Thank you for standing by, welcome to the Costa Group Holdings Limited CY 2022 results presentation. All participants are in a listen-only mode. There'll be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the one on your telephone keypad. I would now like to hand the conference over to Mr. Harry Debney, interim CEO. Please go ahead. Good morning, everyone, welcome to the Costa Group Holdings results presentation for full year CY 2022. My name is Harry Debney, and I'm the interim CEO of Costa. Joining me in this presentation is Wayne Johnston, Costa Group's CFO. Now, on to the presentation, and I'd like to begin with the key highlights. Over the past year, there are two things in particular that have come to the fore in our business, and that is the outstanding teamwork together with Costa's extensive and proven protected cropping footprint. These and the strength of our other business fundamentals translated to a creditable EBITDA-S result of $ 214.8 million, NPAT-S of $ 30.2 million, and statutory NPAT of $47 million. This was in the face of very challenging weather conditions, which as many of you are aware, were a feature of 2022 and continued across a number of growing regions throughout the final months of the year. The international segment and domestic berries delivered strong results, including an outstanding China performance. The mushroom and tomato categories delivered solid performances across the full year. Our superior genetics, of which I'll speak of in more detail shortly, continue to underpin our competitive advantage and market-leading positions and will do so more into the future. This includes our Arana and Delight blueberries, Perino tomatoes, and Amorette and Phoenix Mandarins. The citrus season saw favorable customer demand and pricing in our key export markets and increased yields across our three growing regions. Unfortunately, extensive weather impacts which continued over the duration of the season resulted in a much reduced pack out of export quality citrus grades. This, combined with the higher crop input and freight costs, resulted in circa $40 million lower earnings versus plan for citrus. Although disappointing, we view this $40 million one-off hit against two facts. Firstly, strong crop yields in all regions, and secondly, excellent customer demand and pricing on export markets. The landscape for citrus going forward looks pretty bright. In 2022, our capital expenditure delivered to plan. Our lowest cost of production mushroom facility in Monarto, South Australia, generated consistent above capacity volume across the entire year of 240+ tons per week, further cementing Costa's industry-leading position. The performance of our additional 10 hectares of tomato glasshouse production capacity and state-of-the-art 2.5-hectare nursery both met expectations. Pleasingly, our new Perino range extension was successfully launched across the year. With respect to inflation, the significant cost input pressures experienced across 2022 are expected to moderate in 2023. There continues to be a high focus on cost reduction initiatives, harvest yield, and quality of product to mitigate these impacts. Weather expectations for 2023, which I know everyone's been watching closely, are moderating. With La Niña appearing exhausted and Australia heading into more neutral weather patterns. There is little doubt that CY 2022 proved challenging, mainly due to the impact of adverse weather conditions. The entire fresh produce industry was impacted, but I can say with some degree of confidence that Costa performed better than the rest of the industry. Our business fundamentals remain strong, including the performance of high-quality production assets and premium products. We are forecasting a return to more normal growing conditions, expected to deliver improved performance in CY 2022-2023, and a strong growth profile in both 2024 and 2025. I'd just like to point out our state-of-the-art mushroom facility in South Australia at Monarto. We're planning this year to produce at least an average of 250 tons per week, which is exceeding design capacity. The other exciting news is that the solar farm is exceeding our expectations also, and we're looking at putting in more solar capacity and investigating battery storage. Moving to the financial headlines for the full year. Revenue was up 11.2% versus PCP, while EBITDA-S of $214.8 million was down 1.6% versus PCP. NPAT-S was $30.2 million, and underlying NPAT-S was $47 million. A dividend of $0.05 per share will be paid, 40% franked, bringing the total dividend paid in CY 2022 to $0.09 per share. Segment earnings performance by EBITDA-S saw the international segments deliver a 6.2% improvement on the prior year. The produce segment was down 6.9%, and Costa Farm logistics was up 4.1%. We have taken the opportunity to present current and historical EBITDA-S numbers to provide you with an overall compound annual growth rate since Costa's IPO in 2015 up to the most recent full year. Over that period, we have increased our earnings profile, having achieved an average return just shy of double digits at 9.8%, through concentrating on both organic growth and strategic capital acquisitions and expansion. This has been targeted, including investing in the expansion of our international footprint, most notably the establishment of the operations in China, the acquisition of quality citrus assets, including 2PH, which expanded our key growing regions to three, enhancing the value and yields from our protected cropping assets across berries, tomatoes and mushrooms, and by maintaining an unrelenting focus on