H1 2021 results presentation conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you do wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. We also request that you please limit your questions to only one or two at a time. I would now like to hand the conference over to Mr. Graeme Bevans, Chief Executive Officer. Thank you. Please go ahead. Thank you, operator. Good morning, everyone. I'd like to thank you all for joining Atlas Arteria's first half 2021 results call. I'm joined today on this call by Nadine Lennie, our CFO. I'd like to acknowledge and pay respect to the indigenous people who are the traditional custodians of the lands on which we meet today, and across all the lands on which our businesses operate. I also pay my respects to elders past, present, and emerging. Today, I will outline the key highlights of the half, with Nadine providing a summary of the key financial matters. Following that, I will provide an overview of our strategy, our opportunity sets, and our key priorities. Moving to slide four. We have continued to deliver against our strategy, with our team demonstrating strong commitment and focus in achieving continued success in developing our businesses. Our operating environments are showing positive signs of continued recovery, although in this environment, cautious optimism seems appropriate. The resilience of our businesses comes through on slide five. Traffic seasonally adjusted across our businesses increased by 10%-15% in June compared to January, with heavy vehicle traffic for the half consistent with 2019. We completed over AUD 250 million in capital projects across our businesses, with three major improvement projects in France completed during or shortly after the half and now open to traffic. We also made some important progress on our strategic objectives, completing the Warnow capitals restructure, allowing distributions to flow and a significant improvement in value. At Dulles Greenway, we achieved an increase in tolls for the majority of our traffic of 5.3%, giving an overall average increase in tolls across the day of 4.5% in June. In combination, all of this has allowed us to provide guidance of AUD 0.155 for first half 2021. Moving to the financial overview on slide six. During the first four months of the half, we had COVID lockdowns in Europe and significant constraints in Virginia. In that context, we achieved a 20.5% increase in EBITDA from 2020, while 15.7% below 2019. You can see on slide seven the French and German mobility data, which shows the significant recovery in traffic following the relaxation of lockdowns from May. Recent data since June 30 shows the normal increase in recreational traffic with the summer holidays and consequent reduction in workplace traffic. This has included the return of intra-European holiday traffic, which has assisted to achieve higher traffic volumes. In the EU, France and Germany have shown a strong commitment to vaccination, particularly in France, where greater incentives and in some industries, compulsory vaccination have been implemented. The percentages shown here are of the total population, not the eligible population, which is often quoted in Australian data. The equivalent in Australia today would be 43% first dose, 24% fully on a full population basis. As you can see, Europe is incredibly well advanced in vaccination relative to Australia. APRR traffic, as you can see on slide nine, was constrained by lockdowns in the first half, but recovery is now well underway, with post 30 June traffic returning to near 2019 levels. On slide 10, Dulles Greenway traffic continued to recover through the half, tracking the gradually increasing workplace mobility, as shown in the graph on this slide. With schools closed for most of the last year, vaccinations of high schools are ramping up in Loudoun County for the new school year with an aim of returning to in-class learning. If history is any guide, physical attendance at schools, together with the encouragement of businesses for employees to return to the office, should result in further improvement in our traffic. On slide 11. During the half, we've continued our capital programs with over AUD 250 million in expenditure. Three enhancement projects at APRR are now completed, and others, including the West End project at Dulles Greenway, are well underway. Moving on to slide 12. We've continued to advance our sustainability priorities. These are safety, people, customers and community, and the environment. We are working towards having clear sustainability targets in place by the end of 2021 based on these established priorities. On slide 13, by way of example, we are showing the rollout of high or very high power electric vehicle charging stations at our service areas across our French network. As at June 30, we had installed charging stations at 51% of our service areas. By the end of 2022, we'll have installed charging stations at all service areas. This program is now supported by funding directly from the French government, which has committed to deploy 100,000 new charging points throughout the country by the end of 2021. I will now hand over to Nadine, who will take you through the financial performance for the half. Thanks, Graeme. Let's turn to slide 15. This is the Atlas Arteria income statement. Excluding notable items, which are really the non-operational or non-recurring items, as you can see there, our financial performance has nearly returned to 2019 pre-COVID levels. The primary driver of this was the performance of APRR, which was substantially better than what it was in the first half of last year, that's despite the strict lockdowns that were in place that Graeme just talked about. We also owned, of course, the 31% stake for the full half this half, whereas our average holding for the last period was around 29%, that's because we acquired the additional 6% in March last year. The other thing that impacted the performance of APRR just coming through our income statement was the strengthening of the AUD versus the EUR. Performance actually would've been better overall than 2019 if the exchange rate was the same as what it was in half one last year. As a reminder, the performance of APRR comes through the share of profits from associates line. Of the 73% increase you can see there, around 50% was from the underlying performance of APRR, and I'll touch on that in the next slide. 