Warm welcome to everyone, and thank you for joining us in presenting the twentieth set of results since the listing in 2014. We are extremely proud of the achievement and blessed to present a good set of results. A big thank you to our board and employees for their support in delivering these numbers. Looking at the presentation outline, I will do the review of the six months, after which Tiaan will do the financial performance. I'll take over doing the trading performance, looking at sustainability, strategy, and outlook, after which we'll field questions. Please post your questions via the webcast during the presentation, after which Tiaan and myself will handle it at the end of the presentation. So if you just look at the review of the six months, we've seen a strong improvement in profitability, despite volume pressures, where group operating profit margin exceeded our target 10% level despite some pressure on sales volumes. Margin improved by 100 basis points to 10.2%. Improvement due to the focus on revenue management. I've spoken a lot about the quality of our revenue and cost recoveries and operating efficiencies. We managed to get some operating leverage through production efficiency gains from capital investments. We do see that the consumer stays constrained in the current environment, where revenue growth was mainly achieved by price inflation. We saw weak domestic consumer spending environment, where the rate of volume decline slowed down relative to H1 in 2023. We saw some strong market and brand share gains in key categories, and our international revenue was impacted by ongoing challenges at the Cape Town port and some softer global pricing. We saw lower debt, where our debt levels further reduced to a net debt-to- equity ratio, which improved from 46.7% to 33.3%. If you look at our progress against targets, I think important here is that we set these targets in 2022, so this is the fifth time that we've actually showing our progress to our shareholders against these targets that we've set ourselves. So if you look at these specific metrics, the first one being revenue growth. Our medium-term target is GDP plus CPI plus 2%, which adds up to 7.9. We managed to achieve 3.2%. In H1 2023, we managed 10.2%. If you look at our operating profit margin, we set ourself a target of 10%, managed to exceed that target, as mentioned, getting to 10.2%, when H1 2023, we had a 9.2% operating profit margin. Return on equity as our third metric, where we set ourselves a target of weighted average cost of capital plus 2% being 15.4%. We managed to achieve 15.7% against H1 2023, of 14.11%. So I think excellent progress in two of the most important metrics, and on the revenue growth being behind. Thank you, Tiaan. Can you please take us through the detailed finances? Good morning, everyone. Group revenue over the period six months until end March 2024 increased by 3.2% to ZAR 3.9 billion. It was mainly driven by price inflation of 6.9% and was partially mitigated by negative volume growth of 6.1%. Regional revenue increased by 5.8%, while international revenue was down 8.6%. The group operating profit increased by 15.2% to ZAR 399 million on the back of an improved operating profit margin of 10.2%, which, as Pieter has indicated, is 100 basis points better than the prior year. EBITDA increased by 14.6% to ZAR 552 million, and the margin improving by 140 basis points on the prior period. Load shedding cost was ZAR 18.2 million lower than the ZAR 38 million in the prior period. Regional operating profit increased by 19.7% to ZAR 327 million, while the operating profit margin improved by 110 basis points to 10%. Continued cost recoveries and efficiency gains across many of the plants gave rise to the improved operating profit margins. International operating profit was basically in line with the prior year at ZAR 73 million, while the margin improved by 110 basis points to 11.5%. The rand weakened by 6.7% against the basket of currencies, the group currency trade in the international space over this period, and the margin improvement was further or benefited from the efficiency gains following capital expenditure in the Tulbagh fruit plant. That gave rise to earnings per share being 20.6% up, increasing to 101.5 cents. Headline earnings increased by 20.7% to ZAR 262 million for the period, while diluted headline earnings per share increased by 20.4% to 99.8 cents. Cash outflow from operating activities during this period was ZAR 38 million lower than the prior year. and it was driven by improved profitability and a lower investment in working capital over this period, but that was partially the gains from that was partially offset by an increased income tax payments to the value of ZAR 55 million in this period. During the period, the group repaid long-term loans amounting to ZAR 185 million, and net debt at the end of the period was ZAR 294 million, lower than the same time last year, and it totaled 1.17 billion ZAR at the end of March this year. Capital expenditure over the six months amounted to ZAR 200 million versus ZAR 144 million in the corresponding period the previous year. Major areas of spend was upgrade and replacement of equipment in the meat and Tulbagh fruit plants. The planned CapEx for the year is expected to come in at ZAR 300 million. In terms of group revenue growth over the past 5 years, it grew at a compound annual rate of 10.3%. That's off a relatively high base in H1 of 