Thank you for standing by, and welcome to the Sydney Airport full year results conference call. I would now like to hand the conference over to Mr. Geoff Culbert, CEO. Please go ahead. Well, thank you, and good morning, everyone, and thanks for dialing in to the 2020 full year results presentation for Sydney Airport. Today I have with me Greg Botham, our Chief Financial Officer, Vanessa Orth, our Chief Commercial Officer, and Dhruv Gupta, our Chief Aviation Officer. As usual, I'll be kicking things off, and then Greg, Dhruv, and Vanessa will run you through our financial results and then the performance of our aeronautical and commercial businesses. Before we get going, I would like to acknowledge the Aboriginal people of coastal Sydney, who are the traditional custodians of the land on which the airport sits today. We pay our respects to them, their cultures, and to their elders past, present, and emerging. I'm sure for those of you who have been dialing into our results calls over the years, you'll also be aware that it's our practice at Sydney Airport to open every meeting with a safety share. For today's safety share, please turn to page four. I want to give you an overview of the work we did throughout 2020 to make the airport a COVID-safe environment, and also give you a rundown on the role we played in supporting the quarantine arrangements for returning travelers. The first thing to say is that the people at Sydney Airport have been genuinely on the frontline of this crisis. New South Wales has handled the bulk of people returning from overseas since the pandemic began, it's been a big ongoing operation at the airport to disembark passengers and make sure they are safely processed through to hotel quarantine. To date, it has worked extremely well in protecting the people of New South Wales and Australia from the virus. This hasn't happened by chance. There have been a number of key actions that have underpinned this operation and allowed us to keep people safe, and importantly, to keep the airport open as an essential service. First, we've worked very hard to develop a robust COVID-safe terminal plan. This plan was informed by protocols that were developed at an industry level through the Australian Aviation Recovery Coalition and backed by the Australian Health Protection Principal Committee or the AHPPC, as it's better known. Our COVID-safe plan covers everything from enhanced cleaning and hygiene regimes to how we maintain physical separation between incoming red line and green line passengers. We were really pleased in early 2021 to receive the Airports Council International Airport Health Accreditation based on the protocols we implemented over the course of last year. To achieve this accreditation, we were assessed against global standards relating to cleaning and disinfection, physical distancing, staff protection, physical layout, passenger communications, and passenger facilities. In addition to these direct health and safety measures, throughout 2020, we also worked intensively at an operational level with the government agencies from the New South Wales Police Force, New South Wales Health, through to Border Force and the Australian Defence Force to continue the safe facilitation of passengers and freight through the airport. We've always worked well with these agencies, but having gone through COVID together, I think our relationships are now at a new level. We're incredibly proud of our people who have worked so constructively with our agency partners and have been in the terminals day in, day out, on the frontline of the crisis. As a consequence of their actions, the Australian community has been kept safe, whilst thousands of Australians from COVID hotspots all over the world have been able to come home. These actions have also allowed us to keep the airport open as an essential service to facilitate the movement of workers, medical supplies, agricultural exports, and to support the ongoing repatriation flights. That's where I'll leave the safety share. If you skip to page six, I'll now go through our 2020 results. Today's results and the metrics you see on this slide are a reflection of the most difficult year our business has ever faced. It's important to remember here that 2020 was really a tale of the first quarter versus the remaining nine months of the year. We had a pretty good Q1 despite the impact of the bushfires. From April onwards, our passenger volumes fell off a cliff as borders closed. You can see we landed at 11.24 million passengers for 2020, a 75% decline on the previous year. The impact of the decline in passenger traffic was felt through each line of the financial results that you can see on this page. Revenue in 2020 was down by 51% to AUD 803.7 million. EBITDA was down by 62% to AUD 508.1 million. Net operating receipts or NOR, as we say it, declined by 95% to AUD 45.5 million. All this led to a net loss after tax of AUD 107.5 million. Unfortunately, the severe impact of COVID-19 on passenger numbers and revenue means we are not able to pay a distribution for the 2020 year. It is important to note that we were not passive in the face of this pandemic and in the face of this crisis. We said at the start that we would control the things that we could control. One of those being operating expenses, and you can see here that we reduced OpEx by over 30%, coming in at AUD 138.8 million for the full year. We also moved quickly to tightly control CapEx, reprioritizing it down to AUD 237.5 million for the year. If you turn to the next slide, I'll walk you through some of the other actions we took last year to mitigate the impact of this crisis. At the start of the crisis, we knew it would be essential to develop some basic principles that would guide our decision making, and we adopted two key principles that we defined early on and are still following. Number one, protect our people, and number two, protect the business. When I say our people, it's not just the direct employees of Sydney Airport. It's everyone who sets foot on the airport, including airline staff, government staff, retailers, suppliers, passengers, and visitors. Operationally, we were called on time and time again by the federal and state authorities to set up new procedures, often at extreme short notice with no margin for error. When I say extreme short notice, I'm not talking about days, I'm talking about hours. Some of those measures are listed on the left-hand side of the page that you can see here. They not only delivered on our objective of protecting our people, but also allowed us to meet our undertaking to keep the airport open as an essential service. When it came to protecting the business, we took a number of decisive actions characterized by a strong focus on liquidity. We moved quickly in April to secure an additional AUD 850 million of bank facilities. We acted immediately to control costs, reducing OpEx by almost a third, as I mentioned on the previous page, and reduced our capital expenditure significantly. Six months into the pandemic, and with the future still unclear, we went ahead with our AUD 2 billion equity raise. It was encouraging to see the raising strongly supported by investors with more than 80% take-up by existing investors by value. Importantly, the raising was structured in the fairest way possible, ensuring all security holders, including our retail security holders, were able to participate on a pro rata basis and not have their holding diluted. All of these actions taken together should put us in a position to manage through the pandemic regardless of the shape or pace of the recovery, and then to make the most of the recovery when it arrives. I'll now move to the final slide in this section before I hand over to Greg for the financial results. If you go to the next page, you'll see a slide we put together, and we wanted to include this slide to demonstrate the speed and severity of the crisis as it took hold in February and March last year. Between the 30th of January, when the WHO declared a global public health emergency, to the 28th of March, when hotel quarantine for all international arrivals was mandated, exactly eight weeks elapsed. During this short eight-week window, we were rapidly adjusting our operations to rolling government announcements, including health screening, travel bans on arrivals from China, then Iran, then South Korea, then finally Italy, domestic border closures, and then ultimately, a complete ban on foreign nationals and non-residents entering the country. For us, that was the acute phase of the crisis, and the entire country at that point was in lockdown. From that point, we were responding to a constant stream of changing requirements and adjustments, many of which you can see on this page. Lookin' some of these look straightforward on paper, but they required significant changes to our operations. As I said before, many of these needed to be implemented within hours of us receiving notice. Coming into the second half, we allowed ourselves a little bit of optimism as domestic travel restrictions were eased in June and July. With the outbreak in Victoria and in Southwest Sydney, borders slammed shut once again, and we really didn't see any signs of a domestic recovery until October, which was then quickly snuffed out as a result of the outbreak in Avalon in Sydney's Northern Beaches. As a consequence of everything that we dealt with in 2020, we have taken an enormous amount of confidence about the strength of our operational processes, the capability of our team, and the ability to deal with any challenge that is thrown our way. I'm extremely proud, extremely proud of the way the team responded in the face of the crisis, and I know that is going to hold us in good stead as we move into the recovery phase. Before I hand over to Greg, I do just want to thank the entire team at Sydney Airport for everything they did last year and continue to do this year. They are truly on the front line of this crisis, and they deserve an enormous amount of praise. Thank you to them. Over to you, Greg. Thank you, Geoff. Let's move on to slide 10. We can go through the statutory income statement. Geoff spoke earlier on certain key financial metrics, here including revenue, OpEx, EBITDA, and our post-tax loss for the year. There are some additional numbers I'd like to explain further now. The first is that we've recognized AUD 115.7 million in other income for the Sydney Gateway project. This reflects the gain on disposal of various parcels of land that we handed over to the New South Wales Government across the second half of 2020 as part of the project