Well, thank you, good morning, everyone, thanks for dialing in to the 2021 half-year results presentation for Sydney Airport. We appreciate you taking the time. Before we begin today, I would like to acknowledge th 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. Today I have with me Greg Botham, our Chief Financial Officer, Vanessa Orth, our Chief Commercial Officer, and Dhruv Gupta, our Chief Aviation Officer. Greg, Vanessa, and Dhruv will run you through our financial results and the performance of our aeronautical and commercial business units, I welcome them to the call. As you know, it's our practice at Sydney Airport to open every meeting with a safety share. For today's safety share, Vanessa will give an overview of a really critical runway safety project that we're currently undertaking. Over to you, Vanessa. Thanks, Geoff. We're really proud of our safety record here at Sydney Airport. It's genuinely world-leading. Just like roads and motorways, runways require essential maintenance. Maintaining our runways and taxiways to a high standard is one of the most important ways we ensure the airport operates safely. For today's safety share, I'll give an overview of the runway threshold project that's currently underway. The threshold is an area at the northern end of our main north-south runway, and it receives a lot of traffic, whether that's taxiing aircraft or aircraft waiting to depart. I think one of the few silver linings of COVID is that the temporary decrease in flight activity means that we can get this done with minimal disruption. This project commenced at the end of July and involves the replacement of nearly one hectare of concrete slab that was first constructed in 1968. To keep workers safe during this project, we've closed the main runway to flight arrivals from the north, which means aircraft will use alternative flight paths to arrive or depart. Before the project got underway, we engaged with an extensive cross-section of stakeholders, including our airline partners, the Civil Aviation Safety Authority, and Airservices Australia. Through this engagement, we were able to develop a program of work that achieved our safety objective, but also minimized disruption for our stakeholders. We also sent out more than 330,000 community notifications and undertook a targeted social media advertising campaign. We didn't want any of our local community to be surprised with any temporary increase of flight activity on other runways, particularly our neighbors living under our east-west runway, which has been closed for 13 months until May this year. I think this project is a really great example of prioritizing safety outcomes and holding ourselves accountable to an extremely high standard of aviation safety, and we're looking forward to it being complete in November. Back to you, Geoff. Well, thanks, Vanessa. From the beginning of the pandemic, we made it clear that we would tightly manage CapEx with a focus on critical and opportunistic projects. The runway project is a combination of both of those categories. It needed to be done, but we're taking advantage of the temporary reduction in flight activity to accelerate the program. If we attempted this project under normal conditions, our capacity would be substantially lower than 80 an hour. You can see why we're doing this project now. It just makes sense. Before I get to the half-year results, I want to take a moment to cover the non-binding indicative offers we received on the 2nd of July and the 13th of August from the Sydney Aviation Alliance Consortium. Let's go to page five. There's nothing to add here that isn't already in the public domain. The board's carefully considered the offer at AUD 8.25 and again at AUD 8.45. For all the reasons set out on this page, which were also set out in the ASX releases issued on 15 July and 16 August, the board unanimously concluded that the offers undervalued Sydney Airport and were not in the best interests of security holders. It's important to emphasize that the boards don't have a philosophical objection to engaging with any entity that wishes to propose a transaction or a change in control of the company, and they're open to engaging with the Sydney Aviation Alliance Consortium, should the consortium be prepared to lift its indicative offer. It's worth noting that the ongoing lockdowns in Sydney and across the various parts of the country haven't changed the board's assessment, because in determining the value of the airport, you have to take into account the long-term value. Before COVID, Sydney Airport was Australia's single largest infrastructure asset, generating close to 7% of the GDP of the state of New South Wales and supported more than 330,000 jobs. We are Australia's international gateway to the world, and domestically, we are the central hub in one of the world's busiest and most profitable aviation networks. Over many years, we have demonstrated both an ability to generate stable and growing cash flows and provide consistent and reliable returns to security holders. Since the start of 2014, we've distributed more than AUD 4 billion to security holders, and we have more than seven decades left on the lease. The impact of COVID has been severe. It will pass. The vaccination rollout is gathering pace. Markets around the world are opening up. The underlying fundamentals of the business haven't changed. Whatever is happening with COVID and lockdowns at the moment won't impact the view on valuation, which is underpinned by the fundamentals of the business and that long track record of success. Let's move on to the half year results. If you go to page seven, here are the key metrics for the first half of 2021. On passenger traffic, domestically, we had a slow start to the year with the Northern Beaches outbreak in Sydney. Traffic then built rapidly from February, and by April, domestic traffic had recovered to 65% of pre-COVID levels, up from less than 10% at the start of the year. Over the course of three months, to go from less than 10% of pre-COVID traffic to two-thirds recovered is quite remarkable, and it gives us a lot of confidence for a strong and sustained recovery when borders open again. When borders open and stay open, passengers return, and they return quickly. We saw it last year in 2020, and we've seen it again in the first half of this year. On the international side, overall traffic has remained flat, reflecting the ongoing international border controls. We did see some really encouraging signs regarding New Zealand travel. In the window between April and June, when unrestricted travel across to Tasman was possible, passenger traffic returned to 40% of pre-COVID levels, which once again speaks to the momentum that quickly builds when borders open and stay open. Having said that, we're still subject to the most stringent restrictions on people's movement in Australia's history, and that naturally impacts our financial results, which you can see on this page. For context, we've included the performance relevant to the comparative periods in 2019 and 2020. It's worth reminding everyone that the first half of 2020 was really a tale of two quarters. We had a strong Q1 in 2020, despite the impact of bush fires, and it was only in Q2 that passenger traffic declined as the travel restrictions cut in. Working across the page, you'll see that revenue and EBITDA remain close to 60% down on their pre-COVID levels and around 30% down compared to the first half of 2020. Pleasingly, the hard work we did on OpEx and CapEx last year flowed through to the first half of this year and is reflected in the numbers you see on this page. We did release a small amount of CapEx as we started to get busier in February, March, and April, but this was tightly controlled and is still more than 25% down on 2019 levels. We kept a tight handle on CapEx and ended the half year 57% down on 2020 and 43% down on 2019 levels. Greg will go into more detail on our CapEx and OpEx spend later, but we've said all along that we wouldn't spend ahead of the recovery, and that remains the case. Every dollar that goes out the door is tightly managed, and that won't change. It's also worth noting that last year we took a lot of hard actions to ensure we could manage through the pandemic, regardless of the shape or pace of the recovery. This included the AUD 2 billion equity raise, the AUD 850 million debt raise, the organizational restructure, and the significant reductions in OpEx and CapEx that I just mentioned. All of those actions are serving us well now. Our liquidity position is strong, and we're extremely well positioned to manage through. It's worth noting in this regard that in the months leading up to the end of the half year, we were cash flow positive, and we generated AUD 1.8 million of NOR, which represents around AUD 0.01 per security. At the AGM in May, we announced that the board had resolved not to declare an interim distribution, today we reaffirm that resolution, which we cover on the next page. The decision to not declare a distribution was not taken lightly, it was