Good morning, welcome to the 2022 Select Harvests results presentation. My name is Paul Thompson. I'm the MD of Select Harvests. Joining me today is our CFO and Company Secretary, Brad Crump, and Andrew Angus from Overland Advisory. Brad and I will present the 2022 result and an outlook on the 2022-2023 crop and market. After that, we'll be available to take questions. At the end of the session, if you use the raise hand function to acknowledge to Andrew that you have a question, he'll let you into the room to ask questions. At the moment, everybody's microphones are on mute. In addition to the presentation information, there is information in the appendix that may be of interest to people. As said, when it gets time to ask questions, we'll let you know. Please note the disclaimer and the basis of the preparation of these accounts. As I said, it is the full year. Let's get started. Again, we had a challenging year. The almond industry continued to be disrupted by the COVID overhang, international logistic constraints, and the overhang of the larger US crop. Disappointingly, market pricing continued to bounce along at the 10-year low. One, there were some significant positives in the 2022 year executed by their team. They include the integration of the Piangil Orchard, the closure of the Thomastown facility on budget with staff being able to exit with dignity, increasing the capacity of the Carina West value adding facility, upgrading our sorting and packing facility at Carina West. Over 40,000 tons of compost was returned to the orchards, orchard soils and additional development of the co-waste alternatives was continued. 73% of the crop has been sold and committed as we sit here today. As you'll see from the chart, volumes were up on last year. Pricing has not moved since last year. US growers are still clearing their large carryover crop, which is like ours due to growing conditions. The US crop consisted of less inshell and less industrial style, more industrial style grades. The 28.3% reduction in lost time injury frequency rate can be attributed to our proactive approach to safety by focusing on injury prevention by identifying hazards and eradicating them. The weather conditions did have one positive, a dramatic drop in the temporary entitlement water pricing, which directly impacted our cost and in part offsets some of the negative impacts, the largest being the longer harvest and having to mechanically dry 25% of the crop. The business was also impacted on Boxing Day by a hull fire that compromised our fumigation and warehousing capabilities and capacities. The COVID overhang had a negative impact on cash flow, with logistic costs increased dramatically and lead times extended. Pleasingly, yields were above the industry average. In summary, we controlled what we could control and we managed what we managed what we were unable to control. I'd now like to hand over to Brad to provide you with a detailed review of the financial performance. Thanks, Paul, and welcome everyone. The combination of an ongoing low almond price along with higher weather-related operating costs and increased logistics-related costs have led to a lower than FY 2021 NPAT result of AUD 4.8 million. Note that this is made up of continuing operations NPAT of AUD 6.2 million and a discontinuing operations loss of AUD 1.4 million. Discontinuing operations relate to the sale and closure of the Brand Consumer Foods business and includes the six-month packing contract for Prolife Foods, which is concluded, and the exit of the Thomastown facility, which finished on June 2022. There are no further revenues or costs related to discontinued operations. NPAT was achieved through the delivery of a continuing operations EBITDA of AUD 40.4 million and an EBIT of AUD 12 million. Net debt to equity was 25.9% and earnings per share was AUD 0.039. A fully franked dividend of AUD 0.02 per share has been declared. The above has been achieved through AUD 26.8 million of operating cash flows for the FY 2022 year. Moving on to slide 9. This slide provides a visual impact of Select's key profit drivers: volume, almond price, and production costs. Overall, volumes were 2.7% higher. The almond price remained flat at AUD 6.80 per kilo. Cost per kilo increased by 4.4%. There were a couple of other factors that reduced the NPAT from last year's AUD 15.1 million to AUD 4.8 million. I'll go through those a little later. On slide 10, which runs through our income statement. Moving through the FY22 income statement, I'd like to point out the following. Revenues were down by 12.7%. This was due to the 12 full months in FY22 with an average almond price of AUD 6.80 per kilo in our sales number. This compares to the first half of FY21 that had the benefit of FY20 sales at AUD 7.50 per kilo. Note that based on the fair value accounting standards, FY22 profit is based fully