agreement we entered into. Total operating expenses were down by 3% to AUD 295.6 million, with controllable operating expenses down by 32% year-on-year. I'll talk to the detail on that in a few moments. Other expenses include a AUD 28.2 million write-down of certain capital projects that we now expect won't proceed. We did recognize AUD 22 million of that in the first half, now a further AUD 6 million in the second half. We incurred AUD 7.5 million of costs during the year also in respect of our organizational restructure. The indemnity refund of nearly AUD 40 million here relates to a refund received in early 2021, recognized net of costs in the 2020 P&L. This relates to one of the legacy Danish tax matters that we had fully provisioned for in prior years. As I've said previously on these calls, we do believe we have grounds to keep working on those matters for some better outcomes than those we had provisioned for. It's very pleasing to actually see this refund or realize this amount recently. Headline EBITDA of AUD 627.8 million for the year, excluding other income expense items, the EBITDA was AUD 508.1 million, down 62% on 2019. Depreciation and amortization were AUD 440.4 million, broadly in line with the prior year. Net finance costs were AUD 431.8 million, up slightly on 2019. This did include quite a few non-cash elements, which we outline on the next slide. The loss before tax for the year was AUD 244.4 million, and the tax benefit on that was AUD 136.9 million. A net loss after tax got you to that AUD 107.5 million. Turning to NOR. This table, as per usual, reconciles the statutory results to net operating receipts, which ended up, as Geoff mentioned earlier, slightly positive for the year at AUD 45.5 million or AUD 0.019 per security, even in this highly unusual year. Profit before income tax comes from the statutory income statement on the previous slide. We add back various non-cash elements of net interest expense. This period, you can see a large add back for the change in fair value of swaps. This pretty much is offset by the amortization of interest rate swap resets further down in the table. For completeness on that, we back out the amortization for the pro rata benefit we obtained in respect of those swap resets out to December 2020. We've also added back non-operating items such as the indemnity refund coming through and the Sydney Gateway gain on disposal. Moving to balance sheet and liquidity. Here's a snapshot of our picture and profile on the back of all the steps we took during 2020. This is where we sit as at December 31. We finished the year with significant liquidity of AUD 3.5 billion, made up of AUD 1.1 billion in cash, +AUD 2.4 billion of fully undrawn bank facilities. Our liquidity and balance sheet position give us confidence that we should be able to chart a path through the recovery, irrespective of the pace or shape. On that point, obviously one clear and very significant positive since we raised equity at the half year is the effectiveness of the various vaccines emerging and the rollout currently underway. All the steps we took on balance sheet last year were the right ones, but on top of that, clearly the vaccine provides much greater confidence and clarity as we look out into later 2021 and beyond. Net debt stood at AUD 7.5 billion at 31 December, down AUD 1.6 billion in round terms from 30 June, reflecting the impact of the equity raise, partly offset by CapEx, the jet fuel infrastructure acquisition, interest rate swaps in terms of resets, and also working capital. Our net debt to EBITDA ratio for the year therefore stands at 11.9 x, which is not particularly meaningful as a measure at the moment. Our cash flow coverage ratio is 1.8 x for the year. We continue to expect, and I say this again on this slide, that we expect to remain compliant with our covenant requirements, consistent with what we said throughout 2020. We expect to remain compliant right through 2021 and beyond as we recover out of this COVID situation. Our credit ratings from the agencies are steady. S&P have us at BBB+ and Moody's have us at Baa1, both on negative outlook as it was at 30 June. We remain committed to maintaining at least BBB or Baa2 equivalent ratings, which is one notch below our current levels. Average debt maturity stands at mid-2026, which you can see here is the dotted line through the chart at the bottom. It's an extension of about six months from where we were in the first half of 2020, largely as a consequence of the repayment of a maturing bond back in November using a portion of the equity raise proceeds. Average cash interest rate stands at 4%, down 0.2% from the half, and that includes the reductions flowing from the interest rate swap resets that we executed early in the second half of 2020. Interest rate hedging on a spot basis as at 31 December remains high within our range at 95%. As we look across 2021, we have two bonds maturing with more than sufficient liquidity already in place to cover these as a result of all the steps already taken. Moving to revenue. This page provides a walk to the reported statutory revenue numbers in accordance with the accounting standards for retail and property versus what we show again in our results as adjusted revenue figures, which we feel can be more meaningfully interpreted by you. Revenue and the treatment of concessions by landlords like us depends on when an agreement is reached to abate rent. Once an agreement is reached, the abatement amount is amortized over the remaining lease term on a straight line basis. Broadly, where an agreement is not reached, that abated rent is expensed through OpEx as an expected credit loss. Of the AUD 92.1 million of abatements provided to retail tenants in 2020, AUD 40.1 million was recognized as an expected credit loss in OpEx, and AUD 52 million will be amortized against revenue over the life of each lease, some of which has already occurred in 2020. A further AUD 29.1 million provision for doubtful debts in the retail portfolio has been raised, where we have assessed a probability at this time of not recovering the amounts owed, leaving an adjusted retail revenue figure of AUD 136.9 million. The same steps apply for the property portfolio, resulting in an adjusted revenue figure for property of AUD 157.6 million. Moving to expected credit loss. Similar to the revenue slide, there's certain items in the operating expenses in total that warrant a bit more detailed comment. Of the abatements provided to tenants, which we just discussed on the previous slide, AUD 52.5 million of rental abatements were expensed in accordance with the accounting standards through operating cost. With the Virgin Group specifically going into administration during the year, we did fully impair all the pre-administration debts in the first half of the year. Following the conclusion of the administration process, an AUD 8 million agreed dividend from the assets of the creditors trust was earmarked for us. This resulted in a net AUD 13.8 million charge recognized as the expected credit loss in OpEx for the full year. A further AUD 27.6 million in provisions have been made across our other receivables where there is a risk to recovering those debts. The AUD 28.2 million impairment on capital projects I've touched on previously, also noted before the AUD 7.5 million in organizational restructuring costs, and of course, the AUD 39.7 million benefit in respect of Danish tax. Putting all those items together explains our total expenses, number of AUD 291.6 million you can see there on the right-hand side, including security recoverable costs. Looking more closely at operating cost. In short, we delivered on the targets we set for ourselves early last year. For the second half of the year, we were down 44%, including JobKeeper benefits, versus the second half of 2019, and we've executed a 32% overall reduction year-on-year. Our focus through the crisis has been to pull every sensible lever available to us on controllable cost. This walk on the slide outlines the key components of that. We focused on operational measures, such as the closure of car parks in certain terminal areas. We also made some difficult but necessary decisions in relation to restructuring of the workforce to reflect the lower levels of activity at the airport and reduced capital project pipeline. As you can see, there's some new costs coming through in regards to the operation of the airport's jet fuel infrastructure, of which we took control in Q4. The mindset we have for 2021 is that OpEx will only grow in line with the recovery, not ahead of it. Cost and activity will sensibly get added back as the recovery builds, the team did such strong work on cost during the year that we're confident that many savings are sustainable into the longer term. Turning to CapEx. As you know, we pulled that back significantly from Q2 onwards during the year. For the full year, we ultimately invested AUD 237.5 million, excluding the jet fuel infrastructure acquisition of AUD 85 million. You can see this step-down effect across the year. The second half was less than AUD 85 million of CapEx. In 2020, we decisively reviewed and recast our entire CapEx program. As you know, we categorized all projects into three groups: critical, deferrable, and opportunistic. We did end up deferring a number of large capacity-enhancing projects like the southeast sector aprons and the southern bag room. The projects we ultimately proceeded with were those that are critical to preserving the resilience of the airport, and they make up the majority of what you can see on this slide. The runway resheet works fall within this category, which is a project that needs to happen every eight to 10 years. It's a big undertaking. Our runways are the equivalent of 70 football fields in size, and the work needs to happen during the curfew to ensure operations are not disrupted. We're also very focused on the environmental impact of these works and made sure that the existing pavement material was put to good use, with more than 24,700 tons recycled during the year. The Northern Ponds project is also one we're particularly proud of. It involved converting a layover area into active bays with refueling points and provision for passengers to be bused to and from aircraft. The new bays also mean aircraft can connect to ground power and preconditioned air, which will deliver environmental benefits. Another important development was taking back control of the airport's jet fuel infrastructure. This will help us drive competition in the supply of jet fuel and allow us to better influence the use of