[Non-English content], and welcome to Comvita's Annual Shareholders' Meeting. My name is Brett Hewlett. I am the Chair of Comvita Board. Today, we are very pleased to welcome you as online participants through our virtual meeting platform provided by our share register, Link Market Services. During this virtual meeting, you can vote and ask questions online. I'll provide you with further instructions as we progress through the meeting. If you encounter any issues, please refer to the virtual annual meeting online portal guide, or you can phone the helpline on 0800 200 220. I'd encourage you to send through your questions as soon as you can. This will allow us to answer these questions at the appropriate time of the meeting. To ask a question, you will need to click "Ask a question" within the online meeting platform. Select the item of business, type in your question, and click submit. To some formalities. The company secretary has confirmed the notice of the meeting has been sent on time. We have a quorum present, so I declare the Comvita Limited 2021 shareholder meeting open. The financial statements for the year ending June 30, 2021, and the auditor's report for the period are available under the investor center of our website. The annual report was made available on our website on the September 15th, and hard copies are available either through Link Market Services or by contacting our customer experience team. They can be contacted on 0800 504 959. We're very proud of our annual report. It's a comprehensive report with something for all stakeholders. For you, our shareholders, when reading this report, you'll gain an appreciation for everything that Comvita is engaged in across the broader environment, social, and governance spectrum. Apologies today have been received from Yawen Wu, Alex Zhin, and Guangping Zhu. I'd like to acknowledge the presence today of our auditors, KPMG, our bank, Westpac, and of course, most importantly, our Co-Founder, Alan Bougen, and family members. To the agenda. I'll take you through what we're doing. I want to thank you all for joining us today. This is the first time that we've run a virtual ASM. While perhaps not exactly ideal, I am hoping that we can still provide the sort of engaging and informative session that many of us have come to expect from a Comvita annual meeting. Hopefully, by this time next year, we'll be able to meet again in person while still retaining some of the access that makes this virtual meeting a little more inclusive for the growing number of long-distance shareholders. After my address covering the performance highlights of our last fiscal year, I will hand you over to our CEO David Banfield, who will take you for a deeper look inside Comvita's operations, our strategies, how we are engaging with our multi-stakeholder communities, and lastly, providing some insights into our future ambitions. As we go through these two presentations, make a note of any questions you may have. As mentioned earlier, you can submit these questions via the online meeting platform, and these will be communicated to us via our online moderator, who is Tracy Brown today. After the presentations, we will cover formal resolutions and finish the general business where we will respond to any questions raised during the day. Let me start by introducing my fellow directors. Luke Bunt is an Independent Director and also chairs our Audit & Risk Committee. Luke has been on the board for seven years. Sarah Kennedy is an Independent Director and chairs our Safety and Performance Committee. Sarah joined the board six years ago. Bob Major is an Independent Director and joined us at the end of 2019. Zhu Guangping was also appointed to the board at the end of 2019. Mr. Zhu owned Comvita's establishments in Mainland China more than 15 years ago, and hence has played a key role in ensuring Comvita's brand success in this most exciting focused growth market for Comvita. Mr. Zhu also represents the interests of our largest shareholder, Li Wang. Recently, we had two directors step down from the Board, Independent Director Paul Reid and China Resources Nominated Director David Cheng. I want to take the opportunity to thank both Paul and David for their commitment and service to the company over the past years. At the beginning of this month, we appointed three new directors to the Board, all who will be standing for election at this annual meeting. Bridget Coates is an Independent Director, Yawen Wu, Nominated from China Resources, and our very own David Banfield as Managing Director. On the assumption that all of the nominated directors are elected to the Board today, we will have a Board of eight, with a majority independent, two strategic shareholder representatives, and a Managing Director. Your board has determined that we will pursue a policy of continuous review and evolution of board composition to best suit the current and future needs of the business. Changes will be timed to ensure continuity and institutional knowledge, and at the same time ensuring that we remain agile and adept at making balanced decisions in an ever-increasingly complex multi-stakeholder world. While the board's primary accountability is to the company and to our shareholders, we know that consumers increasingly are making their purchase decisions based on a brand's social and environmental stance. That governments, both local and international, can intervene if they feel the business community is not aligned with their agenda. Of course, we can see firsthand in this highly competitive employment environment that highly skilled and talented people are increasingly taking into consideration an organization's social, cultural, and environmental stance when making their employment decisions. We recently carried out a refresh of our board charter to more accurately reflect our collective commitment to delivering a high standard of governance in the areas of environmental, social, and core governance functions. This is not just some form of woke comment, but a restatement and clarification of what Comvita does at its core and why. We are grounded in the founding principles and values of the organization. Comvita were pioneers in the honey and bee products industry since being founded in 1974. Our story began with an unlikely partnership, Alan Bougen and Claude Stratford. Generations apart, worldly and progressive in their thinking. They were united by a belief that food is the best medicine and that nature has the answers, with deep principles that were ahead of their time, a belief in community and caring for one another, a deep respect for nature and the environment, always seeking and sharing knowledge. Our vision is to deliver world-leading standards for our team, for our consumers, our shareholders, and our planet, contributing to a world where bees and people can thrive in harmony. At Comvita, directors take responsibility to act as guardians of these founding principles and our vision in a sustainable way for the benefit of all stakeholders. We take seriously our environmental, social, and governance responsibilities, and we act accordingly. In so doing, we will make balanced choices for investment, balanced choices in how we spend our time and resources, and balanced choices in terms of how we think about success. We will know we are succeeding in our endeavors when we are achieving all six of our long-term goals in a sustainable way. We will be a positive contributor to reducing the impact of global warming. We will be making fair and sustainable operating profits, delivering long-term shareholder value, and providing competitive rates of return for invested capital. We will have adoring and loyal consumers of our brand. We will be the best employer, attracting and retaining the best talent. On that note, let me start with our review for the year gone with a mention of our team. Perhaps it's a cliché to say that our most