Financial year 2021. As mentioned, I'm Steve Donohue, I'm the Group CEO and Managing Director for Endeavour Group, I'm joined today by Shane Gannon, our Chief Financial Officer. I'd like to begin by acknowledging the traditional custodians of the land on which I'm based today here in Surry Hills, the Gadigal people of the Eora Nation. I'd like to acknowledge the traditional custodians of the land on which each of you tuning in today are working and living on. I pay my respects to elders past, present, and future. Before I step through some of the detail of our results, I wanted to take a moment to recognize the work that our team's done to define us, the Endeavour Group. Slide two covers our brand, our purpose, our values, and our ways of working, some of which we've actually just put the finishing touches on. You'll regularly hear me and others from the team across Endeavour refer to our imprint, which is embodied in the circular device in our logo. It's a nod to the imprint that a bottle leaves on a surface when it touches it, and it's a constant reminder to all of us at Endeavour to remain conscious of our personal imprint on one another and on the communities we live in and serve. Our purpose, creating a more sociable future together, guides our strategy. It recognizes the positive, memorable moments that all of our team love enabling and drives us forward with good intent. Given the current COVID-19 challenges, it means more to us than ever before. Briefly, on our new values and ways of working, it starts with being real for us as a team. What that means is showing care for one another and our customers and really being ourselves and doing our jobs with authenticity. Being inclusive, or the fact that we are inclusive, is a really important one for us too, because in our business, we welcome everybody. You're welcome in our stores, you're welcome in our pubs and in our wineries, and we're a team that reflects the diversity of the communities that we live in and serve. We're responsible. We're a team that does like to have fun, and our job is to enable fun, but the thing that we take most seriously is our responsibility as operators of licensed businesses, and we're committed to doing the right thing. Working with spirit, I've personally grown up in this trade, and I can vouch for the passion with which all of our teams approach life at work. Being in a team is a big part of your life at Endeavour Group. In an aggregate, we are a large team. We're over 28,000 team members, but we're actually made up of thousands of smaller teams banding together to drive collective outcomes. Endeavoring for better is a reference to our name being more about what we do than who we are, always striving for better customer community and business outcomes. Moving on to our results for FY 2021. It certainly was a challenging year, but one equally full of achievements. Key amongst them was the demerger from Woolworths Group, which took place only a couple of months ago. I'd like to again take a moment to thank everybody who supported us through that, including the teams at Endeavour Group, the teams at Woolworths Group, and all of the external support teams we had alongside us. The other significant factor in the year was the impact of COVID, I'm sure many of you will recall the initial demand spikes that we saw in our retail business, where our team had to cope with days that traded like Christmas Eve, but we didn't get any notice. In hotels, of course, we've had 169 days where any number of our hotels were closed due to restrictions. These impacts were felt most materially in Victoria and Queensland. I'd like to recognize, in particular, the way our hotels team managed through all of that disruption, managing costs through the multiple openings and closings of hotels with sometimes only hours' notice, and especially the extraordinary efforts we went to to support social distancing measures, check-ins, and other COVID-safe initiatives. We rightly had a high frequency of regulatory inspections across our hotel network throughout the year, and many thousands of them, in fact. Again, I am proud of the unblemished compliance record of our teams throughout Australia that live our values every day. Shane will talk a bit more to the detail of our financial results, at a top line, we delivered AUD 11.6 billion in sales, which is an increase of 9.3% on the prior year. EBITDA of AUD 899 million, an increase of 22.1%. Net profit after tax of AUD 445 million. The board has approved a AUD 0.07 final dividend. Critically, we chose to continue to invest in the ongoing transformation of the group with over AUD 300 million in capital investments. We invested in new teams to support our journey as a separately listed company and welcome many new team members and partners supporting our digital developments, an area where we look to continue to take another step forward in FY 2022. As I mentioned in my opening comments, we remain committed to recognizing our imprint across Endeavour Group and activated new support mechanisms for hotel customers with the voluntary pre-commitment capabilities in our Monty's app and the rollout of technology that supports players who choose to self-exclude from gaming with facial recognition technology in South Australia. These investments in supporting responsible gambling were on top of our ongoing harm minimization initiatives in the drink space, as well as a variety of other environmental and social initiatives. Moving forward to slide seven. On slide seven, we show a breakdown between the retail and the hotels results, which again, Shane will elaborate on. In summary, both businesses performed well. Retail was up 9.6% to sales of AUD 10.2 billion. EBITDA was up 17.6% to AUD 669 million. The hotels numbers also showing good growth off the very challenging prior year with sales growth of 7.3% to AUD 1.4 billion. EBITDA growth of 49.1% to AUD 261 million. Over to slide eight. Slide eight captures how we think about progressing our business and a few of the FY 2021 outcomes. Across the top there, you'll see knowing our customers, and it's really encouraging to see the improvements that we've had in customer service through the course of the year. Our combined retail Voice of Customer metric increased actually, in context of all the challenges of COVID, to 75. It was up two points on the prior year, which is just an enormous result, I think, in context of the challenges that the team faced through the COVID events. Further in our hotels business, we track the online feedback that we get from customers related to their dining experiences and their accommodation experiences. We had a solid result there, too, with a 4.2 average out of five. We grew our customer engagement through the My Dan's program as well, with an increase of 20% in participation in that program to 5.5 million. Our digital numbers were a very significant achievement for us in the year. We managed to grow our sales to AUD 859 million, which was a real standout, I think, in the overall result. That number there you see, the 115+ hotels with contactless pay and order capability, has actually grown since the end of the financial year to now over 200 hotels where customers can enjoy a meal or order a drink without having to leave their table. We continued to expand and enhance our network and open 33 new retail stores, 2/3 of them BWS, 1/3 Dan Murphy's. Really pleasingly, reactivated the growth in our hotel network and welcomed five new hotels to the group. The ongoing renewal programs have also delivered outstanding results for us with 64 retail renewals and 24 hotel renewals. We continued to optimize the group. In particular, I'm