Good morning, everybody, and welcome to Synlait's F ull-Year Results Conference Call. It's great to have so many of you on today's call, and a real pleasure to introduce you formally to our new CEO, Richard Wyeth, who joined Synlait earlier this year in May. He's joined, of course, today on the call by our CFO, Andy Liu, who many of you will now know. Richard and Andy will speak today to our investor presentation released this morning, and then we'll open the line for Q&A. Just a reminder if you can keep your questions to two per person, and we'll follow up with you later today as required. Richard, over to you. Thanks, Hannah. Good morning to you all. Thank you for joining us on Synlait 's Full-Year 2025 Results Call. To indulge in some sporting analogy, FY 2025 was a year of two halves for Synlait. We won the first half and celebrated a return to profitability. However, the second half was challenging on a number of fronts, and the impact of those will be clear in today's presentation. Andy and I will go over those in detail throughout the presentation, but before that, we have some good news. If you'd please turn to slide two. We have entered into a binding conditional agreement to sell our North Island assets to our valued customer and global healthcare leader, Abbott. These consist primarily of our Pōkeno factory, two Auckland sites, and the Blenheim Canning facility at Richard Pearse Drive, and Jerry Green, which is the warehouse. The sale price of the transaction is $178 million, which equates to approximately NZD 307 million. Abbott has confirmed it will onboard most of the people who work in these sites, which is a fantastic outcome for both our people and also for the local community. The targeted completion date for the transaction is 1 April 2026, and the sale will be subject to various conditions, including Synlait obtaining shareholder approval, and Abbott receiving consent under the Overseas Investment Act 2005, and normal consents such as regulatory consents from the likes of MPI. We released a notice of meeting with detailed information on the sale to inform shareholders before they vote on the transaction at Synlait's annual meeting on 21 November 2025. Also to note, Bright Dairy, our major shareholder, has confirmed it will vote in favor of the transaction, so the requirement for shareholder approval will be achieved. This is a real step forward for Synlait. The proceeds of this sale will be used to pay down debt, which will mean that by the end of FY 2026, we are largely debt-free with the exception of working capital facilities. In short, the sale will deliver a stronger, simpler, and more secure Synlait. We will have greater space to focus on our South Island operations and the ability to carefully and strategically review our strategy for Dunsandel. The goal is to release an updated strategy at our half-year result in March 2026. In the meantime, we're certainly very excited, and this is an outstanding win for both Synlait and Abbott. Moving on to slide three. I've now been in the business for just over four months as CEO of Synlait. I was attracted to this role due to the company's strategic strengths. It has world-class assets, and its foundations are strong. Dunsandel is located in the heart of Canterbury's dairy segment with good connectivity to global markets and the ability to produce goods at scale. The company also enjoys strong demand from our global customers. We've now spent a short amount of time in the business. I've identified three immediate needs that we need to focus on. First and foremost, we need to improve our Operational Stability at Dunsandel so we can consistently deliver for our customers. I'll talk to you more about that in a moment. Secondly, we need to Reduce Complexity to deliver a financial uplift. The North Island transactions will assist with that. Finally, there is a need to Reset the high-performing culture within the business. Synlait is filled with some great people who have been through a huge amount of challenges over the last few years. My observation coming into the business is that it's very much a culture of reactivity driven by some of those challenges. I want to reset the business so we can really focus on proactive performance. To that end, our focus for FY 2026 will be very much targeted on operational stability. To assist with that, we are recruiting and onboarding a new Canterbury-based Chief Operating Officer who will be responsible for delivering a raft of improvements in that area and also ensuring that we can deliver the North Island transaction by 1 April 2026. We're also embedding our values framework, the Synlait spirit, in the short term to allow us to improve our culture. Moving on to that focus in slide four, you will see focus areas internally that have been dubbed the Big 6 for '26. Top of that list is operational stability. That should come as no surprise to many of you. As we announced to the market in July, Synlait has had manufacturing challenges earlier this year. The impact of those is clear in today's result, with one-off costs totaling $43.5 million. While the manufacturing challenges are largely behind us, operational stability must remain a core focus alongside quality, performance, and customer satisfaction. To those that focus on financial resilience, it was great to see the banking facility come through last week and include the North Island sale, then strengthening our financial performance. It's largely complete. We now need to deliver on culture, operational stability, and quality, and that will lead to strong overall financial performance. We'll move through now to slide five to look at our results at a