Lynch Group FY 2024 Investor Presentation. Before we get underway, I just want to quickly remind you to ask questions as we get to the end, which is just in the Q&A section on the bottom of your screen. Today, we're gonna go through a formal presentation, and then we'll leave room for questions at the end. But without further ado, let me pass over to our first speaker. Thanks, Adrian, and good morning to everyone on the call. Thanks for your time. My name is Hugh Toll, and I am the Chief Executive of Lynch Group, and I'm joined by Steve Boyd, our CFO, who will cover off the financials as part of this briefing. I'll move straight to the results presentation released to the ASX this morning, and start with the financial year twenty-four group highlights section on Slide five. The group's full-year results finished in line with the updated guidance provided to the market in early June at both revenue and EBITDA. The results reflect continued recovery in margins in our Australian operations, and a decline in China's performance due to ongoing weakness in consumer confidence and demand, impacting realized pricing across our sales channels. Our FY 2024 results reflect 1% growth in group revenue year on year, 2% when adjusted for an additional week of trading in our Australian segment in the prior year, FY 2023. Australian consumer demand remained resilient across the year, with the bulk of our demand generated in the supermarket channel, where we again achieved particularly strong performance from our sale or return store network. Australian revenue growth was adversely impacted by declines in our wholesale markets channel, which predominantly serves florists. China revenue declined across the year off the back of weaker domestic and export pricing on higher production volumes. Sluggish economic conditions impacted by the prolonged property downturn and low consumer confidence and spending, meant pricing remained weak and below last year levels across the financial year. Group EBITDA of AUD 39.6 million fell short of last year's result by 7%. Australia's EBITDA result, results improved by 50%, with margin recovery initiatives across procurement, freight, and labor, delivering the strong rebound in earnings. China's earnings decline reflected specifically weak trading conditions, with real caution in consumer spending having a significant impact on realized pricing. The strength of our operating platform and team, and the quality and reliability of our products, enabled an AUD 8.6 million EBITDA contribution set against extremely challenging market conditions. As noted in our half-year update, the group recorded a non-cash impairment charge against China's carrying value of goodwill of AUD 30.1 million. The group's confidence in the positive medium to long-term outlook for the China floral industry remains unchanged, and there's been no further impairment charge recorded at year-end. We continue to progress sustainability projects across the business, and we will release the group's updated progress via our sustainability report in October as part of our annual report. Turning now to the Australian highlights on Slide six. FY 2024 revenue finished 3% up year on year, excluding the additional week of trading in the prior year. Customer demand for supermarket floral products remained robust across the second half, despite increasing pressures on consumer confidence and household spending. Sale or Return store growth continued to outperform core store growth across the year. Our key second half supermarket events across Valentine's Day and Mother's Day were delivered in full and achieved very pleasing sell-through rates in store for our customers. Demand from other wholesale and florist customers remained subdued but stable across the year, with florists in general facing challenging trading conditions. Australian EBITDA margin recovery initiatives progressed to plan across the year. Steady improvement to overall buying rates via reductions in freight, ongoing range management initiatives, and greater labor availability combined to deliver improved EBITDA performance. The bulk of international air freight reductions were realized in the first half of the financial year, with rates on key supply geographies remaining steady across the second half. Moving to China on Slide 7. Our China segment revenue finished 12% down year on year. The decline resulted from a combination of strong farm production volume growth, which tracked at around 10% across the full year. Material declines in domestic pricing, which saw average pricing on our key rose products fall by around 18%, and export pricing declined by approximately 17%, which reflected the pass-through of savings on export freight rates to Australia. Weakness in local China floral pricing continues to be driven by very low levels of consumer confidence and spending, which has largely been impacted by the prolonged property market downturn and higher unemployment levels for younger Chinese. Discernible volumes available on market via auction have also been elevated around key event windows. Operational execution across our growing processing, sales, and distribution assets continued to be managed effectively and efficiently, delivering solid volume uplift over the year, with costs well controlled. Strengthening our downstream distribution capabilities remains a key strategic focus for us in China, allowing us greater opportunity to value-add our products and reach a larger universe of customers across all market channels. In this vein, we successfully commissioned our second East Coast production facility in Guangzhou early in the second half, which has immediately provided additional sales reach in this