1 00:00:02,840 --> 00:00:05,280 Speaker 1: Cure and welcome to Shared Lunch. Today, we've got a 2 00:00:05,320 --> 00:00:08,920 Speaker 1: short bonus episode for you where we talked to Todd Dawson, 3 00:00:09,000 --> 00:00:12,360 Speaker 1: who's the CEO of Nappi Port, about the earnings results 4 00:00:12,400 --> 00:00:16,239 Speaker 1: out last week. Before we get started, there's some important information. 5 00:00:16,800 --> 00:00:19,400 Speaker 2: Investing involves the risk you might lose the money you 6 00:00:19,440 --> 00:00:22,720 Speaker 2: start with. We recommend talking to a licensed financial advisor. 7 00:00:23,440 --> 00:00:27,280 Speaker 2: We also recommend reading product disclosure documents before deciding to invest. 8 00:00:27,520 --> 00:00:29,920 Speaker 2: Everything you're about to see and here is current at 9 00:00:29,920 --> 00:00:30,800 Speaker 2: the time of recording. 10 00:00:30,960 --> 00:00:34,520 Speaker 1: Welcome Todd. Nice to have you back at Cheesy's HQ again. 11 00:00:34,960 --> 00:00:36,400 Speaker 3: Thank you, nice to be here. I don't thank you 12 00:00:36,440 --> 00:00:36,840 Speaker 3: very much. 13 00:00:37,040 --> 00:00:40,040 Speaker 1: Now, a few days ago you released your interim results 14 00:00:40,200 --> 00:00:44,160 Speaker 1: Napei Port, and it was a pretty strong result. All 15 00:00:44,200 --> 00:00:47,160 Speaker 1: in all, your revenue was up by ten point six 16 00:00:47,200 --> 00:00:49,840 Speaker 1: percent I think, to about seventy eight million, and your 17 00:00:49,880 --> 00:00:53,760 Speaker 1: net profit was up forty percent to just over twenty million, 18 00:00:53,840 --> 00:00:58,560 Speaker 1: although that was boosted by the Cyclone Gabriel insurance payout. 19 00:01:00,000 --> 00:01:03,200 Speaker 1: How would you describe the company's performance over that six 20 00:01:03,280 --> 00:01:04,720 Speaker 1: months to the sudieth of March. 21 00:01:05,319 --> 00:01:08,120 Speaker 3: Yeah, that's a really pleasing result. I think it's sort 22 00:01:08,120 --> 00:01:11,280 Speaker 3: of underpinned by a strong recovery in the region, certainly 23 00:01:11,440 --> 00:01:14,880 Speaker 3: led by our container volumes which have come through really nicely. 24 00:01:15,520 --> 00:01:17,880 Speaker 3: A large part of that is really due to the 25 00:01:18,040 --> 00:01:21,360 Speaker 3: rebuild of pan Pack, you know, since the cyclone. They've 26 00:01:21,520 --> 00:01:24,240 Speaker 3: up to full production now so hit their straps around 27 00:01:24,240 --> 00:01:27,480 Speaker 3: the end of December early January. So pan Pack pan 28 00:01:27,600 --> 00:01:30,200 Speaker 3: Packs our pulp and timber customer just down the road 29 00:01:30,240 --> 00:01:34,520 Speaker 3: from the port, big volume customer as well. So yeah, 30 00:01:34,560 --> 00:01:37,480 Speaker 3: they've really underpinned a lot of that container recovery. We've 31 00:01:37,480 --> 00:01:39,479 Speaker 3: also had a really good season in terms of our 32 00:01:39,520 --> 00:01:41,959 Speaker 3: crews coming through. I think we finished the season with 33 00:01:42,040 --> 00:01:45,920 Speaker 3: seventy seven crews which runs across that period, and equally 34 00:01:46,040 --> 00:01:49,120 Speaker 3: some really good steady volumes for our bulk business as well. 35 00:01:49,200 --> 00:01:53,360 Speaker 3: So volume lead recovery coming through in those numbers. And 36 00:01:53,800 --> 00:01:55,480 Speaker 3: I think, you know, the other good thing from our 37 00:01:55,520 --> 00:01:59,240 Speaker 3: perspective is that the volume and revenue uplift is also 38 00:01:59,480 --> 00:02:01,520 Speaker 3: not just heed out the back door in terms of 39 00:02:01,520 --> 00:02:03,720 