and some share-based remuneration that we've had for the first time there. We've used that operating EBITDA metric just to try and give some clarity on the underlying EBITDA so we can see exactly what's happening there with the business. The largest item there in that significant items is the Wagga Wagga impairment and restructure costs. We've got that sitting there at a net AUD 4.5 million amount, and the rough breakup on that is about AUD 12.3 million worth of property, plant, and equipment. Some restructure costs, things like redundancy and rehabilitation of the site, et cetera, adding up to about AUD 4.3 million. There's also the government grant that we brought to account in there at about AUD 7.7 million. I'll touch on that in a little bit more detail in a sec. Then the tax benefit that we get from that impairment, a write-down of about AUD 4.4 million. That comes down to that net expense that we've got on the accounts there of AUD 4.5 million. Just on that government grant, that's non-assessable income. The grant itself is actually AUD 10 million. Now we've only brought AUD 7.7 million into offset against some of those associated expenses, because part of that site consolidation involves some capital expenditure of around about AUD 6 million at the Grafton site. We're expanding our operations at Grafton as part of the site consolidation. That remaining AUD 2.3 million gets recognized over the life of the capital asset as we spend that money at Grafton. Overall, I think we mentioned this at the half year, but overall, the Wagga to Grafton site consolidation is actually going to free up circa around about AUD 9.5 million worth of cash after we take into account the receipt of that government grant, the release of some working capital from the Wagga site, utilization of those future tax benefits, and the sale of the land and buildings at Wagga in due course. Plus, of course, the capital expenditure investment at Grafton and some of those restructure costs that we'll have to pay as part of the process. On that bottom line overall, NPAT before significant items up 68% to AUD 7.8 million. A very strong result. Bottom line, obviously reads a little bit less than that with those impairment charges and things going through there. NPAT coming in at AUD 1.8 million versus last year at AUD 4.4 million. The earnings per share that we've got coming through there before significant items at AUD 0.11 per share, up 49% on the previous year. Again, a good result. Moving on to that next page 10 on the balance sheet. Trade working capital, as always for a business like ours, and that remained a big focus, and it was pleasing to see that we managed to come in at 17.9% average for the year despite some of those increases in inventory and the first-year working capital requirements for the Timberwood acquisition as well. That was roughly about AUD 2 million of working capital contribution for the business. We've had that in there for the first quarter now. We wouldn't expect to see any further working capital requirements for that business. Excluding Timberwood, we have an increase in stock of about AUD 4.5 million. That was mainly due to some price increases for some stock line items, plus of course the additional stock that we took on board just for those products that have been in demand, just to try and make sure that we're not caught with any shortages or anything in that strong demand environment. Pleasingly, debtor days had a significant improvement down to 49 days. We did have some increase in provisioning during the year. We still had a P&L impact of less than 0.4% of sales. Some of the new businesses and things that we've acquired over the years help with those debtor days as well. It's less reliance on Formwork customers, which traditionally have higher debtor days. The other large movements here in the balance sheet are mainly all related to the Timberwood acquisition with the stock fixed assets and intangibles all increasing. The net bank debt pretty much finished the year where we started off at just under AUD 22 million. Our gearing based around net bank debt is around about 18.7%. Just, I guess factoring into account the recent, well, today's announcement of the Revolution Wood Panels acquisition that would take our bank debt up to about AUD 28 million on a pro forma basis and gearing sitting around about 23% thereafter. We still have a bit of headroom in our acquisition facility to do a similar sort of size deal. After that, we'd need to look to raise capital as part of some further acquisitions and things further down the track. That final slide from me, just on page 11 there on the cash flow. Cash conversion was at 77%, jumps up a tad to 80% when we exclude all the Wagga-related one-off type payments and restructuring items in there. Again, particularly pleasing given our growth in stock and some of those first-year working capital requirements on Timberwood and those two items partially offset by the improvement in debtor days. There were some impacts from some product sourcing that we changed from local to imported that did impact working capital a little bit. Again, that was, I guess, finished in terms of where we wouldn't see any further impacts from that in terms of FY 2022. We'll be looking to see an improvement on that cash conversion ratio in FY 2022. Of the government grant side of things, we actually received AUD 4 million of the cash in FY 2021. There's still a further AUD 6 million to be received, and we'd expect to get the majority of that through in FY 2022, if not all of it, and that will obviously help us meet some of those Wagga closure costs as well. CapEx just mainly stay in business type CapEx, some initial payments from the Grafton site expansion, but we'll have circa AUD 5 million-AUD 6 million over the next 12 months-18 months as that site expansion is rolled out