our customer consumer needs, supported by the premium quality and diversity of our product offering. Moving to the next two slides, we have sought to highlight and remind the market of our positive positioning with respect to the future growth in China and the citrus category. China is an important growth engine for Costa, and the key data and targets we've provided demonstrate this. We have a target of 700 planted hectares by the end of 2026, which will see continued strong revenue growth and contribution to total group revenue and profit. In 2022, our China revenue was close to CNY 400 million, which over the past six years represents a strong historical return on capital employed of +30%. In our citrus category, we have acquired strategic quality assets over recent years, in which we have increased our growing regions to three, extended our production window, with CY 2022 being the first year where the season runs from early March through to the end of December, end of November, correction. Expanded our premium export market opportunities through the highly regarded 2PH brand. This has created a significant growth runway from our current footprint, which will be realized from the continuing maturing age profile of our trees, most notably 2PH and Sunraysia farms, which will see tons produced increase from 157,000 tons in CY 2022 to an estimated 191,000 tons in CY 2025. Costa's ability to deliver a credible result in the face of the challenges posed by weather in 2022 is also a testament to the power of our genetics, which gives Costa not just a market-leading position, but also a clear competitive advantage, a global reach, and a footprint to further grow our business, making our portfolio truly unique. This is across all of our major categories, and we utilize a combination of our own proprietary genetics and exclusive access to licensed genetics. Many of you are aware of Costa's Variety Improvement Program, or VIP, which is Costa's own 25+ years of successful proprietary blueberry breeding program. It is globally recognized as an industry leader with a capacity to trial 20,000 seedlings per annum, augmented by a cross-breeding platform across both tropical and subtropical locations. I can share with you today that we now have the next leading candidate from our premium Arana crosses. This is currently called Variety C18-051. It's exhibited high yield potential, improved berry texture, mid to late season timing, and a large percentage of the crop has a fruit diameter of greater than 20 millimeters, which is export grade quality. In citrus and table grapes, we also have access to premium genetics. Through our acquisition of the 2PH citrus business, Costa has exclusive perpetual and royalty-free rights to commercialize Amorette and Phoenix mandarin varieties in Australia, China, India and Africa. We also have first right to commercialize future varieties developed by the 2PH breeding program in those jurisdictions. Circa +50% of the total table grape supply is currently sourced from licensed proprietary varieties. 75% of our proprietary supply is licensed from Sun World, which operates one of the largest and longest running proprietary table grape breeding and licensing enterprises in the world. There are further opportunities to expand our offering and the number of markets to which we operate. In our tomato category, we operate a substantial tomato variety testing and development platform, the centerpiece of which is our 2.5 hectares state-of-the-art nursery facility. We are testing and trialing between 80-90 varieties per annum from about 700,000 plants which are being evaluated. This is supported by strategic relationships with global leading breeding programs, meaning we have exclusive access to snacking and cocktail varieties, including our premium Perino offering, Bellino, various gold and snacking varieties, cocktail trusts, non-drip Roma plum, Roma plum and red snacking. In the mushroom category, of which we have a circa 45%-50% market share in Australia, Costa has a long-standing relationship with Amycel USA, a global industry leader in mushroom genetics development. This includes exclusivity with Amycel in Australia to use genetic strains from which Costa produces our own spawn for mushroom production and growing two of Amycel's most proprietary, popular premium brown hybrid strains, Heirloom and Brown. Amycel is currently investing in advancing their genetics development, which Costa expects to benefit from. As I said, we see our proprietary genetics and the exclusive access we have to other genetics as a distinct competitive advantage and something that makes Costa's diverse portfolio, including our premium offerings, are truly unique and a major asset in driving growth. I'd like to now move to the segment performance, starting with the produce segment and key highlights. Revenue improvements versus the prior year included a full-year contribution from the 2PH crop and the additional 10 hectares of tomato glasshouse, known as Glasshouse Four. There were continued earnings improvement in berries, mushrooms, and in tomatoes, supported by favorable pricing. Ultimately impacted by adverse weather, resulting in the circa $40 million lower result versus plan. As mentioned in the key highlights, adverse weather conditions remained into quarter four across several growing regions, and this also impacted avocado supply. The revenue growth you see in citrus reflects the first time full-year 2PH contribution and some pricing improvement across the category as a result of passing on inflationary costs. 