Good morning to everyone from slightly windy Western Cape. Thank you very much for joining our 2023 results presentation, which is also our tenth set of results since listing. The presentation outline will be as follows: I will do a short review of the year, then Tiaan will take us through the financial performance. After, I will cover our trading performance, make a couple of comments on our capital investments, talk a bit about sustainability, and then look at our strategy and our outlook. After which Tiaan and myself will field some questions. If I look at the review of the year, we are extremely proud of our set of results, where we have made significant progress towards our set targets. Our employees have excelled in a very challenging trading environment. Our revenue growth was driven mainly by price inflation, where our main focus was on the recovering of high input costs through price, volume, and margin management. Slower revenue growth in September due to lower international and inter-industrial products. We had continued volume pressure due to the constrained consumer environment and the low economic growth environment. We are seeing a prolonged weak economic cycle in South Africa. Our rate of volume decline slowed in the second half of our financial year. Our regional operating profit margin increased by 290 basis points, and we had a robust pie performance. Our international operating margin also increased by 130 basis points. We had stable export pricing and a weaker rand that supported our profitability. From a cash and debt perspective, we had a strong increase in cash generation and a significant improvement in our debt levels. If I look at our progress against our targets that we've set ourselves at the start of the 2022 financial year, looking at specifically three metrics, the first one being revenue growth, where our medium target is CPI + GDP + 2%, which was 8%, and we achieved 8.7% in the year. Our operating profit margin target of 10%, where we managed to achieve 9.6%, well up against the prior year of 7.9%. Then on our return on equity, our target is weighted average cost of capital plus 2%, which would be 16%, and we managed to achieve 14.9%, which beat our current WACC and is also well up against the prior year of 12.5%. Thank you, Tiaan. You can just take us through some of the financial highlights, please. Thank you, Pieter, and good morning to everyone. We achieved fairly good revenue growth, which was driven largely by price inflation. Group revenue increased by 8.7% to ZAR 7.9 billion. That was on the back of regional revenue, which increased by 9.8%, the national revenue by 5.3%. Forex gains contributed to 3.4% to the group revenue growth. That resulted in a strong increase in group operating profit, as can be seen in the group operating profit, which increased by 32% to ZAR 757 million for the year. The margin also expanded by 170 basis points to 9.6%. And just to put it in context, the prior year numbers included once-off cost of ZAR 26 million related to the Today acquisition, but also included once-off insurance proceeds of ZAR 43 million for COVID lockdown related losses. The margin expansion is a result of input cost recoveries, as well as efficiency gains at plant level and the strong performance by the pie category. Regional operating profit increased by 63% to ZAR 527 million. The margin was 290 basis points better at 8.8%. And there was cost recoveries across most of the categories and the efficiencies at plant level as mentioned earlier. Good pricing and demand still drive the international performance. The profit was 17%, sorry, better at ZAR 245 million, and the margin increased by 130 basis points to 13%. The weaker rand that contributes 13.7% to the revenue of the international segment. The robust earnings growth reflects all around performance for the year. EBITDA increased by 28.9%, with the margin improving by 210 basis points. Headline earnings was 35.3% better at ZAR 488 million for the year. Diluted headline earnings per share increased by 35.4% to ZAR 1.859 per share. And on that, in line with the group dividend policy, the board approved a dividend of ZAR 0.62 per share, which represents a 35.4% increase on the prior year's dividend. The strong cash flows as a result of the strong performance led to an increase in cash from operations of 59.8% to ZAR 1.1 billion. Long-term loans of ZAR 215 million was repaid during the year, and net debt reduced by ZAR 371 million to ZAR 727 million at year-end. In line with that, the net debt to equity ratio improved from 36.2% the prior year to 21.3% in the current year. And that was after capital expenditure of ZAR 288 million for the year. Group revenue compounded annual growth rate over the past five years of 9.9%, as can be seen from the slide on the screen. The breakdown of revenue drivers, volume growth was down 8.3%, but price inflation of 12.9% more than compensated for that, together with the impact of the weaker rand, or contributed 3.4%. And