and completed. Yeah, a couple of the other items in the cash flows, just the acquisitions, which the cash component for the Timberwood deal and there's further payments to the vendor over the next three years, depending on whether they meet the earn out targets in there. It was pleasing to see that the vendor did take up AUD 4 million worth of Big River shares as part of that acquisition. That underpins their commitment to the future success of the Timberwood business. That was pleasing. The net proceeds from the capital raise that we undertook during that period coming in at around about AUD 19 million. Just finally, there, the dividend payments that we've paid during the year of AUD 3.4 million and the dividend that we've determined, the final dividend that we've determined in respect of FY 2021 there of AUD 0.03 per share. That's up 25% on last year's final dividend of AUD 0.024. That's it for me, Jim. All right, Steve. Thanks, mate. Yeah, look, I'll just try and speed through this outlook slide fairly quickly to leave a few minutes for some questions. Yeah, the outlook, there's a few moving parts, it's fair to say. Certainly we expected the overall market in FY 2022 to grow by circa 4%. That's our addressable market, assuming no significant lockdown impacts. Of course, that's a bit of a strange statement given there is already considerable restrictions in place. Having said that, we've continued with that growth pattern that we saw throughout FY 2021 has continued in FY 2022. Sales have started off particularly strongly in the first 7 weeks, notwithstanding some of those restrictions and lockdowns have actually lost about 6% of our working day equivalent so far. When you take the shutdowns in Sydney, Wollongong, ACT, Adelaide, and New Zealand on a cumulative basis, that's sort of ended up being 6% of our available cumulative working days. Notwithstanding that, we've still grown at a faster rate than we did in FY 2021 in the first seven weeks. The fundamental market is strong, albeit that as further restrictions get put in place, obviously that creates some doubt for us. Detached housing, as I mentioned before, I think continues to be strong and construction lags approval, so everyone's focused a lot on the approval numbers. Cumulatively on our assessment in FY 2021 and for the rest of FY 2022, there'll be a cumulative 22,000 shortfall in starts versus approval. That's obviously just extends out that overall pipeline of the detached housing market, obviously partially into the HomeBuilder scheme, which just further underpins FY 2023 and onwards. We're playing a bit of catch up there, in part because of those shortages and in part just because of the strength of that particular market. There's some good things going on in multi-res, albeit that it's at its low point. There's some good new projects being announced, particularly from the big players, the Tier 1 developers. I think growth is expected from 2023, and that's obviously been a drag on the overall addressable market in recent times. We actually see the next peak in construction being in FY 2024, that's a bit of a cumulative assessment of all the major forecasting bodies in Australia and all their expectations for the main six segments we're exposed to there in construction. If you use the average data across all those organizations, that's when the next peak of the cycle is expected to be. That would be in line with our thinking, and works on the normal eight to nine-year phase, which has been consistent for many, many years. We think it's not just a story about growth in FY 2022. There's still a good two to three years of growth as we swing up the cycle. Look, I've already mentioned the fourth point there, just some of those restrictions in place. We just deal with those, and it's crimping our business a little, but we're certainly pleased with the run rate so far. Freight is an issue. You've seen some press about that, perhaps. The freight rates have skyrocketed again, particularly leading up to Christmas, and about 25% of our business is exposed to direct importation, and hence, obviously, those international freight rates that are going. We're well-diversified there, so I'm sure we can manage that. Some of the supply restrictions that have been talked about a lot, I think there's some positive signs there. Some of the lockdown scenarios in terms of construction has allowed manufacturers and so forth to catch up a little bit. We're seeing some easing in some of the key structural products that have been in short supply appear a touch better. Just from a strategy point of view, the project we've talked about many times, and as Steve mentioned, still AUD 6 million in cash to come in under the grant there. Strong synergy extraction from our panels category, which has grown really nicely in recent years. There's some really good synergies with our manufacturing operations there, as well as product extension. Some good profitability upside in the future there. I've already talked about the Revolution panels. That will contribute from quarter two, and we continue to assess other acquisitions as well, and we certainly expect them to contribute to the FY 2022 results with some initiatives well advanced there as well. Finally, just on the financial side, obviously a fair moving feast, but my best expectation is sales revenue in the range of AUD 335 million- AUD 350 million, sort of circa 22% growth on FY 2021, if you take the midpoint there. Obviously that does assume there's no major problems for the industry, and that does include the contribution for three quarters from the Revolution Wood Panels business. From a profitability metric, whether you look at EBITDA, NPAT, or EPS, we expect that to be at least in line with or above revenue growth, with some of the operating leverage the company's seeing at the moment. Cash conversion to