Thank you, good morning, everyone. Steven here. Welcome to our 2021 full year results announcement. Joining me on the call today is Leah Weckert, our CFO. Once again, we are presenting our results from a lockdown Melbourne. It's hard to believe that it was only two months ago that we had our virtual Strategy Day here. Much has changed since then, most notably the emergence of the Delta COVID-19 strain, the release of a vaccination program, which will see the majority of Australians vaccinated by Christmas, and the roadmap to normality, including migration. The good news is there is finally a light at the end of a two-year tunnel, and I, along with many others at Coles, are looking forward to 2022. During FY 2021, we've experienced 11 COVID- lockdowns. Again, I would like to acknowledge our team members, suppliers, community partners, and the various governments for their resilience and support to secure our food supply chain and deliver a safe in-store environment for our customers. I'll move into the presentation for today. Slide one, I'd like to start by briefly talking about our vision, purpose, and strategy, which was launched two years ago and designed to build trust with all stakeholders, our ecosystem, if you like, and grow long-term shareholder value. Whilst we've made significant progress, we recognize the majority of our transformation and associated benefits are still to come, particularly those that relate to our automation projects with Witron and Ocado. The operational highlight for the year was the improvement and acceleration of our e-commerce business and omnichannel offer, which exceeded AUD 2 billion across the group for the first time. We introduced more unique and innovative products, particularly through own brand, rolled out new formats, like Coles Local and Black & White Liquor, and launched our new Together to Zero sustainability strategy in our quest to be Australia's most sustainable supermarket. Moving on to slide four. I will not go into this slide in too much detail, as most of it will be covered later, but it serves as a reminder of where we have come from since our demerger in FY 2019. It is clear we're making real progress against each of our strategic pillars of Inspire Customers, Smarter Selling, and Win Together. As we look to the future and increase investment and pace of change at Coles, you will see an increasingly differentiated omni-channel offer around own brand, Ocado, team engagement, and sustainability, supported by longer-term supplier relationships and our Smarter Selling program. Moving on to slide five, with regards to the financial results for FY 2021, total sales increased by 3.1% to AUD 38.6 billion. On a two-year basis, headline sales increased by 10.2%, EBIT increased by 6.3% to AUD 1.9 billion, and we delivered operating leverage across all three segments of the business. Net profit after tax increased by 7.5% to just over AUD 1 billion. Smarter Selling continues at pace and delivered around about AUD 300 million. Capital expenditure was pretty much as forecast, AUD 1.1 billion. Operating cash flow was AUD 3.6 billion, and strong cash realization of 106%, complementing a strong balance sheet for future growth with net debt of just AUD 355 million. For our shareholders, I'm also pleased to report a fully franked dividend of AUD 0.28 per share, taking the total dividend for FY 2021 to AUD 0.61, a 6% increase compared to FY 2020, and totaling around AUD 800 million, which will go to many millions of Australian shareholders, either directly or indirectly invested with Coles. With COVID-19 still a part of our lives, we've continued to focus on team member safety, mental health, and well-being, including investments in technology and distribution centers and manual handling equipment in stores. I will now take you through some of the strategic highlights in more detail, starting with inspiring customers. Moving on to slide six. We have made good progress against this pillar of our strategy by improving customer advocacy (NPS) and delivering innovative and differentiated products for our customers. Our market share position has improved with the Q4 exit position restored to pre-COVID-19 levels as shopping centers recovered and local shopping unwound. I will discuss this in more detail later. We've made significant progress in building trust and loyalty with our customers, and we are now ranked as one of Australia's most trusted consumer brands in the Roy Morgan survey. We led the industry and removed door-to-door paper catalogs back in September last year, saving more than 260 million printed catalogs to- date. We also launched coles&co, which provides a far more personalized digital experience for our customers around recipes and promotions. As more consumers shifted towards purchasing online, e-commerce sales grew by 52% for the year, with Q4 growth of 62% and a penetration of 6%. I will go through some more detail on e-commerce later. Sales of exclusive- to- Coles products, which includes Coles Own Brand and exclusive proprietary brand products, grew by 5%, with penetration now at 32%. 46 Coles brands won awards during the year. We made progress on our trusted and targeted value with 30% of our store layouts now tailored and an extra almost 500 products on everyday low prices. Our convenience offer is now available in more than 300 stores, providing a quick and easy solution for the many customers wanting high quality, ready-to-eat meals, many produced by our own facility in New South Wales. Finally, in Liquor, e-commerce sales grew by 79% for the year. We enhanced our omnichannel capabilities in this space through the opening of three e-commerce dark stores in Victoria, Queensland, and Western Australia. Moving on to slide seven. As I mentioned earlier, a key operational highlight for Coles was the step up in our e-commerce capabilities. With millions of Australians currently in lockdown and through the 11 lockdowns we experienced in FY 2021, more and more of our customers are turning to Coles Online to get their essential food and groceries. From a financial point of view, fourth quarter growth 62% was supported by investments made in capacity and digital customer experience. E-commerce penetration was 6% in the fourth quarter, and this has increased to 8% in the first quarter of FY 2022. In New South Wales, this now is in double digits. Customer metrics remain strong, with NPS almost doubling over the year, helped by improvements in the perfect order rate delivered in full and on time. We know the importance of the omnichannel customer. In the fourth quarter, the omnichannel customer spent more than two times that of an in-store only customer. A number of new services were also added during the year, including same day home delivery, now available in more than 300 stores, Click & Collect Rapid in 90 minutes, available in more than 400 stores. Our Coles Plus membership has seen a significant increase in paid members since the relaunch in February 2021, we're working hard in the background on delivering Ocado, which has delivered a differentiated and leading home shopping experience for shoppers in the U.K., France, and Canada. Moving on to our second pillar, Smarter Selling, which is slide eight. We achieved Smarter Selling benefits of approximately AUD 300 million, despite the challenges presented by COVID-19, which is helping drive operating leverage in the business. Some of the initiatives implemented during the year include data and technology-led solutions supporting store operations, including our smarter forecasting tool. We implemented measures to reduce loss through the use of artificial intelligence to optimize markdowns. We introduced loss prevention initiatives such as the installation of electric entry gates at the front of store. We also introduced new customer self-service solutions at the checkout, such as customer bagging benches and trolley assisted checkouts. This enabled greater customer choice and increases in team member productivity. During the year, we also commenced implementation of fresh produce easy ordering. This is the last of our categories that need this to happen and will make the business far more efficient in the future. We also saw construction progress significantly at the