Okay. Right. Okay. We've just had a couple of messages through everyone. Sorry. It sounds like we had a slight problem with our audio. Let me try that again, shall we? Welcome to Trustpower's interim results for 2021. My name is David Prentice. I'm with Kevin Palmer, sitting beside me here in our office in Tauranga. Hopefully, you've all had an opportunity to go through the presentation that was uploaded onto the NZX this morning. We'll just take 20 minutes to kind of step through some of the slides on that and, as always, throw it open for questions. The slide you can see in front of you now is actually the third slide into the pack, which is just talking about some changes that we've had to governance over the last couple of months. Just a couple of things to highlight that both Susan Peterson and Keith Turner, Susan stepped down at the AGM and Keith Turner resigned effective October 31st, both of them from the board. Just want to, on behalf of the board and the senior leadership team, acknowledge the contribution that both Susan and Keith gave to the company in their tenure on the board. We are, of course, very lucky to have brought on board Sheridan Broadbent and Joanna Breare, both high level of experience and capability they have got over many years working in the electricity sector. It's great that we have Sheridan and Joan on board. Moving on, just briefly looking at results. I guess two key challenges over the last six months have obviously been around COVID and the review of our mass market retail business. However, in both cases, we've navigated the complexities of this without any major disruption at all, which is testament to the fantastic people we've got working for Trustpower. Hydrology improved since the start of the year, when we had near record drought conditions to now have average or above average hydrology in most of our main storage lakes. A great position to be going into in the second half of the year. In terms of the financials, a key point of note is the 6% increase in generation volume, which when combined with the wholesale prices, was the main contributor to the 11% increase in EBITDA on a like-to-like basis. Kevin will talk a little bit later on in terms of the split between continued operations and discontinued operations, and also talk a little bit about that result around NPAT. Before I move on from this, I think it is worth pointing out that we now have over 10,000 mobile customers, which from effectively a standing start 18 months ago, is a great result as it really helps to provide more option and variability to the bundle offering. In terms of generation performance. First of all, in terms of health and safety, we continue to focus on health and safety and are really pleased with the zero lost time injuries over the last couple of years, as well as the continued reduction in tripping. We've just actually completed a health and safety culture audit, which we did right across the organization. We had a board meeting on Friday, and the outcome of that was presented to the board and the senior leadership team. While there's obviously room for improvement in some areas, as quite frankly there always should be, I think in general the results have been incredibly positive and encouraging. We've also, particularly over the last six months, been putting increased emphasis and focus actually on the wellbeing side of health, safety, and wellbeing, especially in light of COVID and the additional pressures that that gives to many of our people. This is a really kind of interesting slide here. As we've mentioned before, we've put a lot of effort and focus into what is a transformational asset management program over the last couple of years, and we're actually starting to see the benefits of that. What you can see here is this includes increased reliability of plant, as witnessed by the reduction in trips on the graph on the right-hand side of the slide, as well as a far more efficient maintenance regime, which is witnessed by the graph on the left. What that kind of multicolored graph on the left shows is really the proportion of planned versus unplanned outages. With any proactive asset management program you've got in place, what you're really trying to do is put far more planning into planned outages. What you want to see is that yellow strip, which is the unplanned outages, slowly decrease over time. I think that graph starkly shows some of the benefits of that. We continue to explore how we can use innovation and technology in terms of how we maintain and enhance our fleet. This slide actually shows a couple of examples and one in particular where we have actually used drone technology. That picture at the top right there is actually. It looks like a photograph, but it's not. It's actually drone technology has created a 360 model of a scheme, which basically means, effectively means staff no longer need to access hard-to-reach areas. From a financial perspective, but particularly from a health and safety perspective, the use of that technology is a huge leap forward for us, and we will continue to explore other areas. We've mentioned before the enhancement program we have underway, which with what is effectively an unprecedented spend across the generation portfolio. This is just one example of some work underway at our Branch scheme in Marlborough, where we are installing a new infiltration gallery, which will effectively double