sustainable fuels at Sydney Airport as the technology evolves in this area. In terms of opportunistic projects, the Terminal 1 retail development and the Terminal 2 bathroom upgrades are good examples of these. Both were able to be completed faster and with less disruption as a consequence of quiet terminals, and both will deliver an improved customer experience as the recovery ramps up. Now, let me hand back to Geoff. Great. Thanks, Greg. If you turn to the next page, I'll break down our performance across each of our businesses in more detail, and then I'll hand off to Dhruv and Vanessa for their updates. At the half year, we highlighted that those businesses with the greatest exposure to fluctuating passenger movements were the ones that were hardest hit, and that's held true for the full year. Before I step through each of these business results, I want to explain the adjusted revenue figures on the page. The adjustments account for all of the rental abatements and doubtful debt provisioning that Greg mentioned earlier, which we think shows a clearer view of the results for the year and the actual impact of COVID-19 on each business. The hardest hit in this regard were our aero and parking and ground transport businesses. Revenue fell across both these businesses by nearly 70%, which is a close correlation to our overall year-on-year PAX decline of 75%. Retail was the next most impacted business, down by 34.9% for the year. Down by 63.5% once abatements and doubtful debts were accounted for. Our property business, by comparison, fared slightly better in 2020 owing to lower direct exposure to passenger numbers. On an adjusted basis, revenue across our property and car rental business was down by 37.3% from the previous year. In a moment, Vanessa is going to provide more detail around our approach to abatements and some of the drivers of the commercial revenue results. First, I'll hand over to Dhruv, who will walk you through the aero business. Over to you, Dhruv. Great. Thanks, Geoff. This slide shows perhaps the starkest illustration of the impact that the travel restrictions had on our business. It also very clearly shows the difference between our performance in the first quarter versus the last nine months. 80% of our total traffic for the whole year was generated in that first quarter. Going down the page, you can see our international passengers were down 77.5% on 2019 and down 97% in the second half on the prior corresponding period. International traffic pretty much flatlined from April onwards. The unfortunate reality is that these depressed traffic numbers are likely to continue internationally until border restrictions are eased. Domestic was marginally better, down 73% on 2019 and down 89% in the second half. For domestic, you can see that we had a couple of false starts. Traffic from May to July jumped by over 300%, reflecting a very short window of restriction-free travel to and from Victoria and Queensland before the borders snapped shut again following the Victorian second wave. Traffic then ramped up again from October to December by about 250% before borders once again shut following the Northern Beaches cluster. The impact of that December border closure was evident in our January traffic figures as well, where domestic traffic fell back to October levels. Prior to those border closures, we were seeing a significant return of domestic capacity, with seats returning to nearly half of pre-COVID levels towards the middle and end of December. Next slide. We showed an earlier version of this slide at the half year, and it clearly shows that Australia continues to lag behind most other markets in terms of the domestic recovery. However, the more positive message to take from this is that when state borders do open, people are getting on aircraft and a relatively steep domestic recovery is possible. With the vaccine rollout underway, we actually see good reason for more optimism than previously about the management of domestic border closures. Indeed, once we get to a point in the vaccine rollout where vulnerable populations have been vaccinated, the argument for border closures becomes increasingly weak. Geoff's going to talk about this in more detail later. Our domestic airline partners are also working to stimulate the domestic recovery with plenty of recent marketing activity and sales campaigns. For us, our primary focus in relation to the domestic recovery is continuing to work with our airline partners and the government to give people the confidence to travel. That means when they come to the airport, when they get on aircraft, they feel that it's an environment where their safety is being taken seriously. Next. No one's more interested in the shape of the international recovery than we are, but given the ongoing uncertainty, what we see happening with COVID in Europe and the U.S. and elsewhere, the international recovery remains extremely hard to predict. Forecasts from IATA, the peak body for airlines, are shown on this slide. These forecasts were updated in November 2020. We also showed a version of this IATA slide at our half year, and it made the same general prediction. That is, we won't get back to 2019 levels on an RPK basis until 2024. What has changed, however, is that they have expanded their range of uncertainty, which remains heavily weighted on the downside. Taking a step back, though, we take a cautious view of any international forecasts. For example, since these forecasts were put out, international vaccine rollouts have commenced in a number of markets well ahead of IATA's assumptions and at encouraging rates. As Geoff will walk through in a few moments, we believe that there are very strong arguments for why domestic and international borders should open once the vaccine rollout has been progressed, and that this has the potential to significantly accelerate the pace of recovery ahead of the IATA projections. Overall, our view is that Australia is in a unique position with respect to how it has successfully managed the virus. As the vaccine rollout gains traction, we expect that debate about restoring international traffic and travel to intensify. Next slide. This slide provides some further color around our airport's ability to implement different processes in response to changing requirements as we work through the recovery. The nature of our infrastructure within the international terminal means that we have great flexibility to meet varied operating demands, which will be important given the ongoing uncertainty we face. An earlier slide showed the timeline of the upheaval that the aviation industry has faced. Operationally, that has meant that we have often had to set up new zones, new processes at extremely short notice, as Geoff mentioned, to meet these changing requirements. It's an incredible testament to our frontline teams, how they've adapted the airport and the operations, keeping people safe and the airport functioning. Currently, we've segregated our international terminal into two broad zones, one for green and one for red arrivals. In addition to the physical segregation of passengers within the terminals, we've also set up distinct processes within these zones, for example, for crew testing and quarantine. The green zone is currently only being used to facilitate New Zealand bubble arrivals that don't require quarantine, while the red zone is for passengers going into hotel quarantine. Our experiences through 2020 have given our frontline operational teams plenty of match fitness, and we're very confident that we are ready to go as soon as the government gives the go ahead on international travel. If it remains the case that we need to maintain red and green channels for a while, and that's our expectation, we can manage that. Importantly, the structure of our terminals means that we should be able to scale up the green channel and meet the anticipated demand once borders begin to open up in line with the vaccine rollout. Next slide. Since our last update, we reached a short-term agreement with Virgin following their administration out to June 2021. The rationale for the rollover of the aeronautical agreements with Virgin, the Qantas Group, and our international airline partners was to give all of us the time and space to get a clearer line of sight to the recovery during the height of the crisis. Striking an agreement that works for all parties over the long term will require a level of clarity around capital investment projects, passenger growth forecasts, and the service requirements of individual airlines. We're working with all of our airline partners through these issues at the moment, but with the ongoing uncertainty, a further short-term rollover remains a realistic outcome. One thing that we do have a very clear view on is around what we as Sydney Airport want out of these agreements. We're looking to promote the efficient use of our infrastructure and to deliver a great experience for travelers. On that note, we welcome the fact that the Department of Infrastructure is currently reviewing the Sydney Airport Demand Management Scheme and considering whether the current approach to slots and demand management is delivering the best outcome for all users of the airport, the community, and the economy. One of the main points we are making in this review is that as a consequence of how the current rules work, combined with the practical realities of how airlines schedule and fly and the impact of daily operations, we actually average far below the 80 flights an hour that we are allowed, even in those hours where we're deemed to be full. The reasons for these are complicated and technical, however, what we're basically asking for through the review are reforms that will help us to get to 80 movements an hour, which was always the intent of the scheme. Overall, our submission to the review emphasized fairness, efficiency, and access, and we look forward to the government's response in due course. That's it with the aero update. I'll now hand over to Vanessa to go through the commercial businesses. Thanks, Dhruv. Before we run through each business, I do want to highlight, like we did at the half year, the two principles that we've applied to discussion with our commercial partners. The first is that all support arrangements must be fair and equitable. The second is that they will be temporary, which is reflecting our expectation that the impact of COVID, although it is severe, will also be temporary. Specifically, we've been entering into abatement agreements in three-month tranches. The first tranche was for the period April to June 2020. We're