large market across our wholesale, retail, and webshop channels. I'll now hand over to Steve, who will take us through the full year financials. Good morning, everyone. Our FY 2024 results reflect continued margin recovery in Australia. A nd the ongoing effects of weaker pricing in China. The results are in line with the guidance from June. Group revenue of AUD 397.7 million was up 2% on a like-for-like 52-week basis compared to the prior year, with growth in Australia driven by consumer demand in supermarket and declines in China from the combined impacts of reductions in both domestic and export price. EBITDA for the year of AUD 39.6 million was down 7% on FY 2023, with material recovery in Australia and declines in China. In Australia, margins have recovered to 9.4% as procurement and labor initiatives mature and logistics normalize. In China, margins have declined on FY 2023, but did improve in the second half, with economic conditions in the domestic China market remaining challenging. Cash conversion for the full year was 99%, continuing the longer-term trend of cash conversion of close to 100%. The seasonality of cash, with a higher conversion in the second half as inventory build unwinds, was again evident in FY 2024. The group has today declared a final fully franked dividend of AUD 0.08 per share, with a record date of the 4th of September and an expected payment date of the 18th of September. This brings the total dividends for the year to AUD 0.12, up from the AUD 0.07 declared in FY 2023. Moving to the Australia segment, which has delivered revenue and EBITDA growth during the year. Revenue is AUD 329.6 million, which is a 3% increase on FY 2023 on a like-for-like 52-week basis, with growth predominantly driven by consistent demand for floral products in the supermarket channel. Performance in sale-or-return stores remains in line with our expectations, with SOR now representing 26% of the store network. Revenue from wholesalers and florists served by the group's market sites and Flower HQ brand has remained stable, but at a lower base than in previous years. Australia EBITDA of AUD 31 million is a 50% recovery on FY 2023. This strong EBITDA has been delivered from executed margin recovery initiatives, which translated to cost improvements, in particular in the areas of domestic freight, floral buying, and labor. Moderating freight rates from key international routes in Africa, South America, and Asia are now largely normalized. Labor availability is stable and has returned to normal operating conditions and not impacted operational efficiency during the year. Labor rate inflation remains higher than historical norms, reflecting the wider economic trends, and is the largest contributor to the increase in operating costs during the year. The full-year EBITDA margin of 9.4% demonstrates this margin recovery and that EBITDA margin is ahead of recent years. The group is also in the process of the first phase of a system upgrade of its ERP from SAP ECC 6.0 to SAP S/4HANA. The first phase is expected to conclude within FY 2025, with costs of around AUD 1.5 million expected to be reported as underlying adjustments to the FY 2025 EBITDA. Moving to the China segment. China revenue is AUD 85.4 million, down 12% year on year. The drop in revenue is a combination of domestic price, domestic volume, and export. Domestic rose pricing is down 18% on FY 2023, which is also 32% on FY 2022. Much of the price decline has been offset by increased volumes from current and prior year greenhouse expansion, although the rate of volume growth has slowed in line with the reduced expansion across 2023 and 2024. Export revenue has declined 33% during the year, driven by air freight reductions, with the savings passed on to Australia and less third-party products supplied from the China market into Australia. The volumes of group-produced products exported are stable year on year. The cost of operating the China business have remained well controlled, with key production costs, including heating, fertilizers, packaging, freight, and labor, all in line with expectations. China EBITDA of AUD 8.6 million for the full year is reflective of that subdued domestic pricing, coupled with a largely fixed cost base. The full-year P&L shows an operating margin in line with last year, with Australia benefiting from operational improvements and China affected by the declines in domestic pricing. Operating costs are up 7%, driven by the higher inflationary environment experienced in Australia during the period. The largest impact is in employee costs, where year-on-year increases are from a combination of rate and the resourcing of key roles in sales, HR, and safety. Depreciation and amortization increased by 7%, with depreciation on property, plant, and equipment, and right of use assets both increasing. Amortization is consistent year on year. Financing costs reflect the high interest charges on Australian debt relative to the prior year. The increase in income tax reflects the higher tax rate applicable to Australia, combined with Australia delivering a higher proportion of overall group profits. At the bottom line, net profit after tax, adjusting for non-cash amortization or NPATA, is AUD 9.2 million, with Australia profitable and China in a loss-making position for the year. Moving to cash flow. Cash conversion is 99%, in line with prior year trends of near 100% cash conversion. The focus on decreasing inventory levels to free up cash has been successfully executed in Australia, leading to greater than 100% conversion for the Australian business. In China, working capital is negative for the year, as some prepayments towards the FY 2025 tulip bulb program fell into the