2020, when the lockdown was announced and sales increased with consumers stockpiling on certain items. The drivers of revenue growth during this period, like I mentioned earlier, volumes was negative by 6.1%. Mix. Positive mix changes and price inflation, plus the impact of a weaker rand on turnover, contributed to the increase in revenue. On this slide, just to show that since 2020, which was again impacted by the national lockdown following the COVID pandemic, revenue has increased since then in each of the reporting periods. Also, to note that revenue is normally higher in the second half of our financial year due to the seasonality, specifically on the international side. Revenue growth drivers over the last three reporting periods, just to illustrate, the negative volume growth has come off from a high of 8.5% in the first period of 2023. Likewise, as we see in the national CPI numbers, price inflation, that same price inflation has also come off a high of 14.8% a year ago to the current 6.9%. That's obviously impacted on the revenue growth during those three reporting periods, coming off 10.2%-3.2%. International revenue, our split of our basket of currencies, the US dollar remained the biggest at 39%, followed by the euro. So those are the two biggest currencies in which we trade. The table in the top right-hand side of the page shows the impact from a weaker currency over the last five reporting periods. It was significant from H2 2022 to H2 2023, and below that, we can see what the average exchange rates were at the revenue line for those respective periods. Notably, that the rand hasn't weakened that much from H2 2023 to H1 2024, as it has done in period on period in the previous three reporting periods. Normalized operating profit for the first half of the financial year. Since the first half in 2020, grew by a compound annual rate of 25.5%, and the margin has improved from 5.5% in 2020 to 10.2% in the most recent reporting period. Also here is just for the last five reporting periods, the improvement in operating profit from ZAR 222 million in the first half of 2022 to the current ZAR 399 million. And also, the margin improvement over that period from 6.5% to 10.2% currently. Diluted headline earnings per share, also over the five years since the first half of 2020. That's for the first half only, grew by a compound annual growth rate of 33.8%. Working capital, not much has changed year-on-year. Two Two hundred basis points lower than what it was last year, but it's in line with what it was in 2022. The net days in line with the previous years, 136 days. Then, just in terms of working capital seasonality, I think everybody is by now familiar with the peak that we normally get to at the end of March. Just to show since March 2022 that trend, and it is, as is clear from the graph, that it's inventory, and again, due to the seasonality of the Tulbagh operation, where the big increase comes from or arises at during the period up to the end of March. And that is also funded by overdraft in the main, as we can see, at around about in March, overdraft is anything between ZAR 700 million and ZAR 800 million. But it then goes down to end just around ZAR 100 million. By year, at last year, at the end of September, it was ZAR 98 million. Free cash flow, cash generated, ZAR 95 million in the current period versus ZAR 12 million in the prior year. That went towards interest payments, ZAR 36 million, which is 10 million rand lower than the prior period, and it's due to lower debt levels in the business. Income tax payments, as mentioned earlier, increased by ZAR 55 million versus the prior year, and maintenance capital was ZAR 30 million more than the prior period, which gave rise to a negative free cash flow of ZAR 199 million versus ZAR 207 million in the prior year. Just the free cash flow utilization, as we said, it was negative ZAR 199 million. Dividends paid in January amounted to ZAR 262 million. ZAR 50 million went towards expansion, CapEx, loan repayments, and lease payments of ZAR 39 million was made, and that gave rise to a net increase in bank overdraft of ZAR 643 million. In terms of the capital structure, the improvement in the debt to equity since the first half of 2022, it's improved. Obviously, taking into account the seasonal impact at the end of March, but still in March 2022, it was at 52.3% compared to 46.7% last year, and currently at 33.3%. Also, the net debt to EBITDA ratio at the bottom of the page improved from 4.1 in the first half of 2022 to current 2.1 times. Total debt breakdown, it's still in March, the biggest portion of it this year and also last year was a bank overdraft to fund working capital, as was illustrated in the previous graphs. But of these liabilities and then the long-term debt, which is reducing each reporting period. And then finally, the bank loan repayment profile. It's nothing has changed since our previous results were announced. Still set to be repaid by the end of the 2027 financial year. Thank you. Thank you very much, Tiaan, for the financial update. Looking at our trading performance, a couple of comments. If you look at our segmental revenue, broken up between our regional, our international, and our fresh foods business, I think what is important that we see here is the nice balance that we've got within our business. When I talk through the specific segments, you will clearly see what I'm alluding to. If you look at our product portfolio