Speaker 3: costs as well, so we've minised the manager costs really 40 00:02:04,040 --> 00:02:05,920 Speaker 3: really well. A lot of the work that we put 41 00:02:05,920 --> 00:02:09,960 Speaker 3: in to correct flexibility in the port is coming through 42 00:02:10,000 --> 00:02:12,160 Speaker 3: in terms of the operating earnings. You know, we're getting 43 00:02:12,160 --> 00:02:14,560 Speaker 3: that operating lead what we talk about as operating leverage 44 00:02:14,840 --> 00:02:17,400 Speaker 3: coming through. As the volumes come through, the returns get better. 45 00:02:17,520 --> 00:02:20,480 Speaker 3: So good management of costs pricing is also played a 46 00:02:20,480 --> 00:02:24,120 Speaker 3: part over the years, but equally just really good management 47 00:02:24,160 --> 00:02:26,400 Speaker 3: of the business and responding to that recovery. 48 00:02:26,760 --> 00:02:28,960 Speaker 1: So you would think that that economic cyde and we've 49 00:02:28,960 --> 00:02:31,080 Speaker 1: been in a bit of a downturn where we're going 50 00:02:31,160 --> 00:02:31,880 Speaker 1: up the other side. 51 00:02:31,880 --> 00:02:33,920 Speaker 3: Now, would you say, look, I think you know New 52 00:02:34,000 --> 00:02:38,079 Speaker 3: Zealand seeing a really good, strong, I guess primary sector 53 00:02:38,160 --> 00:02:40,920 Speaker 3: lead recovery in our view, and that's what we in 54 00:02:40,960 --> 00:02:44,600 Speaker 3: our region are really all about. It's that regional primary sector, 55 00:02:45,800 --> 00:02:49,120 Speaker 3: you know, part of a country's that's that's flowing through 56 00:02:49,160 --> 00:02:52,880 Speaker 3: and that food and fiber demand globally, despite what's going on, 57 00:02:53,320 --> 00:02:55,920 Speaker 3: you know in macroeconomic markets, people still need the food, 58 00:02:55,919 --> 00:02:58,359 Speaker 3: they need the fiber, et cetera. And that's what that's 59 00:02:58,400 --> 00:03:01,160 Speaker 3: what we export. So it's lying through nicely and we've 60 00:03:01,160 --> 00:03:05,720 Speaker 3: had a fantastic growing season. You know, we're seeing some 61 00:03:05,880 --> 00:03:08,880 Speaker 3: effect of the season in terms of the apples and 62 00:03:08,960 --> 00:03:10,880 Speaker 3: squash and there's vegetables and things I let that go 63 00:03:10,919 --> 00:03:12,880 Speaker 3: out through NAPY port seeing a bit of that come 64 00:03:12,919 --> 00:03:15,880 Speaker 3: through in that first half. Result the second half of 65 00:03:15,880 --> 00:03:17,680 Speaker 3: the years we will see more of that polling come on. 66 00:03:18,000 --> 00:03:21,120 Speaker 3: And we've had a fantastic summer for growing produce and 67 00:03:21,440 --> 00:03:22,880 Speaker 3: that's flowing through as well. 68 00:03:23,120 --> 00:03:25,080 Speaker 1: Is that a bit earlier for the pit fruit for example, 69 00:03:25,080 --> 00:03:28,440 Speaker 1: I mean there's climate change? Is that a slightly silver line? Now? 70 00:03:28,800 --> 00:03:30,120 Speaker 3: I don't know if you put it down to climate 71 00:03:30,200 --> 00:03:34,560 Speaker 3: change or just just this year. We've certainly seen ideal 72 00:03:34,600 --> 00:03:36,960 Speaker 3: you know, all the stars, moons and planets are aligned, 73 00:03:37,120 --> 00:03:41,960 Speaker 3: and the growers that had outstanding growing conditions. The quality 74 00:03:42,080 --> 00:03:45,640 Speaker 3: of the fruit that's coming on is excellent. Where they'd 75 00:03:45,640 --> 00:03:47,920 Speaker 3: sort of typically see pack out rachech just how many 76 00:03:48,240 --> 00:03:50,120 Speaker 3: actual apples, say, out of ten that you get to 77 00:03:50,120 --> 00:03:52,120 Speaker 3: go and put in a box, it might