Good morning, everyone. I'm Rebecca Thompson, CSR's Head of Investor Relations, and I'd like to thank you for joining us for our results for the half-year ended 30 September 2023. Today, CSR's Managing Director and CEO, Julie Coates, together with CFO, Sara Lom, will present the half-year results, after which we'll open the lines for Q&A. In the room, we also have Lorraine Barber, Group Financial Controller. I'll now hand over to Julie to present the results. Thanks, Beck, and good morning, everyone. Starting with the agenda on slide two, I'll give an overview of our results, our safety performance, and progress against our sustainability targets. Sara will then run through our financials, including our capital allocation framework, after which I'll cover the performance of building products, including how we're progressing with our strategy, then review the property, and aluminium results, and finish with the outlook before opening the lines for questions. So I'll get straight to the results on slide four. We are pleased with how the business performed in the first six months of the year. Our group revenue was up 5%, with revenue up 11% for building products. Focusing on our core building products business, we achieved a record half-year EBIT of AUD 165 million, which was up 18% on the prior corresponding period, producing an EBIT margin of 16%. Returns on funds employed exceeded 30%. The team did a great job in delivering this result and executing on our strategic initiatives. In our property business, while we had no material transaction in the first half, AUD 44 million of Horsley Park earnings are contracted for the second half. Our aluminum interest continues to experience significant cost volatility, particularly energy, which resulted in a loss of AUD 24 million. Consequently, statutory net profit after tax was down 12% to AUD 92 million. The board has declared an interim dividend of AUD 0.15 per share fully franked, which is toward the top end of our dividend policy on a half-year basis. Our strong cash flow generation and disciplined approach to capital allocation positions us well to continue to invest in the business to support future performance. Focusing on safety on slide five, while we are pleased to see the injury severity risk rating reduce, we are disappointed that the number of recordable injuries has increased, albeit they are with lower potential consequence. We have a response plan in place to increase the focus on low potential consequence risk to bring down our overall TRIFR. 84% of CSR sites had no recordable injuries in the first half, which demonstrates it is possible to keep our workforce completely safe. We are determined to do this, and are building a strong risk reporting culture through our Never Walk Past program. Turning to sustainability on slide six, we are making good progress against the 2030 sustainability targets we set in 2020. Our priority has been to reduce energy consumption and emissions, as you would expect. I'll touch on some sustainability initiatives we're undertaking throughout the business later in this presentation, and we will provide comprehensive details to the market mid-next month with the release of our 2023 sustainability report. On slide seven, we focus on the record EBIT result delivered by our core building products business. Revenue, as I said, was up 11%, driven largely by price. With volume growth, we maintained our discipline to manage cost inflation, which translated to 80% earnings growth with an EBIT margin in excess of 16%. We continue to invest in our strategy to improve performance through the cycle, and I'll talk more about how our investments in supply chain and customer solutions support this later in the presentation. We continue to make incremental investments in brownfield manufacturing to improve efficiency and capacity. You'll notice on this slide that our investment centers on our key brands that continue to deliver growth, and later in the presentation, we'll show how those brands that serve multiple end markets represent almost 80% of our building products earnings. Our focus on diversifying and delivering performance through the cycle is also demonstrated by our acquisition of Woven Image this half, which strengthens our commercial interiors offering to support growth in the non-resi market. Slide 8 summarizes the EBIT performance in our other businesses. In property, there was a loss of AUD 1.5 million with no material transactions in the half, noting that AUD 44 million of Horsley Park earnings are contracted for the second half. Our property team has a track record of delivering complex transactions with long lead times to maximize asset value. Earnings for our aluminium interest were impacted by cost volatility, particularly energy costs. The result was a loss of AUD 24 million down from a profit of 17 million in the previous corresponding period, which also included a AUD 16 million RERT income. While the cost environment remains challenging for aluminum, we expect to realize lower raw material costs in the second half and, combined with higher hedge prices, return to profit in YEM 2025. I'll now hand over to Sara to talk more about our financial performance before I cover our building products, property, and aluminum results in more detail. Thanks, Julie, and good morning, everyone. I'll move straight to slide 10 to cover group performance. Group revenue was up 5% to AUD 1.4 billion, with building products performing well. The gross margin improvement in building products reflects our pricing discipline to manage cost inflation and a strong operational performance. Our factories have performed well. Incremental investments in our brownfield manufacturing sites are delivering efficiencies. Julie will talk to this in more detail. Now, turning to some of the financial metrics we monitor closely. Warehouse and distribution costs were flat and saw a 50 basis point improvement as a percent to sales. The increase in SG&A largely reflects wage inflation and the replenishment of our debtor provision, which we consider prudent. It also includes sales and marketing investment, particularly in our Gyprock Trade Centre network. In dollar terms, the SG&A spend is at pre-COVID levels, and as a percent to revenue, it is lower than pre-COVID. We continue to apply the cost disciplines embedded during COVID to manage our spend. The other line relates to closure costs associated with the Monier Rosehill site, and Bradford Energy. The prior corresponding period includes property profits and an aluminium RERT income. And lastly, net finance costs were lower due to reduced FX volatility for aluminium. In terms of cash flow on slide 11, our improved operating cash flow featured a flat building products working capital balance with debtor days at pre-COVID levels, and our aluminium interest experienced a AUD 22 million working capital outflow due to the timing of aluminium sales and shipments. Of our total AUD 65 million CAPEX spend in the half, AUD 32 million represented development CAPEX. This included the Gyprock calcining upgrade to increase stucco capacity, our adjacent site purchase at Wetherill Park, capacity upgrade at Martini Villawood, and the finalization of Bradford Brendale upgrade. Net property outflows of AUD 11 million represented CAPEX to progress Horsley Park, Darra, and Badgerys Creek. There will be a positive cash contribution from property in the second half with proceeds of AUD 84 million from the next stage of Horsley Park. Our strong balance sheet position continues to support investment in our business, with the AUD 42 million acquisition of Woven Image a good example of this. Here on slide 12, I'll outline our capital allocation framework. We've defined our optimal capital structure. The key elements are that we maintain a strong investment-grade credit rating and that our net debt to EBITDA remains less than 1.5x. When it comes to operating CAPEX, we will continue to invest to improve efficiency, safety, and environmental performance. Growth CAPEX must exceed our return hurdles, which includes EPS accretion, and return on funds employed in excess of our weighted average cost of capital, among other measures. As