now up to the fifth tranche of relief discussions for the June 2021 quarter. Taking this phased approach will enable us to flexibly scale back our tenant support in line with the recovery, with the view of eventually resuming our pre-COVID agreements. Within the commercial portfolio, retail was the hardest hit, with 73% of contracted rents abated from Q2 to Q4. What we're pleased to see is that our occupancy rates are still holding up strongly at 97% at the end of 2020. This commitment by our retail tenants is an endorsement of the long-term fundamentals of the airport, and their support is extremely encouraging. The property business had a lower proportion of rental abatements, as there is greater diversity and less direct exposure to the passenger fluctuations. Where there were specific businesses that were significantly impacted, like airline lounge operators, caterers, and car rental businesses, we applied the same principles to relief as we did with our retailers. That being said, a significant portion of our property revenues are generated from a leasing portfolio of nearly 1 million sq m of leased space across a diverse range of businesses, from public sector agencies to freight and logistics. This was reflected in the demand for leasing sites, with 25 new lease agreements negotiated on existing or improved terms. Again, we're encouraged by the high occupancy rate of 98%. Within the commercial business, parking and ground transport had the greatest exposure to passenger traffic and was therefore the most affected. For this business, the focus was on controlling what we could. For March, we put a number of car parks into hibernation and worked hard to bring operating costs down. Our car park occupancy reflected changes in domestic passenger traffic throughout the year, and we saw demand for parking return in December as domestic borders opened up. We're also watching closely just to see if there's a permanent shift towards private transport as the pandemic subsides, and we're making sure that we're able to accommodate that increased demand. Let's jump to the next slide. On this slide, we've pulled out both immediate highlights across the commercial portfolio and also some initiatives on the horizon that we believe will deliver value over the longer term. As I mentioned, we're seeing strong demand from both existing and prospective commercial partners, which aligns with our view around the long-term prospects for Sydney Airport. Global luxury retailers have posted some of their strongest sales results in history through the pandemic, and as a consequence, they have both the desire and the capacity to expand and invest in high-value airport locations. We're having ongoing and productive discussions with a number of global luxury retail brands about a new or an enhanced presence in our international precinct. We also have a number of short and medium-term opportunities to free up valuable real estate across our constrained site, with the most immediate being the jet base when the 12-month license agreement with Qantas expires in June. When the Sydney Gateway project is complete in 2024, it will also unlock a range of real estate opportunities on the north of the airport site, and over the next two years, we will be examining what is the highest and best use of this site. We will also continue to invest in the customer experience, both in terms of hard infrastructure that will improve access and ease congestion, as well as digital infrastructure that will improve things like how customers search for and book parking. I think there's no hiding from the fact that 2020 was an incredibly tough year, but the support we've had and the demand we've seen from both our existing and our prospective commercial partners gives us cause for optimism. That concludes the commercial update. I'll now hand back to Geoff. Okay. Thanks, Vanessa. Before I close out, I do want to spend a moment talking about the path to recovery now that the vaccine rollout has started. Over the past year, I've been chairing the Business Council of Australia's Tourism, Freight, and Logistics Task Force, and we've come up with a simple and logical plan for easing restrictions that's tied to each phase of the federal government's vaccine rollout, and you can see that on this page. For example, once Phase 1b is complete and the most vulnerable populations in the community are protected, it's our view that domestic borders should be permanently open. Following Phase 2a we'd like to see international borders fully open to specific groups like Australians wanting to return home, international students, and skilled workers. Finally, once we're into Phase 2b, which covers the balance of the adult population in Australia, it becomes time to open international borders to inbound and outbound travel, and that should be by October. This may be subject to proof of vaccination or risk-based quarantine, but the borders are open. We believe this is a common sense and logical approach, and it reflects the grand bargain that people are essentially making by getting the vaccine. If you sign up to get the vaccine, you're signing up to get your life back. We can't have is a scenario where you get the vaccine, but you can't visit your friends or family interstate or overseas. You can't plan a wedding. You can't attend a funeral. You can't go visit your employees, customers, suppliers. That can't be the deal. If you get the vaccine, you get your life back. Importantly, and this is an important point, we need to plan for this. People and businesses need to be able to confidently make decisions with certainty around the restrictions they'll be subject to in the future. There's potential for significant economic upside for the country if we get this right. No country has done a better job at managing the virus than us. We will be the best country in the world to study in, the best country in the world to move to as a skilled worker, the best country in the world to holiday. We need to get ahead of this. The world will start opening up at the back end of this year. If we wait until after our vaccine rollout to start the planning for how Australia will open up, we're going to miss this opportunity. The time to start planning is now, because we want to give the nation the best possible chance to bank the dividend from our world-leading response to the pandemic. This is a conversation we need to be having now. We need to bring as much focus to rolling back restrictions as there is on rolling out the vaccine. Let's move to the next page. To conclude the presentation before we go to Q&A, I want to spend a bit of time talking about our focus on sustainability and community. Let's move to that page. In a year like 2020, when everything that you know about your business is challenged, you really are forced to reassess your priorities. As we worked our way through the year, there were many things that we had to change, and there were plenty of tough decisions that we had to make. At the same time, you get an opportunity to truly assess what you stand for. Some things are so core to your values that you stay the course, irrespective of the challenges of the external environment. We launched our new purpose statement last year, which is to make Sydney proud every day. That's not something that we just roll out in the good times. It's when the going gets tough that you really have to lean on your purpose to guide your decision-making, and that applied to our approach to sustainability. We're proud of the fact that we didn't lose sight of our sustainability and community agenda throughout the year, and this has been reflected in improvements in a number of key areas. Our leadership in sustainability was recognized by global ratings agencies. We ranked third globally in Sustainalytics Airport sub-industry sector as sector leaders in S&P Global Sustainability Yearbook for 2021. We're rated AAA by MSCI. We raised AUD 600 million through the first ever sustainability linked bond. This is on top of the world leading sustainability linked loan we launched last year. Over the year, we maintained our ACI Level 3 Airport Carbon Accreditation and reduced emissions where possible by managing our assets to reflect the step down in activity on the airport precinct. Like many of our metrics this year, our performance on carbon emissions was heavily skewed by the lower levels of passenger traffic. Case in point, our carbon intensity measured as emissions per passenger was skewed by the 74.7% drop in passenger traffic. For many of the metrics, 2020 will always have an asterisk against it. Overall, we continued to make progress on our sustainability agenda. We also continued to build our safety culture this year, exceeding the target for safety walks and continuing to strengthen safety governance. The number of injuries across our workforce also reduced by 43% last year. Last year, we expanded our focus on mental health and wellbeing in recognition of the demands that were placed on our people by the crisis. More than 1,000 hours in new mental health training were delivered, including our first volunteers being trained in mental health first aid. For the first time ever, we achieved 50/50 male female representation on our executive team, and our gender pay equity ratio improved to 99.8%. Our commitment to our people during this time was reflected in an improved employee engagement score of 80%, which was up 14% on the 2019 result, which is something that we were particularly pleased with given everything we went through as a team last year, including the restructuring in September, which was tough on everyone. We also updated a number of important policies this year, including our code of conduct and human rights policy, and introduced a new fraud and corruption control policy. Sustainability requirements under our supplier code of conduct was strengthened, and we developed our first modern slavery statement under the new federal Modern Slavery Act, which you can see on our website. In summary, 2020 was not a year where we stood still on our sustainability agenda, despite the challenges we faced. The same can be said for our community engagement activities, which you can see on the next page. The COVID-19 crisis meant some of our annual activities, such as the runway run, couldn't happen in 2020, but we were still able to deliver several important initiatives and events for our local community. We were proud to award our first SYD100 scholarship for study at the University of New South Wales, which supports the next generation of aviation leaders. We donated to bushfire affected communities, and