glance. We are reporting total group EBITDA of $50.7 million today, which is an increase of $54.8 million on FY 2024. Our bottom line was a net loss after tax of $39.8 million, which is an improvement of 78% year-on-year. As mentioned, this reflects costs associated with challenges at Dunsandel. Our adjusted bottom line is a net profit after tax of $0.8 million, which shows you Synlait's recovery was on track. Presently, Synlait's debt level has decreased by 55% during FY 2025. Of course, most of this was courtesy of last October's equity raise, but an uplift in our trading performance has added to that, with net debt now down at $250.7 million. As mentioned, the proceeds from the North Island transaction will largely clear this. Revenue increased to a record $1.8 billion, or 12%. Operating cash flow is up 451% to $165.5 million, and gross profit increased to $105.3 million. I'm delighted to confirm that our final milk price for the 2024-2025 season is a record $10.16/ kg of milk solids. Add to that Synlait's incentive program, which averages out to $0.30/ kg of milk solids and our secured milk premium of $0.20/ kg of milk solids for our South Island farmers, and you can see that our Synlait suppliers will be very happy. Our average milk price or payment to South Island farmers will set $0.50 above the farm gate milk price. That should result, as I said, in some very good Christmas presents for many of our farming staff. I'll now hand over to Andy Liu, our CFO, who will take you through some more detail on the financials. Thanks, Richard. Good morning, everyone. Let me take you both through Synlait 's Financial Results for the year 2025. This year's results show a very strong improvement and a fresh sense of progress across our main business areas, even though we faced some manufacturing challenges at Dunsandel. Let me begin by outlining the key highlights on slide seven. The advanced nutrition segments experienced robust customer demand and demonstrated strong growth in new product development. This success translated into a $21.1 million increase in underlying gross profits, underscoring the strength of our customer relations and our ability to innovate and bring new products to market. Our ingredients business achieved a notable turnaround from FY 2024, recording a $26.6 million improvement. This was driven by effective foreign exchange management and a strategic shift to value over volume. Although your return did not always favor our current product mix, our enhanced risk management approach proved beneficial. The consumer and food service segment achieved a $9.3 million increase in our gross margin. This was largely attributed to the outstanding performance of Dairy Works and ongoing growth in our ultra heat treatment milk print portfolio in existing and new markets. We successfully reduced SG&A costs through disciplined cost control measures and a strong focus on eliminating wastage. Financing costs also reduced significantly, supported by better cash flow management and the recovery in trading performance. Onto slide eight. In FY 2025, Synlait' s total revenue increased 12% to $1.8 billion after a flat FY 2024. Growth was broad-based. Advanced nutrition up 8% on high volumes and a new nutrient-based powder successfully launched in Southeast Asia. Ingredients revenue increased by 7% on pricing and favorable foreign exchange. Our consumer-based business unit reported a 12% revenue increase, with growth in export markets helping to offset ongoing pressures in the domestic market. Revenue and volume from food service, driven by ultra heat treatment milk print, almost doubled compared to the prior year, with growth extending into Asia and the Pacific. Underlying gross profit increased to $142.5 million due to disciplined execution and the strategic improvements company-wide. On slide nine, you can see that our focus on operating efficiency and working capital management has resulted in a remarkable recovery in cash flows. Our operating cash flows increased by $213 million, reflecting improved trading performance and optimized working capital management. CapEx investment remains at a low level, a further 23% reduction compared with the prior year, with a focus on business continuity, growth initiatives, and regulatory compliance, as well as strategic digitalization, AI, and cybersecurity to manage risk and opportunities. Net debt decreased by $300.9 million, or 55%, due to capital injection and improved cash flow performance. Financing costs contributed $48 million to net debt. That is a $7 million improvement on FY 2024. These costs are expected to reduce further in FY 2026 with the completion of our refinancing. Our balance sheet is much stronger. We are targeting a net senior leverage ratio below 2.5x in FY 2026. In summary, Synlait 's FY 2025 results reflect a company regaining its strength, simplifying its operations, and establishing a platform for sustainable and profitable growth. The sale of North Island assets marks an improved turning point, significantly strengthening our balance sheet by reducing net debt, improving leverage ratios, and restoring our credit worthiness. With a streamlined business model and a solid financial foundation, Synlait is well positioned to invest in strategic growth, pursue new opportunities, and deliver sustainable value to our shareholders. Financially, Synlait is now equipped to support and execute a new future strategy with confidence and resilience. Thank you. I will hand you back to Richard now. Thanks, Andy. I want to go through an update on each of our business units. If you turn to slide 11, first the advanced nutrition. For FY 2024, we saw an overall uplift