2PH EBITDA-S for the year was $22 million. In the berry category, full-year revenue growth was 8% versus PCP. In the second half, blueberry volumes were down across the industry due to weather impacts. Our raspberry volumes were higher versus PCP, and blackberry volumes were flat. However, pricing was strong across the four berry types, with blueberry and raspberry pricing especially favorable to budget. This was in no small part due to our protected cropping and substrate plantings, with 67% of our berry crop currently protected. Pricing per kilogram for our premium Arana blueberry variety was up 13.5% versus the prior year, and Arana export revenue, importantly, was up 27%. In the mushroom category, our Monarto facility delivered 240 tons per week. Production capacity across the entire year contributed a full-year category growth of 11% versus PCP. There was solid mushroom pricing across the second half, although sales volumes were, at times, inconsistent due to lower-than-expected yields from the Mernda facility due to wet compost caused from flooding in the Goulburn Valley. In the citrus category, as mentioned, pricing and export demand was favorable, notably for 2PH premium product into China. 65% of our 2PH crop was exported. There were also higher citrus volumes across the three main growing regions. We saw a second half 10% yield increase versus the prior year. As also mentioned, weather conditions across our three growing regions affected quality as the season progressed through to its conclusion. This resulted in a circa 20% reduced packout of export quality volumes. Combined with higher crop input and freight costs, full-year earnings were circa $40 million lower versus plan. In the tomato category, additional glasshouse core capacity and the new nursery delivered expected volume over the second half and full year. A number of successful new product launches occurred across the year, including Perino range extensions, Entertainers Pack, Noir and Medley, Romendo, and a new Roma varietal and Roma pre-pack offering. Full-year revenue was +17% over the prior year. In avocados, weather impacts on our New South Wales farms affected volumes in the second half, contributing to full-year volume being 14.8% lower than prior year. Encouragingly, bigger fruit size and improved packouts showed better pricing over the fourth quarter. Moving to the international segment, we saw a 7.4% increase in revenue and a 6.2% increase in EBITDA. Full-year China revenue was up 34% versus 2021. Excellent product quality, demand, and pricing underpinned performance in China. As previously noted, there was some impact from major city COVID lockdowns toward the end of the season. There were increased volumes reflecting production from new blueberry plantings coming online, with full-year blueberry volume up 44%. I'm also pleased to report there has been an excellent first and early crop from the Agri Park development through late Q4 2022. In African Blue, full-year cluster and third-party grower volumes were up 8.4%. Once again, as previously reported, season's timing was delayed due to weather impacts that occurred in quarter one, impacting pricing. Full-year revenue was 10% lower versus 2021. Genetics Licensing business saw our VIP varieties continue to gain strong traction. Full-year revenue was pleasingly up 24% versus 2021. In the Costa Farms and Logistics segment, revenue growth was 15.8% versus prior year. Costa Farms market trading conditions and servicing revenue were favorable over the second half, with full-year performance coming in marginally above forecast. Select Fresh delivered a steady performance over the second half. The logistic performance was in line with expectations. I now hand over to our CFO, Wayne Johnston, to talk to the financial slides. Thank you, Harry. Good morning to everyone on today's call. Starting with the financial results. As Harry mentioned, group revenue of $ 1.357 billion was 11% up on prior year. Our domestic produce segment reported a 10.7% improvement versus prior, reflecting benefits from expanded production capacity in the new Glasshouse Four tomato glasshouse. Improved volumes from expanded Monarto mushroom facility. We also saw the first full year benefit of the 2BA acquisition made in CY 2021. Its first full year sales were $ 86.8 million compared to $ 55.2 million for the five and a half months of our ownership in the prior period. As reported at the half year, the international segment saw the benefit of increased production footprint and early season favorable prices. Although Moroccan volumes were up on prior year, average pricing was impacted by weather conditions affecting production timing and as a result, higher recorded sales than prior year in the highly competitive and lower margin harvest months. EBITDA-S decreased by $ 3.4 million or 1.6% versus the prior period. Earnings improvements in domestic categories berries, mushrooms, tomatoes were offset by significantly disrupted citrus season that due to weather conditions, experienced abnormally high quality issues that impacted realized sales and pack out rates despite higher volumes. As highlighted at the half year, avocados category underperformed versus prior as a result of average pricing being impacted by large early season volumes. 