on the 2022 crop at AUD 6.80 per kilo. The 2022 crop fair value profit was 19% lower than the 2021 crop. This is due to increased harvesting costs due to the wet weather delays and increased handling requirements. Higher processing charges due to increased drying requirements and higher insurance. Increased recognition of immature orchard costs. This was higher than the number of equivalent tons produced, which the benefit was received earlier in the cycle of the trees. This was partially offset by lower water costs of approximately AUD 8 million year-on-year. Third-party processing profits were lower as Select reduces this line of business to focus on its own crop. Whole profits were lower due to a lower demand for supplementary livestock feed. Value add gross margins were negatively impacted by using prior period higher-priced raw materials, while finished goods sales prices decreased in line with the almond market. Lower yields and throughput levels were also impacted in value add as a result of transitioning capacity and capability from the Thomastown facility. Interest costs were higher due to increased rates and a higher average net debt level. Discontinuing operations made a loss of AUD 2.2 million before the reversal of AUD 1.2 million of provisions raised in FY21 due to the improved result on the sale of non-required equipment. Slide 11 gives a visual impact of the previous points I've just raised. An additional point I'd like to point out on this slide is corporate costs were higher due to the write-back of previously capitalized project costs, increased training and system development in people and cultural activities, and the commencement of a dedicated sustainability function. Cost of production per kilo increased by AUD 0.25 per kilo to AUD 5.88 per kilo. Material movements for the year were: horticultural costs, excluding water, increased by AUD 0.24 per kilo or 9.5%. This was predominantly due to higher labor costs, higher electricity costs, and higher costs for bees. Additionally, the write-off of 500 metric tons post-harvest due to the wet weather quality issues also increased the cost per kilogram. Water costs dropped by 33% to AUD 0.61 per kilo due to the reduction in the price of temporary water entitlements. Harvest costs increased by 17% to AUD 0.63 per kilo due to the delayed and difficult wet conditions during this period. Processing costs increased by 34% to AUD 0.86 per kilo due to the increased requirement for mechanical drying required for approximately 25% of the crop, and also due to the fact that we had less in-shell production. Additionally, due to an earlier hail fire, Select's insurance charges increased materially. Moving on to the balance sheet. Select's balance sheet remains in solid shape. There are a few points to note. Inventory levels are higher as we're holding higher levels of stock with a delayed shipment program and less in-shell produced. There's no Thomastown facility consuming some of our internal stock. Biological assets, what we're spending on the 2023 crop, are higher due to increased input costs and labor. The delayed sales program and the removal of Thomastown has also led to a lower receivables balance. Property, plant, and equipment has increased due to orchard equipment purchase, particularly for Piangil, as was planned. Additionally, CapEx was dedicated to the upgrading of the Carina value add facility to increase capacity and capability from the closure of Thomastown. Select's net debt position increased by AUD 36.4 million to AUD 134.6 million as at the end of the year, due to the capital program mentioned above and a full year of receipts at an average price of AUD 6.80 per kilo. Debt levels averaging AUD 140 million are expected for FY 2023. Importantly, our current debt facilities remain adequate for our ongoing operations. All covenants are well within their required levels, and the company's gearing ratio of 25.9% remains within the targeted range. I'd like to move to the next slide to discuss the next point relating to the balance sheet. All Select's assets are recorded on the balance sheet at their book value. In August and September of this year, Select engaged Herron Todd White to conduct a valuation of the company's property assets. This valuation shows Select's processing and orchard assets at AUD 458.4 million or AUD 119 million higher than their book value. Additionally, management performed a mark-to-market analysis of Select's water assets at 30 September 2022. This showed that our water assets, valued at AUD 128.6 million, are AUD 70 million higher than their book value. In summary, Select's assets are valued AUD 189 million or 47.4% higher than the value carried on the balance sheet. By referring to slide 15, which we're on now, you can see that by taking this into account, taking into account the market value of the assets, Select's NTA