23% was from the ownership change that I just talked about. 14% was associated with the accounting adjustments just as you move through that holding structure. These were offset by around a 13% reduction in value from the exchange rate issue. There are probably three other factors which also led to our financial performance. First of all, the reduction in finance costs with the removal of the holding company's debt that we did last year, and the reduction in debt as a result of our capital restructure at Warnow Tunnel. Second thing is the reduction in amortization on the tolling concession at the Dulles Greenway with, of course, the impairments that have come through in the last couple of years. You can see there that there's around a 23% reduction in that cost line. Good news, for this half, there's no impairment for the period. Third thing was the significant appreciation also of the Aussie dollar versus the US dollar. I think from memory, that strengthened from around 0.65, averaged around 0.77 in the first half of this year. The performance of the Greenway has obviously been impacted on translation. That impacts various different line items as we pull the Greenway results into the consolidated accounts. In an overall sense, it's probably only made, say, around a $3 million difference. It's not material in a total sense, just on an individual line item basis. In terms of the notable items for this last half, you can see there an AUD 49.9 million expense, which is an accounting adjustment relating to the capital restructure at Warnow Tunnel. It represents the removal of fair value adjustments that were allocated to the legacy debt when Atlas Arteria purchased its final 30% stake in 2018. The capital restructure actually brings forward, I think as we spoke about in February, the probability of us receiving cash flows. This accounting adjustment has been somewhat offset by, you can see, a $34.9 million recognition of unused tax losses. Now, they weren't recognized previously because there was limited probability of their use in the medium term. Just as a reminder, the AUD 49 million and AUD 34 million are accounting adjustments only, and the real value as a result of the capital restructure is in the substantial increase in the unrealized value of the business, which we get from the lower gearing and of course, bringing forward those cash flows, as I just mentioned. While I'm on this slide, I will just highlight the corporate costs, which I'm sure some of you have seen. They have increased 11% half on half, but we do expect that that number for the year could be up to that AUD 30 million level. Consistent with what we highlighted in February, in the second half, we will have the full impact of the uplift in insurance costs and for people and traffic capability. I mentioned the improved performance of ATWR, let's move on to slide 16 and talk about that. Revenue increased primarily as a result of traffic. It's worthwhile noting that the comparative period is a little unusual. You'd expect with toll increases that revenue would increase by more than that 19% which traffic increased by. As you would've seen back on slide eight, as referenced by Graeme, the toll mix has changed. With the increase in traffic period on period coming primarily from light vehicle traffic, and light vehicles pay on average around a third of the tolls paid by heavy vehicles, we're just not seeing the compounding uplift that you might otherwise expected. Interestingly, we've also had a slight change in average toll mix in the heavy vehicle category as well leading through there. In terms of operating costs, the primary drivers behind the increase there are variable costs, of course, which increase or decrease in line with traffic. Given that traffic is on up, toll collection costs, TIC taxes, they all go up as well. There was also an AUD 2.4 million increase in the Eiffage management fee. There was six months of that fee this year versus four months for last year. No real change in the actual fee on an annual basis itself, though. We also had some high maintenance costs coming through there. These are partially offset with an AUD 5 million reduction in the CET taxes. You may remember that the CET tax calculation changed last year. Effectively there's now a 2% rather than a 3% cap on the net operating revenue. Just running out the performance of APRR, you can see a small reduction in finance costs and lower debt balances. In terms of the increase in provisions, it's really just bringing this back in line with what you might expect to see. Minimal changes to construction indexes and no change to the discount factor from December. Other than what we have historically with the composition of the various cost and tax line items for APRR in our investor reference pack. I'd urge you, if you're interested, encourage you to go and have a look at that. This was also released to the ASX this morning. If you move to slide 17, we'll just continue on, and perhaps round out CapEx performance for APRR. APRR continued to deliver on