one of the leading building product manufacturers in Australia, our focus is on brownfield opportunities as well as bolt-on investments that align with our strategic objectives. The combination of our recent Woven Image acquisition and staged upgrade of our Martini Villawood manufacturing site is a great example of this. We are vertically integrating a growing business that we are already familiar with and, at the same time, improving our end market diversification. We also use the framework as a lens across our portfolio to assess risk, and evaluate whether return objectives are being met. Two small examples of this are the decision to exit our low-margin Bradford Energy business and to close the Rosehill factory to consolidate our operations and improve earnings. Driving shareholder value is core to this framework, and we've demonstrated our disciplined approach to the balance sheet by returning funds to shareholders via special dividends, share buybacks, and ordinary dividends. On slide 13, it shows that we've stepped up our CAPEX spend as the environment to execute on capital projects has improved. Over the past few years, delays relating to COVID restrictions and overseas supply chain disruptions impacted our ability to execute on major projects. For these larger projects, they often span multiple years given lead times for equipment and the timeframes associated with construction and commissioning. As a result, in the last two halves, there has been an element of catch-up, with the AUD 13 million Bradford Brendale efficiency and sustainability investment now being commissioned and the AUD 23 million Gyprock Wetherill Park upgrade to be operational next month. We have a number of additional projects underway, including the already mentioned AUD 65 million Martini Villawood capacity, and site expansion. In calendar 2024, we're also planning the scheduled rebuild of the Bradford Ingleburn furnace, and at the same time, we will take the opportunity to incrementally expand the factory capacity. To execute these projects and others, we expect to fully utilize the AUD 120 million CAPEX amount that we guided to for YEM 2024, and we anticipate CAPEX of a similar magnitude for YEM 2025. Turning to slide 14, we have declared an interim dividend of AUD 0.15 per share fully franked, which is at the top end of our payout ratio on a half-year basis. As we have noted in the past, we'll continue to distribute franking credits as they are generated. This will likely mean that the final YEM 2024 dividend will be partially frank. Following the AUD 42 million acquisition of Woven Image in July this year, we ceased the share buyback of up to AUD 100 million, having acquired 36 million of shares on market and with a pipeline of brownfield growth CAPEX opportunities within our building products business. I'll now hand back to Julie, and we'll be here for questions at the end. Thanks, Sara. I'll move straight to slide 16 to give an overview of the results for our core building products business. This was a record half-year result with revenue growth across all of our building products businesses. The team has continued to manage the business well in a sustained period of high demand and have supported our customers who are managing dynamic conditions to deliver the project pipeline. This slide demonstrates the depth and breadth of CSR's unique position in the Australian market with an unrivaled range of high-quality products and brands and a distribution platform that serves multiple channels, including direct to builders, the architects and designers that specify jobs, as well as resellers, retailers, and trade contractors. Looking at the results in more detail on slide 17, revenue growth was driven by price, and we had some volume growth, particularly in our Gyprock, Bradford, and Hebel products. Both EBIT and EBIT margin were up strongly, with our EBIT margin exceeding 16% in the first half. It is worth noting that we had an out-of-cycle price increase in the second half of last year. This year, we return to a more normal cadence with our next price increase planned for early next calendar year. Costs benefited from the ongoing work we've been doing around operating efficiencies and incremental investments in manufacturing sites, which has improved productivity. Our margin reflects not only our discipline in managing inflation and cost but also the work we've done over the years to deliver improved margin performance through the cycle. We are also pleased to report an improvement in return on funds employed, which continues to be very strong and now sits at 31%. Here on slide 18, I want to spend some time talking about those key products I just mentioned and how we've grown them to now represent close to 80% of our building products earnings. Gyprock, Bradford, and Hebel are key products because they span the spectrum of end markets we serve and, in and of themselves, represent the diversity we seek to replicate across our entire portfolio. Later in this presentation, I'll cover our project tracking initiative, which demonstrates the penetration of these products across diverse end markets. We have invested in these and grown their market share, and in each case, their brand name is synonymous with their category: Gyprock with plasterboard, Bradford Batts with insulation, and Hebel with wall cladding. The composition of our business has evolved and improved, and we are confident that the strategic investments we've made have rebased our EBIT margins to be higher through the cycle. So moving to slide 19, this provides an overview of end market dynamics. As expected, the cycling of home builder demand in a higher interest rate environment has led to lower housing commencements compared to this time last year. But importantly, the detached market pipeline remains approximately 50% above historic averages and represents a full year of completions or 110,000 detached homes. Build times remain elevated at approximately 12 months up from an eight-month historic average. However, this completion timeframe is starting to contract as supply chain and trade labor constraints ease. Completions are now marginally higher than commencements and above approvals. That said, lead indicators suggest a stabilization of approval numbers, in particular indicators such as finance approvals for owner-occupiers, new home sales, investor financing activity, low residential vacancy rates, and improving house prices. We see the pipeline of detached housing sustaining activity in the near term. In the medium term, strong levels of net overseas migration should generate housing demand, and significant federal, and state government housing programs in the order of AUD 33 billion are likely to fuel housing supply. Now, turning to Slide 20, almost half of our end market exposure is to segments in the non-detached market. The multi-res pipeline currently sits at around 150,000 dwellings, representing two to three years' work at current completion rates. The non-resi market also improved on a work-done basis with increases in both commercial projects and social activity. Non-residential activity will be supported by approvals that are at record levels. And it's into this non-residential market that we are positioning ourselves with our Woven Image acquisition and brownfield investment in our Villawood Martini facility. Importantly to CSR, we have exposure across all of these markets and a business that is adaptable to end market demand. Our customer solutions project tracking initiative spans the non-detached market spectrum, and I'll speak more about that in a minute. So now turning to slide 21, which is a slide you've seen before. The work we've undertaken on strategy has made us more responsive to demand and is driving growth and resilience in the business. We continue to be focused on ensuring we deliver our results while making investments for future growth. I'll talk more to this as I cover each of our building products businesses. On slide 22, overall revenue for interior systems grew 13%. Gyprock generated strong revenue and earnings growth, which reflects the strength of the brand, its market position, as well as good execution by the Gyprock