Thank you for standing by, and welcome to the Capral Limited 1H FY 2021 results investor call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I would now like to hand the conference over to Mr. Anthony Dragicevich, Managing Director and CEO. Please go ahead. Good morning, everyone, and welcome to Capral's 2021 half-year results presentation. I'm Anthony Dragicevich, the CEO at Capral, and I'm joined on the call this morning by our CFO, Tertius Campbell. We plan to present a similar format to previous announcements for around about 30 minutes before we dive into the results. We'll start off by giving a brief overview of the business. For those of you who hopefully have a copy of the presentation in front of you, just turning to page two. Capral is the largest supplier of aluminum extrusion and aluminum plate into the Australian market. Our core business is the manufacture and distribution of aluminum extrusion produced in six manufacturing plants, supported by a national sales and distribution network. Aluminum is a strong, lightweight metal and is the preferred material used in lightweight construction applications. Our largest market is residential and commercial building, where we supply fabricators of windows and doors and numerous other building products. We also supply into a wide range of industrial applications, including truck and boat building. Our annual sales revenue exceeds AUD 500 million. Our market share is around 26%. There are seven local extrusion competitors, and with imports making up around 1/3 of the market. We currently employ over 900 people. That's just a brief overview of the business for those that are new to Capral. The agenda this morning is that I will take you through the first half highlights, then I'll hand over to Tertius to go more detailed look at the financials, and then back to me for high-level strategy and a discussion on the outlook and guidance. The 2021 highlights. I'd just like to say that when lockdowns were lifted last year, our industry came out of the blocks fast due to pent-up demand. Since then, government stimulus and import supply chain disruption has increased momentum in our key market segments. Turning to page five. We had a very strong first half result, which is well ahead of our previous guidance, which we gave at the AGM, and we'll update it at the end of the presentation for the full year. Volume was up 33% on the first half of last year to 36,000 t, with our plants operating close to capacity throughout. This led to sales revenue being up by a similar percentage, up to AUD 261 million for the half year. With a trading EBITDA result of AUD 15.7 million, which was nearly AUD 10 million ahead of the same period last year. We must remember that the first half of 2020 was disrupted by COVID restrictions. With a statutory EBITDA of AUD 26.2 million for the first half of this year. The main difference between the two EBITDA is the statutory EBITDA doesn't include rent expenses as per the new accounting standard, but it does include a positive LME and FX revaluation of AUD 1.5 million. We peel those two things out to give us the trading EBITDA, which we consider to be a more relevant, measurable number based on historical accounting standards. Still a very pleasing result and the best first half result for many years for Capral. Net profit after tax, AUD 15.7 million, included an AUD 2 million deferred tax recognition benefit for the half year. We took up a similar amount at the end of the last financial year in December. That led to an earnings per share for the half of AUD 0.93, compared to AUD 0.29 in the first half of last year. A strong balance sheet with net cash of AUD 33.8 million, this has led to our first interim dividend for some time. It'll be declared at AUD 0.20 per share, fully franked. Also, just to note that the DRP will be active through this period. These results were driven by buoyant market conditions, leading to high sales demand, improved operating leverage in our manufacturing facilities, and the benefits of the restructuring that we undertook in 2019 in our largest plant at Bremer Park. They all combined to lift profitability to high levels in the first half of the year. We saw strong market conditions prevailing in residential building and their key industrial sectors. A lot of them were assisted by the government stimulus. We also increased share against imports, and that's been maintained through the first half of the year. Very good safety performance, considering the level of activities in all of our operations at 6.3 total recordable injury frequency rate. Turning to page six. We look at our volume breakdown and a bit more detailed look at where that growth has come from. Many of you will be aware what our channels to market are and our diverse industry exposure. Just quickly, around 40% of our business is through our own distribution centers, both aluminum rolled product, which is sheet and plate, and aluminum extrusion. Around 60% of our business is aluminum extrusion directly from our manufacturing plants to our large customers. In terms of industry exposure, our largest markets are residential and commercial construction combined, representing around 55% of our total volume. Our industrial markets representing the balance around 45%, which including transport, marine, and a significant number of other manufacturing applications. The split by product group out of our total volume, 85% is extrusion with 15% in aluminum sheet and plate. On the right-hand side of page six at the top there, you'll see our volume seasonality, which shows our half year volumes. You'll see that