be eight 78 00:03:52,200 --> 00:03:54,920 Speaker 3: or nine. It's definitely up in the nine out of ten. 79 00:03:55,320 --> 00:03:58,240 Speaker 3: So we're seeing material up with distance in terms of 80 00:03:58,280 --> 00:04:00,000 Speaker 3: the quality of the fruit that they can actually expelt 81 00:04:01,040 --> 00:04:04,440 Speaker 3: is really good this year. So yeah, it's been a 82 00:04:04,440 --> 00:04:06,720 Speaker 3: great season so far, and hopefully we see that continue 83 00:04:06,760 --> 00:04:07,480 Speaker 3: into the second half. 84 00:04:08,480 --> 00:04:10,920 Speaker 1: New s tariffs and what's been happening there with all 85 00:04:11,000 --> 00:04:12,840 Speaker 1: those gyrations, does that affect you at all. 86 00:04:13,840 --> 00:04:17,920 Speaker 3: Look, it affects US I think from confidence market sentiment 87 00:04:19,240 --> 00:04:21,720 Speaker 3: since Liberation Day and general Trump came out with what 88 00:04:21,839 --> 00:04:25,960 Speaker 3: he came out with. You know, our customers aren't seeing 89 00:04:25,960 --> 00:04:28,800 Speaker 3: any material impact from that right here and now. It's 90 00:04:28,839 --> 00:04:31,000 Speaker 3: not impacting our volumes going through the port and any 91 00:04:31,040 --> 00:04:33,320 Speaker 3: by any means, quite a small proportion of our cargo 92 00:04:33,400 --> 00:04:37,200 Speaker 3: actually ends up in the US. However, it's the I 93 00:04:37,200 --> 00:04:39,640 Speaker 3: guess the secondary effects that we're looking at more closely. 94 00:04:40,600 --> 00:04:43,640 Speaker 3: You know, where our export products go through to countries 95 00:04:43,680 --> 00:04:47,120 Speaker 3: like China, which you use, for example, our pulp and 96 00:04:47,160 --> 00:04:49,360 Speaker 3: our timber, which we export a lot of to make 97 00:04:49,400 --> 00:04:51,360 Speaker 3: other goods that then go on to the States. You know, 98 00:04:51,440 --> 00:04:55,440 Speaker 3: of consumer sentiment in China comes back a little bit, 99 00:04:55,480 --> 00:04:58,200 Speaker 3: that may impact those sales of our product that goes 100 00:04:58,240 --> 00:05:00,760 Speaker 3: up to China. So that's what we were a little 101 00:05:01,040 --> 00:05:03,240 Speaker 3: in the second half. But in saying that, you know, 102 00:05:03,360 --> 00:05:05,279 Speaker 3: who knows what Trump's going to come out with tomorrow. 103 00:05:05,800 --> 00:05:09,000 Speaker 3: So yeah, it changes day to day, and I think 104 00:05:09,000 --> 00:05:11,279 Speaker 3: things will settle down, And my feeling is that things 105 00:05:11,279 --> 00:05:14,680 Speaker 3: will settle down as everyone works out what the world 106 00:05:14,680 --> 00:05:18,280 Speaker 3: looks like post Trump's bargaining tactics. 107 00:05:18,680 --> 00:05:21,920 Speaker 1: Yep, we'd all like to know that. Just thinking about 108 00:05:22,000 --> 00:05:25,120 Speaker 1: the cruise line, I see that slightly down at eight 109 00:05:25,160 --> 00:05:28,920 Speaker 1: percent down. I mean, how material is that? Do we 110 00:05:29,040 --> 00:05:32,840 Speaker 1: need those cruises coming in? I mean their environmental concerns 111 00:05:32,839 --> 00:05:36,080 Speaker 1: and the like. What snap re port's position on that. 112 00:05:36,480 --> 00:05:39,640 Speaker 3: Yeah, Look, cruise is a really good industry for the port, 113 00:05:39,720 --> 00:05:41,760 Speaker 3: and my view is it's really good for New Zealand. 