team. The team successfully delivered price increases to offset cost inflation. At the same time, we saw continued volume strength supported by strong brand leadership and diverse segment activity. The end result was an improved margin, which also demonstrates our continued focus on operational efficiency and cost discipline. Our commercial fit-out earnings kept growing via Himmel, Potter, Martini, and newly acquired Woven Image businesses, and this reflects a pickup in commercial and social activity, which we've tapped into further with our project tracking initiative. Moving to our strategic progress in interior systems on slide 23, we've invested further in our Gyprock brand and product offering to enhance loyalty and customer experience to support future growth. We've also invested in our Gyprock Wetherill Park calcining plant to increase capacity, improve productivity, and safety, as well as to reduce emissions. Sustainability has been embedded in strategy and operations, as you can see on this slide, which includes initiatives to support continuous improvement and drive productivity. Focusing now on our Woven Image acquisition on slide 24, Sara covered our capital allocation framework earlier, and this acquisition is a great example of this framework in action. Some of the key criteria the business met was in relation to it diversifies our portfolio in line with our strategy to serve the attractive health, education, and commercial markets. It strengthens our direct channel to market. It's complementary to our existing commercial interiors range, and it makes the returns profile of the Villawood Martini investment very compelling. The four-year AUD 65 million upgrade of our Martini facility at Villawood will extend our manufacturing capacity and capability to support the significant growth opportunity. It is also very positive from a sustainability perspective, allowing for the continued use of a high proportion of recycled raw material inputs. And of course, it's in line with our capital allocation framework and exceeds the required return hurdles. Now moving to masonry and insulation on slide 25, we achieved 7% revenue growth, reflecting strong operational performance across the product suite with a focus on productivity and cost management. Bradford delivered impressive returns and earnings growth across all states through price and mix, and volumes were also higher. Monier Performance continues to improve with modest revenue growth and improved factory efficiency, and PGH achieved positive results with revenue and earnings growth delivered through improved mix, disciplined pricing, and cost control. On slide 26, we outline the strategic progress made in our masonry and insulation business. We've made incremental capacity investments to capture the benefits from the energy efficiency-related amendments to the 2022 National Construction Code. We expect these changes to create strong tailwinds for our Bradford insulation business, and we're currently commissioning the Bradford Brendale upgrade, and we have planned a furnace expansion for Bradford Ingleburn. We've also made good progress on the innovation and sustainability fronts. Moving on to construction systems on slide 27, Hebel delivered strong volume, revenue, and margin performance driven by pricing discipline and improved operational performance. We are seeing growing category share in both detached and multi-resi segments, particularly Victoria for detached and New South Wales for multi-res. By category share, we also mean a share of the façade market in detached. That includes bricks, fibre cement, and weatherboard, as well as intertenancy and party walls in the apartment market. In response, we've increased our capacity and are focused on large project home builders in both Queensland and New South Wales. Elsewhere in the portfolio, we're seeing a stronger market for AFS Rediwall with increased residential penetration, as well as capturing apartment market growth, which is driving improved margins. Looking at our strategic progress on slide 28, we've increased volumes by over 20% at our Somersby Hebel factory, which many of you have visited, with additional shifts and productivity improvements. We're implementing cost reduction initiatives at Cemintel focused on our external cladding range, and our productivity program there is delivering improved capacity outcomes. We've launched new innovations in a range of products, and the installation of a solar system at Cemintel Wetherill Park will reduce any energy consumption at that site to support our sustainability initiatives. Slide 21 illustrates how our team are using project tracking to expand our commercial market penetration across our product suite. I mentioned earlier the versatility of our key Gyprock, Bradford, and Hebel brands, and here you can see their application across social, high-density residential, and commercial end markets. Working as one CSR, our sales teams have increased the number of projects being targeted, winning more of those projects, and increasing the number of CSR products and systems being supplied at each site. Now turning to slide 30, we've demonstrated the power of our digital innovations to reach an audience of architects, planners, designers, and builders to specify the right product or system. Since launching our thermal calculator, system selector, and digital redbook in the last few months, we've had tens of thousands of visitors and users. Increasingly, specifiers and builders are mandating the use of more sustainable products on their projects, and CSR is collaborating closely with a number of major builders for better sustainability outcomes. Slide 31 covers the good progress we've made with our supply chain initiatives. These initiatives are critical foundations to enable our future growth. Integrated business planning is now systemized and operational. It has enabled demand and supply forecasting, which, as an example, informed optimal stock position ahead of our Bradford Brendale insulation upgrade. We're implementing our transport management system to improve customer experience and drive cost efficiencies, and we've already seen the benefits in our Hebel business with an improvement in our on-time delivery to more than 90%, which was at 65% pre-COVID. And we're really pleased with our sustainability efforts here too, with the more efficient use of our transport network reducing kilometers traveled by 8%, translating to a 5% reduction in emissions. So now moving on to property on slide 32, which is summarized on the following page 33, which shows that the AUD 44 million of Horsley Park contracted earnings in YEM 2024 will flow through the second half. There is positive momentum on the Schofields site rezoning, with CAPEX spent in the period reflecting progress across our sites, with the balance of our AUD 50 million CAPEX forecast to be spent in the second half. Our property assets, as you know, are currently valued on an as-is basis of AUD 1.5 billion, and we plan to revalue the portfolio next calendar year. Turning to our property pipeline on slide 34, we continue to progress a number of projects. We've talked about Horsley Park, which remains on track, and Schofields and Badgerys Creek, which have a longer time horizon. During the half, we sought expressions of interest for Darra and have concluded that an outright sale will produce the optimal outcome. Site remediation is now complete, and we are continuing down the sales path. Our valuable property assets, experienced property development team, coupled with our ongoing network planning in building products, positions us to continue to unlock significant earnings from our property business for many years to come. Slide 35 takes us to our aluminum interests, the results of which are summarized over the page. The earnings bridge on slide 36 illustrates the range of factors that influence the performance of aluminum. We anticipated the half-year loss, although input cost volatility was greater than we expected. In particular, significant higher energy and coal cost pass-throughs impacted the result, which was a loss of AUD 24 million. Pitch costs remained at elevated levels, and while Coke