Good morning, everyone. I'd like to thank you all for joining Atlas Arteria's 2020 full year results call. I'm joined today by Nadine Lennie, our CFO. I'd like to acknowledge and pay respect to the Bunurong people, who are the traditional custodians of the lands and waterways where I am today. I extend this acknowledgment to the traditional custodians across all the lands on which we are located. I also pay my respect to elders past, present, and emerging leaders who may be with us here today. Moving to slide three and today's agenda. I'll start with the highlights and then hand over to Nadine to run through key financial matters. I will then provide an update on operations and close with an overview of our key priorities and the outlook for 2021. We will then open to questions. Turning to Slide five, I'd like to start by thanking our fantastic team members throughout our businesses. They have done and continue to do an exceptional job during these very challenging times. Our teams have maintained an unwavering focus on the safety and well-being of our employees, our customers, and our communities. We are proud to announce that in 2020, Atlas Arteria was ranked fourth out of 156 peers by Sustainalytics in our ESG performance. Traffic across our businesses was impacted by COVID-19-related movement restrictions. The traffic recovery was very encouraging, particularly in Europe, as the easing of restrictions during the year after the first wave. I will touch on traffic in more detail shortly. It was a year like no other. We focused our energies on building financial and operational resilience and providing capacity for growth. We ended the year with EUR 194 million of cash on our balance sheet, I'm pleased to provide guidance of EUR 0.13 per share for the final 2020 distribution. This brings total distributions for the 2020 year to EUR 0.24. In September, we completed the buyback of U.S. retail security holders, which enabled us to have U.S. institutional investors participate in future capital raisings. This makes Atlas Arteria a far more attractive investment opportunity for these investors. Importantly, we progressed our strategy throughout the year. We talked at the half about the acquisition of the additional interest in APRR, which closed in March and brought our total ownership to just above 31%. This transaction was transformational to our business. It delivered significantly enhanced governance rights and direct participation at APRR. We were very pleased to announce today the capital restructure of Warnow Tunnel. With an injection of capital, drawdown of long-term debt at an attractive interest rate, we placed the business in a position to pay sustainable distributions into the future and potentially a significant re-rating of value of the business. Turning to slide six, you can see that our achievements in 2020 were very much on strategy. We were able to reduce legacy complexity, increase operational efficiencies, pursue disciplined capital management, and diversify and manage our risk. Moving to slide seven, you can see the very different impacts that COVID-19 has had across our businesses. APRR is part of a major transportation corridor for Western European trade and tourism. It benefited from relatively strong heavy vehicle traffic and good rebounds in light vehicle traffic as restrictions eased. Over the summer, traffic returned to 2019 levels. Warnow Tunnel saw a fairly modest impact because of lower case numbers and a business as usual approach within the local community. Dulles Greenway, on the other hand, continues to be affected by movement restrictions as it's a road primarily servicing commuter-based traffic, where a significant portion of the population are working from home. Moving to slide eight, we've outlined the major trends we're seeing as a result of the COVID-19 pandemic. While the second wave continues, we are well-positioned to manage ongoing business disruption. The growth of e-commerce and logistics is already playing out across the APRR network. The shifting preferences from public to private travel, which we saw over the summer, will be positive to us. We have strong sustainability credentials, which are important for stakeholders. Importantly, as the French government starts to think about stimulus for growth, APRR is well-positioned to participate. On slide nine, we've outlined the various lockdown restrictions that were in place across our areas of operation. I don't propose to go through this slide in detail, the color coding shows when restrictions were more and less severe. Currently, France continues to have a curfew in place across the country between 6:00 P.M. and 6:00 A.M. Shops and services remain open during the day, with restaurants, bars, and gyms closed. Schools are currently open and universities continue with remote learning. It is fair to say, however, that the situation remains fluid with local and regional lockdowns possible. Nice, for example, which has had high infection rates, has just announced stricter lockdown arrangements for a couple of weekends. Germany recently extended its lockdown until mid-March. Rules include one visitor per household with a 10-kilometer travel restriction in hotspots. Schools that were closed have started to reopen depending on infection rates. In Rostock, schools are reopening this week. In Virginia, we saw more restrictions from mid-December. These included a stay-at-home order between midnight and 5:00 A.M. and further limits on social gathering. The governor of Virginia has announced some