pleased with the fact that we were able to welcome so many new suppliers to our large group of suppliers that we had preexisting, some in excess of 2,000 suppliers. As COVID kicked off and there was challenges for suppliers accessing customers through their regular restaurant channels, if you like, we opened up access to small suppliers to participate in our marketplace platform, which was, I think, positive for both them and us. We've also upgraded a number of our electronic gaming machines across the fleet. In fact, we managed to take the average age of a gaming machine down by one year from just over nine years to a bit less than eight and half years, and that number continues to fall. I've already touched on, I think, the approach we take to being one team, so I'll let that stand. Just moving forward now to slide 10. This is a reference to how we create the outcomes that I've just talked about in our businesses, and it shows on this slide, the achievements of what we describe as our enabling teams across endeavourX and Pinnacle. I think the big theme for us in the year from an e-commerce standpoint was the lock-in of the penetration of e-com. You'll see there that our online penetration went up 157 basis points to 8.4%. Interestingly, during the peaks of lockdowns, that was when we saw the most growth in that penetration number. As lockdowns eased, it has remained as high as it was through the lockdown, which is, I think, a testament to the quality of customer experience that we've increasingly been able to offer through our investments in our web and app platforms. Further to that, in recent trade, our penetration's extended to some 10% of overall sales. It continues to grow quite considerably for us. Also interesting, I think, is the fact that the customer sentiment to us in terms of our digital experience is marginally higher than the overall customer sentiment that we have for retail. A very positive outcome for us there. One last statistic is that, given the recent lockdowns in Canberra, we've actually seen our Dan Murphy's business accelerate to 1/3 of its sales being facilitated through our digital platform. We're really pleased with the return on investment that we're getting through the digital investments that have been enabled by the endeavourX team. Further to our Pinnacle Drinks business, it is a record for the team to have generated 530+ new products. They weren't just any old products. They were products that have been recognized as very high quality by both our teams who love selling them, but also have met with some critical acclaim throughout the industries that we operate in. We're also really pleased to welcome our new team at Oakridge, particularly Nick Badrice, our Chief Winemaker, who then, of course, has more recently promptly gone on to win the best Chardonnay from James Halliday in the last week or so. That's just one award in context of the many hundreds that were achieved throughout the course of FY 2021 by our winemaking and product teams in Pinnacle Drinks. We also were really pleased to win the best wine of show at the Barossa Wine Show last year, and we took our best international, sorry, best portfolio at the San Francisco International Wine Competition. Continued success on the part of both the enabling teams in endeavourX and Pinnacle Drinks. I'm going to pass now to Shane, who's going to step us through some of the financial details. Okay. Thanks, Steve. Good afternoon, everyone. Like Steve, I'm delighted to present today on behalf of the team at Endeavour. It is particularly pleasing to be able to speak to such a strong set of numbers. As you can see from this highlight slide, we generated strong top-line sales growth, which in turn flowed through into EBITDA and operating cash flow. This provided the financial flexibility to reinvest over AUD 300 million back into the business and to declare a distribution to our shareholders by way of a AUD 0.07 per share, fully franked final dividend. We entered the new year with a strong balance sheet, which gives us the ability to continue investing in our core business activities, combined with growth opportunities. Turn to the next slide, 13. Total group sales for the year grew by 9% to AUD 11.6 billion, with both retail and hotels recording higher sales than the prior period. As you can see, retail benefited from the COVID-induced shift to home consumption, while hotels recovered somewhat from the prior year, continued to experience COVID-related business interruptions, which negatively impacted both sales and EBITDA. The group EBITDA of AUD 899 million was up 22% on the prior year. This included corporate overheads of AUD 31 million. This level of spend is consistent with the forecast provided at the time of the demerger, that is annualized costs between AUD 55 million-AUD 60 million. Finance costs of AUD 247 million includes interest paid to Woolworths on intercompany loans. Post demerger, the intercompany loans were replaced by Endeavour’s new syndicated and revolving credit facilities. Turning now to our retail business. Sales were up 9.6% to a record AUD 10.2 billion, benefiting from the COVID-19-driven shift from on-premise to in-home consumption and increasing demand for premium products. There was particularly strong growth in craft beer, champagne, and gin, as well as no alcohol and low alcohol alternatives. Sales growth spiked in the fourth quarter of the prior financial year when COVID-19 first started and remained elevated through the first half of the 2021 financial year. As you can see, the strong sales performance flowed through to higher gross margin, which was also supported by lower promotional intensity in the market and an increased share of sales in our Pinnacle Drinks products. This was partially offset by a higher CODB margin, where the benefits of elevated sales in leverage of the fixed cost base were impacted by a number of one-off costs and targeted investments, particularly in technology and digital customer experience. The resulting EBITDA of AUD 669 million was up 17.6% compared to the equivalent FY 2020 period. On hotels, as you know, FY 2021 has been another challenging year for our hotels, with COVID-19 closures reducing sales and adding costs. To illustrate the extent to normal operations, we only had 195 days last year when all of our venues were trading. We were particularly hard hit by closures in quarter one and two, especially in Victoria. Unfortunately, the benefits of improved trading conditions and increased optimism in the second half of the financial year have been subsequently eroded by the outbreak of the Delta variant in New South Wales and now beyond. As you can see, we did report higher sales and EBITDA up 7.3% and 49.1% respectively, but these are comparisons against the prior year, which was also impacted by COVID. While sales growth was limited by external factors, we were able to control costs within the business to record a healthy EBITDA to sales margin of 18.4%. Turning to the balance sheet. Looking at working capital first, it is pleasing to note that in a period where our retail businesses delivered strong sales growth, we did not experience a commensurate increase in trade working capital due to the commitment to disciplined inventory management. As I mentioned earlier, Endeavour has a strong balance sheet, which will support our ongoing growth initiatives. In particular, I want to draw your attention to our property portfolio and our intangible assets. Our freehold assets include six retail, 49 hotels and wine assets. The book value of AUD 630 million is well supported by current market values, and we believe by further development opportunities on a number