costs have fallen, the benefit won't be realized until the second half. Now turning to our hedge position and outlook on slide 37, while cost volatility and unpredictability in energy and raw materials make forecasting challenging, the estimate for YEM 2024 is a loss in the range of AUD 15 million-AUD 30 million, assuming no RERT income. The implied improvement in the second half largely reflects the expected realization of lower cost raw material costs. Of course, a secure, reliable, competitively priced energy supply and a pathway to renewables is fundamental to Tomago's future. To address this, Tomago is in the process of shortlisting respondents from an EOI to supply electricity from January 2029. Slide 38 brings us to the outlook and some closing remarks. Moving to the outlook for the balance of the financial year on slide 39, I've already covered the second half outlook for property in Alley. In summary and in relation to building products, we've made a pleasing start to the second half with ongoing discipline to deliver performance and strategic initiatives. Market conditions are good, and as you'd expect, we're closely monitoring the factors influencing our market dynamics, and we will manage the business accordingly. CSR strategy is focused on providing a platform for growth and resilience to deliver improved performance through the cycle. In conclusion on slide 40, the team has delivered another strong result in building products while making good progress on our strategy with targeted investments in supply chain, customer solutions, and manufacturing productivity. This is making us more responsive to demand and driving growth and resilience in the business. The improvements we have made position the business for better margin performance through the cycle, and our strong balance sheet and financial performance enable investment in the business to continue to deliver attractive returns to shareholders. So with that, I'll now open it up for questions. 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 Lisa Huynh with J.P. Morgan. Please go ahead. Hi, morning team. So. Hi, Lisa. Hi, morning. Just in terms of building products, I guess I appreciate the color on approvals and activity levels and, I guess, the backlog. It's been elevated for some time now. I guess expecting any impact or weakness from, I guess, the drop in the approvals data we've seen. And do you have any insight on timing just given the backlog so resilient at the moment? Yeah, you're quite right, Lisa. The backlog has been really resilient. And we said to you at the full year we thought that it would continue through to the end of this calendar year, and we think in detached housing it will now continue well into next calendar year. So the pipeline and maybe I'll just talk about the three different end markets. The pipeline in detached is at 50% higher than historic averages. So there's 110,000 houses that are under construction. And as I just said, we think that will continue, obviously, well into next year because that's a year's worth of housing. In multi-res, it's 150,000 dwellings either approved or under construction, and that's equivalent to two to three years' work at the current completion rates. In non-res, annual approvals are at record levels, and there's a large pipeline of activity, which I've kind of touched on, in schools and hospitals. In hospitals, in fact, we're still at a 4-time increase on projects over the last 24 months. I guess importantly from our position, the work we've done on project tracking is important to make sure that we're able to have line of sight and sell more products into those projects. I've also touched on our integrated business planning project, which is now complete, and that will allow us or give us greater ability to forecast and deliver into that volume. So not only is the pipeline strong, I think we're well set up to supply product into that pipeline. Yeah, right. That's helpful. I guess just in terms of the project tracking you were talking about, I mean, do you do it in the detached market at all? I mean, across the 110,000 homes that are kind of under in the backlog at the moment, do you have any visibility on where they are in the construction process and where your portfolio fits into that? Okay. Two different questions. So project tracking is for what we call commercial, but when we say commercial, we mean hospitals and schools. And I think there's a slide in there that kind of gives you a bit of an indication of the types of examples that we're talking about. From that customer's point of view, it's actually quite helpful to have one supplier that's providing a broad range of product into those large projects like hospitals and schools, as I've said. In detached, obviously, some of our products are at the front end of the cycle, like bricks, are more at the front. They're not right at the front, but they're kind of part of the cladding process and well ahead of plasterboard and insulation at the back end. We're seeing positivity right across our brands and products in the build cycle. So, as I said, we think that that current pipeline will continue well into next calendar year. Yeah, sure. That's great. Sorry, just one follow-up on property. Can you just tell us why the contracted earnings are skewed to the second half? Was that originally the case when you set the guidance back in May? Yeah. Look, it's one contract, and it falls when it falls. We knew that it was going to fall in YEM 2024, and it's fallen in the second half. It's as simple as that. I don't think we ever said it was half and half. Yeah. Okay. Sure. No, that's great. Okay. I'll leave it there. Thanks. Thank you. Your next question comes from Lee Power with UBS. Please go ahead. Hi, Julie and Sara. Just digging into the building products revenues, obviously, pretty good growth there, 11%. Can you kind of talk to the level of pricing versus volume in that? And then maybe as we look into the second half, how do you think we should be thinking about building products margins when we think about pricing and seasonality? Y eah. Okay. So I'll start with the revenue question first. Of the 11% revenue growth that we saw, the majority, quite frankly, was in price. We did see some volume growth, as we said, in Hebel, Bradford, and Gyprock, but the vast majority was in price. And we kind of talked to that at the full year when we talked about the additional price increase that we'd taken this time last year that we said would flow through to the margin in the first half of YEM 2024, and it has. That kind of takes us to margin for the remainder of the year. Obviously, margin is an outcome of a whole range of things. In addition to price, as Sara said, we're really pleased with the performance of our factories, and that's really been driven by a number of things. We've had high volume going through the factories, which is always a good thing, and we think that will continue in the second half. We're also getting the benefit of some of the investments that we've made from a productivity point of view. And we always have - and I've talked about this before - a number of things right across our business that we put in a bucket of continuous improvement. As an example of that, in Gyprock, we've nationally been able to find capacity for another 1.5% of plasterboard to go through all of our factories as a result of making some recipe and process changes. So those sorts of things are ongoing. Having said that, we're not taking an additional price rise this time this year, but we'll return to our normal price rise cadence from the first quarter of next year. And we've already announced that in both Bradford and Monier. I think that got announced yesterday, and right across our business, that'll be announced over the course of the next month. So we're pretty confident about our margin in the second half, albeit 16% is largely a function of the price rise we put through this time last year. And I think the other thing to consider, Lee, is the normal split of half one versus half two, and we'd expect that that would occur again. And frankly, if we were able to achieve last year's EBIT margin this year, we'd think that was a good