Good morning, and thank you for joining us for our presentation for our full year results to the end of April 2024. My name is Miles Roberts. I'm the Group's Chief Executive, and we're joined by Richard Pike, our Finance Director. We have a short presentation, after which we'll have an opportunity to answer any questions you may have. Our results for last year were fully in line with our expectations, despite an overall weak market. During the year, we continued to invest in our business: innovation and new products and services, behind sustainability, behind efficiency, and of course, the capital solutions, particularly in our decarbonization. And while the overall market, the end consumer market, was weak, we started to see an improvement throughout the year, such that H2 moved into growth on an improving trend. At the end of the presentation, I'll also just touch on the recommended all-share deal with International Paper. First, Richard will take you through the results. Thanks, Miles. To reiterate what Miles has just said, given all of the external headwinds the industry and the business has faced this year, we're really pleased with this set of results. The headwinds encompassed falling demand, rapidly reducing paper prices, and abnormally high cost inflation. As such, we think our teams have performed exceptionally well, managing both commercial and operational levers within our control to offset, in large part, the external headwinds. As a result of this, despite revenue falling 17% due to lower box demand together with falling paper and box prices, our operating profit fall was limited to 19%, and the resulting return on sales remained flat at 10.3%. As previously signposted, we've seen our cash flows decline in the year, primarily as a result of reducing commodity prices flowing through to working capital outflows. The working capital movements, together with our reduced profit in year and our ongoing CapEx investment levels, has led to a reduction in return on average capital employed from 14.3% last year to 10.7% this year. This slide shows the magnitude of declining box volumes, packaging, paper, and other prices, resulting in a revenue decline of GBP 1.4 billion in year. It should be noted that in addition to the volume decline ceasing during the second half, the price fall has been mitigated materially by the great work done by our commercial teams in limiting the packaging price declines. Moving on to the profit movement in the year. The largest single impact in the year has been the sales price decline, as shown in the previous slide. As a reminder, we had paper prices starting to fall from the autumn of 2022, but box prices held up well, particularly during quarter one, before steadily declining across the balance of year, such that our exit pricing in Q4 was around 15% below where we started the financial year. We've had an offset to this in terms of reducing paper prices and other commodities within our input costs, but I just want to call out again all the great work done by our teams in driving over GBP 100 million of self-help through operational and cost efficiency improvements this year. This has come through a mix of CapEx and non-CapEx-led efficiency improvements, coupled with a strong contribution from our procurement teams. Touching now on how we performed across our various regions. In the North, we had a strong year, despite the region containing our most challenging markets in terms of underlying demand. The performance benefited from strong efficiency improvement and underpinned, in part, by the benefits of various structural changes that we made to the business last year. While the Southern region had marginal decline in margin compared to last year, it just re-emphasizes how strong last year's result was. In addition, despite intense competitive pressure in the region during the year, the fact that margins have held up to the degree that they have demonstrate the clear focus on value over volume, coupled with a strong performance from the Viana mill in a weak paper market. The East region continues to improve margins, again, in the face of an extremely competitive market environment, and this is a function of the investments that we've made over the last few years and demonstrates how well the business is placed as we face into a market upturn. Finally, in the U.S., despite an ongoing weak paper market, which has led to higher than normal levels of paper volumes being sold into the export market, we've achieved the highest box volume growth of any of our regions and the second highest margin of all of our regional businesses. Cash flow has been a mildly disappointing area within our results. We flagged this was going to be a challenging year, but with demand and pricing recovering slightly more slowly than we anticipated, and paper energy prices in particular both remaining low, this has resulted in a greater cash outflow than anticipated. In all other areas, the cash flows are in line with previous guidance. Flowing the cash flow into where it leaves us from a leverage perspective, the negative free cash flow in the year has meant that we ended the year at 2.1x net debt to EBITDA versus a covenant of 3.75x. I think we've managed the things within our control well and have continued to invest through the cycle. While leverage might be slightly elevated at the bottom of the cycle, this will rapidly improve as the market turns. As you all know, we're somewhat restricted