the acquisition of Today, there was still five months in the beginning of the year, contributed 0.9% to the overall revenue growth. A breakdown of revenue growth for the two halves of the financial year, which is promising, is that negative volume growth in the second half of 8.1 was lower than the 8.5 in the first half. Likewise, price inflation also reduced to 11.2% versus 14.8% in the first half. But on the positive side, the impact of a weaker rand amounted to 4% in the second half versus 2.7 in the first half, and we had 2% acquisitive growth in the first half versus a negative 0.1 in the second half. Revenue growth, year-on-year, we had 5.5% volume growth in the prior year, mainly as a result of the increased international volumes following the agricultural failure in 2021. Volumes was negative by 8.3% in the current year. Price inflation, for the year, 12.9% versus 14.1% the prior year. The impact of a weaker rand was more significant in the current year, at 3.4%, and obviously, acquisitive growth was higher at 2.5% in the prior year. So, in the prior year, revenue grew by 21.9% versus 8.7% in the current year, and the main driver of that was volume growth in the international segment. International revenue, the split of the basket of currencies in which the group trades, the remarkable swing is on the US dollar side, where it's down by 300 basis points from 71% the prior year to 68%. In the bottom right corner, we can see the effect of the average exchange rates that was achieved during the year. We can see that the rand has weakened significantly compared to the prior year, but also more so in the second half of the year. The net impact on revenue for 2023 was a gain of ZAR 245 million. If we look at operating profit over the past five years, compounded annual growth of 18.2%, and we refer to normalized operating profit here. It includes impairment losses and acquisition costs in the years that we incurred those, but it further includes significant once-off items like abnormal electricity expense of ZAR 27 million in 2021, and the insurance proceeds of ZAR 43 million in 2022. Operating profit, just a split between the two segments, which is obvious from the chart, is the turnaround in the international in 2022, which also prolonged into 2023. But also good to see the regional operating profit at ZAR 527 million, which is almost equal to the total group operating profit in 2022. Then earnings and dividends, also good compounded annual growth of 22% over the past few years, and likewise in the dividend that was declared over the period. Working capital? The net working capital as to turnover ratio improved to 23.5% in 2023, while net working capital days stayed in line with the 2022 number of 115 days. In terms of seasonality in the working capital, I think those people watch us over the years will see that at the time of interim results in March, we always at a peak in terms of our working capital. And the big mover in terms of working capital is inventory. In line with that, our overdraft is also at its peak at the same time to fund obviously the increase in inventory. But there's always a turnaround in that, so insofar that by September, the overdraft is much more or is much lower than what it is at the time of the interim results. Free cash flow, obviously on the back of the good results, a big improvement. Cash generated amounted to just short of ZAR 1.1 billion, compared to ZAR 700 million in 2022. The main contributors to that are operating cash flows and lower investment in working capital in 2023. Free cash flow for the year amounted to ZAR 567 million versus ZAR 253 million in 2022, resulting in a free cash flow return of 7.2% in 2023 versus 3.5% for 2022. The free cash was used to pay dividends of ZAR 120 million, expansion CapEx of ZAR 50 million, loan repayments of ZAR 215 million, and finance lease payments of ZAR 48 million, and a ZAR 123 million reduction in the net bank overdraft at year-end. In terms of capital management or the capital structure of the business, at the bottom, the orange graph or orange bar shows how the total debt has reduced over the five-year period, and contrary. On the other side, how equity has increased, which obviously combined gave rise to a much better net debt to equity ratio of 21.3% at the end of 2023, versus 47% at the end of 2019. Likewise, the net debt to EBITDA ratio improved over the five years to 0.7% at the end of 2023. Just a breakdown of the total debt on the previous slide. As you can see, the biggest portion is bank loans, or in other words, term debt. There's the lease liabilities, which also came into onto the balance sheet in 2020 when IFRS 16 became effective. Then the top of the bars there, the bank overdraft, which, as said, has also been repaid to a large extent by the end of 2023. The repayment profile of the bank loans, as we've disclosed at the time of the interim results, the current bank debt of ZAR 479 million at the end of 2023, will be repaid in full by 2027. Thank