the intake and provide an extra 10 GW hours per year, and that's under construction as we speak. We've also completed or are in the process of undertaking some major work at three of our bigger generation sites, which of course are Waipori, Cobb, and Coleridge. At Cobb and Waipori, we're installing new generators which will actually provide additional capacity over and above what we've got just now. Whereas at Coleridge, the work is critical in terms of ongoing maintenance works and prolonging the life of our units down there. Moving on to retail. Obviously a key piece of work is, over the last six months has been on sale of the mass market retail business, and I'll talk about that in a minute. Just wanna kind of shout out to the team across Trustpower who have done an incredible job in effectively doing what is needed to do to separate into two businesses while maintaining business as usual at the same time and ensuring we continue to look after our customers. As mentioned earlier, COVID has impacted some of our customer base, particularly those in lockdown, but we continue to employ appropriate measures to ensure we look after them really well. The impact of the national lockdown in August and September as well as the increased competition has had an impact on churn, particularly in triple play, where we saw an uptick over the last three months. However, this has since reduced again to more normal levels, sorry, as we've provided alternative offerings to the market. Really though, I mean, despite the slight increase in churn, we are absolutely convicted in the higher value associated with a bundled offering. As mentioned earlier, we now have over 10,000 mobile connections, which is a fantastic result considering this has only been in the market for the last 18 months without any major advertising to support this. In terms of customer support, our office in Tauranga is now very different, very different to what it was pre-COVID, where we had everyone working on site. I guess what COVID has done is it's created new ways of working, which clearly has benefits and improved work-life balance for many people. What this means though, is that on any given day, we now have the majority of our customer support center actually working from home and servicing our customers, which we've been able to do seamlessly, and again, which has been a key contributor to that 5% rise in digital contracts and therefore even better efficiency. As mentioned earlier, we've also proactively been engaging with customers, especially those in lockdown, to ensure our debt collection rates continue to be well managed. I mentioned the retail sale just a minute ago. It continues to progress well, with shareholder and Commerce Commission approval confirmed in September. The only outstanding issue now is the proposed TECT restructure, which is going to the High Court in Tauranga next week. As mentioned earlier, the team have really done an incredible job in preparing the business to transition to Mercury without any major impact on our business as usual operations. We announced at the AGM that assuming the retail sale does go ahead, then Trustpower will be renamed as Manawa Energy, and we're incredibly humbled to have been gifted this name by Ngāti Hangarau hapū, who hold Mana Whenua over our Kaimai scheme here in Tauranga. The name itself directly acknowledges our shared whakapapa as well as speaking to the heritage of the business from its beginnings in the electricity generation on the Ōmanawa River here in the Kaimais. We're actually planning on having a full brand launch following the completion of the sale, look forward to sharing more about then what the name Manawa Energy means to us. One of the key tenets of the retail sale was to allow more focused investment into new renewable energy growth, I'll provide an update on that on the next slide. Clearly, this is a really competitive area at present with a number of organizations looking for development options. We are taking a broad brush approach to this and focusing on our key strengths in terms of operating a small, yet importantly, geographically dispersed generation portfolio. As mentioned earlier, we'll also continue to drive increased efficiency and operational excellence across our existing portfolio as well as continuing to serve our existing C&I customer base, which will remain with Manawa, but importantly, start to explore new energy solutions that customers are increasingly looking for. As just mentioned, in terms of new developments, what have we done? Well, we've built up a team of around eight people over the last couple of years. As the slide says there, we're not just focused on greenfield development, but we're also looking at options to shorten time to market while building on some of the key strengths that I mentioned earlier and in the previous slide. On that basis, it's fantastic to be able to announce that we've got four utility scale generation options, two in wind and two in solar, with an estimated capacity of 215 MW already secured. There's obviously a lot of water to go under the bridge, but the fact that we've been able to get four options in what has been a relatively short space of time is testament to the fantastic work that the newly formed development team are doing. There is no doubt that the sector at present is facing some real challenges when it comes to some of the proposed regulation being considered. Most