Good day. Thank you for standing by. Welcome to Blackmores Limited half year results presentation. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. On the call with us today, we have Alastair Symington, Chief Executive Officer, and Patrick Gibson, Chief Financial Officer. I would now like to turn the call over to our first speaker today, Alastair Symington. Please go ahead. Thank you. Good morning, everyone. Welcome to Blackmores first half FY23 results presentation. Thanks for joining either on the webcast or on the conference call. I'm Alastair Symington, CEO of Blackmores, and joining me on the call today is our CFO, Patrick Gibson. Today, we'll provide an overview of our results for the first half of FY23. We'll also provide an update on the progress and execution of our strategic plan. That will include new details of our cost out targets over FY24 to FY26 as we continue to build a more sustainable business with enhanced margins. I will first present an overview of the result. Patrick will present the group financial and segment results and capital management. I'll conclude with some comments about our business improvement plans, strategic progress, and our FY23 outlook before opening the call for your questions. If we move to slide five, let me provide a summary of our key messages. For the first half, Blackmores delivered a solid result. Our ANZ and China businesses have continued their momentum from last year to deliver sales, earnings, and margin growth. You will recall at both the FY22 results in August and more recently at the AGM in October, we referred to the very strong results in the international segment in the first half of FY22, resulting from a surge in immunity demand for vitamin products, primarily in Indonesia and Thailand. We left a very strong prior corresponding period in the international segment, which impacts the reported result for this half, resulting in a decline in net sales and earnings. Excluding this COVID-19 surge, net sales for the group would have been up 3% and EBIT up 28% versus the first half of FY22. I have to commend our team who have continued to execute well during the half, particularly in a rising cost environment. We continue to focus on enhanced price and mix management, targeted more effective trade spend and operational discipline to achieve our cost out targets. That's resulted in an EBIT margin of 10.7% for the half, which is up from 8.8% for the full year of FY22. In terms of cost out, we remain on track to deliver our target of AUD 55 million of gross annualized savings by the end of FY23. Today, we are announcing the next phase of our supply chain and operating cost savings, targeting an initial AUD 34 million-AUD 44 million in gross cost savings over three years from FY24-FY26. In the meantime, our balance sheet remains strong with net cash of AUD 75 million as of December 31st, 2022. This has enabled the board to enhance return to shareholders, including an interim dividend of AUD 0.87 per share, fully franked. This is up from 38% versus the first half of FY22. Capital management continues to be a focus of the board to balance our investment in growing the business with enhancing return to shareholders. We will address the outlook later in the presentation, but I did wanna mention the markets are expected to remain somewhat uncertain due to cost inflation, rising interest rates impacting consumer sentiment and shopper behavior. Within this environment, we remain focused on what is inside our control, which is executing our strategic and commercial plans, leveraging our channel and geographic diversity, and delivering on cost out targets. Moving to slide six. As I said on the previous slide, we delivered a solid result for the half, which compares to a very strong prior corresponding half. In ANZ, sales were up 3.9%, with EBIT up 5% at improved margin. In China, sales were up 6.1%, with EBIT ahead by 9.8%, despite ongoing lockdowns for much of the period in many cities. I just mentioned the very strong comparative period we left in the international segment, which resulted in headline sales and EBIT being down on the prior corresponding period. First half of FY23 includes a 17.6% increase in growth, group advertising and promotional investment as we continue to invest behind our core brands. It is important to note that the first half of FY23 included the restatement of the Blackmores Sydney Running Festival after two years' absence due to COVID-19. Underlying NPAT was AUD 24.4 million, which is up 17.3%. The increase in underlying NPAT reflects the higher proportion of earnings from ANZ in China versus the Indonesia JV in this half. Patrick will cover working capital in the financial section. I will just mention here that we built our inventory in the first half to reduce out-of-stocks and improve our customer service levels. We also increased inventory in anticipation of COVID-19 demand in international markets, which did not eventuate. As a result, inventory is higher than what we expected, although we do expect inventory to progressively reduce. We remain disciplined on costs with OpEx down 6.3% for the period. That's helped to deliver an EBIT margin of 