Fonterra Shareholders Fd

Thank you, and good afternoon, everybody. Thank you for joining us this afternoon. I am joined by Celia and Phil from the Investor Relations Team and Andrew Murray, our new CFO, who I know a number of you will meet over the coming days. Hopefully by now you've had a chance to review the detail that we provided through the NZX this morning to give an overview of where we landed. But overall, very pleasing to see that the cooperative has again delivered on our promises and have put ourselves in a very strong position from a balance sheet perspective to go forward. I'd now like to just open straight away for questions. We can answer anything that you have on top of your mind and go from there. So thank you.

Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nick Ma from Macquarie. Please go ahead.

Good afternoon, guys. Just in terms of the guidance, obviously the fourth quarter margins in food service and consumer were impacted by a rising cost of milk, which will continue into FY25 given the milk price outlook. Can you just talk through what gives you confidence that you can deliver sort of stable to slightly growing earnings across food service and consumer channels in FY25?