of these sites. Intangible assets include AUD 2 billion of liquor and gaming licenses, which underpin our license to trade and are a core source of competitive advantage in a tight regulatory environment. Cash and liquidity. The ability of our business to generate strong cash flows was demonstrated by the fact that operating cash flow for the period was AUD 1.1 billion. This equates to a strong cash realization ratio of 117%, which, although elevated, demonstrates the core cash generative strength of the business. I should also point out when looking at the group's cash flow statements in our accounts, please bear in mind that the statutory FY 2020 comparable covers group activities for approximately five months. Endeavour has historically been funded through a combination of internally generated cash flows, as well as financing facilities with Woolworths Group. As I mentioned earlier, on demerger, these intercompany facilities were replaced by Endeavour's external financing facilities in aggregate totaling AUD 2.5 billion, consisting of a five-year AUD 1 billion syndicated credit facility, a four-year AUD 900 million syndicated credit facility, and a three-year bilateral loan facilities totaling AUD 600 million. It is worth noting at June 2021, Endeavour Group's net debt was AUD 1.3 billion, consisting of AUD 1.7 billion of drawn facilities offset by AUD 400 million cash on hand. Importantly, the group had approximately AUD 800 million undrawn facilities and free cash available. Capital expenditure. This slide provides a snapshot of how we categorize our capital expenditure program, as well as giving some guidance as to how we allocated AUD 312 million spent on the business in FY 2021. For the coming year, we are budgeting to spend somewhere between AUD 300 million-AUD 350 million, with the allocations expected to be similar to FY 2021. Finally, capital allocation. One of the key priorities for the Endeavour management team has been to refine our growth strategies. As Steve indicated, we expect to be in a position to share outcomes of the work we're doing at a later date. As part of this work, we are developing an allocation of capital framework that we believe will optimize returns to our shareholders. We are fortunate to have started our journey as a standalone company with a strong balance sheet. As you have seen, with businesses which are very cash generative. We have also communicated our current priorities, which include developing a capital structure consistent with achieving an investment-grade profile, providing attractive dividends to our shareholders, and targeting capital expenditure, which enables us to invest in attractive growth options. As we develop further our strategy and prioritize our opportunities, we will also be looking for ways to further leverage our balance sheet, with one area of particular focus on how we might better utilize the not insignificant property interests we hold. Needless to say, Endeavour has a long list of opportunities, and significantly more than we have the physical and financial capacity to deliver on in the short term. One of our tasks over the next few months is to prioritize these opportunities and determine which of them have the capacity to add the greatest value for stakeholders. On that note, I will now hand back to Steve for his concluding remarks. Thanks, Shane. I was just going to step forward into our priorities for FY 2022. Perhaps obviously, first and foremost, we continue to manage and respond to COVID impacts. That involves both encouraging and enabling our team to get vaccinated, and we've done that through a variety of means, not least of all providing eight hours leave for everybody to get vaccinated. Also, I want to acknowledge that particularly the team that are working in our stores in New South Wales and Victoria at the moment are doing it tough, and we've provided extensive support to them in a variety of forms. That's a big priority for us. Further to that, we're very focused on maintaining stability given the fact that we've only recently demerged from Woolworths Group. I do also want to thank Woolworths Group for their ongoing support, manifest particularly through our partnerships. As recently as last week, we had some real challenges in our Sydney D.C. that were COVID related, and Woolworths went above and beyond to support Endeavour with actually outstanding outcomes given the circumstances. We, of course, want to sustain our growth momentum. That is exemplified through acquisitions like the Terrey Hills Tavern, which I'm sure you saw recently, which we did in partnership with Charter Hall. That's an acquisition that'll help us activate both our retail and hotel network expansion, alongside, of course, our existing renewal programs that play out across the group. We're also going to continue to invest along the lines that we did in FY 2021, particularly in digital, with the capabilities that we need there, but importantly also building out the process changes and the capabilities that we need for our teams to have, all of which are focused on continuing our long-term growth trajectory. Lastly, we're working really hard on our sustainability strategy at the moment, and we're targeting to launch that in Q2 of this year, actually. Looking forward, just to touch on the initial FY 2022 trade, which is covered on slide 22. The theme here is obviously volatility, and that's particularly true for our hotels business, given that we're closed in New South Wales and Victoria. We're feeling good about the retail numbers, given the cycling of last year, and they've continued to improve throughout that eight-week period that you see represented in this table. Really importantly, we remain focused on supporting our teams, both those that are working and those that can't, through what we all recognize is a really challenging time. To close with slide 23, we of course in our business continue to benefit from that natural hedge that exists between our on and off-premise businesses in hotels and retail. Notwithstanding the volatility, have drawn some confidence from the solid FY 2021 results we've just spoken about. We intend to continue to invest in delivering for customers and be responsive to the challenges that COVID presents. Thanks for your attention, and I'd now like to open the floor to questions. Thank you. If you wish to ask question please press star one on your telephone. If you wish to cancel your request please press star two. If [audio distortion] to ask your question. Your first question comes from Phil Kimber from Evans & Partners. Please go ahead. Good day. My question was just whether you could provide any sort of further color around the hotel business. I understand none of us know how long the lockdowns are going to work. For example, Woolworths last year provided, they mentioned that the losses on a monthly basis were something like AUD 30 million-AUD 35 million. I think that was when we were in a complete or larger lockdown. Could you give any sort of insights there for us to get some sort of sense of what losses you're making while things are shut down? Thanks, Phil. Appreciate the question. Yeah, you're right. That's true. Well, we did provide that guidance, and at that time, it was a relatively straightforward proposition. We've talked a lot about the extent to which we're able to provide similar nature of visibility. The situation back then was that it was pretty straightforward. We were shut down everywhere, and that was easy to communicate on. The challenge we face at the moment is the variation in requirements on a state-by-state basis. From one week to the next, it is changing, and that's not just