Comvita Limited (CVT) Earnings Call Transcript & Summary

[Foreign Language] So firstly, I'd like to open up with the [indiscernible] and also thank David, the leadership team and also the Board for allowing me this time to be able to address you and [indiscernible] and to open with our [indiscernible]. [Foreign Language] So firstly, I'd like to acknowledge our creator for he or she is the beginning and the end of everything. Secondly, I'd also like to acknowledge our mountains that surround us, our seas that also surround us. And I would also like to make or to pay special acknowledgment to all of those that have gone before us. [Foreign Language] So thank you very much, and have a good day.

[Foreign Language] And welcome to Comvita's Annual Shareholder Meeting. My name is Brett Hewlett, and I'm the Chair of the Board. Beautiful day. I'm so grateful that the weather has played its role. So grateful that this is our first in-person shareholders' meeting for 3 years. So it's great to have you here. Today's meeting is being conducted both in person and online. We're very pleased to welcome those of you participating online through the virtual meeting platform provided by our register Link Market Services. I'll provide you with further instructions as we progress through the meeting. But if you encounter any issues, please refer to the virtual meeting online portal guide or you can phone the helpline. For those of you here in attendance, make sure I've got the right slide there. I firstly have a few points of housekeeping to cover off for you. So first of all, can you please make sure you've got your phones off. I've made sure I've got mine, lifted down there. Toilet facilities are located in the entrance way when you first came in, so just out and to the left. And if the fire arm goes off, there is fire escape here and here, but if you also just make your way out that door and just follow the staff and the team and in emergency, we congregate and meet out at the front, at the entrance here. I'd like to welcome here today my fellow directors, and I'll be -- and the executive team, and I'll introduce them more properly shortly. I'd like to welcome Trevor Newland from KPMG, our company's auditor, who joins us online today and to the team from our share register Link Market Services. They'll help conduct the voting on the formal business later in the meeting and also act as a scrutineer. During the meeting, anyone in the room or online will be able to ask questions and vote, and I definitely encourage you to do so. For those of you online, you can send through your questions at any time through the online portal by clicking the Ask A Question button within the virtual meeting platform, select the items of business, type in your question and click submit. I would encourage you to do so as early as possible as this will allow us to answer these questions at the appropriate time of the meeting. The company secretary has confirmed that for me that the notice of meeting has been sent to shareholders and other persons entitled to receive it, and have been advised that there is a quorum present and so I declare the meeting open. Proxies have been appointed for the purposes of this meeting in respect of approximately 29.5 million shares, representing 42% of the total number of shares. My fellow directors and I intend to vote on all discretionary proxies we have received in favor of the resolutions as set out in the notice of meeting. The financial statements for the year ended 30, June '23 and the auditor's report for the period are available under the Investor Center on website. The annual report was made available on our website on the 22nd of August on the same date as we announce the annual results. Hard copies are, of course, available either through Link Market services or by contacting our customer experience team. And of course, for those present here today, copies are also available. We're incredibly proud of our annual report. It's a comprehensive document with something for all stakeholders. Very pleased to confirm that our FY '22 integrated annual report has been awarded the Best International Annual Report, the world's best nontraditional annual report at this year's global ARC awards. The ARC awards are basically the Oscars of the annual report world. So a pretty proud moment, very, very pleased. So please do us a favor and take some time to read that document. I'd like to thank shareholders for their level of participation in today's meeting as well. We have about another 30 online and a reasonably good crowd here in the room. It's such a pleasure to be able to return holding these meetings in person. And of course, it's still good to maintain the inclusiveness and the convenience of a virtual meeting. So we've got a best of both worlds, hopefully. So after my short address covering the performance highlights for our fiscal, I'll hand you over to our CEO, David Banfield who will take you on a deeper look into Comvita's operations, our strategies, how we are engaged in multi stakeholder communities and lastly, provide some insights into our future ambitions. We'll then complete the formal business of the meeting, including the resolutions. We'll then take questions before finishing with general business, which will include a thank you message for our departing directors. Let me start with an introduction of my fellow directors. So we have David Banfield along here beside me. Julia Hoare, Bob Major, Bridget Coates, and then at the end, we have our CFO, Nigel Greenwood. Perhaps a bit strange duty for him, we have Luc Bunt, who was a presiding director through the last fiscal, but today sits in the crowd as a guest and as a shareholder, of course, and we'll hear a little bit more about that later. Also online with us today, we have Guangping Zhu dialing in from Shenzhen in China. And we have Alfred Look, who is Yawen Wu's Alternate Director. Also, he's from China Resources based in Hong Kong online with us today. Apologies have been received from Yawen Wu of [indiscernible] Turner Resources and also Alan Lender Baojun, our founders or Co-Founder and also have apologies from Sarah Kennedy, a previous director also a last minute, apologies. On the Board, I'll just go back to the board actually. We have made several changes in the board over this last year. As mentioned, in March, we sit for a while to Sarah Kennedy after 7 years with us. She succeeded in her role as Chair of the Safety and Performance Committee by Director, Bob Major. At the end of September, Luke bunt officially signed off after 9 years on the Comvita Board. Luke's role as Chair of Audit and Risk is taken up by Director, Julia Hoare, who joined the Board in March this year and stands for election today by you, our shareholders. We'll take the opportunity at the end of today's meeting to officially thank both Sarah and Luke. After serving for over a year on the Audit and Risk Committee and upon Julia's appointment in March, Bridget Coates has moved on to the Safety and Performance Committee. His breadth of experience in governance of sustainability and climate change-related matters is proving invaluable and it's -- I really appreciate that Director Coates is able to show that flexibility to move. Worth mentioning also is that for the calendar year '22, we also had a young emerging Director, Jerome New. He joined us, and it's been our intention to have another emerging director in the '24 calendar year. Later today, we'll be introducing you to our newly appointed Director or newly nominated director, I should say, sorry. Michael Sang, who also stands for election today. Mike's governance career is still relatively new, but he has over 20 years corporate experience, including the CEO of Ngai Tahu Group Holdings and CFO of PGG Wrightson, where he's developed a strategic growth mindset across a variety of primary industry sectors, including, of course, APR and Forest development and managing multi-stakeholder interests, including [indiscernible]. Unfortunately, Mike is not able to be with us and present today, but he has provided a video for us to look at when he stands for election. The Board are committed to a process of continuous review and succession planning when it comes to the selection appointment of new directors. We take a forward-looking view on matching director skills and board culture with the evolving needs of the business. I'm very proud to be serving on the Board of Comvita with such a capable and wise team of governance professionals. Comvita comes with its fair share of challenges and complexity, probably understatement of the decade. I want to thank my fellow directors for their loyalty and ongoing commitment to the cause. Now to company performance. The global wellness industry has experienced strong growth in recent years with consumers increasingly seeking natural solutions to help build their immunity. The impact of COVID has accelerated this trend, and the industry has shown resilience through the global economic slowdown. Comvita's product offering with high-quality manuka honey, Propolis and olive leaf extract coupled with our premium brand positioning, positions us nicely to take advantage of growth in the health and wellness sector. 2023 has been somewhat of a watershed year for Comvita. We had to demonstrate that even while operating under dark clouds of global recession and lagging economic recovery that we could continue to build momentum and in our focused strategy to drive demand for our premium brand position was paying off. The Board are extremely pleased to see that Comvita has been able to increase market share and grow top and bottom line in all of the markets where we operate. And that's at the same time when many companies that we see in those markets are going backwards or even failing altogether. Company performance in the second half was especially impressive. We finished the year with a record $234 million of group revenue, up 12% on the prior year. Whilst recovery was slow in our biggest market, China, we grew 12.5%, surpassing the milestone of $100 million revenue in that market for the first time. Comvita's performance in the China market. In fact, all of the APAC regions continues to impress. This is a testament to the commitment and agility shown by our teams across the region. This also provides confidence that increasing the level of investment into brand and marketing to this year, more than $30 million we spent in that area, especially during the tough times is the right thing to do. Our operating profit of $24 million was up 18.7% on the prior year. EBITDA after our ERP expenses adjustment of $33.5 million was up 11.5% on the prior year. Our net debt position at the close of the year was $57 million. The cost of service that debt has weighed on our net earnings result compared to the prior year, given prevailing interest rates, of course. We are confident that the strongly positive cash flow trends we saw in the second half of the last fiscal, will continue and that we will be able to reduce our net debt position over time. Reported NPAT of $11.1 million or $13.1 million after adjusting for ERP. On the surface indicates a relatively flat year on our net earnings. However, underlying trends on net earnings growth remains strong, driven by higher gross margin and revenue growth. We're still working our way through a number of investments in business transformation initiatives, including a comprehensive upgrade to our ERP system. We also had one-off impact from stock write-offs related to Cyclone Gabriel and material negative ForEx adjustments. We remain on track with our plan to realize our objective of $50 million EBITDA and an NPAT of over $20 million in FY '25. That confidence in underlying trends enabled the board to announce a fully imputed dividend imputed dividend of $0.03 per share, bringing the total dividend for the full year to $0.055 in line with last year. Comvita directors take responsibility to act as Guardians of the failing principle and our cause in a sustainable way for the benefit of all of our stakeholders. We take seriously our environmental, social and governance responsibilities and we act accordingly. In so doing, we'll make balanced choices for investment. We'll make balanced choices in how we spend our time and resources and balanced choices in terms of how we think about success. Our Harmony plan is both a road map and a commitment to perpetuate positive impact for people, bees and the planet. For us, it captures a termination to leave the world in a better place. We celebrated a number of material harmony plan outcomes throughout the last year. We signed a partnership agreement with Ole, one of China's largest premium supermarket chains, premised on a shared commitment to long-term ESG initiatives and outcomes, and Dave will talk a little bit about this later. Under our 1% EBITDA commitment, we donated more than $300,000 to a multiple of community initiatives in New Zealand, Australia, United States, Korea and Africa. I'm very proud to say that 91% of our global Comvita team and our shareholders. We launched a Bee welfare code across Comvita apiary branches and last then 44 million bees are rescued from extermination. And we launched our time to [heal] program for our global team with 1,008 employee hours volunteered in support of environmental and community courses. Comvita was founded with long-term views around balancing purpose and profit. Becoming a certified bee corp company is in line with those founding principles, and we are truly proud of this achievement. This is made possible when -- in our ASM in September last year. Comvita became the first NZX-listed organization to change its constitution to reflect the importance of all stakeholders when making investment and strategic decisions. This was a requirement of our Bee Corp accreditation. Thank you all shareholders for supporting us to make this change. Bee Corp certification is an internationally recognized designation that a business has high standards and verified performance, accountability and transparency across the spectrum of ESG factors. It's my firm belief that it would become increasingly difficult to gain access to deciding European and Asian markets if your organization does not have sustainability accreditation such as B Corp. Furthermore, international capital markets are placing a premium value on B Corp accredited companies. It's just -- I think we've got a nice little video here, which says it probably a lot better than I am. [Presentation]