of our brands and our private label ranges, which we sell into all our major domestic retailers, there's a split there between long life foods and fresh foods, and focusing on the brands being Rhodes, Bull Brand, Hinds, Magpie, Today, and Mama's. If you then go towards the regional performance, you would see that we revenue increased by 5.8%. Specifically, and a very good performance from long life food, increasing by 7.5%, fresh foods increasing by 2.9%. But, a really very good performance with improvement in operating profit from ZAR 273 million in H1 2023 to ZAR 327 million in H1 2024. But extremely pleasing to see that we've hit the operating profit margin target of 10%, moving up from the prior year's performance of 8.9%. If we then look at the revenue and operating profit over the last five years, you would see a CAGR of revenue of 7.1% and of operating profit of 12.4%, which I think what is an excellent performance in the current circumstances and scenarios. If we then go over to the specific metrics that gave rise to the change in revenue from this over ZAR 3 billion to ZAR 3.25 billion. You would see that mix gave us a rise of 1.3%. I think I've spoken a lot of times in previous presentations on the quality of our revenue, which means that we really focus extremely hard on SKU rationalization, and also on the specific categories which are more profitable than others, and I think we did a sterling job there. Although volumes declined by 5.5%, with price inflation of 10%. If we then go to a couple of comments on trading. Looking at the categories that we operate in, obviously, fruit juice are very important category for us, and we continue our Rhodes brand to gain share in the market. Our vertical integration supports our margin, which ensures consistent supply of raw materials, and also consistent quality of the products. We've also launched a new product in the nectar category, which we foresee that will drive further and future growth. With regards to canned meat, we see a sustained meals that we launched into the local and African markets. We've invested, as Tiaan has made mention, in new canning equipment and capacity expansion that will support revenue and margin growth in the event fruit and vegetables, and we continue to drive growth, specifically in the food service category. If you then look at herbs and spices, we saw that the Hinds Spices is now the number two brand in the category. We're extremely proud of that, where innovation will drive further growth revenue in H2. Pies and pastries. We see continued volume growth in the pie category, Today increased our commanding market share position, and we saw some packaging upgrades to enhance our brand, and the integration of the pie operations supporting the margin. Really a very good acquisition for us. Looking at ready meals, growth driven by ongoing product innovation, and we still continue to see the benefit of the resilience of the high income customer and consumer. Into the rest of Africa, we've seen an encouraging margin recovery in African countries, mainly due to range optimization, which I've spoken about, where we've seen sales of long-life foods grew by 2.3%, and this account for 11.8% of our regional long-life revenue. Just some pictures on some of the capital investment in canning equipment and also on the capacity expansion, where you will see some of the filling equipment we put in, as well as conveying. There you'll also see a clincher and some other equipment inside the meat factory. Also some more equipment in the facility, and also some shrink wrapping equipment that we've invested in lately. So if you look at product innovation, where ongoing newness is a key driver of sales and market share growth, within our business. We've seen some lateral brand extension into adjacent categories, where we've launched the Rhodes Fruit Nectar range, following the success of our Rhodes brand in the 100% fruit juice market. I think we've shown what we can achieve with, specifically with our brand that we've launched about 8-9 years ago, with an excellent result, and I think the time is right now for us to also launch a nectar in the Rhodes brand. Fruit nectars are more affordable and competitively priced in a very competitive category and environment. Our 100% fruit juice will be relaunched in a Prisma Pack format in the local market, where our nectar range will be packaged in a brick format to differentiate the product ranges. If you look at also, range extensions, through innovation, specifically in our Bull Brand facility, where we ventured into canned mince meals. We also launched Hinds Spices Shaker range in H2, and we will see ongoing newness in ready meals and pies. With regards to global health and eating trends, we, we are responsive to emerging global food trends, where we've seen increasing popularity of plant-based eating and launched the PlantLove range of vegan products for Woolies. If you then look at some of our product innovation, I've made mention of the... Specifically of the Rhodes fruit nectar juice range, where the product will be launched in a 200 ml, a 1-liter, and 2-liter pack sizes, and with support in the market. You can also see the innovation that I've mentioned specifically on Bull Brand. With Bull Brand, where we launched the canned mince meals range: savory, a bolognese, and a chili mince, with some newest range extensions, and then also launched a pecan pie fruit nectar juice. Specifically