related to the lockdowns themselves, but also to capacity adjustments in the markets where we're still able to continue to trade. Certainly, Victoria and Queensland are our two biggest markets for hotels. When they are not trading, it has the most detrimental impact on us. I would say that when we were able to get hotels open again, this was a big question for us as we were going through the lockdowns of last year, we saw a very rapid return to strong sales out of them. It was a big question for us as to whether customers or patrons at hotels were going to sort of lose their appetite for hotels, as it were. The opposite was true. People came back really quickly and continue to do so in the markets where we don't have that level of lockdown. For example, in Queensland presently and clearly in WA and South Australia. We've got to the stage where we don't think we can provide that level of detail just on the basis that it is moving around so much, and it would require us to come back quite regularly. I think you can interpret, I guess, the best you can from the eight weeks numbers that we've provided here. Sure. Just on your point where you said that people come back, is there an element of catch up? What you might lose while the lockdowns or restrictions are on, some of that comes back, I don't know, pent-up demand or what have you? Is there no real clear, consistent trend on that, on being able to claw back some of the lost trade? What we're learning is that things are changing so much over time. What happened in the reopenings in round one isn't necessarily what happened in the reopenings of round two, because the sentiment and the position of customers and patrons has changed over that time. There was pent-up demand, though, last time we had that national shutdown and reopening. Look, I think based on my feel as to customer sentiment at the moment, we would expect to see something like that in New South Wales and Queensland. A lot of that actually depends on the extent to which you are able to open. If we open with considerable density limits or certain areas of the hotel that aren't able to open, that obviously has flow-on effects and impacts on us as well. That's also part of the reason why it's hard to predict what's going to happen in the future. That's great. Thank you. Thank you. Your next question comes from Grant Saligari from Credit Suisse. Please go ahead. Hi, Steve and Shane. Congratulations on a maiden result. Good to see. Just refer to slide 18. Look, I apologize because I'm probably going to sound like a stuck record on this. What I'm trying to work out is what EPS accretion has got to do with allocation of capital for growth CapEx. We've got cost of debt at 3% or 4%, so EPS accretion doesn't seem to me to be all that a material guideline, I guess, for allocating capital. I say that in the sense that I'm just trying to understand where free cash flow and return on capital actually comes into the thinking on capital allocation, particularly as it pertains to hotels, where we've currently got yields on hotels being transacted at around 4%. Just interested in your comments around capital allocation and the sort of return thresholds you think about, please. Yeah. Thanks, Grant. Appreciate the question. I'll just touch on the way we're thinking about capital allocations for hotels and let Shane talk to the beginning of your questions. I think historically, we've perhaps allocated a little less capital on balance to hotels than perhaps they required, and certainly we're getting that balance right. You're right about the relative returns in hotels compared to retail, which is why we're being very focused on the way we allocate capital into hotels. I made a comment about reducing the average age of our gaming fleet, and we've made good steps there. We probably haven't had the same level of emphasis on that in the past that we have had in the last little while, and certainly intend to in the future. The returns from doing that are, obviously, when we're up and trading, very rapid. Second, actually only to the returns we get out of capital invested in our digital transformation, particularly in retail. I think the approach is changing, is the point to share, and that we are becoming much more forensic about the areas that we invest in to maximize the returns. I will let Shane try and address the sustaining. If I can just expand. I'll follow from Steve's comment, hopefully that gets to your EPS question. If you look at the sort of split that we have at the moment, typically it's around almost half of the CapEx is in this sustaining core, which the returns are more stay in business, so the returns are low. Growth, we've had some terrific examples of sort of double-digit returns on our investments. In the renewals and the rollout of new stores, it's been very positive. That's sort of assisted us in terms of our earnings growth. I think, I believe, that there is more we can do in the hotels in terms of improving the earnings from our existing portfolio. There's a, if you like, a similar theme that we can pursue. At the end of the day, what I would say to you is, what Endeavour is good at is running pubs. We think that with the right capital allocation, the right sort of areas, we can continue to enhance that growth. That will go to the, if you like, short, medium-term earnings growth. We also want to be longer term as well. The efforts we're applying to things like Digital and Pinnacle, I think, are terrific stories that, yes, they're providing some benefits and platforms today, but I think there's also some significant upside in the longer term that we can pursue. I'm not giving you a direct answer about capital allocation beyond saying that at the moment, it's sort of similar to FY 2020. I do believe over time, there's an opportunity for us to enhance our earnings per share from just our existing portfolio, particularly in hotels. And equally, allocate some capital to those long-term opportunities, which I think is being led particularly from endeavourX. Just to bookend Shane's point, Grant, during the first lockdowns in Victoria, we took the opportunity to roll out ticket-in, ticket-out capabilities across our gaming fleet. That gives us a good return, and we've also done the same thing in South Australia. I was going to make the point that you can only really get the returns once you've got the hotels up and going. We've taken the opportunity whilst they've not been open to really sort of blow through the network, if you like, with some investments that we know are going to return for us, and did actually when we were up and going. Okay. Well, thank you, and peace to that. Thank you. Your next question comes from David Errington from Bank of America. Please go ahead. Hi, Steve, Shane. Steve, can I just follow on from your investment in your hotels? The feedback, and I'd like to hear what your response to this is, but the feedback is that Endeavour has been starved of capital in its hotels, and particularly in the gaming machines, where as you said, your average life is nine years. You've been able to bring that down to eight and half. The feed I'm hearing is that it should be a lot lower than that. More importantly, the payback that you get, which I think you just alluded to there, the payback on replacing those machines is significant. It's really quick, and certainly people in the industry tell me that it's as low as six months payback. Can you give us a bit of an overview as to the upside potential that you could bring to the hotels business by a refurbishment, not only of your gaming machines, but the venues themselves? What sort of payback are you likely to get, and do you have the