easing of restrictions to commence on the 1st of March. The Virginia Department of Education is encouraging schools to reopen for in-person classes. There's a very strong correlation with our traffic and school attendance, so that, if it occurs, should give an uplift in traffic. In slide 10, we break down the impact on traffic, revenue, and EBITDA of movement restrictions across our network during the year. This gives you a good insight into how restrictions affect our traffic on our various roads. Moving to slide 11. Traffic in our European businesses has demonstrated resilience, returning to pre-COVID-19 levels in the third quarter before falling with the second round of restrictions in Q4. As I noted, heavy vehicle traffic on the APRR network was relatively strong, this resulted in a 2% shift in traffic mix between light and heavy vehicles. Due to the truck toll multiplier, this translated to a 5% shift in revenue mix. At APRR, traffic since the beginning of the year has been around 25% less than last year when traffic was not affected by COVID-19 movement restrictions. Of note, closure of ski lifts as well as the ongoing 6:00 P.M. curfew are impacting ski season traffic during the winter holiday period. Warnow Tunnel is also tracking around 25% below last year with strict lockdown conditions in Germany into the new year. At the Dulles Greenway, traffic remains around 50% below last year, also impacted by the recent major snow events in the region. Turning to slide 12, we've outlined our sustainability achievements for 2020. You can see a range of initiatives on the slide, but I will call out just a few. The safety of our employees and customers is our number one priority. In addition to actions to respond to COVID-19, we're implementing initiatives to reinforce the safety culture. We conducted a customer behavior study at Warnow Tunnel. This will improve customer safety at the toll plaza as well as customer satisfaction with better processes for toll payments. Supporting our communities, particularly during this time, is important. APRR donated masks to healthcare workers in France when they were in very tight supply and also displayed messages of support along its motorways. Both APRR and Dulles Greenway provided toll-free travel to healthcare workers. APRR also developed a new digital service to keep customers better informed of payment, travel, and value options. We are actively pursuing gender balance across the organization, including the board. You may have seen today our announcement that Ariane Barker is joining the Australian board. Our combined Australian and Bermudan boards will then have a non-executive split of 50/50 between male and female membership. We have a 50/50 split across Atlas Arteria's corporate employees. We're also very pleased to report that in September on the A48 in Grenoble, France, APRR opened the first dedicated lane for carpooling and low-emission vehicles. APRR was also recognized for its work in environmental stewardship, being awarded second place in the overall motorway sector by GRESB and was the most improved infrastructure company. Turning to slide 13, we'll continue to build on our strengths and develop across all four sustainability pillars that are fundamental to our business. We continue to embed a safety-first culture across our business and look for new ways to invest in, develop, and support our people. At Dulles Greenway, we've worked to improve our customer and community relationships and will further invest in our stakeholder engagement program under our CEO, Graeme Bevans. In the environmental space, we expanded our coverage of GHG emission reporting across Atlas Arteria, and we plan to consider options as to how we better manage and minimize emissions going forward. With that, I would like to now hand over to Nadine, who will present our financial performance for the half. Thank you, Graeme. We'll start with slide 15. As Graeme mentioned, the second half distribution guidance of EUR 0.13 per security that we announced today reflects the performance of APRR over the second half of 2020. In terms of future guidance beyond this upcoming distribution, and I know that there's a desire to understand future guidance, what we can say is that distributions from APRR, and now Warnow Tunnel as well, will form the basis of Atlas Arteria distributions in the near term. Perhaps a little bit more around how we think about cash and cash distributions. To create sustainable distributions to you, our security holders, we're looking to generate sustainable operating cash flows from each of our businesses. As I talked about previously, this is central to our current strategy. You can see us deliver on this with the APRR transaction last year. Then the restructure that we announced today at Warnow Tunnel. We want to make sure that at a corporate level, we maintain adequate liquidity to protect against risk, while also supporting the immediate needs of the business. As Graeme said, we ended the year with nearly EUR 200 million of cash, of which EUR 70 million is earmarked for restructure of the Warnow balance sheet. This will leave us with around, let's say, EUR 130 million or the equivalent of cash, which is available to cover corporate costs. Some extra to allow for assessment of future investment opportunities. As I've said before, we do not intend to just keep cash on the balance sheet that can't be used to create value for security holders. Sustainable distribution growth over time is one of our key objectives. In terms of gearing, we do not