valuable asset is our people, but that does not change the truth of the Non-English content]. [Non-English content]. Much has been achieved this past year, and none of this would have been possible were it not for the Herculean effort, tenacity, commitment, and incredible resilience in the face of adversity that has been shown by our very own team of 552. On behalf of all shareholders, I would like to thank the staff at Comvita for their efforts. Today, Comvita employs 552 people spread across eight countries, representing 26 nationalities. Proportion of staff and customer-facing roles is currently 60%, up from 38% before our transformation started. This is testament to our refocused strategy and in-market consumer-facing business model. In our financial year 2020 annual report, we set team goals, which we are pleased to report have mostly been achieved. Our target was to have 40% of female executives reporting to CEO globally, and we reached 50%. We maintained 100% living wages for New Zealand-based employees. We reached our target of 100% equal pay for equal work globally. We were down by 20% on our target of 75% of New Zealand vocational development supporting women, Māori, and Pasifika, and are hopeful our apprentice scheme will assist us with reaching that goal this year. We've made good progress in restoring gender balance and diversity at both board and executive levels. Health, safety, and well-being is a priority. We are very pleased to report positive gains in all areas of health and safety reporting. In particular, we saw total injuries fall by 24% and motor vehicle incidents fall by 54%. Very importantly, we saw the reporting of near-miss incidents more than double. High reporting of near-miss indicates a good health and safety culture that is ingrained in the business. Despite the significant pressures the organization has been under this year, it's encouraging to see that we've held a high level of staff engagement. However, the lasting impact of COVID remains of ongoing concern. David will talk more about this in his presentation. Our value of [Non-English content]., meaning guardianship, has been integral to our thinking since Alan and Claude founded Comvita 47 years ago. We continue to invest in R&D to develop more sustainable practices for reforestation programs and beekeeping. We share this knowledge through our partnerships with organizations such as For the Love of Bees, Saving the Wild, the Himalayan Trust, and others. Trials over the past few years have enabled us to achieve organic status for our Hawke's Bay apiary operation, a first for New Zealand beekeepers on this scale. Recently, we were delighted to discover a growing population of 22 kiwi within our Makino Mānuka forest. This has sparked an accelerated predator control program and a protection project for kiwi and whio, an endangered species of small blue duck in the area. Last year, we shared with you our pride in seeing our wound care products applied to helping saving the wildlife caught in the Australian bushfires, and we've been able to continue that good work with helping harmed elephant and rhino in Kenya and orangutan in Borneo. In our annual report, we announced the launch of our Harmony Plan, which provides a framework for our partnerships and social impact initiatives. Key outcomes we are targeting are 1% of EBITDA to global community partnerships, a tree planted for every pot of Mānuka honey sold, one million bees saved every year globally, carbon neutral and circular economy. David will explain more during his presentation. This last year, another 3.5 million trees were planted, bringing our total to 10 million and counting. To support our strategy to become a net positive sequester of carbon by 2030, we have been working with thinkstep-anz to develop a comprehensive greenhouse gases inventory for all of our New Zealand-based operations. At first cut, we are already net positive, but this excludes the majority of our upstream Scope 3 emissions. This is still to be validated and aligned with our forward planning on planting and ongoing efforts to reduce our global operating footprint. So far, so good. In FY 2021, we delivered reported NPAT of NZD 9.5 million, up from a loss of NZD 9.7 million in the prior year. Notably, we had no non-operating adjustments to report. We reported EBITDA of NZD 25.5 million, up from NZD 4.2 million last year. This turnaround was made especially significant because, at the same time, we increased our marketing spend by more than NZD 8.5 million. We further reduced debt by NZD 10.9 million based on strong net operating cash flows of NZD 24.8 million. Overall, we made very good progress last year. I feel very comfortable that the company is on a stable footing. We have a solid balance sheet with minimal debt. We have strongly trending sales in our target growth markets of China and the U.S., and the decline in Australia and New Zealand from within the Daigou channel appears to have bottomed out. Earnings were at the top end of our guidance and continue to trend positively in spite of a significant rate of investment in building our global brand. Perhaps most pleasingly for our shareholders, there was a 35% gain in total shareholder returns. Dividends have been restored. Another important milestone was the building of a new leadership team. I'd like to thank David Banfield and his team for the many personal sacrifices they've had to make in order to help steer the company through and out of troubled waters. We have set a course towards a more prosperous and sustainable future. Let me introduce you to the team. David Banfield, our CEO, who you will hear from next. Nigel Greenwood, our Chief Financial Officer. Andy Chen, Regional Chief Executive Officer for Asia. Holly Brown, our Chief Purpose and Transformation Officer. Saada McNamee is our Interim Chief Customer Officer. Tracy Brown, Chief Operations Officer and also our moderator for today's meeting. Nicola O'Rourke, our newly appointed Chief Digital Officer. Dr. Jackie Evans, our Chief Science Officer. Adrian Barr, Chief Business Development Officer, and Corey Blick, our General Manager for North America. As discussed at our annual meeting last year, this was the year when the rubber needed to hit the road. We have returned to profitability, reduced our debt, and extended our leadership position in key markets around the world. We have proven our unique business model is adding value, focused on being closer to customer and consumers around the world. None more so than in China, where our market presence has allowed us to accelerate where others, with an over-reliance on the informal Daigou channel, have been severely hindered in their progress. There are still significant opportunities to further extend the business to realize the full potential of Comvita and all stakeholders. I hope you will join us again next year to hear more. I'll now hand you over to David. Perfect. Many thanks, Brett. [Non-English content]. Good morning, ladies and gentlemen, and welcome to the Comvita team and fellow shareholders gathering online. As Brett said, in a chapter of innovation and digitization at Comvita, it is perhaps apt that today we hold our first virtual ASM. I would like to start today by thanking and acknowledging the incredible amount of hard work and commitment from the global Comvita team. The last 20 months have been pretty relentless, even without the impact of COVID, with our absolute focus to set Comvita up for long-term success. We have made and continue to make some pretty tough calls to ensure that by the time we get to the end of this particular chapter in Comvita's rich history, the end of 2025, that we've put in place the belief, the foundations, and the process to set Comvita up for the next 50 years. Later today, I'll share our carbon and Harmony Plan. These leading and progressive policies serve to future-proof Comvita and enable us to evidence our