you, Pieter. Thank you very much, Tiaan, for sharing the numbers with us. I will then continue to talk about our trading performance. If you look at our revenue contribution by segment, a slight change against the prior year, where our international segment in the prior year was 25%, now 24%. Then if you look at our regional segment, 47, last year it was 46. Then our fresh foods division also stays on 29%. I think a very good split, if you look at all the segments and the contributions. If we then look at our diversified brand portfolio, you can see some of our brands there. What do we do? We build our core brands to occupy number 1 and number 2 positions in their categories, and we do that by both organic and inorganic growth. We continue to invest and innovate into new and adjacent categories where we see high growth opportunities. We focus on insight-led innovation to address the consumer needs, and we complement our business by private label ranges for major SA retailers. If you then look at private labels specifically, we follow a dual strategy of growing the branded portfolio and manufacturing private label ranges for those major retailers. If you look at the group, on the branded side, 46% and 54%, from a private label perspective. Regional 42 and 58, similar as the prior year. If you then look at the regional long-life foods, a bit of a change there, where private label increased from 24% to 26%. 26%. And then on the fresh food side, 73% to 70%, and then on the branded side, 27% to 30%. Then if you look at our regional sales by channel, 57% of our regional sales are out of house wholesale, and then you see the other numbers, the out of home wholesale, Africa and other, making up the other 43%. If you look at the... Just a couple of comments on load shedding. We paid ZAR 66, 66 million towards diesel cost to operate our generators in the financial year. We spent an additional ZAR 25 million on CapEx on new and replacement generators. Our average monthly spend on diesel down to ZAR 0.5 million-ZAR 1 million, depending on the load shedding level. Our diesel cost is higher in H1 during the canning season at our food products facility in Tulbagh. We spend a lot of money with regards to backup power solutions. Generators installed at all our South African factories, which gives us the ability to run them irrespective of the electricity shortage. So we're capable of carrying our full factory loads during outages. We've installed a battery storage system at our fruit juice plant in Wellington, and we will continue our solar power that we use to supplement our electricity supply. I'll cover a bit later, some more detail on solar solutions under the sustainability section. If you then look at the regional segment, looking at a bit of detail there, revenue increased to ZAR 6 billion, which was a 9.8% increase, driven by long life foods of 10.9% and fresh foods of 8.1%. But I think the more important number here is our operating profit increased by ZAR 63 million to ZAR 527 million, where the operating profit margin increased from prior year of 5.9% to 8.8%. The drivers of our revenue growth, it was driven by price of 15.5%, volume declines of 6.6%, and then some mix changes and acquisitive changes with a compounded annual growth over the past five years of 8.4%. Just a couple of comments on the regional business. Looking at the impact of avian flu, impacted not only the availability of eggs and chicken, but also resulted in higher input costs, specifically on our ready meals and our pie categories. We saw some price increases in these categories, and we had to recover some of those costs. Availability mitigated with raw materials being sourced from new approved suppliers outside of South Africa, and we expect that the avian flu to have a long-term impact on, specifically on the supply of eggs. I've heard this morning over the news that the industry bodies feel quite confident from a chicken supply perspective, that there will not be any shortages, but they're probably on 70% supply from a table egg perspective. If you look at the pies and pastries, standout volume and margin performance, sustained growth of our Today's business, and we've benefited of the integration and consolidation of the pie facilities into Aeroton and Linbro Park in the past two years. Today occupies commanding market share positions. I'll talk a bit later about that. So a really good performance in our pies and pastry business, which Tiaan also made mention of, and I think we executed well on the Today's acquisition. From a ready meals perspective, robust and a resilient performance, and we'll continue our growth, which we will drive by ongoing product innovation. Some further comments on specific categories with regards to fruit juice. Double-digit revenue growth drove an increase in market share. Our main contributor to the growth in long life foods is this category, and we were well supported by integrated pulps and purees business. If you look at the canned fruit and