Thank you for standing by. Welcome to the Estia Health Limited FY 2023 full year results presentation. All participants are on a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Sean Bilton, CEO. Please go ahead. Welcome to the Estia Health FY 2023 full year results. I'm Sean Bilton, Estia Health's Chief Executive Officer and Managing Director, and with me today is Anthony Rice, our recently appointed CFO, together with Steve Lemlin, our outgoing CFO. I would like to start by acknowledging the Gadigal people of the Eora nation, the traditional custodians of the land from where we join you today, and I pay my respects to their elders, past, present, and emerging. The second half has continued the trend seen in the first half, and the full year result represents a significant turnaround in the operating performance of the group. As the impact of COVID-19 has lessened, occupancy continued to recover and funding increases under AN-ACC were received ahead of the mandated care minute requirement. More broadly, the post- Royal Commission reform agenda continues to be implemented at pace, which, while creating a challenging operating environment, is providing greater certainty for the regulatory framework moving forward. We will spend some time today looking at the specific performance of the group and some of the broader factors intersecting with the sector. Turning to page four, I would like to start by highlighting some of the key achievements and strategic advancements for Estia Health in fiscal year 2023. Overall, the year reflected a reset from the challenges of recent years, which allowed us to embark on some key strategic initiatives and increase value for our shareholders. We are pleased to report a material increase in EBITDA, signaling a turnaround in our earnings performance from recent years. I'd also like to acknowledge that this achievement would not have been possible without the dedication and hard work of our teams across the organization. Our pursuit of strategic growth opportunities delivered an additional 557 places over the year, primarily through incremental acquisition opportunities of high quality, well-located operating assets. This will be further enhanced shortly with the settlement of the previously announced acquisition of 264 places across two homes currently operated by Royal Freemasons in Victoria. COVID-19 remained a material factor, with continued outbreaks and exposures peaking at various times during the year. Despite the ongoing challenges, we have achieved a sustained reduction in its effects on the health of our residents and employees, translating to lower costs and mitigating its impact on occupancy. Our results and financial position have also benefited from enhanced COVID-19 grant recoveries. The ongoing recovery of our core business has also been an ongoing focus, reflected in a steady upward trajectory in occupancy rates to a position approaching pre-pandemic levels. Pleasingly, Victorian occupancy has further improved and is approaching 90% on a spot basis. Workforce remains the biggest challenge being faced by the sector at this time. The group continues to target initiatives to enhance workforce supply, boost employee engagement, and ensure remuneration is competitive, with a goal to attract and retain top-tier talent within our organization. We believe larger providers such as Estia Health, have an ability to invest in career pathways, central support for local teams, and enhanced recruitment and onboarding systems. We have experienced material net inflows in refundable accommodation deposits, translating to a substantial reduction in net debt, despite fully funding the settlement of two acquisitions and continued capital expenditure on developments and home refurbishments. The improved RAD inflow speaks to our efforts to grow occupancy and accommodation pricing and the impact of a higher MPIR. We are also pleased to deliver our shareholders a final, fully franked dividend of AUD 0.12 per share, reflecting the improved operating performance and representing a significant turnaround from limited dividends during years heavily impacted by the pandemic. Our strong shareholder value focus was reflected in the execution of a binding Scheme Implementation Agreement with Bain Capital, announced on seventh August. Significant effort and resources were dedicated to the due diligence and negotiation process, with shareholders expected to be given the opportunity to vote on the proposal in late 2023. Bain Capital's interest in Estia Health is a recognition of our position as a leader in the sector with a strong reputation for person-centered care. I'd like to now turn to a summary of the financial outcomes, some of which I covered on the previous page. Second half occupancy builds on the first half, resulting in a 0.7% increase in average occupancy over the fiscal year to 92.3%. Together with lower COVID costs and higher COVID recoveries, there was a material increase in EBITDA on our mature homes to AUD 116.1 million in... adjusted annual EBITDA per operating place averaged AUD 15,632 for the full year. The impact of ongoing bed license amortization, resulting from the impending changes to the aged care bed license regime, which has been outlined in prior periods, was the major contributing factor to the overall net loss after tax of AUD 33.9 million. Net RAD inflows were stronger in the second half, contributing to a total of AUD 85.7 million for the full year, which was the highest achieved for many years. The impact of the higher MPIR on the affordability of debt in an