result. Thank you. Appreciate that color. And then I assume you're going to be sick of this on this call, but just kind of following on from Lisa's question around the detached outlook, I mean, you're obviously a major player in bricks and plasterboard. Your comments around well into next calendar year for detached, is that more based on you looking at the data and doing your analysis, or do you think your building customers agree with that kind of commentary? Because you obviously get some pretty mixed commentary depending on who you chat with. Yes, you do. It's our data, but it's also what we're hearing from major builders as well in terms of the builders that have managed the last period really well are now in a position to maximize the opportunity as they move forward to be able to complete any sales that they make, anything that's approved. And some of them are actually quite buoyant about the coming year. Okay. And I'm sorry, one last question. Are you willing to kind of put a quarter or a point in the year of well into next calendar year? I think you were saying March, or there was talk of the March point before. Yeah. I think we were saying in May when no one was saying it. We were saying well through this calendar year, and I think that's played out. We then said, depending on what happened in the first quarter, we would be able to manage that. As it's turned out, we think the first quarter will continue to be strong. And we would have thought it's in that kind of mid-year timeframe based on the current number of houses under construction. And I'm talking detached when I say that, Lee, obviously. Yep. Thank you. Really appreciate the color. Thanks. No problem. Thank you. Your next question comes from Shreyas Patel with Bank of America. Please go ahead. Hi, Julie. Hi, Sara. Good morning, and thank you for taking my question. Good morning. Thanks a lot for taking my question, and congrats on a very good result. Just one question from me, and just following up on Lee's line of questioning. Can you just give us some more color on what you're seeing, both demand and pricing, on some of your early-cycle products? So I'm thinking more like PGH Bricks, AFS, or Monier. And I ask that because when you speak to a lot of builders and distributors, they sort of point to that they actually expect sort of pricing to not hold at these levels. So I'm just curious to circle that off. Thanks. Yeah, sure. So as I said in the outlook, we've actually made a pleasing start right across our business. Obviously, as you say, if a downturn comes, that when it comes, we'll see it first in bricks. Not so much in AFS, actually, because AFS also plays quite heavily into the multi-res market. So if you take a look at the graph that we've got on slide—who's going to help me with this? You got it? No. Anyway, one of the things we talked to was the percentage of our product that is exposed to a number of sectors on slide 18. And you can see that AFS is actually also in the commercial area as well as the residential. In terms of your second question, which is in relation to pricing, I think I've been asked this question a few times over the course of the last half, and we're not concerned at all about the price increases that we've put through being maintained because it's still a high-demand market. And the cost increases that we've had are real, particularly around energy, and we think that will continue to be the case. We're also confident to return to our normal cadence of price increases, which is in the first quarter of each calendar year, and we're looking to put up prices effective from either the 1st of February or the 1st of March next year. And the team are working on that. And as I said, that's already been announced in Monier and Bradford. Thanks, Julie. That's very helpful. And just as an extension to that, just your comments on pricing and margins, just thinking, right, so cost, as you say, have still not declined. But hypothetically, if we sort of assume that costs seem to be trending down, so if the costs actually trend down, do you think there's a case of giving back pricing, or that dynamic is very far away? In our building products business, the most material cost for us to manage is energy, and there's no indication that that's going down anytime soon. And as I said, I'm not concerned about needing to give price back. In fact, what I'm focused on is ensuring that as costs go up, we either look to either manage that within our own business through the productivity improvements that we've made. And it's why the investments that we're making are really important so that we can be more productive as we go forward. But anything that we're unable to offset, we look to pass on in price, and we've been able to do that, as our results kind of indicate. Great. Thanks, Julie. Thanks for that. Thank you. Your next question comes from Daniel Kang with CLSA. Please go ahead. Hi, Julie. Hi, Daniel. I just want to ask a quick question on, I guess, seasonality of building products. I just wanted to clarify that. I mean, I realize that business has changed quite a bit. We've not really had a normal year. But assuming we have no disruptions for the rest of the year, what would you suggest we use as a first-half, second-half split? Well, Daniel, you're quite right. In the time that I've been here, just over the four years, there has been no normal year. So I'm reluctant to kind of go there. And in fact, we don't know, right? Is the truth. It depends what happens with the shutdown over December and January, how quickly it comes back. In the last couple of years, it came back a bit quicker than it might have at other times. But as I said to you, if we deliver last year's margin this year, we'll think that's a really good result. Yeah. Okay. Got it. And Julie, I guess you talked a lot about pricing being a tool to offset cost inflation. Can you elaborate in terms of the level of cost inflation that you saw last year, what you're seeing now, and what you're expecting for the rest of the year? Yeah. Well, apart from energy, which I think is kind of well-known in the market, labor costs, the inflation rate that we've seen there has been about 4%. It's been 3.75% across our salaried workforce and about 4% for our EBA-based employees. And we've looked to offset as much of that as we can with the productivity improvements that we've made and some of the investments that we've made in our manufacturing facility. But if you look at the level of price increases that we've put through, that's a fair indication of the cost inflation that we've seen as well. Okay. Leave it there. Thank you, Julie. Thanks, Daniel. Thank you. Your next question comes from Sam Seow with Citi. Please go ahead. Oh, morning, all. Thanks for taking my question. Of course. Look, just given, I guess, you had mid-teens price rises across a lot of your products and the growth in Hebel and Gyprock, does that imply a certain product line went backwards? And if so, what was that? And then maybe at a higher level, can you perhaps talk to volume growth and capacity that you have left in your network? Yeah. Can you just talk a little bit more to me about it implies that we've gone backwards? What do you mean gone backwards? Oh, sorry. You just had mid-teens price rises across a lot of your major products, and then you're flagging growth in Hebel and Gyprock, and your top line was only really 11%. Does that imply that you had volumes in a certain product line going backwards at all? No. We were positive across all product groups for the half. So that's probably the best way for me to answer that with a fact-based statement. So yeah, we were positive across all products. Not all the price increases we put through were mid-teens. That's probably important to note, I'd say, Sam. And you're right with the first question? Yeah. That's perfect. Thank you. Yeah. No problem. And then on your second question, we did add another shift at Hebel, which I think we flagged to you that we would do this time last year at our strategy day. I think we were running two shifts when we said that we could run three. And you can see, if you look at construction systems, what's happened to the volume