considered to be in the best long-term interests of security holders. Given the uncertainty that remains with respect to the recovery in 2021, no distribution guidance will be provided today. The board will update the market on the outlook for future distributions as more clarity emerges around the timing and strength of the recovery. As we said at the AGM, there's no one single specific factor that will determine whether we issue guidance, but an important indicator will be a clear pathway for the recovery in international travel. The recovery of international travel is very much tied to the rollout of the vaccine, and it's increasingly looking like we may reach 80% of the eligible population being fully vaccinated by December this year. 80% of eligible Australians being fully vaccinated is the trigger for Phase C of the government's four-phase plan. Under Phase C, there will be no caps on returning vaccinated Australians. There will be a lifting of restrictions on outbound travel for vaccinated Australians, and unrestricted travel bubbles to new candidate countries. Under Phase C, we'll also see the gradual opening of the international border with safe countries and proportionate quarantine with reduced requirements for fully vaccinated inbound travelers. The vaccine rollout is really starting to gather pace. As of this week, 50% of the eligible population had at least one dose, 28% were fully vaccinated, and over one million doses are being administered per week. All this is cause for strong optimism. Momentum is starting to build. There's a growing realization that getting vaccinated is the path to getting your life back. Once we hit that 80% number, we can expect to see international travel starting to open up, and that could be within the next six months. That seems a long way off as we sit here today in lockdown, but we've managed through 18 months of this pandemic. We're closer to the end than the beginning, and we can now see the light at the end of the tunnel. I'll now hand over to Greg, who will talk you through the financials in more detail. Over to you, Greg. Thank you, Geoff. Good morning, everyone. Moving on to the income statement. Look, as challenging as these numbers are, we had every expectation going into 2021 that it was going to be another difficult and challenging year. These numbers don't surprise us, and they probably don't surprise yourself either. As we set our target for this year late last year, we actually baked into our assumptions multiple prolonged nationwide lockdowns, which would significantly impact on domestic traffic levels. As we walk through the statutory income statement, you'll see that revenue for the half, including security recovery, was AUD 341.6 million, down 33% on the prior corresponding period. The other income item here of AUD 9 million relates to some insurance recoveries recognized in the half year. Total operating expenses, including security and expected credit losses, came in at AUD 153.7 million, which is down 18% on the prior period. When you break out security recoverable costs of AUD 27.3 million and expected credit loss expenses of AUD 52.2 million, our controllable operating expenses for the half were AUD 74.2 million, which is down 7.8%. I'll talk through operating costs in more detail in a moment, which will show we continue to control those costs prudently and tightly, and we continue to generate the benefits from all those tough decisions Geoff outlined just before. Other expenses include an indemnity benefit recognized by SAT 1. This relates to one of the legacy Danish tax matters that we fully provisioned for in prior years, and where we obtained a partial recalculation and refund during the half. Headline EBITDA was AUD 210.8 million, down 29.8% on the PCP. EBITDA excluding other expenses and income was AUD 187.9 million for the half. Depreciation and amortization were AUD 223.1 million in total. Net finance costs were AUD 185.3 million for the half year. The loss before income tax is AUD 197.6 million, with an after-tax loss of AUD 97.4 million once you add back the non-cash income tax benefit off the back of the loss for the first half. Moving on to the next slide. Again, on the back of all those decisive steps to protect the business and balance sheet last year, our liquidity position remains strong and gives us confidence that we can continue to navigate through the near-term challenges on the recovery path. We had a strong liquidity position of AUD 2.9 billion at June this year, made up of half a billion dollars of cash and AUD 2.4 billion of undrawn bank facilities. Net debt remained where it was at the start of the year at AUD 7.5 billion. Our various debt metrics are laid out as per usual on this slide. We continue to expect to remain compliant with our covenant requirements. Our credit rating agency ratings remain steady. S&P have us at BBB+, and Moody's at Baa1, both on negative outlook. No change there since we last updated you. We remain committed to maintaining at least BBB flat or Baa2 ratings, one notch below our current ratings. On this chart, you can also see that our average debt maturity stands at late 2026, and our next drawn maturity is an AUD 200 million bond repayable in a few months time in November, for which we have obviously ample liquidity. Our average cash interest rate as it stands for the year to June is 4.5%, reflecting in part that we don't have any drawn shorter-term bank facilities. After you factor in the benefit of some reset swap rates, it sits closer to 2.9%. We remain highly hedged for interest rate risk at 99% on a spot basis at 30 June. Let's move to the cash flow analysis. You can see the biggest drawdowns of cash over the half were attributable to a AUD 519 million bond repayment, interest payments, and fairly modest levels of CapEx. You'll also note, as Geoff called out, that after interest payments, our operating cash flow is in fact positive. Looking ahead into the current half, beyond the AUD 200 million bond maturity, we're expecting a total of AUD 197 million of receipts from the New South Wales government in consideration of the Sydney Gateway road project that we announced a couple of years back, AUD 70 million of which we have already received in July this year. That's the cash flow analysis. I'll conclude on that by noting again that our liquidity position remains very strong, giving us plenty of capacity to deal with the current temporary travel restrictions. Consistent with what I said in February, even with very low passenger traffic months like July we've just seen, we're burning only around AUD 5 million-AUD 10 million of operating cash a month after interest. This is a very manageable level and reflects, of course, all the actions we've taken on cost. Let's go to the revenue reconciliation. This page, again, provides a walk from the reported statutory revenue numbers for retail and property to what we show in our results as an adjusted revenue figure, which breaks out the full impact of rent abatements and provisioning against revenues where appropriate, giving a more meaningful interpretation of performance as we unpack some of the accounting adjustments and noise. The treatment of concessions by landlords like us depends on when an agreement is reached to abate rent. Once an agreement is reached and documented, the abated amount is amortized over the remaining lease term on a straight line basis for fixed abatements or put immediately against revenue, like we show here for retail, if the abatement is variable in nature, for instance, tied to passenger numbers. Where an agreement is not documented, the abatement provided is expensed through OpEx as an expected credit loss. What the retail walk here is showing you for the full half year picture is AUD 61.6 million of abatements in total were provided to retail tenants in the first half, very similar, in fact, to the AUD 62 million provided in the second half of 2020. Of the total in the first half, AUD 10.4 million was recognized as a reduction against revenue. That is variable abatements. AUD 23.5 million was recognized as an expected credit loss into OpEx, and AUD 27.7 million will be amortized against revenue over the remaining life of each lease, some of which has already happened in the half year. We gross up this walk to show you the variable amount or the variable abatement, which is actually already deducted straight off the AUD 87 million statutory number. A further AUD 23.1 million provision in the retail portfolio has been raised where we have assessed the probability of not recovering certain revenue amounts. This also goes through the ECL in OpEx, leaving an adjusted revenue picture for the half for retail of AUD 27.5 million. The same steps apply for the property portfolio, resulting in an adjusted revenue figure of AUD 83.5 million there for property. Again, far less relative abatement in the property story compared to retail, consistent with previous half years. Let's turn to the next slide. We maintained our discipline on operating costs during the half, decreasing total OpEx by 