inflationary environment continues to impact RAD debt preferences. We invested AUD 76.4 million in the acquisition of five operating homes and AUD 37.9 million on capital expenditure related to two greenfield developments, which are due to open over the next six months.... Our balance sheet remains in a strong position, with net debt at 30 June of AUD 43.8 million, with significant undrawn capacity in our AUD 330 million sustainability-linked debt facility. Declaration of a final fully franked dividend of AUD 0.12 per share brings total dividends for fiscal year 2023 to AUD 0.157 per share. I'll move on now to page six and discuss the external operating and regulatory environment. Residential aged care remains a needs-based essential service and represents a vital component of the continuum of care, with almost 250,000 older Australians accessing residential aged care in a typical year. When the Royal Commission was announced almost five years ago, the sector began a period of extreme scrutiny and uncertainty, which ultimately impeded the ability of providers to attract investor interest and capital. The reform agenda is now significantly advanced, the final pieces are largely known or substantially progressed. While risks remain, most notably workforce challenges intersecting with mandated care minutes, there is an ability to further plan for enhancements to quality, innovation, and future investment. The implementation of AN-ACC in October 2022 has delivered better funding to the sector, primarily to facilitate higher care minutes. More importantly, the new role of the Independent Health and Aged Care Pricing Authority, or IHACPA, to make recommendations to government in relation to the costs of providing care, has become clearer. Their initial review and advice to government was a significant advance on the previous indexation system, which has delivered increases in funding below the level of input cost inflation. Crucially, their work was transparent and thoughtful, with the advice being adopted by government in setting funding levels from July 2023. IHACPA have been clear that their work will continue to evolve and become more comprehensive as the depth of data from the sector is further enhanced, noting the current cost of care study being undertaken. Most notably, a framework now exists to end historic margin erosion. Our industry's journey towards mandated care minutes and 24/7 registered nurse availability is well underway, and Estia Health, like most providers, is transitioning its workforce to meet the new standards. More generally, workforce availability has improved over the last six months, primarily in metro areas, although the use of agency and overtime remains much higher than pre-pandemic levels. Rural and regional areas remain difficult, and meeting staffing requirements in those locations will be a significant challenge, given strong competition for resources, particularly nurses from state health departments. IHACPA and government will need to consider the increased cost of mandated care minutes, particularly in regional areas, within ongoing funding arrangements, in order to ensure the financial sustainability of the sector. Workforce availability is expected to be further assisted by significantly increased pay rates for direct care staff by the Fair Work Commission Work Value Case, and we are glad that there has been greater acknowledgment of the essential role played by aged care workers in our society. We look forward to a final decision for other aged care workers not originally covered by the interim decision. Strengthened governance arrangements are taking center stage, including elevated reporting and a significant increase in administration obligations. While these initiatives are targeted to bolster consumer transparency, they do come with an associated cost and burden to providers. Amidst this higher regulatory burden and increased cost, the sector continues to experience a reduction in the number of providers and low levels of new supply. The impact of many of the changes are likely to create further barriers to entry and challenges for smaller providers, which much of the sector, with much of the structure of these reforms being more easily implemented by larger providers such as ourselves. When combined with a highly fragmented industry structure, we expect there to be further consolidation in the sector. The shift in market interest rates significantly elevated the MPIR, the basis upon which daily accommodation payments are set, referenced against accommodation pricing for each room. This has translated into higher DAP income and, more recently, a growing preference for refundable accommodation deposits. Consumer satisfaction and care quality remain paramount. The Star Rating system, implemented in December 2022, provides an overall rating based on four criteria. While the initial methodology will continue to evolve, it acts as an external benchmark to drive ongoing improvement in care and services, ultimately benefiting both consumers and providers. Finally, a key initiative in the sector is the recently established Aged Care Taskforce, chaired by Anika Wells. The task force is focused on the future sustainability of the sector in the broadest sense, including a thorough examination of the role of resident co-contributions and the subsequent impact on funding for government and providers, while maintaining an equitable environment with suitable safety nets. I might just ask Steve to finish the final two slides. I'm battling a little minor bug. Thanks, Steve. Thanks, Sean. We'll