capability and the capacity, and I suppose the appetite, to go ahead and do that? I see that as a big opportunity for you at Endeavour, is to really do stuff that Woolworths just didn't have the appetite to do. David, thanks for the question. Really appreciate it. Yeah, look, I think the proof will be in the pudding in the end. Certainly what we've started to do, and as I was saying to Grant, have already done, is make serious but considered investments in improving the player experience, basically. We don't just do it for purposes of improving the player experience. We're also using our investments to improve the approach we take to responsibility when it comes to gaming. I'll just talk briefly to the South Australian example. We've rolled out ticket-in, ticket-out technology and banknote acceptors into our machines in South Australia. I think really interestingly, we were required to institute facial recognition technology in South Australia so that those that had chosen or were on the self-exclusion register would be more readily identifiable. I just thought that was a fantastic example of being able to blend an improved player experience with an improved responsibility outcome. I wouldn't like you to think that our pursuit in this space is purely a commercial one. There is also an opportunity for us to take a leadership role in the responsible services gaming that we consider central to the way we go about things. The other thing to note, and I'll pass to Shane for some more comments in a second, is that we're not just activating the hotel, we're activating retail on the hotel side as well. If you look at the Sunnybank Hotel up in Queensland, it's probably one of the better examples where we've just renewed a BWS drive-through, and it looks fantastic and is trading really well. We've actually just upgraded the gaming room there, and it's popped up the rankings in Queensland to I think number one or number two as a result of that gaming room upgrade. It's not just about the machine, it's also about the environment for the players. One of the important elements associated with that gaming room is the sports bar that Bruce and the team have built next door, which is proving to be really, really popular. I think what I've come to learn is it's the elements of the hotel, including the retail parts, which create the total outcome for us from a financial perspective. In that particular site, we've also got a Dan Murphy's, which we're about to start a renewal on as well with our new South Melbourne format. I'll let Shane talk to the financial or the detail of the numbers, but the proof of the pudding will be in the eating once we've got a bit more runway behind us. We're very focused on being quite forensic with the way we do increase the mix of investment from our capital standpoint back into hotels. Shane? Just to expand on it, David, I think you're hitting on a really great opportunity for Endeavour. I won't add to the comments on gaming, the elements that go into that particular location, that space, I think there's good opportunity for us based on our knowledge of how to run those hotels, to enhance the return that we get from those sites. It's not just the ones we own, it's also the ones that we have an operating lease. What I believe is the opportunity for us, we do a terrific job in the retail side of, as I said to you earlier, of identifying the renewals or new sites and this sort of call it mid-teens return is in some cases on the low side. There are some good opportunities. I think we can continue to expand that experience and do something similar in the hotel. It's a great tension to have those options. It also goes to the whole point around optimizing your capital base. What's the best use of your capital? That's where we'll start to unpack even our balance sheet at the moment and make sure that the capital is being allocated in the most effective way. You're hitting on a good point. It's a really good point. If you've got eight and a half years for the average machine, what is optimal? What would be your optimal? Sorry, David, apologies. I should have answered that part of your question. Gaming, as I think everybody knows, is a technology business obviously. It's also a fashion business, and different games have different levels of appeal over different spans of time. What we've determined to do is to progressively reduce the average age, probably down to somewhere between five and seven initially, and then we'll take stock again. It would be imprudent to upgrade the whole fleet or a very large chunk of the fleet very quickly, given the importance of continuing to follow the preferences of players as time goes by. Not dissimilar situation to that which you find in any category. Wine, if you like, making sure you're keeping abreast of the trends. We're going to be really careful about how we do it, but the point is, we're going to do it, and we're going to track it, and we'll obviously continue to report on the outcomes that come from that. I look forward to the upside from it, Steve and Shane. Thanks for your answers. Excellent. Thanks, David. We do too, David. Thank you. Your next question comes from Bryan Raymond from JPMorgan. Please go ahead. Good afternoon. Mine's just on hotels as well. Just trying to get a feel for the underlying performance. I know it's a very messy period, and it'll continue to be messy for a while. You mentioned in the presentation, you had 195 days where all hotels were open during the period. I'd be interested if you could pull out how they tracked, maybe even on a T- view over those days or perhaps even just a state that's less disrupted, maybe Queensland, given how important it is for you and how their lockdowns were relatively short compared to other states. Just to get a feel for how the underlying revenue and earnings performance is looking for the business. Yeah. Thanks, Bryan. Look, so much time has elapsed that it is hard to have the anchor point, but if you go back to FY 2019, which is the only really relevant anchor point, what we experienced, and it's different in every single market for sure, but what we experienced was good single-digit growth off FY 2019, which of course you have to halve. If you're growing at eights and nines, then your average is fours or a half. That was encouraging. It was slightly different across what the hotel team called the various drivers. When you think of a hotel, don't just think of one revenue line. You've got a gaming revenue line, you've got a bars revenue line, you've got accommodation revenue line, and you've got a food revenue line, and they all returned to different degrees. Perhaps unsurprisingly, the accommodation line was the one that was the slowest to improve, but improve it did actually, and we were tracking quite well across both Victoria and New South Wales with accommodation prior to these latest lockdowns. It returned a lot more strongly than what we'd anticipated. Western Australia, in truth, is probably the most stable market, as is probably Tasmania. We continue to see quite consistent single-digit growth year-over-year there, where you're not cycling the same extent of lockdowns. Noting, of course, that in Western Australia, there is no gaming in the hotel network in Western Australia, so that's not a factor. Variable is what I would say, and hard to predict is the reality for the way these things come back. Okay. Great. Just to follow on from that is just given all this disruption in hotels, the potential for you guys to consolidate some of the sector further. It's quite a fragmented industry. I know cap rates are very, very tight at the moment, but leasehold, last I checked, was somewhat