typically the second half years are stronger than the first half, given the seasonality of our business, particularly in the residential construction industry. This year, the first half has been the strongest in many years. In fact, outstripping our second half volumes and our peaks. We do expect this to continue subject to the caveat of COVID restrictions, particularly in Sydney at the moment. Our first half volume, 33% above last year, which I said earlier was impacted by COVID, and 7% above the second half of 2020. This volume growth has been driven by a buoyant housing market, also obviously helped by the government stimulus packages, market share gains from imports due to supply chain disruptions and increased shipping costs, positive anti-dumping outcomes over the last few years, and a growing Australian Made sentiment. We're also seeing investment in infrastructure, which has also been stimulated by government as well. Turning to page seven, which is we talk a little bit more detail around the residential market. The residential market continues to grow. In 2021, the latest forecast shows housing starts at 211,000, up 16% on 2020. As I said earlier, the residential starts are assisted by not only government stimulus but record low interest rates, Federal Government HomeBuilder program, and also state government first home owner initiatives. All combining together to see a 26% increase in detached housing, which is one of the key market and for us Capral in this area. In 2022, the markets are forecast to soften a little bit. We do see a soft landing. There is a lot of work in the pipeline and the current restrictions that are operating in parts of Australia will also see this carry into well into 2022. On the right-hand side is a chart of dwelling commencements over the past 10 years. Capral's volume in the residential market is mainly aligned with detached and low-rise dwellings, which is shaded in green on this graph on page 7 there. You'll see that the detached and low-rise dwellings are forecast to be at their highest level in the last decade. The high-rise apartments are at relatively lower level after going through a boom through 2015 to 2018. There's a lot of predominant players in the high-rise apartments are imported aluminum windows. The local manufacturers of windows and doors only represent a small proportion of the aluminum that goes into those high-rise apartments. We've had a very strong start in the year in this market segment. There's a little bit of uncertainty about what the COVID restrictions will bring in the second half of the year. We do expect volumes to continue to be strong. On page eight are some examples of recent residential and commercial projects that we've undertaken. Top left-hand corner there is a high-end house in South Australia. This house was constructed using the Schüco window and door systems, which are our top-end range, which is a German European window and door system. We're the sole Australian agents for them. We produce that element here in Australia. Top right-hand corner is another upmarket home in Melbourne featuring Capral's high thermal performance systems, which is called Futureline, combined with Schüco doors in that particular house. Bottom left-hand corner is The Marsden Brewhouse in New South Wales, which is a good example of a commercial project using our commercial glazing systems. Bottom right-hand corner, something a little bit different. This coastal luxury home in Victoria is clad with aluminum DecoClad. We're dealing with large customers in Sydney and also using Capral's architectural glazing systems and window and door systems in their home. Turning to page nine, where we talk about the industrial sector, which we have seen to be very strong in the first half of the year. The chart in the top left-hand corner depicts Capral's sales over the past 10 years. It's an index of our volumes, and you can see that in 2021, we've had a strong lift. Just talking about those markets quickly are those major markets within our industrial sector. The marine market has improved conditions this year. Last year was a little quiet due to the timing of boat builds with our major customers, particularly Austal. The manufacturing and general fabrication markets this year have come out of the block strongly. We've also gained share against imports in this area. The solar market, where we supply aluminum solar rails that sit under the solar panels on residential and commercial roofs. We're seeing strong growth in the sector, this is once again as a result of anti-dumping activities that we've initiated and taken share of imports. In terms of resellers, while we have our own aluminum distribution business here at Capral, we also sell to other aluminum distributors in the market, and that volume has lifted over the last 12 months due to the import replacement volumes that we put in there. Infrastructure continues to be strong. We're seeing good, strong growth both in infrastructure and the transport sectors, particularly with infrastructure investment underpinned by government stimulus. The largest sectors in our industrial market is the transport sector. That graph on the right-hand side shows the new truck and van builds over the past 11 years. You can see there in 2021, for the first half, those truck builds are up 9.2% on the same period last year. We're anticipating good growth continuing, and we're certainly seeing our large transport customers, which are mainly truck builders, delivering good volume to us this year. On page 10, turning to page 10, just some good examples of recent Capral industrial projects. Top