Welcome everyone to the Comvita FY 2024 Full Year Results Presentation. My name is Nigel Greenwood, CFO. Online attendees can submit a written question at any time by clicking the Ask a Question button on your screen during the presentation. Your questions will be answered at the end of the presentation. I will now hand over to David Banfield, CEO. [Foreign language]. Good morning, ladies and gentlemen, fellow shareholders, and welcome to the Comvita FY 2024 Full Year Results Presentation. The theme of the presentation today is Agility in Unpredictable Times, and I'll now start the presentation with the financial headlines on page three. Our revenue for the year ending June 2024 was NZD 204.3 million, - 12.7% or NZD 28.9 million versus PCP. Our Greater China revenue was - NZD 19.2 million, or 17.6%, with a GP impact of - NZD 15.3 million versus PCP, and our U.S. market revenue was - NZD 9.5 million, or 26.6%, with a GP impact of - NZD 5.3 million versus PCP. Our gross profit for the year was 55%, - 300 basis points versus PCP. In this year, as we've already disclosed, we incurred a non-cash impairment of NZD 59.8 million before tax. For EBITDA, I'll share with you the reported and underlying numbers. Our reported EBITDA was a loss of NZD 59.6 million, - NZD 90 million versus PCP. Our underlying EBITDA was NZD 14.6 million, or - NZD 18.9 million versus PCP. Our net profit after tax reported was NZD 77.4 million dollar loss, -NZD 88 million versus PCP, and our underlying net profit after tax was a loss of NZD 5.6 million. Inventory finished the year at NZD 134.4 million, and net debt at NZD 79.7 million. Our revenue and associated gross profit in key markets around the world were hit by a combination of general macroeconomic slowdown in our biggest market, price competition in entry point segments of Mānuka honey, and Mānuka honey market contraction in our biggest market. Oversupply from pre-2019 has created a glut of honey that exporters are discounting to clear as many exit the industry. For Comvita, we were planning for growth or continued growth in FY 2024. However, our high fixed -cost model has impacted our subsidiaries' net contribution disproportionately. Our response: we've launched a good and better product range to target short-term value consumers and also expanded distribution. This range was launched into the China market in April 2024. We've enhanced consumer education on Comvita quality and partnership with other high-profile premium brands across Asia. We've also increased regional new product development to drive trial, category excitement, and relevance for local consumers. With the Comvita brand, we're focused on premiumization, leveraging our science advantage and our forest for sustainable supply. The premium segment delivers higher loyalty and repeat purchase. Recently, we announced the discovery of Lepteridine, which opens the opportunity for proven efficacy claims for consumers. In addition, our forest strategy delivers a sustainable footprint, preferential pricing, and quality for our premium segments. Our NZD 10-15 million cost out program is designed to build agility between economic cycles. I now present to you our income statement. Revenue at NZD 204 million, 12.7% down on PCP. Our gross profit percentage at 55% was 300 basis points lower than last year. That was through a combination of lower manufacturing recoveries, as well as the revaluation of our apiary harvest in FY 2024, which I'll cover off a little later. Our reported NPAT at minus 77.4 million was impacted by a combination of the impairment of NZD 56.1 million after tax and a number of non-recurring costs of NZD 15.7 million after tax, so that our underlying NPAT was -NZD 5.6 million. Impairment and non-recurring items. Here on this slide, I provide a reconciliation of our non-cash impairment, as well as a number of the non-recurring costs that we incurred in FY 2024. We tested for impairment because there was an indication of impairment due to the large material gap between the company's net total assets and its market capitalization. You can see the outcome of that was a total asset impairment of NZD 56.1 million after tax and before tax, NZD 59.8 million. With respect to non-recurring items, we had a number, including ERP costs of NZD 7.2 million, NDIO restructure and Medi-Bee impairment, NZD 6.9 million. The offset by the benefit of the Makino sale, insurance proceeds, and the HoneyWorld contingency consideration release, combined equaling NZD 3.9 million. We also undertook a revaluation of our FY 2024 honey harvest from our apiary operations, which reduced inventory by NZD 4.2 million. The net impact before tax being -NZD 2.4 million, and combined with some other one-off negative tax impacts, resulted in the after-tax underlying result of NZD 5.6 million loss. On this page, we provide a reconciliation of the group results. At the beginning of the presentation, David set out the reported results and the underlying results for both EBITDA and NPAT, and this page shows you how those numbers were generated. In respect of our key, key balance sheet items, firstly, we have our net debt finishing at NZD 79.7 million, which was NZD 26.3 million up on last year, but in line with the guidance that we had provided earlier. The key issue with our net debt position was that you will see that it's been reflected as current in our balance sheet. That was as