more appealing for a buyer. Is there opportunities out there, do you think, particularly in New South Wales? We are a bit underweight, and we do have a long lockdown. Some of these smaller players that would be useful to build out your portfolio, in New South Wales or anywhere else for that matter. Yeah, I think you make a key point with the cap rates. That's the first challenge, and I think there's a good example of the model of a viable approach for us in the Terrey Hills Tavern acquisition, in particular because of its capacity to activate our retail network as well, and it has a relatively low requirement for capital investment. We can jump in and operate it. Really, to the specifics of your question as it relates to New South Wales, it will very much depend on the inventory that becomes available in the market and the demand for it. You're right. We do have an opportunity to expand our business in New South Wales, but just getting access to the opportunities is the key, Shane, do you agree? Bryan, the only thing I'd add is, in my short time here, one of the advantages again of Endeavour is the experienced management group that we have in the hotel site. To your point, there are opportunities emerging. We've demonstrated acquisitions, as Steve highlighted, with Terrey Hills. We're not prepared to participate in crazy or very aggressive low cap rate sort of environment. I think there's enough opportunities for us where we can add our operating capability to pay a fair price and enhance that earnings from that operating experience. I think that's a good point. We have to be disciplined about it. We're not just buying pubs for the sake of pubs, and certainly not at some of the astronomical prices. We're buying pubs that fit our profile and our network. Yeah. Okay, great. Thanks, guys. Great talk. Thanks, Bryan. Thank you. Your next question comes from Michael Simotas from Jefferies. Please go ahead. Good afternoon. My question is on the profitability of your retail business. Margins expanded quite nicely, but obviously sales were elevated. You've also called out some one-off costs during the period. I was just hoping you could quantify those one-off costs and give some sense of how we should think about the profitability of that business going forward. I'll note that margins, notwithstanding that strong trading period, are well below where they peaked in 2018. Just how should we think about that going forward and just trying to pull out the COVID benefit from those one-off costs? Thanks, Michael. Appreciate the question. Yeah, I think it is a valid observation, obviously, the fact that we've had continued strength, if you like, in the gross profit line, and I'll come to that first and then touch a bit on CODB, and welcome Shane's comments. Clearly what's played out in context of COVID is a shift out of the other channels into the retail channel, and the consequence of that has meant that there is a lower frequency in depth of promotions. The investments required to generate sales have been diminished somewhat as a result. That's sort of happening to us, if you like. I think the things that we're doing to support better outcomes are really key here too. First amongst them is the efforts of the Pinnacle team in conjunction with the group buying team to really create very compelling customer propositions in the form of the products that are flowing through. That's probably the thing that I'd point to as the key initiative from us. The other thing to be aware of that's happening in terms of what customers are buying is a very significant swing to premium. That's played out most actively in our Dan Murphy's business, which of course has that sort of nice dichotomy, if you like, of the lowest prices, but also the biggest range. In having the biggest range, they've also got the most premium range. As customers have sort of endured COVID, they've very much sought to treat themselves, and Dan Murphy's is certainly a destination from that. They've been a very big beneficiary, if you like, of that customer move. One of the other things that's going on in the retail mix space is a shift towards the spirit category. Ordinarily, that would actually present quite a big problem for us. When you consider the explosion of gin that's taken place, it's actually offset the mix challenge. We make a higher margin out of wine than we do spirits. When you consider the fact that it wasn't that long ago, I'm sure you'll remember, that probably the most premium gin we had might have been something like Tanqueray. We now have boutique and craft gins that price up into the hundreds of Australian dollar per bottle, and people are desperate to get them. The returns that you get out of those sorts of things is certainly very appealing for us and great for customers who love the product. On the cost side of things, certainly the salary remediation issue has played out in those numbers, and you see that reflected there. Also our ongoing investments in enabling digital, and I think the fact that we've got e-commerce penetration now that's hovering around the 10% mark is a good result. We're not finished yet because we're still really not meeting the demand of customers, I think from a supply side standpoint. We'll keep doing a lot of work there. We did nearly 100,000 orders last week in our on-demand business alone. Sure enough, it is marginally more costly for us to fulfill that demand, but it's a very market-leading solution that we're able to provide. Taking businesses like Jimmy Brings and their last mile capability and activating it across the whole retail network is what's been enabled there. We're working really hard on reducing those costs is the other thing, and finding ways to optimize that so that we can put some further downward pressure on our CODB. At the moment, the upside in GP is more than covering some of those challenges in CODB. Shane, any other? Just in terms of one-off costs, we don't provide the specifics of it, but costs that would typically always been some asset write-downs and some provisioning that we've taken in those results, and there's also increase in the provisions around the remediation of salaries and wages. They're typical of those one-off costs. To Steve's point, the other big driver in terms of that increased margin has been the investments in technology and digital platform, which I think by all measures, is being well supported by the performance in the marketplace. Margins were a lot higher in 2018 than what you did in 2021, even though you had the benefit from COVID. What's changed in the business? Should that peak level of margins that you saw in 2018 be an aspirational target, or you don't think you'll ever be able to see those again? To be honest with you, Michael, I'll have to go back and recheck our 2018 numbers. I'm not sure they'll necessarily. 