left-hand corner, there a 41-m catamaran ferry produced by the Austal shipyards in Vietnam. This vessel features Capral marine-grade plate and extrusion supplied here out of Australia. Top right-hand corner, a HVAC platform mounted on top of a commercial building roof, produced by Con-form Group. We supply them with all the aluminum extrusions for that platform. Bottom left-hand corner, a good example of a trailer unit produced by Muscat Trailers here in Sydney, using Capral plate and extrusion. Bottom right-hand corner is a bit of a unique industrial project for us in commercial infrastructure. This is the ventilation shafts at the WestConnex M8 tunnel, which is due to open sometime later this year. It's Capral extrusion and gold anodized. Some very nice projects and good examples of where our products end up in a variety of industrial sectors in which we deal with. I'll now hand over to Tertius to take you through the detailed financials for the first half of the year. I'll come back and talk about the outlook later on. Over to you, Tertius. Thanks, Tony. Morning, everyone. I agree with Tony. It's a very pleasing result indeed. Capral delivered a very strong performance and above earlier expectations. Our integrated value chain benefited from higher volumes, better asset utilization, strict cost control, and disciplined capital expenditure. Overall, the key financial outcomes for the first half were very strong earnings, solid balance sheet, and a comfortable cash position. If you turn to page 12, Capral results for the first half were significantly better than both the first and the second halves of last year. Sales volumes were 33% up on first half 2020. This led to revenue growth of a similar magnitude, delivering an AUD 7.1 million positive impact on our EBITDA. In addition, a slight improvement in the margin boosted profit by a further AUD 1.5 million. The higher demand led to better utilization of our production and warehouse facilities, providing operating leverage gains in the order of AUD 4.4 million. These gains were partly offset by cost increases in line with the higher activity levels and the non-repeat of the reduced salaries due to COVID last year. Trading EBITDA at AUD 15.7 million is significantly better than last year, with the second half expected to continue this trajectory. Bremer Park, after the 2019 restructure, produced positive earnings in line with expectations and will continue to deliver improved outcomes. EBITDA of AUD 26.2 million is AUD 9.2 million better than half year 2020. In line with the expectations of sustained future earnings, Capral started recognizing additional deferred tax assets in FY 2020. A further AUD 2 million was recognized in this half. Net profit after tax of AUD 15.7 million represents earnings of AUD 0.93 per share, more than three times the first half FY 2020 earnings per share. Turning to page 13, the balance sheet. Overall, Capral's financial position remains strong, and we ended the period with a solid cash position of AUD 33.8 million. Higher sales and increased global aluminum input costs led to higher selling prices and higher receivables, and also a requirement to hold increased levels of stock at these higher costs. This substantially increased working capital requirements. As foreseen in our full year FY 2020 presentation, overall working capital requirement increased around AUD 15 million this half and will continue at this level or higher, depending on the sales levels and aluminum input costs. Capral still has AUD 15 million franking credits available for distribution, of which AUD 1.5 million will be distributed with the interim dividend next month. A further AUD 243 million of accumulated tax losses that are still available for future recognition. On page 14, the cash flow shows strong cash earnings offset by working capital increases, as explained earlier. This led to a reduction in operating cash flow. A net AUD 5.4 million was paid as dividends during the first half, as well as around AUD 10 million for the Smithfield acquisition, which included plant, spares, and inventory, in addition to the actual asset. These outflows reduced net cash flow by around AUD 16 million. Flowing from the strong first-half outcomes, this FY 2021 interim dividend of AUD 0.20 will be paid in September, with the DRP again being active. Thanks, Tony. Back to you. Thank you, Tertius. Certainly nice to be able to present such a good set of numbers for the half year. Turning to the strategy and outlook, our overall drive is to get a return on the recent investments that we've made, not only in terms of new plant at Smithfield that we acquired earlier this year, but also the investments that we've made in our other manufacturing plants and also into our distribution business to help us keep improving our long-term competitive position. Turning to page 16, the key focus is to improve productivity and competitiveness and to retain the market share gains against imports that we've enjoyed over the past 12 months. In the manufacturing business, our focus is on delivering the benefits of the Smithfield acquisition. We're currently up to running at two shifts. We aim to get up to three shifts by the end of the year and to run at capacity in the first quarter of next year. Significant amount of work has gone into integrating that plant into Capral's extrusion operations, and we're now starting to see the benefits of that acquisition, which I think will be an excellent one for us in the years ahead. The continued process improvement programs at all extrusion plants, all our plants are operating very, very well at pretty much at full