10.7% for the half. While that re-represents a decline from the prior corresponding period, it is a significant improvement on the full year margin of last year, up 1.9 percentage points, and significantly ahead of the second half FY22, up 4.6 percentage points. Next slide. As I said before, I'm very pleased with the in-market execution of our teams during the half. In Australia and New Zealand, the Blackmores Group total market share continues to grow ahead of the total BDS market. We successfully implemented average price increases of 5.6% in response to cost inflation. Despite additional investment in advertising and promotions, EBIT and EBIT margin were ahead of the prior corresponding period. Importantly, we've been able to significantly improve our customer service levels during the period, reducing out of stocks and improving on-shelf availability. Notwithstanding the very strong prior corresponding period in international, we delivered market share and distribution gains in Indonesia, maintained our leading market position in Thailand, and regained our number one position in Malaysia in the 12 months ending December. Average price increases of 7.8%, 7%-8% were implemented across the majority of markets to offset cost inflation. In China, we had a successful Double Eleven period and improved our brand position on cross-border e-commerce platforms to number three, which has been our best result to date. While COVID-19 restrictions eased in China from December 2022, it's still too early to tell what a post-lockdown shopper behavior will look like, and we continue to monitor through the second half of the year. I'll now hand over to Patrick, who'll take us through the financials in more detail. Thanks, Al. Looking first at an overview of the group results on slide nine. Group revenue was down 1.6% or 1.7% on a constant currency basis, that was driven by growth in ANZ and China, which was offset by decline in international. As Al already mentioned, due to the COVID-19 surge demand in the prior corresponding period. Underlying gross margin was down by 0.6 percentage points to 53.3%. We had improved margins in ANZ and China, offset by decline in international. Gross margin was 1.5 points above the second half of FY22 as we continued to focus on optimizing price, product mix, trade spend, and COGS efficiency programs. Underlying EBIT was AUD 36.2 million, down 5.5%. Underlying NPAT, or net profit after tax, was AUD 24.4 million, which was up 17.3%. Al has already mentioned the board declared an interim dividend of AUD 0.87 per share, fully franked and up 38%. This slide provides breakdown of the key drivers of gross margin for the half. Group gross profit margin declined by 0.6 percentage points from 53.9% in first half FY22 to 53.3% for the first half FY23. Firstly, that reflects a net sales decline of minus 1.6%, with sales growth in ANZ and China offset by international. Our initiatives to enhance price and mix contributed AUD 10.2 million in incremental gross profit, corresponding to a net sales per unit increase of 3.6%. The impact of higher COGS inflation was AUD 12.4 million, equating to a 7.9% gross increase in direct input costs. We were able to successfully mitigate a significant component of this increase by optimizing our network and procurement as part of our supply chain cost-out initiatives. Moving now to a breakdown of the key drivers of underlying EBIT margin. The decline in gross profit, as shown on the previous slide, accounted for a AUD 5 million decrease at the underlying EBIT line. Through our operational discipline, we were able to mitigate this decline through OpEx savings we realized as part of our business improvement program, and also lower outbound freight costs and staff incentives compared to the prior corresponding period. Group advertising and promotional investment was higher than the prior corresponding period as we continued to invest behind our core brands and events such as the Blackmores Sydney Running Festival. That's resulted in an EBIT margin of 10.7% for the half. While that's down from 11.1% in the comparative period, it is up from 8.8% for the full year FY22. Turning now to the segment results. First, Australia and New Zealand. This was a solid result with revenue and sales growth momentum with margin expansion. Revenue increased by 3.9% to AUD 150.8 million. When minor sales of contract manufactured product from the Braeside facility are excluded, sales to retail customers and consumers increased by 5.6%. Gross margin increased 2.4 percentage points from continued product mix and trade spend efficiencies. An increase in advertising and promotion investment behind our core brands and our continued focus on operational efficiency resulted in underlying EBIT growth of 5% to AUD 27.4 million, and underlying EBIT margin lifted by 0.2 percentage points to 18.2%. Despite continued COVID-19 lockdowns in key cities in China, revenue lifted by 6.1% to AUD 93.7 million. Revenue from the cross-border e-commerce channel was steady on the prior corresponding period, which was consistent with category growth. We had a good result during the Double Eleven e-commerce shopping festival, with