in that business. We're up 17% in construction systems, and Hebel is the largest part of that. But as we sit here today, we've been pretty full in terms of a volume point of view, and it's actually one of the reasons why our factories have performed so well. Got it. Got it. Then over the medium term, if I look past the backlog to some of the government stimulus, is there any insight that you have in terms of how much activity or demand that's going to add and maybe timing as well? That's a really good question. The key thing here in terms of utilization of that stimulus from the government goes to land release from the state governments. Your question kind of also leads to questions I'm sure people will have on property and Schofields. It was announced, I think, in the last week that there'd be no development below the PMF, the probable maximum flood, which has had an impact on a couple of planned developments, including Marsden Park. But at West Schofields, where there's 4,500 lots originally, they're now talking about rezoning 2,300 and this is all publicly available information, so I'm not disclosing anything I shouldn't. 2,300 residential lots that they're going to look to rezone to in early 2024. And of those, 1,500 of them are ours. Now, it's a different 1,500 than we've talked about before, because it'll be dense lots, but we'll still potentially have approximately 1,500 of those lots that will be zoned residential. And I kind of give you that example because that's the sorts of things that have to happen to be able to unlock the housing stimulus that the government has talked about. Okay. Thanks. Thank you. Your next question comes from Simon Thackray with Jefferies. Please go ahead. Go ahead. Thanks. Morning, Julie. Morning, Sara. Hey, Sara. Morning. Hey, Sara. Morning. Yeah. Well done. Great margins, great result for that half. Just to point of clarification, Julie, when you say you'll be happy if you get your EBIT margins and building products presumably level with last year, did you mean for the full year, or did you mean for the second half of last year? Yeah. Good question. Thanks, Simon. I'm getting a bit of feedback, but I meant for the full year. For the full year. Okay. All right. Which was the 14.9 or whatever it was. So sequentially, then, you're anticipating there based on what you're saying there, you're anticipating, one, no more price, and two, you will have the usual kind of seasonal skew because that's sort of the only way I can kind of get there on the basis. So yeah. I am getting feedback. But the price, you're quite right, won't have an impact on the second half because it'll go through in kind of February or March, so it'll have minimal impact. A lot of the improvements that we've made will continue to be made, and we think volume will still be high in the factories, and therefore, we'll continue to have great factory performance, which is also underpinned that margin. Yeah. Yeah. No, that makes sense. And then just a couple of questions on maybe, Sara, you can help me as well, just on the capacity work around Bradford. I understood the furnace upgrade, and I think there was a change to yeah, for Brendale. Exactly. And I think there was a change to some product bagging or something. And both of those things were going to increase throughput, which was the effective increase in nameplate capacity for insulation. In your comments on page 13, Sara, is the capacity expansion that you referred to there in Bradford, is that incremental to my understanding of the increase in nameplate? I mean, are you actually adding additional capacity? Yes, it is. Yep. All right. Cool. And I'm not sure if you put a number on that, if it's material or not. Yeah. It's about 10%. Yeah. We talked about that this time last year, Simon. And Simon, I think it's just a good example for us where we're just looking for incremental investments which allow us to unlock some incremental capacity in our brownfield site. So it's just a really excellent example for us. And I think the furnace upgrade as well, what we're doing in Ingleburn next year, falls into the similar, right? We've got to do the furnace upgrade. At the same time, let's add a little bit of incremental capacity with some small CAPEX going into it. So it's just a really good example. And then just brings us back to also the ability for us to then unlock the benefits that we see potentially coming through with the NCC changes that are coming as well. We see Bradford is going to be really well-positioned for that as that comes online. That was actually going to be my next question, Sara. With the NCC changes, I mean, in New South Wales, changes took effect for the BASICS rules from 1st of October this year. Just on a like-for-like basis, forget where the cycle is, what do the NCC changes add to underlying demand for insulation in percentage terms? Yeah. Well, I think how I'd probably answer that, Simon, is obviously with moving to sort of the six-star energy rating, when you look at that, the most cost-effective and efficient way to do that is to basically fill your home full of insulation. And so we are expecting Bradford, actually. Bradford insulation, of course. So we are expecting that will pull through. And as I said, New South Wales is now, for anything that's going through approval now. So it's something that we will see coming through, and that's why we've made these decisions to incrementally invest in capacity at our sites. Right. All right. So you won't put a percentage on it in terms of what you think the increase would be? That's fine. And Fletchers, your competitor in insulation, announced a 7.5% price increase from the 1st of August. I haven't seen anything from Bradford, but maybe I've missed it, but that was a while ago. Just wondering, what was the sort of strategic rationale or tactical rationale around what looks like not going in August and waiting until I think you've said you've announced today for Monier and Bradford, was it? Yeah, which is insulation, obviously. What we said is we put through the additional price increase last November as a way of getting ahead of inflation and ahead of energy costs. And you can see from our results that that's exactly what's happened. So we didn't need to put through an additional one on top of that because we already put one through in February, March earlier this year as well. So we did two. And we're looking at what the quantum of that increase should be right across our product portfolio based on the increasing in input costs, which will come through in, as I said, either 1st of February or the 1st of March. No, that makes sense. So would you characterize Fletchers as being a bit of a late follower then rather than a leader in that August price rise, or you don't want to? I mean, I know it's a competitor. You don't comment on competitors. Simon, I never comment on competitors. Just said that. Yeah. Yeah. I just wondered whether it was just an out-of-timing thing or something specific for Fletchers. And then just finally, maybe, Sara or Julie, either, for Darra, I just want to clarify. The remediation's complete, which is great, and there'll be a process for outright sale, which is consistent with what you've been saying for some time. Just on the remediation costs compared to Horsley Park, on a like-for-like basis, say on a per-hectare basis, were the costs for remediation similar or lower for Darra, and therefore, is the margin for Darra likely to be better than Horsley Park? I think we've said before you can assume it's at similar levels as Horsley Park at Darra. Right. But having finished the remediation, you probably know now. So was it lower or higher than Horsley Park? I think when we kind of need to announce anything around Darra, we will, Simon. All right. Fair enough. I can only ask, Julie. I can only ask. All right. That's it from me. Thank you. Thank you. Your next question comes from Peter Steyn with Macquarie. Please go ahead. Hi, Julie and Sara. Thanks very much. Appreciate your time. A quick one on warehouse and distribution costs. The fact that you came in flat, there's a pretty good achievement. Yes, there's been probably a little bit of diesel relief, but could