currently have any holding company debt, so we have the flexibility to support growth, particularly at the APRR level, now that we have removed the restrictive covenants which were part of that previous facility, which would potentially have prevented leverage at the APRR level. Holding company debt, though, may still be a feature as we go forward, but ensuring that we have the right structure around that is important to allow for growth in the underlying businesses. Maintaining capacity for balanced funding over time from different markets, including debt and equity funding, is also important, so we just have that flexibility to support growth as we need. Going over to slide 16. We ended the year with substantial liquidity headroom at both the corporate and business level. Look, we've talked about the corporate cash balances, so I won't go through that again. At APRR, though, both S&P and Fitch reaffirmed their A- credit ratings during the year and maintained their outlooks as stable. Fitch upgraded its short-term rating from F2 to F1 despite COVID, which really reflects the stability and strength of that balance sheet. Further to that, APRR holds around three times liquidity cover against debt maturing over the next 12 months. Look, Dulles Greenway had around $216 million of cash available at the end of the year, against $39 million of debt service for the next 12 months, and $77 million was available for distribution back to those lock-up pairs. We haven't included Warnow Tunnel cash positions on this slide because excess cash has historically been swept to lenders. We're very pleased, obviously, today, to announce the capital structure at Warnow Tunnel, which will provide us with better control over our cash management here. Going to our cash flow waterfall on slide 17. As many of you would be aware, dividend distributions from French companies are restricted to the company net profit, and it's the APRR company net profit after tax specifically that has driven the size of our distributions historically. Importantly, this is company net profit, and it's not the consolidated net profit. When I spoke with you in August, I took you through the cash flow for the first half, which reflected the final dividend we received for 2019, and of course, we used these proceeds to repay the corporate debt facility. In resetting for the second half, you would've seen that the APRR consolidated net profit for the half year ended June 2020. Starting on the left-hand side, Atlas Arteria's pro forma share of this was EUR 84.7 million. Consolidation adjustments at APRR were EUR 11.8 million. Once these are removed, APRR company net profit is then the EUR 72.9 million that you can see there. If you then remove the financing costs associated with the debt facility Eiffarie and then the MAF taxes, administration costs, et cetera, you're left with the EUR 64.2 million, which Atlas Arteria received from NAFT in September. You convert this to Aussie dollars, you get the AUD 104 million in distributions that we received. From a head office perspective, during the second half of the year, we paid final Macquarie fees of EUR 3.8 million, corporate costs, interest income, and some investment cash flows, which gets us to the EUR 86.4 million net operating cash flow. We had EUR 141 million equivalent cash on the balance sheet at 30 June. If we add the net operating cash inflow to this balance and the EUR 75 million raised from the SPP transaction in July, and you can see there it's the EUR 71 million, which is net of all the remaining fees from the capital raise. You take out the distribution that we paid out in October, we close the year with that cash balance of EUR 149 million equivalent. Moving on to slide 18. We've presented here our income statement for the year and our management results, which we like to think shows perhaps the more normalized earnings. These reflect the statutory earnings, removing what we call as notable items, which are not necessarily related to underlying operational performance. You would have seen us do this a few times now. Again, the idea is that stripping these items out of profit essentially shows you what we believe is more reflective of just underlying business performance. Underlying operational net profit after tax was down around 60% from 2019, and the business was adversely affected, obviously, by COVID-19, as Graeme has talked about, which was the primary driver behind the change in performance. Toll revenue, which is the consolidated performance of the Dulles Greenway and Warnow Tunnel, decreased by 37%. Movement in the other income line reflects primarily smaller construction cost adjustments than the prior period and lower interest revenue. In terms of costs, business operations costs were 16% lower than 2019, with toll collection costs reduced with lower traffic. We saw the benefit of the cost reduction programs at Dulles Greenway, and again, there were lower construction costs. I hate to turn us all into accountants, but just to note that under IFRIC 12, which we have noted in various documents, where you recognize construction costs as revenue, they're also recognized as costs, which is what we've just talked about. Corporate costs are in line with previous guidance of about EUR 20 million-EUR 25 million per annum. We have noted that corporate costs are expected to increase in 2021 due to increased insurance costs, and we may also put some investment in additional capability. Particularly, for example, to strengthen some capability within the organization around