Witron automated DCs in New South Wales and Queensland and at the Ocado CFCs in Melbourne and Sydney. Supporting an efficient and agile workforce, we launched a new people and payroll system called myHub. myHub replaced over 16 disparate people systems, providing a one-stop shop for our team members. Finally, our tailored store strategy continued with 65 supermarket renewals completed during the year, including 10 Format A's, 36 Format C's, and four Coles Locals, including the first one in Queensland. Moving on to slide nine. Since the commencement of our Smarter Selling program, we've now delivered cumulative benefits in excess of AUD 550 million. As you can see on this slide, the team have done a fantastic job in delivering sustainable savings, primarily in logistics, stock loss and waste, store remuneration, and then the split of the benefits of approximately 40% in GP and 60% in cost of doing business. Our plans are not changed. We continue to target AUD 1 billion in benefits by the end of FY 2023. Moving on slide 10, Win Together. One of the key highlights in the latter part of the year has been the launch of our sustainability strategy. As a reminder, we are committed to Net- zero by 2050, 100% renewable electricity by the end of FY 2025, reducing our Scope 1 and 2 emissions by 75% by the end of FY 2030, and diverting 85% of waste from landfill by FY 2025. In terms of other highlights under the Win Together pillar, I said at the start, we've improved safety by 15.7% in the business, and I do feel that we have a safety embedded culture at Coles. We invested in team member mental health and wellbeing with the launch of monthly manager health communications, and we continued to hold GEM challenges, which is gratitude, empathy, and mindfulness, throughout the year for our team members. We supported diversity through increased gender balance with a 2.3% improvement in women in leadership positions. We did this through a focus on developing female leaders, particularly in our store manager and technology teams. We were recognized as a Leader in LGBTQI inclusion, winning for the first time a Gold Workplace Equality Index award. We're also improving the ways in which we work with our suppliers and recorded our highest ever engagement score in the 2021 Advantage Supplier Survey, which is the widest supplier survey in Australia. Working with our dairy farmers, we announced an extended direct milk sourcing model to Tasmania. We further expanded the model in Victoria, New South Wales, and South Australia to supply milk for Coles brand cheese, allowing more dairy farmer suppliers to enter longer-term relationships with Coles. Contributions to charity and community partners in FY 2021 included more than AUD 6.7 million for FightMND, a new record, and AUD 2.5 million for children's hospitals across Australia through the Curing Homesickness fundraising initiative with Mum's Sause. Finally, we continue to focus and support team members and communities through COVID-19 lockdowns and natural disasters. This year we saw bushfires and cyclones in Western Australia and floods in Queensland and New South Wales, as well as several derailments in W.A. as well. Moving on to slide 11, which is our market share. We shared this slide with you on the strategy day. We've updated it for Q4, which has our market share at 27.1%. While we're not reporting on monthly market share, the Q4 exit market share has been restored to pre-COVID-19 levels as we saw the performance of our shopping centers improve, as the local shopping trend began to unwind. Of course, we expect more local shopping from the latest lockdown restrictions, particularly in New South Wales and Victoria. It was pleasing to see that as restrictions did ease in the fourth quarter, our market share improved. Finally, on to our strategy tracker, as we do at every results presentation. This is the Coles strategy tracker, and I am pleased to say that we remain on track for most of our metrics. As I've outlined today, we've made progress on safety, customer satisfaction, market share, sales densities, Smarter Selling efficiencies, profit growth, and cash realization. Whilst we've improved team member engagement over the last two years, we did step back slightly this year, and this remains a focus for us in FY 2022. We will continue to report on our progress with the next scorecard update at our interim results in February. With that, I will now hand over to Leah, who will take you through the financial results in more detail. Leah. Thank you, Steven. Good morning, everyone. It is nice to be speaking to you today again with a strong set of financial results for the year. I'm on slide 14. You see that the group sales increased by 3.1% to AUD 38.6 billion. On a two-year basis, we have grown group sales by 10.2%. Group EBITDA grew 5.4% to AUD 3.4 billion, while Group EBIT increased by 6.3% to AUD 1.9 billion. Pleasingly, we achieved operating leverage across all three segments during the year. Net profit after tax increased by 1.5% to AUD 1 billion. The Board has determined a final dividend of AUD 0.28 per share. This takes the total FY 2021 dividend to AUD 0.61 per share, a 6% increase on FY 2020. Moving now to slide 15. As I just mentioned, it is pleasing to report sales, revenue growth, and strong EBIT growth across all segments. In supermarkets, sales increased by 2.6%, despite cycling the significant pantry stocking events that occurred in March and April of FY 2020, followed by the national lockdown. We have delivered strong two-year growth at 9.6%. Sales were driven by elevated demand in Victoria during the lockdown in H1, as well as strategic initiatives that have resonated with our customers, successful value campaigns, including helping lower the cost of breakfast, lunch, and dinner, and the MasterChef cookware and knives campaigns. Most pleasing is the growth we have achieved in e-commerce of 52%. This e-commerce growth was supported by the enhancements to the customer experience, additional home delivery, and Click & Collect stores, and the launch of same-day home delivery, the Coles Plus subscription offer, and Coles Rapid. Supermarkets EBIT increased by 5.2% to AUD 1.7 billion. This was delivered through sales growth and approximately AUD 300 million of Smarter Selling benefits, in addition to strategic sourcing initiatives, which have helped to offset the approximately AUD 130 million of COVID-19 costs during the year. This has resulted in 13 basis points of expansion of EBIT margin to 5.0%. In Liquor, sales increased by 6.6%, and were very strong on a two-year basis at 15.1%. E-commerce sales growth of 79% was underpinned by the opening of three dark stores in Victoria, Queensland, and W.A. during the year. Liquor EBIT grew by 19.6% to AUD 165 million, with a 49 basis point expansion in the EBIT margin to 4.7%. As the high proportion of fixed costs in the Liquor cost base were fractionalized across the elevated demand driven by COVID-19, particularly during the Victorian lockdown in H1. Express c- store sales grew 7.7%, driven by growth in food to go, in particular, coffee and cold drinks, with both of these categories benefiting from investments in new self-serve coffee machines and fridges. Express EBIT grew 103% to AUD 67 million, up from AUD 33 million last year, despite the challenging fuel environment, and this was through a focus on c-store sales and very disciplined cost control. The other segment recorded net costs of AUD 61 million for the year. Corporate costs were AUD 83 million, as industry-wide increases in insurance were seen and an increase in the workers' compensation provision was taken, reflecting claims experience over the past 12 months. Earnings from property operations were AUD 27 million and Coles' 50% share of Flybuys' net result was an AUD 5 million loss. Turning now to slide 16. Operating cash flow, excluding interest and tax, was AUD 3.6 billion, with strong cash realization of 106%. Higher provisions compared to last year are a result of higher employee entitlement provisions, with less team members taking leave during COVID-19, as border closures have curtailed travel plans. There was also an increase in the workers' compensation provisions due to COVID-19 delaying access to medical treatment