certainly be within our long-term averages there of around 80%-90%. Look, that's it, ladies and gentlemen. I won't go through the appendix. I'll just leave that there for people to mull over. Perhaps I could throw back to the facilitator now and see if there are any questions. Thank you very much. We will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound hashtag. Once again, it is star one and wait for your name to be announced. Thank you. We have multiple questions in the queue. Our first question comes from Raju Ahmed from CCZ. Raju, please ask your question. Hi, Jim. Hi, Steve. Thanks for your time. Two questions or three groups of questions, I should say. The first one is, Jim, on your guidance, what was it, AUD 335 million-AUD 350 million in revenue, subject to market conditions? I presume that has factored in the Greater Sydney construction shutdown. Can you just give us a sense of what's going to be the split first half, second half, and also the missed revenue, I suppose, over that period of time? Will there be a catch-up or is that sort of lost forever, so to speak? Okay, a few points there. That revenue guidance assumes all the different lockdown scenarios. It's not specific to Sydney. I guess we're in an environment there with some limited operating conditions in Sydney as we are in Victoria. That's just assumed. I haven't made an assumption there that that's going to fix itself in any particular period of time. I think on balance, that is still our estimate, unless there's major shutdowns occurring, which at this stage don't seem to be planned, particularly in New South Wales, where obviously the COVID situation's at worse. In general, that's the answer to that question. With respect to the catch-up, like how much have we lost? I guess the best guide I can give is that cumulatively 6% of lost days. I think there's about 770 working days if you take the 35 days so far in seven weeks times our 21 sites, and we've lost 55 working days out of that 770 if you take every individual site. That's 6%. Could our revenue be 6% higher if none of those state-based construction lockdowns had occurred? That's possibly the number floating around in terms of the total lost. Our view is it's not necessarily caught up the next day or the next month. A builder can't all of a sudden do twice the work for a week or a month to catch up those lost days. What it does do, though, is extend out the pipeline. Work that would otherwise have been finished in FY 2022 extends into 2023 and so on. Look, there will be some additional overtime, maybe construction workers start working more Saturdays as a bit of a catch-up. In general, we think it more stretches the pipeline rather than there being a month or so where there's a big catch-up. Seasonally, which is the third question, I think, Raju, our business has always been very close to 49%, 51% first half, second half. Even now we've got some of these restrictions in place, we don't see any material change to that long-term seasonality of the business, Rash. Okay, that's helpful. The next question is around the gross margin, solid margin expansion there. I'm just trying to get a sense of— You talked about products, procurement scale, and that sort of stuff, more than offsetting some of the supply side challenges. That's fairly clear right now. Can you just give us a sense of how much of that margin accretion is from any changes in product mix and how much of that is through scale of the business? Is it possible to give that sort of breakdown? Yeah. Look, yes, without being able to give you the answer to the second decimal place. Effectively, about half of that growth is due to enhanced product mix. That's obviously as we increase higher margin categories, so that's a product weighting impact. The other half, so 75 points, is due to improvement in both procurement and pricing discipline. You can put those two together in terms of like-for-like products, but us doing better. As we change some of the supply chain that Steve talked about, as we direct imported versus bought locally, that does come with a small working capital cost, but it means higher margin. We effectively take a link out of the chain dealing direct with overseas factories. There is higher margin there, but the working capital requirements are a touch higher. Put that into both the procurement and pricing control, and the other half of that growth is due to the enhanced product mix. Does that cover that off, Raju? Yeah, it does. The last one here is the enhanced product mix. Is that something you expect to be sustained for the foreseeable future, or should we anticipate variations through cycle? I think it'll continue for the next 12 months because obviously we're going to have the full 12 months of Timberwood. We're going to have nine months of Revolution and then some of the other in-house organic growth in those differentiated civil manufactured products I talked about. I think there's still contribution to be had. At some point in time, yeah, we hit sort of equilibrium as such there, Raju, and then obviously building products and formwork are still critical parts of our business, and they certainly add to our diversity story. At some point, we'll find our natural level, and I think the growth from product mix will start to change, and obviously then we'll have to focus on things like procurement scale and pricing discipline to continue to edge out improvements in gross margin. Okay, I'll leave it there. That's very helpful. Thank you. All right. Thank you. Our next telephone question comes from Sean Kirwan from Goldman Sachs. Sean, please ask the question. Good day, Jim Bindon and Steve Parks. Congrats on a good result. Just hoping you can just talk a bit more about the acquisition announced today at Revolution Wood Panels, just in terms of the product mix, the margins, and I guess what it