just move on to slide seven. During the financial year, the group completed the acquisition of five homes with 533 operating places, with a further announcement in early August of an additional acquisition of two operating homes, with 264 operating places, which is expected to settle in early October. Each of the homes acquired were contemporary, with single rooms and en- suites, with the majority less than five years old and at prices well below replacement cost. The Premier Health Care portfolio acquisition was completed in December 2022 and had a significant ramp-up requirement for the two homes located in Queensland. Occupancy now at over 90% for that portfolio. Mount Clear acquisition continues to exceed 95% occupancy. The total cash outlay for Premier Healthcare and Mount Clear was AUD 76.4 million, which has been further reduced by the positive RAD inflows of AUD 14.2 million since acquisition, which is already higher than our business case. The Royal Freemasons acquisition, announced in August, will facilitate the consolidation of our current smaller and less contemporary homes in those markets, and is expected to significantly improve earnings in those locations. We expect to continue to see attractive acquisition opportunities as the enhanced regulatory framework impacts smaller providers. I'll conclude this first section by outlining the current status of the proposal from Bain Capital on page 8. On 7th of August, the group announced it had entered into a Scheme Implementation Agreement with Bain Capital, under which Bain has agreed to acquire 100% of the shares in Estia Health for AUD 3.20 per share, reduced by the amount of any dividends paid. This followed Bain Capital's initial approach in mid-March of this year, to acquire 100% of the shares at AUD 3 cash per share. A subsequent period of negotiation and due diligence resulted in the proposed scheme, which, if it proceeds, will see shareholders receive value representing a 50% premium to the closing share price prior to Bain Capital's approach. Estia Health is permitted to pay fully franked dividends of up to AUD 0.12 per share under the terms of the Scheme Implementation Agreement. Today's announcement of a final fully franked dividend of that amount, will enable eligible shareholders to receive up to AUD 0.05 per share in additional benefit from franking credits. The board has unanimously recommended shareholders vote in favor of the scheme in the absence of a superior proposal, and subject to an independent expert concluding and continuing to conclude that the scheme is in the best interest of shareholders. The scheme is subject to various conditions, including approval by shareholders at a scheme meeting, which is expected to be held in November, with a scheme booklet containing an independent expert's report, also to be provided to shareholders ahead of the scheme meeting. Implementation of the scheme is expected to occur prior to the end of 2023. Shareholders do not need to take any action at this point in time. We do see Bain Capital's interest in Estia Health as a strong endorsement of our strategy to build a market-leading aged care provider, focused on creating high-quality outcomes for our residents and families, and an attractive and supportive environment for our employees. I'll now hand over to Anthony, who'll take us through the detail of the financial performance during the year. Thank you, Steve, and good morning, everyone. I'll start on page 10, which shows our overall financial performance and summary income statement. Our Mature Homes EBITDA increased from AUD 37.5 million in financial year 2022 to AUD 116 million in 2023, underpinned by an AUD 65.9 million increase in operating revenues, along with increased government grant collections and increased levels of grant revenue recognition. At the half year, we indicated a preference that grant claims be recognized as income in the relevant period. To date, we have received substantially all previously claimed and processed grants, and as such, under accounting standards, are now able to recognize grant income when claims are lodged. Therefore, we recognized total grant income of AUD 51.3 million in the 2023 financial year, with a grant revenue balance sheet receivable of AUD 19.1 million reported, which we expect to receive as cash in coming months. AUD 9.2 million of that receivable has been confirmed by government as at today. The higher costs experienced by the business in the first half continued during the second half of the year, with employee costs increasing by 10.4% compared to the prior year, as a result of higher occupied bed days, wage increases, and increased agency and overtime usage. Non-staff expenses increased by 10.3% due to the higher occupancy and inflationary pressures on consumables, such as food and medical supplies, and utilities costs. Reducing impact of COVID-19 resulted in COVID-19 costs reducing by half compared to the prior period, with the majority of these costs incurred in the first half of the financial year. The five new homes acquired in the Premier Healthcare and Mount Clear transactions performed in line with expectations, contributing AUD 4.2 million in EBITDA during the year, and as referenced earlier, net RAD inflows of AUD 14.2 million. Separately, a non-cash impairment of AUD 11.4 million was recognized in connection with the decision to consolidate operations in Benalla and Bendigo, following the Royal Freemasons acquisition announced in early August. Finally, the Fair Work Commission legislated increase in the Aged Care Award of 