for some injuries. Turning now to slide 17. Gross operating capital expenditure on ac crude basis increased by AUD 278 million year-on-year to AUD 1.1 billion in line with our previous guidance. Store renewal spend increased year-on-year, with an increased weighting towards bigger schemes, with more Format A and B renewals done in FY 2021 compared to FY 2020. There was also an increased spend on conversion of existing stores to the Coles Local format, four of which will launch in FY 2022. In FY 2021, we introduced a new program called Rapid Innovation Rollout, which takes the best of innovation from Coles Local and Innovation stores, such as Tooronga and Moonee Ponds, and quickly rolls it out to large traders across the network without the need for a full renewal. This has included innovations such as mochi and fresh-squeezed orange juice machines. We saw a step up in growth initiatives, being those that we expect to drive top-line sales. This included increased new store openings, a step-up in the Ocado project costs, and acceleration of our e-commerce offer. Increased spend on efficiency projects primarily reflects the ongoing commitment to the Witron implementation, together with supporting our Smarter Selling program in-store and DC network operational improvements. At the time that we announced the Witron DCs, we indicated that the total capital spend to complete the two DCs in New South Wales and Queensland would be up to AUD 950 million. We remain on track to deliver the two DCs within this amount. FY 2022 will be the peak capital spend for the project, with approximately AUD 290 million of capital spent. By the end of FY 2022, approximately AUD 690 million of the AUD 950 will have been incurred or just over 70% of the way through the projected spend. This is why we have called out a step up in Witron and Ocado project OpEx in FY 2022 as these projects get nearer completion and construction and development activities peak. As previously communicated, we expect one-off project OpEx associated with the Witron and Ocado projects to be up to AUD 75 million in FY 2022 and up to AUD 160 million in FY 2023. Finally, we reported a net outflow of property CapEx of AUD 35 million as acquisition and development activity exceeded divestments. The primary driver of this was a number of larger developments, including Cobblebank in Victoria, Whiteman Edge in W.A., and Andergrove in Queensland, all of which are now open and trading with strong early results. I'm turning now to slide 18. At the Strategy Day in June, we indicated that gross operating CapEx was expected to be up to AUD 1.4 billion in FY 2022. We have a strong balance sheet with capacity to invest. Cost of debt remains very low, we have opportunities available to us in our core business, which will deliver a strong return well in excess of WACC. The incremental investment will be directed to areas where we can take advantage of changing customer preferences that have emerged, including during COVID-19, since we put our original plan in place in FY 2019, and enable us to build a business that will be on an even better strategic footing in a few years' time. These initiatives include initiatives in e-commerce to take advantage of the COVID-driven acceleration of online shopping, acceleration of our successful format trials, including the Black & White format for Liquorland and Coles Local, which we will look to now start to scale, enhancements to the customer offer in response to changing customer preferences for increased convenience, health, and cuisine experimentation, and also building on the early success of the Best Buys program. Finally, Smarter Selling initiatives, such as the trolley-assisted checkout that we have trialed in FY 2021 in Tooronga and Moonee Ponds with strong customer feedback and efficiency savings. Turning now to slide 19. We continue to maintain a strong balance sheet to provide flexibility for future growth. At 27 June, we reported working capital of AUD -1.2 billion, capital employed of AUD 11.1 billion, and net assets of AUD 2.8 billion. We reported net debt of AUD 355 million, and our leverage ratio stepped down to 2.8x. Trade and other receivables reduced following the settlement of a one-off property loan that dated back to 2014. PPE increased as a result of investments in new stores, renewals, and milestone payments for the Witron DCs. We are exiting the year with a balance sheet that enables us to invest in the business as I outlined before. Turning now to slide 20. We continue to take a disciplined approach to capital management. The total dividend for the year of AUD 0.61 per share represents a dividend payout ratio of 81%. During the year, Coles issued AUD 450 million Australian dollar medium-term notes, comprising AUD 300 million 10-year fixed rate notes and AUD 150 million five-year floating rate notes. The proceeds of these notes were used to retire existing bank debt facilities. The weighted average debt maturity of drawn debt was 6.9 years as at 27 June, with undrawn facilities totaling AUD 2.4 billion. We remain committed to extending our debt maturity profile over time and retaining investment-grade credit ratings with S&P and Moody's. As I mentioned, our leverage ratio, a key measure for the credit rating agencies, stepped down to 2.8 x, further supporting ongoing flexibility for growth. I'll now hand back to Steven, who will make some concluding comments on the outlook before we get into Q&A. Thank you, Leah. As you can probably see here, it's been a elevated first seven weeks of Q1, with sales of 1% on a headline basis, cycling the hard lockdown of Victoria last year, of course, and 12% on a two-year headline basis. As I said earlier, e-commerce penetration is 8% in the quarter, showing strong growth, and New South Wales well into double digits. In July, supermarkets incurred up to around AUD 15 million of COVID-related costs, which is slightly up on where we were at the back end of FY 2021. In Liquor, sales in the first seven weeks of Q1 have remained strong with headline growth flat and 19% on a two-year headline basis. Investments in the customer offer and capability as part of Liquor's refresh strategy will also increase across the year, including the Liquorland renewal and new store program. In Express, fuel volumes continue to be impacted by lockdowns, with average weekly fuel volumes of 49 million L in the first seven weeks. Obviously, we expect that to improve as lockdown eases. In the first quarter, Express will be cycling elevated tobacco sales in the prior corresponding period, as well as the impact of no increase in the tobacco excise in September 2021. In other FY 2022 corporate costs are expected to be approximately AUD 75 million, and property earnings are expected to be slightly below that achieved in FY 2021. Smarter Selling benefits are expected to exceed AUD 200 million, and Coles expects to renew approximately 50 stores and open approximately 20 stores in FY 2022, subject of course, to COVID-19 restrictions. F2022 will be a significant financial year in capital and operating expenditure as a result of Coles' two major commitments announced in FY 2019 around delivering world-class technology solutions to improve efficiencies and customer experiences. For the two Witron centers, Coles expects total capital investment of AUD 950 million, which is what we originally signed off, of which AUD 290 million will be incurred in FY 2022, along with increased levels of operating costs as Coles prepares for startup and double running of the Queensland facility in the first half of FY 2023. For the two Ocado CFCs, further project costs will be incurred as Coles prepares to commence operations during FY 2023 in Melbourne and FY 2024 in Sydney, subject again, of course, to COVID-19 restrictions. Coles expects to incur one-off project operating costs of up to AUD 75 million in FY 2022 and AUD 160 million in FY 2023, across both programs as previously advised. The longer-term operational customer and financial benefits of these major technology investments will be reflected in the company's financial performance commencing in FY 2024 and beyond. As we talked about at our strategy day, and Leah's just mentioned, gross operating capital expenditure is expected to be