in Woolies, some new ranges, specifically in mini chicken pies and also in quiches. And you can also see some packaging formats in chicken broccoli, braised beef stew, and then also big ranges, beef lasagna and macaroni cheese. Then some product innovation, specifically in the PlantLove range that I've made mention for Woolies. And then if you look at the market shares, I think it's very important to note, very proud of this achievement, that we've seen market share growth across all the product categories. So if you look specifically at jams, canned jams, and canned meats and meals, where we command the number one positions, and then very strong number two positions in canned fruit, canned veg, and in long life fruit juices. Specifically proud that Rhodes is now the number one brand in the jam category, where we managed to achieve a 30.6% share. And then you will also see in canned tomato and in corned meat being a very good number one position. Then also, Hinds Spices moves up to the number two position in our category at a share just under 10%. And you would see that we've got excellent shares in 100% fruit juice, infant meals, as well as fantastic shares in retail frozen pies and in the retail frozen pastry categories with our Today’s, and also our Mama’s in the pies category, where we command a number one position. If you then go to the international segment, some comments there. Just looking at a couple of comments. We are long-term supplier to global retail and premium branded customers, where we operate in canned fruit, fruit snacks in plastic cups, long-life fruit juice, and industrial pulps and purees. And our major markets are the USA and Canada, United Kingdom and Europe, Asia and Australasia, as well as South America. And there you can see the split between the specific countries and markets where we operate in. So if you look at our international performance, irrespective of revenue going down by 8.6%, we managed to be fairly flat on operating profit. But important to note that the margin, operating profit margin increased from H1 2023 of 10.4% to 11.5%. And if you also look at the CAGR of revenue over the last five years, being 8.4%, and a very good improvement from 2020 on where we are now on ZAR 73 million operating profit, as I made mention, similar to H1 2023. Our international performance was also driven by a bit of a change in mix, which gave rise to a 1.3% increase. Currency supporting on 5.5% of 6.5%, with prices softening slightly. Just a couple of comments on trading. Looking at where we made mention of the upgrade and replacement of equipment at our Tulbagh Fruit products plant, which supported our margin expansion. We saw some improved factory efficiencies over the recent deciduous fruit canning season. And our canning season was successfully completed with the crop yielding some high-quality fruit, obviously also supporting some efficiency gains within the factory. Looking at currency and pricing, made mention of the softer international selling prices for canned fruit, although industrial product pricing continues to stay firm, and the rand weakness contributed ZAR 38 million to revenue growth. Very important part of our business that we continue to focus on is inventory, where we saw some lower opening stock levels that impacted volumes, and balanced volumes with shifting sales mix, which is an important part of our strategy. We continue to have some shipping challenges. Export shipments continue to be adversely impacted by some port congestion and inefficiencies at the Cape Town port. We've also seen some extreme weather that hampered exports, specifically in March 2024, and we foresee now that port delays are averaging around three weeks. We continue. The continued crisis in the Middle East, obviously, also put pressure on vessels that sails now around the Cape Town port, where it's complicating the availability of containers and vessels. Here are some pictures on capital investment and equipment upgrade, and re- and replacement in our fruit products Western Cape facility, specifically on, on the industrial side. That is some more equipment, in the facility, some investment in, in, generators at the, at the fruit product Western Cape facility. Very important, for us in our business is our continuous focus on sustainability. Where we, we've recently, continued to target our specifically targets that we've set, set ourselves to support our drive towards being more, a more sustainable business. We've appointed a head of sustainability to drive our strategy and programs to minimize the environmental impact. The person that we've appointed has got a huge experience in the fields of climate change, energy and sustainable development. We've set ourselves specific targets on environmental for 2024, 2025, across the waste, water, and energy consumptions and greenhouse gas emissions. We will continue to set targets for greenhouse gas emissions, as well as the other components, for 2030. Our Rainforest Alliance certification, we recently got for canned pineapple products at Eswatini operation, recognizes global environmental, social, and economic sustainability farming practices. It's the first RFG product to receive this specific certification. Looking at renewable energy, continue to focus on solar energy, with solutions now installed at seven production facilities, as well as our dairy farm, and we're planning for further installations in FY 2024. Then just a couple