things such as traffic. The share of profits from associates reflects the performance of APRR, and that's adjusted for the ownership structural arrangements, including the Eiffarie debt, which affects this line item. The performance here reflects our 25% ownership until the 2nd of March, and then our 31% ownership for the remainder of the year. This is different, of course, for the calculation of the distribution, so just pointing out that they're based on the particular ownership at that point in time. Moving to notable items. The Macquarie management fee relates to the final payment of the Macquarie fees up to the 2nd of March when the APRR transaction completed. As we discussed at our half year results, given the decline in traffic at the Greenway during the first half of the year and just uncertainty around the recovery of the U.S. economy as a result of the COVID-19 pandemic, the board decided to impair the Dulles Greenway at 30 June by a total of $100 million U.S. dollars. That translates to the EUR 143.9 million you see there. Importantly, there was no further impairment that was required at the end of the year. In addition to notable items for this year, Sorry, another additional notable item for this year is the FX impact of significant transactions, which is an accounting item only. It is not cash, it provided a positive impact of that EUR 13.8 million that you see there. This was included in our half year results as it related to the various internal arrangements that were required to support the closing of the APRR transaction. Just perhaps affecting all of those notable items, you can clearly show the link there, and see the link between the operational performance and the statutory results. Moving on to slide 19 and APRR's performance for the year. As you can see, operating revenue impacted by COVID-19 movement restrictions. In terms of operating costs, there was a 13% decrease in the variable taxes equivalent to around EUR 50 million, and these reduced as revenue decreased and as there were less kilometers driven on the road. Increases in general operating costs associated with the Eiffage fee were offset by lower winter maintenance costs, travel expenses, and temporary labor costs. Despite challenging debt markets, APRR completed a series of debt transactions at favorable rates, which reduced their average debt cost. You can see now the average cost of debt for APRR has come down from 1.5%-1.2%, and for Eiffarie, it has come down from 0.9%-0.7%. While we're talking about APRR's debt, we'll turn onto slide 20 and the current capital structure at APRR. I've already touched on the strength of its credit rating. During the year, APRR and Eiffarie refinanced approximately EUR 5.5 billion across the EMTN bank debt and commercial paper markets. The three euro bond tranches received very strong support, including one that was priced at the height of the pandemic in April. It was well oversubscribed and competitively priced. I think it is worthwhile pointing out that the APRR revolving credit facility and the Eiffarie bank debt facility were both set up as ESG linked facilities, which really reflects the importance of these matters to the business. We turn onto slide 21 and just rounding out the performance of our European business. Traffic at the Warnow Tunnel continued to perform well despite the lockdown. The revenues for 2020 there were only down 8% compared with 2019. Just because of the law of small numbers, the EBITDA reduced by 12%, but the cost increase was small and primarily as a result of the additional maintenance that we did during the year, including a full tunnel planning. As we've talked about, we have now agreed the capital restructure at Warnow Tunnel. You can see there the maturity profile of the new facility. This capital restructure provides flexibility over cash balances, as I mentioned before, distributions for Atlas Arteria, rather than the excess cash being put to lenders, which is what is currently the case under the existing facility. As you can see there's no amortization until the 30th of June 2028. Just finally on financial performance. We'll turn to slide 22 and the Dulles Greenway. As we've advised previously, the Greenway did not pass its one or three-year lock-up test at the end of December, meaning cash will be locked up in that business until at least the end of 2024. As I also mentioned earlier, we did see cost reductions with reduced traffic. There was a reduction in property tax rates, we saw the benefit of some of the cost-saving measures that have been implemented during the year. Importantly, with all of this, liquidity within the business still remains very strong. I'm gonna hand back to Graeme, who'll go through an operational update, our growth priorities and outlook for this year. Thank you, Nadine. Turning to slide 24, like all businesses, Atlas Arteria's financial results are delivered through providing value to our customers. Our roads offer a superior travel experience compared with congested or speed-limited alternative routes. As you will see on the slides that follow, we're very focused on continually improving our businesses to enhance the experience and the benefits for our customers. Moving to slide 25. While it was a challenging year for all transportation infrastructure businesses, APRR and ADELAC moved quickly to maintain operations so customers were able to continue to use the network. Business continuity plans were quickly adapted and implemented and adjusted over the period. Our people worked in fixed rosters