up to AUD 1.4 billion in FY 2022 as we invest in omnichannel, fresh produce, easy ordering, front-end transformation, Coles Local, and Liquorland renewals and more new stores. There is no change to current guidance of net property capital expenditure of around or up to AUD 100 million either way. Thank you for listening. I will now hand back to the operator for Q&A. Thank you. Thank you. If you wish to ask a question press star then one and wait for your name to be announced. If you wish to cancel your question press star then two. And if in a speakerphone please pick up the handset to ask your question. Our first question comes from Ross Curran of Macquarie. Please go ahead. Thanks, Steve and Leah, and congratulations on a great result. Steve, I was wondering if we might be able to just drag out a little bit more detail on current trading, maybe state by state, and whether the extra capacity you've added online means that your market share this time around is not going to be as negatively impacted, versus last time when we were on lockdown. Good morning, Ross, thanks for the question. As we said in the statement, current trading is volatile by state, by day, by hour. It's almost the biggest challenge we've got at the moment, is keeping up with the changing sales profiles that we're experiencing. However, what I would say overall is, when a lockdown happens, we're seeing shorter, less spiky panic buying, which suggests that people are getting used to lockdowns. As we enter longer lockdowns, particularly the 5-km rule, that's then when we see that real move to more e-commerce and more local shopping. In terms of the store cohorts, we've seen perhaps not as significant yet amount of change as we saw last time, but we have seen neighborhood stores increasing by double-digit. We have seen shopping centers reducing by double-digit. The same sort of phenomenons as last time, but not yet quite as marked. The point about online is a good one. We're in a far better space this year than last year in terms of both capability and capacity. We'd still probably like more if we could, but the online business is in good shape. It means that I think that for those competitors who don't have a strong online offer, then clearly they'll lose out to shoppers who want home deliveries or Click & Collect to the boot of the car. Is it too early to get a comment on Coles Plus and how that's worked? Yeah, I think so. With all the background noise, it's been successful. We've got grand plans. We want it to be a lot bigger than what it is today. I think the focus for people is just on getting their shopping and whether that's to the boot of the car or at home. That's what we're very focused on at the moment, is just meeting the demand. Thank you. I'll leave it there. Thank you. Our next question is from David Errington of Bank of America. Please go ahead. Morning, Steve. Morning, Leah. Probably, Leah, this is directed to you. Excuse me. If we could go to slide 23, the supermarkets result. Where I was encouraged, and I think most people on the call will be, is your cost performance in the second half, your cost of doing business performance. I noticed in the first half, your cost of doing business was up 40 basis points, and in the full year it was only up 22. On my math, the cost of doing business half on half actually declined. Your gross margin, though, was a little bit not as strong, but I am assuming that there is price deflation that has come back in here. I was wondering, Leah, you normally give us a little bit more color as to what is happening in your cost line, what the moving parts are, like with COVID costs there. There's a lot of moving parts, underlying costs. There's Smarter Selling, there's improvements in efficiencies, but there's also underlying cost inflation. Would you mind giving us a bit more of a detailed breakup as to what your cost performance was? In particular, in the second half, it seems to be that you really did see some good cost performance in that second half as sales moderated. Hi, David. Yes, sure. I might start with it on a full year perspective, and then we can talk about H2. As you mentioned, in terms of the way I think about the building blocks of this, we've got the underlying cost inflation on the cost base of last year, if you like, and that continued to be in the order of between 2.5% and 3%. Yep. We had increased CODB dollar costs from the variable costs of the incremental sales year-over-year. That is different for H2, obviously, where we had sales decline in the half. At least for the full year, you've got a block there of variable costs. That was slightly higher in terms of a rate for us than last year because we are seeing a higher online mix in that. Offsetting that, you've obviously got your Smarter Selling benefits, of which we had around 300, approximately 300, and 60% of that went to the CODB line. We also had lower COVID costs year-on-year. In FY 2020, the COVID costs were in the order of around AUD 205. In FY 2021 th ey were around AUD 130, and about 75% of each of those numbers went to CODB. That was a tailwind. Offsetting those, we did continue to make some strategic investments with increases in the D&A, increases in marketing spend, and some investments in digital from an OpEx perspective. That's the key blocks from a full year perspective. If we talk about H2, the CODB rate for H2 in FY 2021 was actually broadly in line with the rate for FY 2020. What you're seeing with the decline in terms of the CODB dollars is around a 2% decline in your CODB dollars, which just translates to, you've also got a 2% decline in your sales. What you're really seeing there is that sort of variable cost of sales block that I usually talk about, that is just getting backed out of your H2 position. That's pleasing because it means that it wasn't embedded, that you actually could get those costs out when sales dropped, which is pleasing because there was concern that those costs would be embedded. That's got to be a pleasing outcome. Yeah. They truly are variable, and we spend a lot of time using our advanced analytics tools to get a lot of these measures right in the way that we do forecasting in store for REM and what we're expecting from sales, and also having something which is quite dynamic in the way that it responds to how we're seeing trends from the previous week and the previous day. It is something that we are able to quite successfully flex up and down based on the sales volume that we've got going through. Quickly, just to follow up, Leah, not taking up too much time, you mentioned 2.8x as your leverage, but you think it's a little bit under. What do you think would be appropriate for a company like Coles, that leverage ratio? Because you've got a strong balance sheet, where do you think you could take it? In other words, how much latency have you got to invest in some of these projects that you've got? We don't have a target leverage ratio per se. What we continue to be committed to is retaining solid investment credit rating. The leverage ratio has decreased this year, but as I kind of look forward over the next couple of years with the capital program that we have in place, I would expect both the net debt and that leverage ratio to move up, but still sitting below the levels that we were at when we first emerged. I think that's why we feel that this incremental capital that we've announced is a good decision for us because we can quite comfortably do it within the capital structure that we've got. Yeah. Thank you, Leah. Thank you, Steve. Thank you. Our next question is from Ben Gilbert of Jarden. Please go ahead. Morning, Steve and Leah. Sorry, not to disagree, David, but I would have thought that the second half cost could have actually been up a bit more, given that pretty much all of those AUD 200 million odd of COVID costs in fiscal 2020 would have fallen in the second half. Could you give us an idea of maybe just that split for first half, second half for COVID costs for this year? Then I know this is a really difficult question, but how we should be thinking about the run- rate for CODB into fiscal 2022, just around maybe what you're seeing around wages, that obviously AUD 15 million run- rate. Is that what we should think as we see