year. Lease, interest, tax, and maintenance CapEx are around 20% higher than in FY 2023, and the biggest contributor to this increase is income tax, as Australian profits increased, resulting in the higher tax rate. Interest on debt was also up year on year, as a full year of higher interest rates on debt in Australia were realized. And dividends there of AUD 13.4 million is made up of $0.07 paid this time last year, and the interim dividend paid in March of $0.04. CapEx spend of AUD 11.6 million includes growth of AUD 6.7 and maintenance of AUD 4.9. The reduced CapEx compared to FY 2023, and especially FY 2022, reflects the more cautious approach to greenhouse expansion in China during the current economic conditions. Growth CapEx of AUD 6.7 million includes investment in production capacity expansion in Australia, and some moderate greenhouse expansion and other farm infrastructure in China. Greenhouse expansion includes progress payments on expansion from prior periods, and other farm infrastructure includes investments to support the additional tulip volumes. Maintenance CapEx of AUD 4.9 million is a moderate increase on 2023, reflecting the wider farming base in China. And the closing developed land area of 84 hectares in China includes 2 additional hectares developed during the year, as CapEx plans remain moderated. Finally, on the statement of financial position. The group's statement of financial position remains broadly similar to FY 2023, with the exception of intangible assets, which have reduced from the non-cash impairment charge to goodwill of AUD 30 million in relation to the China group from the first half. Due to the current economic conditions in China, detailed assessments of indicators of impairment were conducted at the half year, and again at the full year. As noted at the half, an increase in the discount rate applied to the China group of cash flows resulted in the recognition of an impairment charge. At the end of the year, a slight increase in that discount rate was considered appropriate, as the short-term economic conditions have not materially changed. Based on the updated cash flow model, no further impairment was realized at year-end. These assumptions, verified by our auditors and their independent experts, resulted in the reduction in the carrying value of goodwill in China for the full year, from AUD 59 to 28 million, and importantly, our view on the medium to long-term outlook for the China business remains unchanged. Aside from the movement in intangible assets, inventories have reduced from AUD 15 million in FY 2022, AUD 13 million in FY 2023, down to AUD 10.5 million in FY 2024, reflecting the deliberate strategy to free up cash. Other assets include volumes of tulip bulbs to support the upcoming FY 2025 program, as previously noted, and borrowings are unchanged at AUD 55 million, with AUD 22 million undrawn facilities remaining available to the group. The banking covenants for the period were achieved with satisfactory headroom. As usual, we've provided revenue, EBITDA, and key operating metrics splits between geographies, as well as reported the stat reconciliations in the supplementary pages at the back of the investor presentation pack. Thanks, Steve. We're now turning to Slide 17, which goes to current regional trade settings. In Australia, current floral demand remains stable through our major supermarket customers, with Australian revenue growth up 5% for the first seven weeks of the new financial year. Sales growth from our supermarket sale or return network remains materially higher. Amidst the backdrop of consumer spending caution, demand for supermarket floral products remains positive. Demand from wholesalers and florists is generally stable against the weaker FY 2024 baseline. In recent weeks, we have successfully collaborated with one major customer in launching a new branding for their floral category, while also developing and launching a new in-house brand platform to support growth through our independent supermarkets channel. Both initiatives have demonstrated positive early sales momentum. Broader cost trends across international freight and labor are expected to remain stable for the foreseeable future. As Steve has already noted, we've recently commenced an upgrade to our ERP system, which we expect phase one works to be completed during the current financial year. And in China, market demand for floral lines remains subdued, with the economy experiencing low consumer confidence and spending, particularly impacting discretionary products. Our pricing for the first seven weeks of FY 2025 has been in line with the same period last year. Operational efficiency and cost control remains a key focus, our primary objective being to maintain leading unit cost efficiency across production, packing, and logistics. Costs continue to be well controlled as our operations and customer channels currently handle peak summer rose volumes. The Guangzhou production facility has added scope for new customer acquisition, and has enabled access to further high-volume retail customer networks in the Southeast. Startup bouquet production commenced during this quarter. We continue to carefully manage China's greenhouse expansion and capital deployment program, given market conditions. Principal works this financial year will add a further one hectare for amaryllis production, as well as additional heating capacity on our Lufeng farm. With consumer floral demand and general conditions in China remaining subdued, commitments for the new 5th farm and additional production facilities have been put on hold. Moving finally to Slide 18 for the group's overall outlook. Australian revenue growth is expected to remain