And just to echo my thanks to David and the team and Comvita for the diligence and tenacity, going to talk a lot of that and pursue this very, very significant achievement. Thank you, guys. The tragic events of cyclone Gabriel and other major weather events around the world have brought a climate change into devastating focus. Comvita recognize that critically -- the criticality of long-term environmental readiness and risk mitigation for the future of the business and our planet. We remain committed to being carbon neutral by 2025, and we are setting near and long-term science-based carbon reduction targets. We have completed our second global GHG or greenhouse gas inventory, capturing end-to-end business activities across our global value chain. This extensive process has been audited by Deloitte, and we passed our second audit with flying colors. Details can be viewed in our annual report. Our financial year '23 climate action performance has been assessed as follows, I'll summarize some of the key highlights. Our global greenhouse gas inventory showed a 9% increase in gross emissions compared to last year. The rate of increase is at less intensity than our sales growth of 12%, showing an overall improvement ratios. It does, however, highlight areas for focus in the future. The total estimated removals from its sequestration of all Comvita forests increased by over 90% last year. However, a number of those forests have now been registered under the emissions trading scheme, ETS, requiring them to be excluded from reconciliation. It seems that we can't have our cake and eat it too. On a like-for-like basis, our greenhouse gas removals position is, therefore, 12% improvement versus what we have achieved last year. 92% of our packaging is recyclable, reusable and/or compostable, up from 89% last year. We diverted 171 tonnes of waste on the landfill with 60% of that being recycled. We're in the foundation stages of our sustainable procurement journey. Last year, we put in place a sustainable procurement policy in a supplier code conduct as well as developed a significant supplier prescreening framework. Comvita is committed to ensuring health and safety is integrated into daily operations. Ultimately, we are impairing all Comvita people to be safety leaders in the workplace to ensure all return home safe and well every single day. It has been very pleasing to see the sharp reduction in the number of motor vehicle accidents over the year as this has been a critical risk issue associated with the seasonal work by [indiscernible]. We have also seen a welcome increase in Nermis reporting and a jump in safety culture maturity index, two significant lead indicators of workplace health and safety culture. A unique business model includes positioning teams in our core markets. Our team now totals 559 people or 630 if you include the team members that joined us following our recent acquisition in Singapore. 60% of those are based in 7 markets outside New Zealand. As we approach the milestone of our 50th year, we're writing the next chapter for Comvita. For Comvita to be at our best, we need to create an environment that enables our team to perform creating aspirational, inclusive and connected workplace for our team can thrive us crucial to engagement and performance. We are encouraged that our Net Promoter Score from the team increased to 21 during the period, but we recognize, we've still got a lot of work to do. One of the great challenges of all corporations today is attraction and retention of talent. The Board have been extremely supportive of the management's multiple initiatives to stay at the top of the game in this increasingly competitive world of talent. That includes providing a pathway to making team members shareholders. Our shareholders should feel very confident by the line of the leadership and talented teams that we have at Comvita. On behalf of the Board and our shareholders, I want to thank everyone at Comvita for their commitment and loyalty to our cause. Congratulations on another great year for the company. I'd like to summarize the year with the following: this is a good result in a very, very tough environment. We've really demonstrated resilience and the ability to be agile and a response at risk as they evolve. We're clearly a cause led organization. We're very well positioned and responding well to additional ESG and reporting requirements expected of a sustainable global company. We are maintaining an ongoing evolution of the Board to meet our future needs, and we feel we are very well poised to take off. Before handing over to David, I'd like to introduce members of the leadership team. We -- I mentioned we also have David and Nigel at the front table. Andy Chen, our Deputy CEO and Regional Chief Executive Officer for Asia Pacific, at the front of the room here. Holly Brown, Chief Digital and Marketing Officer. I think Holly is not able to be with us today, unfortunately. Dr. Jack Evans, our Chief Science Officer and our moderator for today, so she will be reading questions later. Kirsty Dent, acting Chief Purpose and Transformation Officer at the frontier. Tracey Brown, Chief Operations Officer; Adrian Barr, Chief Business Development Officer and undertakes M&A work. He is also absent today, unfortunately; and Chris Frans, our Chief Technology Officer, down the back there. Welcome, Chris. And of course, Jessica Sanders, sitting in the booth at the very back there, it's keeping us all together and keeping on course. I'd really like to thank the executive team for, as I said, a great year and a very, very difficult and challenging circumstances. And I know they're so committed the hours they work, the time they put in, it's humbling. So I'll now hand you over to David Banfield, to take you through that next part.