differentiated and unique business model to our consumers around the world, and also highlight some of the fundamental differences in our model and standards to our exporter competitors. You can see on the screen behind me the front page of our FY 2021 annual report. I hope you find this report as beneficial and clear as our FY 2020 annual report, which incidentally won best traditional annual report in Asia Pacific at the recent ARC Awards, and later this month, goes to the World Awards in New York. Your feedback on last year's report has encouraged us to go further in this report and also give us even more disclosure on both strategic and operational focus, including a long-term business model. As always, any feedback, good or bad, is appreciated. Before I talk about the FY 2021 result and our FY 2022 plans, I wanted to share an update on COVID-19 and its impact on our team and our operations. The last 20 months since COVID-19 appeared have been unprecedented, both in terms of how we needed to adapt to win, but also how we needed to connect with our global Comvita teams during periods when they were quite often isolated and in different stages in various countries around the world. Our primary focus throughout has been on the health and wellness of our team around the globe. We're pleased to say the team are all safe and well, though some family members have been affected by the pandemic. I am increasingly concerned about the impact of lockdowns on the mental health of the team. In order to build connection and show that our team aren't alone, we've significantly increased communication, added confidential external support, and continue to send out monthly care packs comprising various Comvita products that help build immunity, and equally, to just show we care. I have to say that the team response in all markets has been and continues to be amazing. We're proud to be part of the solution for consumers around the world and see a strengthening of the longer-term trend of consumers turning to nature and natural products for their health and wellness needs. As a company, we have strong beliefs that the best way for us to get back to some form of normality is if the team are vaccinated, and we have introduced new policies and procedures to protect the whole organization, but have also sought to provide objective information to enable the team to make their own personal decisions. One of my personal core philosophies is, better to act your way to a new way of thinking than to think your way to a new way of acting. This principle has been central to our turnaround of performance at Comvita and encourages the team to think and act like the global leader that we are. By creating an environment where we're encouraged and expected to try new things, we can iterate and reiterate at speed. Long gone are elongated discussions about theoretical options and outcomes. We prefer to get to a considered hypothesis and then test and learn at speed in order to get to an action-driven, optimized position. There's a long way to go, but this philosophy will help us overcome the fear of failure and keep us focused on constant innovation and transformation to meet changing consumer needs around the world and keep Comvita as the global leader. It will also help us differentiate between exploration, looking at global dynamics outside Comvita and applying them within, and exploitation/optimization of existing and core competence. Over the course of the next 20 minutes, I'll share our progress on our three-point plan to stabilize performance, transform the organization, and build long-term resilience and growth. I will also share details of our 2030 Harmony Plan that explains the type of organization we aim to be in a multi-stakeholder world. I will also share our FY 2021 financial performance and give a brief update on trading performance in Q1 as we shared on NZX last week. During last year's annual shareholder meeting, you will have heard me use the word focus over 40 x in my presentation. This focus remains as crucial to our long-term success as it did a year ago. At the center of our focus are our discerning consumers around the world. By understanding who they are, what products they consume, and why, in which markets and through which channels, we're able to stay relevant to their changing needs. By investing in science to enhance our relevance, knowledge, and understanding, and by investing in our brand to share our amazing founding story and ongoing scientific development, we again truly differentiate ourselves from exporters and are in the process open up the amazing benefits of Mānuka and products of the hive to an even larger audience. Finally, we reinvest in our vertically integrated supply and supply chain to further improve the quality of our products and our services. This combination sets us up for long-term profitable growth. At Comvita, we have a truly unique business model. Not only have we developed our own Mānuka cultivars in our own Mānuka forests with our own apiary team and our own extraction capability, we have our own quality and science facilities. We also have a highly capable team on the ground in markets around the world. We believe that by being closer to customer and consumer, and by empowering our in-market teams to act, we become a better business and a better partner. With our digital transformation project in full swing, we are learning more every day about our consumer needs into products and services, and see the mid-term opportunity to be a truly digitally data-led business. A year ago, we shared our three-point plan to stabilize the business, transform the organization, and build long-term resilience and growth. We've attempted to put a simple traffic light system over our progress to date, and I'll now share with you where we are on that journey. In terms of stabilization, we've achieved results at the top end of our guidance range. We've significantly de-risked the business by proving that our new harvest model that aims to produce zero contribution to group profits in poor weather years and NZD 2 million-NZD 3 million of profit in good weather years, has proven successful in FY 2021. Whilst we would not have wanted a poor weather year, we were able to show our ability to break even despite harvest yields being circa 50% below FY 2020. We've also completed our joint venture review and now have a clear and openly shared view of operating environment and companies over the next few years. In addition, we've continued to generate cash and pay down debt. Key milestones in FY 2021 were our half year earnings reflecting true seasonality of the business, our full year earnings an EBITDA of NZD 25.5 million. It should also be noted that whilst our ANZ performance was materially down on FY 2020, we improved sales year-over-year by 17% in Q4, and also Q4 sales were 33% higher than Q3. Finally, we were pleased to resume dividend payments to shareholders as a result of our good financial performance. Looking forward, we aim to deliver single-digit growth in ANZ. We aim to deliver FY 2022 earnings in line with our guidance of NZD 27 million-NZD 30 million EBITDA. We aim to improve our team Net Promoter Score as we look to deliver on our promise to become the best employer, and we aim to deliver strong double-digit earnings per share growth. Our transformation plan has enabled us to deliver double-digit growth in our focus growth markets of China and North America. Double-digit growth in Mānuka honey sales, double-digit growth in our digital channel sales, now around 34% of our total sales, a 730 basis point improvement in gross margin, nearly NZD 12 million reduction in inventory, and to reduce our net debt to NZD 4.6 million. Key milestones were double-digit top and bottom line growth in China and North America. Digital revenues up 17%-24% of group, and finally, us proving our ability to break even in our Europe, Middle East, and