15%, contributed to a one-off uplift in accrued leave entitlements of AUD 9.1 million. On page 11, we show in bridge format the movement in Mature Homes EBITDA from FY 2022. The COVID-19 incremental costs and the grant impacts are shown separately at the far left and far right of the chart, with the middle portion showing the movement, excluding the COVID-19 cost and grant impact. Incremental growth in employee and non-wage expenses reduced EBITDA in aggregate by $56.2 million. This additional cost was more than offset by, firstly, incremental earnings from the increased occupancy, with 51,000 additional occupied bed days at mature homes compared with FY 2022, along with revenue from newly developed operational places, together contributing an additional $15.7 million. Secondly, increased government funding from the October 2022 introduction of the AN-ACC funding model and indexation of supplements, further increased revenue by $36.5 million. Finally, increases in the MPIR, which led to higher DAP income and combined with care fee increases and greater additional services utilization, added incremental revenue of AUD 13.8 million. Turning to page 12, we have set out further insights into the underlying performance of the business by showing key metrics adjusted for the impact of COVID-19 costs and temporary funding and grants. I won't work through all of these line by line today, noting that we show the half by half movements in Appendix C. As was discussed at the half-year results and touched on earlier, the annualized Mature Homes EBITDA per place, excluding COVID-19 grants and costs, maintained the rate seen following the introduction of AN-ACC on October 1 last year, and averaged AUD 15,632 per place for the full year, an increase of 9.4% on the prior year. Government revenue per operating bed day increased by 7.5% or approximately AUD 17 per day, as a result of the aforementioned new AN-ACC funding model, and resident revenue per operating bed day increased by 9.1%, or approximately AUD 7 per day, due to the increased DAP income, indexation of daily care fees, and an increase in non-concessional residents. Staff costs per operating bed day rose by 7.7%, above Enterprise Agreement escalation rates and affected by higher overtime and agency costs. Non-wage costs per operating bed day rose by 7.6%, marginally more than CPI, as a result of the inflationary pressures on consumables and utility costs. Turning to page 13. As touched on earlier, COVID-19 has remained a material issue for the business, with continued outbreaks and exposures during the year, as illustrated on the chart on the top right of page 13. We have, with a focus on vaccination campaigns, infection control measures, and resident safety, achieved a sustained reduction in its effects on, importantly, the health of our residents and employees, and also on the finances of the business. Both total COVID-19 costs and non-recoverable COVID-19 costs have significantly reduced, which can be seen on the two charts at the bottom of page 13, showing the reduction in quarterly COVID-19 wage, non-wage, and non-recoverable per operating bed day expenses on the chart on the left, and overall quarterly COVID-19 costs on the right. Costs have been falling by roughly 50% every six months. On page 14, we have provided our usual breakdown of the RAD funding movement over the year. Our total RAD balance increased by AUD 143.4 million to AUD 1.0275 billion. This was partly as a result of the strong net RAD inflows of AUD 85.7 million mentioned earlier, of which AUD 71.9 million related to net RAD inflows on mature homes, and a further AUD 60.2 million related to RADs and bonds assumed as part of the Premier Health Care and Mount Clear acquisitions. The AUD 10 million nominal increase in probate liabilities reflects a decline over the year of probate liabilities as a proportion of total RAD liabilities from 14.4% to 13.4%. Average incoming agreed RADs increased over the year and remained higher than the average outgoing RAD refund by approximately AUD 24,000 per place. Page 15 provides a bridge from our net debt position at 30 June 2022, of AUD 79.6 million, to our reduced net debt position of AUD 43.8 million at 30 June 2023. The reduction in net debt was underpinned by strong operating cash flows of AUD 99.8 million. The AUD 85.7 million in net RAD inflows mentioned earlier, and was achieved, notwithstanding AUD 43.1 million of capital expenditure on development, including at our new St Ives and Aberglasslyn homes, along with AUD 18.9 million of expenditure on home refurbishments and enhancements during the year. In addition, we invested AUD 76.4 million in the purchase of the Premier Healthcare and Mount Clear homes. More than the entirety of our AUD 43.8 million in net debt is represented by the AUD 52 million in land and work-in-progress costs for the new developments at St Ives and Aberglasslyn. In addition, we expect to receive an incremental AUD 19.1 million in cash. ... from COVID-19 cost recoveries relating to and recognized in the FY 2023 year through the government's grant program. With low net debt, we retain considerable capacity under our AUD 330 million debt facility. I'll now hand back to Sean to discuss the operational performance of the business during the year. Thanks, Anthony. As has been previously documented, the average occupancy across the sector has been heavily impacted over the past three years by operational disruptions caused by COVID-19. While our occupancy was not immune, the past 18 months has seen a sustained recovery, reflecting the quality