you just take us through what is driving that, Julie? And whether there's more fuel in the tank, as it were? Yeah. So Peter, maybe I'll talk to that. Yeah, there is some relief in fuel prices that has come through in the first half, and there was also a reduction coming through for aluminium, about AUD 6 million, just because of their international shipping. But I must say, I think it was a pleasing result at the warehouse and distribution lines for the first half. In terms of the second half, the thing that we are mindful is of the current situation geopolitically. So I think we could see an increase, and the forecast would suggest we probably might well see a bit of an increase in fuel costs in the second half. So as I say, good result for the first, but probably we are mindful of that for the second half. And in relation to what could come, obviously, the work we're doing in supply chain kind of plays into this for the medium term and longer term. And what we've said is we've made that investment in the context of these results, which I think is what we've demonstrated here, and that the benefits will start to come through from YEM25. So at the right time, we can talk to you more about that, Peter. But it's fair to say that in addition to the big strategic initiatives like TMS, there's also a lot of little things we're doing in logistics that we're seeing the benefit of savings in transport by removing underutilised carriers in GTCs, etc., making sure that we've got time slotting operational in all of our distribution locations, which we haven't had previously. Things like that are quite important. And with TMS comes, as I said, the kind of optimization of our transport network, which is meaning we're kind of at an 8% reduction in kilometers traveled, which not only is important from a sustainability point of view, it's important from an efficiency point of view. Yeah. Yeah. I mean, your kilometers traveled per unit delivered must have been pretty decent in the context of some of the volume growth that you saw across the business. I'm just curious whether there's more, whether you believe that there's substantially more opportunity there, or what level of completion should we think about in terms of that journey? You mean the supply chain strategic initiatives? Yeah. And how much further do you think it can go? Yeah. Look, I think, as I've always said, we would make the investment in 2023 and 2024 and deliver the results in that context, and that's what we've done. As we get into 2025, the benefits will outweigh the costs. And at the right time, we'll talk to you about that. So you've got greater line of sight of that, Peter, because I think that is important. Gotcha. Just a quick one following up from Simon's question on Darra, what is the probability of that transaction occurring in 2024? Oh, look, we continue with the sale process, and when the deal is done, we'll let you know. I think we've been pretty careful about that. Yeah. Yeah. And last quick one from me, just on capital allocation, the net debt to EBITDA at 1.5 times is your ceiling. You're a very long way off from that. And in the context of further cash coming out of the property business in the short term as well, are we to think that you're thinking more expansively about the use of your balance sheet at this point in the cycle, or is there a possibility that you restart your buyback program in the not-too-distant future? How do we think about that target? I'll kick off, Peter. So I think what Sara's done in the short time that she's been in the role is make sure that we're very clear about our capital allocation framework. We thought it was important to share with the market as well so that you understand the basis on which we make decisions. Whilst this is a framework that has been inherent in the decisions we've made, I think it's important that we've now kind of documented that so that you can be clear on how we think about it. To your point, the Martini investment is a great example of that. So you can expect us to be making decisions about capital allocation in line with that framework, including on whether a buyback is the right answer or not. But as we've gone through today, there's many more productive uses of capital that we think are really important to drive future growth. Gotcha. Thanks, Julie. Appreciate that. I'll leave it there. Thanks, Peter. T hank you. Your next question comes from Andrew Scott with Morgan Stanley. Please go ahead. Thank you. Julie, just a question. You mentioned in the presentation, Alu expected to be back to profitability in FY25. I just wanted to check, does that make allowance for costs under the Safeguard Mechanism? And can you talk to us about what initial estimates are for those costs? Yeah. So it does make allowances for costs under the Safeguard Mechanism because we're one of the trade-exposed businesses, and therefore, depending on that's being worked through, but depending on where that lands, the impact on YEM25 will be nothing anyway because it comes into effect the following year. So the assumption in there is there is none, but we're mindful of those changes. The biggest, if you like, factor in returning to profitability in YEM25, there are two things. There's the increasing in our hedge position at higher levels for YEM25 and also the coke price continuing to have come off from where it has been at elevated levels, albeit our assumption is it'll still be higher than it has been over historical averages. And could I ask you just to talk about safeguard on an ongoing basis, about what you think costs may be, and are there any obvious opportunities to mitigate there? Yeah. Look, we don't think it's I won't say it's immaterial, but in the context of the results that we're talking, it's kind of something that we'll be able to manage to either reduce our emissions or offset them. So it's not of a quantum that we need to be talking about at this point. Got it. And just for tying up loose ends, the level of confidence on the AUD 44 million of property earnings falling in this second half, do you see any risk that that does take longer? No risk. Horsley Park, all good. Fantastic. Thank you. Thank you. Your next question comes from Brook Campbell-Crawford with Barrenjoey. Please go ahead. Yeah. Good morning. Thanks for taking my questions. First, I'm just back on price. Can you just, for my benefit, let me know what the price increase was for Bradford this week? Then if you can just sort of elaborate a bit, extend on whatever that number is and whether or not that's a pretty good reference for us to consider, you will put through for plasterboard as well for the main SKUs in that product line? Yes. So there's not necessarily a relationship between what we put through in Bradford and what we put through in plasterboard. So it varies by product group because obviously, the input costs are different, right? So that's probably your second question first. In terms of the Bradford price increase that it got announced yesterday, it would be kind of high single digit because it went through yesterday. The team's obviously been working that through right until this point. So we'd need to come back to you on Brook on the actual number. But it'll be a range as well, by the way. So it'll depend on the product. Yeah. Fair enough. High single digits on average is good enough. And then just one on margins for building products. I guess in prior cycles, if you look at that division, this sort of peak-to-trough EBIT margin decline's been about 2% points. This is in FY20 and FY12. You've now got a more variable cost base you're talking to in the materials. So just keen to understand if that sort of 2% point drop is a decent reference point for what you might be able to manage the business to in FY25, or perhaps you think there's reasons why there'll be a larger or less sort of moderation there in margin. Thanks. Yeah. That's a very big question. So I think the margin degradation is between 200 and 300 basis points previously, as you say. It depends on the extent and the length of any degradation that comes through in YEM25, obviously. And we're a more diversified business than we were previously. We don't have