Africa segment. Looking forward, we aim to deliver double-digit growth again in China and North America. We aim to grow digital sales to 38% of total sales, accretive gross margins. We will continue underlying net debt reduction and are aiming for double-digit EPS growth. We recently shared our long-term 60:15:20 business model. This sets out our plan to deliver a gross margin of at least 60%, 15% brand investment, and 20% EBITDA ratio by 2025. We recognize that this is a significant improvement versus the 13.3% EBITDA ratio that we delivered in 2021. We have confidence in our ability to achieve this goal. In addition, we shared our first carbon footprint measurement and launched our 2030 Harmony Plan. It's also crucial that health and safety is at the center of our thinking. We are pleased the total recordable injury frequency rate reduced by 9% during this period, though we see further opportunities to improve this. Looking forward, we aim to deliver an additional 150 basis point improvement in margin in FY 2022. We aim to become B Corp certified and will increase our investment in science with a new patent file to showcase our industry-leading capability and category understanding. We're really proud to share our 2030 Harmony Plan with the Comvita whānau and our multiple stakeholders. This plan is built on our belief that we can leave the world in a better place. It's a living document that will evolve as our business evolves. It is a way of providing clarity on how we believe we can become a positive force for good. It's an ecosystem approach, which means it's not linear, though initiatives can be interrelated. Our model is expected to iterate as we evolve and forward, taking into account the needs of stakeholders in our ecosystem. It's meant to be aspirational, but some objectives can be realized sooner than 2030, and we're aiming to achieve those as fast as possible. The Comvita Harmony Plan is based on three core principles. Treading lightly in forging a new leadership path in sustainability and circularity, with this being net positive carbon by 2030. Secondly, by embracing the science of nature. Our Whakapapa is sharing the power of nature and the hive with the world. We seek to do business in a way which honors ancient wisdom and harnesses latest scientific learnings, while showing respect and care for our place as we restore balance in nature. Our third principle is strengthening our global hive. Comvita have been caring for bees since 1974 and are supporting native forest regeneration in New Zealand. We aspire to be the best employer nationally and abroad, with safety and wellbeing at the heart of our reinvestment in our team. We believe that the best interests of all stakeholders are served when the Comvita team are shareholders and think and act in the best interest of all stakeholders. Our Harmony Plan sets out our commitment to achieve this. Finally, we're committed to investing 1% of EBITDA in support better social and environmental outcomes. We invite you to join our mission to connect bees and nature to help heal and protect the world as part of our One Hive movement. Finally, it wouldn't be an update from me without a Lao Tzu quote, who said, "Do the difficult things while they're easy, and do the great things while they are small. A journey of 1,000 mi must begin with a single step." We are pleased with the steps that we are making and are committed to deliver an incredible chapter in Comvita's rich history by the time we turn 50 in 2025. In FY 2021, we delivered a reported net profit after tax of NZD 9.5 million, versus a NZD 9.7 million loss in the prior corresponding period of PCP. We achieved a reported EBITDA of NZD 25.5 million, which was improved by NZD 21.3 million versus June 2020, or over 500%. We delivered double-digit top and bottom line growth in our focus growth markets of China and U.S.A., double-digit top and bottom line growth in Mānuka product category, double-digit top and bottom line growth in digital channels. Our gross profit increased by 730 basis points to 53.9%. We increased marketing investment by NZD 8.7 million or 56%. Business transformation plan is on track. We have a new leadership team in place. We're delivering strong GP growth, and in 18 months since initiating our transformation plan, we've delivered NZD 12.1 million of value add. Our SKU reduction program of 30% simplifies our business, and we've been able to reduce net debt by NZD 10.9 million to NZD 4.6 million, with inventory reduction of NZD 11.7 million, and operating cash inflow of NZD 24.8 million. As I shared earlier, we had a 9% reduction in total recordable injury frequency rate, and we were pleased to record a fully imputed dividend of NZD 0.04 per share. Overall, we are pleased with the progress, but it's definitely so far, so good with us delivering NZD 9.5 million reported NPAT, the EBITDA result that I just shared, along with the results that you can see on the screen. As we previously shared, good management of business fundamentals, and particularly management of working capital and cash, is central to our long-term plan. In FY 2021, we reduced inventory by NZD 11.7 million and net debt by NZD 10.9 million, reflecting our ongoing focus in this area. UMF Mānuka honey share increased from 61% - 66% of our total business, with Mānuka revenue up 10%, and as importantly, our more premium 10+ Mānuka improved by 14% year on year. Our ongoing focus on product level productivity continued with us reducing our SKU count by over 30% during the year. This helps us focus on SKUs that our consumers demand and on SKUs that give us the highest profitability. In addition, we get these production and supply chain efficiencies in the process. Our focus remains on delivering growth in our focus growth markets of China and North America. China is the world's biggest honey market, and North America the second biggest. For Comvita, Mainland China revenue increased by 31% in local currency as we extended our market leadership. In North America, revenue increased 23% in local currency, and we're the fastest growing Mānuka brand. Greater China represents nearly 50% of our total sales, and whilst North America's share of our total revenue increased to 13%, we recognize we need to grow faster in order to deliver portfolio balance and take advantage of strong, broader category fundamentals. Comvita business model is truly unique and means that when executed effectively, we're closer to customer, closer to consumer, faster to act, and able to empower quality teams in market in order to grow both market share and total addressable market. In the course of this year, we are pleased to have added more capability to our in-market teams, funded by efficiencies we have generated elsewhere in the group. Through our collective efforts, we delivered strong top and bottom-line growth in both China and North America. We increased our marketing investment by 56% to 12.6% of sales and continued to refine our unique "Why Comvita?" story and tell that story to consumers around the world. To give like for like performance, I will skip this page on reported currency and focus on constant currency revenue performance. Our constant currency revenue increased by 11% to NZD 96.5 million in Greater China, by 23% to NZD 27.2 million in North America, and by 30% to NZD 26.7 million in rest of Asia. In Australia and New Zealand, sales declined by 27% to NZD 32.1 million due to disruption to the Asian health market and tourism, and our strategy to leverage our in-market team in China of around 200 people. In EMEA, our revenue was down by 25% to NZD 5.2 million as a result of Brexit challenges in H2, meaning no product could be shipped to Europe. Looking at our net contribution by segment, our Greater China net contribution increased by 9% to NZD 19.9 million. Our North American contribution increased by 7% to NZD 4.7 million. Our Asia contribution increased