[Foreign Language] Good morning, ladies and gentlemen, fellow shareholders. I'm delighted to also welcome you to this year's ASM and also to welcome the majority of the global Comvita team joining our shareholders as Brett has just highlighted. It is particularly nice to see a number of you in person at today's hybrid meeting. We have got, as say, group joining us online, which is brilliant, and stunning that the weather has turned up in the way that it has today. So back in 2020, when we last had a meeting, I shared with you our plan to deliver $50 million of EBITDA by 2025. The year we turned 50 as a business. I shared our purpose. I shared our business model, 60%, GP, 15% marketing to sales and 20% EBITDA target, and I shared our plan to stabilize performance, transform the organization and build long-term resilience and growth. I'm delighted and incredibly proud that we've delivered 3.5 years of consecutive results in line with our plan and remain on track to deliver that $50 million EBITDA target in 2025. I also shared our focus or [indiscernible] to put consumer at the heart of our thinking and our intention to double down in line with our primacy of market focus. I shared how our unique vertically integrated business model differentiated us from our competition and how I felt that this was a significant differentiator versus your exporters. I shared our plan to become a global leader in ESG, along with the 3-part plan I mentioned earlier. We also talked about our stages of organizational development that we entitled Crawl, Walk and Run and what this would mean for long-term development of Comvita. Finally, I shared our intention to become carbon neutral in 2025 and net positive by 2030. I'm delighted with the progress we're making on all aspects of the plan and have including an updated traffic light system, red, amber green, to show where we're ahead and where we still have work to do. We are unashamedly focused on creating a true performance culture. And I'd like to thank the whole team for the huge effort that's gone into delivering performance at Comvita, creating connection to our purpose and with consumers around the world and building our own legacy during this exciting chapter. We remain focused on product categories that will enable and facilitate the natural health and wellness transformation that we're aiming to deliver. We have some really exciting product categories and are developing new areas that will further differentiate Comvita from the competition and open up new highly targeted use agents. It should be noted that these are absolutely aligned to our focus around bee products and olive leaf. As Brett shared, our Harmony plan captures our termination and our intention to leave the world in a better place. I'm delighted by the reaction that we get to this plan from consumers, from team members and from governments around the world. Our plan starts with our determination to advocate for and protect bees through education, action and awareness around the world. As I'll share shortly, our Manuka forests are a wonderful example of the virtuous business model, whereby the more successful we are, the more native Manuka we plant. In fact, we're committed to planting one tree per pot of honey sold. We're also committed to ensuring that we understand the impact on biodiversity of our forest, and again, I'm delighted to share the positive impact that we're showing. We aim to be a global leader in ESG and targeting to be carbon neutral by 2025 and net positive by 2030. Finally, we are proud to invest 1% of our annual profits into causes that support both social and environmental goals. In FY '23, we reported record sales of $234 million, an increase of $25 million or 12% versus the previous year. All our segments showed double-digit revenue growth with Greater China reporting revenue of over $100 million for the first time. Our gross margin was in line with our plan that we shared earlier, and we invested a record of $30 million in our brand. Our EBITDA after ERP costs was $33.5 million plus 11%, again, in line with our plan. Our net debt finished the year at $53.4 million with inventory at $136 million. While inventory and net debt reduced in half 2, they are above our long-term targets, and we are targeting further reductions in both 2025. Looking at our segments. Greater China delivered revenue of $109 million, plus 12.5% versus PCP. It is important to remember, if we look at last year, the -- great China was actually pretty materially impacted by COVID right up until the early part of December with lockdowns in place. North America delivered $35.6 million, plus 12%, and Rest of Asia, $31.8 million, plus 16%; ANZ $40.8 million, plus 17.5% versus the previous year. And EMEA, so Europe, Middle East and Africa, $5.9 million plus 14% versus the PCP. Second half growth across all markets was 17.4%. Our business model continues to prove successful with a combination of high-quality people on the ground and here in Peru and in New Zealand and investment in our brand, helping us to increase share. In Hong Kong, we grew our share to 75% in Mainland China and Korea to 60%, rest of Asia to 25%, ANZ to 46%, and finally, North America 2%. In the recent 618 festival, so that's on the 18th of June in China. We were #1 on Tmall, #1 on Tmall supermarkets with a 69% share; #1 Tmall Global in the candy segment, with Propolis Losinger up by 110%, #1 on JD, number 1 on TikTok and Herma, which is Alibaba format with the latter improved by 82% year-on-year. We were also delighted that our collagen drink was awarded silver new product of 2022 in prestigious IC awards. I was proud to represent Comvita on the recent Prime Minister's trade mission to China. I was particularly proud to sign an MOU with one of the largest trading partners, Ole, who is the largest premium wellness retailer in China. And was particularly pleased that they want to develop a new category approach based on the principles that we capture in our Harmony plan. And it's this level of engagement, again, that only Comvita can deliver, and it puts us at the forefront of some major trends in China. We feel real momentum in our business. On screen, you can see we've grown our revenue from $171 million in FY '19 to $234 million in FY '23. Our e-commerce share of total has grown from 23% to 42%; Greater China revenue from $77 million to $109 million. Gross profit from $37 million to 60% and our EBITDA after our ERP investment from loss-making to $34 million. We're incredibly excited about our opportunity to deliver significant long-term growth. The total addressable market for Honey is forecast to increase from USD 9 million to USD 15 billion by 2030. With household penetration currently of less than 1% in our active markets. And yet we know if we get the distribution and activation right, we can deliver household penetration of over 3% and as we have seen and delivered in Hong Kong. And finally, we know as consumers become more engaged in our brand through our direct-to-consumer business, we can grow lifetime value by over 300%. Given the exciting long-term growth opportunities, it's also important that we secure long-term quality supply and have a business model that enables us to weather events outside our direct control. We continue to partner with New Zealand landowners with the aim to establish Comvita managed forests around Altera, New Zealand, increasing the quality honey reducing the cost of production and ensuring secure supply. Our supply model targets the highest quality product with the lowest relative cost and positions us as the most sustainable operator in our sector, with this aspiring to be the best partner for landowners, focused on health and safety and Bee's Health. Our harvest model was proven successful again in FY '23 for the fourth consecutive period. We're targeting to deliver 20,000 hectares of forest by 2030, and again, our forest hypothesis was proven in FY '23. Our model is a 40% improvement in yield through IFRS, a 60% improvement in quality and a 20% reduction in cost per hive. We're in active discussions with external partners to fund and accelerate our forest expansion. As IFRS grow, you can see on the chart here how the share of supply that we get from those forests continues to grow. So in FY '22, 3.6% of our total supply came from our forests. In FY '23, that was at 4.3% and that will grow to just under 11% by FY '24 as forecast to for FY '24. As you know, Manuka is a native species that supports the creation of a diverse habitat that in return, allows our native flora and [fauna] to thrive. We've developed a framework which monitors our sequestration rates, waterway health, land stability improvements and removed creditors. We believe that this focus that makes us a long-term partner and a great use for land across New Zealand. We are absolutely focused on understanding what we call the science of nature, uncovering the secrets that nature offers and putting these secrets into products that help heal and protect the world and enable Comvita to be truly differentiated versus our competition. For nearly 50 years, we've been at the forefront of world-leading expertise in Manuka Honey. We invest more in science and research than the rest of the industry combined. We believe that nature doesn't hide its intelligence, we just need the wisdom and sometimes patience to see it. We've put together a world-leading panel of gastroenterologists, health researchers to help guide our thinking and our understanding, including experts from Australia, New Zealand, New Zealand and Australia, and America, Hong Kong and the U.K. In a while, you'll hear from some of those experts with some of the work that we're doing as we speak. We are determined to ensure that we protect our inventive discovery with IP and patents to give Comvita long-term competitive advantage. We currently have 44 patents granted and have an additional 21 pending. Actually, we had one granted yesterday. So now 45, which is really good news. At our stakeholder Day back in May this year, we shared the discovery of Comvita Lepteradine, a unique natural compound found in Manuka Honey -- Manuka Nectar and Honey. We believe this offers multiple clinically relevant health benefits. It's highly heat stable and also stable in gastric and intestinal simulation. It inhibits a key biological pathway within inflammatory digestive orders, and importantly, it's patent protected. Our clinical trial in partnership with HVN is underway. We're expecting results right at the end of this calendar year or early into 2024. And and we look forward to sharing those results. I thought to try and give you a sense of the work that's going, I now leave some words to our experts share some of the work that is ongoing. [Presentation]