gross merchandise value sales from e-commerce platforms up 19%. We're continuing to gain traction with our brand-building initiatives, and that's reflected in the Blackmores brand improving to number three in the top VDS brands across all cross-border e-commerce platforms in China during the Double Eleven festival. Gross margin was up 1.9 percentage points, with price initiatives and favorable mix offsetting COGS challenges. Underlying EBIT increased by 9.8% to AUD 9 million, with underlying EBIT margin up 0.3 percentage points to 9.6%, benefiting from continued operational efficiency. As we've already mentioned, our first half performance lacked a very strong performance in the prior corresponding period, which included a surge in demand for immunity products in key international markets during COVID-19. As a result, revenue declined by 15.1% to AUD 93.5 million. Revenue in Thailand was steady, with the revenue decline predominantly occurring in Indonesia, Malaysia, and the export business. Despite the sales decline, market share and brand strength continued to increase in the six-month period, with distribution and market share gains in Indonesia. In Thailand, where Blackmores is the leading VDS brand, our brand position remains steady, while we regained our leading position in Malaysia. Underlying EBIT declined by 40.2% to AUD 11 million, which was impacted by lower sales and increased marketing and selling expenses to support our brands across the region. Underlying EBIT margin was similarly impacted by the strong prior comparative period comparison, down 4.9 percentage points to 11.8%. Turning now to the balance sheet on slide 15. Blackmores remains in a very strong financial position with headroom to fund growth. The group's net cash balance was AUD 75.1 million as at 31st of December. That was down slightly, which is primarily due to higher inventory, which I'll discuss shortly. Our cash position continues to support working capital requirements in our growth markets across several countries, and also our group-wide investments in technology and digital. You can see there was a AUD 13.4 million increase in inventory, and that was part of our plans to improve out of stocks, which has supported an increase in customer service levels during the period. We also built stocks in anticipation of a COVID-19 surge in international markets, which did not materialize. As we indicated earlier, we expect a progressive reduction in inventory. The board has increased the dividend payout range from 30%-60% up to 40%-70% of statutory net profit after tax. The DRP will not apply to the interim dividend. Turning to cash flow. We continue to generate positive cash flow, notwithstanding the inventory increase, which impacted working capital during the half. That increase in working capital, together with lower EBITDA, resulted in operating cash flow before interest and tax being 61.7% lower than the prior corresponding period. CapEx of AUD 4.8 million was up 16.7%, which I will address on the next slide. Capital expenditure of AUD 4.8 million was AUD 700,000 higher than the prior comparative period. CapEx primarily includes spend on increased capacity at Braeside and maintenance and efficiency projects across IT and cyber-related investments. Operating expenditure of AUD 2 million that previously would have been treated as CapEx was incurred in the half relating to cloud computing investment. For FY23, we expect total investment expenditure, which includes CapEx and OpEx cloud computing costs, to be between AUD 20 million-AUD 22 million. This investment will be focused on further efficiency measures across supply chain and investments in key technology projects, including demand and supply planning solutions. Slide 19 sets out the key initiatives of our capital allocation plan. As I indicated earlier, there was an increase in inventory in the first half to support customer service levels and in anticipation of COVID-19 demand in international, which did not eventuate. We remain focused on optimizing our working capital position and expect to see a progressive reduction in inventory. We continue our investments in core growth opportunities. Our cost savings initiatives enable us to fund these, as well as delivering growth at the top line while also supporting margin accretion. They also support critical spend on technology and digital to enhance the agility of the organization, reduce complexity, and deliver new product development and innovations faster to market. Our strong financial position enables the company to deliver on these commitments whilst continuing to enhance shareholder returns. As already mentioned, the board has determined an increase in the dividend payout ratio to 40%-70% of statutory net profit after tax, and as I indicated earlier, the dividend reinvestment plan will not apply to the interim dividend. While our primary focus remains on organic growth, we continue to assess accretive acquisition opportunities. I'll now hand back to Al. Thanks, Patrick. As we move on to an update on our business improvement program, this slide details the continued progress of our cost out and target savings initiatives across cost