through our Lost Property auction, we supported the Sydney Children's Hospitals Foundation. At the depths of the crisis, when activity at the airport was slow, we established Secondments at SYD, a program that gave our staff the opportunity to share their skills and experience with local organizations requiring support, including the Marrickville Legal Centre and the Harding Miller Education Foundation. Our people contributed nearly 2,000 volunteer hours to emergency relief, local schools, and environmental initiatives over the past year. Through our work with the Gujaga Foundation, we formed a relationship with the Gamay Rangers, a ranger program in La Perouse that undertakes land management activities on cultural areas within Botany Bay. We partnered with the Raise Foundation to mentor students at Canterbury Boys High School. When we decided to embark on our equity raise, we chose the social enterprise Adara Partners as our corporate advisors. This meant that more than half a million dollars went to causes supporting families living in extreme poverty. I emphasize the importance of our local community to the airport because we very much see ourselves as a community asset as well as an infrastructure asset. One of the unfortunate realities of COVID-19 is that we estimate that more than 10,000 jobs have been lost from the airport precinct, with the majority of those jobs from the community who live around the airport in the local suburbs. As the industry recovers, those jobs will come back. The airport will resume its critical role as an economic driver and job creator for the local community. In the meantime, we'll keep supporting our local community as best we can. Let's go to the next page, and I'll finalize the presentation with some comments on the outlook. As we look ahead, we do so with a degree of optimism, but also with the recognition that the future and the path to the recovery still remains uncertain. Given that uncertainty, we're not in a position to provide guidance on future distributions. We understand the importance of distributions to our security holders, and we certainly don't take any decisions around the distribution lightly. Over the course of the year, our focus will remain on controlling the things we can control. This means maintaining the absolute highest standards of hygiene and safety in our terminals. This means keeping the airport open as an essential service to transport medical supplies, get our agricultural exports to the world, and to bring people home. It means keeping tight control on costs and not allowing them to get ahead of the recovery. It also means making sure we're ready to go once the borders are open and people start traveling again. Given all the work we did last year, we're well-placed to be able to do all of these things. With our strong levels of liquidity, we should be well-placed to manage through, regardless of the shape or pace of the recovery, and to take advantage of growth opportunities that emerge through the recovery. We'll continue to build on our strong relationships with governments at all levels and work to ensure that we don't miss a single day's flying as soon as we get the green light. I said at the half year that Sydney Airport has been a great business, and it will be a great business again. With the vaccine rollout now underway, we can see the path to that future. Before I conclude the presentation, I do want to acknowledge the announcement we made today that David Gonski will succeed Trevor Gerber as our chair following our annual general meeting in May. We'll have more to say at that at the AGM, and Trevor's still in the seat until then. On behalf of the staff and the management team at the airport, I want to thank Trevor and acknowledge his nearly 19 years of service on the board and six as Chair. Trevor will leave an enormous legacy at the airport. Personally, I've really valued Trevor's guidance and wise counsel since I commenced as CEO, and especially over the last 12 months. Trevor's leadership has been absolutely instrumental in helping us navigate through this crisis. On behalf of the staff and management team, I also want to congratulate David Gonski, who needs no introduction. David will be a tremendous asset to Sydney Airport in the years ahead, and we're all looking forward to working with him as we chart a path to the recovery. Thanks for your attention, and we'll now move to Q&A. Thank you. Our first question is from Simon Mitchell of UBS. Please go ahead. Good morning. Just given how uncertain things still are, I just wanted to spend a bit of time on the cash burn rate, just so we understand that going forward. Net operating receipts for the full year, about AUD 45 million, which means second half was AUD -45 million. I think that's using stat revenue, not adjusted. Is that right? That's correct, Simon. Yep. If you use adjusted, which is more akin to cash, it's more like AUD 110 million negative for the second half. Is that followed correctly? I haven't got your precise figures. The way I think about it, Simon, NOR is our standard format of free cash. Obviously, it's not a measure of cash burn per se, I wouldn't hold that out as the right measure necessarily. NOR serves us well in good times and bad, this year obviously has been an abnormal year. In terms of operating cash burn, relative to our balance sheet and our liquidity is very modest. We were probably for the last number of months in 2020 in the order of perhaps AUD 5 million-AUD 10 million a month in total pure operating cash burn down, which is a very modest number in the grand scheme, and that was off a period where we had very minimal domestic traffic as well. Operating cash burn is very modest in the context of Sydney Airport's liquidity and balance sheet. I think one of the bigger things we're obviously focusing on for 2021, of course, is getting that volume back into the business because we obviously have a lot of capital invested and assets and facilities ready to use. That's obviously a focus for us in terms of 2021. In terms of that cash burn, it is a very modest level, albeit the last number of months of 2020 were pretty much de minimis traffic levels. Okay. Just on a related topic, just in terms of the pathway for the cash interest bill. The second half, I think cash interest was down around AUD 140 million, much lower than the AUD 200 million in the first half. I assume that's largely due to the swap reset that was put in place? That benefit continues into the first half of this calendar year, and then the interest bill presumably will go back up in the second half. Is that the correct interpretation? That is, Simon. On the swap resets that we were able to execute in July, we incurred an upfront cost of circa AUD 137 million or so. Of that, to your point, probably AUD 60 million pro rata is a benefit in calendar 2020 year between, call it, circa July and December, and then the remaining AUD 77 or so will feed its way through into the 2021 bill. It is absolutely available to us to do further swap resets. We have a very significant swap book, and so we'll continue to monitor that as an opportunity as 2021 unfolds. Okay, great. Just an operational question for Dhruv. I just noticed the Virgin Australia aero agreement extended for a short period, but I noticed there was some reference to some changes to that just based on the changes at Virgin. Is there any elaboration you can provide on that? I think clearly their scale of their operations is a bit smaller going forward. There's no longer a Tigerair operational. Some of the changes reflect that. We're in the middle at the moment, obviously, of discussing some of their needs going forward. The framework and the charges are broadly in line commercially. There are nuances around the edges, which is why it isn't a pure rollover. Okay. Just last one, if I could, just for Vanessa. Just on slide 24, you talk about the percentage of abatements across retail and property. I think you mentioned you've already finalized the Q1 arrangements and negotiating Q2. We should think about those same percentages applying into Q1 and then obviously possibly into Q2, depending on the extent of the speed of the recovery. Yeah. I'd be using the second half of 2020 as the run rate for the first half of 2021 for both retail and property. Okay. Okay, great. That's helpful. Thank you. Our next question is from Ian Myles of Macquarie. Please go ahead. Oh, good day, guys. Congratulations on a really tough year and getting through it. Couple questions for you. You talked about the slots, and I was just wondering, are you trying to suggest to the airlines that you want to charge an actual slot fee on a go-forward basis and then some sort of adjustment per passengers so that you're obtaining minimum fee for availability? Ian, the slot review itself has nothing to do with the charging structure. The slot review looks at the rules that govern how the slots are operated, the various things such as the regional rates, et cetera. In terms of what our submission for the slot review is, it's really focused on some of those operational and governance issues to close the gap to 80 movements. In terms of our commercial model going forward, we're looking at a range of options, and some of those options are gonna reflect the outcomes of the slot review. Okay. In terms of the passenger security charge, I saw some commentary that the charges, because the passenger numbers are so low, they're getting ridiculously large. Is there some sort of gap opening up between the actual amount going through your P&L and the actual cash flow flowing into the business? Ian, Greg here. I'll take that one. There is a bit of a timing difference on the cash flow. That is more pronounced this year, but there would always be a difference between P&L and cash flow. More pronounced, as I said, right now on the international side. We fully reflect and recognize the expectation that we're gonna recover all costs on security, but there may be a timing element of that as the international recovery in particular unfolds. We continue to account for that as a pass-through, and we're confident that we'll be able to recover all of those costs. Look, maybe at a broader level, you talk about taking advantage of growth opportunities as things reopen. I'm just wondering if maybe you can give a bit more color on what you identify as those growth opportunities as we get into this recovery phase. Maybe, Ian, I'll take that. There's probably two significant developments that we're looking at at the moment where we're in active planning, and that's about 40 hectares of real estate. The first