We're also a part of clinical trials looking at the effect of Manuka on a healthy New Zealand diet on metabolic health, Propolis on immunity Manuka honey for atopic dermatitis. And finally, the impact of Manuka Honey on antibiotic resistance. Again, I'll hand over to an expert who can tell you a little bit more about our work there.

Hello. I'm Dr. Jonathan Fox, Associate Professor of Microbiology at Aston University. Currently, around 700,000 people a year die of antimicrobial resistant infections. And if that's left unchallenged to microbial resistance has the potential to kill 10 million people per year by 2050. My research has shown that Manuka Honey can kill resistant bacteria independent of their resistant status. I therefore believe that nature has kind of already provided us with the solution to antimicrobial resistance a long time ago. I've gone on to show that using an artificial lung model, that we can kill deadly respiratory tract bacteria by nebulizing Manuka honey directly into the lungs. The next fundamental step is to translate this into clinical application and that requires a company partner with a clear research vision. Comvita's vision to work with nature to heal the world is exactly what's needed to transform antibiotic resistance. Together, we can transform and revolutionize the treatment of respiratory tract infections and make the world a safer base for future generations.

I have to say, when we look at the experts we're able to bring together and their passion to deliver to take our products that we're growing here in New Zealand and come back to our ability to hear and protect the world, it really does set us forward to really set us up for a great opportunity in the future. Finally, sorry. Finally, I'm also pleased to share our first biodiversity and ecological improvement results. Our findings included that we benefited in vertebrate density and diversity, native bird and bat activity and freshwater health and clarity in our forests. A 5-year Comvita Manuka forest supports comparable ecological system health to a regenerated mature forest of over 30 years old. Our business model is designed to ensure that as we become more successful we're able to invest more to tell our incredible founding story of Comvita and our ongoing transformation into a global leader in premium natural health and wellness solutions. Our investment in marketing and brand building in FY '23 is the equivalent of the top seventh or eighth brand's annual turnover. We see this as another virtuous model, whereby the more successful we are, the more we share the magic of Comvita Manuka Honey with discerning consumers around the world and increase household penetration or our total addressable market further. This, in turn, means the more we invest in planting trees for long-term quality supply. Our target consumer is female. She's 30 to 50 years old. She seeks healthy, natural ways to maximize life and energy. We call her our ideal she. We engage and interact with our ideal she at targeted events around the world. Here, you can see Times Square, New York Fashion Week, Auckland Marathon and through some super premium activation moments. Our progress and brand profile is best evidenced by two specific events that both relate to CII in China in 2022. Behind me, you can see our stand at this most prestigious event. I hope you're as proud of this execution as we are. Secondly, the local government near our office in Shenzhen were asked to recommend three international brands who they felt were exemplars. They chose BMW and Heiser Bush and Comvita. Again, a fantastic accolade for the work that's being done by the team. We aim to ensure that our ideal she is able to interact with us in high-quality experiential environments at the moment where she is able to give herself some quality time. In the images, you can see our wellness lab in Auckland, our hay market execution that Andy will talk more to shortly and with both Korean Air and Cathay Pacific. Andy and I both share a background in retail and as such, share a passion for world-class execution. I'm now really pleased to hand over to Andy to share some of the magic that we're creating in markets around the world. Thank you.