per share increases from AUD 3.58 to AUD 5.14. Capital expenditure increased above operational CapEx requirements due to the requirement for equipment for Piangil and the value add upgrade. This is expected to reduce in FY 2023. Working capital balances were higher due to the delayed sales program, including the less in-shell produce, leading to higher levels of inventory on hand. Operating cash flows were AUD 11.4 million lower in FY 2022 compared to FY 2021. This was predominantly due to lower receipts as the company had a full 12 months of sales at the lower almond price of AUD 6.80 per kilo. Other factors were the delayed harvest, lower in-shell yields, which is normally the first product out to market, and the transition period of Palmerston to the Carina value add facility. The lower operating cash flow and increased capital expenditure was funded by the AUD 36.4 million in-increase in debt. Thanks, Paul. Back to you. Thank you, Brad. I'd now like to walk you through the people, planet and platforms and then look to the future and outline our priorities as an organization. As I said earlier, our success in the area of safety is a result of the team's active engagement by identifying hazards and resolving them before they become injuries. The wet conditions, market stress and the hull fire did mean this result was achieved in a tough condition, something that needs to be acknowledged. Our safety culture is strong with our two leading convictions in our culture survey being food safety and workplace safety. We recognize and enjoy our role in regional Australia, in the regions in which we operate. We are 100% committed to being a model leader and citizen, financially and ethically in these communities. To achieve this, we've invested in our team's leadership skills. We've committed to increasing the female participation in our senior management levels of our organization. We've set a similar commitment about attracting young people to Select and our industry. Like many organizations, we formalize the work from home arrangements. We now turn to the planet. As you would all know, the almonds we eat is the seed of the fruit, and the most of the nutrition is in the rest of the fruit. Historically, our industry has treated the fruit of 75% of the biomass as waste, effectively clearing it to the stock feed industry. Select Harvests, among others, have commenced an extensive series of projects to extract value from the hull and the shell and the other biomass. I'll discuss these projects in a minute, I'd like you to understand these have huge environmental and financial benefit in looking to create value from everything we grow, not just from the almond kernel. Our commitment to the planet touches every part of our business and not just our orchards. We are developing and implementing plans across the entire business. In February, we'll be publishing our sustainability report. It'll provide a broad update, but in particular, provide an update on our plan to be carbon neutral by 2050 or earlier, explain how we measure water efficiency, the importance of air and land stewardship, and how it is at the core of our business in our hearts, not just a compliance objective. As I said, there is a lot of opportunity from our nutritious co-waste. Our philosophy is to recycle, return nutrients to the orchard in a liquid or a solid form. Today, we have only, we are the only standalone power plant running on almond co-waste, we hope to lead other innovative opportunities, including making them proprietary. Now, we turn to the all-important market. The almond market continues to focus on supply. The large US crop in 2020 and the COVID disruptions have caused an especially large carryover and a glut of low grade product. Low consumer confidence caused by geopolitical tensions in Europe and inflationary pressure has dampened global snacking demand. The result is the almond market is entirely focused on the carryover, not the future lower crop supply environment. Buyers are unwilling to take positions undermining confidence. Whilst growers have had to absorb significant cash cost increases, pollination, agrichem, fertilizer and energy, all they want is cash and are prepared to forgo profit. On top of this, the nature of the COVID lockdowns and the logistic disruptions are only giving buyers more strength. Unfortunately, at the moment there's little seller resistance. If we look at the 2023 crop, after a wet harvest, we are looking for a less challenging year. Unfortunately, due to the Varroa mite incursion, this was not to be the case. Pleasingly, our horde team was able to secure sufficient hives to meet the minimum requirements. Many growers were not that fortunate. Even with less than ideal weather conditions, our assessment is that we had a solid crop. Since pollination we've been subjected to significant ongoing wet conditions. Several