being the jet base, and then the second being the northern precinct, which that real estate at the moment is quite constrained, but it does become unlocked due to the Gateway road project. We've sort of talked previously, there's 128 hectares of opportunity across the airport, but there's 40 hectares at the moment that we're in active planning for. I would add to that. That's absolutely right. I would add that I see some opportunity on the aero side as well. As I mentioned, Ian, there's no better place in the world to live, to study, to visit on holiday, to move to as a skilled worker than Australia, and I would argue New South Wales, given that we've got the best premier in the country. So we should, as global flight paths and global routes reset, there's a really big opportunity for us to take global market share. That's something that we're thinking about, we're looking at, we're working with our airline partners on that, and we're speaking to government about Okay. With that said, you would need to see a pretty significant restructure, I presume, of the way slots are managed and held by existing airlines to achieve that, wouldn't you? Given where the people have got what they've got for another 12 or 18 months. We still have capacity. Even pre-COVID, we had capacity. There's still opportunity for us to bring in additional services, even from a pre-COVID perspective. As we move through the pandemic, and we get to the end of it, and the slot waivers start to get unwound, then we'll see a resetting of schedules. Okay. Look, just back on your development of the jet base on the precinct. You said in the commentary, it'll take you two years to plan the northern precinct. How long do you think it'll take to plan the jet base? Well, I think with the jet base, we actually have the Gateway Road Project cutting through the perimeter of that site. Realistically, you wouldn't see a development starting on the site until 2024. Okay. Look, that's great. Thank you very much. Thank you. Our next question is from Owen Birrell of Goldman Sachs. Please go ahead. Hi, guys. Just the first question to Vanessa, just in regards to how you're, I guess, approaching the retail abatement. I know you mentioned that the rate of abatement for the second half of last year is a good proxy for this half going forward. Is it fair to say that you are, I guess, not applying any sort of recovery view into your discussions with the retailers? Owen, I think the way we're looking at it at the moment, and if you look at the domestic precinct, at the moment, we've got 74% of our retailers are open and trading. For us at the moment, the next six months, we feel that we'll have a similar run rate. As we start to come out of this and start to see domestic pickup, we're envisaging that we will really start to get into doing deals and closing out relief from June onwards, if all things travel on a trajectory of certainty. Right. I noted a number there that you presented, which was 73% of rents were abated during Q2, Q3, Q4. Can I just confirm whether that number is exclusive of duty-free or that 73% include the duty-free concession? That's actually inclusive of the duty free. Okay. If I was just to look at domestic and international ex duty free, are you able to give us a sense of what percentage of those rents across those two different portfolios were abated during that period? We don't break them out. I think if you're trying to work out from a retail perspective, the retail specialty leases, 73% of that revenue has been abated. Heinemann is very different, Heinemann already has built into their contract, I guess, a mechanism that fluctuates for passenger movements. You'll see within the revenue number that the Heinemann revenue has been diminished due to the impact of passenger numbers. Yeah. No, that's the one that's easy to calculate. I'm just trying to work out what the other ones are. Look, just a quick question around the, I guess, the amortization of those rent abatements into the earnings and cash flows moving forward. Are you able to give us a feel for what the, I guess, the duration of the rental tenancies is? It gives a sense of the mix between, I guess, those that are one year, two year, three years plus. Owen, Greg here. Obviously, there was some amortization already occurring in the numbers for 2020, and there'll be more as a result of the deals that Vanessa and team are doing for Q1, Q2, et cetera. In terms of the unamortized amount, probably two-thirds of that or thereabouts amortizes back across circa 12 months, and then the remaining third of what had been done to date and unamortized at 31 December will be done beyond 2021. That's a good color, thanks. Look, just one final, I guess, question from me. You talked about cash flow breakeven or effective operating sort of AUD 5 million-AUD 10 million per month in terms of operating cash flow burn. Is there anything that significantly changes other than the interest payments through the course of calendar 2021 that could see that cash burn rise or fall, assuming nothing else changes? Yeah. Good question, Owen. Traffic is the key one that jumps straight to mind. We'll manage the interest bill as the year unfolds. Operating costs, we've dialed back to a really prudent level. Operating costs will moderately come back as traffic returns, but we've basically dialed that back to a very tight level for the time being. The cash burn diminishes very rapidly, frankly, when domestic activity starts to unfold. That'll be the big element that swings that around, hopefully in the first half of the year. There's no other big cost outflows that have been coming other than the step up in interest costs? No, it's all dialed back on the operating cost side. I guess the point on operating cash burn generally, relative to our capital base, the moving parts on an ongoing operating cash flow type basis, they're really tightly wound and managed. The OpEx we have, as you well know, not only is it dialed back significantly right now, but it's quite a modest number in the scheme of our business. There's just not many pieces of the equation to manage there. We do have JobKeeper in the numbers. That's a really modest element. As a working assumption, if that ceases from, say, March, we're probably only looking at another AUD 2 million or thereabout coming through to us in that period. The other thing is subject to any alternative projects, obviously the actual cash element of the Sydney Gateway transaction would be expected to materialize by perhaps September this year, whilst the accounting obviously had to be taken through because of those disposal of sites during 2020. Are you confirming some cash coming in the door in September? That is the likely scenario in terms of that three-year anniversary of the deal that we did on the Sydney Gateway. We announced that back in 2018, I think. The 2021 dollar value, so to speak, of that would be in the order of AUD 200 million. That's another item of liquidity just to be aware of that most likely emerges later this year. That's great. Thanks, guys. Our next question is from Richard Jones of JP Morgan. Please go ahead. Good morning. Sorry, sir, the question's for you, Greg. The cash flow coverage ratio, can you tell us what was [108] for the year, what it was for the second half? No, I don't have that to hand, Richard, but basically it's broadly speaking, EBITDA over the relevant interest bill. Does the indemnity refund and/or the Sydney Gateway payments come into the calculation? Yeah. Are they excluded? In that calculation, that does absolutely include the Gateway gain, and it doesn't include the Danish tax adjustment. It includes the gateway gain in the period that the cash is received or in the period the earnings is booked? The earnings. Okay. Just in terms of your comments around staying covenant compliant, are you able to clarify what assumptions you're assuming for traffic in the second half to make that comment? No, not really. We've been very consistent, frankly, in not providing traffic forecasts and nothing changes here. We are, of course, hoping and expecting to see a bit of an uptick in domestic. We'll see how that plays out. As we said previously, all the levers available at our disposal continue to give us huge confidence in terms of continuing to be fine on those covenant numbers. It's not particular to a certain traffic scenario. It remains hard to forecast traffic, and so we'll be very cautious on doing that through the balance of the year. Of course, we're optimistic in terms of particularly the domestic activity that may emerge in coming months. Okay, one more question just to Vanessa. Just the three-month retail leases, are they set on sales or are they based on, perhaps can you just clarify how they're set? Sorry, Richard, could you just repeat that question? The three-month retail leases, I didn't quite understand. Yeah, sure. How are those agreements set? Are they based on a% of sales or what else goes into the mix in terms of determining those short-term leases? Yeah, we've actually just done it on contracted rent, so just a reduction in the contracted rent. It's not based on sales per se. It's actually just a set figure taken off the contracted rent. They're not turnover based. Okay, thanks. Our next question is from Anthony Longo of CLSA. Please go ahead. Good afternoon, Geoff, Greg, Vanessa, and Dhruv. Quick one on OpEx. I do appreciate what you have done during the year in terms of those reductions. I just want to get a sense as to how you're thinking about OpEx coming back into the business. I do take your comment that you're not expecting it to grow over and above the revenue growth. Perhaps more clarity on how we should be thinking about the fixed cost that has to come into the business and then also the activity-based stuff. Yeah. We moved on OpEx really quickly when the pandemic hit and borders closed around April. We were able to get that OpEx reduction down really rapidly, and we've been pretty consistent on that number month on month through the remainder of last year into this year. Everything that moves is nailed down in respect to OpEx. As Greg said, we're not going to let OpEx recover faster than the passenger recovery, so we're going to monitor it very carefully. As passengers come back in, naturally you're going to get an increase in OpEx as you start to increase the activity in the terminals, things like your cleaning and et cetera. It'll be very carefully monitored and controlled. As Greg said, we believe that there are some permanent savings that we're going to be able to take forward even when we get through COVID. It