these ongoing lockdowns? Looking forward, just a bit of color around how to think about fiscal 2022? You're talking particularly about COVID costs, are you, Ben, there? Yeah, just in second half 2022, because I appreciate, obviously, the sales are down, you're cycling some strong numbers. The margin was still off a lot. I say not a lot, a reasonable amount. Obviously, those COVID costs have all weighted towards the second half of the PCP. I just thought CODB might have actually been off a little bit more. Well, in terms of the split of the COVID costs, at the half, we disclosed that the COVID costs for H1 were about AUD 105. There was only about AUD 25 in H2. What we have seen, obviously, is we have put those strategic investments in, which is where we've seen the offset against that tailwind. Again, that was in the key areas of the D&A ticked up, the marketing spend ticked up, and we had some additional OpEx that went into the digital space. We feel that they've all been good investments in terms of setting us up for some good momentum going into this new year. From a COVID cost perspective on the look-forward, we had about AUD 15 million for July, and what I would probably say is the situation has somewhat escalated since July with a much harder lockdown in Vic and New South Wales not showing much improvement in terms of numbers and more LGAs being affected. My expectation would be from a COVID cost perspective, we might expect that number to go up a little bit on a per month basis, but it is very dependent on the situation and the number of lockdowns and the number of states that are affected at any one time. Did you want to go on that, Steven? Yeah. Thanks, Leah. Morning, Ben. Morning, Steve. Just a couple of examples as to why the COVID costs have increased. One is, we are required to be at the front door in a number of areas now, making sure that customers are aware that they need to check in. What we have got is also an increasing number of our team members that we pay for when they're isolating. Those are discussions that we're having as a supermarket task force now with the various authorities, because the way it's worked so far is with improved QR code testing or check-in rates, the health authorities are now able to identify very quickly where people have been. Of course, it's highly likely that they've been to a supermarket, given that's the only place you can go other than the park. In some authorities, they have been demanding that if a customer has been in the store, that the whole shift isolates, which is different by authority, but is clearly something that is not backed up by evidence. What we're trying to do now is to move to a situation where, obviously those in close contact isolate if a customer comes in, and that will help operations, particularly in New South Wales, where a large number of team members across the industry have been impacted by that impost, so to speak. What we're trying to do is just make sure that everyone understands that supermarkets are a very safe place to be. That's helpful. Okay. Final one from me, just on inflation. There's obviously some pretty clear cost pressures coming through from your supply base across freight, packaging, soft commodities. Interested in how you're thinking about the inflation outlook over the next 6 to 12 months. There seems to be a growing expectation out there that we're going to see some pretty widespread price increases coming through in calendar year 2022, obviously all backed up by cost pressures. How are you thinking about that, and should we think that the base of inflation is more normal as we move into fiscal 2022? Obviously, I think you brought price promotions back towards the end of Q4 in the PCP. Yeah. Thanks, Ben. I guess two things. I think we did call out two quarters ago that we thought deflation had maxed out. We are seeing a number of different things out there in the marketplace. Clearly, meat is still elevated, and particularly beef. We are seeing better prices in a number of other areas, or lower prices, so to speak, or more supply in produce and so on, after a relatively good season compared to prior years. We are seeing steady promotional intensity throughout, or certainly the back end of FY 2021, which was up year-over-year because of reduced availability in the prior year, with all that went on then. We are beginning to see an increased number of suppliers approaching us for cost price increases in the grocery space, which is very aligned to either increased shipping costs, and we're aware of what's going on in the container space, or to specific raw ingredients or commodities. Certainly on the package side, I think we'll see some inflation coming through. One thing to certainly watch out for is the tobacco increase, which normally takes place in September and has been double-digit for quite some time. That's not happening this year. One of the things that has happened more recently is that tobacco, as a percentage of our sales, is reducing. If there's no excise this year, then that could reduce inflation in the opposite direction. That's great. Thanks, Steve. Okay, thanks. Our next question is from Grant Saligari of Credit Suisse. Please go ahead. Good morning, and thanks for the opportunity. Wondering whether you could comment on the performance of some of the renewal stores or the renewal group of stores overall, and what your plans are in terms of number of renewals in the coming year versus FY 2021. Okay. Thanks, Grant. We monitor all of our CapEx. I think as we said in the Strategy Day, we have a lot of focus on what investment or what return on investment we're getting from all of our CapEx that's been delivered, and the return that we're getting on new stores and renewal is good. We've got a fair number of projects in train. I think we've got about 30 total projects across the group now that are being impacted by the current construction delays in New South Wales and Victoria, where obviously limited capacity on site, and so on. We've got to accept that this year that there might be some delays, so it's difficult to be precise, but overall, we are looking at around 50 renewals in FY 2022. As we've said, the focus in supermarkets or the skew in focus in supermarkets is towards more local activity, both new stores and renewals. Then in Liquor, the focus is very much on the rollout of the Black & White program, which again, is performing very well. There are one or two circumstances where it's not performing so well. Areas that we've called out before, areas where there's been tourists, CBDs, where we've done activity in those areas, as you'd expect, we're not getting the return we would like, full stop. We expect that as things normalize in 2022, they will come back. There's a slightly different mix in the 50 this year, Grant. In the year just gone, we did 65, but 36 of those were Format Cs, which as you would appreciate, they tend to be a smaller renewal, which is faster to do. As we move into FY 2022, we are looking to do more of the Format A and Format C renewals in that mix, versus the Format Cs. Okay. Just secondly, I've noticed on some of our work that your pricing performance relative to Woolworths seems to have improved through the half, well, certainly since April. Has that been something deliberately you've been targeting, or is it just a matter of the consistent execution of the everyday low price strategies that you've had? I guess just interest in that. I wonder whether, Woolworths run a lot of specials, particularly we've noticed every second week there's a lift in specials. I don't know whether you sort of noticed that impacting your volumes from their Hi-Low program. Just interested in any comments around that and pricing generally. Thanks, Grant. I think at the half year, we talked about pricing, and we said that we thought we were in a good space, on the various price indices. We've, I think, launched several hundred price reductions down since then. Obviously, we've got a continuous program of how we want to improve value for customers, but the sort of biggest program continues to be the own brand. The fact is that own brand tends to be more permanently low price, and we believe we've got the best own brand offer in the marketplace. It's not