by 52% to NZD 6.4 million, with strong growth across all markets. Our ANZ net contribution decreased by 27% to NZD 10.2 million due to the revenue decline. Finally, we were delighted to prove that despite significant revenue headwinds, we were able to deliver a break-even performance in EMEA, giving us further confidence about the long-term opportunity to have self-funded profitable growth in this segment in the future. I now turn to focused growth markets, where our strategic focus is to have long-term structured investment to grow the total addressable market and our market share. When looking at Greater China, you can see our total sales increased by 7% to NZD 93 million, and our net contribution by 9% to NZD 19.9 million in the world's biggest honey market. Again, for transparency reasons, we will focus on constant currency performance. In mainland China, our total revenue grew by 31% to RMB 337 million, and our net contribution by 25% to over RMB 70 million. We increased investment in our brand by 139% in order to build long-term loyalty and advocacy. Our China market highlights are new leadership team in place and performing strongly. Record results in key festivals, 11/11 and 6/18. Number six, the only international brand in healthy food category on Alibaba. Digital channel grew 41% to 57% of total. Retail sector grew 28% versus the prior corresponding period. UMF Mānuka grew 38%. Importantly, our new CBEC and Daigou model was implemented to ensure amplification of in-market brand strength and supply efficiency. Our Asian health model supports local ANZ Daigou with targeted brand collateral and value chain initiatives. We also gain enhanced management and visibility of inventories. Mainland China efficiencies support Hong Kong profit focus. We've also launched multiple brand partnership events throughout FY 2021, driving affinity. We are proud to form long-term partnerships with other high-profile brands in the China market, further driving affinity and engagement. As you can see, our afternoon tea, a highlight of Shanghai society, drove a high volume of target market engagement with over five million posts delivered, post views delivered. Other high-profile brand partnerships associations are underway. I now move on to North America. For the purpose of transparency, we'll focus on constant currency performance. Our revenue in North America grew by 23% to $17 million in FY 2021, with net contribution increasing by 18% to $3.2 million, representing 19% of sales. Structured brand investment is again central to our plan and was increased by 80% versus PCP. In order to diversify earnings, we invested strongly in the digital channel and grew sales by 37% versus the PCP, and now represent 36% of total North American sales. Our North American highlights. Comvita is the fastest growing Mānuka honey brand in the U.S. We have increasing rates of sale per point of distribution with key retail customers for Mānuka. We have strong growth in key categories versus PCP, including UMF Mānuka honey and Propolis. Our retail distribution increased by an estimated 2,000 stores, doubling our retail presence. comvita.com metrics demonstrate success in growing our brand within the online channel, with us growing new users by 31%, transactions by 33%, email marketing by 29%, social by 117%, and earned media impressions of nearly 1,300 million, up from 722 million in PCP. We committed to save five million bees working with beekeepers across the U.S., which led to a feature in Forbes during World Bee Month. We also partnered with major health media publications to expand thought leadership within the Mānuka category. In summary, our focus strategy is starting to deliver results with a strong FY 2021 result reported. We saw double-digit top and bottom line growth in our focused growth markets, our digital channel, and the Mānuka category. We further simplified the business with our product range, our operating businesses, and organizational roles and responsibilities. We've reduced inventory. We generated cash. We paid down debt. Our transformation at Comvita is on track as we put in place the foundations to deliver long-term profitable growth. Finally, we've made good progress on delivering to our 60:15:20 plan. For FY 2022, our focus is to deliver in a guidance range of NZD 27 million-NZD 30 million at EBITDA, continued double-digit top and bottom line growth in focused growth markets, digital to become at least 38% of total revenue, mid-single-digit revenue growth in ANZ, further focus in driving an increase in GP more towards H2. Our transformation program will continue with NZD 2.5 million investment, which is included within our guidance. We're targeting further inventory reductions from NZD 100 million to NZD 90 million and will invest around NZD 18 million in CapEx during this year. Before I hand back to Brett, I wanted to share our Q1 performance, and I'm pleased to say that despite COVID disruptions in offline retail, underlying revenue is in line with our expectations. We've invested 50% more in our brand and delivered an unaudited Q1 EBITDA result, 10.6% above PCP. We continue to look for and explore material opportunities to enhance our global leadership and accelerate growth further. Our full year guidance is maintained. I'd now like to hand back to Brett, but would like to thank Brett and the Board for their challenge, for their support, and their encouragement throughout FY 2021. Thank you. Thank you, David. That's been great. Now, moving to the resolutions. I propose to call a poll on each of these resolutions. As I mentioned, shareholders will be able to cast their vote using the electronic voting card received when online registration was validated. To vote, you'll need to click Get Voting Card within the online meeting platform. You'll be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking for, against, or abstain on the voting card. Once you've made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or use the helpline specified if you require assistance. Voting will remain open until five minutes after the conclusion of the meeting. Results of the vote will be announced by the NZX. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution, and as such, must be approved by single majority of the votes cast by shareholders entitled to vote and voting on the resolution. The outcome of proxy votes will be displayed for your information after voting on all of the resolutions. Ordinary resolution one, appointment and remuneration of auditors. To consider and if thought fit to pass the following ordinary resolution that the meeting records the reappointment of KPMG as the auditors of the company for the current financial year ending June 30, 2022, pursuant to Section 270 of the Companies Act 1993, authorize the board to fix KPMG's remuneration. Are there any questions of the board concerning the motion from shareholders? Good morning. No questions have been received from shareholders relating to resolution one. Thank you very much, Tracy. Please now select either for, against, or abstain for resolution one on the voting card. Ordinary resolution number two, director's election of re-election of Luke Bunt. To consider and if thought fit to pass the following ordinary resolution that Luke Bunt, who retires by rotation and is eligible for re-election, be re-elected as a director of the company. I now invite Luke to speak to his re-election. [Non-English content], good morning. My name is Luke Bunt, Independent Director, Deputy Chair, and Chair of the Audit & Risk Committee. I'm delighted to have this opportunity to stand for re-election to your board for a third term. It is rewarding to be part of an organization whose purpose centers around health and wellbeing, and which places importance on making a meaningful contribution to reducing carbon emissions, environmental protection, and sustainability. It has also been rewarding to