7.8% versus the first half 2020. Excluding JobKeeper, we're down about 10% versus the first half of 2020. The first half of this walk on the slide identifies some of the step-ups as we started 2021, JobKeeper obviously rolling off after the first quarter. We incurred some new costs, of course, as we cycled through the first full year of ownership of the jet fuel infrastructure facilities, which we took on board in Q4 last year. We also saw noticeable cost pressures in certain limited areas, particularly insurance, similar to what many other businesses seem to be feeling. The back end of the walk here highlights some of the outcome of the work we undertook on the cost base last year from the first half onwards. We continued to achieve run rate savings from the org restructure undertaken last year about this time, and also savings, of course, from lower levels of passenger activity. Costs will come back to some degree as passengers do, but we will ensure that these add backs are commensurate with and not ahead of the recovery. Turning to CapEx. As you know, we undertook a significant scale back and repack of our CapEx program from the second quarter last year. CapEx for this half was AUD 65 million, a 57% decrease on the PCP and 44% down on the same period in 2019. Last year, we did recut our entire CapEx program between critical, opportunistic, and deferrable projects, and our continued discipline on CapEx is appropriate. We have been focused on delivering projects to improve asset resilience, safety, and security, and we've also undertaken some opportunistic customer-focused projects that take advantage of, for example, quiet terminals. In the half year numbers, over 75% of our CapEx was on critical projects, with the balance being opportunistic. At this time, we do expect to spend more on CapEx in the second half of the year than we did in the first half. We can re-optimize the program as we need to over coming months, depending on circumstances. With that, I'll hand back to Geoff. Thanks, Greg. Good summary. If you turn to the next slide, I'll break down our performance across each of our businesses in more detail, and then I'll hand over to Dhruv and Vanessa for their updates. Before I step through each of these business results, I just want to explain the adjusted revenue figures on the page. The adjustments account for all the rental abatements and the doubtful debt provisioning that Greg mentioned earlier, and we think that shows a clearer view of the results for the half year and the actual impact of COVID on each business. With passenger volumes down by 36% on the PCP, there was a close correlation in the decline in aviation revenues, also down 36% to AUD 110.8 million. The 73.4% decline in retail revenues to AUD 27.5 million on an adjusted basis reflects the fair and equitable sharing of the pain with our tenants. This support will taper in line with the recovery of passenger traffic. Property and car rental revenues were up slightly by 1.1% to AUD 83.5 million on an adjusted basis. The demand for air freight and government tenants continued to underpin the relative resilience of this business. The car parking and ground transport business clearly has a heavy exposure to fluctuations in passenger movements, with the adjusted revenue decline of 27% matching the declines in aero revenues. No surprises here. As Greg said, these results are broadly in line with our expectations as we started the year. Having said that, there are some interesting dynamics going on within each of the business lines, and this will be covered by Dhruv and Vanessa. We'll start with Dhruv, who'll take you through the aviation business. Over to you, Dhruv. Thanks, Geoff. A bit earlier, we mentioned the strong rebounds that we saw in both domestic and trans-Tasman traffic in the periods where unrestricted travel was possible. The charts on this page clearly show the strength of the recovery during these periods. On the top graph, you can see the rapid domestic rebound between January and April, before the Melbourne and Sydney outbreaks. It was a very strong performance to get back to 65% of pre-COVID levels, particularly given the backdrop of low vaccination rates and state borders going up and down with little notice. Both of these impacted traveler confidence. If these outbreaks hadn't occurred, the July school holidays were promising to be even stronger. In mid-June, right before the current lockdown started, we were looking at 85% of pre-COVID seat capacity returning for the third quarter of 2021. Based on data from the Bureau of Infrastructure and Transport Research Economics, our domestic recovery between January and April was the highest of any of the East Coast capital city airports. We've actually seen this momentum every time unrestricted domestic travel has been possible. We saw it a couple of times in 2020 where traffic jumped between May and July, and then again in August and December by 300% and 600% respectively. It's this repeated bounce back that gives us confidence of a strong, sustained domestic recovery once these current temporary restrictions ease as the vaccine rolls out. Importantly, the early-stage data emerging from the trans-Tasman bubble was also very encouraging. As Geoff mentioned, the trans-Tasman travel was building nicely, and you can see here that it went from essentially 0% to 40% recovered in the space of just a couple of months. Our airline partners were actually forecasting an even stronger uplift for the July school holidays had the current shutdown not eventuated. Remember, this is in an environment where there was inconsistent messaging on both sides of the Tasman and the vaccine rollout was still in its infancy. It's this rapid recovery, even in the midst of all of the uncertainty of the last six months, that demonstrate the resilience of the underlying demand and gives us confidence for the future. Our expectation is that as we move into Phase C of the government's recovery roadmap, which we're expecting towards the end of the year, international travel could begin to open, and that pent-up demand would see travel come back strongly. Let's go on to the next slide. This slide shows the recovery of seat capacity in markets with higher vaccination rates. In short, what we are seeing internationally is extremely encouraging, and it's another example of why we are feeling confident about the future. You can see on the chart that Israel, one of the world leaders in terms of vaccine rollout, is back to nearly 50% of pre-COVID international seats. Intra-Europe seats are at two-thirds recovered, while the U.S. has moved from about 60% of seats in February to the high eighties in July. In the U.S., where we actually have some really good recent data, this is also reflected in approximately 80% passenger recovery. These examples further reinforce the lesson that once there is a critical level of vaccination supported by stable borders, that the market is there and it will recover strongly. One of the silver linings of being several months behind other jurisdictions is that we can learn from world's best practice. This is particularly the case when it comes to establishing the systems, processes, and protocols to enable freer movement of people across international borders. For example, the European Union has rolled out a travel pass system based on either vaccination status, proof of prior infection, or a recent negative COVID test. This system has now been rolled out and adopted across the EU to allow for quarantine-free travel amongst EU countries with a plan to then expand this to other nations. A bit closer to home, Singapore has a clear plan for living with COVID once 80% of their population is fully vaccinated, which should happen pretty soon. That plan includes a rollout of quarantine-free travel for vaccinated travelers from certain nations. I'll also note that overnight, it was announced that they were setting up a travel corridor with Germany. Singapore's plan bears some similarities to Australia's. With 80% the key threshold for a significant easing of restrictions, and given Singapore is almost at that target, Singapore will be another good case study for us to follow and learn from. The rest of the world is now moving forward with a new normal set of protocols. These protocols are real, they're not hypothetical, and they will have a significant positive impact on the recovery of passenger traffic. Let's move to the next slide. At our last results, we noted that we had extended a number of agreements with airlines to June 2021. The uncertainty around COVID and the recovery meant that striking meaningful long-term agreements was always going to be challenging. 