in volumes due to strong customer demand. Our achievements for that year include an expansion of our customer base. We also had a new record in elective durum sales volumes, which were up 12 metric tons, and we also had the successful launch of our nutrient-based powders, which have secured multiple customers in Southeast Asia. Our focus going forward for this financial year will include working with The a2 Milk Company to support growth in China, further expanding the nutrient-based range, looking to deepen relationships with our ingredients customers so they're more aware of our advanced nutrition capability, and exploring new sales channels and value-added products to uplift returns on elective durum. That's advanced nutrition. Moving through to slide 14 and the ingredients business. For those who know the Synlait story, you will recall we strategically moved away from fresh milk processing at the North Island assets last year. This obviously impacted our ingredients overall volume, which decreased to 108,000 metric tons. However, offsetting that was improved premiums over the last 12 months, which was an outstanding achievement, and we had increased revenue due to strong ingredient pricing. We also saw progress in customer and market diversification with expansion into the Middle East. Looking ahead, our focus areas for ingredients will be further uplifting the premiums we achieved last year, continued expansion of our ingredients portfolio, and amplifying market awareness of our high level of quality and consistency. Moving now to slide 13, you will see an overview of our food service business performance. This is UHT cream, obviously a very popular product, certainly in China. For 2025, we saw us successfully launch our second-generation cream, which has further increased product stability and market. To deliver record volume last year of 8.41-L bottles manufactured at our Dunsandel site, every single one of these was sold. We had demand remain exceptionally strong for this product in multiple global markets, and our focus will be to continue to grow that into next year. We're looking to grow margins all the time. That has been challenging. The real unlocker for our food service business is to continue to drive volume, and it's really pleasing to see we've picked up a new distributor, which is sending products into Fiji, and we're working more broadly to increase that volume overall for that food service business. Moving on to slide 14, the consumer business. FY 2025 was another outstanding year for Dairy Works, which drives our consumer business. I would just like to acknowledge Tim, who is the CEO of that business, who was acting CEO of Synlait, and also Aaron, who stepped into his shoes for a period of time, and have done an outstanding job once again for FY 2025. The solid performance was driven by offshore markets, which stopped the growth in New Zealand due to obviously cost of living pressures and increased milk prices. Overall gross profit for our consumer business was $39 million, up from $30.6 million in the prior year. Offshore, Dairy Works saw a 53% growth in cheese export volumes, with a lot of success across the Tasman. Dairy Works is now the fastest growing cheese brand in Northwest Australia. The Alpine brand was also launched in food service there, and both Alpine and Dairy Works product ranges are now in Costco Australia. The focus for FY 2026 is to continue delivering value in new product lines to domestic companies and further growing our export volumes. A real standout for this year. Moving now to slide 15, which is milk supply. As I mentioned earlier, today we've confirmed a record milk price, which is significantly up on the season's opening forecast. This should deliver some very happy farmers, which has been an important focus for Synlait across FY 2025. Earlier in the year, our on-farm team did an excellent job of securing our milk supplies for the current season after working to encourage farmers to withdraw their cease and onboarding 11 new farms. This was helped by additional secured milk premiums along with new guarantees around the milk price at advance rates. We will continue to focus on finding new ways to add value on-farm. One of the focus areas will be improving our digital offering and continuing to support our on-farm through the Whakapuāwai program, which helps with riparian planting on-farm. We'll also look to launch our fifth milk price offering in FY 2026. Now on to slide 16. FY 2026 presents a valuable reset for Synlait, as you well know. As we already said, the sale of our North Island assets will strengthen Synlait 's financial position considerably, with the proceeds used to significantly reduce debt. Given the scale of the strategic reset, we will not provide further financial guidance for FY 2026. Our focus is on executing the North Island sale and building a simpler and more focused Synlait in Canterbury. We are committed to making the most of this opportunity and aim to have an updated strategic plan in place by March 2026. Moving through to slide 17, key takeaways from today. As was noted, the sale of our North Island assets will see Synlait become a stronger, simpler, and more secure business. Financially, we will deliver a full and final balance sheet reset, ending the company's survival phase. Strategically, it simplifies our focus and opens the door for us to explore new opportunities here at Dunsandel. Andy and I will now take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Sean Xu with CLSA. Please go ahead. Sorry. My first one is around your manufacturing challenge in our Dunsandel facility. It seems to be a reoccurring issue now. I'm