have played a part in our transformation process so far. We're at the early stages of that transformation, and I'm pleased to have this opportunity to continue the journey with David and his team and with my fellow directors. As an Independent Director, it is a prerequisite to be aligned to a company's vision, strategic direction, culture, and values. I have great confidence in Comvita's future, and I consider myself to be totally aligned to the organization's goals as this has developed under David's executive leadership. I believe my skills and experience gained from 40 years in business and over 20 years in a variety of governance roles remains relevant to the challenges and opportunities in front of us. Comvita is heading into an exciting period of expansion and growth. If elected, I will bring the high level of energy, diligence, and commitment necessary to effectively execute my governance responsibilities into playing my part in achieving the company's goals. [Non-English content]. Thank you, Luke. Please now select either for, against, or abstain for resolution two on the voting card. Ordinary resolution number three. Director's election for Yawen Wu. To consider and, if thought fit to pass, the following ordinary resolution: That Yawen Wu of China Resources be elected as a Director by shareholders. I now invite Yawen to speak to her election. Hi, everyone. This is Yawen Wu from China Resources. It's my great pleasure to join Comvita Board. Comvita is one of the most beloved consumer brands in China and also around the world. With knowing the brand for such a long time, it's not just helping people to improve their health or well-being, but also becomes a lifestyle brand that features friendly, health, and sustainability. I've been working in China, like in investment fields, in the past 15 years, and we have developed a bunch of very popular international brands, and I think Comvita is definitely one of them. I believe, my personal experience in investments and also in the corporate governance will help the company to move to the next stage of its development. Although Comvita has been doing very well in the past decades, but we think they still have the vast potential to explore. It's very exciting to join the board at this moment. I take this opportunity to give best wishes to the company and also to the people who loves Comvita. I'm looking forward to my journey to work with David and also with the management team, as well as the board members in Comvita. Thank you, Yawen. Are there any questions for the board concerning the motion from shareholders? We have not received any shareholder questions relating to this resolution. Thank you, Tracy. Please now select either for, against, or abstain for resolution three on the voting card. Ordinary resolution number four, Director's election of Bridget Coates. To consider, and if thought fit to pass, the following ordinary resolution: That Bridget Coates be elected as a Director by shareholders. I now invite Bridget to talk to her election. Kia ora koutou katoa. My name is Bridget Coates. I'm an Independent Director, and I'm proud to be invited to join the Board of Comvita, subject to your approval at this meeting. I have a finance background as my primary career, and I have more than 30 years' experience as a director in a wide range of companies in New Zealand and in the U.S.A. Comvita is one of New Zealand's most iconic brands. I'm very committed to the company's mission, taking the highest quality New Zealand natural food products to the world, while at the same time committing to sustainability in everything the company does. With that in mind, there are three principal areas where I believe I can contribute to the Comvita board should I be appointed. Firstly, I have 10 years' experience in marketing New Zealand health food products to U.S. consumers through a full variety of channels, retail, direct to consumer, and via many online platforms. I understand that market very well and what relevance the New Zealand provenance has for various categories of U.S. consumers. Secondly, I have a deep engagement in sustainability through two of my current roles. I have the chairmanship of Toitū Tahua, which is the Centre for Sustainable Finance, and I'm also chair of the Fonterra Sustainability Panel. Thirdly, I have a background in finance and economics, including equity analysis and board roles on the Reserve Bank and on the New Zealand Super Fund, as well as a wide variety of governance roles. I look forward to working with the Comvita Board and to continuing to build this brand into the future. Thank you. Are there any questions for the board concerning the motion for Bridget Coates? No questions received from shareholders relating to this motion. Thank you, Tracy. Please now select either for, against, or abstain for resolution four on the voting card. Okay, we move to resolution number five, Director's election of David Banfield. To consider, and if thought fit to pass, the following ordinary resolution, that David Banfield be elected as a Director by shareholders. I now invite David to talk to his election. Thank you. On the 20th of January 2020, when I joined the Comvita team, I shared my belief with the team that we had the opportunity to write an amazing and exciting chapter in Comvita's rich history. I shared my belief that this was a chapter that had to be based on talent, ambition and delivery of results. I invited the team to be part of that special chapter, and asked how they were gonna make themselves famous at Comvita. Over the last 20 months, we've changed a lot and we have achieved a lot, but our ambition and our capability demands that we do more and we strive for more. The results that we share today show that we're on the right track, but it really is a case of so far, so good. I'm excited to be with you today, virtually, asking for your support to endorse my election as managing director at Comvita. I have a firm belief that in today's multi-stakeholder world, it's an important signal that we recognize and want to promote an agenda for all stakeholders, and I believe that my appointment does that. I have significant experience in the role of managing director and have held this joint role since my late twenties in many countries around the world, but also here in New Zealand, and I look forward to proving how my appointment will benefit all stakeholders. As I said earlier, we've made a good start, but there remains much to do, and I hope for your support through this appointment to help accelerate that change further. Thanks very much. Thank you very much, David. Are there any questions for the board concerning this motion? No questions received from shareholders relating to resolution five. Thank you very much, Tracy. Please now select either for, against, or abstain for resolution five on the voting card. That concludes the resolution section. Thank you very much for your support there. We now move into general business. I'd now like to give shareholders the opportunity to pose their questions, whether related to the presentations, the financial statements, or the management of the company. You can continue to provide questions online, and we will also address questions already submitted online. If we're gonna run short of time, as mentioned before, we will endeavor to respond to those after the meeting. Are there any questions received from shareholders? We have received a number of questions from shareholders this morning. First question we have received has been tabled by Kaushik Patel. The question is: Is the company well geared with the Chinese market and Chinese government's latest crackdown on dairy industry, as it could do the same with other products? With logistic and other cost issues, are Comvita products able to pass on the increase in these costs or facing any headwinds? Is the ANZ market still struggling? Lastly, the spending on brand should