The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Apoorv Sehga - UBS - Analyst
: Oh, thanks. Good morning, Rob and Ian. Just the first topic I wanted to touch on, on the transformation program, slide 17. I just want to understand
the cost being and the timing of it properly. So $19 million has been spent in the first half across both OpEx and CapEx. Into the second half, I think
that will be $25 million, roughly, at the midpoint of the Release 1 spend. So it's $25 million in the second half and a further $25 million in first half
'26 for Release 1. Is that correct?
Question: Apoorv Sehga - UBS - Analyst
: Yes. Okay. And then Release 2, it sounds like -- I mean, apart of the $2 million you've spent, tiny amount so far, that's largely just going to be FY26
for Release 2. And is the quantum of Release 2 broadly similar to Release 1, which I think you could tally up all the numbers for Release 1 about $80
million cumulative?
Question: Apoorv Sehga - UBS - Analyst
: Okay. One more question just on crush margins. Do you think the second half would likely represent trough crushing margins and we sort of start
seeing a recovery maybe in first half '26? Or is your expectation that this could be a bit more of a longer-dated recovery process?
Question: Apoorv Sehga - UBS - Analyst
: And just a quick clarification question, please, Ian. The -- in FY24, you called out $10 million of those to East Tamaki closure costs. Was that all done
in '24? Was there any sort of left over in the first half?
Question: Owen Birrell - RBC Capital Markets - Analyst
: Yeah, good morning, guys. I just wanted to, I guess, draw on a comment that you made around the human nutrition business, around a timing
benefit that occurred in the first half. I was wondering if you could just reiterate your comments around that first one.
Question: Owen Birrell - RBC Capital Markets - Analyst
: Yeah. And I was going to ask you to quantify. So you say sort of a few million dollars impact to think of EBITDA in the first half. And then I guess
into rolling into the second half, I mean, the nutrition and energy business delivered a fairly flat EBITDA half-on-half.
Now you're calling out, I guess, weaker spreads into the second half. You probably won't have this benefit of this hedge delta coming into the
second half as well. Are you able to give us a sense of how much, I guess, the earnings delta that you're expecting to see into the second half or
sort of, I guess, some sort of first half, second half split on what you're expecting from that business?
Question: Owen Birrell - RBC Capital Markets - Analyst
: Okay. And do you mind if I ask the same question. Just wanted to understand whether you think for your markets whether there's been any sort
of flow on impact or benefit from the recent flooding that we've seen in Southeast Queensland. I know it's sort of starts to move westward towards
South Australia. But is there any benefit to the growing areas that you're exposed to?
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