of the portfolio and services provided. Our average FY 2023 Mature Homes occupancy of 92.3% is well above the FY 2022 average of 91.6%, with spot occupancy of 93.5% at August 18, 2023, demonstrating further strong improvement. Victoria remains the state with the lowest occupancy across the sector, which is consistent with our experience, where nearly a third of our homes are located. High levels of new supply over the past decade and the residual effect of COVID-19 have resulted in a slower recovery, albeit occupancy improved materially over the financial year and is again approaching 90% on a spot basis. Our homes in South Australia, Queensland, and New South Wales continue to sustain high levels of occupancy, with our spot rate outside Victoria at 95.3%, reflecting the strength of the overall portfolio and a recovery to pre-COVID levels. Strong growth in home care funding may have been part of the broader reduction in sector occupancy. However, the strong performance across two-thirds of our portfolio would suggest local factors remain the key driver. Given the acuity of our residents, there is a limit to substitution by home care. We will continue to strive to return to occupancy to previously experienced portfolio-wide levels, which will be assisted by the demographic demand profile, lower levels of new supply, continued strategic investment in the portfolio. I'm going to ask Steve to do the next couple of slides, and I'll do the final slide, Steve. Sure. On page 18, I'll talk about the two critical operational success factors, starting with workforce. As was previously discussed, workforce remains the greatest issue facing the sector and arguably the wider economy. A range of external factors continue to impact our aged care workforce, including low wages, low unemployment rate, and high cost of living and housing affordability in many locations. Mandated care minutes to be implemented from October 2023 and to increase again in October 2024, will also lead to higher demand for workforce. Fair Work Commission, significant and welcome wage adjustments for direct care staff will assist to attract and retain employees in the sector, and with additional Fair Work Commission hearings scheduled later this year to assess the sufficiency of initial adjustment and application to the wider non-care workforce. In addition, significant increases in immigration and broader pathways beyond traditional skilled visas will further assist with supply. For now, workforce availability is starting to improve, but remains difficult, with relatively high levels of agency and overtime, particularly in regional locations. To address these challenges, we're proactively investing in our in-house talent acquisition center of expertise. Our commitment to skills development continues, with a focus on clinical upskilling, support for graduate nurses, traineeships, student placements, and leadership development. We're refining our approach to agency labor usage, prioritizing preferred agencies, renegotiating rates, and tightening approval processes. Our relentless dedication to safety practices is reflected in our Lost Time Injury Frequency Rate of 8.1, which is below the rate achieved last year of 8.8, and continues to be well below the sector average of 24.8. Employee turnover, which peaked in August 2022, has exhibited continued stabilization and improvement, culminating in an FY 2023 figure of 28.1%. I'll move to the second factor on page 19 around accreditation. We'll spend some time on our clinical care, quality, accreditation, and compliance performance. The aged care reform agenda has resulted in increased obligations on providers and an enhanced governance framework. In this context, we've continued to demonstrate solid performance on key measures and maintain our strong reputation with stakeholders. Our sustained high performance in quality and clinical care continues to be managed through a three-tier structure. Firstly, best practice policies and procedures, which are established centrally. Secondly, implementation, training, and communication, which is centrally led and locally delivered. Thirdly, the monitoring, audit, and data analysis, which is used to support continuous improvement. Our Clinical Governance Committee provides oversight of clinical care and governance, with Professor Simon Willcock acting as an independent chair. All our homes remained fully accredited during FY 2023, with no homes sanctioned and no notices to agree issued, with a single notice of non-compliance issued during the year. 42 of our homes received a full, unannounced accreditation visit by the Aged Care Quality and Safety Commission during FY 2023, compared to just 20 in FY 2022. The government published Star Rating system for all homes became effective December 2022, and 97% of the group's homes are ranked at or above 3 stars. Whilst it continues to be an extremely challenging environment in which to deliver high-quality aged services, we remain pleased with our accreditation and compliance record. For the final slide, I'll hand back to Sean. Let's see how I go, Steve. In conclusion, the second half of the year has performed very much in line with expectations set out at the half year. While we are pleased with the significant turnaround in the performance of the group over the last 12 months, we remain focused on operational performance being further growth in occupancy, the transition to mandated care minutes, and the integration of recent acquisitions. The post-Royal Commission reform agenda continues to be implemented, with new quality