of goods sold and operating expenses. We delivered gross annualized savings of $6 million in the half. We also have direct line of sight of the remaining cost out initiatives to deliver our $55 million of annualized gross savings targeted by the end of FY23. This will represent the successful conclusion to phase I of these savings on time and on target. Moving to the next slide, I want to give you an update on the next phase of cost savings initiatives. We're now moving towards implementing supply chain efficiencies, which are targeting an initial $34 million-$44 million in additional gross cost savings over FY24 to FY26. Gross cost savings of AUD 14 million-AUD 18 million are anticipated to be delivered in the financial year FY24, with part of these savings to assist in offsetting inflation and part expected to contribute to our EBIT margin. We've established key project streams to deliver the savings, and these will be in core areas of procurement, plus refinements to our operating model. There will be one-off costs of approximately AUD 2 million incurred in the second half of FY23. In addition, work is underway to identify and validate further cost savings, which we expect to be updated with the FY23 results in August. The next slide summarizes the focus of our strategy for the second half as part of our overall strategic plan aligned to our five strategic pillars. Firstly, driving growth in targeted segments and markets. We will seek to leverage the strong performance we had in the first half to build our presence across cross-border e-commerce platforms in China as it reopens. We also have a strong NPD pipeline in international with product launches in the second half of FY23, including the multi-market launch of Blackmores Vision Care + Energy. Simplifying our operations and reducing costs, we continue to focus on generating further cost efficiencies. Over the second half, that will include cost reduction from ongoing product and bulk rationalization and productivity improvements in international from the rollout of our new integrated business planning process. Under strengthening our supply chain, we will continue our investments in our cloud-based demand planning system to drive working capital efficiency, while we have commenced a review of our future supply chain network design with a focus on best cost and agility. Igniting the Australian BDS opportunity. Following on the good results from the first half, we will maintain a strong new product pipeline into the second half with the launch of higher margin products, while we continue to invest in AMP in our key segments. Finally, on transforming digital, we will continue our investments to improve our digital capability, including enhancing e-commerce and strengthening our cyber posture. This also includes simplifying and standardizing our operating system to reduce complexity and improve quality, accuracy, and speed of information flows across the business. In conclusion, I would like to provide some comments on the outlook for FY23. In an overall sense, markets remain somewhat uncertain, with continuing themes of cost inflation and rising interest rates impacting consumer sentiment and shopper behavior. Within this environment, we remain focused on executing our strategic and commercial plans, leveraging our channel and geographic diversity, plus delivering on our cost out programs. In Australia and New Zealand, we will continue to build marketing investment in our core brands. We will also execute the pipeline of higher margin new products while implementing price mix strategies to help offset inflationary pressures. In international, we continue to monitor market activity within category segments with slower growth and adjust as we go. Firstly, in Indonesia, our focus will remain on expanding quantity and quality of distribution through the independent pharmacy channel and enhancing value per store. In Malaysia, growth in modern trade is expected to be partially offset by slower growth in independent pharmacies. We continue to focus on consolidating our market-leading position in Thailand at the premium end of the market. Finally, in China, COVID-19 restrictions have eased since December 2022. We'll continue to leverage our strong brand presence across e-commerce to drive further market penetration, which includes executing a premiumization of fish oil and further new product development. It is still too early to assess what a post-lockdown consumer environment will look like in China. The rollout of our technology and digital improvements, including cyber protection, will continue, and we will successfully complete phase one of our growth annualized, gross annualized cost savings in FY23, and we'll establish the platform and work streams to commence phase II to deliver further cost savings over FY24 to FY26. With that, we conclude the presentation, and we're now happy to take questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from Mark Southwell-Keely. Hi. Good day, guys. Thanks for taking my question. I have two questions, in fact, if I may. The first one is just in relation to the difference between... So we're looking at the sales or sell-through