in terms of what we can give in terms of forward guidance, but a summary of the more technical items is included in the appendix. I'll now hand back to Miles. Thank you, Richard. So whilst the overall market was difficult, it was a challenging market due to high inflation. We produced a robust performance. We saw that the FMCG sector was particularly resilient despite the high inflationary environment. We continued to invest heavily behind our service, our quality, our responsiveness to our customers, and also the launch of a number of new innovations, not just on the sustainability agenda, but also to support the new product development many of our companies were introducing into the marketplace in response to a slightly better consumer environment towards the end of the year. And so therefore, we saw that our second half volumes were actually in growth, and that was on an accelerating trend. I'm particularly pleased to see many of our large customers return to a more, sustained promotional activity, driving sales, driving their market share, but particularly with the introduction of new packaging formats. We've also seen this in our relationships with our customers. During the year, we saw our relationships deepen. We saw that in various statistics from our customer surveys, but also in the renewal and the extension and the greater share of, of the wallet that we achieved with many of our large customers. Turning to innovation. We've invested heavily behind providing our customers with the solutions that they need to solve the problems they're facing over many years. We've particularly invested in our marketing expertise, giving us greater clarity on where we expect the market and the consumers and products to develop over many years. This is brought to life with our customers across our extensive network of consumer experience centers and new innovation hubs, and we've seen a marked increase in the attendance of our customers at these centers during the year. And much of this is around our circular design metrics, around sustainability. We've launched our design metrics a few years ago, and we've seen an increasing take-up, all aligned to our customers' own sustainability programs, their commitment to the environment, supported by our work over on a long-term relationship. And here are some well-known examples of where we've moved our customers' products out of plastic and into fiber-based solutions, often well-known brands, but also in everyday commodities. And it's not just better for the environment, it's having a very positive effect on the consumer reaction to the products. So higher sales, less effect on the environment. During the year, we saw some new legislation come into force, and particularly in Europe, in the EU, with the Packaging Waste Regulations, which really recognized the real value of corrugated fiber-based solutions and our closed loop approach, recognizing it over other formats, particularly against plastics. Leading in sustainability. On carbon, we're very pleased with our performance. We've had another 5% reduction in our total greenhouse gas emissions, bringing it to 19% since 2019. Well on course for our 46% reduction that we've committed to as part of our science-based target by 2030. Also, how we've launched a number of new projects, particularly some of the decarbonization projects, such as the new biomass facility in Rouen or the waste-to-energy plants in Aschaffenburg. All of these projects are being invested in and will be coming on stream in the coming years. I'm very pleased how organizations such as the CDP have recognized our performance with an A rating on the climate change response. But of course, it's not just how you make up the product, it's also about the product. It's about the circularity. I've already given you some examples of our investment and the solutions we've been provided. But I'll say again, the attendance at our impact centers, where customers can come and discuss the solutions they need, aligned with our circular design metrics, have been improving. We're getting increasing take-up, which gives us confidence for our future relationships and our future progress. Turning to the combination, the recommended all-share offer with International Paper. Look, we're excited about this. We've really been working diligently with Mark Sutton, the CEO of International Paper, and his wider team. We can really see the opportunity to create a global packaging solutions leader, really driving best practice right across the enlarged group to the benefit of our customers, our people, and our shareholders. And our shareholders, because of the cost synergies, the CapEx synergies, but also the revenue synergies we believe will come through.... There's a lot of work ongoing, but we're pleased with progress. Remains fully on track with our expectations. So turning to the outlook. Well, the trends we've seen in the second half of last year have continued into the new year. Our volumes have continued to improve, built on our relentless focus on the customer, on adding value to their operations, and being paid for that. This increasing demand is resulting in some increase in input cost inflation, which has flowed through into higher paper prices. We're out recovering these through higher packaging prices, and you'll see the full effect of this coming through in the second half of the year. You've got strong market fundamentals and momentum in the business. Thank you. Richard and myself are now happy to take any questions you have, but obviously, we are restricted in the answers we can give to any questions relating to the offer from International Paper, beyond communications given in the past. Thank you, sir. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. If you find that your question has already been answered, you may remove yourself from the queue by pressing star two. Again, it is star one to ask a question. Now, our first question comes from Charlie Muir-Sands from BNP Paribas. Please go ahead. Your line is open. Yeah, good morning, gentlemen. Thank you for taking my questions. I had three, please. Firstly, you elaborate—can you elaborate on the comment you made around the commercial teams limiting the impact of on-box price declines, when paperboard prices were coming down? Does that mean that you are, you know, sequentially shifting away from pricing being quite so closely indexed with containerboard prices? And should we, on the flip side, therefore, now expect, you know, that relationship to be less strong on the way back up again? And then the second and third questions are sort of sustainability related. Firstly, I think I saw a press release a couple of weeks ago saying that you've now replaced 1.2 billion plastic items in the grocery value chain since mid-2020. I wondered if you can at all quantify that in financial terms. I'd kind of worked that out on maybe around 0.5% per annum contribution to volumes, but I don't know if I'm in the right ballpark. And finally, on PPWR, which you mentioned, just since that's come to a kind of finale in terms of being agreed with all the EU trilogue, are you seeing accelerated interest from customers now that some of the uncertainties have gone away? Thank you. Look, thank you for your questions, Charlie. I mean, in terms of our pricing, you know, over a number of years, you have seen our margins improve over a number of years. And what we're finding is that the products that we're selling, the amount of value add about the problems they're solving, is becoming a greater and greater element of the packaging offering. So in fact, the proportion of paper that makes up the selling price of packaging over a number of years has actually been falling, has been falling back. If you look at our results for last year, and what was, you know, a huge downturn in the price of paper, I think it's certainly one of the most severe that I've experienced to come out with our second-best profit on record after a very strong last year. It's something we feel very pleased about and gives us good, good momentum into the current year. Some of those, you know, the added value, you're right on the sustainability. We're pleased we're now at 1.2 billion units of plastic packaging that's being replaced by fiber. It's not just good for our business, obviously, it's good for the environment. We have set this out. You know, we do think when we look at categories, there could be about a 10% increase over the coming years for corrugated in terms of increasing volume. If we're looking at a number of categories, looking at the ability of our customers to move into fiber, away from plastic, this is on food and punnets and display units, et cetera. And this is where this 1.2 billion units has come from. We're really focusing on those categories. It's all in a report we produced a few years ago called The Tipping Point, and we're very pleased with the progress against that. But I think there is quite a bit more to get on this. We have outlined, could it be 0.5%-1% per annum when it all starts to come in, supported with the legislation? We're not moving away from the guidance we've given in the past. And you're right on the legislation in the EU's. The PPWR went through lots and lots of changes, but fundamentally, it recognized the importance or the value of the closed loop solution that the fiber-based corrugated industry employs. It is very, very efficient, and it excluded the corrugated packaging from a lot of the reuse legislation. And this gives us a number of opportunities. It further boosts the, I think the importance or the cost-effectiveness of fiber-based solutions against non-fiber-based. But just for our company, and we were heavily involved in putting our case forward to the EU through industry associations, but ourselves as well. We have a very strong department that looks at government affairs and what does it mean for us, and that feeds into our development programs and support for our customers. And that all leads through to our circular design metrics. We sell to our customers, they said, "If you work with us, we will keep you fully in line with the legislation. We, we'll help and support your reporting of this. We'll help you through this transition, not only complying with the legislation and your obligations under that, but also against your own sustainability agenda." So I do think, as you said, for a number of years, this is a very sort of fertile area for us. There's a lot of opportunity for us. You know, and fundamentally, though, this is what's happening as we've sort of come out of COVID. We've actually seen a strengthening in the commitment to the sustainability agenda that we've been behind. And we're very pleased with it. I think a couple of years ago, people were asking us, do we think it's still gonna be important in this post-COVID environment? Actually, it's turning out to be even more important than it was