standards and a new Aged Care Act targeted for July 1, 2024, requiring further adjustment for providers. Together with mandated care minutes, these changes represent the final stages of the post-Royal Commission reform agenda, bringing greater certainty for the future. As we approach the implementation date for mandated care minutes from 1 October, our efforts are centered around recruiting and training the workforce needed to meet these requirements. It's important to note that this challenge varies across different geographies, with significant hurdles in regional areas. The recent significant increase in pay rates for care staff in the sector should assist with workforce availability and improve employee engagement and reduce turnover. We're excited about the upcoming completion of our new homes at St Ives and Aberglasslyn, slated for the latter part of calendar year 2023. Our detailed commissioning plans, built on a successful track record of opening new homes, will guide these developments through their ramp-up phase. Our recent acquisition of the Royal Freemasons homes in Benalla and Bendigo represents a significant opportunity for our operations, with these homes to be integrated into the Estia Health portfolio in conjunction with the consolidation of existing smaller and older homes in these locations. Our progress on the scheme of arrangement with Bain Capital remains on track. The company has appointed an independent expert, and we are preparing a scheme booklet for release to shareholders in October. We anticipate a shareholder vote in November, and subject to shareholder approval and other conditions being met, expect to complete the scheme process before the end of the calendar year. Finally, I'd like to once again acknowledge the extraordinary commitment, dedication, passion, and care shown by our employees here at Estia Health. They bring life to our purpose of enriching and celebrating life together. We remain deeply grateful to them for the vital role they play in our society. Before we take questions, I'd like to take the opportunity to acknowledge the incredible contribution made by our outgoing CFO, Steve Lemlin, over almost seven years here at Estia Health. He has been critical in establishing Estia Health as a leader in the sector, and has been a tremendous support to me in my first year as CEO and the time before that as COO, and indeed, again today. Thank you, Steve. We wish him every success in his future endeavors. Thank you. We're now open to take 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 a question. If you could please limit to one question and then reenter the queue if you have any further questions. Your first question comes from Vanessa Thomson with Jefferies. Please go ahead. Hi, Vanessa, you're on the call. Your line might be on mute. Sorry. Can you hear me now? Yep, we can just hear you, Vanessa. Sorry. Best wishes, Steve. I'll open with that. Thank you for taking my question. The COVID-19 costs that you're still seeing, they're recoverable until when? Thank you. There's a scheme in place, Vanessa, until the end of this year at the moment. The government have extended schemes and have indicated that if there's significant COVID costs continuing, they would expect to continue that scheme. At the moment, it's till the end of this calendar year. Your next question comes from Andrew Goodsall with MST Marquee. Please go ahead. Oh, good morning, and thank you for taking my question. Just on the mandated care minutes, in your, in your, FY 2024 outlook, just wondering where you are at the moment and whether there's a significant cost to meet the, the, the minimums? Thanks, Andrew. Yeah, look, we obviously, our, our current levels of care minutes are, are all published on My Aged Care, and like a lot of the sector, we are in the process of transitioning towards the 200-minute average, which is occurring sort of as we speak. There is certainly a, a cost to meeting the care minutes, and there is some benefit in the current period, certainly from the funding coming ahead of that. You know, we're, we're sort of in line with the sector, really, in that transition period from the average, sort of in the low 180s towards 200, and we're, we're on a similar path, Andrew, towards, towards that. There is certainly some additional costs that we will see moving forward as we move closer to that, to that level. Terrific. And likewise, all the best to you, Steve, as well. Thank you, Andrew. Your next question comes from Craig Wong-Pan with Royal Bank of Canada. Please go ahead. Thanks. Good morning. My question is on D&A, the number that you reported for FY 2023, is that a reasonable read for what we should expect into FY24? Yeah, Anthony, I, I think that you could take that as a read-through, as to what to expect in FY24. Thanks. The next question is a follow-up question from Vanessa Thomson with Jefferies. Please go ahead. Thanks again. I just wanted to pick up on the mandated care minutes. Has there been any advice on what happens if the 200 minutes are not met? Thank you. Thanks, Vanessa. I think what, what the department and the commission have said is that they will take a proportionate view of that. I think, you know, I think the sector is diligently working towards meeting the care minutes. I think I've flagged a couple of times in the presentation today that, you know, there are certainly challenges in some areas, and we've, we've really called out there some of the regional areas, which will be a, you know, is a challenge just because of workforce availability. There's, you know, there's