a result of a breach of a bank covenant as at 30 June. The bank have subsequently waived their rights associated with that breach, and management are currently negotiating a revised covenant structure with the bank syndicate to be completed in September. Our inventory finished at NZD 134.4 million, and that's after adjusting for the NZD 4.2 million revaluation of our honey harvest. With respect to the breakdown of inventory, you can see that we reduced our raw materials and other inventory by NZD 15 million to NZD 67 million in FY 2024. However, our finished goods increased by NZD 17 million to NZD 64.6 million. This as a consequence of us building inventory in market for anticipated sales that ultimately didn't materialize. From a cash flow perspective, we had operating cash flow of NZD 5.3 million this year versus NZD 8 million last year. You can see the other movements in our cash flow statement on this page, which I won't go to in further detail at this time. In response to the difficult trading conditions, we have a cost-out target of NZD 10-15 million annualized versus FY 2024. In FY 2025, we anticipate realizing between NZD 10 million and NZD 10 million, split between COGS savings and OpEx savings. However, on an annualized basis, we anticipate that will be NZD 10-15 million. You can see that we have already reduced our headcount since FY 2024 by 53 positions. With respect to the challenges and actions that we have, the issue: lower sales than forecast has meant that despite reducing inventory held as raw materials, cash is still tied up in elevated finished goods, preventing us from paying down our debt. Our debt, at NZD 79.7 million, is well above our targeted leverage ratio of 1: 1.5, and as a consequence, we incurred interest charges of NZD 8.7 million in FY 2024, NZD 3 million higher than the prior year. As noted earlier, we increased our finished goods in market to meet the demand that failed to materialize. However, the finished goods in market does enable us to activate campaigns to celebrate anniversaries in FY 2025, including our 20 years in China and 50 years for the group. The actions that we've taken to date include increase in market activity, reduce finished goods inventory in FY 2025, inventory reduction focus, freeing up cash and paying down debt, along with the sale of non-core assets such as our Makino Forest investment, which we completed in June 2024. Operating cash flow in H2 was NZD 11.4 million, and full-year operating cash flow of NZD 5.3 million. Ongoing focus on improving operating cash flow is a key undertaking for management, and our capital investment has been reduced in line with our sales performance. Our two focused growth markets are Greater China and North America. In FY 2024, sales and gross profit from these two markets combined was -NZD 28.8 million, with GP -NZD 20.8 million versus PCP. In Greater China, mainland China sales were -23% or NZD 20 million, and impacted by the partial cancellation of key 12.12 and 618 shopping festivals that are really important to our annual performance and broader honey market sales reduction of -17.5% versus PCP. Our gross profit was -NZD 15.3 million, or 210 basis points due to a sales miss. Net contribution of NZD 17.2 million was -35.9% due to the sales miss and our high fixed cost model. In North America, our revenue was down NZD 9.5 million, impacted by the loss of distribution in one major customer due to short-term price activity. Excluding that short-term loss, offline retail grew by 19% and online revenue increased to 49% of total and was 7% up versus PCP. Our gross profit was - NZD 5.3 million or 160 basis points due to sales miss. And again, our net contribution of NZD 4.7 million was - 47.5% due to the sales miss and our high cost, high fixed -cost model. Looking at our other segments, as you can see, rest of Asia sales were up by NZD 5.3 million or 16.6%. Sales growth contributed by HoneyWorld acquisition in Singapore supported this growth. Our net contribution of NZD 2.7 million was down by nearly 67% due to brand investment for growth, integration costs, plus the impact of low price competition. In ANZ, our sales decreased by NZD 4.4 million or 10.8%. The China market slowdown has had a knock-on impact to the ANZ segment, or Asian health or Daigou market, and low price competition are also targeting entry point levels. Our net contribution fell in line with sales, down NZD 1.3 million or 11%. In EMEA, our sales decreased by NZD 2.2 million or 38.1%. The segment remains subscale and low price competition persists in the U.K. Moving in to take a closer look at the China market. In FY 2024, there was a surprise contraction in the China market total honey sales from July 2023. All honey sales through key channels were down by 17.5%. The Mānuka honey category sales were down by 15.5%. For Comvita, our FY 2024 Mānuka honey sales through these channels were down by 20% on a like-for-like basis, and the performance declined due to a cancellation of major China shopping festivals 12.12 and 618, and the strength of our Chinese New Year performance in the prior comparable period. In addition, we saw aggressive and unsustainable price activity from competitors in entry point categories. Our market share has reduced from 60% in 2022 to 54% in FY 2024. In July, total honey market showed signs of stabilization, with July total honey sales down 3.5%, but