brings to your business and how it fits in. Yep, Sean. Look, really synergistic business with the Timberwood panels acquisition that we made three or four months ago. Really similar product range in plywood and overlaid panels with end applications from an architectural perspective, from a joinery, industrial, and civil product. Very consistent product mix with Timberwood and with the Big River core plywood business. In our view, highly synergistic there. Revolution was actually a very large customer of Timberwood with a really strong position in Queensland. There's a lot of familiarity between the founders of Revolution and the Timberwood business, and also Big River. We've known the guys there, and particularly one of the founders there who had a long history in the plywood industry before establishing the business. It's about as lean as you can get, Sean, is what I'd say. It's really synergistic. It's absolutely core to what Big River's been doing for 80 years, and it gives us really good market extension into Queensland for a critical high-margin product range. Got it. In terms of margins, still we assume similar to the Timberwood business then? Yeah, correct. It's sort of in there between the Timberwood and the New Zealand businesses. The margin sits up at that level, which is materially higher than the rest of the Big River group. Yeah, got you. Going forward, is the strategy to continue to look at further acquisitions? Yes, sure it is. In all three segments, obviously the last couple of acquisitions have been in this panels space, but that's not to say that there's not still really good growth opportunities in building products and form work material. We think there is, and we think that diversity is what's held us in such good stead in the last few years. We want to continue to make sure that we've got a strong position in all three of those product categories. Hence, we're looking at acquisitions in all of those categories, Sean, and then also in all geographies all four of our operating regions. I think that's an important part of the acquisition strategy, and certainly, absolutely, as I mentioned in the strategy updates slide then, we're certainly continuing to look at more acquisitions, and we still see the thesis in terms of industry consolidation, aging business owners, without a succession plan. That absolutely holds true, and in my view, has only been enhanced with lots of people thinking about their future in this COVID environment, particularly aging business owners. I think there's great opportunities to continue with that roll-up strategy that I think has worked well for us so far, and certainly we can extend it much further than what we've already achieved. Just a couple more from me. With the guidance, that would be AUD 335 million-AUD 350 million, what is the recent opportunities in terms of coming in at the bottom end or top end of that? What sort of assumptions have you made around providing that guidance range? Yeah, look, I think the biggest risk there is really just the operating conditions. I don't believe it's market, because I think very clearly, the cycle's been playing out over recent years pretty much exactly as we expected and as the long-term 80-year construction cycle has shown. I don't think there's fundamentally going to be all of a sudden a reversal of the cycle trends. I think it's much more just about operating conditions associated with COVID. That, to me, is the single risk there in terms of whether we're going to end up at the bottom or the top end of that range. Obviously, there's good organic growth, opportunities we're looking at, and some states are operating and growing better than others. I'd put all that in the usual pot there, Sean, and say that that's probably the only major downside. Obviously, the upside, to answer your question is, if we see a distinct reducing of those restrictions. As I said, if we've lost 6% of our cumulative working days in the first seven weeks, if that starts to decline, then obviously that's going to be good for our business, and it's going to get us closer to the top end of that range. Great. As I say, one, obviously strong margin performance 100 basis points improvement into FY 2021, so currently around 8% EBITDA margins. Yeah. What's the scope for further margin improvements, not necessarily for 2022, but in the medium term, just given the additions of, I guess, higher margin, more specialized product ranges to the overall product offering? That's absolutely a key financial goal we've had from day one, Sean. Obviously, as a small public company, we did have to take on some reasonable lumpy costs, particularly coming out of a family ownership environment. Obviously that was a little bit of a headwind in the early years of being listed, as well as the cycle going down and then obviously some pressure on our manufacturing core, legacy manufacturing businesses, given the change in the industry structure. Those three headwinds have all effectively either gone or turned into tailwinds as the cycle improves. Absolutely expanding that EBITDA margin above the 8% under the new AASB language. We see that as absolutely possible and an important part of our goal because we believe we can be and should be operating at higher margin levels than the mix of our business with recent acquisitions as well as the cycle impact, Sean. Yes, we should be able to do that, and I'm confident we're going to be able to achieve improved margins in the medium term. Great. Thanks, guys. Once again, it is star one. Our next telephone question is from Sebastian Evans from NAOS. Sebastian, please ask your question. Thank you, Steve. Well done on the good results. Just a couple of quick ones. Just in regards to Wagga and closing, obviously moving the facility or some facility to Grafton, can you just explain to me what you think the net cash flow