just very interested to know what specific process improvements can be prioritized in FY 2026 to prevent this kind of operational disruption going forward. Thank you. I just didn't quite hear the second part of the question. Prioritize this in FY 2026 to prevent the season growth. I appreciate that there have been a number of manufacturing challenges for a period of time, and certainly coming in and being relatively new to the business, it was a focus for me. As I mentioned, for our Big 6 for '26, that focus on operational stability is key. What I can say is that there are a number of one-off issues, and we just need to work through those, systematically root cause analysis, and fix those issues. I'm now comfortable we're largely through that, but as I say, the next six months is very important for us. Thank you. My second question is around The a2, the channel label digital production. My understanding is that it requires a new registration renewal in calendar year 2027. I know that might be an early stage, but if I remember the last time registration was done, that takes a long time. I'm just curious to know if your team can give us some indication on the timeline of when to start prepping for this process. Thank you. Yeah, we've already started that process. You're quite right, FY 2027 is key, and we've been working on that already for a fairly long period of time. There's a bit of capital required going forward, and we're working with both The a2 and Synlait quite closely to make sure we're ready for that. Thank you. If I may just quick check in, a very quick question, last one. With Bright being your largest shareholder, I'm just curious to know, is there any good collaboration you can leverage their production and distribution channel in China to expand your market there? Yes, Bright are obviously a very supportive shareholder of us, and we are working with them. I think there's good opportunities. We've got a very strong working relationship with Bright, so I think as part of our strategy reset, we'll certainly be looking at what opportunities we have to work w ith Bright. Cool. Thank you for that update. I appreciate that. Your next question comes from Stephen Ridgewell with Craigs Investment Partners. Please go ahead. Yeah, good morning, and first of all, congratulations on the sale of Pōkeno. That's a big win for shareholders. With that and the equity raise a year ago, two of the big three challenges that have been facing Synlait have been overcome, so well done on progress. My first question is on the use of proceeds from the North Island asset sales, and it could either be for management or potentially for the Chair. If you use the proceeds, $310 million proceeds to pay back debt, Synlait could be in a position where it's got $74 million thereabouts of debt on the balance sheet. The comments today also talk to the proceeds providing an opportunity to strategically diversify. I realize it's an early stage, but I'm just interested in the early thoughts the company has on the extent to which those proceeds will be used to pay down debt and the extent to which Synlait's hinks it's got capacity to make acquisitions or other growth investments that may be more organic. The related question is, will post the sale proceeds, will the company aim to operate at a lower net debt to equity ratio than the 2.5x kind of flag today? Thanks. Yeah, thanks. I'll take probably the first part, and Andy may chip in on that. Certainly, initially, we'd look to obviously pay down as much debt as is sensible. In terms of the longer term, that'll be clearer through the strategic review that we can update in March. Just, I guess, my final comments, personal perspective, which I'll share with the board, is that, I mean, I'd like to see our debt to debt equity ratio sitting at about 20%- 25%. I think that's prudent. We've seen that as a good balance. When it gets to 45%, 50%, it doesn't really work. That would be my intention going forward. Andy, do you want to add anything further? No, as I said, actually, that our refinancing, we just finished it last Friday. That's why I'm still seeing the two early stages, just to talk about regarding when we get the funds, what we will do. As Richard already mentioned, yes, principally, definitely that's the two, just reduce our debt in order to just keep it at the very reasonable levels and also seeking further opportunities. This is the key point. Stephen, just to try to make sure, what's your second question regarding the debt to EBITDA level? Yeah, just whether the company would look to operate at a lower net debt to EBITDA ratio, going lower than 2.5x going forward, in particular if we kind of look through The a2 Milk Company's English label volumes migrating, you know, to the Pōkeno site in the next year or two. Yes, let's say that for the moment, we're still seeing the 2.5x is still the reasonable one. That's why we don't think that we're changing it for the moment. Okay, yeah, like if you keep it at 2.5x, it does suggest potentially quite a lot of firepower for acquisitions, but as you say, maybe we need to wait a bit longer to see where we land there. Yeah, and then look, I guess as well, just in terms of the impact of the asset sales, we can see the proceeds of $307 million coming through, which is great, but can you give us a, can you hear me? Yes. Great. Can you just give us a sense of the EBITDA being generated from those assets on a normalized basis in the year just gone? My understanding was Pōkeno was burning $75 million a year at the EBITDA level. Just to give a rough steer as to the EBITDA loss that those assets generated in the year just gone. Yeah, I can quickly