positive, supported by our product and service value proposition, and the increasing floral industry share of our supermarket customers. China revenue is expected to be adversely impacted by weak consumer sentiment in the short term, and improvement in recovery of pricing remains closely tied to a rebound in consumer confidence and spending. Australian EBITDA margin is expected to track in line with the improved levels of FY 2024, while improvement in China EBITDA remains linked to a recovery in pricing. And finally, we'll provide a further trading update at the group's AGM in November. That wraps up the results presentation material t hank you for your time and interest. Adrian will now sort of collate and coordinate questions. Thanks, Hugh. And just for those on the call, just a reminder to ask for questions. Just add them to the Q&A session section on the bottom of your screen, and we'll work through each of those in turn. So Hugh, the first question. There's a fair few here, by the way s o the first one, double-barreled one. How many stores do you have on SOR now? And has talk about tax cuts helped retail across the board, as we've seen, but how much has had an impact, this as we've seen in July and August? Yeah. Look, our SOR turn store numbers, we've never quoted, but I think we're running about 26-27% at the moment. Reasonably stable across FY 2024. I think, you know, in the foreseeable sort of one to two-year timeframe, we'll start to push that number higher. We went through a high level of conversion numbers sort of after the IPO, so in 2021, 2022. I think both customers will be in a position where they're pushing for more growth on that channel soon. But again, I think it'll take some time, I think more towards the second half of this financial year. In terms of sort of tax and sort of consumer confidence in the market, it still looks difficult to us. We're obviously seeing high foot traffic through supermarkets, which sort of plays to our category. In a similar vein, I think our price point, which will obviously come at a discount to, you know, florist products, means that if people are trading down, they will buy more flowers through the supermarket. I can't speak to, you know, I suppose, increased tax dollars yet w e're only, I think, seven weeks into the new financial year, so wait and see i think our expectation, though, is that with foot traffic and with, you know, recent trends we've seen in volume growth in our business, you know, the extrapolation of what we saw in the first seven weeks, you know, mirrors what we were seeing in the final quarter of the financial year. Thanks, Hugh. Next question, turning to China. So China prices have bounced considerably in recent weeks. What's driven this? You still seem to be quite cautious on pricing. Yeah, you know, China is a lover of events. One of the key Valentine's-style events they have up there is late July, early August, and it's called Qixi s o that fell on the 10th of August this year. So that is, you know, the first event of our financial year s o we absolutely saw pricing improve in the lead up to that. I think the duration, and I think the amplitude of that, you know, increase was disappointing to us in that we'd like to see. We usually see event demand sort of pick up, you know, probably two weeks out from an event, and we'd see higher sort of price movement into that event. This year, it was, you know, really concentrated within about a week of that event, and the price increases, you know, were substantial, but, you know, we would like to have seen better pricing s o that's probably the recent trend. In terms of our broader sort of attitude or sort of posture on pricing, I think we haven't seen anything that sort of gives us sort of an indication that the consumer is sort of changing for the positive. It's been tough, w e're in the middle of a peak volume segment of the year across summer in China, so there's a lot of product on market this time of year, every year, and it is the weaker pricing period of the year. In terms of, you know, what is gonna activate the consumer out there, I think a little bit of it is time, a little bit of it is a stabilization in property values, as a lot of sort of household wealth is tied to property up there and I think a more stable employment environment up there for, you know, the 20- 40-year-old category, sort of, age group. You know, I think we're cautious i think our view is that the, you know, pricing where it's been for the last, you know, 14 months, you know, from the back end of May last year, it's been weak, and it's been consistently weak over that period. So I think the catalyst for change is consumers wanting to spend more money. We haven't seen any signals or signs out of government around stimulus. We keep waiting for that, but I think any stimulus has to be very carefully crafted to, you know, to make sure that it just doesn't end up getting trapped in people's bank accounts. So at the moment, I think our view is that we are in a very weak situation i t's not getting any worse. We're just waiting for the signals to see if the consumer is feeling a bit better. Thanks, Hugh. Next question, just staying on China. And it really just goes to your ability to source new land in China, and really, is there a pause on that process? We're in the middle of contract negotiations right now i t is hard up there. Land use is under big focus from government around sustainable sort of food production, food security, all of those sorts of things, so obtaining land is difficult. It is more difficult for anyone looking not to be producing sort of rice or corn. But you know, depending on land classification and the governments you're working