different capital commitments as required under the concession. As we mentioned at the half year, there were some delays on projects due to COVID restrictions. Post all of the shutdowns last year, work has really continued on with those, with all the various safety arrangements in place. There's been no significant change to our CapEx though. Rounding out the performance of APRR, just ending on the financial position. Let's move on to slide 18. As I mentioned earlier, with reductions in net debt, the balance sheet at APRR, it really just gets stronger. At the moment, though, it remains rated A- by S&P and Fitch. You can see that net debt at both APRR and Eiffage sat around that EUR 8 billion mark at 30 June, that's down around, I think, EUR 300 million since 30 June last year and around EUR 100 million since December. Look, with the continued reductions in net debt, there is obviously a growing capacity for debt within the structure, which, if opportunities do become available, then APRR has significant and growing capacity to fund. The outstanding commercial paper to be refinanced in half two. Some of you might have noticed that the amount outstanding in commercial paper at 30 June was slightly less than what you might have seen in December and prior June. The commercial paper program still really is in play. The market is strongly supportive of APRR. Paper is still being issued at needed interest rates. It is a cash management tool, however, so the outstandings do ebb and flow during the year. That's APRR. Now let's turn to slide 19, and we'll move on to Warnow Tunnel. Due to the law of small numbers, the EBITDA reduced by 12.5% compared to half one last year. The operating cost increase, as you can see, was small. Really the important story here is following the capital restructure at Warnow Tunnel, which we completed in March, we have now received our distribution of EUR 2.5 million. It might seem small, but it is consistent with our expectations and is in line with the guidance we provided in February, adjusted, of course, for the relative traffic numbers. It really just shows the value of an appropriate financial structure, and we are really pleased that we were able to deliver on that strategic objective. Perhaps let's move to the U.S. and the Greenway, which is on slide 20. As you can see here, despite the lower traffic numbers, operating revenue was 2% higher for the period, which reflects the 5.3% increase in off-peak tolls, which we managed to secure and were implemented in May. You can see the growth in off-peak versus peak traffic coming through the numbers there from what Graeme was talking about on slide 10. Importantly, given the financial results, liquidity within the business is still strong, with nearly AUD 200 million of cash available in the business across its various reserves. Even if we saw no growth in EBITDA for the next 10 halves, so effectively half one EBITDA for the next 10 halves, we'd still be able to cover the debt service cost. This is a little bit of a silly calculation. It's particularly conservative given traffic has been recovering, as Graeme mentioned. For half one, it was down 40% compared with 2019. As of 30 June, it's only been down 30%. All other things being equal, that trend continuing, cash is not something today which is playing on my mind. Looking at slide 21. Given the economic environment, we thought it would be helpful to show how the business is exposed to inflation and interest rates. As you can see, unit revenues or toll prices are highly correlated to inflation. Each of the APRR businesses and ADELAC have their toll prices explicitly linked to inflation via their concession agreements. Warnow Tunnel also has toll indexation outlined in its concession agreement, and given historic traffic, tolls can actually index at greater than inflation. Dulles Greenway has a pricing regime with a previous CPI-plus style of legislation, now it's regulated. We've provided some more details around all of this on slide 42. Over the next two years, toll price increases in off-peak traffic mean that average tolls are still likely to increase at greater than CPI. Look, overall, strong explicit and implicit revenue links to inflation. Margins as well. A rising inflationary environment also creates a really strong multiplier effect across the business in terms of value. Just looking at interest rates, as you can see there, the significant majority of debt across the businesses is fixed, with long durations. As you can see, there's limited exposure to increases in interest rates. To the Atlas Arteria corporate business. Before I hand back to Graeme, I'll just quickly touch on our cash flow waterfall. As you all know, our cash flows have historically been driven by APRR, but very pleased, as I mentioned before, that we've now received our first distribution from Warnow Tunnel. You will see this in our cash flows for half two. In half one, APRR was our only material source of cash flow. We've done it a few times now, but I might just step you through the cash flow. There's a couple of things that are worthwhile pointing out. The consolidated APRR profit for the second half of 2020 was EUR 356 million, you can reference that through to our investor reference pack. Starting on the left-hand side of this slide, Atlas Arteria's pro forma share of this is EUR 111 million. The APRR company net profit after tax, which drives the size of our distribution, was EUR 100 million, you can see there. If you remove the financing costs associated with the debt facility, FIRE, MAP taxes, et cetera, you're left with the EUR 98.1 million, which Atlas Arteria received from MAF2 in March. Convert this to Aussie dollars, you get the AUD 151 million. From