Mānuka sales up 7.3%, with Comvita increasing share. Here you can see the Comvita Mānuka honey sales out year on year through the three channels of Tmall, JD and TikTok. As you can see, in the period up to October, our revenue was up 1% versus FY 2023, but the major gap occurred during the 11.11, 12.12 and Chinese New Year celebrations, and also with the cancellation of the 618 festival. Looking at the segment as a whole, you can see our total segment revenue of NZD 89.8 million was down by NZD 19.2 million versus PCP. Our direct margin remained strong and our net contribution of NZD 17.2 million or 19.2%, continued. Our market share has been impacted by short-term price promotions in entry point segments. New ranges have been launched to target value consumers and regional NPD is performing well to increase our category reach and relevance, and I'll come back to that. The work the team have done in China to build a premium positioning for the Comvita brand remains a significant priority. Here you can see three examples of our leadership in action. On the first two pictures, you can see our current in-store presence in some of our high-profile offline retailers. And on the right-hand side, you can see our pavilion at the CIIE, an international exhibition in November, 2023. In addition to this, we carry on building a premium proposition in line with China consumer needs. One of the unique elements of the Comvita model is having a team on ground, empowered to build local product solutions designed to local consumer needs. On the page, you can see three examples: Night Honey, Collagen Drink, and Ginseng Manuka, that have all been launched and performing well. This enables us to differentiate ourselves from our exporter competitors. We continue to build our presence and affinity through retail, through international hotel partnerships, in combination with key retail outlets where taste and lifestyle come together, and with brand collaborations across various high-profile celebrities. When we look at the challenges and actions in the China market in totality, there was abrupt change in consumer demand, caused in part by macroeconomic challenges, cancellation of key shopping festivals, and aggressive price activity in entry-point segments. Sales out data that we shared today is available for Tmall, JD, and TikTok, representing around a third of the category. Total honey market revenue dropped 17.5%, Mānuka honey, Mānuka market revenue dropped by 15.5%. We've taken action to harmonize pricing, to focus on our strength in offline channels, and have added focused resource to enable more balanced distribution. We've launched our value range to target those consumers driven by value, and we're undertaking pricing tests to optimize volume, value, and market share. New regional, new product development is designed to attract new consumers and additional usage from existing consumers. Our brand premiumization and long-term building continues. In addition, we have targeted OpEx reductions to mitigate revenue impacts on the business. In North America, our total revenue was down by NZD 9.5 million, as I've already shared. Revenue was impacted by loss of distribution in one customer. We have refreshed our brand value proposition and upgraded marketing collateral. We are the fastest growing Mānuka honey brand in the natural and grocery channel in terms of sell out to consumers. Our net contribution of NZD 4.7 million fell in line with the sales. Here you can see some of that refreshed brand expression, where we talk about both product and functional benefits, along with emotional engagement, with a few minutes escape for indulgent well-being. As I shared, our challenges and actions with the lost distribution in the U.S. A customer decided to undertake a retail price test versus us in the market. The test is on quality, volume, movement, and sustainability of supply. That trial is taking place for a year. We've strengthened the team, we've appointed a new country manager, and strengthened online performance, including Amazon, up by 60%. We've refreshed brand collateral and improved performance marketing. Offline, we're driving trial and velocity in store. As I've just said, we are the fastest growing Mānuka honey brand in grocery and natural channel, and we've developed new online, offline distribution, adding 700 stores in April. Sell out performance is currently encouraging. Finally, want to come to a section on industry dynamics. On this page, you can see, honey supply between 2008 and 2019. Hive numbers trebled between 2008 and 2019, peaking at just under 1 million hives, with exports growing by circa 500%. This explosion in supply created an industry overstock, and between 2020 and 2023, honey production has fallen by 56%. Ongoing supply is now more aligned to demand, however, clearing industry overstock has created aggressive and unsustainable clearance activity in entry point categories. Hive numbers are forecast to be between 400,000- 500,000, by the end of 2025. The current apiary model economics are unsustainable for many operators. Comvita forests that we've already planted offer us sustainable and cost-effective supply going forward. Our forests are forecast to account for 44% of our total supply needs by FY 2030. These forests also give us cost advantages, with 20% cost saving per hive, which is estimated to save us NZD 4 million per annum. On