Thank you, David, [indiscernible] everyone. Thanks for coming today and the support all the way. Last time, I got too excited and give out too many details. I got a meticulous instruction from the top today. I will try to stick to it -- sort of. Okay. As David pointed out earlier, Comvita is the absolute market leader, we do have all sorts of unique commercial advantages, and retail excellence is one of them, thanks to the support and trust from all of you, especially our Board members in our investment analysts, telling a good story. And back to 2001, we started our premium retail journey in Hong Kong. After 2 decades, good efforts, we are now all over Hong Kong. And I believe Alfred underlines our [indiscernible] from channel resources, then you are seeing us in Hong Kong everywhere. Actually, as David mentioned earlier, the keep it is the nuance, the true understanding, good understanding of the details in the market. This further differentiates competing from others. Just a few pictures from here. If you look closer, lots of good details that those copy cats cannot copy, sorry, copy cats [indiscernible]. For example, the picture on the line -- the bright side is Comvita, the dockside is everyone else, other honeys, and Comvita brand is the only brand name allowed on the shelf across the whole store. This is the most premium retailers. So shop in Hong Kong, everyone else just force on the generic category. I cannot disclose further details how we achieve that. Such retail excellence, quickly attracted retail partners and potential partners from [indiscernible]. Mr. Zhu help us open our first store in Shenzhen, and look at our consistent and powerful displays like this, who will say no to Comvita. And more and more premium shopping malls, they even giving us [main] central [art room] at a prime location to talk about Comvita stories during important festivals like Chinese New Year. For a digital stream like [indiscernible] is 5-floor high at prime location, normally only the luxury brands can get so Comvita. This is [how good we are]. And then we quickly gained good spot across Guangzhou, another mega city in China market, so with nearly 20 million people continue our story talent journey in China market. Of course, we don't have a Shanghai as the commercial hub of China. So a city with 30 million consumers. Again, is the nuance in the details that differentiate us from others. For the pages here, you can see -- notice the difference of the look of our shop at display, again, even from other Chinese cities. Our team of 200 strong on the ground, they are good enough even to tell certain differences among Chinese consumers, city by city. So this is something copy cats cannot copy. When we look at Beijing, the capital city of China, the consumers there are different from Shanghai again. That's why this looks a few different again. And that's why even the business is a very busy [indiscernible] the trade [indiscernible] back in June, they particularly stopped Comvita counter [indiscernible], and they really like what we are doing there. And some of you have heard of Hainan Island in China. So Beijing is now determined to develop Hainan Island into the world-class free trade port, and of course, Comvita is the absolute market leader. We have moved again faster than others. At the moment, I think only from Comvita and Frontera have set up a subsidiary in Hainan Island, and we are all over the island now. So look at David, there was April. And David was engaged and happy today and hope you will be very happy seeing this. As Brett mentioned earlier, our retail excellence and success in Greater China region is helping us to grow faster into more and more markets in Singapore and other Asia Hub, local consumers and potential partners. They look around and then so they are quite like us. And then back in July this year, the biggest honey retailer in Singapore decided to become part of Comvita to continue our story talent journey. The [indiscernible] the founder, she said a very impressive note so remark to me, she said, "I didn't realize that so many other products, they are now qualified [at all] compared to Comvita, only Comvita has the good conscience to look after the natural health and then after the health the consumers. That was one of her key decision factors to become part of us. Now since July, so the integration is going really, really well. And David will not allow me to talk about numbers. Anyway, they going really well. Retail expertise from both sides, and now it can even stronger in Singapore. That's why our market shares are way above 50% now, okay, in that was up way above. I cannot be more specific. And this is helping us to engage more and more quality partners especially like the authentic channels, the local pharmacies. We need them to endorse our product quality and science. And from the picture on the left, you can see that, so a gigantic local pharmacy can -- they even tele-make some shelving space for us to help us to stand out from the rest. And now they are giving us [indiscernible] and [indiscernible], cross-merchandising so you name it. That's having us to extend our retail excellence into retertainment across the whole Asia region. From time to time so we are organizing the reductant equity to look after the take consumer and their loved ones, especially family activities. As David mentioned early, [ideal she] is very important to us, and we want them to feel that. So we care for their loved ones as well. Such retirements, activities favorably reinforce our consumer engagement and our brand affinity and echoing David's message about premiumization. So Brett and both thank you for your trust and the investment, how far you're happy with shareholders. So since 2020, we have doubled down our efforts. And to further premiumize Comvita brand. That's why now we are becoming more and more resilient. So -- and we can ride through all kind of bumpy waters. And I will not repeat the results from last year. Now so across the whole region, more and more consumers, I see at Comvita and hearing Comvita different stories. South Korea definitely is another very important economic body across the region. We have a talented, strong team based in Seoul, they pioneer Manuka retail in that market. Actually, Brett I think where are a lot of sales where Comvita has established the whole industry business in South Korea, right? And then so now look at this fine details. This is our execution on the ground. Again, no chance for others to copy. And such retail excellence is now inspiring even non-retail customers in South Korea. So to use a bit of our world-class execution and [retail actions] to grow data channels. For example, pictures on the right. So it's non-retail customer is a giant hotel group, [indiscernible]. [indiscernible] saw, they announced the launching Comvita afternoon [tea] using a bit of our retail execution power to design a healthy and tasty lifetime with Comvita to inspire their customers. You may now ask about ANZ market. David to talk about the [indiscernible] market. Yes, then -- so when Brett and David entrusted me it was [indiscernible] last year, I asked myself as well. So this is our homes, New Zealand and Australia, we should always be very strong here, super strong. And last year, we engaged a customer with a retail outlet in Sydney and opened our first shop-in-shop in the fully packed [indiscernible] market and look at the executional details again. So this is how we sell out lollipops. Such good details and quick successes and not lining up more and more prime locations across Sydney, including the outlet -- this is International Airport. So we've removed 4 copy cats to get this space. on the main isle that is New Zealand, our home, definitely strategically important. So statutory details to the formulates team, we started our travel retail at Auckland Airport ages ago, and our strong footprint in the Auckland airport, so sitting on both sides of the [indiscernible] connecting the security point and boarding gates and us. We will see exciting updates very soon. Okay, not today. So make us even more stronger. So none of the travelers in and out of New Zealand will ever miss Comvita brand. That's further enabling our international growth everywhere. By now, you may have realized our global strategy, good total company strategy underpinning all these retail successes across Asia Pacific region. We are building and reinforcing our winning proposition across the whole region and then further replicate such as successes in other markets. And by now, some of you may want to ask questions about China economy, I will leave that to David later. So what I say here, we have a team of 200 strong unground. They always have their first-hand and comprehensive information about the markets and the way better than the June analyst report. And they are asking confidence to continue our test and learn journey in China. While we are speaking, our teams are in East China, they're testing ideas to build Comvita brand under the new concept of responsible Living, which is joint attention and support from gigantic shopping malls and retailers who are giving us good locations at good cost to get good ideas. So such retail excellence lays a very solid foundation for us wherever we go. That's why normally we do not talk about copy cats, it's about ourselves. And we have another unit advantage to amplify that. So for example, this is our retail store. We own our retail store. We are our own comprehensive and the meticulous understanding of local consumers. Let's hear it more from David about our digital abilities. Thank you, everyone.