through one of your CBEC channels during the first half, and it was sort of strong double digits over that period versus the segment performance for China showing growth over the same period of 6.1%. Just wondering if you could perhaps talk to the difference between the growth in some of your different channels and what might explain that. Secondly, I was just wondering if you wouldn't mind, given that we're already sort of 6+ weeks into this half, if you wouldn't mind just talking to the sales trends so far in the half across the three different segments. Yes. Mark, it's Patrick here. Thanks for the, for the two questions. Look, essentially, I don't know exactly the data you're looking at, as we mentioned, the first half is particularly impacted in China by the Double Eleven, CBEC shopping event, where we see, you know, significant uplift in sales during that sort of November into December period. During that period, and looking at retail sales value, our sales were up 19%. Basically, when you average that out over, if you like, the non-shopping event period, in terms of our sales into the various platforms, they did average at 6.1% for the half. Maybe I'll take the second question, Mark, which was, six weeks in, how are things looking? You know, it's, as I said, it's a bit difficult to read on China at the moment. December 8th, I think, was the date when the lockdowns came off. We saw initially quite high demand coming from the platforms to replenish on immunity products as there was a concern for the outbreak of COVID-19. We, let's call it the second half of December and the first half of January, there were quite strong sales. That we were then anticipating that with Chinese New Year being a little bit earlier this year, around the 3rd week of January, that we would start to see travelers move outside of China and within China. Didn't really affect. We didn't see a real flow-through in terms of consumption over the Chinese New Year inside China. Certainly, we didn't see the extent of travelers that we're anticipating into some of the other markets. I think we did see some Chinese travelers in the markets like Thailand and potentially Malaysia. Australia wasn't really a strong benefactor of any of the Chinese travel through Chinese New Year. As we come off the back of Chinese New Year, you know, we're looking into the rest of the half. You know, there's a couple of other travel periods. One is Golden Week, which is towards, I think it's the beginning of April, and then we'll have 618 at the end of the half. I think we'll get a better read on China, most likely through April, which will coincide. We have an investor presentation planned for May, so I would expect we'd be able to give an update around that time. Thanks, guys. Thanks, Mark. Thank you. As a reminder to ask a question, please press star one one on your phone. One moment, please. I'm showing no further questions at this time. I would now like to turn the conference back to Alastair Symington for closing remarks. Look, I just wanna thank the team again. I mean, it's been a very challenging first half. I think everyone's feeling the pressure of the rising cost inflation. The fact that we're able to offset that into the results we have, I think is a testament to the focus and determination from the entire Blackmores team. You know, we're pleased that we've been able to demonstrate that with an increase in net profit after tax and also those AUD 0.87 that the Board approved for dividends in the first half. More to come in a second, but thanks everybody for their attention. Thanks. Sorry. We've got one more question, I think. We have one more question from Sam Teeger. Let me go ahead and promote him. One moment, please. Hi, Patrick. We have a question from Sam Teeger with Citi. Your line is open. Oh, hi, Al. Hi, Patrick. Hi, Sam. Thanks. Yeah, thanks for the presentation this morning. Just further to your comment on inflation impacting shopper behavior, is this something you've seen in January or February to date, or is this something you think just might happen, you know, based on what's happening, you know, from a more macro perspective? Thanks, Sam. It's Al here. You know, I think it's been quite well documented. There's been a few retailers that have released their results over the last week or so, and they, you know, there's a lot of commentary around trading down within the grocery environment. You know, our business is heavily skewed to traditional pharmacies and big box pharmacies, so we've got a majority of our business going through the pharmacy channel. We're not seeing necessarily a trade down within the within the category necessarily. There's a few segments where there's probably more price sensitivity, in particular around fish oil, where you do see a little bit of movement, but generally across the range, you know, we've been able to see even with the price increases that it hasn't materially impacted volume. I think that the one thing that we are seeing is shoppers are looking to shop smarter, I would say. They're now because they're back out of lockdown, they've got a lot of options on retail formats. We do start to see some shifting between