12 months on, while we are seeing many more positive signs, there is obviously still that uncertainty. For that reason, we have tried to strike a set of pragmatic agreements with our airlines and have sought to roll those agreements on broadly consistent commercial terms. For Qantas and the international airlines represented by BARA, we have agreed further short-term extensions through the middle of next year. For Virgin and Rex, we continue to operate under the terms of the prior agreements. We think this is important for two reasons. The first is that we want to support our airlines as we collectively manage through what remains a very challenging time for the whole industry. The second is that both our airlines and us recognize that we will need time to look beyond the immediate uncertainty and start to focus on the longer term. We have commenced discussions with them, and we're looking forward to continuing to work with airlines to develop a set of mutually beneficial agreements with the aim of reaching a position by the middle of next year when hopefully the future is a bit clearer. Another important development has been the release of the government's report from the independent review of the Sydney Airport Demand Management Scheme in late June. As many of you will be aware, this is the first comprehensive review of the slot scheme in more than 20 years. The issue of slots and their usage is a critical one for Sydney Airport and is an area where we have long been advocating for reform. The slot management regime at Sydney Airport is globally one of the most restrictive and complicated. The result of these rules is that while Sydney Airport is theoretically allowed to fly up to 80 movements an hour, in practice, it is difficult to average above 75 movements an hour due to these set of complicated rules. The review has noted that there are a number of areas where reforms were needed and would be beneficial. It has made 17 recommendations that are designed to address some of these inefficiencies, and the government has now established four working groups to assess the recommendations and look at how they could be implemented. Sydney Airport is obviously very involved in this process, and we are participating actively in all of these working groups. Through this process, we will continue to advocate strongly and constructively for sensible reforms to allow us to close the five to eight movement gap per hour and operate the 80 movements per hour that we are currently allowed to, but rarely achieve. This is a positive development. It's the first time the rules have been reviewed significantly since they were introduced, and the benefit will not only be to Sydney Airport, but also for our airlines by ensuring greater operating efficiency in and out of Sydney, and importantly, passengers as well. Anyone who has been delayed circling above Sydney Airport following bad weather will appreciate and benefit from the ability to recover much more quickly from disruptions if some of the recommendations from the review are adopted. That concludes the aeronautical update. I'll now hand over to Vanessa. Thanks, Dhruv. Over the first six months, we have seen some good signs in our retail portfolio as domestic recovered, we've achieved some exciting new commitments, which gives us confidence for the future. We've continued our fair and equitable approach to tenant support, providing temporary relief on a rolling three-month basis with a focus on helping those tenants that need it most, particularly our mom-and-dad retailers. We'll continue to provide tenant support, as we see the recovery in passenger traffic, we will step down our support in a phased way. In fact, that's exactly what played out during the first half. We tapered our relief to our domestic retailers in response to what was a strong domestic recovery. During the half, the proportion of stores trading tracked the domestic recovery. In December, 41% of stores were trading. This built to 59% at the end of June. 73% of contracted rents were abated during the period. I'd note, as Greg has said, this is the same run rate from the second half of 2020. What we're pleased to see is that our occupancy rates are still holding up strongly at 97%, which is consistent with where we were in December. This ongoing strong commitment from our retail tenants is an endorsement of the long-term fundamentals of the airport. Their support is encouraging. In a moment, I'll touch on some exciting developments relating to our international retail business. Moving to the property business, it had a lower proportion of rent abatements, as there is greater diversity and less direct exposure to 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. The strong performance of the freight and logistics sector continues this half. This was reflected in the demand for leasing sites. We negotiated 25 new property agreements this half, delivering a leasing spread of 21%, a great result in the current climate. Again, we were encouraged by the high occupancy rate across the portfolio of 96%. Our hotel portfolio had a relatively stronger quarter, up 32% on an occupancy basis versus the second half of 2020, driven by a number of non-quarantine related government contracts. We are seeing some strong underlying trends in our car parking and ground transport portfolio. Throughout the half, domestic car parking revenue was tracking 15% above domestic passenger recovery. These strong revenue numbers were achieved via tactical marketing campaigns targeting the leisure segment with relevant pricing strategies. We continue to see a notable mode shift towards paid car parking, with the share growing from 9% in 2019 to 11.5% in the first half of 2021. Our continued focus is on offering competitive prices and ensuring parking capacity is aligned with demand. Let's go to the next slide. Since the renegotiation of the Heinemann contract in 2019 and the handback of floor space in early 2020, our strategy has been to remix our retail offering with a heavier emphasis on luxury. We focused on the luxury segment because all our research shows a strong luxury offer provides the best profile to unlock future commercial revenue growth. We stuck to our strategy through COVID, and I'm very excited today to announce that we will have 12 new luxury retail brands opening stores in the international precinct in 2022. What's most pleasing about these agreements is that they were negotiated in the middle of COVID, but struck on long-term pre-COVID commercial terms, generating significant incremental revenue for the retail business, and more importantly, demonstrating confidence in our recovery story and the long-term value of the airport. As part of this, we have announced today that Louis Vuitton will open a flagship standalone luxury retail store next year. This store will be the brand's first travel retail store in the southern hemisphere and the largest standalone luxury store in Sydney Airport's international terminal. The Louis Vuitton deal was the catalyst for the reinvigoration of the precinct, and they will be joined by 11 new global luxury brands, including Saint Laurent, Dior, Moncler, Loewe, Celine, Bottega Veneta, Prada, Balenciaga, and Gentle Monster. There are another two in the very late stages of negotiations. When international travelers return to T1, they will be greeted with the most comprehensive collection of luxury travel retail anywhere in Australia and New Zealand. This is really important because we know that spend in the travel luxury segment is largely pre-planned, and the precinct will drive preference in terms of where people choose to travel from. This segment has held up well during the pandemic and continues to generate robust growth globally, and we believe that shifting consumer demand for high-quality luxury products will continue into 2022 and beyond. Let's move to the next slide. As mentioned on the previous slide, we've been progressing our strategy to unlock commercial revenue growth, and we're continuing to progress the real estate unlock strategy. In total, we've identified 107 hectares of land available for development across the precinct. All precincts are in active planning and are in line with our master plan. The Gateway Road project, scheduled for completion in late 2024, is a key enabler in unlocking the northern parcels of real estate, including the jet base. These parcels are well connected to the major arterial road networks. Across the southern precinct, we see opportunities for better road connection for both ourselves and the port, and opportunities to expand our commercial offering across retail, freight, airport logistics, and ground transport. We're also working on unlocking our freight opportunities. Air freight at Sydney Airport is forecast to be over 1 million tons by 2039. We will require significant real estate to process and move freight from the aircraft to the cargo terminals and out to the end customer. Of these opportunities, the jet base remains the most valuable. We are running both commercial and aviation feasibility assessments at the moment. Our plan is to be ready to commence this development in 2024 once the Sydney Gateway project is completed. In the interim, we will continue to work with one of our largest partners to ensure that both our collective interests are met over the short term. I just wanted to note here that we have been very disciplined in our approach to developing property at the airport. We have a strong track record of success. All of these projects are progressing through our development pipeline and are at various stages. They're real opportunities, the demand is there, and we have strong confidence of achieving solid risk-adjusted rates of return. That concludes the commercial update. I'll now hand back to Geoff. Thanks, Vanessa. Something that I'm really proud about is that despite of the challenges over the half, we've continued to advance our leadership on sustainability. At our AGM in May, we announced our ambition to achieve net zero carbon emissions by 2030. Today, I wanna outline the tangible steps that will get us there. 