orchards, and particularly irrigation infrastructure and orchard access, have been impacted by this volume of water. It's too early to understand the impact. Once we understand the implications of these conditions, we will provide advice to the market. The initial impacts are operational access, not decline in tree health. On the cost front, we continue to benefit from low water prices, generating part of our energy internally and lower input programs due to composting. Unfortunately, this has not offset the significant cost inflation in fertilizer, energy, and insurance and bringing more grain costs to the balance sheet to the P&L. Some of these costs, like fertilizer and international freight, are returning to normal levels, we will not see the benefit in the 2023 crop base. Please be assured, management continues to focus on costs where we're in a fixed cost industry. I'm confident our cost position remains at the bottom of the industry curve. As you can see, the situation has been challenging for the last two years. As I said, many US growers are selling below their cash cost. This is unsustainable. It has been painful for all. Select Harvests has avoided some of this pain by maintaining a low cost per kilo, focusing on price realization, and prioritizing markets where we have market access advantages and free trade agreements. Clearly, the market cannot continue to sustain these prices, especially with the additional costs I've just outlined. With 80% of the crop produced in the U.S., the likely triggers of price movement are: the U.S. carry over 2021 crop being stomped out, ongoing supply constraints in the U.S., a combination of tree removals which are happening in continued drought conditions, a poor blossom in February, and a market short. The argument the market cannot sustain higher prices is a fallacy. You can see that the market has sustained higher prices with similar supply for many years in the past. If I look to our priorities, our priorities are the safety and the well-being of our employees and other stakeholders. The horticultural program for the 2023 crop. Input security. In these times we've had to buy ahead on some of the inputs, particularly fertilizer. The marketing program to sell out the remainder of the 22 crop and keeping our eye on the market to optimize the 23 crop. Value add, optimizing our investment in our processing facility. Looking through the cycle at strategic growth opportunities. Sustainability, investing further in understanding our carbon footprint and co- waste recycling opportunities. The critical management of cash and maintaining and the maintenance and the management of our capital program. In summary, demand for almonds and almonds as an ingredient remains strong. Select Harvests has state-of-the-art assets and are operating at the bottom end of the cost curve and are able to sustain in this environment with greater strength than many other organizations. Currently, the issues, the current issues largely relate to orchard access. To date, we don't believe the damage is material. Carry over the US crop is being consumed. This will create downward upward pressure on price. Global supply is under pressure with the drought in the US and the northern hemisphere. It has potential impact of the rainfall in Australia. As you would all be aware, there's an orderly transition underway as I step down from the business in the first quarter next year. I'd now like to open the floor for questions. Andrew? I'll just wait for questions to come up. Just give me a minute. Apoorv from UBS is on the line, I believe. Good morning, guys. Can you hear me? Yeah. Hi, Apoorv. How are you? Good. Well, thanks, guys. Okay, a few questions from me. Number one, on cost per kilo into FY 2023, I guess more probably for Brad, this question. I think in the past you've said kind of AUD 0.50-AUD 0.60 per kilo step up in FY 2023. Do you still see it that way, taking into account your comments that you made, that you're expecting some further savings in water costs as well in 2023? Yeah, no, we will see an uplift in 2023. Even though there's some further savings in water, they'll only be sort of AUD 2 million-AUD 3 million. Fertilizer and chemical costs will sort of be around about the AUD 20 million mark uplift. That'll more than offset any savings that we get on water. Understood. Just on the FY 23 crop marketing program, I think historically you normally start marketing, correct me if I'm wrong, like November, December. On this occasion, given where prices are and the uncertainty, are you looking to potentially delay that to kind of January, February and maybe take advantage of a better environment then? Yeah. Look, there's Apoorv, that's Paul here. In two weeks' time, there's the U.S. California Almond Conference there, where a lot of the buyers and sellers will be. Obviously, we'll see what the