just a case of what is the price index on like-for-like products, it's also the fact that the mix is different and therefore the price paid by customers is better, too. Do you notice any impact from their Hi-Low? Because they do up their specials every second week. I don't know, would you notice any volume impact from that? Look, at a category level or a product level, there'll certainly be some degree of impact, which is why there's so many promotions still in Australia. What we've said is that over time, we will reduce promotional intensity and focus more on everyday low price, and that'll be done in conjunction with the rollout of the own brand program. But it's still fair to say that if you take a Coca-Cola 24-pack, most, the vast majority of the volume goes through when it's at 40% off or half price rather than full price. Okay. Yeah, well, terrific set of results, but thanks for the opportunity. Thank you. Thanks, Grant. Our next question is from Tom Kierath of Barrenjoey. Please go ahead. Oh, good day, guys. Morning. Just wanted to get a sense on that packaged inflation. How material could that be? What are the types of asks that the suppliers are looking for on the price rises? Welcome back, Tom. Good to be back, Steve. The levels of price increases, I'll talk about averages rather than the extremes, but according to the team, the levels are similar to those we've seen in the past on average, but we're just seeing more of them. It is very volatile by category and product, depending on which country it comes from. Obviously, 90% of what we sell is Australian, but some of those products rely on either packaging from overseas or commodities from overseas or Australia. Again, mostly Australian. It's an average of averages. I'm personally not getting excited by it all. As I say, one of the biggest swings will be in tobacco, which isn't going to be there this year. It'll certainly increase. I don't think it'll get back to some of the higher numbers we've seen in the past. Yeah, okay. Interesting. The second one was just on the tobacco excise that you pointed out there. I noticed you mentioned that in the convenience business will have an impact. Just be interested, will it have a profit impact on the wider group across supermarkets and convenience? I know that people in the industry have kind of gamed that with buying ahead of the excise and making stock profits. Is that something that we should think about as that excise kind of doesn't happen this year? Yeah. It'll certainly have an impact and certainly a bit more so in Express than in convenience, sorry, than in supermarkets, but it's certainly not as material for us as it would be for some of the other players in the market. Really what we're trying to do is to make sure that the service in our biggest traders is good. That's where we're focused the efforts for now. It does seem that the biggest issue in tobacco is the fact that the social smoking at work has obviously come to a grinding halt, and it doesn't appear to be happening as much at home. It'll be interesting to see in 2022 whether any of that's restored or not, or whether the cost of cigarettes and the health messaging and the staying at home has caused a step shift in the number of smokers in Australia. Yeah. Great. Thanks very much. Our next question is from Michael Simotas of Jefferies. Please go ahead. Hi. Good morning, everyone. The first one from me, if I could just pick up on that point on cost of doing business again, please. Just thinking about 2.5%-3% underlying inflation, plus some additional variable cost from whatever sales growth can be eked out, offset by Smarter Selling savings. Are you confident that you can maintain your CODB margin, or are you going to have to continue to extract gross margin expansion to maintain profitability at the EBIT level with a fairly modest underlying sales growth? I think the first thing we would say is we are still focused on both of the lines, GP and CODB, in terms of improvements. From a GP perspective, there's substantial Smarter Selling initiatives underway that are focused on supply chain and loss to improve that. We also have our strategic sourcing initiatives on top of that, which go to that line. This is not a taking the eye off the ball on the GP by any stretch of the imagination. On the CODB, I think what I would say at the moment is the environment is quite uncertain because of COVID. We are cycling strong sales growth from last year. You only have to look at the numbers that we've given you in the outlook statement for supers of 1% year-on-year and 12% two year-on-year to just see how strong it was last year. The other uncertainty that we have on top of what's going to happen with the sales situation, which is heavily driven by how much elevated demand we get because areas are in lockdown, is then also the COVID costs. As Steven said, that has a high degree of uncertainty around it at the moment in terms of what we are required to do for each of the health departments in each of the states. What we will be working to do is to optimize that the best we can and to continue to drive the Smarter Selling program, which will help to offset it. Okay. All right. Thank you. Second question from me is on e-commerce. Obviously, everyone's capacity constrained at the moment. A lot of the feedback suggests that delivery slot lead times are a lot further out for Coles than what they are for Woolworths. To what extent do you think the amount of capacity you have online is holding you back, relative to the major competitor, compared to what consumer demand is on an underlying basis? Maybe just a comment on what that sort of looks like now during intense COVID period versus the fourth quarter, which was a bit cleaner. Thanks, Michael. Throughout the whole 12 months, we continued to invest in capacity and where we think the gaps exist, we'll continue to do so. I'm not sure about the facts. I don't know where you're getting your facts from on how far ahead people are booked for. We do our own research on that, and we're seeing something different. It will differ store by store and day by day. We've still got home delivery in some areas can be in hard lockdown areas, home delivery, there can be a wait. In most cases, it's a much better situation on Click & Collect to the boot of car. We've seen a relatively stable mix throughout, where it's still 60/40, or roundabout 60/40 throughout the year, in terms of delivery and Click & Collect. As I said before, that 8% on average has increased through the quarter as the lockdowns increased. Also we're seeing New South Wales at the top of the table, as you'd expect, well into double-digit sales penetration. We should all recognize that there will be a drop-off at the end of all this, and that what we're trying to build here is a long-term sustainable business. Coles has been around for more than 100 years. I expect our online business to be around for more than 100 years. We're nearer the start of it than the end, and there's a lot of focus our end now going on to what range we put into Ocado and how we make sure that that's the best home delivery service for anybody in Sydney and Melbourne. We'll continue to put capacity in where there is demand. These lockdowns create quite massive surges for everybody, and I wouldn't get too focused on individual competitors. I'd sort of be looking at the market overall, which is, relative to the market overall, Coles has a very good offer. Right. Thank you. Thanks. Our next question comes from Craig Woolford of MST Marquee. Please go ahead. Morning, Steven and Leah. Morning. Hi, Craig. Hi. How are you? I just wanted to ask a question around online and maybe around profitability. I'd be interested in any comments about how profitability trended in FY 2021 without the lockdowns, and what do lockdowns do for online profitability? There's obviously a lot more scale or volume, but does profitability improve? Yeah. We're certainly seeing some scale benefits on a number of fronts. Clearly, the more demand in a street, the lower the cost per drop. We have got to the stage now where as we've moved to car parks, so we've got 500 Click & Collect operating in car parks now. Where those facilities exist, you have more of a dedicated operation