with, you can find it. If you're a foreign entity who has invested over a long timeframe, is a stable employer who pays taxes and you know, brings technology to bear in that market, you're in a better position than most, so you know, I think it's an active decision for us w e've got six or seven hectares still to develop on our Lufeng farm, which we've, you know, slowed down on. We'll finish that before we even contemplate the fifth farm. As I said, though, we're well positioned to hit a contract for a new farm now, but I think we need to be careful because as soon as you, you know, sign a contract, you're on the hook for, you know, moving CapEx, you know, at a certain speed to keep everyone comfortable out there. So yeah, it is more difficult on land. We are taking a conscious pause on, you know, within our own means. Thanks, Hugh. Turning back to Australia. So great to see strength coming through in Australia in the first seven weeks, up 5%. Has this primarily been volume driven, and how much does this increase foot traffic through supermarkets drive performance? Yeah, look, we are into volume i think if you looked at FY 2024, it was characterized by price, and that is both through price increases and through, I'll call it, sort of ASP bracket creep, you know, across our value-added lines as people sort of buy a AUD 25$ bouquet instead of a AUD 20$ bouquet. So you know, I think what we're starting to see now is more of a volume shift. So, you know, price increases were put through with our major customers back at the back end of FY 2023. So I think foot traffic is a big part of it i think people are naturally spending more time in supermarkets if they're not eating out, which means foot traffic is higher, and people walking past our stands will, you know, stop to buy flowers. So yes, I think a part of it is to do with the current economic settings, more people in stores. What we've always seen and said about our business that, we will slow down in a downturn, but we typically don't go backwards. So I think, when things are tough, you know, people are being more careful about how they spend their money. They're still gonna buy flowers. People can trade down from higher priced online operators or florists or whatever it happens to be. So I think at the moment, we are seeing more foot traffic, traffic through supermarkets, you know, and I think the, you know, range of proposition that we put up is, has met the mark. Thanks, Hugh. Back to China. Should we be viewing China domestic pricing to start the year being flat on last year as a broad proxy for revenue? Yes, with the exception being volume. So our volumes are certainly up. We are exporting more to Australia at the moment. So I think we are certainly positive on revenue into the new year in China. So yes, the sort of pricing paradigm we're in is very similar to last year. Our volumes are slightly higher. And so I caution people on volume because, as you know, you can see from our CapEx charts that a lot of our sort of hectare count went in about two years ago. So we've obviously seen strong uplifts in volume over the last couple of financial years. We're still cycling through that, and there is additional volume growth across the farms, but we are, we're heading more towards sort of terminal, you know, yield rates across our four farms. So yes, positive revenue, predominantly to do with volume and some more export p ricing's stable on last year. Thanks, Hugh. Broader comment, can you talk us through the key drivers in what has given you confidence to deliver EBITDA margins in line with the 2024 levels moving into 2025? Yep. I mean, as you, as you know, the, the weakness that we suffered through across most of calendar year 2022, was principally, import freight rates out of our key geographies. A real lack of labor, meaning that we were running, significant amounts of overtime in through our business. On top of that, inflation rates on things like domestic transport, you know, insurance and all those sorts of things started to creep up, and we hadn't been able to push through price increases. So we were in a very difficult circumstance at that point i f you sort of fast-forward to 2024, we put through a couple of rounds of price increases with our customers across 2023. We'd started to see freight reduce across our financial year 2023 for principally out of Africa and South America, and a little bit more of that at the front end of FY 2024, and we've seen stable rates since. So the bulk of the upward movement, which related to, you know, restrictions in movement of passenger airlines, you know, across the COVID years, is out of the market now. We're back to freight rates out of our key geographies that are a whole lot closer to pre-COVID levels, with the exception of China, and labor, as Steve noted in his section, availability of casual labor in our business, really since January 2023, has been far more normalized, and our requirements to, you know, run overtime, et cetera, you know, has been minimized. We're also, you know, as we mature as a business, we're doing a much better job at managing, planning for, managing, and executing our events. As you can imagine, when you're running, you know, Mother's Day, Valentine's Day, or otherwise, you can have, you know, somewhere in excess of three or four times the volume of product running through the business in a ten-day window. And that means flexing up labor and, you know, trying to squeeze more through the sausage machine, you know, in a, in a limited amount of time. We've got better and better at that, and we learn from each event y ou know, we, we try to eradicate mistakes, et cetera I think, you know, generally speaking, labor availability