2BA's contribution was $ 22 million, which was a fantastic result given the weather and quality issues it faced. International sector again performed well with an improvement in China over prior, partially offset by a challenging season in Morocco that was impacted by cooler weather. NPAT-S of $ 30.2 million was below prior by $ 33.8 million. In this presentation, we've included an underlying earnings analysis. This adjusts statutory NPAT for pro forma impacts of Zagara, material items, and full year comparisons to the prior year from the new Vitalharvest leases that were commenced in December 2021. For this year, we believe this provides a better insight into full year results, and it gives a like-to-like comparisons with the prior year in relation to the incremental impact of the additional depreciation and interest from the Vitalharvest leases. The pro forma NPAT-S adjustment in CY 2020 relative to CY 2021 is $ 8.6 million. Included in the appendices of the presentation is a slide that provides a detailed explanation of the impact on the P&L of these new leases. Material items include the avocado non-cash goodwill impairment that was booked in the first half, namely historical goodwill of $ 2.2 million relating to the recent underperformance of this sector. This represents 100% of the goodwill we're carrying for that category. Additionally, material items include $ 0.7 million of staff redundancy costs. Interest expense increased in CY 2022 by $ 17.6 million. This includes the impact of $9 million of the Vitalharvest leases, as well as increases from both rate and volume on group debt. At this point, I expect the total interest expense for CY 2023 will be approximately $ 52 million, recognizing the impact of embedded index increases our lease portfolio and similar to CY 2022, increases in both rate and volume in debt. The group's effective tax rate of 3.7% on earnings before Zagara is lower than previous years, given the mix of earnings, which sees tax advantages in China and Morocco relative to Australia's 20% tax rate. In CY 2023, we expected the effective rate to increase to between 12%-14% given an expectation that the Australian operations will improve year-on-year. D&A is likely to increase to approximately $35 million in CY 2023 from the CY 2022 result of $ 121 million. Given the expansion in China from new plannings and a rebound in Morocco, the non-controlling interest, excluding Zagara deduction, is expected to increase from $ 10.8 million in CY 2022 to approximately $13 million in CY 2023. Moving to cash flow. The full year working capital outflow of $ 3.2 million highlights the seasonality of the group's cash flows with a very strong second half inflow. Operating CapEx of $ 67.8 million was in line with expectations. Comparison to prior year are also impacted by the expansion of the portfolio from CY 2021 acquisitions in 2PH and Sunraysia, including bare plane costs of $18 million capitalized in the period. Growth CapEx of $ 38.7 million, sorry, included further international expansion in China and Morocco. CY 2023, our current expectations are a total CapEx of $125 million, split $65 million for operating and $60 million for growth. The growth amount includes $30 million for the Conaghans land for acquisition in 2PH. Included in the operating CapEx is $26 million of bare of land capitalizations. Finally, whilst largely an internal transaction, this year we extracted the first meaningful dividends from China back to the JV partners. The cash flow highlights a 30% portion of our partner in that venture. Gross dividends from the JV of $16.7 million, resulting in $10.6 million back to Costa Australia, post-tax and the minority partner share. The next slide is the balance sheet. As discussed in the previous slide, we had a modest investment in working capital in the year, with the second half being a strong inflow. The movement in inventories largely reflect the increase in group harvest volumes in late December from our Mundubbera grape farm, the extra capacity at Glasshouse Four, and the new plantings in Agripark, China. I'd expect a similar working capital result each year. Net debt increased by $ 52.7 million, largely related to continued investments in the group, the minor working capital investment I discussed, and the maintenance of a strong dividend payout ratio. On capital management. Syndicated debt facility, which was due to mature in CY 2023, was successfully refinanced in the year. Capacity was increased from $ 450 million to $ 650 million with three, four, and five-year maturity tranches. Unused debt capacity at year-end was $ 219 million. As always, we appreciate the support to Costa from our banking syndicate members. Given the weaker second half result, mainly in citrus, as Harry described, our total leverage ratio of 2.46 x is outside our preferred range, but still in a manageable position. Company expects to be able to bring down this ratio to approximately 2 x by CY 2023 year-end. Our strong belief in the capabilities of this business and its cash flow generation supports Costa's ability to pay dividends. A final interim dividend of $ 0.05 equates to $ 0.09 for the full year. Given the mix of geographical earnings and a lower relative earnings in Australia in CY 2022, the company has elected to frank the final dividend of $ 0.05 per share at 40%. We'd expect this level of franking will be required for the foreseeable future. Our capital strategy to invest in capital to maintain business operating and safety standards while reducing, mitigating, and adapting to agricultural risk. Investment is focused on increasing shareholder value and return on capital employed, underpinned by a strong balance sheet and a steady year-end payout. Group's target of 15% return on capital employed over a five-year cycle. Despite the CY 2022 return on capital employed being only 5.2%, as discussed earlier in this presentation, the company expects improvement in the next few years given the strength