this page, you can see total New Zealand honey exports from 2002- 2023. Exports grew fivefold between 2008 and 2017. Between 2017 and 2019, exports reduced by 18%, but over 2018- 2021, they grew by 10%. Since 2020, honey exports have fallen in total by 26% from their peak. When looking at key demand dynamics, the U.S. is the biggest single market for monofloral honey in the world. There is no dominant brand in that market, and Comvita currently lacks scale, which we're aiming to change. China market is the number two globally. Since 2020, exports to China have grown at a compound annual growth rate of 3%, whereas Comvita exports to China have grown at a compound annual growth rate of 15% since 2020. We've grown our market share, and current market share is at 54%, down from the 60% we reported in 2022. Aggressive price competition caused by a honey glut is targeting entry point segments. The good and better ranges that we've launched to target value-seeking consumers are in market as of April, and we see early signs of China Mānuka honey market stabilization in July. In summary, we're incredibly disappointed by our FY 2024 result, impacted by the market challenges that I've shared today, and exacerbated by short-term price-driven competition created by oversupply in the industry. Our underlying FY 2024 net profit after tax was a loss of NZD 5.6 million. Action is already underway. We've launched our good and better range to target value consumers and target increased distribution. Regional new product development is showing encouraging growth, with the fastest growing Mānuka brand in grocery and natural channel combined in North America in terms of sellout to consumers. Our NZD 10-15 million cost out program is on track and is designed to ensure agility through different economic cycles. Our focus is on cashflow generation and debt reduction, and particularly, inventory reduction. Banks remain supportive of our position, and a new covenant structure is expected to be confirmed in September. When we look further ahead, the global honey category is forecast to grow at a compound annual growth rate of 6.5% out to 2030. Global searches on Google for Mānuka honey continue to rise. We see early signs of stabilization in China consumer demand, and we see supply overstocks for premium quality products starting to correct themselves. Comvita forests that are already planted give us confidence of future supply with a competitive cost base, in addition. Before I hand back to Nigel, I want to acknowledge how extremely disappointing the results we share today are, particularly after three consecutive years of record performance up to FY 2023. Throughout FY 2024, we faced difficult trading conditions globally, along with aggressive pricing activity from competitors caused by industry overstocks. I'd like to thank the global Comvita team for all their hard work and resilience during this past tough year, and equally recognize their continuing belief in our ability to work in harmony with bees and nature to heal and protect the world. Thanks very much. Back to you, Nige. Before moving to your questions, I would first like to hand over to Brett Hewlett, Chairman, to make some closing remarks. Thank you, Nigel, and thank you, David. Look, there's certainly no sugarcoating this. This is a terrible result. It's been a very, very tough year on so many fronts. Shareholders have borne the brunt of those challenges, and certainly as Chair and as a shareholder of 20 years, 2024 has been nothing short of a humbling experience. Many will be thinking that this is a case of perhaps too little, too late in our reaction, and I think to be fair, that's fair criticism. I want to provide assurances to all of our shareholders that we are acting with urgency. We will adjust our course. We are adjusting our course, and we will cut our cloth to suit the current realities. I want to also provide assurances to our shareholders. Underlying this result is a quality company with a quality team, a leading premium brand. We have far-reaching capability and competitive advantages across the lengths and breadth of our value chain. We will be both agile, and we will be innovative in how we respond, as we've done in the past, as we will do now, and as we'll continue to do in the future. I want to thank you very much for your continued support. I would also just like to acknowledge the work that David has done as our CEO for the past 4.5 years. I want to acknowledge his unwavering dedication and devotion to the organization, and I wish him well in his future endeavors. I'll hand it back now to you, Nigel, for questions. Thank you, Brett. So we're now entering the process where we will answer your questions. If you have any questions, please click the Ask a Question box and type your question out. We have one question already, which I'll read out. Have you sold all of your Mānuka tree forest and cash out of the Makino Forest investment? Thanks, Nigel. So as Nigel explained earlier on, we have finished our joint venture with on Makino. As part of that finish, obviously, we still get supply of product, and that's an important source of supply to us, but just the joint venture itself has finished. Next question from Christian Bell. Can you please give an update on the NZD 50 million target? Having consistently reiterated this for three years, the company appears to have dropped this as a