of you on this call will be aware that we have opposed the proposed changes to TPM, and this was actually considered at the High Court in Wellington over the last few weeks. We remain very, very interested as to what the outcome of that will be. The EA also released their draft report on the wholesale market review last week, and we are currently working through the implications of that. As a minimum, it does raise a number of questions that clearly warrant further consideration. Of course, the proposed EMA reforms, sorry, is currently progressing through Parliament. Feedback, really feedback from right across the sector has been broadly consistent around the need to ensure that any of the changes must be consistent with the desire to decarbonize New Zealand and must support and not hinder that. In summary, before I hand over to Kev, despite the challenges of the extreme weather cycles, despite the continued disruptions from COVID and the potential distraction of the retail sale. We are really pleased to have delivered what we think is a really strong set of results for the half year. Our strength and critical risk control management and asset optimization program have helped drive a 6% increase in generation output, in part through more efficient outage planning and better machine reliability. As I said earlier, the work continues to proceed well in terms of splitting the business and our growth strategy for Manawa is starting to take shape. We look forward to sharing more of that in due course. That's probably enough from me. I'll now hand over to Kev to look at the financial results and talk a little bit about outlook in a bit more detail. Kevin. Thanks, David. I think just to give a little bit of an explanation about how to read our results this year. With the sale of the mass market retail or conditional sale of the mass market retail to Mercury, we have determined that that part of our business is now, in accounting terms, held for sale. Well, actually, I'll talk about that now. There's one main condition left, which as David said, is the TECT High Court case next week. What's unknown yet, as yet is when that will occur, and I'll talk a bit about that in the outlook section. From a reading the results perspective, all of the EBITDA of the held for sale part of the business has been excluded from the EBITDA section of the accounts, and it is shown as a single line under Net Profit After Tax. There is, of course, full details in note two for those of us that keen on the detail. In this graph we have added the two EBITDAs together. That's the continuing business, which is the generation business plus the C&I business, and then the discontinued business, which is the mass market retail business. Comparing on a sort of like for like with prior years, we've had an overall increase [audio distortion], predominantly driven by the generation volume and price increase. A 6% increase in volume with the price driving the total increase in generation revenue up by 10%. The other key item here to look at is the carbon revenue. This is a result of revaluing in a marked-to-market basis our carbon credits, which have been, you know, pleasingly subjected to a market increase in price. The other point of perhaps note is the separation costs. You can see that there was NZD 2 million worth of separation costs in the period. Roughly half of that is direct sale costs for the mass market business and the other half being increase in cost to establish Manawa Energy once the sale progresses. We're expecting a significant increase in that in the second half of the year. I will stop here. We haven't got a slide on NPAT, but those of you who've read the accounts will notice that our net profit after tax has increased materially from last year. The main driver for that is the fair value valuation of our hedge book. In the prior comparative period we had a NZD 26 million loss, and in this year we've had a NZD 78 million gain. This shouldn't be a surprise to anyone because we signaled that this non-cash adjustment would be coming through as part of our year-end results and, without any surprise at all it has come through in the first half of the year. We may see a further bit coming through in the second half as well. Moving on to the split. We've split it this year between discontinued and continuing rather than retail and generation. Discontinued, as I said before, is the mass market business, so excluding the C&I business or the commercial and industrial business. As you can see here, there's a few ups and downs when you drill into it in a bit more detail. Mass market electricity gross margin has been affected by the decision to remove prompt payment discount. There were a number of customers who failed to achieve their prompt payment discount in the prior period, and roughly NZD 2.5 million of that change or nearly all of that change as a result of them now receiving that discount. Gas wholesale costs have increased, as most people will know, and not all of the increase has been able to be passed through to customers. Telco gross margin is pleasingly up and that is driven by two facts. One is increased customers, but as David said before, that's the rollout of the mobile product, which has increased the gross margin as well. The other items are, you know, fairly close to line ball. Moving on to continuing operations, which is our generation business plus our commercial and industrial