before, which we're obviously pleased about, and we fully support. But thank you for your question. Our next question comes from Lars Kjellberg, from the Stifel. Please go ahead. Thank you for taking my question. I just have a couple. Could you help us out a bit when you talk about strong market fundamentals and momentum? I understand, of course, you've had two years of negative growth, but where do you see volumes sort of returning to where you were a couple of years ago, aside from the statistical benefit of having two years of soft volumes? Then we also like to think a bit about the sustainability package. Of course, it is clearly a benefit to you, but we've also seen a lot of the consumer products companies meaningfully rolling back their own targets for plastic reductions, you know, from 25 to 2030. I'm not sure that that makes a tremendous amount of difference, but if you have any color on that, because that would give them a bit more time to adjust, I suppose, to which could decelerate the trend. Could that be a potential offset to, to the positive as you're seeing now? Those were my questions. Look, you know, we're saying that we have seen, you know, a recovery in the market. I think you're right, Lars, you know, the consumer is still coming out of a difficult period. We have seen inflation coming down, and certainly across the EU, interest rates come down, and indeed, in a number of countries now, wage inflation is running ahead of the lower inflation figures. So we have seen an improvement. We're not saying this is, you know, return to sort of boom periods at all, but it is quite a marked change from where we were a year ago when we're looking down, whereas now we're looking more up. And we've seen that in the response of our big customers. We've seen that the big brand companies are now prepared and are actually launching a number of new products, new formats, trying to re-excite the categories which they can often lead. And this is being supported by additional promotional activity, and that is feeding through into some improved volumes and a market share gain for them. So we're not saying this is back to any sort of boom period, but we are seeing that instead of looking down, we're now looking up in the consumer. And we've outlined traditionally, we've grown at 2%-3% per annum. We're in that range in sort of a run rate at the moment. And let's see. You know, let's see where that goes, but it's certainly looking up rather than down. You do raise a very fair point on sustainability. You know, we have seen... You're absolutely right, we have seen some customers row back on some of their commitments, particularly on plastic replacement. I think it's interesting the feedback that some of those customers have had on those changes from consumer groups, etc. You know, that's their business and what they do. But we've also seen other companies, you know, really pushing ahead quite strongly on the sustainability agenda, and we have seen the legislation. So look, you know, it is whenever one customer can move one way or another, etc., but we do feel the momentum is there. And if we look at that 1.2 billion units of plastic replaced, you can see that's been accelerating. It's been moving up and up as sort of the traction. And part of our sales philosophy is to anchor the category captain. So with your... whatever category you're in, because we work for all of the large brands across Europe, working with them on the category captain, and then the number two or three brand, and then the private label tends to follow their lead. And that's why we've had this upward trend. So look, you know, we are, we're not there, there are ups and downs. I fully accept that, but the trend for us is the trend is certainly positive and on an upward upward momentum with on the sustainability and plastic replacement. Thank you. ... Our next question comes from Cole Hathorn from Jefferies. Please go ahead. Morning. Thanks for taking my question. I've got two, if I may. The first one is on waste paper, raw material costs. We've seen the indices go up, kind of demand pull into the mills. I'd just like a little bit of color around the DS Smith system, 'cause you've got recycling infrastructure, you've got good control of your raw materials. Should we be right to think that you shouldn't necessarily see the same kind of spot pricing as some of the others in the market? You kind of get a more smooth kind of cost profile. Then, following up on that, on the cost side, as we look into FY 2025, are there any kind of major cost buckets on energy or other items that you can call out? Thank you. No, look, that's great. If I answer the first, and Richard will talk about our costs in the second. We have seen waste paper prices increase on the back of increasing demand for paper, which has come from increasing demand in packaging. So, you know, fundamentally, we've kind of got a demand-driven pricing. And obviously, you're always far rather it was demand-driven than purely cost. You are right on our recycling division. It is a very well-developed Pan-European facilities that we have, where we do collect recycled material from lots of sources. We can clean it, we can sort it appropriately to make sure we get exactly the right fiber from the mill. So it does give us some protection against the cost, but importantly, against the consistency of the quality of the fiber, which we then obviously supply into our mills and supply into other