of the assets within our portfolio. This concludes commentary on the financial slides. I'll now hand back to Harry to conclude the presentation. Thank you, Wayne. As we did at the half, we provide an update on input cost inflation. There were significant input cost inflation pressures over CY 2022, which we expected to moderate in the coming year, in 2023. Our focus remains on cost reduction and price-maximizing initiatives, including insourcing of seasonal labor to reduce third-party costs, investing in progressive automation of harvesting, greater efficiencies in use of cross-cross inputs, including more precise applications of water and fertilizer across citrus and avocado crops, leveraging our scale in procurement of key inputs, improving yield and quality, and extending season length for premium varieties to maximize pricing opportunities, especially in export markets. We have also provided detail on the main cost areas, including labor, where the ongoing implementation of Project Sunrise, excuse me, to insource specific seasonal labor. With respect to energy and water, the fixed energy pricing arrangements we have in place continues through the second half. Electricity costs are budgeted to increase by 35%. The forward outlook remains positive for water pricing, and we expect a circa $2 million saving in water costs through 2023. Across freight and shipping, global freight rates remained elevated in CY 2022, but are largely expected to ease back in 2023 as shipping availability is normalized. We expect to see domestic rate renewals with increases of circa 14% in 2023 when contracts renew. Finally, on packaging, fertilizer, and chemical costs, we saw an increase in punnet costs by circa 12%, while CY 2023 pricing is largely expected to increase in line with CPI. Pesticide usage was above forecast, especially in citrus, due to weather impacts. Usage is expected to return to a more normal setting in 2023, with La Niña fortunately dissipating. I spoke earlier to our China plantings target, once again, we've provided a planting schedule in the appendices for both China and Morocco. Our focus remains on a disciplined approach to any further land acquisitions in both China and Morocco. This includes sourcing appropriate land to minimize production costs and maximize the yield of our premium varieties. We're very choosy about where we site these operations. We currently have a number in the pipeline. Based on these criteria, we've taken the decision to not undertake any additional new land acquisitions over 2023 in China, with this activity scheduled to recommence in 2024. There will be some small new land development in Morocco in 2023. In China, we continue to evaluate new opportunities, including expediting planting of more premium varieties and growing blueberries in a cooler climate north of the existing operations to achieve season extension. The replanting of our northern Rockham farms with VIP purpose-bred superior blueberry varieties continues as scheduled. In 2023, work will continue on opportunities to expand our international footprint, including further interrogating the potential to establish blueberry plantings in India. Moving to what the business sees as key growth drivers over the current period, coming period, sorry. Firstly, increasing yield and optimizing crop timing is always a priority. In particular, we see that 2PH and Sunraysia citrus tree age profile continue to mature with corresponding yield increases. There is also an opportunity to extend the Amorette mandarin supply season timing and further build our premium citrus export offering. We continue to further build the Monarto production capacity, with the plan to increase this year to 250+ tons per week in 2023. Planting of premium berry varieties, including VIP plantings, will also be expedited. Building new and expanding markets includes supplying significant unmet export market demand for navels and proprietary 2PH mandarins in premium export markets. Optimizing increased tomato production capacity and nursery capability through higher returning varietal mix, including increasing snacking and cocktail varieties, and expanding our global footprint through increased licensing and supply of blueberry varieties in licensed markets in new markets. Finally, innovation is key to improving productivity and return on capital. We'll continue to prioritize investment in innovation, including enhancing the depth and strength of our VIP proprietary genetics program, commercializing new varieties, and investment in technology to improve fruit grading, and in particular, we wish to unlock further value in exploring high-density trellis, citrus, and avocados for future mechanized harvest opportunities. I'd now like to conclude by talking about the outlook. An improved weather outlook indicates more favorable growing conditions across our farming profile in CY 2023. We expect a recovery in citrus category performance this year, which will also be enhanced by maturing orchards in Central Queensland and Sunraysia. The international season, including China new plantings, has started positively. Our focus remains on yield, quality, and further premium product rollout to offset cost inflation. Labor availability is improving significantly, contrasted with shortages over the past two years. This is also benefiting from our continuing program of in-sourcing specific seasonal labor. Return on capital and strong cash flow generation remain priorities. Beyond this year, CY 2024 and 2025 are expected to benefit from continued maturity of citrus tree age profile, resulting in corresponding production increases. Additional volumes from the Conaghans land at 2PH, which will provide an additional 450 hectares. Further growth in the international segment from new plantings in China and Agadir, and replantings that will take advantage of the new VIP blueberry varieties. Further improvements in domestic blueberry returns through VIP premiumization, and targeted CapEx to improve harvest productivity in all categories. Ladies and gentlemen, that concludes the presentation. I now invite any questions on the presentation. Thank you. 