than you would have done on the customer service desk in the past. Clearly, the busier they are, the more profitable it is. There's less traffic around as well, which is helpful. The other thing is that, as the scale grows, and obviously we're at AUD 2 billion now, as the scale, which is bigger than some bricks-and-mortar competitors in the marketplace. As that scale grows, supplier income increases as well. Yes, as scale increases and during lockdowns, profitability has improved. It's not at the level of the supermarket overall, but it is improved year- on- year. Maybe it's a question to Leah. Is that part of the cost inflation, the mix of sales towards online in fiscal 2021? Yeah. It is definitely the case that online is a higher cost channel for us. As we've sort of said in the past, we are on a journey at the moment, to get to a place where we are ambivalent about the channel that the customer chooses from a cost perspective. We are still on that journey. When I talked about that component of CODB, which is the variable cost of the additional sales, that is at a higher rate this year than it was last year, because we are seeing a higher proportion of the sales come through in online. I think definitely the lockdowns improve the profitability for online because of the scale benefits that we get, and the fact that we can do higher drop rates with delivery because there's not as many cars on the road that the vans have to navigate. As Steven said, you've just got really good capacity utilization of most of your sites. Understood. Thanks. Leah, just on the slide 18, had that summary of the incremental CapEx. It gave examples across those categories. Is it fair to say that the majority of the extra, roughly AUD 400 million of CapEx is allocated to those items? There wasn't any other. You've mentioned Witron is on track and Ocado, I assume from what you'd originally published around the CapEx there, is on track. That AUD 400 million relates to these examples that you've provided? Yeah. The reason we've called them out is because that is where the incremental CapEx is going. Okay I think you'll see from this that a lot of this is taking advantage of opportunities which have become available to us in the last sort of 12-24 months. It's as a result of our trialing initiatives, which we now have more confidence around going to scale with. It's about changing customer behaviors that we want to double down on and really make sure that we're taking advantage of those opportunities. I guess the thing that I'm wrestling with is just whether that CapEx, how much that fades beyond FY 2022. Obviously, there's Witron and Ocado will taper off, but some of these initiatives, I'm sure there'll be other initiatives that drive omni-channel or digital investment going forward. Yeah, I think that's right. You start on the journey of these. We're obviously not going to roll out the whole of the Coles Local or the whole of the Black & White Liquorland in one year. These will be multi-year programs of work for us. It's why we indicated at the strategy day from an FY 2023 CapEx perspective, we would expect it to be somewhere between what we've spent in FY 2021 and the FY 2022 number, sort of in that range, which, again, is reflective of the fact that these programs will continue on. Great. Thanks. Thanks, Leah. Thanks, Steve. Thank you. Our next question is from Shaun Cousins of UBS. Please go ahead. Thanks. Good morning. Just a question maybe on current trading. Can you talk a little bit about your availability and in-stock position? I'm just curious around how exposure site stores are being impacted with staff having to isolate, and it may be a little trickier to get new staff into that store and even replenishes in there. Just what's your broader availability at present, and has it been impacted negatively by lockdowns? Yeah. Morning, Shaun, and welcome back to you, too. There's a lot of movement, indeed. We missed you at Strategy Day. Same. Yeah, look, it's mixed. It's mixed for a number of reasons. One is the one I talked about a little bit earlier, which is Coles is quite good at budgeting on a weekly basis. In fact, I'd say it's very good. A lot of that's down to the smarter forecasting we've talked about and all the stuff that goes on. The sort of variability we're seeing by hour and by day is very difficult to forecast at the moment. A lot of it is just based around the latest news release, or the latest health department warning, which is difficult to plug into your systems. There's a lot of those little short, spiky things going on. What we've also got, as you've alluded to and I talked about a little bit earlier, is most supermarket operators in New South Wales would have a large number of team members in isolation, not because supermarkets are unsafe, but because of health department rules around going into isolation and so on if there's been a case and so on. That's another thing that's impacting. Obviously, consumers or customers in those postcodes, the number of customers isolating in New South Wales at the moment is enormous in various shapes and sizes. We've got the supply chain side of things. We recently had to close our Chef Fresh operation, which was formerly Jewel, which is in New South Wales. That was out for two weeks. It's back on track now and getting back up to speed, but that's also happening in our supply base. Again, everyone's operating segregated bubbles, but one person on a bubble, and the shift's out, and then that compromises the facility. When you add all of those various things, which is consumer demand changing, customers and team members in isolation, suppliers down and out for periods at a time, it's very difficult to guarantee availability. What I would say is that overall, the availability is in a good space, and it's in a much better space than when we first entered lockdown. Always can be improved, but when I look at where our customer metrics are at the moment, they're in a very good space. I think, during crisis, customers give you a bit of credit for not having everything, but having something, and that's what the team has continued to focus on. Got you. Great. Maybe just a second point, dare I say, this is a question I might have liked to have asked at the Strategy Day, just sustainability is a key theme from Coles. I'm just curious about how you see this as a point of difference in that I don't think it's a thing that Woolworths aren't pursuing either. Is it something where you see it as a point of difference that'll drive incremental sales from competitors? Is it going to be a little bit like being competitive on price, where both Woolworths and Coles are going to be there or thereabouts on price, it's just each of them have their own sustainability attributes, it's not going to be one where one supermarket is sustainable and the other is not. I'm just curious how you see this. Will it drive incremental sales, or is it just going to be something like price where you generally have to be in the game of sustainability like you have to be in the game of price competition, please? Yeah, it's a great question. Thanks, Shaun. We've said all along, we want to be the most sustainable supermarket, and it's not because it sounded like a good thing to do. It's because at one level, for all ASX companies, certainly in the top 100, sustainability is going to be a license to operate. We're increasingly seeing that investment is following people who are sustainable, and increasingly there's concerns around companies that are not doing sustainable things and who's funding them. We're seeing more questions from shareholders, we're seeing more questions from customers, and seeing more questions from our team members on sustainability. There's one level, which is it's a license to operate, but if you stand back from the market, and again, it's a bit like online. I don't look at the food market as one competitor. I look at the food market as a market that's got thousands and thousands of competitors across the nation, a very diverse and diversifying customer base that's changing faster than ever before. All our data says that customers are becoming more interested in sustainability and that they will vote for their feet if they see someone doing something