7.1% EBITDA. Oh, right. Okay. What you've got in there is the reset year, I think, for Dan Murphy's, which I think Brad's probably spent quite a lot of time talking through. The sort of leveraging up of Dan's and the need to come back and reinvest in the business, particularly from a digital standpoint. We had in about, it must be three years ago, we had to make some not insignificant write-offs of some of the tech investments we'd made because they actually weren't very effective, and that was evident through the customer feedback and the lack of take-up we'd had. It wasn't appropriate to not invest in digital or not invest in digital in a way that was ineffective. That's probably the thing that's made the biggest change for us is the way we're investing in digital. Our aspirations going forward will, I think, depend a little bit on how effective we are at the results we're getting over the course of the coming financial. Perhaps judge us in a year's time on where you think we're at. We're certainly looking to continue, as I say, to invest in these areas in pursuit of improving the overall outcome, and that includes our profitability. Great. Thank you. Thank you. Your next question comes from Craig Woolford from MST Marquee. Please go ahead. Afternoon, Steve and Shane. Good afternoon. I might continue on the cost question. It is a significant increase. You're talking about them as one-off, Shane. If they are one-off, they will come out in FY 2022. Some of them sound like things that might still repeat year to year, albeit they might be a different level. Is it a fact that where's your online profitability? Is the growth in costs here a function of the growth in online? Does online profitability match your store profits in retail? I'll let Shane go back on the one-offs, although I think you've probably dealt with it. Let me just quickly cover that off. Okay, go ahead. From my sort of experience, Craig they're sort of beyond the remediation of salaries and wages, the other adjustments in provisioning and so forth are decisions that are taken at the time. Are they going to happen next year and the year after? I can't tell you. We'd like to have one-offs down to zero, but it's just the circumstances that prevail in the FY 2021 year. In terms of the online investments in digital? We would expect in FY 2022 to be in excess of AUD 1 billion of trade in e-commerce, and we're well progressed towards achieving a number like that based on the result we had in FY 2021 and what we believe we'll do in FY 2022. Having a billion-dollar e-commerce business that is, at the moment, on the measures we're using, actually profitable, I think is a testament to the efforts that the teams have put into maximizing the returns on the investments we've made so far. Is it as profitable as the bricks business that supports it? If you isolate one from the other, no. It was an area where we improved our profitability considerably more than we did in any other part of the business. Some 200 basis points improvement in profitability in our e-commerce business over the last 12 months. That's not enough. We need to go again, and we will go again, but it'll come from both the efficiency programs that are rolling out across retail and our last mile delivery services, as well as continued investments in providing the customer service that's needed to generate the best returns. Big efforts were made towards the end of FY 2021, and they're still ongoing at the beginning of FY 2022, around our personalization capability in the My Dan's platform. That's already delivering actually better results than we'd forecast when we set the program up. As you've heard me say, we've had quite significant increases in the participation in My Dan's. When you couple that with being able to increase conversion rates through both our web and app platforms, that is really where you're going to get your bang for buck. Through that gin example I gave before, people are really looking to explore and discover new products, and we've built platforms that will enable that in a not dissimilar way to a music provider might do or a TV streaming service might do. That's the sort of aspiration that we've got for our digital platforms with Dan Murphy's and to a somewhat different degree with BWS. Right. Just that measure of profitability, it sounds, Steve, Is it similar to what Woolworths has done historically in sort of a directly attributable profit, I think you called it? Yeah, that's right. Analogy. We probably need to review it again. We rightly fell in line with the way Woolies was doing it, and that was entirely appropriate. As Woolies, I think we'll do, and Brad can speak for himself for sure, but we'll go back and continually review it and probably allocate more cost to it to really put ourselves under more pressure to improve it more rapidly than we otherwise might. Yeah. Okay. Understood. Thanks. Thanks, Steve. Thanks, Shane. Thanks, Craig. Thanks, Craig. Thank you. Your next question comes from Ben Gilbert from Jarden. Please go ahead. Hey, good afternoon, guys. It's a pretty reasonably straightforward one for me, I think. Just touching around the working capital and how you think about that build looking forward, because I think historically you carried a reasonable amount of inventory in the group, and if you see a need to rebuild that or if we think this is sort of an appropriate level of working capital as we sort of end up the year. Good day, Ben. Thanks for the question. Look, the retail business is where the working capital's held, and the retail business has been the biggest beneficiary of the spikes in demand. That's obviously had a positive impact for us. There's the risk of a bit of deleverage, of course, in that area as sales moderate or return to sort of the mean. Lots of opportunities, though, for us to improve in that space. One small example I'll give you is the fact that we haven't yet, perhaps surprisingly, turned on all of the inventory management systems inside the Dan Murphy's business that Woolworths has built and benefited from for so many years now. We're in the process of rolling that out now. We believe that we can improve the stock turns in Dan Murphy's, not insignificantly, just by activating what is now a quite old technology, matter of fact, that's been in use in Woolworths for a long time. I could bore you with a list of 20 other things that we're doing in that space, but there's this combination of factors of the top line potentially coming off as COVID impacts moderate, but also our opportunity to refocus those on improving outcomes in the retail side of things. That's great. It sounds like in terms of if we think about it just from an inventory days perspective, there might be a couple of days call it to sort of push up to as the inventory normalizes, but there's still a lot of initiatives in place to keep that at these sort of lower levels, if you like, versus history. Yeah. Is it two steps forward, one step back, one step forward, two steps back? It's hard to tell, but our focus will be more on the former and trying to make it net positive. Okay. That's awesome. Thanks very much. Thanks, Ben. Thank you. Your next question comes from Richard Barwick from CLSA. Please go ahead. Oh, hi guys. More questions on the pubs. What do you think is realistically achievable when you talk about acquisitions of additional hotels? Should we be sort of thinking of them coming in ones or twos, or are there any multi-site opportunities available to you? Yeah. Thanks, Richard. Without wanting to sound glib, we're actually small in the hotel space. There's over 6,000 hotels in the country. We've got 339 of them. If you consider that relative to our retail penetration, there is lots of headroom. The point or the challenge, I suppose, as we were talking about before, is the profile of the remaining sort of 5,500 pubs that are out there and whether they meet our needs, and also access to them from a willingness to sell standpoint. We can manage through the construct of whether we're taking both leasehold and freehold or partnering with somebody to manage the freehold side of things. Executionally and operationally, we can get it done. It'll come down to the access in the market. The majority of that 5,500 odd pubs is owned by private operators. More often you find that there's a one, two, three, or four pub sort of grouping. There's a very small number of larger groups, and you'll know who they are. They're not a big set and time will tell, I suppose, the extent to which