possibility, despite calling out recent performance has been due to current economic conditions. Should we assume this was never a real possibility? It's difficult to reconcile, given how fast the target has been dropped after being so confident such a long time. Christian, look, thanks for the question. As you know, we shared our NZD 50 million target back in 2020, when I first joined the company. Through 2020, 2021, 2022 and 2023, we saw a clear line to deliver a NZD 50 million EBITDA revenue number. Analysts following the company also saw a same route to deliver that N ZD 50 million EBITDA number. However, given the economic reality that we faced in this year, we have withdrawn that guidance, and we've retained the position that at this stage, we're not providing guidance, but we do see opportunity once the overstock that has impacted our performance and consumer confidence returns back to normal. If there are any more questions from any of the people online, please can you click the Ask a Question box. Right now, we have no further questions for the day. We'll just give it a minute or two to see if there's anyone else that would like to ask a question. It would appear, oh, we got one through. Another question from Christian Bell. What process did the independent valuer go through when valuing the inventory? And would you consider writing it down and selling it at a discount to fix the balance sheet? With respect to the valuation of inventory, that was not part of the Deloitte independent valuation report work undertaken. Their work was done on reviewing the potential impairment that existed within Comvita. With respect to our inventory balance, that is held at the lower of cost or net realizable value. So as it sits there today, there is no impairment associated with our inventory. If I can just add, Christian, that, as Nigel shared earlier in the presentation, we have finished goods in market. We are currently testing volume, price, elasticity to enable us and to sell through inventory, particularly as we celebrate 20 years in the China market. But our activity is entirely focused on, inventory reduction, sell-through of inventory in market, and then obviously returning cash from that back to the group. Next question from Yubin Lee. How many jobs did you cut in China? Look, thank you for the question, but at this stage, we wouldn't talk about individual markets. We've shared this is obviously a sensitive time for the groups and anyone whose positions are affected, so we've shared at a total level, the changes that we've made and the reasons why we've made those changes, but wouldn't comment on individual markets. Next question from Christian Bell. Can you provide some feedback as to why the potential bidder decided not to progress if they were a long-term investor and could see the potential to reach fifty million EBITDA? It's hard to understand why they couldn't look through the current weakness. Perhaps I can answer that, Chris, thank you very much. Look, the bidder spent a lot of time on this organization. They were investigation, their due diligence was comprehensive. They had quite literally an army of consultants, advisors, to look at the business, and their approach came based on, as we indicated to the market, at a quite a significant premium to current trading prices, when the first approach was made. It was unfortunate that during that time, of course, we started to see the deterioration. We announced the profit downgrade in November and then another one in January, like January, early February. And we saw the deterioration and the impact playing out into the China market in particular. And it's fair to say that the bidder couldn't get the confidence around the future growth potential, given the economic downturn and the economic situation that they were seeing, also unfold. So it was an unfortunate timing. They came away with a very positive view of the business, of the team, and of the board, and the way that we were running the company and our strategic direction in the long term. But it's just the short to near-term confidence that they couldn't develop. Next question from Paige Henderson: What do initial sales look like for those brands you have launched into the value segment? Hi, Paige. Look, it's very early days to say, you know, as we've already shared, that we launched in limited distribution into in April. Obviously, that whole picture is skewed because of the partial cancellation of 618 year -on -year. So we'll really see the performance through the period from now until the end of the year, and then we'll be able to give you a better update on both those ranges, but also on the impact of our price testing that we're undertaking in market. Given the pressures on price and oversupply in market, why would you not get an independent assessment of inventory value? That question was asked by Paige. Paige, the reality is, we are required to record our inventory at the lower of cost or net realizable value under accounting standards. As a result, we cannot write down our inventory, even if we wanted to, because it is recorded at net realizable value. If I may also, Nigel, just, to expand on that, it would be remiss of me not to. Look, our inventory undertakes a review every single year, and every single year, under audit, by KPMG. They test and analyze the product samples. They've never come up with any, indications