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 star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from David Pobucky from Macquarie Group. Please go ahead. Good morning, Harry and Wayne. Thanks for taking my questions. You mentioned that you expect to deliver improved performance in 2023 with a strong growth profile in 2024 and 2025. Does that wording imply that you expect stronger growth in 2024 than you do in 2023? No, David. We expect significant growth in 2023. Obviously, we're very bullish about a recovery in citrus, but there's also a lot of other underlying developments in the other categories. We are bullish about 2023, but we've done a lot of deep diving into where we wanna take this business in 2024 and 2025. I think you can expect more like a continuum rather than, you know, a sudden, you know, a moderate 2020 to a sudden jump in 2024. We are hoping for a strong 2023 and 2024 and for that matter, 2025. Thank you, Harry. I understand. The citrus result this year was $40 million lower than planned. Yeah. For 2023, your expectation would be to claw back that $40+ million any additional contribution, given it'll be a citrus on year and maturing trees. Is that the way to think about it? Yeah, I think that's right. We've done a lot of work, obviously, as expected, through the season and at the end of the season, and preparation for this year in the three regions, we expect that they are one-offs. We'll be getting a very good recovery with an increased yield, as you said. Early days, but very hopeful of a good season this year. Thank you. You don't expect any sort of residual impacts, in 23 from the issues last year? No. We've been just doing our crop forecasting and assessments and pest and disease monitoring. The Queensland crop is looking particularly good and Riverland is about where we expected. There's a slight residual overhang in a couple of orchards, but in the scheme of things, it's not relevant. Okay. Thank you, Harry. I'll turn it over. Good luck for the rest of the year. Thank you. Your next question comes from Rodney Sleath from Rimor Equity Research. Please go ahead. Oh, hi, Harry. Hi, Wayne. Thanks very much for taking my questions. I actually just wanted to ask, actually, I'll ask one question on citrus first, and then I just wanted to ask a couple of questions on avocado. On citrus, when we look back at calendar year 2021, you had pretty exceptional pricing, I think. I mean, I'm sort of looking on my model, and it's, I think we had about $ 1,900 per ton versus around $ 1,300 per ton in 20 22. I guess like, I mean, I understand what's happened in 2022. I guess my question is, could you just remind us whether 2021 was actually a very exceptional pricing year, given what was happening with the pandemic and demand for oranges overseas? Would you expect that that's sort of an achievable pricing in a normal, I think that was a off year, a non-year, wasn't it? Sorry, in a normal year. Yeah, right. One of the issues is the mix between, as you'd appreciate, domestic and export. Last year, these years is gone, because we had a 20% lower export pack out, we had to put a lot more into the local market, as did our competition. We didn't have very strong pricing in Australia, and we lost a lot of the pricing opportunity which we normally enjoy overseas. That was the main factor going from 2021 to 2022. In fact, we have unmet demand in our export markets, and pricing has improved year on year. I wouldn't regard 2021 as exceptional. I think we'll return to at least those levels for the export market in this coming year. Great, thanks. Yeah, and Rod, sorry, it's Wayne. I'll just add to that we did, if you go back through, I guess, our announcements, we did flag at the end of CY 2021, we started to experience some of these Albedo matters. Yeah, I agree with Harry that CY 2021 wouldn't be necessarily the standout year. Great. That's excellent. On avocado, I mean, obviously, again, we understand some of the effects that have been taking place, but if we look at those revenues from, you know, the peak in calendar year 2020, and we're down sort of $35 million or $34 million in revenues. I'm just curious, is avocado in 2021 and 2022 a loss-making business for you? Sorry, it's Wayne, Rod. Yep. We had an exceptional year in 2020. If you've been following the stock for a while, you know, we had a really strong return that year. 2021 and 2022 post-rent. Yep. Would be in the red, yes. Okay. All right. Obviously pricing is looking better at the end of this year. I guess more generally, and Harry, maybe this is for you because, you know, there's been a lot of great decisions made in the company, you know, the expansion into China and into Morocco have been, you know, really, really profitable. I guess, you know, that decision to dramatically increase market share in avocado when there was a pretty clear maturity profile on industry trees and what that would mean for capacity. I guess I'm just trying to understand what you believed was going to happen that perhaps hasn't happened as yet. Was that decision really