114 00:05:42,760 --> 00:05:45,039 Speaker 3: We have seen a drop off and cruise over the 115 00:05:45,040 --> 00:05:48,440 Speaker 3: whole country this year. Our numbers went impacted quite as 116 00:05:48,440 --> 00:05:50,280 Speaker 3: bad as some of the other ports around the countryside 117 00:05:50,279 --> 00:05:52,680 Speaker 3: where they've been seeing from fifteen to thirty percent down. 118 00:05:52,720 --> 00:05:56,680 Speaker 3: This year, we were slightly down and we ended up 119 00:05:56,720 --> 00:05:58,560 Speaker 3: the year I think seventy seven I think was the 120 00:05:58,600 --> 00:06:01,200 Speaker 3: total number. I think we've go our last cruise vessel 121 00:06:01,279 --> 00:06:05,240 Speaker 3: through this week, and next year we're saying sixty six, 122 00:06:05,320 --> 00:06:11,479 Speaker 3: so down again. Unfortunately, the cruise industry, their capacity is 123 00:06:11,520 --> 00:06:14,320 Speaker 3: imminently movable, and so you know, you can put your 124 00:06:14,360 --> 00:06:16,240 Speaker 3: vessels wherever you want in the world where you're going 125 00:06:16,279 --> 00:06:18,600 Speaker 3: to make the best return, and currently they're not making 126 00:06:18,640 --> 00:06:21,320 Speaker 3: the best returns in the southern hemisphere in New Zealand, 127 00:06:21,320 --> 00:06:24,680 Speaker 3: so they're putting their vessels up in the Northern Hemisphere. 128 00:06:24,400 --> 00:06:27,599 Speaker 3: There are a mixture of international things going on there 129 00:06:27,920 --> 00:06:30,000 Speaker 3: as to what the cruise lines are doing in terms 130 00:06:30,040 --> 00:06:33,520 Speaker 3: of decision making, as well as localized issues that they're 131 00:06:33,520 --> 00:06:36,760 Speaker 3: looking at. And unfortunately New Zealand's getting a reputation with 132 00:06:36,800 --> 00:06:39,279 Speaker 3: the cruise industry is being not very friendly or welcoming. 133 00:06:39,480 --> 00:06:42,800 Speaker 3: We're known is no Zealand. So we've got to change that, 134 00:06:43,040 --> 00:06:45,440 Speaker 3: really do, because it's actually cruise is actually a very 135 00:06:45,760 --> 00:06:49,800 Speaker 3: strong and important contributor to New Zealand economy. It's fantastic 136 00:06:49,839 --> 00:06:52,960 Speaker 3: for our business, it's higher margin work as well, and 137 00:06:53,000 --> 00:06:55,040 Speaker 3: it's fantastic for the local region in terms of the 138 00:06:56,120 --> 00:06:58,560 Speaker 3: number of people that come through. So it's a real 139 00:06:58,560 --> 00:07:02,320 Speaker 3: shame to see that sception in the international cruise industry 140 00:07:02,520 --> 00:07:03,240 Speaker 3: of New Zealand. 141 00:07:04,160 --> 00:07:07,919 Speaker 1: Let's look at that insurance payout, the seven point five million, 142 00:07:08,040 --> 00:07:12,520 Speaker 1: and that was due to business disruption during cyclone. Gabrielle, 143 00:07:12,920 --> 00:07:17,600 Speaker 1: that's I think been quite nice for investors. You've actually 144 00:07:19,040 --> 00:07:21,680 Speaker 1: helped share in those proceeds with them. Can you tell 145 00:07:21,760 --> 00:07:22,240 Speaker 1: us about that. 146 00:07:22,920 --> 00:07:24,960 Speaker 3: Yeah, Look, it's really nice to be able to issue 147 00:07:24,960 --> 00:07:28,200 Speaker 3: a bit more of a special dividend this time around. 148 00:07:28,440 --> 00:07:30,680 Speaker 3: And I guess as reflective of the fact that we've 149 00:07:30,680 --> 00:07:33,200 Speaker 3: had those insurance proceeds come through that the balance sheet 150 00:07:33,240 --> 00:07:36,119 Speaker 3: is in a really healthy position. But also to reward 151 00:07:36,160 --> 00:07:38,040 Speaker 3: those shareholders that have been there stuck with us for 152 00:07:38,080 --> 00:07:40,120 Speaker 3: a while, and we to when we can reward them 153 00:07:40,160 --> 00:07:43,840 Speaker 3: with a bit more of a one off special dividends. 