mood of the market is while we're there. It'd be fair to say at the moment that we're not keen to sell at the current prices, recognizing that, you know, the potential shortage of crop in the U.S. and some of the other market dynamics. For instance, some of the key consumption groups still have purchases need to be purchased for things like Diwali. Not Diwali, sorry, Ramadan. Yeah. Yeah. Okay. Just on the value add almond business, is it fair to say, I think this is what you said last time, probably a small loss in FY 2022, EBITDA loss. Is that right? Into FY 2023, sounds like you're more positive on gross margins. Should we expect some sort of positive EBITDA contribution from that business next year? Yeah, we're expecting a positive result for the 2023 year for value add. We're moving into utilizing 2022 stock raw material next month, and that'll start providing an uplift in our gross margin position. Understood. One final question before I let someone else. Just on corporate costs, up a little bit in FY 2022. Are you able to say, could it fall down sort of in 2023, have a bit of normalization? I'd anticipate they'd be, you know, sort of pretty flat with CPI. Okay. Okay. Thanks, guys. Thank you. Paul, we've got another question from Taylor Giles of Barrenjoey. I'll just put her through. No problem. Hello, Taylor. Hi. Can you hear me? Yeah, just if you could speak up, that'd be great. Sure. Could you just talk a bit more on your costs rolling into next year, in particular clarifying the ag chemicals and the leasing costs, please. The leasing. Yeah. We've got. It's mainly, so there's two uplifts for next year. One is around fertilizer. The fertilizer and ag chem piece, as I mentioned, will be approximately an uplift of circa AUD 20 million. The leasing cost, the additional leasing or recognition of capitalized lease costs will be approximately an additional AUD 6 million into next year. Okay, great. Thank you. That's just to be aware, that's a non-cash item too, by the way. Okay, cool. Thank you. Then just on the key sales periods for selecting how long you can hold off on current pricing before having to sell? Yeah. look, the product has a shelf life of 18 months to two years. The reality is with warehousing and that, particularly our in-shell product, we like to clear that as we harvest it. you know, if you look at probably the latest we could hold off is February for part of our in-shell crop. Okay, thanks. The last question from me is, just on what you're seeing with trading markets and momentum, which export markets are you seeing the most activity and where is the most risk in terms of demand? If you look at the in totality last year, the India market was very strong. In the last three months, it hasn't been as strong, which is an important market to the industry. The China market has been pretty solid from an Australian perspective, although down from the US. The European market's grown at about 2% for versus the previous year. The other one is that, you know, recent reports are that the Spanish crop, which is similar size to the Australian crop, is likely to be down as much as 50%. That'll mean that gap has to be filled by the US and the Australian crop. Okay, great. Thanks very much. Thank you. Well, it doesn't look like we've got any more questions at this stage. Actually, just hang on. We've got another one from Apoorv Bordia. Just hold on. Apoorv, go ahead. Oh, sorry, Andrew. Can you hear me? Yep. Perfect. Sorry. I'll just ask a couple more then while I've got the chance. Just on D&A. Sorry if I've just missed an explanation somewhere in the accounts. It looks like that got restated in FY 2021 from about, I think it was AUD 21 million before, now it's AUD 27 million. This year's result looks a lot different to expectations. What sort of happened there? I'll have to come back to you on that one, Apoorv. I'll have to go back and have a look through the accounts on what you're quoting there. Yep. I'll come back to you on the call that we have later on. Yeah. No worries at all. I'll just ask just a housekeeping question. Any color on any FY 2023, just on CapEx, D&A, net interest, just to the extent that you can share? Yeah. It'll be down a bit on what it was this year. We've finished. We've got a little bit of expenditure to go on the value add facility, but that's less than AUD 1 million. We've completed most of the Piangil equipment acquisition. Yeah, it'll be a number lower than it was this year. That's for CapEx? That's for CapEx, yep. Yep. Got it. Okay, maybe one final one just on FY22 mature yields. I think normally you'd talk about 1.35. Is it fair to say this year it might have been a touch below that? I think the yields were there, but we also, we lost a bit through the wet harvest, so we had to reject more of the crop than we anticipated. That's a net result. Yeah. Okay. No, that's all from