effect is going to be in the next 12 months when you factor in working capital, the government payments, even the sale of the building, things like that, which that might actually be in 2023? Yeah. Yeah, Stevie, if you could take that one, mate. Yeah, I'd say we've received that AUD 4 million so far from the government grant, and we've said overall, the net cash impact is going to be positive AUD 9 million-AUD 10 million, if you like, overall. We see most of that balance to come through in this financial year. The only delay might be around the actual sale of the land and buildings. It just depends on when we might be able to dispose of that. Obviously, there's a chunk of money associated with that. If that falls into this financial year, then great. Possibility that that could roll into 2023. Yeah. Okay. Jim, just in regards, obviously, well done on the result out of the manufacturing division. With Wagga going through this period where it's been pretty disruptive, I suppose maybe even for Grafton as well, how confident are you that you can maintain AUD 3.3 million? Yeah, obviously, we're only now going to be talking about Grafton if we report in the same way as we have this year. More than likely, and without getting off topic, we'll probably end up having to change the way we report because having one plywood manufacturing facility as its own reference line, given we have other manufacturing in panels and in steel and in frame and truss and in New Zealand, we probably need to recut the way we report our business. Notwithstanding that, yeah, in the medium term, absolutely, we're confident with that. We've done all the modeling 10x over in terms of the economy to scale the product mix out of Grafton after the consolidation. There's some risk in year one, obviously, when you're doing the changeover, you're ramping up whilst you're putting in equipment and you're ramping up capacity at Grafton and you're winding everything down at Wagga. If there's ever a risk year in terms of that manufacturing contribution, like for like, AUD 3.3 million you referred to, it's this year. From 2023 onwards, I'm very confident because we know what the consolidated model looks like, particularly once all the new equipment is in. There's some risk this year, but I think it's pretty minor, to be honest. I think even if things didn't travel well in terms of the project or we had some hiccups in terms of gearing up production at Grafton, I think it's going to have a fairly immaterial impact on that particular line. I don't see it as a major risk to our earnings in FY 2022. Yeah, okay. Just last one. In regard for Timberwood, I know obviously I haven't had it for that long, but I know there was a lot of chatter around the product range they had and obviously getting it through the Big River network. Like how progressive is that and did it occur like you thought it would even though we've got lockdowns and whatnot? Yeah, really good early signs. Obviously, you can go Timberwood business is now a really strong part of our in-house manufacturing order book, so to speak. That's all volume that didn't used to be done with Timberwood, given we didn't really have much of a trading relationship with them at all. Now it's a standard part of weekly production is a range of products that are decent for Timberwood. I think in the first quarter, or it's now four or five months since we took over, I think we've got some really good early traction and some really good ideas from the guys within Timberwood of product extension and of R&D, and they've come and looked and said, "Well, hang on, you can make this for me, can't you?" "Yes, we can." Some of those new product opportunities from having some really good market development guys, and then them having at their access now a plywood mill to potentially make a whole range of different shapes and sizes. I think that's starting to yield some fruit. Early days, but I think some really good signs, and they're becoming an important part of the mix from the plywood factory. Okay. Actually, maybe last one then. In regards to inbound interest in regards to acquisitions, has that changed over the past 12 months, 18 months as we've been a bit more active and done the Timberwood acquisition, things like that? More people approaching you? Well, certainly, I'd say perhaps more so this time last year when COVID first happened. I think then, Mills, we got quite a lot of proactive calls. While we got some really good prospects in the pipeline, there probably hasn't been as much inward traffic in recent times. I think most of these got through the challenges of COVID some of those nervous early days when particularly some of the older business owners thought, "Well, maybe it's time for me to clear out." I think that's eased a little bit, but certainly we're still very active and as I said, I think the thesis still holds true absolutely. Albeit the phone's perhaps not ringing as much as it was a year ago. Yeah. Okay. No, well done again. Yeah. It's just worth saying just to finish off on that question, every acquisition we've done since I've been at the company, have all been us cold calling, so they haven't had to put stuff on up. They haven't approached us. We've not got it through a broker or an advisor. We've cold called them. Yeah That's 13 of the 14 deals we've done in 20 years have all been like that. That continues to be our best prospects to find business, to extend our network. Yeah. Okay. No. Thank you. Great. Thank you. Once again, if you wish to ask a question, it is star one. Thank you. Well, Kevin, I might just butt in here. If there's no more questions, I know it's a busy time of the year. That's just under 1 hour now. We might just leave it there unless there was any final questions. No more further questions. Great. Thank you, everyone, for your attendance. Appreciate your time.