jump to these questions. Based on our FY 2025 numbers, they said once we get rid of the North Island, we are thinking about $5 million- $10 million kind of the EBITDA to be improved because definitely the FY 2025, the plant is more filled, have more demand. That's why the level is not as high as what we said before. $5 million- $10 million the EBITDA impact. Okay, that's helpful. Thank you. Just one last one from me, just on the impact of The a2 Milk 's planned migration of English label volume from Dunsandel to its soon-to-be acquired Pōkeno plant. Can you give us a rough estimate of the EBITDA impact that Synlait Milk Ltd is kind of planning for? Is it reasonable simply to take the gross margin per ton by the volume, or are there other things to consider? For example, is there cost out the company can action or other factors such as the diseconomies of scale at low production volume formula? I think that is obviously a key issue as the market looks into the FY 2027 and beyond time period. Some thoughts on that would be quite helpful—how you, what the impact is and then the mitigation factors, the ways that you can mitigate that impact. Yes, I'll step in. Sorry, that's because these kinds of numbers can be really about commercial sensitivity. Yeah, can't answer that very directly. Okay, as an opportunity to make some comments, I guess analysts will have to take a view in their own numbers. Let me take it offline and think about which kind of information we can provide. Leave it with me. Okay, thanks. That's all from me. Your next question comes from Adrian Allbon with Jarden. Please go ahead. Oh, good morning same. Maybe just a follow-on from Stephen's question. Like, four months into the job, Richard, like what sort of cross-focus training do you plan to see in the Dunsandel asset going forward, both, you know, initially and, yeah, as you sort of deal with the transition of acres and volume? Sorry, Adrian, it's just a bit hard to hear. Can you have another go at that, please? Sure, is that better? Yeah, it's a little bit better. Yeah, as a follow-on to Stephen's question, I was just wondering what the cost-out opportunity... Is that better? That's great. Yeah. Just as a follow-on to Stephen's question, I was just wondering what the opportunity you see for cost-out at Dunsandel actually is. I think, as I say, when we reset the business with a focus just on Dunsandel, there will be some opportunity. It's again too early to get into the specifics, unfortunately, but certainly we'll be able to provide more of an update at the March announcement. Okay, would it be useful as a starting point for us to look to FY 2018 as some sort of benchmark? Andy, I don't know whether you want to comment on that. I haven't got the FY 2018 numbers in my head at the moment. Yeah, so Andrew, that's regarding FY 2018, it's really fast. Thanks, again. What I can propose is that let me work out some numbers and try to provide you some, let's say, some reasonable figures. For example, based on FY 2025, we said we are saving about $10 million, just we still increase the North Island. That's why we think about definitely the number should be higher than $10 million. Let me just work out some numbers, come back to you regarding how you can simulate it and focus on South Island. Yeah, what I can say, and I'm not sure what year to look back, but what I do know, given I've only been in the business a short time, is what happened sort of even two or three, four years ago in terms of throughput on the drives at Dunsandel was that we won't get as much throughput. As we're focused on higher quality, it means we have to derate the drives somewhat. Now, in terms of the specifics, I haven't got those in front of me today, but it does mean we can't just go look at the past as a precursor to the future necessarily because the standards have improved and China's requirements continue to improve, and all of those things mean we have to, it does take some capacity out. Not a lot, but it does take some capacity out of the drives anyway. Okay, just related to that, can you kind of give us a steer on what your sort of milk pull or what your contracted milk pull is on next year? Circa $70 million. Okay. Yeah. Okay, I guess an abrupt question, are you expecting, are you actually expecting EBITDA to be higher this year? I'm presuming that the net debt is probably going to go higher as well because you've got all these premium payments for farmers coming up shortly. Andy? Let's say for this year compared with FY 2025, yes, you are right that we will pay some additional incentives to farmers. It can be some challenge for the EBITDA, but as I said, regarding FY 2026, we are more focused on saving the North Island. We'll try our best firstly to focus on production stabilities. That's why we didn't share any kind of our targets for the moment. Just if you assume that the North Island business was in the numbers, which is probably what most of us are going to have to do, would you expect the net debt to be higher this year, given your farmer incentive payments are due? I should say about a similar level than this year because yes, farmers payment, but also do remember we have the EBITDA to generate the cash, so that's why. I still think the net debt should be, let's say, a bit better than this year, theoretically, including EBITDA. Okay, thank you. Your next question comes from Matt Montgomerie with Forsyth Barr. Please go ahead. Hi guys, good morning. Maybe just on manufacturing issues, Richard, I suspect it's unlikely you'll provide detail on what they were, but there's sort of a footnote around them being largely resolved. It'd be interesting if you could