154 00:07:43,880 --> 00:07:46,760 Speaker 3: So you know, we're looking always to be able to 155 00:07:46,800 --> 00:07:50,200 Speaker 3: see a steady and growing dividends sort of what we say, 156 00:07:50,640 --> 00:07:54,240 Speaker 3: and working with our dividend policy, and yeah, it's nice 157 00:07:54,240 --> 00:07:55,680 Speaker 3: to be able to give something back when we can. 158 00:07:56,280 --> 00:08:00,040 Speaker 1: And also that's on top of the four cents for 159 00:08:00,160 --> 00:08:02,600 Speaker 1: the interim in which that's up from three cents. 160 00:08:02,760 --> 00:08:04,680 Speaker 3: That's right, Yes, that's that steady and growing and then 161 00:08:04,720 --> 00:08:06,520 Speaker 3: a one off special as well, because we're in a 162 00:08:06,520 --> 00:08:07,600 Speaker 3: good position to be able to do that. 163 00:08:08,120 --> 00:08:11,840 Speaker 1: Looking ahead, then Todd, I think you've increased your guidance 164 00:08:12,040 --> 00:08:14,120 Speaker 1: for the full year. I think it was around the 165 00:08:14,240 --> 00:08:18,119 Speaker 1: range was fifty five million two fifteen fifty nine. Yeah, 166 00:08:18,120 --> 00:08:20,440 Speaker 1: and this time we're at fifty nine to sixty three. 167 00:08:20,520 --> 00:08:20,880 Speaker 1: Is that right? 168 00:08:21,040 --> 00:08:24,200 Speaker 3: Spot on? You've got a good memory, Yeah, that's right. 169 00:08:24,240 --> 00:08:28,240 Speaker 3: So we've increased that guidance range up and that's reflective 170 00:08:28,240 --> 00:08:30,520 Speaker 3: of the first half that we've had, and on I 171 00:08:30,560 --> 00:08:34,160 Speaker 3: guess our view that we expect things to stay steady 172 00:08:34,800 --> 00:08:36,760 Speaker 3: and we've obviously got our eye on the horizon as 173 00:08:36,760 --> 00:08:39,319 Speaker 3: to that those impacts in places like China, which is 174 00:08:39,360 --> 00:08:41,520 Speaker 3: why we've kept the range still quite wide at four 175 00:08:41,520 --> 00:08:45,959 Speaker 3: million dollar range there. So, but you know, all things 176 00:08:45,960 --> 00:08:48,120 Speaker 3: been equal, when the market conditions are remaining the same, 177 00:08:48,160 --> 00:08:50,760 Speaker 3: we'd be reasonably confident that we can we can certainly 178 00:08:50,800 --> 00:08:51,640 Speaker 3: meet that range. 179 00:08:51,880 --> 00:08:55,040 Speaker 1: Any headwinds that you think might have other. 180 00:08:54,880 --> 00:08:57,080 Speaker 3: Than the one I spoke about with the effects of 181 00:08:57,400 --> 00:09:02,200 Speaker 3: macroeconomic conditions, trade, things that are uncertain. You know, I 182 00:09:02,240 --> 00:09:04,400 Speaker 3: think we've got a we're setting up for a pretty 183 00:09:04,400 --> 00:09:06,680 Speaker 3: good strong second half as well. 184 00:09:06,679 --> 00:09:09,520 Speaker 1: What excites you, then, Todd, this is our last question 185 00:09:09,720 --> 00:09:11,040 Speaker 1: for the next six months. 186 00:09:11,040 --> 00:09:13,320 Speaker 3: Then, Look, I'm really excited about some of the projects 187 00:09:13,320 --> 00:09:15,200 Speaker 3: and things that we've got going on. We've got some 188 00:09:15,240 --> 00:09:18,040 Speaker 3: fantastic initiatives. We've got this partnership with Port Otago where 189 00:09:18,040 --> 00:09:21,199 Speaker 3: we're making it we're building a dredge that's going to 190 00:09:21,240 --> 00:09:24,120 Speaker 3: be a really strategic opportunity for the port to utilize 191 00:09:24,120 --> 00:09:26,800 Speaker 3: its full consent that we have. So we're already consented 192 00:09:26,840 --> 00:09:29,120 Speaker 3: to go deeper at napier ports. We don't have to 193 00:09:29,160 --> 00:09:31,440 Speaker 3: do any applications for resource consent and things like that, 194 