of impairment. The quality of our inventory stands up to the test of time every single year. I think it was quite good through this process, when we looked at impairments and areas for possible impairment of the business, that there was never a discussion, that lasted very long around, indicating there was anything wrong with our inventory. Next question from Nick Comber. How do you see your cash flow for the current year? Thanks for the question, Nick. Look, obviously, given the performance of FY 2024, our emphasis, our absolute emphasis is on generating positive operating cash flow, reducing inventory, paying down debt. So we're forecasting that to be reflected in the cash flows as we sell through existing inventory held in market. Next question from Christian Bell: What are the other drivers of the cost out in addition to the reduction in headcount? Can you attribute the NZD 10- 15 million related to each driver? Christian, look, we, obviously, the drivers go through primarily through cost of sale. We've taken a thorough review of ways to simplify the cost, the way we produce. We've looked at tolerances we have into shelf life. We've looked at formulation. We've looked at the way we blend honeys to give us the optimum performance. And as I've already said, we've also then cut activity that doesn't help us reduce our operating footprint or simplify the business in general. We'll come back and consider granularity of that as we go through and consider whether that's appropriate when we come to the ASN. Next question from James: Are you concerned that aiming at value consumers in China might initiate a further race to the bottom there? Look, I think it's a, I think that's a really good question. Look, the thing that, look, I'm particularly proud of is the work that the team in China have done to build such a premium proposition. I know most of our shareholders never get to see just how brilliant we are in the market at delivering incredible execution, offline, innovative solutions, collaborations with high-profile hotels, celebrity. We, we have a level of brand credibility that no one else can match. So when we're going through, we're looking at specific product or, or product categories, and in no way looking to undervalue or undermine the incredible work that the team have done. You know, I shared earlier that if you look at exports from New Zealand to China since 2023, so total exports were, have a 3% compound annual growth rate. Comvita exports have a 15% compound annual growth rate. As the work that we've done to premiumize the category and actually turn up in the way that you see in some of the photos today, maintains the focus for us. But in addition, we are targeting those value consumers, hoping to show them the Comvita difference, and eventually then trade them up to our more efficacious products that we know give even better, health outcomes. Next question from Yubin Lee: Did you make a profit from those new products in China? Again, thank you for the question. The products that we've launched have been profitable, and look, honestly, we look at it in two ways. At a direct product level, do we get a contribution from those products? And the answer is yes. But also, what does it do for our brand image and our ability to create solutions that meet particular markets' needs? Again, our team in China have done an incredible job to say, "Well, let's look at elements, how, where consumers use our products, and how can we give extra usage at certain day parts?" Be that first thing in the morning, be that for skin in the Collagen Drink, be that Night Honey, or be some of the other elements that we've looked at. So we get a direct benefit, but we also get an umbrella benefit with them acknowledging, you know, our ability to understand local consumer needs. And again, that's the benefit of having a team on the ground, in the market, who are able to respond to emerging needs in the market. Next question from Christian Bell: Would you consider discounting the inventory to sell it quickly and help pay debt faster? Look, Christian, we've already explained that our focus is on selling through the finished goods that we've got in market. We won't go into specific pricing strategy. You know, we've got to have a fine line between protecting the premiumization that we've been so focused on delivering, but also targeting those value segments that we see in the market. So, we're absolutely focused on inventory reduction. We're absolutely focused on cash flow, but we'll have to balance between those two elements as we go forward. Next question: Do you have an appetite to raise capital to reduce debt pressures? I'll take that one. Look, the appetite is zero. Of course, we have no interest and no desire to raise capital, certainly not at these prices, share prices. We'll be doing everything we can to reduce debt through, you know, freeing up operating cash flows. Next. Next question from Christian Bell: Are you able to please tell us what the initial offer price was from the potential bidder? Oh, take that one again. No, look, unfortunately, that's a confidential matter. We indicated to the market that it was at a significant premium to the share price trading at the time of announcement. That still was valid. And I can also say that through the various stages of the offer being put to us, that they never altered their offer. It was held through