Thanks for that, Andy. Look, I really hope when you see some of the images of how our brand turns up in markets around the world, you get a sense of both the quality of execution, the premium nature of our products. And at a time when there are global recession and inflationary impacts, People are making choices that when they have discretionary spend, they choose the best products for them too, to consume. And that's what we see coming through in our market share figures around the world. But as I say, it can only happen with fantastic execution in market. So we're at the right place at the right time with different products for people to consume. And sorry. So look, understanding our consumer needs and purchase habits is really crucial for long-term profitable growth. We like to think of it in three ways. The first one is about activity that helps us build household penetrations to the number of households that are using our product. The second one is having got people households using our products, how many times they use our products. And there, we think of formats, we think of day parts. We think of things that make it easy to bring wellness into everyday life. And finally, we think about activities that drive brand affinity and loyalty. So the consumers say, I choose Comvita because they deliver these solutions to my life, and I trust Comvita to be my partner from my personal wellness journey. We do believe that data is key to us delivering moments to the matter for our ideal she. And that's why we shared our FY '25 target to deliver 50% of our total revenue through e-commerce. In FY '23, we delivered our strongest digital earnings and share of revenue with e-commerce accounting for just under 42% of our revenue or $98 million at accretive margins. Our 3-year revenue in e-commerce is at 27%. We ask consumers to join our movement, to create a world where bees and people thrive in harmony. Here, you can see our ideal she program designed to recognize and reward and build long-term brand loyalty. In FY '21, we recognize the opportunity that would come through the emergence of the Metaverse, and created our very own wellness lab. This lab is designed to bring functionality, information and services to our consumers as we deliver an unparalleled experience. Here, you can see how we bring together our philosophical beliefs, our virtual reach and our sensory experience to deliver harmony as we launch our special reserve honey recently. Here's a short video to show how that experience comes together. [Presentation]

I hope you enjoy that snippet of the video, but how we create that integrated experience. Ultimately, we believe that when we give nature the time to thrive incredible things can happen. In FY '23, as I come to summarize, as I've shared already, we delivered record revenue of $234 million. We saw momentum building through the second half of the year. FY '23 earnings were in line with our plan. We're growing share in key markets. In FY '24, we're forecasting double-digit EBITDA growth positive operating cash flows, revenue and earnings growth weighted to half 1. So we're maintaining that guidance. We're excited by our Leperadine clinical trial results. We're excited later this year by the launch of our Caravan Honey range. We're excited with Honeywell coming into the Comvita group and what that brings. We remain on track to deliver our FY '25 plan of $50 million of EBITDA. We operate in the global honey market is forecast to grow by 67% or USD 6 billion by 2030, with consumer trends showing strong growth in premium health and wellness solutions. Ultimately, we believe that we are poised for takeoff. Before I hand back to Brett, I'd like to thank Brett and the Board for their support and the challenge and the whole of the Comvita team for their huge commitment and focus on us writing an incredible chapter together to add to Comvita in rich history. As James Canari, when asked what's the most important thing in the world, he replied [Foreign Language]. It's the people, it's the people, it's the people. [Foreign Language]. Thank you.

Thank you, David, and thank you Andy for the great presentation. Hope you enjoy it. On that last note around people, I was remiss of me, I forgot to welcome a couple of special people to the meeting today. First of all, Henner Balgen is representing the [balgen] family. [indiscernible] said, they unfortunately a travel plans already prearranged can't make it today. Balgen, of course, where our [indiscernible]. We're in our nearly 50-year journey, they were the founders in the first 30 years of Comvita's journey with the foundations were laid by the Balgens, of course, with their good [indiscernible]. Also welcome Neil and Sheryl Craig, stuck in the side there. I very much welcome to. So Neil, of course, as you may will probably be aware, for 15 years, he was the Chair of this company through a very [indiscernible] period of ours. And of course, heightening in the back there is [indiscernible], I saw Chris Fleury, who, of course, was our Company Secretary for that same period. So also a really important part of our story. So welcome, guys. We now come to our formal part of the business. So matters resolution, which are outlined in the notice of meeting. There will be an opportunity for shareholders to ask questions on each of the matters put to shareholders. For the sake of good order, shareholders questions, raise should relate directly to the matter being considered, please. When I call for questions, can shareholders present in the room -- present in the room, sorry, please raise your hand and wait until a microphone is provided to you. And then please clearly state your name because I'm probably going to figure it unfortunately and also state whether you are a shareholder or a proxy holder. As previously instructed, online attendees can submit questions by clicking the Ask-a-Question button of the virtual meeting platform. I propose to call a poll on each of these resolutions. Sorry, just the instructions. Sorry, that's this one. Shareholders joining us here today, you would have been giving your paper shareholder voting card or will be voting using the LinkVote Plus app. Does anybody have the app? If you are a shareholder and do not read user on arrival and wish to vote, please make your way to the registration desk outside the room and staff from Link assist. So it's just a corner here. Please add the mark your voting intention for each resolution on your paper voting card, which will be collected at the conclusion of the meeting if you're using the link Vote Plus app. Both each resolution using electronic voting card and click submit vote. Shareholders joining online to be able to cast the vote is in the electronic voting card received when online registration is validated. So please mark your voting card in the way you wish to vote by clicking for or against or abstain on the voting card. Once you've made your selection, please click submit vote important step, otherwise your vote won't be acknowledged. Please refer to the virtual meeting online portal guide or use the helpline specified if you require assistance. Voting will remain open until 5 minutes after the conclusion of the meeting. Results of the vote will be announced by the New Zealand Stock Exchange. The outcome of the proxy votes will be displayed for information after voting, we'll do that here on all of the resolutions. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution, as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote -- voting on the resolution. Hopefully, that's all clear. Let's go to ordinary resolution #1, appointment and remuneration of auditors to consider and thought fit to pass the following ordinary resolution that the meeting record the reappointment of KPMG as the auditors of the company for the current financial year ending 30 June 2024 pursuant to Section 270 of the Companies Act '23 and authorize the Board effects KPMG's remuneration, quite a math. Are there any questions for the Board concerning the motion from shareholders? Any online questions? Okay. Any questions from the room? So please now either select for, against or abstain for resolution 1 on your voting card. [Voting]