ensure that the desired outcome of larger sale volume or niche pricing is targeted, as we do not want to see a poor outcome over time. Thank you. Thank you very much, Mr. Patel. Look, I'll pass that back to David. That's a perfect question for him to respond to. Many thanks, Brett. There's quite a few questions in there, so I'll attempt to answer them individually. Look, first off, I think the most important thing is recognize our unique business model, and that business model in the China market is reflected by the fact that we have around 200 people on the ground in the market. Which means that we are closely connected to the changing market environment, the changing market demand, and I think puts us in a unique position to take advantage of the opportunities that are there. If you look at the performance in mainland China in the year just finished, with total revenue up 31% in local currency, I think it highlights the opportunity that we see there. In terms of cost pressure and margins, again, through this result you've seen total gross profit improve by 730 basis points to 53.9%. We are clear that we won't pass on price increases unless we experience cost price pressure. We're confident in our ability to do that should we need to at any particular point. Moving to ANZ, and I'll apologize if I missed any parts, but moving to ANZ. Look, we believe that ANZ market has bottomed out. If you look at Q4 performance, we saw Q4 +17% versus the prior corresponding period, and also increased by 33% versus Q3. We have a strong sense that the market has bottomed out in terms of demand and we'll lose that headwind, and we're targeting single-digit revenue growth in that market. The final question about brand investment model. When I first joined Comvita, what I really saw was that we have such an incredible story, founding story from Alan and Claude, that we have to have a business model that lets us tell that story and differentiate ourselves from other exporter competitors. To enable that to happen, we must invest in the substance to that story. I believe that going forward, it will become an even bigger differentiator, versus any competitors that we compete against. It's integral also in our 60:15:20 long-term business plan, which as I shared earlier, is designed to make sure that this becomes our default position going forward. Thank you, David. Do we have any more questions? Please, Tracy. We do. The next question has been tabled by Chris Brown, from NZSA. The question is: Given the potential for conflict of interest, does the company intend to take any action in relation to the significant portion of non-audit work performed by the company's auditor? Okay. Some good questions coming in. Thank you. That is something that has been noted by the company. We have enjoyed a very good relationship with KPMG as our auditor. During this last couple of years, we've had obviously a fair amount of consulting work as we look to restructure. We have noted that the work that KPMG has mostly been done around tax consulting. We took a review this last year. I can confirm that, going forward, we've appointed PwC as our lead tax advisor in this regard. That should shift the balance in the future. Are there any other questions, Tracy? Yes. Next question has been tabled by Coralie Van Camp. The question is: What percentage of the company is owned by Chinese interests? Yes. Thank you for that question. It's not normal that we would disclose detailed interests around that, but I can confirm that our Asian interests, I don't think we have anything specific on China per se, but our Asian-related shareholding is around 7.5%. That does include China Resources, which is a Hong Kong-listed company, and it's at less than that. That's probably what I can confirm. If it is of interest, I will note that Li Wang, which is our largest shareholder, is a New Zealand citizen. Thank you, Tracy. Any other questions? Next question is in two parts and has been tabled by Neil Craig. First part of the question is: Given the company is now paying dividends again, can the chair clearly articulate the future dividend policy? Second part is: CVT has released encouraging results as well as positive prospects for the future. However, the share price has not reflected this. As a result, does the company feel vulnerable to a bid given the current level of M&A activity? Thank you, Neil. I wouldn't expect anything different from you. I really appreciate it. Dividend policy has remained unchanged at 30% of net profit after tax, and we will continue to review that as time goes on. We've obviously got a fairly assertive program around investing our brand, in particular, and building resource and capability in market. Our CapEx requirements are not overly onerous, but it is focused around developing our plantations program and again, around building our marketing capability in market. The dividend policy, we will do everything we can to retain it and maintain it. The question obviously will be around if there's an interim dividend, we will be giving consideration to that close to the end of the year once we've got some certainty around our half-year result. We will endeavor to pay an interim dividend if at all possible. Share price. Yes, look, that's probably the one thing that does tend to keep me awake at night, if I'm really honest with everybody here, is that our share price does, I think, poorly reflect the true capability of this organization. If I compare that to other listed companies of similar breed, if you like, as Comvita premium branded products around the world, I think we are significantly undervalued. Look, we're just going to focus on business fundamentals and get that right and make sure that we're communicating that effectively to the analysts and make sure they understand our business model, where the value is, and how we're going to drive value around that. We're just focused on getting our brand to the strongest possible position as we can and also improving earnings growth as steadily and as sharply as we can, while still investing in brand and investing in building capability. look, I don't know if that answers your questions, Neil, but, I really do appreciate the support that we're getting all the time from shareholders and, we do think that there is a value to be had in CVT right now. Other questions, Tracy? Yes. Next question has been tabled by Christian Bell. The question relates to: Have you seen any of the other New Zealand honey brands elevating their own marketing spend to match what Comvita is doing? That might be a convenient one to pass back to David. He's obviously closer to the ground than I am Thanks, Brett. It is a dynamic marketplace. I think that in terms of percentage terms, obviously others can look to match our spend or in percentage terms. Given our scale and our market leadership, what we're able to do is make sure in terms of share of voice, that actually it's Comvita's voice that is the predominant one, and that's what you see in terms of our performance in both the U.S. and China. You'd have heard me during my address correct myself when I talk about impressions, where I'm talking about 1,300 million impressions of our brand work and our unique position there will continue to differentiate us, and as we grow more, our share of voice will increase more as well. Yeah, it's not direct to competitors, but I do think that the combination of our scale and our model will mean that it's our voice that's heard. Thank you, David. Tracy, do we have any more questions? We do. Next question again tabled by Christian Bell. Platforms like TikTok have become important for reaching consumers in China. For example, TikTok is a channel that a2 Milk is investing into. Is Comvita currently investing or planning to invest in TikTok in particular? Good one for you again, David. Thanks, Brett, and thanks, Christian. Look, you've got an incredibly dynamic online