people, 'cause we actually collect more recycled material than we use. So there is some moderation there for us. However, the prices are going up on the back of increasing demand, and, you know, we can soften that in the short term, but ultimately, that effect is coming through to us. We're out there with the higher paper prices and out there also starting that recovery of those prices through higher packaging prices, which bodes well for the, certainly for the future, and as we said, particularly in the second half and how that feeds into subsequent years. But on cost, Richard. Thanks, Miles. So I mean, Miles has touched on a couple of the category areas here, Cole. I mean, he sort of talked before about, you know, pay inflation, you know, where, you know, as, as pay rounds have been negotiated and inflation has continued to fall, sort of pay inflation level slightly ahead of where inflation is today. OCC, we just talked about, which obviously has been increasing relatively rapidly over the last few months. But if you look across all the other areas, I mean, our energy price, we expect to be relatively flat. As you know, we, we hedge a fair degree of, of our energy book. And what I would say overall, which I think is probably helpful, is that we'd expect, you know, if you put OCC to one side, we'd expect to offset our cost inflation with our cost reduction and operational improvement efficiency measures. So I mean, that, as you see year on year in the business, we've got a well-established continuous improvement program. We've got, you know, the CapEx investments that you're aware of. And so therefore, we expect to mitigate cost headwinds during the course of the year. Thank you. The next question comes from Justin Jordan from Davy. Please go ahead. Your line is open. Thank you, and good morning, everyone. I've got two questions, if I may. Firstly, just on, I suppose, as far as you can, an update on International Paper. Clearly, they made their recommended offer on April sixteenth, just over two months ago. At the time, they talked about expected transaction close in Q4 2024. Two months in, can you give us any sort of update on the various regulatory filings that you've made with antitrust people around the world and legal documentation that you've, I'm sure, have been working on? I'm assuming we're probably talking about shareholder EGMs in September ahead of transaction close in Q4. But again, if there's any update you can give on that, that'd be wonderful. And secondly, a question for Richard, really, regarding the technical guidance. I note clearly you're guiding to certainly slightly increase GBP 140 million net interest costs for fiscal 2025. Can you just give us some explanation of that? And then finally, clearly, there's been some volatility in working capital at DS Smith in the last two years, mainly regarding energy hedges in mind and, you know, the cost inflation and deceleration, so we've seen in energy prices. But, if you're make the sweeping assumption of flat energy costs year-over-year, as you mentioned, Richard, earlier, should we see a more normal working capital performance in fiscal 2025? Thank you. Thank you, Justin. Okay, with International Paper, we did announce on the sixteenth the recommended all share offer, and that announcement including expected completion of the transaction in Q4 of this calendar year. We are a couple of months in. Everything's going as we expected. There are a number of filings on antitrust principally in the U.S. and Europe. We're making those filings, and that's all going as we expected. You're absolutely right, the sort of the shareholder votes, whether it's at the end of August, beginning of, during September, I mean, the exact timeline is within that timeline, and all that work is proceeding. As we expected, it is partly dependent on the queue, on results and audits, et cetera, and conversion into U.S. GAAP, but that's all going as we expected, and everybody's working very diligently on that, and it's really absolutely no issues with that work at the moment. Richard, technical guidance? So on the interest, Justin, I mean, it's relatively simple, really, a couple of things. As you know, we refinanced legacy bonds last year with a new green bond, and, you know, several years ago, when we raised the last tranches of bonds, the interest rate environment was sort of between 1% and 2%. The average price of the ongoing bond is 4.5%. So you've got a chunk of our long-term committed monies at a higher rate. Obviously, we're functioning in a sort of slightly higher rate environment where we were a couple of years ago, so the average costs come up. We've got, you know, slightly higher borrowing levels, so it's a function of, you know, the overall amount of borrowing and the rates at which we're borrowing out. Then the working capital. I mean, just to cover this year, 'cause I mean, it's sort of, you know, in terms of... if you think about the guidance I gave at the start of last year, you know, we expected this year to be a tough year. We expected there to be working capital outflows, but we were expecting to sort of get to a position whereby we were starting to see positive box demand from sort of the half year onwards. We were expecting paper prices on the back of that to start to recover during the second half, and we were expecting paper prices and energy prices to recover because energy prices normally go up in the winter period. Several of those assumptions