channels. They're going for the brands that they trust. They're looking for the best possible price. That we do see a little bit of shifting towards Chemist Warehouse and Grocery, away from traditional pharmacy just in the last sort of two to three months. We're watching that. You know, we've obviously the benefit of the channel diversification that we have at Blackmores is we're covering all those channels. Certainly the smart shopping behavior that's occurring here at the premium end of the market means that we are seeing a little bit of a shift back into some of those channels. Right. You think that's a net benefit or net positive, for you guys? I think it comes down to those channels, generally, they drive high penetration, so you see more shoppers through those channels. The brand's exposed more in those channels, I would say, than your traditional pharmacies. For us, pharmacies and practitioners are the most important sort of ambassadors for the Blackmores and BioCeuticals brands in particular. We'll continue to make sure that we're giving our practitioners in pharmacy, in particular, all the tools that they need to sort of stem some of that. Certainly overall, we don't see there to be a material impact. High penetration in Chemist Warehouse and Grocery, we need to make sure we continue to support the pharmacy channel because, you know, all of those recommendations cover, you know, a wider variety of conditions than just your self-select environments that you see in Grocery and Chemist Warehouse. All right, sure. Can you talk about the returns you're currently getting on your A&P spend? Just really keen to hear your thoughts and discuss as to whether you think shareholders will end up being better off over the long run with a cut to the 40%-70% payout ratio, appreciating the latest dividend is 70%, and if you would spend more of that potential dividend cut in A&P, providing you back the marketing team to get the returns. I might start on that one, Sam. Thanks, Patrick. Look, as we mentioned, our A&P was up 17.6% in the first half versus the prior comparative period. That was partly impacted by the fact that in that prior period, it was relatively low due to COVID. There wasn't a good return on high A&P investment in the first half of FY22. This year, now conditions are more normalized. We have increased A&P, and events like the Blackmores Sydney Running Festival have been re-executed. Look, overall, we look very carefully at our investment program behind A&P and the major programs. We look not only at the ROI or the return behind particular campaigns, but we look at the sub-channels within those as well, across TV, social, outdoor and other formats. Certainly, in the first half, we do believe that our contribution after that A&P and spend is net positive across the business. Look, it's something we continue to look at, we continue to evaluate as we roll forward our plans. At the moment we're comfortable with the level we're spending at and with the returns that we're getting on it. Okay. Sorry, Al, were you gonna add something? No, go ahead, Sam. Okay, yeah. Besides for legacy reasons, can you talk about the strategic reason to have your head office at Warriewood? Just wondering, you know, does it impact your ability to attract talent to the organization given, you know, where it's located? I understand you own the land and property at that site. How should we think about the value? I think there's two questions. I guess the first one on attracting is talent with a headquarter based in Warriewood. Look, I think over the longest period of time, Blackmores has been, you know, obviously located in the Northern Beaches, and we've always managed to attract and retain talent in this area. I think there's certain functions, I guess, and certain disciplines where, you know, more of a city-centric location might be of some benefit. We're fortunate that we also have a second office based in Surry Hills. We're balancing ourselves between two sites here, and I think, you know, over the last two years, what COVID's sort of brought forward is this willingness and expectation from employees that there's a flex fit environment, there's a hybrid work environment. We think about it as two locations plus, you know, being remote. If we can get the balance right, then we have a good employee value proposition for those coming to Blackmores. That's the feedback that's coming through in our engagement surveys and being recognized as one of the best places to work last year from the Australian Financial Review as well. I think the indicators show that, you know, we've got the right mix now. All right. Just the second part of the question, like, how do we think about how much Warriewood's worth given you own it? I'm not in the property game, Sam. Look, I think it's Warriewood was one of the fastest growing suburbs, I think last year, although over the last couple of years through COVID. I think, you know, you could probably check the indicators on Warriewood there, but I wouldn't speculate on the value of Warriewood at this stage. All right. How do we think about second half gross margins compared to first half given the lower freight