a head office perspective during the first half, we also received AUD 700,000 in management fees from Warnow Tunnel. This is not a distribution, it's just management fees associated with transfer pricing arrangements. We paid the lender on Macquarie fees, our corporate cost, investment cash flows, etc., which gets us to the AUD 128.5 million net operating cash inflow. We have the AUD 193 million cash on the balance sheet at 31 December. Adding to that balance, less the cash we used for the capital structure at Warnow Tunnel, the distribution we've had in April, we closed the half with a AUD 133 million equivalent. Just a couple of comments regarding distributions and cash to close out from me. In terms of future guides beyond the upcoming distributions, there is no change to the policy position that we've had for the last 12 months. Distributions from APRR and now Warnow Tunnel will form the basis of Atlas Arteria's distributions in the near term. In half two, you should see a very similar waterfall to what you see here, but of course, we'll have that distribution from Warnow Tunnel added in here as well. I've talked about how we think about cash before, and I suppose, again, for the moment, nothing's changed. 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 we've also said before, we don't intend to keep cash on the balance sheet that cannot be used to create value for security holders. We're still holding cash, for example, for the possibility of a restructure at the Greenway. In terms of gearing, we don't have any holding company debt currently, so we also have flexibility to support growth from that perspective. As we said before, holding company debt could be a feature as we go forward, but it's just so important that we have the right structure so that we can support underlying growth also from the businesses, for example, at APRR. I'll hand you back to Graeme, who will go through our growth priorities and outlook. Thanks, Nadine. Our well-established strategic framework continues to drive our actions within the business, both at an operational level and with an eye to the long term. During the half, we successfully restructured Warnow to become a business which is now contributing, as Nadine described, cash flow towards our distributions. This was achieved with a small contribution of equity and a 25-year debt facility at a very low interest rate of 2.07% for 75% of the outstanding debt. Payback of the equity contribution is expected to be fast, and the value of the business has been significantly enhanced. We achieved an increase in toll charges at Dulles Greenway through 2022 to 5.3% for 2021, with a further increase of 5% in 2022 on off-peak tolls. This has increased the average tolls by around 4.5% in the month of June. We continue to develop a long-term pathway to increase the value proposition for all stakeholders at Greenway over the hope of enabling legislation in the early 2022 legislative session. Moving to slide 25, in France, we've seen traffic recovering as high vaccination levels support increased mobility and travel through implementation of the EU health pass system. What we're noticing on our traffic patterns through July and August is the arrival of a lot more traffic coming out of the Netherlands and Belgium, which has helped to increase the traffic well beyond what we achieved in 2019 and 2020, with levels for the summer up over 5% above those levels. Heavy vehicle traffic has performed extremely well over the half and was down only 1% on 2019. Intra-European HV traffic to and from Spain and the rest of Europe, along with the Italian-French trade, transits through our network. Increases in cross-border HV traffic, particularly from Spain, has compensated for a negative GDP result of -3.9% over the past two years in France. We've been actively engaging on the AUD 3.4 billion of road improvement opportunities outlined in the French government's 2018 infrastructure agenda. We continue to work with government at all levels in France to identify opportunities in the road transport networks of our regions, where we can provide innovative solutions for the benefit of all stakeholders. Our solutions are focused on developing a highly effective transport network that assists all levels of government in France to meet both their ESG and budgetary objectives. Moving to the US on slide 26, we are well-positioned to benefit from the return to office and school trends, which are evident in the greater Washington area. We continue to work with stakeholders to develop a sound basis to restructure the DG business. Our objective is to achieve legislative change to provide distance-based tolling and other changes that result in a structure that benefits all stakeholders and provides a mutually sustainable business moving forward. General elections to be held in November will be hard-fought at the governor level without a clear favorite at this point in time. In closing, I'd like to sincerely thank all of our employees around the world who've demonstrated exceptional commitment to our operations and the successful implementation of our strategies in what continues to be an extremely difficult working environment. Our continuing priority is to pursue opportunities in each of our key businesses to create increasing sustainable cash flows while lengthening our average concession life to create long-term value for our security holders. We have continued to deliver against our strategy, focusing on the things we can control, working with our stakeholders to change the things we don't control while maintaining focus on our ESG principles. This will not change. There are positive signs of a continuing recovery in traffic in our markets, and that gives us