93% of our overall Scope 1 and Scope 2 emissions, which are those that are under our direct control, will be eliminated by switching to renewable electricity. The remaining 7% will be eliminated by phasing out our gas-powered assets, transitioning our car and bus fleet to electric, and replacing and upgrading fuel-powered assets and equipment. We'll also continue to help our airline and commercial partners and passengers drive down Scope 3 emissions through things like reducing traffic congestion and facilitating the uptake of sustainable aviation fuels. This is a clear and deliberate plan. We have a committed pathway to achieving the goal of net zero by 2030. Importantly, as I said, our focus hasn't changed as a consequence of COVID. We haven't used COVID as an excuse to deprioritize our sustainability agenda. It's something we continue to drive hard on and put at the core of our decision-making. That's also reflected in the progress we've made on our sustainability-linked loan and bond. We passed the first assessment gate on both of these instruments, and I'm pleased to report that we exceeded our commitments, achieving an interest rate reduction on the loan and a coupon reduction on the bond. As I've said all along, this is a case of us putting our money where our mouth is, and the results here are tangible. To round it out, let's go to the outlook on the next slide. From where we stand today, we have a clearer view to the recovery than at any time over the past 18 months. We have vaccines that all the data shows are working. The rollout started slowly, but it's now accelerating, and the government has laid out clear targets to unlock the reopening. With every dose of the vaccine that's administered, we move closer to those targets. As a result of all the hard work and all the hard decisions we have made over the past 18 months, we're well-positioned to manage through the current temporary lockdowns. Our liquidity position is strong, the business is tightly run, and operationally, we're ready to go. All the data that we saw in the first half of the year, and what we're seeing globally, tells us that once domestic and international restrictions ease, the recovery will be strong, and that could be as soon as the run-up to Christmas and early in the new year. While we've been managing the daily challenges of COVID, we haven't been sitting on our hands. We've been progressing the pipeline of commercial development opportunities. We've continued to invest in the resilience of the asset. When international travelers return, they'll be greeted with a revitalized luxury retail precinct, anchored by 12 new iconic brands who have signed on for the long term. With the vaccine rollout gathering pace, we now have a clear path to the recovery, and all the fundamentals that made Sydney Airport a great business remain. I'm sure I speak on behalf of everyone when I say we're looking forward to putting COVID behind us and getting back to business. The final point to emphasize on the outlook is just a restatement of my earlier comments regarding the indicative proposal. As I said earlier, the boards don't have a philosophical objection to engaging with any entity that wishes to propose a transaction or a change in control of the company, and they are open to engaging with the Sydney Aviation Alliance consortium should the consortium be prepared to lift its indicative offer. Before I go out, I close out and go to questions, I just wanna take a moment to thank all the team at Sydney Airport for their efforts. Operating an airport in a pandemic is not easy. It is complex and challenging, and it requires a lot of skill and a lot of agility. It is worth noting that 50% of all Aussies repatriating from overseas during the pandemic have come through Sydney Airport, and we have handled 60% of all freight that has come in and out of the country during the pandemic. Despite all the challenges, we have kept the airport open as an essential service right throughout the pandemic. The team at Sydney Airport have kept the country moving, and I am very proud of all their efforts. A big thank you to them. Thanks for your attention. We will now move to the Q&A. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on speakerphone, please pick up the handset to ask your question. Your first question comes from Simon Mitchell from UBS. Please go ahead. Thanks. Good morning. Just a question for Greg to start off with. You mentioned current cash burn running about AUD 5 million-AUD 10 million a month. Can you just talk about what you experienced back in April and May in terms of cash generation when the Tasman bubble was operating and domestic was going well? Yeah, thanks, Simon. We were very much cash flow positive over that period. The type of burn I described just earlier, your AUD 5 million and AUD 10 million per month, is akin to what we would see in July, where traffic is de minimis type levels. We are certainly seeing it much stronger. It's gonna vary from one month to the next because, for example, over the period. You've got domestic traffic varying from one month to the next, but very much in the positive range on that monthly basis over that period during the half. Okay. Just another question on cash flow. Just noticed that you've moved to reset more of the interest rate swaps after year-end. I think you've prepaid about AUD 130 million. How do we think about that activity going forward? Is that something that's likely to be recurring and potentially more of that in the current fiscal year? Yeah, thanks, Simon. It's possible there could be more in the current fiscal year. We just take the opportunity when reset roll dates come up to, in certain cases, prepay or to reset those rates effectively, when we do have ample liquidity. We've done a little bit of that. It really reflects the specific roll dates we've come across in July and August since the 30 June period. We also did some of that back in April. It's not an ongoing piece. We just continue to monitor that as an opportunity, given we do have ample liquidity available to us in the shorter term. Okay. Just a question for Vanessa on retail. Mentioned some new leases in T1. How are discussions going with existing tenants? I guess you mentioned that the abatements, you're kind of doing it on a three-month rolling basis. Are tenants trying to get out of leases on a longer-term basis? What's happening with future lease expiries as we think about a WALE measure? Thanks. Thanks, Simon. I think what we're seeing is that when retailers' leases expire, they are folding across into holdover. We're not seeing a significant number of vacancies. Our occupancy is still at 97%. We have a very low vacancy rate. I think what this is demonstrating is that retailers aren't walking away from their lease on expiry. They're happy to remain on holdover to secure their site, and they're willing to pay rent to remain at the airport. I think for us, we've been doing negotiations on a three-month basis, and as we spoke about it, when domestic recovery picks up, we roll back these abatements. I think for us, the principles around tranches, but I think underlying the low vacancy rate that we have demonstrates that retailers are here, and they are committed to the airport. Just a question on some kind of a Weighted Average Lease Expiry measure. Do you feel like that stays about the same through COVID, or has it deteriorated somewhat? Yeah, our expiry profile during COVID hasn't been significant. A number of our leases are still sitting on five-year terms, and if you go your normal expiry profile, the WALE's sitting between two and a half to three years. There's no risk on our specialty leases at the moment. Okay, thanks. That was it for me. Thank you. The next question comes from Suraj Nebhani from Citigroup. Please go ahead. Hi. Good morning, everyone. Just staying on retail info, Vanessa. Can I just check any CapEx for accommodating these luxury tenancies? Yes. Good morning. This remix, we had a pretty minimal capital spend from a lessor works perspective. What we did commit to was raising the ceiling to improve the ambience and overall feel of the space. That was sub AUD 10 million. Okay. Do the lease structures, do they have a passenger component to them? No. The lease structures, they're a minimum guarantee. There is a turnover rent provision in there once they hit a certain threshold. They're pre-COVID lease terms. Okay. Fair