costs and any price rises that are planned for the second half? Look, overall, Sam, we're obviously working hard with our cost out programs to offset the ongoing inflationary pressures. I think you're right in saying that as we sort of progress through the second half, we will see more COGS inflation than we did in the first half. Look, it's something we will clearly work to offset, but I do think margins may be slightly softer in the second half, certainly at gross margin level than in the first half. I would add, though, that we are implementing a second round of pricing increases in February across all three markets. As those come through, that will also help to offset that inflationary pressure. Clearly, there's always some sort of lags between when the inflation comes through and when the price impacts. But overall, I wouldn't be expecting massive movement second half versus first half, but certainly a little bit more pressure on the cost line. All right. Just the international, other Asia segment, you know, I appreciate that, you know, in that first half you're cycling some, you know, elevated COVID demand in the PCP, but how do you see the second half playing out compared to the first half? I think we're looking at in-market consumption data. We get that every couple of months for Indonesia, Malaysia, and Thailand. When the last read we had was to the end of December, you know, the feedback we've given over the longest time is that Q1 last year was very, very high surge demand. I don't know if you recall, Indonesia grew at 100% in the first half of FY22. When we look at the consumption data in the Indonesia market, the first half was down 23%. This is total market on a retail scan level. The last three months, it's down 2%. You can see that, you know, that cycling of some of that surge demand is coming through in the market. The good news is that Blackmores is recovering better than the market. We were in the first half only down 1%, whereas the market was down 23%. As you flow that through, we expect that we'll continue to grow share. We grew 1.2 percentage points of market share growth in Indonesia for the end of December as well. Even though the market contracted in the first half, we were still able to execute our plans and deliver ahead of that market decline. What we're seeing, you know, in the plans for Indonesia for the balance of the year is to continue that good, strong fundamental growth that we're seeing, both in terms of distribution and quality of sales, in each of those outlets. There's about 7,000 active stores in Indonesia that Blackmores is in today. In Malaysia, look, the market's actually quite healthy in Malaysia. You know, you look at the total vitamin category, it's up between 15%-18%. Again, we're sort of at or ahead of that growth in Malaysia. Net sales are not reflective of the health of the business. The underlying fundamentals are strong and the same is true of Thailand, which has always been one of our key markets. Look, we're still very confident in the growth rates that we see in those international markets. We just need to continue to execute our commercial and strategic plans and monitor some of the changes that may occur because of some of the inflationary impacts that we're seeing in those markets. At this stage, we're still feeling as though that's really a key growth segment for us. All right, cool. Just really quickly, you guys mentioned the price rise before in February. You know, what magnitude? I know every product's gonna be different, but, there's a bit more art than science around it, but what's kind of the range of price rises that'll be put through in February? It'll vary some by product and clearly by market as well. Broadly speaking, where we take price, it will be of the magnitude of on average about 5%-6%. All right. Okay. sorry, just 'cause there's no questions, other questions in the line, I'll just ask one more. In terms of corporate, the corporate costs were down quite a lot in the first half. Seems like you've had really good execution on the cost out program. Is that corporate costs for the first half, should we assume the same in the second half, or is there other factors we should take into account? Yeah, look, we've had a big focus obviously on the cost line in the current inflationary environment, Sam. I think the second half corporate cost line will be, you know, broadly similar. We'll probably have a little bit more of a cloud computing expense in the second half than the first half, which is just the timing of projects rolling out. In terms of the rest of it'll be similar to the first half. All right. Great. Okay. Thanks. Thanks, Al. Thanks, Patrick. Appreciate it. Thanks for the question, Sam. Thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Alastair Symington for his closing remarks. Great. All right. I think I already had a go at that a little bit earlier. I just wanna thank everyone for joining today and, yeah, we're looking forward to another strong performance coming into the second half of FY23. With that, I'll close the call. Thanks for joining. This concludes today's conference call. Thank you for participating. You may now disconnect.