of comments on strategy and outlook. If you look at our progress against our strategic priorities outlined for our 2022 financial year, I think what is important to note is that, in our annual presentation in November last year, we provided update on how the group is performing relative to the specific strategic initiatives, and we'll update them again at year-end. So if you look at these specific strategic focus areas, number one, input cost recovery to sustain margin, extremely important metric for us. I think we've achieved that, and that is obviously ongoing. Then maintaining tight cost management, specifically in an environment that the consumer is under pressure and volumes are under pressure, very important metric for us to continue to ensure that we focus on this with inflation moderating. We need to capitalize on our growth momentum of our recent years. Although we see that top-line revenue is under pressure, we are growing ahead of the market. We will continue to invest in efficiency improvement projects in our factories. We showed some of what we're doing, and we will continue to focus on those to ensure that we can get some further operational leverage at our facilities, specifically also in the current environment that we're operating within. I've made mention of the quality of our revenue execution, product quality, capacity, and cash flow management, very important metric for us as well. I think we've achieved a lot of that, and we will continue to focus on it. We've completed our SKU rationalization across the portfolio, although that is something that one needs to continue to focus on with the ever-changing environment and consumer preferences. We will drive innovation through new product and category development. I made mention in at the presentation in November last year, that if you look at the past 18 months, I think we needed to focus on new product innovation and category development. We showed you some of the new products that we've launched and the new categories that we've entered into, and we will continue to focus on that to get some top-line growth and volumes back in into our business. And then we will also continue to look at potential build-on acquisitions, where we will evaluate target opportunities that make sense to our business and to our shareholders. Then just a couple of comments on the outlook. If you look at our regional business, we foresee that the consumer demand to remain constrained due to cost pressures. We have seen commodity price increases, which will further impact our consumer spending, specifically making mention of maize. Then volume is expected to remain under pressure in the year ahead. We don't know what's gonna happen with load shedding, so renewed load shedding poses a risk to trading and could further dampen consumer confidence. Although, if we can get some positiveness and continue to see the current electricity supply, it will, it will be positive, which will be great for us. While input costs are moderating, we still see some raw material and packaging costs that remains high. There are still some pockets of raw materials that we still see continued, price increases. Our group adopted an increased focus on product innovation. We will drive revenue growth and continue our drive towards branch share gains, and we will... where we will focus on the price, volume, and margin to maintain our operating, current operating profit margin of 10%. If you look at our international business, customer demand for cane sugar product continue to remain strong, and a major focus will be on export volume recovery in H2. Very important for us is we need to reduce the backlog of export shipments caused by port delays. I've made mention of the vessels being routed around Africa due to the Middle East crisis, which obviously compounds availability of vessels and containers. I've made mention of the three weeks, so we're probably 3-4 weeks behind currently on shipments, and we are, we are really focusing hard to get our products out and to maintain our operating profit margin of 10% through the cycle. Thank you to everybody, and happy to field some... Tiaan and myself, happy to field some, some questions. Thank you. Pieter, the first question we have this morning is from Anthony Clark of Small Talk Daily Research. He says, "Thank you for the results and presentation." Anthony asks: In this highly challenging consumer environment, where consumers are highly resistant to price increases, what price increases has Rhodes implemented lately, if any, and what categories are currently doing better than others? Yeah. Thank you, Anthony, for that, for that question. We would see price increases, more in slightly later price increases. We would have seen, price increases in the last year. We made mention of, of, food price inflation being north of 10%, so currently we, we foresee price, price increases to, to moderate to the current levels of, of the inflation rate, which will be in the range in anything between 4%-6%, I would think, at this stage... but I think it will be also be very category specific. I've made mention of certain, raw materials that we see an increase on, packaging cost, at this stage, looking like that's flat. So specific categories where we've seen a massive increase because of a shortage in orange concentrate, so that will put pressure on the juice category, specifically relating to orange. And another specific raw material that we've seen