hinged around an expectation that you would be able to open up export markets better than you have so far? Yeah, yeah. Look, it's such a very good question. Look, you don't get everything right, and hindsight's wonderful. Look, there were three predicators on why we thought we could do relatively well in avocados. One is we thought we could change the quality paradigm, pre-harvest, harvest, and post-harvest, and produce a premium product. We've done moderately there, but we're not getting any significant premium. I guess even though we've got our avocado brand, we think is top of market, we're not getting the price points where we would've hoped for. We also planned, Rod, to, and we're working hard on this, to change the production paradigm to look at high density and eventually trellis mechanically harvested crop, which will be a game changer. That's early days in its preparation, but we needed to get exposure to, if you like, growing avocados so we have the experience. We're working heavily on this high density trellis situation as the apple industry has done quite successfully, but that's very early days, so we're yet to prove that or not. Thirdly, as you referenced, export. We're really disappointed we haven't been able to open the export markets, and we thought they would be open by now. It's a tough road, but we're taking steps. We've actually done a lot of work on improving yields on our better farms, and you'll see us trimming some of the poorer performing farms as you'd expect. We're looking at it very closely, but it's gonna be a bit of a grind for a few years, we think. Yeah. Okay, excellent. Just I guess on that trellis thing, you know, if those yields per hectare are successful as you expect or as you've been experiencing, you presumably then have a multi-year process of reducing the legacy and increasing the trellising hectares. That is true. The benefits, I mean, the game changer we all look for in produce, fresh produce is mechanized harvesting. You can't do it on a large tree like an avocado or a citrus tree for that matter, as it's currently structured. You have to get that picking phase, which is, you know, layering the trees. You, I'm sure you know very well what they do in cherries and apples, and that's what we're trying to do. We've also got a trial going on citrus of a small scale. Yeah. At the moment in the same area. Great. Thank you very much. Your next question comes from Ben Gilbert from Jarden. Please go ahead. Hi. Morning, Harry Debney and Wayne Johnston. First one from me. Wayne Johnston, could I confirm that you said you think D&A is gonna be up about $35 million for calendar year 2023? Is that correct? Yeah. $135. Yes. Oh, sorry. It'll be about $ 135 for this calendar year. Correct. Okay. Thank you. Harry, is there any update around sort of the CEO process in terms of where you're up to with that in terms of a new appointment? Look, we're still working through that. We've got a company working with us on searching and evaluation. It's pretty early days, but we've sort of focusing very heavily on getting it right. In the meantime, it's not making any impact on the leadership of the company, and the management of the company is very solid and, as I said earlier, we're focused on not just 20 23, but 2024, 2025. Don't expect any loss of focus, if you like, because we don't have a permanent CEO. Yes, it's advancing, but it's in the early days. Great. Then just another one for me. Just around pricing for international. Like, I was just looking at some of the pricing through sort of Spain and Morocco. It looks like pricing started extremely softly, particularly in Spain for blueberries in the early part of January. How are you seeing pricing broadly? It sounds like Morocco might be coming a little bit later, which is probably a positive this year. Is that fair? Yeah. The early Spanish crop was hitting pretty much hitting the end of the Chilean crop. The Chilean crop was very poor quality as well, which tended to drag the market down. That's, you know, our take on that. Look, our early crop out of Agadir, we actually export a lot into Southeast Asia at very high prices. We're getting pretty good figures now. The prices are improving. I think it's too early to say. I mean, the other big impact is, there's been about two and a half weeks of very cold weather, which is just coming to an end now, and that's delayed everyone a little bit. I don't think we can draw any too much from, you know, what's happening at the moment, but prices are starting to pick up. We always expected that Spain would have an impact with some of the chili varieties, but probably less than we thought at this stage. Right. Just final one for me, just on domestic pricing, particularly on berries and tomatoes, 'cause tomatoes looks like it's come off, albeit obviously off some pretty elevated levels. How are you thinking about the pricing outcome domestically for tomatoes and berries, for the sort of the start of the year and looking through the next sort of few months? Well, tomatoes had a very strong year, as you've referenced, last year. They have come off from that high. Plus, we and our competition had very high yields, so we've probably had, I guess, for the first five weeks or so of this calendar year, a bit too many tomatoes around versus the demand. That's been the story there. In the last 10 days, the truss price has pretty much doubled. It's getting up close to our budget, not quite. We think it'll track to budget within about two weeks. Snacking is going a bit better than that. We're recovering now, but basically it was a combination of very