to limit the potential cross-spread of the virus amongst our workforce. Operational improvements included completing the installation of Wi-Fi at all service areas and rolling out additional very high-performance electric vehicle charging stations. We've grown the number of active badges or transponders used on our network, and we're building additional car parks across the network to facilitate carpooling. With the acquisition of KiWi Pass Solution in May and the launch of Mango mobilités in October last year, APRR further enhanced its mobility services. If you move to slide 26, you can see that how APRR has continued to deliver on its various capital commitments under the concession extension agreements we hold with the French state. As we mentioned at the half, there were some delays on projects due to COVID-19 restrictions. However, during the second wave, works continued with all of the recommended safety arrangements in place. Despite these delays, there is no significant change to our overall delivery timelines or estimates for complete committed capital spend. You can see on the slide some of the more significant projects currently underway across the network. We spent a total of EUR 474 million on CapEx projects as compared to EUR 522 million in 2019. The RCEA project is moving forward with construction commenced in mid 2020, with completion expected in 2022. Moving on to slide 27. Warnow Tunnel, we conducted a customer survey in collaboration with University of Rostock. It indicated that 83% of our customers are satisfied with the Warnow Tunnel, which is very encouraging. We also performed a full tunnel clean during the year, which will reduce our lighting needs and therefore our energy use. We appointed a new head of operations who joined us earlier this month, further strengthening our technical capabilities within the business. Turning to the Greenway on slide 28. Renée N. Hamilton, our CEO, has now been with the business for eight months. She's become an important leader in our turnaround story and become very active in the local community. The Greenway has maintained seamless operations. We continue to make improvements on the road by installing additional cameras at the plaza to improve safety. We've also have new asset management software to enhance our operations and maintenance. We're building our relationships with the local community and various stakeholders. At the moment, we are focused on the outcome of the most recent legislative session. We expect to receive the final order of the SCC rate case during Q1 2021. In terms of construction work during the year, the DTR Connector project was completed on schedule and on budget, and fully open for use in mid-July. The West End project first phase was completed ahead of schedule and ahead on budget, opening to traffic in August of last year. We've awarded the contract for phase 2 of the West End works and expect completion either later this year or early next. A competitive bid process we conducted led to a cost of EUR 4.4 million versus our initial budgeted cost of EUR 6 million. We'll share the final cost 50/50 with Loudoun County. In the context of seeking to meet the needs of our customers, we made significant progress in working with VDOT in considering mechanisms by which we could potentially be able to introduce distance-based tolling and lower tolls across the network. Alongside the introduction of distance-based tolling, an outcome which our customers have been seeking for some time. This is a concept we've been working with the local community in 2018 and again in 2019. We continue to work with our stakeholders moving forward to endeavor to achieve a mutually beneficial outcome. As we've gone through the legislative process this year, the VDOT bill, an administrative bill, which would enable us to proceed on this project, was effectively held over in the transport committee, and no decision was made. The option is there to move it forward in the future, and we'll be focused on achieving that. Each year we've worked on this, we've moved further forward in achieving our objective, and we're committed to continuing on this process as we move forward. Turning to slide 30, we've outlined the key priorities in our outlook for 2021. At the corporate level, we are focusing on sustainability, including the health and safety of our people. We're also examining opportunities to create sustainable cash flows and lengthen our average concession terms across our businesses. We continue our dialogue with the French state to improve the network and achieve the state's road objective developments. At Warnow, traffic continues to be supported by local roadworks in the near term. We will work towards better ESG outcomes and reaching financial close on the capital structure we announced today. Finally, at Dulles Greenway, under our new CEO, we are working on developing relationships with key stakeholders and completing our capital works program. Turning now to slide 31. Atlas Arteria offers exposure to inflation-linked earnings. The majority of our debt is at fixed rates and long-term, so we have limited exposure to increasing interest rates. We have a strong dividend yield relative to our peers and are very pleased to provide guidance today of EUR 0.13 per share for the final 2020 distribution. We continue to explore ways to further diversify and grow our distributions. We have a conservatively geared balance sheet, and we are able to pursue growth opportunities, particularly adjacent to our existing businesses, and we are resourcing ourselves to achieve this. We're well-positioned to play a part in the economic recovery of the regions in which we operate. We're recognized for being ESG leaders in the infrastructure space. Lastly, but most importantly, we're a team of highly experienced people with a proven track record of transaction execution. This is further demonstrated with the Warnow Tunnel capital restructure that we've announced today. It's for all these reasons and more that Atlas Arteria is an attractive investment proposition. The team's looking forward to continuing to grow and evolve the business from the strong foundations we've built and adding value for our security holders into the future. With that, I'd like to hand to the operator for questions. 