vegetable category, canned goods profitability continued to remain under pressure due to higher raw material and packaging costs in comparison to the total cost of those specific products. We saw consumer demand and competitor activity also put some pressure on margins. On the canned meat side, a much improved performance in H2, and we also recovered higher meat input costs. We're busy installing new canning equipment and capacity expansion to support sales growth and efficiency and we foresee efficiency gains in the new financial year. In the herbs and spices category, we've seen continued market share growth of our Hinds brand, and we saw some double-digit revenue growth. In our rest of Africa business, sales of long life foods into Africa grew by 12.6%, so better than the South African business, and it accounts currently for 12.5% of our regional long life revenue. If you then look at our market shares, we've seen some strong growth in our fruit juice market shares, as I have spoken about. So we've maintained all our positions there with regards to share. We've seen a bit of a decline in our canned food part of our business, where we've seen a competitor entered specifically in the pineapple, canned pineapple category, but still a commanding or a good number two position. And with regards to all the other shares, we've seen some share increases, and we've kept our position. Similarly from a branded position, we've maintained our position across all our core product categories. The only one where we've seen a bit of a decline is in our canned fruit business, which I've spoken to, but in all the other categories, we have increased our market share and kept our positions. Maybe just a comment on specifically on infant meals. We've seen a bit of a decline in our market share, although we kept our number two position due to competitor activity that we've seen in that space, and also a bit of a volume decline as we increased margins also specifically in that category. I think very important also to see our 100% fruit juice, where we still got a number two position, but with a 21% market share. The other two specific categories that we've now also included is our retail frozen pies, which is our Today and Mama's business, and also the retail frozen pastry under Today, where we've got 58% and 51% market share, and where we, in both categories, occupy the number one position. If I then look at product innovation, which we continue to focus on, we've just shown some of the pictures there for you to see, where we've innovated in the canning side, also the juice business, and also in our flexible business. Similarly, on our Woolworths business, we've also increased our focus on new products, and there you would see some of those products that we've recently launched. If I then move over to the international segment, a couple of comments there. I think important to note is our international diversification. Last year we spoke about that we'll continue to diversify our business and ensure that we focus on our strategy with regards to the quality of our revenue. I think our international people did an excellent job in that regard. You would have seen that we've got a really nice spread all over the world where we sell our products into. Then if you look at the performance, a 5.3% increase in revenue, but a ZAR 17 million increase in profit, which came to an increase in our operating profit margin from 11.7% to 13%. The main drivers of the revenue growth was price of 4.6%. We had a bit of a volume decline of 13.6%, and some mix change of 0.6%, and then a Forex gain of 13.7%, which gives us a compound annual growth over the past five years of 15.1%. A couple of comments on our international business. The currency drove the revenue 13.7%, as I might mention, weakening in the rand against our trading currencies, which resulted in a revenue uplift of ZAR 254 million. We continue to see some strong international selling prices. Volumes normalized, where production returned to pre-2022 levels after volumes were increased to meet the higher global demand due to the Greek. But we saw a 13.6% volume decline. On the industrial product side, strong demand and pricing from pulps and purées, and we had a good performance from our industrial products. If you look at the Cape Town port challenges, shipments were hampered by extreme weather conditions, some low productivity and congestion at the port, where we see the average days port delays of 12-16 days, where vessels are bypassing the port due to high cost of delays. I think there's been several inputs also from the press in the last, in the last month. If you then look at capital investment, you would have seen that we've got a well-capitalized production base with capacity remaining for growth. Our major products that we did in FY 2023 is a new canning equipment and capacity expansion at our meat products factory. Then we also increased our capacity at our ready meals facility in the Western Cape, at our fruit juice