Thanks. Now resolution 2, [as on] the subject of this resolution, I'll hand over to my colleague, Bridget Coates, who will just take over chairing the meeting for temporarily. Thanks, Bridget.

Resolution #2, director's election, Brett Hewlett to consider and have thought fit to pass the following ordinary resolution that Brett Hewlett who retires a rotation and is eligible for reelection be reelected as a director of the company. I would now like to invite Brett to speak to his election.

Thank you, Bridget. Look, I'll be very brief. But look, certainly on the Board of Comvita for the last 6 years, it's been an extra privilege. And my relationship with this company obviously goes back more than 17 years. Comvita has many, many layers of complexity. And we have been pioneering in so many fronts in some of different ways across our vertically integrated business model. There are no rules for how to grow a company like Comvita. Our Board needs to be visual to the risks and those complexities and the constant change in environment we operate in. It doesn't matter whether it's an agri business or being on the ground market and complicated markets like China. We have to be agile on how we respond to the many challenges and we have to be brave in making the big calls when needed. I think given those that experience is important that we maintain continuity on the Board, but it's also important that we hold the board to stay relevant to lots ahead of us. This will be my third and I have to say that my last term as a director, I'll announce that now. So I'll be looking by our directors over the next 3 years to find the most appropriate person to takeover this year's role I thank you for your ongoing support, and I look forward to receiving a positive vote in this election. Thank you.

Yes, I think I think there might be some detail there, which is essentially about Brett's CV, if you ever had. Are there any questions for the Board concerning the motion from any of our shareholders here? Thank you. Are there any questions from any shareholders online?

There are no questions on this matter from shareholders joining online.

Would you please now select either for, against or abstain for resolution 2 on your voting card. Thank you. I'll now hand back to Brett. [Voting]

Thank you, Bridget. Go to the next resolution. Resolution 3, to consider [indiscernible] forfeit the following ordinary resolution that Julia Hoare appointed by the Board as a Director from the 1 March 2023 elected as a director by the shareholders. I'll have Julia to come and speak to.

[Foreign Language] Thank you very much and good morning, mostly good afternoon everyone. I feel really privileged to be standing here before you all today, and I'm really excited about the opportunity to be part of the Comvita board. As we've seen very clearly today, it's a great company, and it is filled with a lot of really great people. So it's a pleasure to be part of that. But as a director, it's really important to reflect on the contribution that a director can bring to the Board and what that might make to the company and what it also means in delivering your expectations as shareholders? I'm a full-time professional director. And I do possess a range of skills nets that I think can will add value to Comvita and the Board. And I believe that I'll be able to use those to enable Comvita to do some of the things that we're really driving to do. I thought I should just touch a little bit quickly on my background. Prior to my governance career. I was a partner with PwC for 20 years. I left PwC at the end of 2012 to pursue governance Korea and I think I have been very fortunate to have certain [indiscernible] to serve on the number of great boards. I currently chair with [indiscernible] and I'm also on the Board of a Cheddar Risk Committees of Auckland Airport and Meridian Energy. I also serve on the steering committee [indiscernible] in New Zealand, which is part of a global network [indiscernible] around the world and what it's really designed to do is to upskill and equip directors to be able to address some of the challenges associated with climate change and be able to work within their own companies and boards to address these issues. I'm also the immediate past President and past Chair of the Institute of Directors in New Zealand. And one of my passions is good governance, which is why I spend my time with the Institute of Directors really getting back to focus on good governance. As I mentioned, I've sat on a number of other boards as well, and I think that I'll talk a little bit about it, that has really given me also some schools. So I think that I can add and knowledge I can add as I sit around the computer portable. I've got a really strong commercial and financial background. I'm a fellow of [indiscernible] Australia, New Zealand. I was [indiscernible] in 2009. I'm also a charted fellow for the Institute of Directors. And from 2014 to '21, I stepped on the XP Advisory Board, which is the advisory panel that oversees the New Zealand accounting standards quite a lot of experience there. I've got I think, very strong understanding of FMCG and particularly, if we look to Asia Pac, China and our U.S. markets, I was on the board of the [indiscernible] Company for almost 10 years and obviously [indiscernible] markets to conversion. So I think in pretty lots to the table in their respect as well. I've got a very deep understanding of sustainability and climate change practice in the area for over 20 years. And that's a passionate mine and it's wonderful to see David talk about Bee Corp, and we're Comvita that respect. Finally, a couple of bits about myself. I've got a lifelong love of learning, so I really enjoy learnings. So I'm not too worried about [indiscernible]. I really enjoy, as I get to know and understand the business. I'm also someone that believes in doing the fair share. So I'm not afraid to almost late and really be hard and contributed to the team. So in closing it, I'd be really privileged and honored to represent your interest as a Director of Comvita. And I hope that I have your support today. So thank you very much.

Thank you, Julia. So we have -- do we have any questions more concerning this resolution from shareholders, I should say? Any questions online?

There are no questions on this from shareholder joining online.

Okay. So if you can now please open a voting card. Resolution #3 for, against or abstain. [Voting]

Now we move to resolution #4 through the election of Michael Sang. So considering the fit to pass the following one resolution that Mike Sang as to be elected as a director by shareholders. And I can now invite Michael to speak by the power of the technology, hopefully. I think we going forward. Here we go.