just maybe talk to that, what largely means, what you need to see to get them resolved, and just any further color, I guess, to give us confidence that they have been isolated to the period that you've outlined previously. Thanks, Matt. Good question. That was my fault. Like I said that to Hannah, look, the nature of these businesses is that they're very complex, right? Making advanced nutrition, for example, you've got ingredients from 10- 40 different ingredients. You've got complex processing. I'm relatively conservative by nature. I said largely because while the issues we had from January- July are largely behind us, to say they've gone forever is you just can't do that. In terms of the nature of those things, they're a combination. We've got people, process systems, engineering, there's a whole raft of things that can go wrong. A rotary valve can be put in, it might be an ingredient issue or a supply incorrectly. There are so many things that can go wrong in making this advanced nutrition. The issues we've had in the first half of the calendar year are largely behind us. That's why I'm churning up the focus on operational stability going forward. I am very comfortable with the issues we had in the first half of the year. We have largely dealt with all of those, but you just never know what can be around the corner. The way you deal with that in a processing operation like we are is you have very consistent processes and you have well-trained people. That is the area that I'm focused on. Awesome. That's very clear. Just on Dairy Works, I think EBITDA of around $23 million. Clearly it's been a good business over the last five, six years since you've owned it. I think from memory at the time, I think the target was around $20 million of EBITDA. Maybe just from you, Richard, how you think about that business going forward, maybe anything where you see it, say, three to five years from an earnings point of view. Thanks, Matt. Andy might be able to put some numbers around it. In a general comment, I'd say I think it's got massive opportunity. I think the team there are fantastic. Tim and his leadership team have done a great job. I think there's a real opportunity. The thing about that business is that you can just continue to scale it up. There's no sort of restrictions on growth, and I think that's what's exciting. They can procure a product, they can add value to it, and they can just put it into different markets. They've got good markets here in New Zealand. They're now targeting Australia, and I'd like to get into look even beyond that. That's sort of my general comment in terms of the numbers around that. Andy, I don't know if you've got any more flavor to add to that. Yeah, for FY 2025, our revenue for Dairy Works is about 12% increased, but gross profit is about 28%. It really shows that other than the volume growth, it's also internally, from their focusing always their strength for the efficiencies, productivities, also supported these numbers. That's why we still said this is a very good business that's in a good trend and also expected to have further growth. Michael, one more, just a small one. Andy, the depreciation associated with the North Island assets, like what's the EBIT drag? Sorry, Matt, repeat your question. What do you mean the EBITDA drag? Just following up from Stephen's question, what's the D&A sitting over the North Island assets in FY 2025? It's around about $1 million per month. Thanks. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Nick Mah with Macquarie. Please go ahead. Morning. Could you just talk through the net debt number? I think the trading update right at the end of your financial year, you were sort of guiding towards $300 million and you came in at $250 million. How did that change so much? Yeah, sure. I can just take this question. What has changed is mostly because we have the higher customer demand, and the customer demand also triggers some additional deposit. This is how it comes. Regarding one of the reasons, another reason is that, as you know, we also have the receivable assignment. End of the month, there is some kind of additional kind of deliveries which we get the receivable assignment earlier. That's why I say mostly the two kind of the main driven for the $15 million just reduced. Yeah, okay. Good. In terms of what you were selling with the North Island investment, you mentioned the kind of lease warehouse as well. Does that line up to what the North Island CGU was when it was impaired at the end of FY 2024? Just trying to work out the price relative to the holding value. Also, do you have any breakdown of the value by PP&E vs net working capital? Yeah, to answer your questions, yes, it's roughly the same regarding our CGU for North Island as last year when we shared the numbers. What I can propose to you is that you can take last year and report the numbers. This can be the baseline regarding the CGU, the net assets value for the moment. Yeah, and the sort of mix between sort of PP&E and net working capital? Working capital, one, because here what we said is regarding the total $178 million, it's $170 million for the PPE and $8 million for the working capital, let's say just inventory, i nventory. Thank you. There are no further questions at this time. I'll now hand back to Mr. Richard Wyeth for closing remarks. Thanks everyone for joining the call today. I look forward to meeting with many of you over the coming days. In the meantime, if you've got any questions, you can just follow those up with Hannah. That concludes our call for today. Thank you. That concludes the conference for today. Thank you for participating. You may now disconnect.