facility, and pies and pastries, pastry facility at Aeroton. We bought new generators and replaced some of the old, older generators, and then we did our annual replacement of pineapple plantations in Eswatini. If you look at our graphs there with regards to our planned capital investment for 2020, 2024, where we foresee we will spend ZAR 280 million, which includes ZAR 40 million for pineapple crops, against a prior year of ZAR 288 million. And just a couple of comments on sustainability. We've got an integrated ESG strategy, which is aligned with our United Nations Sustainable Development Goals, where we focus on those five specific areas of clean water, affordable and clean energy, responsible consumption and production, climate action, and life on land. We've set ourselves environmental sustainability targets, which we've set for 2025, and we've seen some good reduction in those numbers. We measure efficiency across waste management, water and energy consumption, as well as greenhouse gas emissions. Also reduction in waste management, energy, and greenhouse gas emissions in 2023 and we will have science-based targets for 2030, which we will set in FY 2024. Also, some further comments on sustainability. We've seen some of our renewable energy program, which we accelerated due to sustained load shedding. Solar energy systems are currently installed at seven production facilities and our dairy farm, and we foresee to install four more solar installations for the new year. Only three sites will be not solar-enabled by end FY 2024. We continue to reduce food waste, where we are a signatory to the National Food Loss and Waste Agreement, and we've committed to reducing food waste by 50% by 2030. We will continue to look at our sustainability reporting, where we currently rank joint third out of 50 in the food and beverage sector in Sustainability Data Transparency Index. We also continue to our reporting will be aligned with the JSE Sustainability Disclosure Guidelines. If you then look at our strategy and our outlook, we've got a couple of specific areas where we will continue to focus on. So from a short-term perspective, we will continue to focus on input cost recovery to sustain our margins. We will focus on maintaining tight cost management, and we'll continue to capitalize on our growth momentum of the past two years. With regards to operational disciplines, we will invest in targeted efficiency improvement projects in factories, including new technologies. We will continue to focus on the quality of our revenue, execution, product quality, capacity, and cash flow management, and we will also continue to focus on the rationalization of small and less profitable SKUs across the portfolio, where we've done a lot of work in the past financial year. From a growth opportunity perspective, we will continue to drive innovation through new product and category development and identify any potential build on acquisitions, where it's appropriate. From a fresh foods perspective, continue to grow our ready meals volumes through innovation and protect our pie margins. Then on the long life food side, we will continue to increase our fruit juice volumes to grow our Rhodes brand share. We'll continue to grow market share in spices and curry powder, continue to extract efficiencies in meat plant, and grow volumes following our recent capacity expansion, and we need to recover our margin in canned vegetables. On the international side, in Eswatini, we continue to focus on farm efficiencies and sales of increased pineapple volumes now that our farms have reached our full production capacity. At Tulbagh, we will embrace our relationships with our farmers, which is an incredibly important part of our business, focus on factory efficiencies, and continue our goal of expanding our operating margin to 10%. Then on driving shareholder value, four specific focus areas for us continue to drive revenue growth. We will focus on our growth categories, our fruit juices, dry goods, and pies. Our production capacity, we've got enough capacity available at most facilities to be able to drive those specific goals of ours, and we'll continue to seek opportunities for strategic build on acquisitions. Continue to focus on our operating margin, and that is our price, volume, and margin management in the constrained trading environment. Maintain our ready meal margins, focusing on our international market of margin of at least 10% through the cycle, and continue to focus on efficiency gains through our focused CapEx at all our factories. We will continue to increase our return on equity, where we will drive profitability to enhance returns. As I made mention previously in our targets, our return on equity now exceeding our weighted average cost of capital of 14%. Another important metric in our business is our cash flow management. We will continue to look at our strategic capital allocation to improve returns, and then also focus on timely international shipments and also tight