[indiscernible] Now is a an and an opportunity to introduce an exit of career and accounting finance here in the most recent [indiscernible], and so time governance and set join the Comvita board. I believe natural products especially things Comvita showing we have been a competitor strategies, including a of stakeholders of science and sustainability to a great foundation [indiscernible]. The disciplined approach to the transformation program and the progress has been made on quality and involved in Comvita and very exciting and the key reason is to grow. My background is with ones with patients regards profitability that also open how we achieved those profits. Long term sustained board approaches [indiscernible] as well with come forward to join and system there. I'm excited about the opportunity and Sunbelt potential and look forward to manual [Foreign Language].

Thanks, Mike. Yes. I think if I can just speak on behalf of the Board, the Nomination Committee, we're impressed by Mike's strategic capability and thinking, growth mindset and of course, this experience of working in the agri sector and forestry development and agri development and those sorts of things. So when it during time with no Ngai Tahu Group Holdings, and I sure he'll be a very valued member of our Board. Are there any questions on the Board from the shareholders. Anything online?

There are no questions on this matter from shareholders joining online.

Okay. So you can now vote, please. For resolution 4. [Voting]

[indiscernible] But we have, I think, is around 42% or 42%, is it of all votes held -- of all shares held in the company positively in favor of all resolutions. So the registry Link Market Services will now move through the room to collect any paper voting cards. For those shareholders online or using the link vote, please or plus app on your phone here in the room, you can now submit your vote. Voting will be open until 5 minutes after the conclusion of the meeting. we go around and collect those. We're now going to move and give shareholders an opportunity to ask questions, whether related to the presentations, the financial statements or the management of the company. Shareholders online can continue to provide questions through the portal, and we'll also address questions from the room. So, when I call for questions, can shareholders present in the room, please wait until the microphone is provided and then clearly state your name before asking your question. I'll take questions in the room and then we'll go to people online, but we'll try and manage that between the two. I also ask in the interest of fairness to all shareholders attending this meeting, anyone wishing to ask questions be as concise as possible and be considerate to other shareholders wishing to ask questions. And any media present, I don't believe there is an immediate present will be given the opportunity to ask questions after the meeting. So are there any questions? And perhaps if I could ask David Benfield to join me up here on the stage so that we can play a tag team.

Questions, Neil. Okay. Bring a microphone here. Is it on? Neil go on. I do remember your name, so I'm lucky, but I'm terrible at forgetting people's names.

I've got another question, but I'll leave it a little bit later, too. I'll have to discuss this one with you, Brett. So my -- I'll give a question, I'll give a bit of background to it. The question is when are we going to list dualist in Australia or even NASDAQ or Hong Kong which wouldn't be a your listing. That would be a total listing. But it seems obvious to me that over the last 10 years, this massive decline in liquidity in the New Zealand stock market generally, but particularly anything that's outside the top 50, but the NZX50. And it's a function of the change in the markets. And I'll read my notes, so I don't forgive you the points. The only -- can best offshore investors into stocks are funds that are mandated to do so. That's index funds. And they buy New Zealand market. It's usually the top 10 or 20 stocks anyway. Outside the top 20, liquidity is very low, and that it impacts value. New Zealand Funds with the only New Zealand funds that buy a stock like Comvita, ones that are really mandated to do so they pay around the little stock or a little size stocks. The big funds that don't have to buy it, won't buy it. So although there's a few exceptions like ACC do buy it. [indiscernible] the stock. But [indiscernible] it. Research by brokers like Craigs as we cover it. I think there's 1 of 2 others cover it to some extent, but the research isn't there. The [indiscernible] rules make it really difficult for our offshore investors to buy a stock like Comvita. I guess oversees [investors] indicatively around 20% of the register collectively. I don't know what the number is, Dave or in that order. So if you happen to buy the stock in New offshore you can clip over then it's deemed to be an overseas own company over the 25%. So there's no real reason why they buy. And actually, investors out of Singapore and Hong Kong don't like the New Zealand market. The deal with the Aussie market is a lot easier for them, a lot bigger, a lot more liquid and get in, they can get out if they want to. And the final reason is that the private wealth advisers like we have 190 or 200 advisers around the country. We are mandated by law if we may, to look after our clients in the best way possible. In the market, the home market for us is not New Zealand. The home markets are world now, [indiscernible] available anywhere. And we happily buy a U.S. stock as Comvita. And we're supposed to look after in the best way possible commensurate with risk profile of individuals the best look after their interest primarily. So come that really doesn't feature in the portfolio of stocks when you have the world as your [indiscernible], if you like. So my question again is when are we going to do it? Because we just need greater liquidity in the stock. And we've got 10x the market in Asia, we've got see cost virtually nothing to do and an onongoing but relatively speaking, it's not a lot, and a lot of value sitting out there. And as you know, I used to say go to sake, don't list on Australia because the stock you place over will beat your home on the plane. And that's the way it was, but it's not way now. You can buy Aussie stocks as quick as you can buy New Zealand stocks. So I'll leave that one to you to think about it.

Excellent prompt. Thank you very much, Neil. Look, the Board have been given this consideration. It's probably been over the last year or so. We've been getting advice getting involved with different people that could provide some recommendations and advice. And look, I think your words are very sage, Neil, very timely, and very relevant to our current times. The New Zealand Stock Exchange is really under some challenges. And we do recognize that -- or we do feel anyway that there is quite a significant value gap is the way [indiscernible] is currently trading versus what the analyst view and what our own view of value is, which I think is a result of liquidity challenges and the like. So look, I thank you, Neil, for asking that question. That puts us probably on the front foot as far as getting on and working together as a Board to review our options there. But we have an interest in moving to the IAX or to another foreign [indiscernible] probably would be our preference rather than a straight change. But I don't know, David, if you wanted to I know as CEO, we've had lots of conversations as the Board as well.

My action, I have to talk with a CEO hat on. And -- but my focus is on delivering performance. And look, I recognize the issues that you raised, Neil. The team and I are just absolutely intent on delivering $50 million of EBITDA by 2025. And with that delivery, believing that, that will be reflected in value. So I'll probably keep it at that for the moment.

Yes. Look, that's to be expected, I guess, from a CEO. Look, we're also very lucky to have Julia here. Hoare just joined us on the board. She's got the experience through and Meridian in fact, of a dual listed entities. So she's navigated through that world. So there's some familiarity there, which will be helpful, I hope. Okay. We'll leave it at that. Thank you very much, Neil. Any other questions? In the back there.