they're appropriate for us to consider or want to be considered by us for that matter, let alone what happens with the many, many other owner-operators that are out there. Obviously with the 5,500, there's only a subset of those that you'd ever even be interested in. Do you think about it that way? Do you have a hit list of targeted pubs that you'd like to go after or that you think would be potentially viable to fit your format and your mode? If so, what are we realistically talking? It's not going to be 5,500. Is it 1,000 pubs? Is it 500? How big is the sort of target list? I'm going to have to take the question on notice, primarily because we haven't crunched it. Yeah. To the extent that we might like to have. What I can say, though, is that we're in the process of doing that. There's a very scientific approach that we take to growing our retail network, and we do this in partnership with Woolworths through the network planning team. They've got very high capability with respect to understanding where we operate today and where the white space opportunities lie. We're in the process of ingesting the hotel data into that system at the moment so that we can make similar sorts of decisions. It's, of course, important to remember that there's that correlation between the retail outcome and the hotel outcome that we consider when we're planning forward an acquisition. The truth is, Richard, that we're going to get much better at this space, and we will, in due course, have, I guess, a list of preferences. It's certainly a number far, far less than 5,500, that's for sure. Shane, were you going to say anything? Once again, just to highlight the earlier point, Richard, that is, there's no doubt we'll continue to look for opportunities for acquisitions. The opportunity still emerges leveraging off the sort of intelligence we have around markets from the retail side that will help us look at ways we can enhance the hotel side as well. When you talk about 339 hotels, there's opportunities to reinvest. Instead of paying at a yield of 4%, I can tell you a better way of investing my capital, and that is other assets that we think we can get a mid-teen sort of return. I love to find pubs, hotels. Definitely think that's a great opportunity. We do have some opportunity right in front of us, and that's something that just needs to come to the fore, leveraging off the experience in the retail side. Yeah. Good call, Shane. Thank you. Can I just ask one question exactly on that then? When you started the year with 334 pubs, you renewed 26. That's roughly 13 years on average for a pub. I would've thought that sounds like a big number or a long number. Do you have any targets in terms of the number of renewals or any rules of thumb you can guide us on what's appropriate for a pub in terms of how frequently it does need a renewal? I'm going to let Shane answer because this one, but my best attempt at the answer is we're going to be far more scientific about it. Shane, what would you add? It's probably along those lines. Everyone's got a view on hotels. We've all spent a bit of time in a hotel. Look, I think we're just going to leverage off the good intelligence capability we've got on the retail side of how we evaluate these opportunities, and when is it optimal to be investing in those assets. I'm not saying we're going to race out and reinvest on the 339 hotels, I bet you there's quite a few hotels there that we can target and get a much better return on our dollars. It's really like everything Endeavour. It's blending the capabilities of one team with the capabilities of another. If you look at what Bruce Mathieson Jr knows about pubs, it's more than I would ever dream to know, probably, about retail. If you can take that level of knowledge and combine it with the financial discipline and acumen that is in the group capabilities we've got, we believe really positively that we've got a good way forward. All right. Look forward to more details as they evolve. Yeah. Thank you. Yes. I think we're going to run tight on time, so we might have to make this the last question. Yeah. Thank you. Thank you. Your last question comes from Shaun Cousins from UBS. Please go ahead. Thanks. Good afternoon. Just a question on wine. Are you seeing any benefit in terms of sourcing, given the China market's largely closed? Maybe you've highlighted Pinnacle quite a bit during your presentation. Could you just highlight maybe what your private label share is right now in wine, please? Thanks, Shaun. Nice to hear from you. We're not going to talk to the penetration of Pinnacle or wine or any of those sorts of things, because we're much more focused actually on getting awards and getting recognition for the products, and even more importantly, getting recognized by our customers. It probably ebbs and flows over time as well. That's not one that's in the public domain at the moment. To your question on the impacts, there's a lot of light and shade in the wine trade, as you know, and certainly the demand that has significantly increased from the U.K., as an example, has added somewhat to the dynamic that was initially heavily impacted by the China trade decisions. What it's meant in reality for us is actually a bit of pressure in some areas. We've got a non- material bottling and wine services business that operates out of South Australia. We've had to take some steps in that to keep it a viable business. That's been pretty challenging for us, in truth. Thankfully, that exposure is diminished in the scheme of the whole group. In terms of the question of access, there's certainly more access to A, B, and C grade quality fruit that's coming out of the Barossa. We'll take advantage of that to the best of our capability, given the brand portfolio that we've got. I think, if you were to treat yourself to a Krondorf wine, you would find that it's increasingly higher quality by nature of the access to fruit that we've got, not only from our vineyards, but from the vineyards that we're able to contract at the moment in areas like the Barossa. Thanks. Just in terms of the U.K., do you think that a lot of that strength has actually been driven by lockdown, in terms of as you get to people out and about, you get on premise where Australian wine doesn't participate to the same degree as it does maybe in grocery. Are you seeing that as a potential, I guess, factor that will reduce the degree of U.K. demand and hence an opportunity for your business? Oh, look, it's hard enough keeping abreast of what's going on in Australia, let alone the U.K., in truth. What I think you see in the U.K. is the same sort of phenomenon of a switch to at home consumption. As they have and continue to emerge from COVID-19, I suspect you'll see a swing back in the other direction. That might release more entry-level product in the Australian market, but time will tell. That's absolute and complete conjecture. I have no idea. We'll have to wait and see. In the meantime, I think it's good news for Australian wine producers, the fact that there has been sustained and elevated demand from the U.K. in light of the challenges that we face with China. Fantastic. Thanks, Steve. Thank you. Okay. I think that will bring us to a close, so I very much appreciate everybody's attendance in today's session and appreciate your questions. Look forward to being able to report on the opening up of our business, in particular in New South Wales and Victoria, as COVID restrictions inevitably ease in the hopefully not too distant future. Thank you for shopping in our stores. We look forward to welcoming you to one of our pubs or wineries, and look forward to talking to you again soon. Cheers.