inventory management to reduce working capital. Thank you very much. That concludes, Tiaan and myself's presentation, and we're happy to answer any questions. Thank you. Right, Pieter, the first question we have this morning is from Anthony Clark from Small Talk Daily Research. He says: I'm sure you're gonna get this question a lot, given your export business, and it relates to the ports. How much of a problem are the Transnet Ports to RFG currently in terms of lost opportunities? And what can you do, if anything, to mitigate the latest unfolding government disaster? And then a related question from Ray Stain. He says: Will the Cape Town ports impact international revenue in 2024? Yeah, thank you very much for that question, Anthony and Ray. I think obviously a concern for us. At this stage, luckily for us, October, November, and December is a quieter period from an export shipment perspective. But yeah, I think it's a—it is a worry for us, and we continue to liaise with the government to get support from that side. But yes, I think what we have seen that, and obviously we made mention of that in our results presentation with regards to September, where we had a bit of a lag of shipments. So what we currently see, we're not getting our shipments out, but we're getting a bit of a lag, which means that we ship our products a bit later. But we keep close contact with the government in that regard. But yeah, it is a concern, and hopefully it will not have a negative impact on our shipments in total. But we'll have to monitor it extremely closely to ensure that we timeously ship our products. Pieter, the question from Dirk van Vlaanderen from Camissa Asset Management. He says, "Please can you discuss the input cost inflation outlook into 2024? Is there any price relief on key inputs? Yeah, thanks. Thanks, Dirk. It's a bit of a difficult question. As I sit here today, I remember last year made mention to say that we would love relief on input cost, and we're still in the same. We didn't get any relief because there was this and there's something else that happened specifically last year in Q1, we had excessive load shedding, which we had to manage. But yeah, at this stage, I think I don't see any specific relief on our big categories with regards to cost. I think cost has hopefully stabilized. But we'll have to wait and see if we move into January, February, if there will be any cost relief. But at this stage, I still see inflation running in the high single-digit numbers. Thanks, Pieter. Then Stuart Bradbury from Nedbank asked the question: "On slide 27, the growth in the long life private label, is this rand or volume related, or any specific SKUs that have resulted in this change? Yeah, it's rand related. And we also see, obviously, not only rand, but also in volumes. We've seen a lot that's written recently on private label specifically. So yes, there is a bit of an increase in private label sales. We operate in most of the categories that we are in. We focus on... We also manufacture private label, so I think it's a bit of a spread over all of those categories. Well, then a question from Myuran Rajaratnam from MIBFA, and he says, "Well done for a great set of results, and thanks for the opportunity to ask questions. Why are you more confident that international margins can be at least 10% through the cycle? Has the external overseas market structure changed, or is it more a Rhodes internal capability efficiency issue? Yeah, thank you. I think we've made mention that when the green crop failure happened two years ago, there was a fundamental shift in pricing that happened at that stage. As we currently sit, we feel confident that those prices will stick in the market. Also, in that period, they closed some wineries, specifically in Greece, which obviously put the demand side also in a bit of a better balance. So we see, number one, that there has been a fundamental move with it from a pricing perspective, and I think they, I might mention, of the important one, the pricing is looking promising at this stage. With that, also a big part of that business is the industrial part of the business, where we've also seen some good pricing. That is your, your purees and your concentrate part, part of it. And those prices are also looking, looking good at this stage. So I think on that side, yes, I think, really supporting us, but on the other, on the other side, I think really exceptional management also from, from our international division and our, our people there. They've done an excellent job, where we've invested in the right stuff with regards to our facilities. And Tiaan also made mention on, on our margins on the regional side, where we get a lot of efficiency gains due to the capital investments that we've made in the last number of years. So I think similarly, on the international side, we've done an exceptional amount of good work in our facilities, to ensure that we get better efficiencies and, and through put for our facilities. So I think