a huge increase in due to a shortage in specifically on ginger, as an example, which is imported mainly from Nigeria and India, where there's been a huge increase, so there will be high increases, but it will be very category specific. And we will, in this environment, as you correctly noted, where consumers are under strain, we need to be extremely careful with the price increases. We're quite comfortable with our operating margin that we have achieved. So, obviously, we just need to continue to recover any cost push that we foresee. But, hopefully, those increases will be more in line with the current inflation levels. Thanks, Pieter. A second part to Anthony's question. He says: "What consumer trends are you currently seeing? Yeah, Anthony, I think what we've seen there was a recent report specifically on the protein category. I think the consumers are under massive strain with regards to wanting to get to buy the cheapest protein that they can get. So obviously, we would foresee that those categories will continue to grow. We've also seen some really good growth coming from our pie category, where I think a pie is still a good value offering for that specific consumer. We've seen a lot of people that obviously has gone back to work after the COVID, and obviously, that is something that a lot of people buy when they're out of home. So I think there is some opportunity in the out-of-home markets. So yeah, so those are some of the specific opportunities that we foresee. I also see some opportunity for us in our juice category, where we've launched the nectar range, which is a cheaper alternative to our 100% juice. And then, as I might mention, the protein category specifically, where we focus on these meat meals, where we foresee that there's massive opportunity to put those products in the market. And then another big category also that we will continue to focus on is our spices category. We've seen that we managed to get to be the number two brand, and with our new innovation there, I think there is some opportunity within that category as well. We have a question, for Tiaan, and this is from Peter Cromberge of Mergermarket: "Is there any appetite for refinancing any of the upcoming debt maturities? Yeah. We look at the balance between long and debt on a continuous basis, and with what we foresee to come in the future, I think we currently kind of happy with the balance that we've got and also the amortization of the long-term debt over the next three years. So, unlikely, and also an important consideration is always the cost of debt. And, yeah, long-term debt always come with the so-called rising fees, which often makes it then more or less a short-term debt, obviously, in the short term, but it depends. It all depends on how our future plays itself out. But with what we know now, I think it's unlikely that we'll do it soon. Thanks, Tiaan. Then a question from Chris Logan of Opportune Investments, who says, "Well done on achieving most of your targets." He says, "Can you please advise of your factory capacity utilization rate?" which he guesses has dropped, given the declining volumes. Yeah. Thank you, Chris. Sometimes in a manufacturing environment, we all know most important for us is to get volume gains and drive volumes within the business to give you some operational leverage. So yes, in an environment where volumes are under pressure, sometimes it can be to your benefit with regards to capital investment, where you don't need to invest in equipment due to an increase in volumes. So I think, obviously, we do put in our integrated report, we put our capacity utilization per plant in. We will make mention our specific percentages. So Chris, I think the comment is, yes, obviously, in most of the categories where we've seen some decline, so it'll give us an opportunity. That's why it's so important for us to focus on efficiency gains. Gives us a bit of an opportunity to focus our capital investment in those efficiency gains and replace some of the older equipment to ensure that we get a bit of operational leverage, irrespective of volumes. But yes, I think, we've got some additional capacity available due to the fact that there is some volume declines. ... Thanks, Pieter. And then question from Thapelo Mokonyane from HSBC on international volumes. He says, "How much of the volume decline was because of the port issues, and does that mean we'll see some of these volumes falling into the second half? Yeah. Thank you, Thapelo. I think we monitor this extremely closely. So actually, last week we had a bit of a discussion in this regard. So if, if, if you just look at six months, on six months of prior years, we do put graphs together that we look and see how do we track. Because irrespective of the cycle that you're in, we sell-- we need to ship out similar amounts of containers against price. So if we track behind those, then we can clearly see them. So I would think, as I might mention, we're probably three weeks behind. So I would say we're gonna try our best to recover those volumes that we didn't manage to ship out in the first six months. We're confident that we can achieve them irrespective of some inefficiencies at the ports. And we will continue to work hard on those. So I think we will. We hopefully can crawl back some of it, but it's a really very difficult question to answer due to the fact that obviously this next three, four months is gonna be very important. And if you don't