00:09:31,720 --> 00:09:33,880 Speaker 3: so that'll enable us to do the maintenance stredging that 195 00:09:33,920 --> 00:09:36,000 Speaker 3: we do anyway, but equally, as we get as we 196 00:09:36,040 --> 00:09:37,839 Speaker 3: need to, we can chip away and just to make 197 00:09:37,880 --> 00:09:41,840 Speaker 3: the channels and birth bockets deeper as well. So strategically 198 00:09:41,880 --> 00:09:44,400 Speaker 3: long term that's fantastic. It protects the port from being 199 00:09:44,440 --> 00:09:47,160 Speaker 3: able to maintain its relevance as vessels get bigger, but 200 00:09:47,200 --> 00:09:49,840 Speaker 3: equally unlocks opportunities for us as well if we want 201 00:09:49,880 --> 00:09:51,840 Speaker 3: to do more things like transhipment and some of our 202 00:09:51,840 --> 00:09:55,960 Speaker 3: container volumes. First half, you've seen transhipment volumes coming through, 203 00:09:56,280 --> 00:09:57,880 Speaker 3: so we think that's an opportunity for us to be 204 00:09:57,920 --> 00:10:00,200 Speaker 3: able to do more of that type of work, which 205 00:10:00,280 --> 00:10:04,080 Speaker 3: comes down to have you got the capability, capacity, the depths, etc. 206 00:10:04,400 --> 00:10:06,079 Speaker 3: To be able to do that. The other one that's 207 00:10:06,120 --> 00:10:08,959 Speaker 3: really exciting is our we've got a new project that 208 00:10:09,000 --> 00:10:10,959 Speaker 3: we're getting the green light to which is around changing 209 00:10:10,960 --> 00:10:12,839 Speaker 3: the operating model in the port. We're going to do 210 00:10:12,920 --> 00:10:16,480 Speaker 3: far more. We're going to move our model from big 211 00:10:16,520 --> 00:10:19,920 Speaker 3: containers being taken to the crane with forklifts. We travel 212 00:10:19,960 --> 00:10:22,720 Speaker 3: around the port sideways to truck and trailers where the 213 00:10:22,760 --> 00:10:24,439 Speaker 3: crane will be fed by truck and trailers. But those 214 00:10:24,520 --> 00:10:28,080 Speaker 3: those truck and trailers will be fully autonomous, nobody driving them, 215 00:10:28,440 --> 00:10:32,959 Speaker 3: and equally electric as well. So fantastic new technology that's 216 00:10:32,960 --> 00:10:35,800 Speaker 3: coming on in the next eighteen months or so, great 217 00:10:35,840 --> 00:10:38,760 Speaker 3: for emissions and things like that as well. So really 218 00:10:38,800 --> 00:10:41,760 Speaker 3: exciting new technology that's coming into the port. And we're 219 00:10:41,800 --> 00:10:45,560 Speaker 3: seeing steady ongoing growth around our viewpoint supply chain service 220 00:10:45,600 --> 00:10:47,640 Speaker 3: as well, which is sort of the three major kind 221 00:10:47,640 --> 00:10:50,240 Speaker 3: of strategic initiative that we have underway, which I'm pretty 222 00:10:50,240 --> 00:10:51,880 Speaker 3: excited about seeing deliver. 223 00:10:52,280 --> 00:10:55,920 Speaker 1: Yeah, lots of that's going on there. Yeah, yeah, hey, 224 00:10:55,920 --> 00:10:58,199 Speaker 1: we look Thanks so much for coming in and giving 225 00:10:58,280 --> 00:11:02,520 Speaker 1: us that short update. I'm sure investors will be really pleased, 226 00:11:03,000 --> 00:11:07,800 Speaker 1: especially with the divisions and the outlook and increased guidance. 227 00:11:08,000 --> 00:11:09,079 Speaker 3: Thanks Helen, appreciate it. 228 00:11:09,720 --> 00:11:12,400 Speaker 1: Thanks everyone for tuning in. You can watch Sheet Lunch 229 00:11:12,480 --> 00:11:16,120 Speaker 1: on YouTube or listen on your favorite podcast s app 230 00:11:16,480 --> 00:11:19,840 Speaker 1: We'll have our full version of Sheet Lunch on Wednesday 231 00:11:19,880 --> 00:11:21,640 Speaker 1: and Thursday. Martowa