haven't played out. You know, so basically, box price recovery was more sort of final quarter related. Paper prices haven't really come up until the start of the current financial year, and paper prices and energy prices have stayed down. So those function, those elements together, which are, you know, primarily a sort of commodity price impact. You know, the sort of GBP 400 million of working capital outflow we've had has been pretty much all energy prices, energy collateralization unwind and paper prices. So if you think about that, those facts and how they roll into this year, we do think we're in a more normalized environment in terms of energy. So, you know, you wouldn't necessarily expect large movements one way or the other. Paper prices are starting to sort of move in the right direction, and therefore, we'll get some benefit from that. But don't forget, on the offsetting side of things, that obviously, with demand improving and paper prices improving, our revenue is gonna go up, so therefore, our debtors will increase, and our stock levels will increase. So that's sort of the environment that we're facing into over the coming year. Thank you. We'll now move to our next question from Brian Morgan of Morgan Stanley. Please go ahead. Your line is open. Hi, guys. Thanks very much for the time. We're about six months away from the implementation of the EUDR, and just interested to hear if your systems are up and ready, if you've got the systems in place to collect the data required by the regulator. You're absolutely right. This is legislation principally on deforestation. We are working very diligently on that. It's quite an extensive piece of legislation. We will need the information from the people who supply us with any sort of forest-based product, identifying the exact region it comes from. So we are communicating with all of our suppliers. We're investing in our systems to collect that, feeding it into our customer systems to collect that. So we are working very diligently on that. I do note that there is a number of requests from a number of countries, national governments, to rephase the implementation of this legislation, and obviously, we're watching that very carefully, but we are diligently going about that work. Thank you. Our next question comes from Andrew Jones from UBS. Please go ahead. Hi, gents. Thanks for the opportunity. Just on the volume trends, I mean, you talked about, you know, 2% growth in the fourth quarter and, you know, continued positive trends. I mean, can you just quantify some of that? I mean, what sort of, you know, demand levels in terms of year-over-year increase were you seeing in, you know, the first quarter broadly? And, you know, are we seeing any acceleration in that year-over-year trend, or is that, you know, volume is basically sort of ticking along at the same sort of level? And also, can you just give a broad split by region within that growth that we saw, you know, in the fourth quarter or second half? You know, what were the different regional trends? I have a follow-up, but I'll leave you to answer that first. So on the volumes, if you look at last year, I said we were down 2%. Two regions were actually in growth for last year, and that was North America and Eastern Europe, and two regions were in decline. One was Southern Europe, which was slight, but then Northern Europe, principally the U.K. and Germany, were in a larger decline. In Germany, it's a slightly higher industrial presence. In the U.K., there's a bit in there with the general economic conditions, consumer sentiment, interest rates, inflation, but also a drop back in on the sort of e-commerce volumes as opposed to the previous period, where we still had some of the COVID effects. When we look in by sort of category, the FMCG sector was actually quite resilient through the whole of last year. Again, it's industrials a little bit more mixed, particularly in Germany, with all the issues in the export markets to China and the former export market of Russia. But during the year, we did see inflation come down, and we could see that provided a much better platform for the FMCG sector, particularly the large brands, to move forward in. It's difficult to launch a new product, to go on promotion, if at the same time you're raising prices because of inflation. It's just a very difficult environment for them. Now, we've got that stability, we're starting to see more promotion activity and more new product launches. Where it's most noticeable in the sector, I mean, our U.S. business is growing very quickly indeed. I mean, it's a real very strong standout. We've also seen Eastern Europe growing very strongly as well, then into Eastern Europe. But, you know, Northern Europe still, still lagging some way behind. But the combination of that was that the second half was in growth. Q4 ahead of Q3, Q4, particularly strong, and that trend, that accelerating trend, has continued into the new financial year. Now, in the past, we've been about +2, +3 on sort of annual volume growth, and that's kind of where we are at the moment. There are a number of reasons to feel positive, but we're still in a... You know, interest rates are still high, and there's still a bit of inflation around there, so we're not sort of out of the problems. But I'm very pleased to see that the consumer generally, across the EU, we just seem to be in a better position than we were 12 months ago. There's a little bit more