ship them out in September, it can make a big difference. That's why it's always so difficult for us to really know exactly which containers goes over shipping route. Maybe, Tiaan, you know, you can comment also, make also some comment in this regard, also with your experience of prior years. Yeah, I agree with Pieter. It is, it's difficult to say with degree of certainty what's gonna happen. Even the challenges in the port. And also another factor to consider is, and it's been there forever, but is six months on six months, as we're going into winter and in the Western Cape, that often brings about port closures due to the port being windbound when the storms come through. But the intention from our side, as far as it's in our control, is obviously to recover those volumes. And like we've always also said, we manage these volumes over a twelve-month period, season to season, so we don't want to see a stop at the end of the twelve-month period. That, that's clearly our intention, is not to do that. Well, then, we have a question from Chris Wood, from M&G Investments, which covers quite a bit of what has been discussed in your last answer to Thapelo. Chris asks, "Do you expect to see an environment improvement in volumes for international division, or are we still cyclically weak fruit, can inventory and challenges at the port? Second half is typically a seasonally stronger half for RFG cash flows and HEPS. Should we expect the similar split as prior year in 2024? Yes, Chris, correct in your comment that the second half is a stronger half than the first half. Some on one of the slides, at least, it showed that in terms of turnover, it's better half. Again, we expect that trend to continue, despite the challenges, you know, we. On the revenue line, where in the regional market, volumes are under continuing pressure. But we see the international market as an opportunity to improve on it, and for that to contribute more in the second half, given what we've just said in response to Thapelo's question. Yeah, earnings for that reason, the improved revenue in the second half has always been better than the first half, and again, with what we know today, we don't foresee that to change significantly in this year. Thanks, Tiaan. And then we have a further question from Thapelo, from HSBC. He says: "Given that you are already at a 10% margin in the regional business, and you still expect efficiency gains going forward, is the 10% margin an appropriate target? What is the downside risk to that margin going forward and specifically in the second half? Yeah. Thank you, Thapelo. I think, number one, the first comment on the question is, 10% operating margin is what we think the right margin for that business is. We're fairly comfortable with the 10% operating margin, which, which we think, if you look at our business, that ensures that we can continue to invest in our business, and we can get the appropriate returns for the business that we operate within. So I think that's my first comment. And how are we gonna manage to, to continue to achieve that? I think really important in a manufacturing environment, we've done really, I think, sterling work, irrespective of volume declines, to be able to get those operational efficiencies within our factories, and all over our business, to get to this 10% margin. And we need some volume increases in our business. So we need a more buoyant consumer environment where we can get those volume increases, but we're not gonna sit back and just operate within the cur- with the current products that we've got. We might mention our product innovation, which is gonna be a critical part of our growth that we foresee in the next short to medium term. We have launched these new product ranges and plan to launch more products. We've got a big innovation pipeline, and that's where we foresee that there are some opportunities available for us to get growth. We've still got relatively smallish market shares, although specifically in the spices category, we are number two, but we've got a less than 10% market share, so I think there is some good opportunity. We might mention our fruit juice, where we all continue to see some opportunity there, not only in South Africa, but also into the rest of our African markets, and then also our pie business. I think there is really some excellent opportunities for us, further opportunities to continue to grow our pie business. We've got a very efficient facilities up in Johannesburg, and we foresee with the value offering of a pie, we foresee that we can still continue to get some growth there. And obviously, we will have other opportunities that do come our way. Thanks, Pieter. Then there's a question from Pieter Kronberg, who asks: Given RFG's robust ESG targets, is it likely to look at any green or sustainability funding in the short to medium term? Yes, that's definitely something that we take into consideration. We're aware of what was offered from the various banks, et cetera, in terms of that. So that's something that we'll definitely consider should we go down that route. Thanks, Tiaan. At this stage, Pieter and Tiaan, there are no further questions. But if anybody does have any questions, they're welcome to send them through to the email address on the investor relations website, and we'll respond to those questions. That's all from the webcast. Thank you very much for the attendance of everybody. We appreciate it. Thank you, everyone.