been plenty of things in the press around, as I, as I referenced again, state health departments and incentives, you know, large incentives for nurses and doctors and the like, to, to move to regional areas. They're, they're the most acute areas where we expect there to be a challenge. You know, based on what the department and the commission have said, you know, they will take a sensible, proportionate view of that and will look at the provider's genuine attempts to meet the care minutes in considering next steps. Thank you. The next question comes from David Bailey with Macquarie. Please go ahead. Yeah, thanks. Morning, all. Just, just in terms of, just growth opportunities, I think you sort of mentioned in the past, the, the cost of, of development is, is more expensive than acquisition. Just, just observations as to how you're sort of seeing that at the moment, and since we've seen-- since we've spoken, at the first half results, and then maybe your expectations going forward. I think, yeah, thank you for the question. Yeah, I think we haven't really seen a big change in the last six months. What we're generally seeing, I think the economy is seeing from a construction cost perspective, is that we're not seeing the continued escalation, but nor are we seeing a reversion back to sort of prior levels. That's, you know, there's some relief on some of the inputs, but indeed, labor remains very challenging. Yeah, we're not seeing any material change in those costs of delivering a new bed under development. You know, I would suggest well north now of AUD 400,000 a bed, depending on the land component, you know, and where that's located. I think the, the narrative we've been talking about for the last 12 months, the results, FY 2022 results in August last year remains the case, David. You know, at the moment, I think on the, on the balance of, of growth via development or acquisition, you know, there's probably pitched towards, remains pitched towards, towards acquisition, with, with some of those other factors making it, you know, a little bit of a challenge for providers, particularly given our industry structure and the fragmentation we see. Can I sneak in a quick follow-up then? Yeah. Yeah, just around, so if the supply of, you know, so your growth is coming from acquisitions, the supply of places for the industry is probably relatively slow. We're probably seeing demand increase. I mean, your thoughts on industry occupancy trends over the next 2 years, should we expect that to continue to gap up? I think, I think there's some factors at play, David, that should assist occupancy. We're still seeing in the latest results that came out last week, the annual review that gets published, which sort of measure of sector occupancy still, still reduced, that was the 2021-2022 year. I think there are some factors coming together that could be positive for, for occupancy, I still think there's a little bit to play out there before we're going to see sort of any significant increase in sector occupancy. I think it will still be a factor of local factors at play, which are referenced in my presentation. I, I do think there are some factors starting to come together that will that will benefit, hopefully, sector occupancy. Thanks. The next question is a follow-up question from Craig Wong-Pan with Royal Bank of Canada. Please go ahead. There was a comment, I think, made just about the home care space and sort of how that has impacted the industry. Could you just kind of go through that in a bit more detail and, like, what you expect going forward, whether that could have a greater impact on the sector? Yeah, I think the reference, Craig, was sort of to say that look on a couple of factors as we look at it, it's been, you know, certain industry commentators have probably put a lot of weight in the impact of home care on, on that trend for residential aged care occupancy to reduce. There has been some reduction in the utilization in certain age groups around residential aged care. I think the reference, though, that I made is that, you know, when you look at, you know, two-thirds of our portfolio really sort of outside Victoria, with occupancy north of 95% and, and higher in, in a couple of the states that we operate in, I do still think local factors are the key, the key sort of factor in, in occupancy more broadly. I think, you know, and I think the growth in home care has been fairly high over the last few years and, and, you know, won't grow at the same speed that it has in prior periods. Given sort of where we sit at the moment, that, you know, limit, I think, from the substitution of home care for what we do, you know, when you look at the residents we care for, very high acuity, unless you have a really significant informal care network around you, sort of 12, 14 hours a week of home care is, is unlikely to be a, a substitute for, for the vast majority of the residents we care for. I think all those factors, moving forward, and I think the, the growth in, in home care moving forward, won't be as high. It will still be a, a, an increasing part of the aged care continuum, but it's not going to grow at the same pace that it's grown at over the last few years. Thanks. Next question is a follow-up question from Andrew Goodsall with MST Marquee. Please go ahead. Yeah, sorry, just coming back, just with the direct care wage increases, just your thoughts on the match-up of the, the cash flow to support those wage increases, with the actual timing of those increases, just, just how, if you, if you're happy with how that's