a lot of the fixed-cost business, as you say, that we had previously. So we would expect to do better than that in any downturn, depending, of course, on the context. But I think it would be safe to assume that the degradation in that space would not be the same as in previous downturns. That's great. Thanks. And just one final one. You're talking about IBP and TMS improving service levels to your customers. Just sort of how do you go about measuring that, and what all depends that comment about sort of these levels of service improving? Thanks. Yeah. So TMS is easy because it's a delivery-on-time component. And I talked to Hebel on here on the slide 31 because that was the first one we went live with to customers. So if you recall, this time last year, we went live with transport links in Linehaul and between our own sites, but we're now delivering to customers. And that's the improvement that we've seen in Hebel. And we have a systemized way of measuring that. Same with IBP. We've kind of moved from a manual process to a system process, and we measure that in terms of our ability to meet the forecast. That is a customer-driven forecast over a given time period. So whether that be within the month, six months, or 18 months, that's the measures that we put in place for integrated business planning. That's great. Thanks. Thank you. Your next question comes from Keith Chau with MST Marquee. Please go ahead. Hi, Julie. Hi, Sara. So a few questions. I'll try and be brief given the time constraints. So just the first one on the EBIT margin comment again. So a result this year in line with last year would be a good outcome, but ultimately, that implies margins in the second half deteriorate by about 100 basis points versus last year. So can you help me understand what would be the driver of that? Is it price not enough to recover costs? Is it volume declines? It doesn't seem like volume declines, but if you can give us a bit more color on that outcome, that would be useful. Thank you. Yeah. So obviously, as I've said before, there's a few things that link with that. Obviously, energy costs, they've kind of not escalated at the pace we thought they would in the first half, and we think that that will step up a notch in the second half. And so that will have an impact. And you're right. It's not necessarily a volume challenge. We think the volume will continue to be quite strong, and factories will continue to perform. And I'm not going to comment on your 100 basis points because it kind of depends what you assume in the ratio between first half and second half. Okay. Thank you. I mean, I guess, Julie, if you just simplistically assume the margins are flat year-over-year by definition, if prices are going up, volumes are flat, then you get that level of compression? Yeah. Look, it's more about the energy costs coming through. Okay. Maybe I'll put it another way. Is there an element of conservatism or cautiousness on how you're guiding to margins? I don't know if you can give us a feel for where you're sitting on that. Oh, look, I just think a 14.9% EBIT margin in a full year, and given what we've been managing over the last six months as well as what we think we need to manage over the next six months, would be a good outcome. I mean, it is as simple as what I said. Okay. Thank you. And then on Darra, so I think in the last result, I think the completion of that transaction was earmarked for FY2024. I think it was in one of the charts, but that timeframe has now been extended, or at least there's an FY2025 number in there as well. Can you give us an understanding of whether Darra has been pushed out? Am I reading too much into it? Yeah. If you can help us understand it, that would be great. Yeah. Look, yeah. I think the property market has changed since we talked in May 2023. But we continue with the sale process. We're really confident about the process, but we don't want to be committing to a date till it's contracted. It's as simple as not misleading you in terms of where we're at with that sales process. So we're trying to be really accurate about that and, I guess, in some ways, help you understand where we're at. Yep. That's fair. Okay. And on aluminum, obviously, I think in the last session, the comment was made that perhaps Tomago had gone too hard, too fast on hedging. Given what's happened in the last couple of years and the significant volatility and cost movements, is there now going forward more of a reluctance to hedge your price received for aluminum? Is there anything changed with respect to how you manage hedging for your aluminum exposure? No. I mean, if you go to the reason why we do hedging, it's to take the volatility out of the result now. There are other things that have obviously contributed to the result that have been volatile other than the hedging. I take your point, Keith, if you kind of look at our hedging level. And in some years, that means we're disadvantaged as a result, but in other years, we get the benefit, right? We reported profits in aluminum in 2021 and 2022 when others who are operating in this industry did not. So we're pretty happy with how we think about the hedging. What we're trying to do is reduce the volatility. And by its very nature, sometimes it means you're under, and sometimes it means you're greater. Yeah. I guess we've just traversed through a period where costs have moved faster than revenue, even if you're unhedged, right? So it just makes it a bit more difficult to manage going forward. So the confidence in your earnings guidance for this year and I know it's been pretty tricky in the last couple of years, but it seems like it's a bit of a guess, and I use that word pretty deliberately. And the range of outcomes could be significantly worse or better depending on coke. But you've talked about the two key drivers. Can you give us a bit more detail in terms of your assumptions for how those costs move? Can you be a bit more explicit about that? Yeah. Yeah. Yeah. Are you talking the assumption for the second half? Yes. Yep. Yes. So the most important cost in all of that is coke. And coke price has improved, but we haven't yet seen the benefit, and we're anticipating to see the benefit of that coke price come through in the second half. Obviously, there's other things. What's the typical lag, Julie? What's the typical lag? It's a few months. Yeah. 3-6 months. Yeah. So I think we had people asking us about it, whether we expected it to see in the first half, and we said we didn't because we thought there would be a lag, and there has been a lag of that coming through. Okay. Understood. Very helpful. Thank you. That's all right. Thank you. Your next question comes from Liam Schofield with Morgans Financial. Sorry. Please go ahead. Hi, Julie. Just two quick questions. Just on Schofields and that approval process, do you think that that total yield has that changed from where you were thinking to where you're at now? Yeah. No. It's potentially more dense. So it's still 50. And by the way, the zoning hasn't been approved yet, so I don't want us to get too far ahead of ourselves. Given we've been talking about this for years, but the yield hasn't changed. Okay. And just on Hebel, can you just talk about what products I suppose that's substituting in the detached resi space? Yeah. A lot of it's substituting bricks, obviously, not just for us. Yeah. Perfect. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Julie Coates for closing remarks. Okay. Thank you. Thank you, everybody, for your patience and your time. It's been a long session today, but we thought it was important to make sure that we not only delivered the results to you but gave you a bit of flavor for how we're going on executing our strategic initiatives. As you can see from the results, we're really pleased with how the building products business is performing. The teams there have done a great job. Property is largely a matter of timing, and aluminium, obviously, continues to be volatile, but we're really confident about our ability to manage this business moving forward and to continue to deliver good results for the remainder of YEM24. So thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.