available capacity. The restructuring we undertook at Bremer Park in the second half of 2019 is paying dividends and is generating the returns that we expected. Just to remind everyone that that restructure took out AUD 8 million worth of ongoing costs at that site, and that plant is now delivering strongly to Capral's bottom line, and we expect it to do so and continue to improve over the years ahead. We need to spend maintenance capital to ensure the ongoing reliability of our plants and improve our efficiency, and we have quite a heavy and strong capital program around maintaining our facilities to high standards. Our extrusion plants can operate efficiently and effectively for up to 30 to 40 years providing we maintain them to good standards and update them as required. We are progressively upgrading the shop floor control systems to a common platform right through our manufacturing operation. We just hope to have that complete through 2022. In our distribution business, we're nearly finished completing the upgrade to Capral's, our own proprietary window and door systems and product range. We hope to have that complete in the first quarter of 2022. Those products are being rolled out as we speak. We're also looking to increase warehouse capacity in our two main markets in New South Wales and Victoria. In New South Wales, we signed a new lease for a building at Huntingwood, which is nearly twice the size of our current facility. We'll also be moving the Parramatta head office into that site later this year. We hope to be in that fourth and square vehicle and COVID permitting over the Christmas break. We've also taken on some additional warehouse capacity, overflow capacity in Victoria to help us improve our customer service levels and hold a bit more inventory given the higher demand. Our long-term goal with our distribution business and for Capral is to increase the volume and profitability of our own direct distribution channel, be less reliant on other volumes coming from other distributors. In terms of sales, our ongoing technology investments to improve our sales effectiveness include EDI. We continue to ramp up our EDI engagement with our customer systems, CRM, with our sales force running on Capral CRM system and enhancing and growing our digital marketing campaigns. We've upgraded our website recently, we're currently upgrading and rebuilding our e-store to provide more information and ease of interactions for our customers, both direct customers and our specification specifiers in the architectural community. We recently implemented a new sales reporting software tool to help us manage and improve our margins and manage our customer database. In terms of market development, the key focus areas in the year ahead are firstly solar. As I said previously in the earlier slide, the anti-dumping outcomes have provided the opportunity for local manufacturers to compete in this large solar rail market. Last year, we signed an agreement to become the exclusive local supplier to the largest solar rail and component distributor in Australia, a company called Clean. We're working with them, and those volumes are growing quite nicely, and we expect that to continue in the years ahead. In the government defense areas, we are an approved supplier to all the major defense contracts, including the frigate submarines and also the land-based components of those defense contracts. The biggest ones for us are the frigate programs, where we have a fair component of aluminum in those frigates that are being built mainly by Austal in Western Australia. In terms of cladding, this is a growing opportunity. We're working with a number of cladding system suppliers to address the new fire standards and new cladding opportunities that have resulted as a result of flammability with those cladding systems in a number of buildings, both in Australia and worldwide. In terms of import replacement, retaining the market share gains that we've enjoyed or we won back over the last 12 months. Focus on that through service differentiation. Our shorter lead times are very important to the market, particularly in the current environment, also in providing competitive local pricing. We certainly have been able to do that now that we've got more of a fair playing field in terms of getting real anti-dumping outcomes and also the higher freight costs that have been imposed upon imports over the past 12 months. Okay. Firstly, anti-dumping, which was briefly mentioned a minute ago. Capral has taken the lead on behalf of the aluminum manufacturers in Australia, aluminum extrusion manufacturers in Australia. We've been at this for over 10 years. The original case was taken and won in 2010. I won't go through all the detail here because many of you have heard it before. The most important ones recently have been the extension of measures on Chinese imports for a further five years until 2025. Earlier this year, measures were imposed on some exempt Malaysian imports. It's currently under appeal by those importers. Also, we're just about to initiate a continuation case to seek continuation of duties against Malaysia and Vietnam, which we have to do every five years. Border Force continues to have an increased focus on transshipment and misclassification, which is very important to us. In this year alone, the Border Force report that came out last week, they recovered AUD 3 million in additional duties as a result of misclassification this year alone, the majority of that being in aluminum extrusion. A very important initiative and one that we will continue working both with Manufacturing Australia and