enough. Just one more for you, Vanessa. On the Jet Base and the northern lands developments, obviously that's a few years away. Can you just confirm what the plan is over there? Like what sort of assets or developments should we be looking for on those particular land parcels? Yeah, I think as I said in the presentation, the northern precinct for us, we know that it sits on some major arterial roads, and there are a number of uses that we can explore. Bulky goods retail, freight, and logistics. Then the southeast sectors, again, with the connectivity that we have to the port and the demand that we're seeing in regards to freight and logistics, we're in the early stages of planning what the freight and logistics uses could be down there. We're also not discounting retail. We've got retail pad sites that sit on the other side of the road. It's early days, and we'll obviously provide a lot more color as these progress through the pipeline. Sure. Just one final one for Dhruv, maybe. On the commercial agreements, I think I heard you made a comment that the agreements with Qantas might have been slightly different or shorter term to the other agreements. Can you just clarify the differences there, please? Yeah. For all agreements with all airlines, they are on broadly consistent commercial terms, so commercially similar outcomes. With all agreements, there's tweaks here or there, for example, removal of certain discounts or other things, but they're relatively immaterial. Just looking forward, Dhruv, should we expect the nature of those agreements to change at all, or do they stay similar? That's just a hard thing to speculate. We've now engaged with airlines, as I mentioned, to explore what the long-term agreements look like. All of us are entering these agreements acknowledging it is a highly uncertain environment, but I think we all would like to have some surety over the future. The reality is this time next year, we will know a lot more around what the situation is, and the agreements will need to reflect that. Thank you. Thank you. Your next question comes from Anthony Moulder from Jefferies. Please go ahead. Good morning, all. If I can stay with property for a little while. Vanessa, the rental abatement levels for first half 2021, similar to those levels in the second half 2020, the doubtful debts obviously grew from that sort of AUD 14 billion level in second half 2020. What drove that increase the doubtful debt provision you're reporting today, please? Yeah, Anthony. Greg, I might just jump in on the accounting nuances of that. It's not uncollectible debts and things like that. We do provide for fair and reasonable expectation of abatements across both property and retail. You've got certain deals that get documented, certain deals that don't, and so forth. Then there's sometimes things that are rolling on or somewhere in between. We take a very cautious approach to providing against, if you will, revenue where we have any real semblance of doubt as to whether we'll bank it in the long run. We did that through 2020, both half year 2020 and full year 2020, and again, in that accounting parlance provision for doubtful debts that you can see on my walk. What I would say, though, is we review the status of all those conversations in terms of those fair and reasonable discussions with tenants. We did that at 31 December. We did it again at 30 June. You can adjust your assumptions factually, and so we've been even a little bit more cautious at the very margin in half year 2021 versus full year 2020. When I back those things out, I actually get pretty much to the same type of run rate on that provisioning in the second half of 2020 as I do for the first half of 2021. There's a little bit of timing noise on that provisioning, but effectively the run rate is pretty much landing in the same place. Okay. Conceivably, things should get better from here on both? Yeah. Vanessa can chime in, but plainly, it will correlate to some fair degree with regard to uptick on both domestic in the first instance, and then international passenger and therefore sales levels, et cetera. Yep. Can I ask Vanessa on the jet base? Obviously, one consideration of the use of that jet base was an international co-located terminal with the Qantas domestic terminal as it is now. It sounds like freight is far more attractive from an economic perspective. Are you effectively ruling out that use of some of that space for an international terminal? Hi, Anthony. No. Look, at the moment, we're running two concurrent development scenarios. One that's aviation based and one that's pure commercial based. I think what's really important is that we want to work with one of our largest partners to ensure that both of our collective interests are met over both the short and long term. We're not going to provide direction on the way that we're going with the jet base. Albeit to say that there are two scenarios that we're working through, and we're also talking to our major partner about the site. Related to that, albeit sort of way, that 14 hectares that Qantas is selling, is that of interest for some of these plans that you have for that area? Look, we always look at market opportunities, and they've got to be opportunities that unlock capacity and growth for the airport. Yes. Understood. Geoff, the syndicator proposal, you've said that you're open to engagement or the board is open to engagement as soon as, I guess, the consortium come back with a view of what's fair and reasonable for the board to engage with. Is the consortium aware of what that price is? Yeah. Look, I know that you need to ask that question, and I think you'll appreciate that I can't answer it, and I'm not going to engage in speculation. Right. That's definitely. Thank you. Thank you. Your next question comes from Justin Barratt from CLSA. Please go ahead. Hi, team. Thanks very much for your time. I just wanted to confirm, and sorry, Vanessa, if you mentioned this and I slightly misheard, but the jet base and the Northern Land development opportunities, they are the nearest term opportunities as you see it at the moment? Not necessarily, but I think the pipeline and the timing of all of these developments is from 2024 onwards. Okay. No problem. That's clear. Just for Dhruv, I noted that the Virgin aeronautical agreement rollover hasn't been quite agreed to as yet. Is there any sticking point there, or is it just taking some time to get to it or for that to be finalized? I think the first factor is all of our airline partners are focused on quite important operational things. There've been various standdowns across the different airlines. There is an area, particularly around these agreements, where we've been comfortable rolling them on a month-to-month basis. While, I guess, we'd like to, at some point, have something locked away, I don't think it changes commercially what we would do and what they see as the situation. In terms of burning platform issues for them, it's probably lower down in the priority list at the moment. Yeah, no problem. Thanks very much for that. One final one for Greg. Can you just remind us, in terms of the interest rate swap resets that were completed in July, can you just remind us of the implications from a financial or finance cost perspective for the remainder of FY 2021 and then into FY 2022, please? Yeah, thanks. Again, just to recap, we did some of these in calendar 2020, about AUD 138 million equivalent. We did AUD 53 million in the half year, which is in the figures, and then as you point out, a little bit more since 30 June. On one hand, it's a way to utilize the existing liquidity we have. At the margin, it probably helps in terms of that carry cost, if you will. From an interest expense perspective, once you reset these, and remember, these are swaps that were set in different times at different rates, higher rates, et cetera. Once you reset these, effectively, that takes the interest expense down to the reset level. Obviously, swap rates are at very low levels right this minute. Interest expense will fall. These are resets that really just pertain to circa 12-month periods, as we did last year. You'll see essentially a commensurate reduction for these type of prepaid or reset amounts that we're calling out. You'll see a commensurate reduction in interest expense and interest cash payments over the subsequent 12-month period or thereabouts. Fantastic. Thanks very much for your time. Thank you. Your next question comes from Owen Birrell from RBC. Please go ahead. Hi, guys. Greg, can I just follow up on that interest question? What was the prepayment made on the 30th of June 2021? There wasn't anything on the 30th of June 2021. There was some during the half year, AUD 53 million in the half year, January to June, about another AUD 128 since 30 June, which will be incorporated into our full year numbers. We just wanted to call that out as a subsequent item post 30 June. That's all. Oh, okay. This is the prepayment you did last year, just continuing. Yeah. We did 138, I think, from recollection, last year during calendar 