it's a bit of a combination between that fundamental shift in pricing that we have seen, obviously supported by the exchange rate. But I think also on our factory side, and we've done a lot of, a lot of good work in the past two years, also irrespective just after COVID. I think our relationships also plays a very important role in this part of our business, where our team really gets out there in the market, attend a lot of food fairs, see our customers. So I think we're putting ourselves out there, and our people are doing a really good job in that regard. So a bit of a combination of all of those. Thanks, Pieter. Then another question from Myuran, he says: "You mentioned a robust performance in pies, and you have a market share in the fifties. Have you been winning market share in any particular channel? Is the market as a whole expanding? Yeah, I think, we've obviously increased a bit of market share in the channels that we operate within. But on the other hand, I think after COVID, the market really opened up again. The more vehicles you see on the road, the more the pie volume sales increases. And I think, just to add to that, I think a pie and a beverage is still a very good tummy filler for people on the road, and a good value offering. So I think a combination of all of those, what we've seen, and we think there's still a lot more, a good opportunity for us, specifically in that category. Thanks, Pieter. Then there's another question from Dirk van Vlaanderen: "Can you discuss the outlook for international industrial pricing? Why is pricing here so strong? How much does this contribute to your divisional revenue? How meaningful for the division is the increase in pineapple volumes in 2024?" And he asks with an uptick of 5% of divisional volumes. Yeah, thank you, Dirk. That's a bit of an uphill that you're asking me there, but I'm gonna try my best to cover all of those specific points of yours. I think I made mention of the pricing, and the reason why we think there's been a fundamental shift from a pricing perspective, specifically on the deciduous fruit side. On the pineapple side, we're also quite confident that we can continue to achieve good pricing going forward for the next year. I've made mention of what we've done in our international business, with regards to getting out to our customers. Obviously, the pineapple side we've doubled our volumes there in the last 3-4 years, where we used to do about 20,000 tons, we're up to about 40,000 tons now. So yes, a lot of good work that we've also done with our international partners. And we're quite confident that we can sell those volumes at a good price. We're also quite fortunate as we sit here, as we know, the industrial business can turn against you as well. But as we currently sit here, we feel confident that for the next year, our industrial pricing will be looking promising and is quite firm at this stage, and there's demand for our for those industrial products. So yes, all in all, I think, I think we're quite confident that we, that we can get that 10% operating margin through the cycle. But in the background, as I made mention, I think don't forget all the effort that we're putting into our facilities to improve efficiencies, to improve throughput. We've done a lot of investments in the last couple of years, which, which we reaping, really reaping the benefits now. So that's gonna, that's gonna be a critical role for us to continue those improvements at our factories. And then on the pineapple side, obviously, we also farm. And we've also done a lot of work with regards to, our farming practices to ensure that we get better yields, out of our farms. So yes, I think with those farms coming into full production now, into full cycle, it was a very tricky affair to get those specific farms into cycle, but we're confident that we've achieved that. As you can appreciate, you need to harvest in the right time, time of the year. So I think we're fully in cycle now, and that's also gonna give us some benefits, where we will harvest in the right times of the year, where it's the best time to harvest your pineapples, and we're in cycle there. So yeah, I think we're in a good position as we currently sit, and feel confident that with the current pricing in the market, that we will get a good result. There's another question from Myuran from MIBFA, and he asks: "Where would you be happy with net debt to equity? And what are the plans for excess cash, if any, outside of CapEx? I'm gonna wing that one to Tiaan. Yeah, we are quite happy with where our debt equity is at the moment, but we've always said that, you know, our ideal level is more towards the 30% debt to equity. So means we, if you wanna go by that, we can borrow more. But you're also right when you talk about excess cash. But the dividend, we didn't contemplate a higher dividend, but in the end, we decided to remain prudent, stick to our policy of 3 times cover. And for the reason is, albeit that the results were exceptionally