good growing conditions and large supply. With berries, we had very high pricing and roughly low production because of weather conditions last year, although we were better off because we had protected cropping. That's come off. Basically, the Northern New South Wales rabbiteye crop, which is low quality, came in in a heavy flush in the first four weeks of the year. That's finished now, and that's what caused the blueberry prices to come back. We're now accelerating up to pretty much all of the fresh crops gone in Tasmania. We're now on our modified atmosphere releases, and we're getting favorable pricing there. We think by the time our North Queensland crop starts in another four weeks, we'll be at very favorable pricing. Raspberries have picked up from a low level. Blackberries are still a little bit down on where we'd like to be, right? Strawberries has again been affected by very moderate weather in Victoria, in the Yarra Valley. We had a clash of that in Tasmania, which you normally don't get. Again, they've probably doubled in the last three weeks. We're getting back to close to where we'd like to be with berry pricing, but it certainly was a slow start for the year. That's great. Thanks, Harry. Appreciate it. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Larry Gandler from Credit Suisse. Please go ahead. Hi, Harry. Hi, Wayne. Thanks for taking the question. My question is coming back to citrus. You know, this year it's looking to be a bit drier, so we may not have hopefully not have that albedo breakdown as we did last year. Just wondering what sort of risks are you discussing within that citrus crop as we move through the season? Is there that normal sort of risks or any specific risks for this year? Well, because of what we've gone through last year, Larry, we've been really sort of very zealous with our agronomic assessments and farm management. We've got a very good handle, I think, in all of those three regions. We can't call that anything that we have an elevated level of risk on. Our spray programs are right up to schedule. We've got much more moderated weather. In fact, we're getting some very good warm weather coming through now. No, I can't think of any negatives that. We don't have either under control or we're seeing that it causing us any surprises. Okay, great. Is there just I also sort of in very much in tune to this because of the volatility last year, I just wanna explore this the best I possibly can. What would be the sort of the normal pattern from here that you go through with your citrus crop through harvest, and what are the signs or milestones of success and comfort as we go through the season? We do weekly assessments on pests and diseases. Mm-hmm. We've been pretty much right up to mark on that, you know, across all of our regions. They're quite a dense, if you like, grid pattern. I don't think we miss anything there. We also, this time of the year, every month, do a yield assessment and a fruit sizing evaluation, we're just completing the last one or the latest one at the moment. That'll continue right up to the harvest period. Basically looking at fruit set, fruit sizing and any pest and disease pressure would be the main thing. Making sure we're assessing our nutritional leaf analysis as well. Okay. a regular weekly review. All right. thanks, Harry. I just wanted to sort of see if I can put as much risk as I can to bed there. Yep. Your next question comes from Jonathan Snape from Bell Potter. Please go ahead. Yeah, thanks. Could I just ask one question? On the slide that talks through your costs, I think it was slide 26. I mean, you've put a lot of numbers there. Electricity kind of up 35%, 7%-10% CPI in packaging, fertilizer, chemicals, freight up 14. How should I be thinking about that at an overall level? Is that kinda high single, low double-digit inflation across the business, is what you'd be expecting next year? I think that's a fair comment. I mean, obviously, our biggest expense is labor. You know, it's five times bigger than anything else. As highlighted, you know, we are at various EBAs in the group, but none of those are excessive. Our major, I guess, award is linked to minimum wages, that next determination's middle of the year. Internally, we're assuming that's gonna be 5%. We'll obviously be appreciative if it's a little bit lower than that, but we'll monitor that. I think you're around for the, on the average, yes. Certainly not double digits, single digits. Each of those. Yeah. Each of those items are, you know, we haven't given detailed disclosures of each of those. Some of those aren't necessarily that material to the group, but each of them, you know, collectively add up to, I guess, the exposure we face. If you're waterfalling, then I think it was an earlier question about, you know, the $40 million you get back from the crop plus the growth from an on year. You've got cost inflation of kind of high single-digit coming through. You probably need a little bit on pricing as well to kind of recover that, I guess, all the positives. Like, it looks like there's gonna be some kind of negative offset coming in on the cost structure. You probably need. Definitely. Pricing as well to go. Yeah, I take your point. I mean, the $40 million is citrus alone. Yeah. There are other contributors to our result. I guess, you know, the comments we're making around the portfolio, we expect, you know, a general improvement across the entire portfolio. You know, some of that will come through volume and some of that will come through price. All right, great. Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.