confidence. Interest rates have started to come down in the from the ECB. It's slightly, slightly better if you're going to North America, and we're getting very strong growth there. Again, so, you know, things like the payroll data, it's just, it's just a more, it just feels a more sort of more stable position. By stable, I mean back to where we've been in the past, which is steadily increasing sales for us. But, you know, we're not sort of calling it. We're not saying it's going to be, you know, sort of everything's perfect now. We're not saying that at all. We're just saying, we've seen a marked change in this. And certainly, looking out over the next few months, we expect that trend to continue, really, as the consumer is in a slightly better position than they were. You know, and our market position, market shares, our products, you know, we feel in a good position. Thank you. Mm-hmm. Yeah. And just on that continued trend- Mm. We've obviously got some decent supply additions coming through second half of the year, the two big mills that should be- Mm ... starting up in the second half. Do you see volume growth kind of exceeding that supply growth and continuing that positive trend on the pricing side, or do you think that, you know, that stands to be a sort of reasonable sort of roadblock on that momentum? I mean, what, what, what we see is, is there has been some increase in input cost inflation that does need to be recovered, particularly on the OCC and energies up as well, and that affects everybody, whether it's new capacity or not. Utilization rates in Europe are creeping, of the mills that is, back up into the very high eighties. If these trends continue, then there's always a bit of disruption as new capacity comes on. But in the scheme of things, in the overall market, it's not a huge amount, and it's confined to some particular markets. So we don't, we don't see a particular sort of a big issue there. What's, what we're more focused on is, is keeping the packaging volumes, you know, really coming through, working with our customers, converting them out of plastics into fiber. This is all incremental volume for the industry, as well as making sure we're able to, you know, support our customers in their promotion activity. This is all driving activity, and, you know, you talk about those two new mills, but they're only a you know, it's only a few percent on overall capacity in the market. And if demand continues to improve, then I think, then I think it will be absorbed. But, you know, time will tell. Thank you. Well, now move to our next question from Pallav Mittal, from Barclays. Please go ahead. Hi, good morning. I have two questions. Firstly, can you talk about your CapEx plans going forward, and do you think you should now moderate it, considering the oversupply in the market? Secondly, just a follow-up on the IPD. When should we expect the filing of the prospectus? Well, just on the IPD, on the prospectus, I mean, they will. You know, part of this is really with IP, and we do expect that to be, you know, to sort of August, sort of September. I can't give an exact timetable, but that is our expectation. It does depend on sort of audits and things like that, but that is all going as we expected. On the CapEx plans, Richard? Well, the CapEx, we obviously gave guidance at the half year as to sort of what we sort of committed to in terms of large multi-year, you know, projects and the sort of level that we expect to spend up, which is around about GBP 500 million a year. We are inevitably looking at our CapEx levels and, you know, I think, our CapEx may come in closer to GBP 450 than GBP 500 this year. But we think it's important that we continue to invest through the cycle 'cause that is, you know, it's going to underpin how well we actually are positioned coming out the other side of the cycle. Thank you. We'll now move to our next question from Kevin Fogarty from Deutsche Bank. Please go ahead. Your line is open. Hi there. Great, good morning, all, and thanks for taking my questions. I've got two, please, and Richard, just if I could go back on the CapEx plans, please. Obviously, you know, we've seen sort of guidance looks like it's coming in sort of below that kind of GBP 500 for the current year. I just wondered, could you give us any more sort of granularity on how that kind of splits out in terms of, you know, the last time I was, I guess, we heard a lot about kind of investments in sort of growth projects, getting more from replacement CapEx, et cetera. I just wondered if you could sort of give us a bit more kind of granularity on plans there. And then just secondly, in terms of the guidance today, obviously, you know, we've got the kind of near-term kind of headwinds in terms of OCC and what's happening there, and the expectation that, the benefit of price increasing will be kind of second half weighted. But I just wondered, is there anything you can say in terms of what that means for the kind of weighting of, of trading for the current financial year? Do you think between H1 and H2, anything else you could say on that would be, really helpful. Thanks, Kevin. I mean, on CapEx, I mean, our underlying plans don't change in terms of the fundamental makeup, because, you know, a lot of the large component of our CapEx is obviously our repairs and maintenance spend, you know, which is roughly in line with depreciation. So that's, you know, the best part of GBP 325 million-GBP 330 million per