me, guys. Thanks. Thank you. Got a question from Mark Topy of Select Equities. I'll put him through. Hello, Matt. Morning. Just wondering if you can just talk about the... I know it's a little bit difficult talking about the Australian Aussie, the almond price in Aussie dollar terms. Just looking at the currency where it is, can you give us some sense or feeling as you look forward in terms of where that price range might be or some guidance around that? Well, you know, we don't really give guidance on pricing. You know, if you have a look at that chart, the pricing's sort of below the AUD 7 dollar mark. We're looking for it clearly to move back over AUD 7. I'm just trying to think through the currency benefit then as you go forward. Well, last year we covered at 72. Hopefully we get a cover that's below 70. Yeah, sure. Like, we've capped cover already. Yeah. Okay. Yeah. Okay. Just then, any comments around interest expenses going forward on the debt levels that you said are averaging around AUD 140 million. Can you tell us about the profile of your debt at the moment and higher interest rates feeding through? Yeah. It'll obviously, our interest rates, our interest costs for next year are obviously higher than they were this year. We'll have an average high debt profile, and our rates obviously have been adjusted as rate increases have come through over, you know, throughout the year. You know, we'll have a peak debt position as we normally do around that sort of February, March, April period. Then we would expect it, you know, to come down over the second half of this year. But our average debt position will be higher than it was this year. Our interest rate will be higher than it was this year. The combination of both those, you'll definitely see an uplift in interest costs. The only comment I'd make is that, you know, assuming we're comfortable with the prices we're selling, you know, the freight costs have dropped dramatically in the last month, and availability is a very different story to the same period we had last year. Yep, sure. Vastly improved, I mean, just to be clear. Okay. Then just lastly, just on that India market, just to understand a little bit better what's driving demand there or, in terms of the sort of swings in demand factors there? Look, I mean, I think I know that some American growers ship product to America, to India without a, without a sale. There was a lot of availability of product in the market. Our understanding is the market at the moment is pretty empty of inventory, so we're expecting them to participate back in the market. The one thing with elevated interest rates and the nature of the industry that we've got to be very careful about credit, you know, people's ability to pay. We don't release the stock until they pay. You know, it's, you've got to have the right partners in a market that can be as volatile as that. Sure. Maybe on the flip side, just saying in terms of the China market, I think you're saying the shipping's freed up. How do you read the possibility of further COVID lockdowns or, how do you see the situation at the moment in terms of that China demand? Well, China demand because. Look, the other thing with India, sorry, I must mention, is that the FTA commences in December. We're not sure if it's the start of December or the end of December or the middle, but that'll give us another advantage. I mean, I think the one thing with the China market is, the impact of lockdowns is more likely to be felt by the U.S. crop because they don't have an FTA. You know, we've seen all of the lockdowns, and really the only disruption we have seen has been more from a port disruption and delays as opposed to actually lack of demand in the market, because the Chinese are seeing Australia as the first port of call when they're seeking almonds as a result of the trade dispute between India and China. Sorry, America and India and China. Timing of the Chinese New Year is a bit earlier this year, so see that demand ongoing. If there's no further lockdowns, do you see that as a positive in terms of that China demand over the next few months? look, I mean, certainly they've got to set themselves for their new year, that most of those purchases would be in place. you know, I think the other one is the one that will be more likely to influence a lot of the demand is Ramadan, which is early. I think it's the first or second week of April, which will be difficult for the Australian crop to support, which will again put pressure on the U.S. crop and wear their inventory down. I mean, it's really, market pricing is really about getting through this carryover and people acknowledging the fact that, you know, we've gone from a 3.2 billion pound crop two years ago to a 2.6 billion pound crop. In that period, demand's come back. Probably not as bullish as we'd like, but certainly there's more, there's a