better that they like. We think we've got a plan that will differentiate us over time. We've done some things historically which differentiate us over time. We believe we've got the most sustainable meat supply chain in terms of animal husbandry, for example, and we'll continue to promote those things, and we'll continue to do new things. When you stand back from the market overall, we'll be doing things that a lot of those thousands of competitors that we compete with won't be able to do, because a lot of them require significant investment. Those are some of the investments that we're making now, either on our own or with our partners. The Witron is a good example where we're partnering now with the landlords to put the solar panels on the roofs and everything else. We've had our first solar panel farms come on stream, and we're well on the way to achieving our renewable target. These things are expensive, but the return on them is getting better all the time. We think we will be differentiated in sustainability, and not just from an environmental point of view, but who we partner with and the way we behave in the community. Fantastic. Thank you, Steve. Thanks. Our next question is from Phil Kimber of E&P. Please go ahead. Hi, guys. Just a question. Obviously, the Ocado infrastructure is still a little while away, but on their end, also offering a number of other solutions, in particular around click and collect and front of store or front of online store solutions. Are they things that you are also using in this interim period before the DCs are built, or are you waiting to do that as sort of step one and then these other initiatives might come after that? Sorry, Phil, it was a little bit muffled. Was the question, will Click & Collect be part of the Ocado offering? No, sorry. Hopefully this is a bit clearer. Just Ocado have a number of different offers apart from, as you know, the big CFCs. I was just wondering if in the interim before your big CFCs are operational, will you be using some of their products around click and collect or in terms of the front end online system? Are you waiting for the CFCs to be built and then maybe those sorts of initiatives from Ocado will be utilized? Yeah, the focus is on building the CFCs. What we're planning to do this year is to launch one app. For the first time in Coles history, we will have effectively what is on our website today and what is on our little website, which is our Coles Online website. They will come together for the first time in an app before Christmas, and then next year that will happen on the web as well. That will unite to lots of 2 million plus customers for the first time, which will improve our sales. What we are doing with Ocado is we are looking at what else they are doing around the world, and they are making a lot of progress in the U.K., in particular, on things like Zoom, which is the convenience Ocado offer. Obviously they are making a lot of progress on robotics as well. We're staying close to what they're doing with everybody around the world. I think their aspiration is very much to stay as the leader in online automation, in the same way that Witron would regard themselves as the leader in case pick DC automation. I think that's certainly the ongoing conversation with them. Thanks. Just a housekeeping one on the market share slide. As you know, your quarters, some of them are 14 weeks, some are 13 weeks, and the dates don't exactly line up with the ABS. Have you sort of adjusted it for that? I couldn't quite get the numbers to agree. I get the same shape, I just get slightly different numbers. I just wanted to check whether you're sort of lining your weekly sales up with the ABS data, to account for the fact that your quarters are slightly different to their timing. We make sure that we are aligning like with like, if that's what you're saying. Obviously, it doesn't make much difference whether it's a 12-, 13-, or 14-week quarter from a share point of view, but we understand what periods are which, and trying to align as best we can. Okay, cool. Thank you. Okay, thanks. Our next question is from Scott Ryall of Rimor Equity Research. Please go ahead. Hi. Thank you very much. Steven, my questions are extensions on a couple that have been asked already. In the e-commerce side, can I just confirm, you mentioned the 60/40 split. The 60%, I just want to clarify whether that's Click & Collect or delivery, please. It's broadly 60/40 home delivery. 60% is home delivery? Yeah. Okay, great. Just in terms of, this is a wish list. Obviously, you've invested as fast as you possibly could. I certainly haven't noticed any difference in your availability on online ordering relative to your big competitor. What would you have liked to have had over the last 12 months? If you could have satisfied more e-commerce demand, where would it have been, please? I'd have liked to have had Ocado. Yeah. Okay. On delivery, you would have liked to have. That is the answer. Ocado is the best in the world at home delivery. We ordered at a time when they were receiving multiple orders, and unfortunately, I think we signed the contract for Ocado in March 2019 from memory. Unfortunately, we ended up being customer number seven in the queue. For various reasons, it's just taken this long to get the buildings on the ground. We're nearer the end of it now than the beginning, and it's moved from being a signature on a piece of paper into two great-looking buildings in Sydney and Melbourne, and we're looking forward to getting them and thinking about what the extended range in those CFCs is going to be. Okay, great. Scott, just before you go on, it's great to hear that you're experiencing good levels of availability, because our experience. Oh, no, I didn't say good. recent times is- I said just comparable. Well, our experience in terms of our data would say that you are correct. Yeah. No, I think it's pretty tough to get an online order at the moment. I don't live too far from Michael, so it's Anyway. In terms of, Leah, maybe just while you got the floor, the CapEx question that a few people have asked. Can you just confirm, I don't want a number so much as you've given some helpful numbers in terms of 2022 CapEx for both Witron and Ocado. Can you just confirm, though? You mentioned it's the peak year for Witron, clearly, because you start opening facilities. How much do these ones expect to go down, just those projects themselves in 2023? Is it a meaningful step down relative to what you've got in 2022 for those projects, please? On Witron, I mentioned in my speaking notes for the presentation that our expected spend is up to AUD 950 million. At the end of this year, we will have spent around AUD 690 million of that AUD 950 million. If you took what's left, you kind of want to spread that out probably across two years intensively and a little bit left in the third year. You'll see that actually what is left is probably even, I think, less than what we're spending this year. In terms of that Witron profile, this year is definitely the peak. Yep. On the Ocado- Then on to Ocado, yeah. Yeah, on the Ocado, obviously this is a far less capital-intensive project for us, so it just doesn't have the peaks and troughs from that sort of materiality perspective that we would see from Witron. I think there's a small uptick next year, but it's nowhere near the sort of materiality that we would be talking about with Witron. You can sort of more or less, I think, assume that sort of is more or less sort of consistent year- to- year over the next couple. Okay. Very helpful. Thank you. That's all I had. Thank you. There are no further questions at this time. I'd like to hand the call back to Mr. Cain for closing comments. Thank you. Thanks for the questions, everyone. No doubt you'll be in contact with the IR team later in the day. As I said before, I'm optimistic about what Australia will look like in the second half and hopefully a much greater return to normality. Obviously, our concern at the moment is just making sure that we remain safe, and that our team members and customers remain safe, and that we continue to deliver on year three of our strategy. That's really all I wanted to say today, and thank you for your time. Take care, everyone.