and our ability to control and improve efficiency has got better year to year. Thanks. Um- Long way, long way of saying, I think in terms of the key things that impacted margin, you know, from our 2021 levels, we've worked through the system, we've recouped on labor, and on the sort of major sort of import freight rates. That has meant that I think, you know, our 2024 number is a good proxy for EBITDA margins, sort of looking into 2025. No, thanks for that. Thank you, very comprehensive answer. Next one, just turning back to China. How are you seeing the scope for market consolidation in China? Would you expand, or have you seen interest in your business? Look, I think the first thing we're gonna see is pain, you know, in that most of the market is losing money at the moment up there. So I think people are sort of holding on at the moment, and that ranges from the small grower who is feeding the family, right up to some of the new projects, which certainly don't enjoy, I think, the yield or the cost efficiency that we do in the greenhouse. So I can only assume if we're doing it tough, they're doing it a whole lot tougher. So I think that has meant that there are plenty of growers up there at the moment that aren't picking product, they're not packing it, and they're not distributing it because of where pricing sits. So I think that can only last for a certain amount of time, i think while there is some sort of state capital in major projects up there, which may have a longer pain threshold for making decisions about, you know, being in or out of the business, I think in the next twelve months, you're gonna see people exit growing flowers. You know, in terms of what that means for corporate activity, I think we will start to see closure first, and then we might start to see some consolidation. So look, at the current time, I think we've been asked questions before about would we buy assets up there? I think-- --You know, in the current environment, very careful i think, and if the market didn't improve, you know, in the short term, you know, some of these assets would be, you know, trading a whole lot better, and they wouldn't be available look, happy to sort of answer that question at another time, but right now, it's sort of batten down the hatches and extract what we can from our asset base. Thanks, Hugh. Staying with China, can you also comment on the performance in the different channels in China, in terms of the key retailers, wholesale, and TC Channel? How is the Guangzhou facility operating, and has that created incremental demand? Yep. I think if you looked across it. Look, the emerging trend is all around live streamers look, you know, if you went back a year or two ago, you wouldn't you have, you know, big volumes of product on the market sort of going out over the internet with, you know, with individuals talking out through WeChat and other platforms, selling product, standing in the market. So that's obviously a huge trend it 's come into the flower business as well, as it probably has into other consumer product categories. And that means that, you know, I'll sort of put that into our wholesale channel. We've seen more of our product go out, you know, via those live streamers. In terms of the health of the various categories, I think all of them are suffering. You know, I think the retailer probably done better in that demand through our major supermarket and online customers has been pretty stable. We certainly haven't seen any declines in either volume or pricing through our major supermarket and online customers. Wholesale is naturally more volatile because we're dealing in a market with, you know, four or five hundred different wholesalers in different geographies, day in, day out. Our webshop business, again, is stable, i ts still represents north of 10% of our sort of volume throughput up there. Increasingly, you know, it's not just our farm product. You know, we are one of the bigger buyers of local product now, which goes out both across our webshop channels, increasingly through our wholesale and supermarket customers this is product grown by other growers that we don't grow, and exported into our Australian business. So I would say, in terms of where to from here on retail, we've certainly taken on a few new customers, large customers in the last three months i think we've been quiet on customer acquisition for a couple of years, from the early flurry of taking on, the likes of Sam's Club, and Hema, and Dingdong, et cetera, a couple of years ago w e've got sort of increased universe of customers we're dealing with. And that sort of finally comes back to the last part of the question, which is Guangzhou. So we're a lot more active in that southeast part of China now, and some of the retailers that we're taking on are active in that market. Guangzhou has been important for us. Not only to sort of deepen our universe of wholesale and webshop customers that we can access locally in that market, but it's meant that, you know, to get into the trade with retail down there, having stock in that market and being able to deliver that into DC, has meant that we've won new business. Guangzhou has been a win in terms of having more access to market, in that part of China. Thanks, Hugh. Well, we've exhausted the group of questions, so I'll return to you for now for any closing remarks. Okay. Thanks, Adrian. Well, thanks, everyone, again, for your time and interest on the call today. We'll be on the road speaking to investors over the next three days, so I look forward to seeing those that we've, you know, we've organized face-to-face meetings with. You know, thank you for your time and interest in the business. Thanks, everybody.