other key supply partners to the Australian aluminum community here in Australia. Aluminum price. Turning to global aluminum prices here, and you'll see a chart on the right-hand side of page 17. This is the price we pay for aluminum billet, which is our key raw material input. We pay the global LME price for aluminum plus a regional premium that applies, which you call the MJP, which applies in the markets of Asia. As you can see by the chart there that we've seen that both the LME and the premiums have escalated this year. The regional premiums have been relatively stable for around six years. However, first half of the year, they jumped 67% and will continue to rise in the second half of this year. LME, which is the largest component of the aluminum raw material cost, increased 18% during the first half of the year from AUD 2,660 Australian a tonne to a bit over AUD 3,100 at the end of June, and significantly above what it was in June 2020 at AUD 2,200. As we speak today, the LME is at AU$3,600 a tonne this week. That's up 35% on where it started the year from, significantly up on the same time last year. That's going to be challenging for us, particularly in terms of our working capital levels. Turning to the outlook on page 18, which is the final page of the presentation. We will be announcing as part of this results presentation an upgrade to our guidance. Before I go through that, just be remiss of me not to talk about how Capral is coping and how we're operating in the current COVID restrictive environment. We have fortunately been able to continue to operate as an essential business during all of the COVID restrictions over the past 18 months. At this stage, we do not expect that the new restrictions will have a significantly material adverse impact on demand in the second half. I guess it's probably a big call to make at this stage. We are seeing an impact in our New South Wales business. We're starting to see an impact in our New South Wales business with a good portion of the construction industry being locked down under restrictions. One of the benefits of being a national business is that we've got good volume still being generated out of WA, Queensland, South Australia. Victoria's also been really strong. Tasmania is strong. We do expect that while there will be some impact on the New South Wales construction closed down, well, partly closed down, we don't expect that to have a significant adverse impact on the second half results. The Smithfield plant we acquired earlier this year will continue to ramp up production levels. It's a big focus for us at the moment to reach capacity by the first quarter of 2022. In the second half of this year, we expect residential building to continue to grow as forecast. Non-residential construction is also forecast to recover this year. That may be impacted in New South Wales to a degree, but overall we still expect to be relatively strong. The industrial sectors all round are anticipated to remain strong, even here in New South Wales. As we speak, many of our customers, particularly in the transport sector, are very busy with very high books in front of them. LME, as we spoke about, is forecast at higher levels in the second half of the year, reaching 10-year highs, and some 30% plus above where it was at the start of the year. Taking all this into account and absent any major unforeseen events, we expect our full year 2021 trading EBITDA to be in the range of AUD 31 million-AUD 33 million, which would be a very strong year for Capral and probably one of the best or certainly the best on record for the past 20 years, as opposed compared with our previous guidance range here, we can see a AUD 25 million-AUD 27 million, and also resulting in a statutory EBITDA of AUD 51 million-AUD 53 million. Obviously, that number excludes the impact of bank costs. On this basis, Capral will be in a position to continue the payment of a fully franked dividend at year-end. Very pleased to be able to present what we consider to be an outstanding set of numbers for the first half and all things being equal, we should have a very strong year. Handing back to the operator for questions. Thank you. If you wish to ask a question please press star one on your telephone. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask a question. Your first question comes from Simon Mawhinney from Allan Gray. Please go ahead. Hi. Good afternoon to both of you, and congratulations on a great result. I'm just curious how you would have us interpret the dividend on two levels. Firstly, its modest size relative to your current profits. Secondly, your decision to DRP some of it or potentially all of it, given the strength of your balance sheet. Simon, I'll answer that one. Look, Capral's major objective here really is to become a solid dividend payer, and the introduction of an interim dividend is a key component of that. It's modest because we're very cognizant of the fact that we want to be able to maintain a consistent level of dividends through high periods of the peaks of market demand and also through the troughs. It was important to us to, at this stage, is our first interim dividend for I think somewhere around 10 years or more, to signal to the market that we intend to pay interim and final dividends on an ongoing basis, and the volume of those or the level of those will be obviously, we'd like to see consistent through the period. As it is our first one, it is modest given the earnings for the first half of the year, but also a strong step in the right direction. Of course, we've still got the final dividend to be declared at the end of the