reason to be cautiously optimistic. With that, I'll return to the operator to allow any questions you may have. Thank you. If you do wish to ask a question, please press the star key, then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the star key, then two. If you are on a speakerphone, please pick up the handset to ask your question. We also request that you please limit your questions to only one or two at a time. Your first question is from Rob Koh from MS. Go ahead, thank you. Good morning. Thank you very much for the presentation. Just wanted to drill a little bit into the debt headroom at the APRR level, and how we should think about that. There is plenty of room to covenant, but I guess, is the A- rating the constraint there and what are the metrics that roughly we could think about for debt headroom, please? Sure. Perhaps I'll take that one as a starting point. There is plenty of room, as you know, Rob, within the A- rating for APRR to borrow significantly more money, and we're talking in billions of dollars. The rating agencies don't tend to, I think we've talked about this before, they don't tend to look at things from a year-by-year perspective. They do tend to look at things over the medium to long term. We're in a situation with APRR, where at some point in the short to medium term, without any other changes, it might be upgraded from A-. It is not being managed for the purposes of a rating. The capital structure is being managed for, at the moment, best value, and to be able to balance that appropriate repayment profile against expected cash flows coming through the business. I think it will depend on the opportunity that comes up, but certainly, there is plenty of capacity, both within the rating and the way in which the rating agencies think about this. The shareholders are not committed or particularly focused on a rating per se. We're focused on having the right capital structure for the longevity of the business. Okay, great. That makes sense. Thank you. If I move to the Dulles Greenway, and you mentioned you're still working on the potential capital restructuring options there. Is there anything like legislative or operational that's a precondition of that so that you have to get that out of the way before you could pull the trigger on a capital restructure? Rob, our focus is to achieve a legislative change would give the optimal outcome. That's our key focus. As we stated last year, we endeavored to get legislation through. It passed the Lower House very convincingly and then got warehoused in the Senate. We've been continuing to discuss the opportunity with both VDOT, the secretary's office, and the members of the legislature, and we continue to engage with the local community, including Loudoun County. We're working intensively on this, and we'll continue to do so through the election cycle, and then we'll be dealing with the new members and incoming governor and secretary when we know the outcomes of the election. Okay, cool. Yep, that makes sense. Obviously, there's a lot of work gone into the capital structure of the Dulles Greenway. I was just kind of wondering if there's any kind of actions you can take which are independent of those, given that the policy process is outside your control. Like, I don't know, if it's possible to buy some of the zero coupons in the market and use them as security to borrow money or anything like that. There are options along those lines. Our priority and greatest value creation for our security holders is to achieve the objective I described. Yeah. Okay, fair enough. Thank you very much. That's it from me. Thank you. Your next question is from Ian Myles from Macquarie. Go ahead, thank you. I've got a very simple question. You invested AUD 1 million in other investments in your corporate cash flow. Just sort of wondering what it was. Is it the start of something new? Sure, Ian. That is primarily, well, that's a mixture of things, I suppose. From a head office perspective, a few of the bits and pieces that we talked about in February in terms of new staff coming on board. Also the investment in staff, in particular around solutions on the Greenway. Okay. Thank you. Your next question is from Mollie Urquhart from Barrenjoey. Go ahead, thank you. Hi, Graeme, Nadine. Just on the traffic at APRR, you've shown a really pleasing recovery over the European summer of over 5% above 2019 levels. Could you talk to how you're viewing traffic on that asset going forward? How much of that strength is pent-up travel demand versus true recovery? Any comments on trends you're seeing that you'd like to talk to going forward? Well, thanks for the question. Obviously, it's very pleasing to see an increase in traffic beyond 2019 for the summer. I think in some regards, it is brought about through people being unable to travel internationally as they might normally have done. We saw a similar trend last year, but it's increased even further this year through the very high levels of vaccination we're seeing, and our latest vaccination levels are 71% in France for first dose of total population, and 56% fully vaccinated. That's still on a growth path relative to other parts of Europe. That's really leading to an opening up of the environment. With the French government having a policy of setting its parameters of lockdowns, et cetera, around ICU beds, even though cases have increased, the level of cases re-requiring ICU beds are much lower. We're nowhere near the targets, and their intention is to remain open. Other than where ICU beds become at a critical level, they'll continue to keep the economy open. That's the very key objective, which is a total contradiction relative to what we in Australia see here. Great. Thank