2020. Yep. That was just a 12-month adjustment, if you will. We've just had a look at that again in the half and then just subsequent to the half, but exactly the same type of process. You're spot on. Yeah. Okay. All right. That's fine. Just a quick question on the CapEx. You committed to saying that you're going to be spending on critical infrastructure and opportunistic infrastructure. Acknowledging the fact that you can tune it back, but can you give us a sense on what you expect the CapEx for the next half to be? Yeah, I'll take that. Look, it's going to be, in our current view, probably notably higher than it was in the first half, AUD 65 million in the first half, and that was a very low number. I don't recall a lower half year, and obviously, so a bunch of the things that we clamped down on, paused, et cetera, has really fed into that first half low number. We don't have precise guidance for the second half of the year. The reason for that is that we continue to assess this every few weeks, every month. You're probably in the range not too dissimilar to what we produced across calendar 2020 or in that sort of 12-month period. Probably AUD 150 million plus on a full year basis, but it is going to oscillate. Hence we're not providing specific calendar 2021 guidance on CapEx. Certainly, comfortably north of the run rate that we saw in the first half for the second half of 2021. We'll of course reassess later this year what we recommence going into 2022 and beyond. Okay. Just continuing on, I guess, the cash flows and the debt levels. Just confirming that the Sydney Gateway consideration is about AUD 100 million or about AUD 200 million that's coming in the second half? Is that correct? That's right. It's going to be AUD 197 million, to be precise, of which we've received AUD 70 million already in July. We expect the balance, the extra AUD 127 million, later this half, probably in Q4. That pertains to agreed consideration that we struck with the state going back, I think, into 2018. It was a three-year period that expires in 2021, and hence that consideration starts to come back to us in this second half of the year. It's nice that that matches up with the AUD 200 million of debt that you've got coming out of the business in November. It does. Yep. Can I just ask? That's a- AUD 750 million due in FY 2022, what are your plans around that? Are you just going to sort of wait and see or are you in the market at the moment to look to refinance that? Good question. That's very much in the late end of 2022. We're not in the market right this minute, but we do look at opportunities to go back to market regularly. We pride ourselves, I'd say, on being prepared to take opportunities when the market is open to them. We have done a lot of work in getting ready to go back to market at the right time. We'll do that well in advance, I would expect. We are thinking about that, but we're not in market at this point. I'd just also say that both some peer Australian airports and certainly some other big-name international airports, both across Asia and Europe in particular, have been very successfully into the bond markets right through the course of the last 12 or so months. They do remain conducive and open, and we'll work through that across coming months. Look, one final question, if I may. Just for you, Vanessa. The new luxury brands that you've signed on, within the last 6-12 months, can I just ask, are they paying rent at the moment or are they getting the abatements too, given that most of these businesses are running off offshore balance sheets and being funded by offshore companies? Yeah. The new brands that we've negotiated with won't be opening until late 2022. They're in the midst at the moment of designing their stores, and they'll be doing fit-out works next year. You won't be seeing that revenue coming online until late 2022. Obviously it is dependent upon what happens with international travel as well, but we're forecasting late 2022. Sure. Can I just ask the existing high-end brands, are they all on abatements at the moment? I can't disclose, but what I can say is that the relief that we're giving across all of the terminals is proportionate to the decline in passenger numbers. For some retailers though that do have a national footprint or a global footprint, those negotiations are very different and the relief negotiations are different. Understood. Thanks a lot, everyone. Thank you. Your next question comes from Rob Koh from Morgan Stanley. Please go ahead. Good afternoon. Thank you. Can I address my first couple of questions to Mr. Gupta on kind of aeronautical recovery scenarios? I guess, wondering if your analysis or your data is showing any kind of thoughts on what the ramp-up rates would look like. I guess IATA still has a 2024 equals 2019 type scenario. I guess within that, there's a thought that there might be less business travel, but there potentially might be more unserved holiday demand that comes in. I'd be just very grateful for your thoughts on that. Thanks, Rob Koh. All good questions. I think firstly, as a general point, what we have seen repeatedly through the crisis, and the charts I flashed up show, is that the moment borders open, it comes back pretty damn quickly. If you look at the IATA forecast for 2024, they don't seem unreasonable, and I think 2023, 2024, assuming the vaccination rates and reopening of borders, that's absolutely not unreasonable. In terms of business, it's always a hard thing to speculate when you're in the midst of a crisis, and making forward-looking statements around business travel is always hard. I think we've all got Zoom fatigue, quite a few of us would like to jump on a plane. Our proportion of business travel, particularly in international, is pretty low. Less than 15% of people, for example, coming and traveling through international are there for business travel. Pick a number, 5% or 10% decrease in business, that equates to 1.5% decrease in international travelers. The numbers, even in that circumstance, are relatively low. I think one of the dangers is reading too much into the situation at the moment. We are seeing that pent-up demand for leisure and that's definitely gonna help us as we come out of this in the near term. Yeah. I think it's also important to note that, and you'd know this, Rob, that we get paid the same per passenger regardless of whether they're a business traveler or a leisure traveler. We're not overly exposed to business travel in that regard. My assumption would be that if business travel does come off a little bit, then the airlines will want to fill those seats on their aircraft rather than be flying empty business class cabins, in which case, you start to see more passengers on the planes. As I said, we're agnostic to whether they're business or leisure. Yeah. Okay. No problem. Yeah, I presume you might even prefer the leisure traveler because they'll maybe spend a bit more time in the shops. Let me ask a more short-term question. There was actually an Air New Zealand vaccine passport trial for trans-Tasman travel while it lasted. Was there any involvement by the airport in that or any color you could share? Yeah, we were very heavily involved from the get go on everything to do with the trans-Tasman bubble. We worked very closely with the government agencies here in Australia. We also worked very closely with our colleagues at Auckland Airport on the establishment of the trans-Tasman bubble. We're pretty familiar with all the variations that have been spoken about. We were really pleased when the trans-Tasman bubble started up in the first half of this year, and we saw some really great uptake there. Just shows you the demand that exists. As we proceed through the current environment, we'll continue to work with our colleagues in New Zealand around reestablishing travel. May be the case that the bubble goes back up, may be the case that it actually just becomes a vaccine corridor where people can travel between each country if they're vaccinated. We'll keep those conversations going, and we'll be ready to go when we get the green light to do so. All right. Sounds good. Can I just ask one last question in relation to sustainability, of which you're, I think, rightly proud of all of your efforts on that front. Now, you do also, I guess, do, I think, a lot of benchmarking with the unlisted airports and your colleagues at Brisbane and Melbourne, Perth, and Adelaide. Now, all of those are unlisted. Is there any kind of difference in approach to sustainability that you have versus your unlisted peers? Not really. I'd say, look, without wanting to honk our own horn, I think that we've been leaders in this area. It was a few years ago that we decided that we were going to go down this path, and we believe in it as an organization. I think what you've seen over the last couple of years, Rob Koh, is that everyone wants to be on the right side of this conversation. The aviation industry wants to be on the right side of this conversation. You're starting to see the entire industry talk about the