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 are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Simon Mitchell from UBS. Please go ahead. Good morning. Graeme, just a first question regarding the A79. My understanding was that was being entirely capital funded by Eiffage and APRR's involvement was limited to operations and therefore probably immaterial to APRR. Could you just clarify that? I think you're referring to the RCEA project, Simon. Is that correct? Yes. Yeah. The project is structured in a way where Eiffage own 99% of the bidding entity and APRR owns 1%. There are contractual arrangements that result in that business being totally transferred at an appropriate point in time to APRR as a wholly owned entity of APRR. That is an automatic process based on certain elements which are in our control. Is that process likely to take place following construction? We would expect it to happen during construction, but that's really up to Eiffage satisfying various elements of their requirements. Okay. Is the pricing methodology around that transaction already agreed? Yes. Right. Okay. That provides some opportunity to extend the overall concession length, for APRR. I guess, it's been a stated objective for you for a while and it seems like it's been a little bit challenging to actually get any substantive agreement on new projects to do that. Maybe if you could just give an update on what the response has been from the state Look, I think COVID-19 presented an opportunity, which we expected mid-year to result in significant opportunity. I think we're still in discussions with the French state on a number of projects, and we expect that there will be positive outcomes to come from that. I think in large-scale context, which result in material concession extension for APRR, that's likely to be deferred given the focus of the government on other things at this point in time in their legislative program. There's still discussion ongoing. Okay. Maybe just a question for Nadine on the Warnow Tunnel, just in terms of how we think about that cash flowing through to the corporate level. Is it just a straight pass-through pretty much of the cash generation each year, and I guess what are the issues around timing delay and when do we expect it to start? We're expecting financial close on the transaction to happen in March. That then we'll be doing the first testing, as we've outlined in the document under the debt service coverage ratios, which are really the only tests required to ensure that the cash can be passed through for June and then December this year. As we've highlighted in the release that we put out, if we were to acquire the facility in 2020 on a pro forma basis, then there would've been €6 million or approximately AUD 10 million available for Atlas Arteria. Okay. Sorry, I was just going to clarify that question. Do we think about it as being similar timing issue to APRR in that it flows through in the following six-month period? Effectively, because it'll be done on a profit declared basis. It'll be slightly deferred in terms of the next period. Okay. All right. Thank you. Thank you. Your next question comes from Ian Myles from Macquarie. Please go ahead. Hey, just a couple of quick ones. In your investing cash flow, you had a EUR 1.5 million of other investments. I was just wondering, is that keeping material? What it was, actually. Sure. As a result of, or as you're expected to, looking at the corporate cost base, to the extent that it's appropriate that we're spending money on investing as opposed to operating cash flows, then they'll flow through that investing line. In addition to that, there's also a number of things that, for example, the working from home arrangements, additional computers, all of those types of things, also with additional staff coming on that have flowed through that particular line item. You sort of flag higher corporate costs. Can you maybe give some sort of framework on how much higher? I think you, ultimately, I thought, wanted to save a little bit of money once you converted out of an outsource management into internalized. Yeah. Look, that's a good question, Ian. As we flagged in the presentation, the two primary drivers for the increasing cost this year are expected to be increasing insurance costs and then some additional capability that we want to put into the organization. In terms of the insurance market, as you would probably all have seen, it is becoming an expensive market for buyers. We won't actually get a good gauge on what our insurance costs are going to be for the year until we're much closer to placement for those insurances. Certainly we'll be much better placed to have a discussion around that and update you on the outcomes in our June results. In terms of the additional