wholesale sales. Actually most of the variances I've explained already in here are explained on the main front page, so we won't go through them again. Generation development, we'll see an increase in cost there. That's predominantly wages, but there are also some other costs. Moving on to debt capital management. The company is committed to keeping debt under three times EBITDA, which will be, if the sale goes ahead, very simple, but the board has said that they will pay a unimputed dividend of NZD 0.65 once the sale progresses. Once that happens, then we will restructure our bank debt. At this stage, we feel like we're in a very good place. We'll repay our senior bond, which is due in December, and we have sufficient capacity to manage our position even if there should be a delay to the sale. Dividend. This NZD 0.17 fully imputed dividend's consistent with our dividends in the past, which reflects the results being broadly in line with where we expected. As I mentioned before, there is intention from the board to pay a NZD 0.65 unimputed dividend post-sale. Moving on to outlook. The top of the outlook range has remained unchanged. However, we have tightened the range a bit up from NZD 200 million-NZD 210 million, given the positive results in the half year. That number excludes the cost of the sale of the retail business, which we expect to be circulated by year-end. CapEx forecast remains unchanged from that given in May. The other point to note for the forecast is that we have made an assumption that the retail business is held for the full year. The reason we've done that is that there is still uncertainty around the exact transaction date. That uncertainty revolves around the TECT court case. The court case will be between the 15th and 17th of November. At this stage, it's unknown how long the judge will take to make her determination. Following that, there will be a 20 working day period for people to appeal the decision. Once the unappealed decision is in place, then the conditions of the sale and purchase agreement will be fully met. With Christmas in place, there is some risk that February 1st deadline that we're expecting doesn't occur. If it does, as we're expecting, then the EBITDA from the retail business for the months of February and March will not accrue to Trustpower, and that's around NZD 5 million per month. We've now come to the end of the presentation. As per usual, feel free to just jump in and ask Q&A. We have a couple already, Kev. Yeah. The first question from Grant was around the conditions for the sale, which I think I've just covered in the last presentation. The second one is, "What is the capital required to deliver forward generation options, and is it prudent to pay the NZD 0.65 dividend with this in mind?" Yes. Look, the NZD 0.65 dividend, of course, is just an intention, not a commitment. The board could, if they chose, reduce that amount. However, even if they do, there will be borrowing capacity to invest in these things over the coming years. Remembering that none of them are going to be coming to financial close within the next six to 12 months. There's a bit of work to be done there. Grant, you're quite right. Prudent capital management will be a hallmark of Manawa Energy going forward, managing the challenges of, you know, paying a yield dividend as well as keeping reserve funds to, you know, transact enhancement projects. We're confident that with good capital management, we can do that. There's another one that's just come through from Grant. Thanks, Grant. With the sale pending, how is staff retention? Look, that's a great question. And I think it's fair to say, you know, whenever you embark on something like this, I mean, you are aware that you are creating a huge degree of uncertainty across what is a large population of staff. Yes, our retention rates have increased in some areas more so than others. For instance, if you look at our technology and delivery teams, some of the retention rates in there have increased markedly. We're actually competing with a market across New Zealand where most other organizations are actually having their own challenges with respect to technology and delivery. I think the best thing to say to answer that question is. Our retention rates have increased, but in line with our expectations and certainly not over and above that. I think is the best thing to say. Okay. Do you want to take the one from Andrew Harvey-Green? Yes. Andrew, the new question from Andrew. The new generation development, how far away are they from consent application? Part A, part B, are they new to market developments or have they been considered by other developers? Of course you'll all be aware that they're kind of bound by confidentiality around most of this. To answer your second part of your question first, which is, are they new to market? It's a combination of both. One of the options in particular is not new to market, whereas the other three are. How far are they away from consent applications? Again, slightly different time frames, but one in particular actually came with a consent that we're working through that just now. The other three are quite a bit behind that. Shall I take the next one? The next question is: What is the worst-case scenario if the court case goes against Trustpower and the sale of Mercury doesn't go ahead? To answer that, there were three conditions in the contract. Two of them