really does depend on what happens with traffic numbers. If traffic stays where it is at the moment, we would expect that the OpEx would, on a month-on-month basis, stay where it is. As passengers come back, we start to bleed in a bit more OpEx to be able to service that increasing passenger demand. Yeah, that's great. Second one from me. Looking at your CapEx profile, I notice you haven't really given guidance going forward, and perhaps understandably so. Looking at your modular CapEx spending approach, how should we ultimately be thinking about some of the projects that are popping up in the next little bit, and things that you can perhaps take advantage of given the low level of traffic and utilization of the asset at the moment? Thanks, Anthony. Greg here. You're right, we haven't provided specific CapEx guidance because we have really dialed things back. To your point, it's a highly controlled and modular program. That program will evolve as the outlook and the picture evolves across 2021. Rather than providing a specific number or range that likely will change, we've just paused on that. You can see the run rate we got to in the second half of the year, that AUD 85 million type level. We have been able to dial things significantly back. It's still going to be very much focused, as we sit here right this minute, on critical type projects. There's always things that are sensible to do on that front in the aeronautical business. There have been a number of sensible things on the retail business particularly as well that we've taken advantage of, as you heard. I think there'll be a little bit more of that as we go into 2021. We are being quite cautious on that. We're not getting ahead of ourselves either on CapEx just as we are on OpEx. There's not going to be specifically huge or large projects or particular items I should call out as we think about 2021 at this time. We'll continue to keep the market up to date on CapEx as our thinking unfolds across the year, but no particular specific big call-outs to mention over the coming months. That's great. Thanks very much for your time. A reminder, to ask a question, please press star then one. Our next question is from Rob Koh of Morgan Stanley. Please go ahead. Thank you. Good afternoon, everyone. Can I ask an operational question? We've seen borders opening and closing in this stop-start nature, obviously frustrating for all involved. Does that impact on the OpEx and the maintenance schedules? Is that material? Let me take that one. We've actually done two things to mitigate that. One is, as Greg and Geoff have both mentioned, we have scaled back overall operations to effectively just meet the essential needs. The other thing that we've done successfully is with a lot of our contractors is build in a bit more flexibility. Whether that's security or cleaning, to be able to quickly scale up if we need to or bring resources into different zones as we need to. It's something that gets managed. Once again, we're within that envelope or within that approach that Greg and Geoff have spoken to. Okay, great. Thank you. Next question is about the jet fuel infrastructure, which you'd flagged as a strategic acquisition before. Congrats on getting there. Can you just remind us of when and how we should be looking for the returns to come in on that? Is that rental-based payments or are they more volume-based? We paid obviously AUD 85 million as we've disclosed. The thing that we have done is structured a payment based on the throughput. There's a charge per liters that is charged the same for all fuel suppliers to supply fuel through the jet fuel infrastructure. We're going to see that come through as a revenue line around JFI. The amount that we have set was what we believe is a fair and reasonable fuel throughput levy. That levy sees us recover a reasonable return over the long-term ownership of this asset. Yeah. It's also, Rob. Yeah given us the opportunity to create greater flexibility and expand capacity on the airport. The Northern Ponds Project, which Greg spoke about, we've now put fuel lines out there and that can be an active refueling bay. Probably wouldn't have happened without us taking control of the jet base. We can now actually look at expansion of the aprons and getting fuel lines out to various places around the airport, which is really critical for our expansion. Yeah. Great. Sounds good. Yeah, I hear your comment about reasonable rate of return. That also sounds good. Can you also just let us know, is there a rehab liability associated with that facility? In terms of that, we've done a number of assessments and it's like any other part of the airport where we continue to look at different capital projects that are required to maintain it in good course, in good order. There's no significant liability that we would incur in the near term. Yeah. Okay. All right. That sounds fair. Then perhaps a question for Greg Botham. I guess you've got some debt maturities coming up in 2022. Could you just give us a sense of what your plans are for refinancing and/or repayment on those ones? We've got a little bit of time to work through that, Rob. We in great shape from a liquidity perspective, as you know. 2022, I think one comment I would make is that the bond markets remain open for us and airports of good quality. We're incredibly well-known and supported in the bond markets, always have been. We've been there for 15, 17, 18 years. That continues to be an opportunity for us, but we're just going to have to weigh things up closer to the time. We have plenty of time to work through what we do in terms of those maturities out there in 2022. Okay, cool. Sounds good. Thank you. That's it from me. Our next question is from Nathan Lead of Morgans Financial. Please go ahead. Good afternoon, team. Thanks for your presentation. Just a couple of ones from me. Just first up maybe, Geoff, if I look back at your historical passenger data, there's a very tight correlation between domestic and international passengers over time. I suppose my question is, do you think that domestic passengers can ramp back up to pre-COVID levels without international fully returning? I think you can get close to it. There's always an element of domestic that's fed through international. Passengers who land from overseas and then say they hit the highlights of Sydney, and then they go up somewhere else. They might go up to Queensland or down to Melbourne. That's historically been a relatively small percentage. The vast majority of the domestic traffic is domestic, and a lot of that's on what everyone's calling the triangle between Sydney, Melbourne, and Brisbane. Yeah, you can get a significant ramp-up in domestic travel ahead of international. You saw that in Dhruv's chart, which he showed, where in many countries around the world where they haven't had state border closures. Domestic has been back at almost pre-COVID-19 levels, if not exceeding pre-COVID-19 levels. In New Zealand, where they have the good fortune of not having states, they have seen a significant recovery in domestic activity. Yeah, I think you can is the answer to your question. I might just add to that. Okay. There is a substitution effect temporary as well. If you can't travel internationally, you might travel domestically, and in the case of New Zealand, they're back up to 70%, 80% of pre-COVID domestic travel, a lot of that for that reason. Fair points. All right. A second one is to Greg. If I'm reading the notes to your accounts correctly, there's something like AUD 2.4 billion of interest rate swaps that are expiring over the next couple of years at a fixed rate, looks like about 2.8%. What's the plan there? Do you look to terminate those early, or like you were saying previously? Do you just let them roll and get the benefit of the far lower swap rates when you replace them? Yeah. Good question, Nathan. There's been a pattern over a number of years, as you know, about for us and a number of our peers, no doubt, of swap rates on average declining as obviously the market rates have fallen. That's been the general trend for a number of years now. We always maintain a level of hedging within our policy bands, and we're still in the right spot on that. I'm sure we'll have to look at conditions at the time, and we'll have to stay within our policy settings of hedging or being predominantly hedged on interest rate risk. We'll just make assessments as we go in terms of resetting swaps, which is available to us or letting swaps expire. In the ordinary course, we put on swaps in a regular basis, regular fashion. We're always, generally speaking, toggling our overall swap book. That's just how we run things. We don't fix our interest rate position when we issue bonds, for example. We manage our interest rate risk separately. It's a long answer, but in short, we're just going to continue to toggle those swap profiles in accordance with policy. On average, I'd say given where rates have gone, certainly now versus where they were three, four, five years ago, you might see a gradual decline over time. How much floating exposure does your treasury policy allow you within a year? It varies over time. Generally speaking, in the shorter term, we prefer to be highly hedged, and then we like to have some degree of hedging over the longer run. The policy bands, if you will, which we haven't published as such, but they moderate over time, and we think it's a very sensible and fit-for-purpose set of arrangements that we keep in check. Final question from me. Vanessa, just wanted to check on something. You mentioned within the property deals, the 25 new property deals, about how you are getting improved commercial terms on those. Could you just confirm that that is actually improvements in pricing and not higher fixed rents, et cetera? It's actually an improvement in fixed rents. A higher proportion of fixed rents within the contract amount? Yeah. The lease expires, we do a new deal, and we've had a positive leasing spread on those 25 deals. Okay, great. Thank you. Our next question is from Anthony Moulder of Jefferies. Please go ahead. Good afternoon, all. A simple question, the second half aeronautical revenue seemed like a very good outcome despite the very low pax numbers. I guess that reflects the strength of freight through the terminals in the second half of 2021. Second half 2020, I appreciate that likely comes or remains through in first half 2021. Any idea how sticky you expect that will be versus freight, I guess, transferring back into the belly spaces PAX services as they return, please? Yeah. One of the reasons why revenue