different stages of the process. Next question from Yubin Lee: How do you compete with Mānuka Doctor in the New Zealand market? Look, for the purpose of this call, we wouldn't talk about specific action against specific brands that we trade against. Except to say one thing in general about the New Zealand market. You know, we've talked at length about the issue that we see from a regulatory point of view, that it feels entirely inappropriate for us that you can sell product in New Zealand, that will not meet the international standards for Mānuka honey. That limits some opportunity for us, but we believe that New Zealand consumers deserve the same quality product that international consumers get, and that's what they get with Comvita. Next question from Christian Bell: Can you please elaborate on initial discussions about what the new covenant structure will be with the banks, i.e., the metrics and time frame to meet those? Christian, look, at this stage, we, these conversations with the banks are confidential. But the company will update the market once we have put those new covenant structure in place during the course of September, to ensure the market understands what our new covenant structure will be, and it's targeted for the full period of FY 2025. If I could just add one thing that, you know, we are confident that we will agree that new structure, new covenant structure with the banks, and as we say, we're expecting to update the market in September with that news. Another question from Christian: Okay, what are the current metrics then, please? The current metrics, we have four covenants that we're currently measured on. One is an equity covenant, one is an interest cover ratio covenant, one is a net core debt leverage ratio covenant, and the last one is a stock and debtors covenant. So they are the four current covenants we have in place. But we do expect that by the time we have finished our discussions and negotiations with the banks, we will have a different covenant structure for the FY 2025 financial year. Next question from Paige: Can you please provide more detail around the apiaries harvest revaluation? What is your plan for the upcoming years for harvest? Are you able to limit what inventory you take in? Thanks for the question, Paige. Probably two parts to the answer. The first part is, the revaluation took place because when we got to the end of the year and we looked at independent data, we decided that the inventory that we'd bought in was at a higher cost than we felt was realistic, so we reduced the price accordingly. For the FY 2025 harvest, that will obviously come into our inventory in the period from January onwards. We obviously have budget, but it would be highly dependent upon the weather. You know, it'll come from our current circa 17,000 hives that we have in New Zealand. Next question from James: Why do you believe the proposed board structure will help arrest the current level of company performance? Let me take that one. Thank you, Nigel. Look, I think I'm very, very privileged to have a great bunch of board directors. We've been through one hell of a very tough year and shown incredible resilience. I'm very proud that Bridget Coates was willing to take on the challenge of becoming our board chair, a very appropriate experience, and she provides great leadership and great wisdom around our governance processes. We were sad, of course, to lose Julia Hoare. Julia has also been a wonderful director, and we'll be looking to replace her with somebody appropriate. We're about to appoint someone very imminently, and we'll be able to update the market very shortly. But we feel at this stage, as we're going through some changes, we just need to have a smaller, tighter, more experienced board makeup, and I believe we've got that. Next question from David Oxley: Can you explain the very weak Asia market result and the performance of HoneyWorld? Hi, David. Yeah, look, we did cover that a bit earlier, but happy to cover it in a later conversation. Ultimately, you know, we saw through our Southeast Asia segment, we saw overall revenue growth, which is totally caused by our performance in HoneyWorld. At a net contribution level, that didn't flow through to earnings through a combination of marketing investment that we needed to make in the first year of integration with HoneyWorld, integration costs in totality, and price competition in the sector that we've spent a long time talking about today. Has your ERP implementation gone to plan, and have there been any cost blowouts? There has been a delay in implementation of our ERP system, so it's due to go live currently at the end of the year. And there's a group of very dedicated people making sure that system happens or that system upgrade happens. It is still a critical part for us, as it will enable us to have enhanced master data, better processes, scalable infrastructure, and more access to leading information resulting from or showing us performance in market in a more live manner, which is crucial to give us more visibility going forward. Question from Christian: Can you please specifically what the covenant metrics are for, e.g., equity? Is it debt equity ratio of 30%? For our equity ratio, that is, total shareholders funds to total assets, the level is 35% at the covenant, and we are comfortably within, in excess of that particular ratio for that covenant.