year. And then the balance, you know, the discretionary CapEx, a fair amount of weighting is in the large, you know, sort of energy reduction or capacity improvement spends, such as in Lucca, in Rouen, and in Viana. Viana is nearly coming to the end. Lucca is a, you know, 3-year program, so that, that'll continue through this year and into next year, and Rouen will finish during the course of this year. Then there's a whole range of, you know, operational efficiency improvement and capacity improvement spends across the packaging division. And between the mix of those things, which we talked about before, we'll push and pull, you know, the level of CapEx to ensure we have the right appropriate level for this current year. On the sort of guidance, I mean, as you know, Kevin, as we're in an offer period, we can't provide sort of profit projections and the sort of fuller guidance that we normally would. But to try and help you, I think if you think about it in these terms, because, you know, box prices came down, you know, reflecting the fact that paper prices were down during the course of last year, and we sort of entered this year with sort of box prices around 15% below where they were this time last year. Although we're seeing box price recovery coming through, you sort of... you're starting from a lower point, and therefore, that'll improve during the course of the first year, but actually, you'll start to see the financial benefit more in the second half. Because we're seeing the improved demand coming through, that is actually driving, you know, the utilization in the paper mills, as Miles mentioned, and the improved paper prices. The OCC coming through will actually, you know, drive a need for, we expect, probably further paper prices as we go forward. But because we buy more paper than we make, that is a headwind in the first half. So inevitably, there will be a first half, second half weighting here. I think it'd be, because we're limited on profit projection, inappropriate for me to guide you exactly to where we saw the first half, second half split, but it will be distinctly weighted to the second half. We've got time for one more question. Thank you. Our final question today comes from Cole Hathorn from Jefferies. Please go ahead. Your line is open. Thanks very much for the follow-up. I'm just following up on Miles's comments earlier to kind of square the circle around kind of promotional spend. Am I right assuming that, you know, that promotional spend, it's not only driving kind of some volumes, but you're benefiting from the mix from those customers coming back? And following up on that, you also talked about the plastics paper trend medium term, but do you see yourselves and the likes of Smurfit Kappa as well, you know, the players with scale and the innovation departments winning the majority of those plastic to paper shares just because you over-index to the bigger brands that are going to do that shift first? Thank you. No, we are, we are over-indexed to the, to the big brands. We, we like the category captains. We think they, they drive the category, they're launching new products. It's, it's innovation, and we, and we do, we are over-indexed there. And you're absolutely right, the promotional spend, it's not just volume. It's often accompanied with a new format, a gondola ends, another in-store sort of theater, in-store, in-store. Yeah, in-store theater. And therefore, there is a mix, there is a mixed benefit. You know, we've also had some destocking in the past and, you know, as volumes have come down and, you know, are we? It's a question we're asking ourselves: Are we gonna see the, the supply chain start to refill in the, in the coming months? It's the converse from the destocking with the higher demand. As confidence builds, then that's something that, again, gives us a bit of confidence. And you, you're absolutely right on this plastic replacement. You know, the plastics industry is a very big industry, and they've, they have, you know, a lot of large companies in there. And our customers are coming to us, and they're, they're needing more and more help, you know, and support in coming away from plastics. We've seen a notable increase in the number of customer visits to our innovation centers. Just to give you an example of that, we opened a new one. One of our largest customers, we had 100 of their global packaging development team, 100 people of theirs at our facility for two days with our teams, exploring every opportunity to convert out of plastics into fiber, and as well as how we can optimize within the fiber solution. That's the scale you need, and we're able to provide that. And with that customer, our volumes are increasing, we're taking a greater share of their overall business, and that's on a long-term trajectory. So I think it's up to all of us to satisfy our customers' needs, and we do feel that we're in a good position. And I hope that size of the commitment of that customer to our operations, to our relationship is, you know, gives us some confidence going forward. You know, so with that, I'd just like to thank all of you for your time today, listening to our presentations and for asking your questions. As I said, we're pleased with the performance, a very robust performance from last year. And while the market was difficult, we have exited the year on an improving volume trend, and we're very pleased with that. Thank you very much, everybody, for your time.