good for 2023, as was the cash generation, we would rather see in these uncertain circumstances how 2024 goes and then decide. But having said it, you know, we've got another ZAR 220 million of debt repayments to make on the term debt. We still sit with an overdraft of about ZAR 100 million at the end. So, by just repaying that, the interest that we'll save can make a difference on our earnings per share. And that's what we decided to. And linked, for a link to that is the ZAR 280 more CapEx that we estimate. So we decided to be prudent and see how things develop and take it from there. You know, there's Pieter mentioned a few times that we are looking at bolt-on acquisitions, and that will also obviously, if something does come from there, absorb some of the cash that the business may have and will generate in the next year. Yeah, I think maybe just to add on to the comments that Tiaan has made, I think let's get through the next six months, and look at our capital investment strategy, where we've got a lot of headroom available in categories that we operate within. And obviously, in the future, one can decide to have a bit of a more aggressive capital investment strategy with regards to the categories that we operate in. I think we back ourselves from an execution perspective. We've got experienced people in our system that can manage that. So, yes, I think there's still a lot of headroom available in certain categories. But also, as Tiaan has mentioned, let's be prudent in these uncertain times. Thanks, Tiaan and Pieter. Then there's a question from... Well, a comment from Anthony Clark first. He says: "Your fishy competitor, with its new St Helena F actory, is pushing into your market, your meat and related category. The consumer is looking for value, given these tough protein times. How will you compete with increased sector competition? Will it be through innovation or brand extension? Yeah. Thank you, thank you, Anthony. I think competition will always be there, and we need to ensure that we excel in what we do. And obviously, we are a very sizable player in those specific categories. So I think from a cost perspective, we will be very competitive due to the mere size that we've got. And then, as I made mention, we're busy installing new capacity, which will give us great efficiency gains, where we will even be more competitive in the marketplace. But you're 100% right, they are also entering big in the protein category. We're also big in that category. We've also got ideas with regards to innovation, which will kick in in the next six months. So it'll be a combination of all of those, but I'm quite confident that with our, the power of our brand, and also with, our innovation, and also with the increase in capacity and efficiency gains, that we will be a, a good competitor in that space. We also see big opportunity there. So, I think, we're very, looking forward to, to increasing our capacity and putting in that new equipment. Thanks, Pieter. Then there's a question that's coming here from Charles Bowles from Titanium Capital. He says that, "In your financials, you indicate that two customers comprise more than 10% of revenue. Is this Woolworths and Shoprite? Are you dependent on any key customers offshore? Yeah, thank you for that question. Obviously, we don't comment on specific customers. But I think I can comment that we're quite comfortable with the relationship that we've got with Woolies. They are a real good partner of ours and has been one for many years. We work extremely closely with them, so we're very comfortable with the size of the business that we've got with them. Obviously, Shoprite is currently the leading retailer in South Africa, and one need to ensure that you work closely with them as well as that we work with all of the other customers. So without getting customer-specific, I don't think we're uncomfortable with our current relationship that we've got with our customers. I think we work extremely well with them, and are very much part of their businesses as well. And so I don't think there's any worries for us in that regard that any specific customer are too big in our business, on the South Africa side. Then from a international side, I think a similar comment, we've got relationships that we built over many years. We spend a lot of time and energy on our customers. As we all know, they are extremely important to our business. I think we've got extremely experienced international salespeople in the system. They're very strong on the commercial side, and we visit our customers frequently and engage frequently with them. So I think we, we're well positioned in that regard, and actually pride ourselves, with regards to our relationships, with our customers. Thanks, Pieter. There are no further questions on the webcast. If anybody does have any questions, they're welcome to post them on the, to the Investor Relations email address, which is available on the RFG website, and we'll respond to them. Thank you very much.