you. Just one additional question there for Nadine. The APRR profit cash waterfall. Could you talk to what the AUD 70.6 million of consolidation adjustments relate to? Just noting that about double of the two last halves. Sure. The consolidation adjustments come from removing the consolidation of the entities that sit below APRR, and in their place, just having a look at the dividend flows that come up, for example, through AREA to APRR. As a result of that, there was an intercompany restructure done, I think it was in 2015, which sees somewhat of a permanent difference between consolidated and APRR only in that AUD 80 million-AUD 100 million per annum level. As I said before, I would encourage you to look at that on an annual basis rather than a half-on-half basis, just because there's a bit of noise that goes through half-on-half. Brilliant. Thank you. Thank you. Our next question is from Anderson Chow from Jarden Group. Go ahead, thank you. Hi. Good morning. Thank you. Just a quick question on the Warnow Tunnel distribution going to 2022. I wonder if there's a% of EBITDA likely to be paid out as distribution as a guidance? I guess the distributions that come out of Warnow Tunnel are a little similar to the way in which we think about things from a corporate level. They are, at the moment, looking to retain sufficient cover for their operating costs and risk within the business. Probably around those 2 years worth of operating cost cash flow cover. If you look at EBITDA, and then obviously take out the relevant costs that come out through there, maintaining then their 2 years worth of cash cover at the moment, that might change going into the future, then that's the way I would encourage you to think about the distributions coming out of Warnow Tunnel. We've provided some guidance around that in February when we did the announcement. The way in which the distributions have come out for this half, and the AUD 2.5 million is exactly in accordance with that if you just pro out of the traffic. Yeah. Okay, got it. Thank you. Also just a small question on the electric charging stations. Just curious, and certainly we have installed a lot of them. What's the actual usage currently looks like? I think financially it's not gonna make too much of a contribution, but I'm just curious how much of it is being used. Thanks, Anderson. The key here is that we have been rolling out charging stations at the levels we have based on demand. We've basically been putting them at a density that basically every 50 km or so there's a charging station on our network. The government's objective, which they announced earlier this year, to have all service areas on motorways with a charging station, meant that the percentage usage utilization levels will be lower than they have been. The government is effectively paying us to install those additional units. That effectively compensates us for it being supply-led as opposed to demand-led. Okay. Thank you. Thank you. Your next question is from William Park, from Credit Suisse. Go ahead, thank you. Hi. Thanks for taking my question. Just on traffic for Dulles Greenway. I appreciate that you've pointed out employees going back to work and school season. How should we think about traffic recovery profile versus the chart that you provided? Do you expect that to step up in coming months at a faster rate than what we have seen over the last 12 months? William, it really comes down to the two issues. One is the rate at which schools go back to full in-class learning. As I mentioned, vaccination programs are underway for 12- 18 year olds as we speak within schools. The U.S. is having now approved Pfizer, is looking at providing vaccination to even younger levels. That's, I think, a key driver. If children are back in school and the employer is seeking as we've sort of seen in the U.S. press, expressing a desire to get people back into the office, then the combination of those two things will lead to higher traffic. Really, they're the two components that are going to determine the rate of increase in traffic on Dulles Greenway. Yep. Just a final one, hopefully a quick one. Any updates around discussions with ADELAC concession extension at all? Yep. As we said at the year-end results, a major package of capital works is unlikely to be dealt with until following the presidential elections in 2022. As was explained, I think, on the Eiffage call today, and Vinci also mentioned it on their call, there is a management contract negotiation underway for a smaller package that can be dealt with by the regulator as opposed to the legislature. We have seen these packages, and we have a slide in the Macquarie Conference data. I think it's page seven of that information, which was done earlier in the year. You can see the frequency of those management contracts, which is roughly every four years. The last one was done in 2018. It gave toll increases as compensation from 2019 through 2021. As you can see, there's the opportunity to pull a package in with toll increases from 2022. That smaller package may be negotiated prior to the election. Thank you. Time today. As we've explained, we're very focused on riding the recovery from COVID through vaccination in Europe and North America, which is freeing up those communities to be far more actively engaged. The traffic in July, August has been very encouraging, and we're seeing very positive signs. As I said, we're totally committed to the strategy we've outlined, and we are focused on delivering further value to our investors as we move forward over the coming year. Thank you, everyone. Thank you very much. That does conclude today's presentation. Thank you all for attending. You may now disconnect your lines.