going to flow through? Yeah. You, you're referring to the Work Value Case, Andrew? Yeah, just, well, just any of those forward sort of wage increases that you're going to encounter, just, your confidence that the, I guess the, cash flow, cash flow offset from the government is going to, on a, on a timing basis, match up? Just, just, just, just trying to understand if you're going to be out, caught out at any point on a cash flow basis? Look, at the moment, our analysis, you know, we're comfortable that, you know, the, the increases in the AN-ACC we saw that came through the process of the Independent Health and Aged Care Pricing Authority, the government were pretty transparent about the expectations around what was to be passed on, as a result of the Aged Care Work Value Case. Published tables with, you know, for the awards and the, and the, whole dollar amounts that were to be passed on. You know, we followed those to the letter. The funding came through on the 1st of July, and our staff got the uplifted pay rates from the 1st full pay period after the 1st of July. That, that aligned, well, Andrew. Okay. I think, you know, probably the only exception to that was something Anthony talked about in his presentation, was just the, is the one-off impact on the leave liabilities, and that remains a little bit uncertain. There's a sort of circa AUD 100 million grant scheme that the government have indicated will be available to the sector, the details of which haven't been published yet. You can see sort of that sort of circa AUD 9 million impact to our leave liabilities as a result of that Aged Care Work Value Case that is still to be resolved. The actual, you know, fortnight-to-fortnight funding of the, of the Aged Care Work Value Case, we're sort of comfortable, has been materially covered by the, the wage increase, and otherwise it will be the annual process of which our EAs intersect with, with the funding work done by IHACPA. As we reference in the presentation, we certainly take some positive signs from the first work that IHACPA did in our sector. That work was transparent and followed by government, which is a, you know, significant change from prior years. Oh, no, that's, that's, that's great detail. Thank you. No, it sounds like it's, it's matching up pretty well then. Yep. Yep. Your next question is a follow-up question from Vanessa Thomson with Jefferies. Please go ahead. Thank you again. I just wanted to ask about you've got the new Aged Care Act, I think on July 25, and also the Aged Care Taskforce, which has got their final report in December. Sorry, I wondered if you think if that's gonna make any, you know, changes to long-term funding, you know, if there's asset thresholds or some caps might be lifted, or is it just way too early to be thinking of those things? Thank you. Yeah, thanks, Vanessa. Yeah, the Aged Care Taskforce obviously is a welcome initiative for the sector. It's been something that I think, all stakeholders in, in, in our sector, have been looking for a conversation on, and that includes Government. You know, certainly our hope is that the Aged Care Taskforce will look at sustainability across all the different lenses, including, no doubt, they will look at, at Government funding sustainability, but also the sustainability of providers and the ability of Government to continue to fund, you know, that vast majority of, of, of the funding to the sector. It, it's a, it's a short timeframe. That's looking at interim reports in October and final reports in December, we understand, you know, this, that will be considered for the Budget next year. We will get a sense of that. At, at this point, Vanessa, it's probably a little bit early to, to flag anything, but I think, I think the Minister who's chairing the Taskforce has been very clear that, that everything's on the table, and I'm sure that they will consider, it across the, the broader spectrum of sustainability in the sector. But I think it's, it's a positive thing that that conversation is being had. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question comes from David Bailey with Macquarie. Please go ahead. Yeah, thanks. Just following on from, from Vanessa's question, just co-contributions. You've talked about government funding, but do you get the sense that co-contributions are being, you know, considered more or being something is more considered by the government now than maybe it has been in the past? Is that something that, that could come out of potential changes over the next year or so? Yeah, I think, David, that's certainly a possibility. As I said, I think the Aged Care Taskforce will do what it should do, which is consider the, the broad spectrum of sustainability across the, across the sector, and I think that will include co-contributions for those that can, can afford it, how that, how they do that, and, and what are the mechanisms and the like. You know, we don't have any information, you know, on that. Obviously, at this point, the, the Aged Care Taskforce will do their work. They've got a broad spectrum of experts involved in that Aged Care Taskforce from sort of, all the key stakeholders. You know, I have faith in the work done by that task force in, in considering the whole gamut of things, including, including resident co-contributions, which, you know, is something that has been discussed but not formally reviewed for a quite a period of time and didn't get a particular look in at the Royal Commission, which was more focused on quality. Thanks, Sean. Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.