didn't scale exactly with PAX is exactly what you said. There are a couple of other nuances which we don't tend to go into in terms of things like apron parking, other elements of fixed charges within our aero deals, which are relatively small components which have held it up. In terms of freight remaining sticky, we've obviously seen a big growth in dedicated freighters. Ultimately, we still make a lot more money out of passenger-based aircraft. When there is a movement back into more passenger-based movements, and freight moving back into that, overall, it's going to be a positive story for us. Albeit, we may see either a flattening or a slight reduction in the dedicated freight lines themselves. Understood. Thank you. Thank you. Your next question comes from Cameron McDonald at E&P. Please go ahead. Good afternoon. A very couple of quick questions from me. Just in terms of your EBITDA that you've got at the AUD 508, you've obviously taken off the expensed expected credit losses. The abatement levels you've also offered over and above that, is another sort of AUD 65-odd million, which looks like it's come through in that number. How do we think about that being reported next year? Are you going to back that out and make that adjustment? Secondly, how do we think about any potential write-backs of those expected credit losses? What would trigger your thinking around writing that back, given that you're still at 97% occupancy in retail, as an example? Afternoon, Cameron. Greg here, I'll have a crack at that. Firstly, in terms of expected credit losses, they only go through the P&L when we essentially haven't struck a written deal on concession or abatement. As a general comment, I would not be expecting much, if any write-back, so to speak, of those. They're essentially flushed through the P&L on periods of time that we've moved beyond. That's probably the way to think about that. We'll continue to account for abatements in accordance with obviously the accounting standards. Q1, Q2 2021 that Vanessa's been talking about, we absolutely will continue to see elements of this ECL, expected credit loss dynamic, but also the amortization dynamic continue to build in the reported numbers. We will continue to report in our presentation as opposed to our statutory accounts, having backed out those elements just to make that easier for you to navigate through to a more kind of a cash view. The last thing I'd just say is on the AUD 508 million of EBITDA. That is not the adjusted revenue getting us to there. The difference between the AUD 627 million EBITDA and the AUD 508 million is backing out the Sydney Gateway, backing out the Danish tax, and also adding back in all the costs in respect of the fairly minor capital projects we impaired, and also the org restructure costs. The AUD 508 million, just to be clear, is not adjusting for the accounting pieces we're calling out here. It's just about certain items on the face of the P&L. Yeah, understood. Thank you. Thank you. Your next question comes from [Ravin Kurdas] from [IFM Investors]. Please go ahead. Hi, everyone. Congratulations on leading the business through such a tough period. I just had a question on slide 26 on your proposal to lift restrictions in line with the vaccine rollout. I think you mentioned you are engaging the government with that. Could you give us some insight into that process and where the impetus for reopening is coming from? Is it more from us or from the government? Thanks. Yeah, thanks for the question. Yeah, the government are definitely thinking about it. First of all, I'd say I thought the federal government's plan to roll out using these five phases was a really smart one. It means that we can focus on the most vulnerable first, and then we get to work through the community. I think it's also important that we get to celebrate milestones as we go along. They are also thinking about, as we work through those phases, how do we also lift restrictions in a commensurate fashion? In fact, we saw Gladys Berejiklian, the New South Wales State Premier, just mention yesterday that as we work through the vaccine rollout and get through to October, we should be having a focus on the opening of borders. The point is that this conversation really needs to ramp up now, and it needs to be a public conversation so that everyone can plan and everyone can prepare. My sense is the mood has changed. We've gone from obsessing over the daily COVID numbers to now talking about the rollout of the vaccine. We're looking at the efficacy of the vaccine in countries like Israel, where it's having a really positive effect, and the mood of the nation is now turning towards the possibility that we're going to get our lives back, and we're going to see these restrictions being lifted. I think we've reached an inflection point on this, which is really positive for everyone. I think the conversation around this is going to start to ramp up as we get further into our own vaccine rollout process. Great. Thank you. That's all from me. Thank you. Your next question comes from Suraj Nebhani from Citigroup. Please go ahead. Thank you. Just two quick questions. Firstly, can I just ask, what is the view internally on trans-Tasman bubble? What is the working view and any updates you can give from the discussions with the authorities there? The trans-Tasman bubble's an interesting one. I think we got close to getting something going last year on a two-way basis, and from our perspective, we actually had it operating on a one-way basis. The New Zealand Government were a bit more cautious. I think the conversation is still there. My sense, though, is that the travel bubbles may be overtaken by what I would refer to as sort of vaccine corridors. Where once you've established that you've had the vaccine and that you can verify that, then you start to become free to travel. If you're traveling from a nation like New Zealand, where we obviously know them well, we trust their health system, then I think we could start to see travel from between Australia and New Zealand open up pretty quickly. If it was the case that both governments were prepared to go ahead and do a bubble where you could travel without proof of being vaccinated, that would be great. We're at this point, as I said before, where the vaccine is starting to roll out. People are going to start to get the jab, and therefore, I think the conversation changes. We just need to be flexible on it. Either way, my expectation would be is that we start to see travel between Australia and New Zealand on a two-way basis over the course of this year. Okay. That makes sense. Just one on the cash flow coverage ratio for credit. I think, Greg, you mentioned in response to one of the questions earlier that it includes the gain on derecognition. I just wanted to check that the calculation in June will be based on a rolling 12-month basis. We always report that number on a rolling 12-month basis. Thank you. Thank you. Your next question comes from Rob Koh from Morgan Stanley. Please go ahead. Thank you. Thank you for letting me come back for another bite. You have given very comprehensive sustainability commentary and your sustainability report too, and I just want to ensure you get full credit for all that effort as well. I just had a question about the passenger incident rate, which had, I guess, a little bit of a blip up. I am just wondering if you have any commentary on that front. Does that PIR include COVID infections that were at airport? It's Mr. Culbert here, Rob. The answer to the second question is that the intensity rate doesn't include COVID. The numbers this year were really skewed by the passenger activity. It's extremely difficult to draw a line-on-line comparison between 2019 and 2020 in that regard. The overall number of incidences across those two years are still really, really low. I wouldn't be inclined to get into year-on-year comparisons. Look at it from the perspective of an absolute number, still extremely low. We continue to make progress on all of our safety measures. We're pleased with the program that we're running. The safety culture at the airport has increased significantly over the past few years, we'll continue to keep a razor-like focus, a laser-like focus on it as we move into this year. One thing we're doing, which is really important, Rob, is we're making sure that we're ready for when passengers return. We don't want to have lost our match fitness in relation to handling the previous passenger volumes. Something that we're thinking about, something that we're working on preparing our teams for, so that as we go into this year and passengers come back, that we're able to maintain the great track record that we've had on safety. Yeah, cool. Yeah, no, I totally hear you about the base numbers and the noise and the low overall incidents. Do you have any data on number of infections at airports? Well, I can say in respect to the Sydney Airport employees that we have not had a single COVID infection. It's something that I'm really proud of too, because one thing I think that probably we don't get enough credit for is the acknowledgement that Sydney Airport workers are genuinely on the front line of this crisis. We have staff members who greet people off international flights, and they chaperone them to the first line of health screening with New South Wales Health. Given the work that we've done around safety standards and the amazing compliance of our team, we haven't had a single case amongst a Sydney Airport worker. The stat as reported to us is that there've been 13 total cases for the entire year amongst the entire airport community, which once again, in the context of the number of COVID cases in Australia, this is an extraordinarily low number, and once again, reflects the fact that everyone who's on the airport precinct has adopted the strict safety protocols that have been recommended by all health authorities. They've all worked together in partnership, they've resulted in this number, which as I said, I think is extremely low when you consider the number of COVID cases across the community. Yeah. Thank you, Geoff. Much appreciated. Yes, indeed, congratulations on how you've been handling everything. Everyone appreciates it. Yeah. Thanks, Rob. No, I appreciate that. It's been an incredibly tough year, an incredibly challenging year, and we hope this year is going to be better. We've been going for a fair while now, so I'm inclined to call it there. I'll hand it back to the operator to close it out. Thank you very much. That does conclude our conference for today. You may now disconnect your lines.