were consent conditions, and the last one, which is the TECT court case, was a key value determiner. Even if the court case goes against TECT, which we, you know, to answer Andrew Harvey-Green's question later on, from our perspective, that would seem very unlikely. We think that TECT will get approval. Even if it didn't, then we would sit around the table with Mercury and see if there was another deal that could be done where the transaction could proceed, albeit it may be a slightly different value number. That, you know, that discussion hasn't been had yet. We need to wait and see what happens in the court case. Yeah. Andrew's also asked me what's the estimated decision date. The TECT. That's TPM. TPM. I'm sorry. I can answer. Shall I answer that? Yeah. How did the TPM case go? We thought we got a very fair hearing. We thought that the judge was engaged in the process and seemed to understand the issues from both sides' presentation. We have no way of knowing whether he will rule in favor of us. We felt that we got as good a hearing as we could possibly get. Yeah. How long will it take? The judge understands the importance of the decision, but of course, he's got many other decisions he needs to process as well. It will be a number of months. Yeah. Do you know the answer to the next question? Yeah. I'm not sure I know the answer. Well, yes, dude, sorry. Can you clarify the 250 MW capacity is across the four generation options rather than each? Yes, it is. That's in total. The second part of that question is: Are there any partners involved in these projects? Just a reminder, all four of these projects are very early on, so they really are just options. At present, there are no other partners involved at this stage. As I mentioned when I was talking earlier, we are certainly very open to looking at strategic partnerships. That's not to say that as these things mature, that we might not look for other partnership options. At present, the sites are being developed by us at present. Just moving on to another question from Stephen Hudson. What is the ACOT in the FY 2022 guidance? I think we've guided to the fact that our ACOT's around NZD 20 mil. That's, yeah. It spreads evenly across the two half years. Roughly NZD 10 million in each half. Well. Oh, I'll answer question three. Yeah. You can go back and ask the other two. Yeah. How often do you revalue your New Zealand carbon credits? Every month, but obviously publish the revalued numbers every half-year. We have done that for, well, I don't know, beginning of time, but many, many years now. The second part of Stephen's question is: What is Waipori Coleridge planned outage volume lost for FY 2022? Sorry, Stephen, I don't have those numbers on hand, but I will find out what they are and get back in touch. Sorry about that. The other question from Stephen is: Why did staff numbers fall from 809 to 766 in PCE? That was effectively what I was saying earlier in terms of the increased churn effectively that we've had from our staff, primarily as a result of the strategic review. While that does look quite stark, as I said earlier, we had an expectation that we were unfortunately going to lose some staff. That, as I said, was in line with our expectations. I guess the other challenge that we had, of course, working through the strategic review. overlay, and of course, the uncertainty that COVID creates, but working through the strategic review and trying to split the two businesses into kind of Trustpower/Mercury and Manawa. The ability to actually bring on new staff until we've got some certainty around all of that is difficult. We've actually in some places have held back from replacing some of those staff that have gone until we can get complete surety about what the future looks like. Yeah. Just to expand on that a bit. With the planned outages, the way you do a planned outage in a scheme like Waipori or Coleridge, which have big lakes, is you empty the lake first. Oh, yeah. Do the outage, it fills up while you're not generating, and then you use the water again. Neither of those two outages are likely to cause, you know, material amount of lost generation in totality. Yeah. That may mean that there is a difference. There'll be more generation in the first half of the year from those schemes than the second half. If you did it over a 12-month period. That's right. Over the total year, in fact, it wouldn't be that much different. Well, certainly with Waipori, which is a multi-year scheme that may be over two years. I think there won't be a lot of spillage, as it was like. Yeah. I think the other thing, we are coming into outage season, which tends to happen in spring and summer. Certainly as far back as I can remember, we have had some kind of a planned outage around this time of year, and particularly at Waipori. This is not uncommon. Yeah. There's just a question on the. I think we've answered Cameron's question around the development options. All of those development options are, we have a contractual right to build, i.e., we've got landowner approval. We don't always have a regulatory approval, consent approval. That's the best. Yeah. The answer to that. All right. We've come to the point where we've run out of questions. I'll just pause for a couple of minutes in case someone's frantically typing away while we speak. If we don't have a question pop up in the next couple of minutes, we'll just call it to a close.