lot less lockdown activities in the market. There are other pressures such as cost inflation. Sure. All right. That's, that's great. Thanks for that information. Thanks, Mark Topy. Paul with from Mark Topy at UBS. I'll put him through. Paul. Hey. Hey, guys. Thanks for taking round three. Yeah. two just two further questions, please. Firstly, on the FY 2023 crop size, I think in a previous release you were saying 30,000 metric tons. Is that still the right way to think about it? Or given your comments on weather, is it a case of, you know, maybe there's a touch of risk to that number now? I think there's more risk to that number. We don't see a reason why we should drop that number at the moment. You know, obviously, there's issues around, as we talked about, orchard access that we need to understand, and that access being, you know, access to deliver the remainder of our horticultural programs which impact the crop. I don't know if you can answer this now, but is there a possibility of the 23 crop being down year-on-year based on those risks? I mean, I can't see it at the moment, but you can't rule it out. Yep. Yep. Got it. Okay. Cultural crop. We're talking a biological crop that's three months from being harvested. Same every year. Yep. No, no, fair enough. Okay, just one more question. How meaningful from a price realization perspective could a normalization in in-shell production be? From a mix perspective, is that in-shell can sort of normalize in terms of mix? Price is difficult to say, but from a cost perspective, you know, it works out at, you know, AUD 0.20 a kilo, which is, you know, clearly a meaningful number. Price, I mean, you know, pretty much an arithmetic formula, you can do that yourself. Pick a price and multiply by 5% of our crop, and that's the impact of it. Okay. Thanks, guys. Chat soon. See ya. Okay. Any more questions, Andrew? Yeah, we've got one from Paul Jensz at PAC Partners. Just give me a moment and I will put him through. Paul, you're good to talk. Okay. Thank you for your time. I think it's a little bit confusing for some of us. We don't know that we've got to send an email through to Andrew to ask questions, but that's okay. We got through. Three quick ones for me. Just on dividends, if you could talk through the difference between 2017, where you had a similar profit and you had an AUD 0.10 dividend, and this one you've got obviously a lower profit and you've got an AUD 0.02 dividend. Could you maybe talk through those discussions that you had, please? I don't I mean, I think you can appreciate, Paul, that every year you look at various factors and you determine what decision you make. I mean, I haven't gone back to 2017 when I wasn't here at that time, but to see what was the determination was back then. You know, based on your profit result, based on where, you know, where our position is, we thought that was an appropriate, or the directors thought that was an appropriate dividend to declare. It's certainly, we don't go back on other years to determine what was done then and what, you know, what's done and what's done now. I mean, it's part of it is market outlook too, Paul. I mean, you know, we don't see the current prices being sustainable, but, you know, in 2017, we probably had a much more bullish outlook on market pricing than where we sit today, and it was coming from a higher base. Okay. Well, I'll, we'll have a talk about that, I think, this afternoon. Just on the% of your 2022 crop to sell, what percentage? I, sorry if I missed the number earlier in the presentation. We're about, as of today, we're about 20, just over 20% remaining to be sold. Right. Okay. With the. We won't, as it says in the announcement, it'll, we'll take us through to January to keep processing it into a sellable condition. Right. Sorting and packing. Okay. The final one is just on the orchard removal, maybe in California. With those meetings in two weeks' time, the conferences, are we going to see some sort of informal data around the amount of the Californian orchard that was removed? Or are we going to see a similar sort of thing that they put out in April on a six-monthly basis? Well, normally, they would have put one out in the middle of November, so it could well be announced in the next few days. We don't know, but I'd anticipate that Land IQ they'll give a Land IQ update. I think they did talk about in the announcement that would include abandoned orchards in there as well. Anecdotally, we know that there are significant orchards being removed, particularly on the west side, because they're not gonna Well, they have zero access to water. Yeah. Okay. Well, I think we're in for a fascinating month or so in California. Thank you. Thank you. Thanks, Paul. Paul, there are no more questions. Great. All right. Thank you very much. I will, I'll speak to many of you in the, over the next couple of days.