capability, again, even as Graeme outlined, making sure that we're positioning the business for the strategy and the delivery on the strategy. I'd like to particularly point out one example of that is making sure that we've got really good technical skills around traffic forecasting and taking advantage of new technology that's becoming available and has become available over the last couple of years. In terms of the internalization process, I think as we've even highlighted in this presentation, we saved AUD 67 million in base fees on that from a Macquarie perspective. Certainly there's no intention to grow that base for this year up to a AUD 67 million line. We're talking about incremental costs on that AUD 20-25 million type arrangement that we've historically had, depending of course, on what happens with insurance costs. Okay, just one final question. It's, again, a little bit technical. The leakage between Macquarie and ALX. I get there's some fees which you have to pay effectively to Macquarie, and there's tax, but that amount seems to be increasing from first half to second half, and I was just wondering what sort of leakage should we be expecting on a go-forward? Yeah. Yeah. Look, another good question, Ian. There's a couple of things that have led to that in the last two periods that we've reported there. First of all, the management arrangements have now been internalized. For the two results up to 2019 and the half one 2020, there was some reserving of costs to accommodate rather than fees being paid at the, for us, at the nibble level. They're now being paid out of operating cash flows at that lower level. In addition, we're also adopting a much more conservative cash management policy at those levels. We're adopting the two-year forward cash coverage rather than what was previously in place. That's also increasing from that perspective. There will come a time, I think, where those prudency arrangements aren't necessarily required, and we might see a pullback in terms of the cash reserving. Okay. Thank you. Thank you. Your next question comes from Rob Koh from Morgan Stanley. Please go ahead. Thank you, and good morning. I guess, listening into the Eiffage call overnight, there was discussion about the French state perhaps being more interested in smaller projects with more of a green focus. I wonder if you could share with us your thoughts on that, and if there's any ideas on renewable power and wildlife crossings and those kind of things that you could share with us? Yes, Rob. As I was sort of inferring earlier that the large-scale type projects we were hoping to result in concession extensions are likely to be pushed out. The focus at this point in time under negotiated arrangements, which can be done within the existing concession arrangements, without legislation, that has a very strong focus on green projects, as you described. Increasing the number of charging stations, we were expecting to have 50% of our service station type areas with charging stations by 2022. The government's recently come out and made an announcement that they want to see that increase to 100% by the end of 2022. There are a lot of projects like that which are under discussion as we speak. Okay, great. Thank you. If I move to the Dulles Greenway and just slide 22 with the debt service profile. That's the same profile it's been for some time. The step up in debt service in 2022, somehow 2022 is only one year away. Can you just give us some thoughts on how you're managing for liquidity there, and backup plans if recapitalization might be required? Sure. As I said, the Dulles Greenway has or had $216 million in cash sitting on the balance sheet, $77 million of which would've been available for distribution but for the lockup test. Significant cash, which in worst case scenarios could be used for funding debt service. In fact, a lot of that cash balance is reserve funds required for just that circumstance by the lenders. The other thing is, and obviously as you'd expect us to, we do a lot of scenario analysis around traffic. The performance of the business is very much dependent on traffic, recovery post-COVID-19, et cetera, et cetera, in the U.S. We'll have to see how the business plays out and where it gets to. In the things that Graeme has talked about with the changes in the Virginia arrangements in responding to better COVID rates, then we remain hopeful that we will see improvement from last year. Yeah. I think we can all get behind that. All right. Just one more question with the new legislation that's passed in Virginia, which I guess comes into effect after the rate case that's currently to be decided. That includes a condition about, I guess traffic elasticity, so like a 3% traffic impact would be the limiting factor on toll increases. Could you perhaps put that into context a little bit for us in terms of how you guys see elasticity on that road? Yes. In our filings for the SCC, we have very detailed analysis on elasticity. In very simple terms, it's around 0.2. We're not dramatically affected by toll increases affecting demand. In that context, the 3% isn't an onerous target. Okay. Good to hear. All right. Thanks very much. Thank you. There are no further questions at this time. I'll now hand back for closing remarks. Thank you, operator. Very much appreciate you all joining us today for the call. Obviously we'll be meeting with many of you over the coming 10 days directly with investors. Jeanette and her team are available to answer any further questions that you may have.