year. We're also very mindful of the fact, this will also come to the DRP activation. We've had the DRP in place now for a few years. It's been well received and well contributed to by a number of shareholders, the board felt that they just wanted to be consistent in having that DRP available to shareholders should they wish to undertake it. One of the key thoughts in our minds at the moment is that with the significantly rising LME, which really drives our working capital levels up significantly, is that while we've got strong cash earnings, we've also got strong outflows this year, in particular with the rising LME in terms of their investment and working capital as well. Just on the cautious side, I think that we've been modest in terms of the dividend that's been announced as an interim, and we also, I guess for consistency, also looking to maintain that DRP as well. Hopefully that answers your question, Simon. It does. Thank you very much. That is quite clear and well done again. Thank you. Okay. Thanks, Simon. Thank you. Your next question comes from Simon Samuel from Delta Asset Management. Please go ahead. Thank you, and well done again, turning good numbers in. Could you tell me how you're exposed to inflationary pressures? Obviously, the LME price is out of your control, but my understanding is you're able to pass that on with some sort of a lag to the customers. I'm thinking more labor costs, freight costs, those sorts of things. Could you tell me how those are tracking and how much of an issue they may be? If you think they're transitory like everyone, well, the central banks seem to be persuading us? Thanks. Look, Simon, that's a really good question. With the LME, over 60% of our total volume, our sales are back-to-back with the LME, some monthly, some quarterly, but pretty much over 60% of the volume is back-to-back. The rest of our customers through our distribution business, we have regular price increases, and we're just announcing this week our third price increase for our distribution business this year, which will be effective 1st of October. We're keeping ahead of the LME increases. We do intend to recover the inflationary impacts at our annual price increase we have on the 1st of February each year. There is inflationary pressures coming up under us in terms of packaging. We use a lot of timber in our packaging cases and that's gone up threefold. Gas has gone up significantly over the last quarter, and we're now starting to see with the inflation numbers that we will start to see a higher level of, I guess, requirement for wage increases in our EBAs. We've got four EBAs coming up this year. We're in the process of negotiating those now. Over the last 12 months to two years, those have been negotiated for multi-year agreements sort of at the 1% to 1.5% level. With the current level of inflation, we are expecting a small increase on that in the year ahead. We've got no choice but to pass those increments on to our customers, which we normally try to do or normally do at the start of each calendar year. What about actual staffing? I'm concerned that, if you're going to put on a third shift in New South Wales, I'm hearing around that various industries are suffering from shortage of personnel. You just can't get anybody to do what it is that you want them to do. Are you seeing any of that? We certainly are. It's been challenging, because we've ramped up demand on our existing plants and which Bremer Park now running at nine shifts plus overtime, and all our plants running at close to capacity, and adding a secondnd shift and potentially or also planning a third shift at Smithfield. It has been quite difficult to recruit additional employees for those roles, train them, given the relatively high levels of government support for those people not wanting to work. As we saw when JobKeeper finished, we saw the labor market freed up a bit, and we were able to take on new employees. It has been challenging and but we continue to, I guess, recruit and find the right people to join the organization. It has been a little bit difficult, a little bit challenging, but we don't see it as a major impediment taking us forward. Okay. On the outlook, you're basing your predictions on what will be built, largely the housing construction market. How much confidence do you have that the building approvals numbers will translate into demand for window frames? I mean, how long does it take? I imagine window frames are sort of reasonably early in the piece, but how long can that last is what I'm trying to get to with the approvals that are there. The window frames typically go into housing sort of the second half of the construction phase as they head to lock up. Putting COVID aside, which is very difficult to do at the moment if you live in Sydney like I do. Putting COVID aside, our residential window and door fabricators have very large order books and do not see an end to this for about 18 months. Good. All right. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll pause a moment for any further questions to come through. Thank you. There are no further questions at this time. I'll now hand back to Mr. Dragicevich for closing remarks. I'd just like to thank you all for your attendance. I know that a number of you will have one-on-ones over the next couple of weeks. Just pleasing to present such a strong set of numbers and I'm confident we're also going to deliver a good set for the full year as well. Thank you for your attendance this morning, and look forward to speaking to a number of you over the next few weeks. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.