marketplace in China, and that means that you have to be on all relevant channels. I'm not going to talk about individual channels themselves, but you can assume that we know who our online target market is. We know how they consume media through those different channels, and therefore, we put ourselves on those channels to make sure that we're relevant to how they consume media, and we continue to do that. Thank you very much, David. Yeah. Tracy, further questions? Yes. This question relates to the upcoming honey harvest and has been tabled by Chris Bell. Could you please give an update on the flowering period to date and whether any one areas have been impacted by the recent cool weather? Might be a bit too soon for that yet. David, probably also you can be best placed to answer that. Yeah. I think you're entirely right, Brett. It is too soon. The one thing I would say is that with our revised harvest model, that actually the impact of a poor weather year on our earnings is mitigated. We've set ourselves up that in a poor weather year, we deliver zero contribution to group profits, and in a good weather year, we deliver NZD 2 million-NZD 3 million contribution to group profits. That's obviously a key part of making sure that we focus on where our cash is generated and where we really win, which is in market in front of consumers. We will give an update, but it'll probably be in April next year when we give an update, but we'll do it at the same time that we talk about consumers in markets and our performance there. Thank you, David. Tracy, further questions? Yes. There's a couple of questions more to go. Underlying revenue was 4.5%. What is the country breakdown for this? Could you please explain if this reflects DD growth in focus markets, MSD growth in ANZ markets, i.e., whether it was in line with your market growth targets? All good questions for you again, David. Yeah. Thanks, Brett, and thanks for the question. As you know, we don't release results on a quarterly basis in terms of the more granular results on a quarterly basis. It's obviously pretty onerous releasing the half year detailed results, and we won't break down the detail of individual territory performance in intervening periods. What we would say is that our performance is in line with our expectation, and we're pleased with the progress that we're making. Thank you. Tracy. Next question is in relation to the ANZ market performance, and it has been tabled by Li Wang. Why did the ANZ market drop down last financial year? David, you're getting all the good ones today. I'm not getting any of interest. Nobody got any questions for the Chairman. Yeah, again, thank you for that. I think the challenges in ANZ market, primarily through the Asian health Daigou channels, have been pretty well documented. The end of tourism effectively over that period, and us also reconfiguring how we think about success across our total business really is at the heart of that. I think that we've taken time to really say, when we think about our overall performance, we actually ran a project called Project Three, which was 1 +1 equaling three, which was looking at when we think about the brand proposition we're developing in the China market, and when we think about how the ANZ Daigou market needs to amplify our in-market positioning, how do we make sure that we think about what's best for the group and best for consumers in the market? You've got external factors that have impacted us, that as I say, are pretty widely reported. Also internally, we want to make sure that we are focused on who our target consumers are, how we communicate with them, and that we produce the best combination of what's from here and what's actually in China. Thank you. Tracy, any further questions? Just a couple to go. Currently, this question again relates to ANZ revenue growth. What was quarter one FY 2022 revenue growth versus quarter four FY 2021? I'll repeat that. Quarter one FY 2022 versus quarter four FY 2021. David? Yeah, thank you. Look, as I just said a minute ago, we won't talk about a breakdown of our performance at a quarter level. At the half year, we'll give you an update of our segment performance versus PCP. We've also said that in the ANZ segment, we believe that the segment itself has bottomed out, and we're expecting to show a single-digit revenue growth during FY 2022. Thank you. Okay. Next question. Why was the list of major shareholders and percentages held not listed in the annual report? Can you confirm them now? This has been tabled by Coralie Van Camp. Major shareholders, significant shareholders can be disclosed. It's not normal that we would break that down in greater granularity. Look, I'm happy to take advice on that. If it's deemed appropriate, we could consider in future how we report on that. Normally, unless they're material shareholders over 5%, it's not a requirement to disclose their holding. Is that okay? Tracy, back to you. Thank you. Final question received so far, tabled by Guy Manning. Question is, what is happening with U.K. market growth as far as sales? Are you also looking at growth by buying similar companies? U.K. is definitely your area, David. Yes. It'd be nice to be able to get back there to see it personally. Look, the U.K. market is an interesting market. It was obviously one of the first international markets for Mānuka honey. It's a market that is fairly strong, and it's a market that we recognize we under index in that particular market. I think that, as I shared, the important part of this last result was that we were able to break even in Europe, Middle East, and Africa. That's the whole segment. That was despite not being able to ship any product into Europe during the whole of the second half. Again, I think that gives us reasons for positivity. In terms of M&A in that particular area, that wouldn't be a primary area of focus for us. We've been clear that we see our focus growth markets as being China and North America. Equally, we've been clear about the categories that we are focused on in those markets. Very good. Tracy, any more questions? No further questions received from shareholders. Well, look, I'm happy to bring forward a question that I received via text message because apparently the online person had a challenge with their question. It's from John Cherrington. He just wanted to explain the 60:15:20 model. I'll probably answer this one, David, on your behalf, even though it's part of your strategy. The 60:15:20 basically represents 60% gross margin, 15% of sales return to marketing, and 20% EBITDA margin. This has really just been developed as a sustainable way to ensure that our position around a premium brand positioning at a 60% margin is being supported by a sustainable spend of 15% on marketing activities and brand activities. We believe that that will deliver a sustainable 20% EBITDA margin. We currently, as David Banfield mentioned, is running around 13%, but that did include, in this last fiscal year, an increase of NZD 8.5 million in additional marketing spend. Bringing our total marketing spend to around NZD 25 million. That's a significant investment into our brand, building for the future and ensuring that we've got a growing business, profitable business, and a premium brand positioning. I thought I'd just explain that. That's all the questions. Please, you can, of course, ask more questions online, but I think that we probably need to let everybody go. Thank you very much to everybody. Thank you to David Banfield and my fellow directors who spoke today, and also for everybody joining us online. I believe we had a little over 100 people join. That's obviously a clear demonstration of the success of a virtual meeting so that we can pull a lot of people together from a lot of different places. I wish you all the very best. Before we go, we will have a karakia from David Walters. Thank you very much. Have I closed this meeting?