criticality and importance of sustainability, and I'm seeing that in airports around Australia. I'm seeing it in airports around the world. Thank you. Your next question comes from Cameron McDonald from E&P. Please go ahead. Good afternoon. If I can start with Vanessa, please, just again on the luxury precinct. Of the what looks to be five brands that have departed that precinct, do they owe you any money? Are they fully paid up on their rent? Thanks, Cameron. None of the retailers that have departed owe us any rent. These were negotiated exits on expiry. This is something that's been in planning since 2020. We have waited for certain sites to expire so we could execute the remix. Okay. Thank you. Then as an extension of that, there's a whole heap of development and carve-out that looks to be going on from the Heinemann area. What sort of headwinds should we be expecting from that, given Heinemann won't be looking to pay you rent for that area, yet you won't be getting any rent from that area while it's in development? When we did the negotiations with Heinemann in 2019, we negotiated for them to hand back 750 sq m of space. We didn't actually change the contracted rent at all. They're still paying the contracted rent, and that 750 sq m has enabled us to generate incremental revenue. Okay. Thank you. If I go to, well, probably Geoff, I'd say, but if we look at the adjusted revenues that you've outlined, which I think, as you said, probably give you a bit of a better understanding and take away some of the accounting noise, that is about AUD 60 odd million worth of adjustment from statutory revenue to adjusted revenue. As we flow down the P&L to the statutory EBITDA, how much of those adjusted revenues also flow through to EBITDA? How much of it gets maybe recognized below the revenue line? Cameron, I might bail Geoff out of this one and take this one myself. The ECL, so the expected credit loss, whether it be property, whether it be retail, it just goes straight through to EBITDA. That's captured on our walk, on that sort of walk from statutory to adjusted revenue, because we're just trying to sort of call out, I guess the, if you will, the cash revenue, as opposed to the accounting noise that we've got. We do include that straight through to the bottom line ECL elements. What we're trying to show is that the reported revenue and that goes through to the sort of statutory reported revenue that does go through to EBITDA. We're just trying to unpack those things for you. The amortization of, or the straight line amortization, et cetera, of abatement, those unders and overs, other than the ECL we called out, they are still in EBITDA because they're still in reported revenue. They will amortize partly as they did through the half and then partly across the next 1+ years. At December, we called out I think we had about AUD 66 million of unamortized abatement sitting on the balance sheet at December 2020. That number, and this is in the stat accounts, but that number is now about AUD 86 million unamortized as at 30 June, and that will unwind its way against revenue over the course of the 1+ years. 55% of that balance will unwind over the next 12 months from June, and the balance will be in future years. That just all aligns to the remaining lease term on a case-by-case basis. Hopefully, that's helpful. Yeah. If I look at that slide, I think slide 13, effectively the areas that you've boxed in blue in the middle need to effectively reduce the statutory EBITDA. anything that notes expected credit loss, for example, the AUD 23.5 against retail has gone. Yep through to EBITDA. The AUD 10.4- Yep The AUD 27.7 have not. We're sort of unpacking them from reported revenues. The AUD 24.8 is the same as that as well. Again, recapping, the AUD 23.5 has fallen straight through to EBITDA. The AUD 23.1 at the far right-hand side has fallen straight through to EBITDA. The other items. Yep up and down have not. We're just calling those out such that you can see a cleaner view of revenue. Yep. Sure. Thank you. That's great. Thank you. Your next question comes from Ian Myles from Macquarie. Please go ahead. Hi, guys. A couple quick questions. Firstly, just other income in the stat accounts, what is it? Yeah, thanks, Ian. I mentioned in my notes, but it was a small item. It's just in respect of certain insurance recoveries that we recognized during the half year. Okay, that's great. Just in the way you prepaid your interest, does that change the way the covenant test works on your loans, that by prepaying that interest expense isn't included in the covenant test? It does change our interest expense. That can be relevant for our covenants, yes. I guess I just want to clarify, your covenants also have limits on you issuing new debt. I was just wondering, are you meeting all your covenants that you can actually issue and replace existing maturing debt? Yeah, we're comfortable with the ability to continue to roll things forward. Okay, that's great. Just on the land banks, southeast section, the airport was privatized in 2002, and I'm pretty comfortable to say that the land in the southeast has been pretty much empty since then. What's changed in the ability to develop the land today versus the ability to develop the land for the last 20 years? Hi, Ian. I think what's changed is e-commerce, the growth in e-commerce and what we're seeing in regards to freight and logistics. We know that we'll be bringing in over one million tons of air freight in 2039. I guess one of the big themes that has sort of played out and is now playing out is freight and logistics. We know that we are undersupplied at the moment. This precinct, we know, is a precinct that is connected to General Holmes Drive, Foreshore Drive, and is an area that we're exploring. I can't comment on history, but what I can comment on now is that we have a development team that's dedicated to unlocking this pipeline. Is that development quite constrained because it's under the second runway or third runway? No. Look, I think previously people felt that it was constrained because of accessibility to the site. Different people coming into Sydney Airport have put a different lens over it, and we feel that it is a site that we can develop with the current road configurations. In saying that, we've been working really closely with the port and Transport for New South Wales about that intersection, and that parcel of real estate. For us, we're all about progressing this pipeline. I joined the Airport to progress the pipeline. I'm not gonna comment on the past, but for us, our focus is unlocking this as quickly as we can. Okay. Look, can you just clarify, you've made a comment about leasing spread and 21%. I don't think I understood what you're talking about. I was just wondering if you could clarify. That was in your earlier remark. Yeah. That's for the property deals that we've negotiated. Across 25 tenants, we've achieved a leasing spread of 21%, and that was on 58 sites. Does that mean it's gone up by 21%? Correct. Pardon my ignorance. Yes. The current passing rent at expiry on all of those sites, we achieved a 21% uplift on those rents. Got it. Okay. Sorry for my ignorance. No worries. Look, one final question. Can I just clarify, and I'm not sure if you'll answer or not, but you talk about if the Sydney Aviation Alliance come back to you with an acceptable price. Is it correct to say that Sydney Airport won't engage unless an acceptable price is made to the consortium? There'll be no conversations between the two parties. Look, the lines of communication, Ian, are open, but the role of the board is to assess what's put in front of them. and they've assessed the offer at AUD 8.45, and that assessment is that it undervalues the airport. The lines of communication are still open. As I said before, the board's not philosophically opposed to a deal, but the first priority is to assess the deal on the basis of price. Okay. Look, that's great. I just wanted to clarify on that point. Thanks. Thank you. Your next question comes from Paul Butler from Credit Suisse. Please go ahead. Thanks very much. I just wanted to ask about the 17 recommendations from this review around the slot utilization. What's the timeframe on which there might be some benefit there? I'm particularly talking about what you highlighted with the more efficient use of the 80 slot cap per hour. What are the decisions or the approvals that would be needed to enable something like that to go ahead? Yep, sure. In terms of the process itself, the working groups have had a kickoff earlier this month and kick off in earnest towards the end of this month and into September. There's a three-month period during which those recommendations will be reviewed. In November, the working groups will put forward their final recommendations for the government to review. They sit across four broad areas, so regional access, compliance, operational implementation, and one area which is operationally getting to 80. Those four areas are the four working groups. In terms of what is required, some of the recommendations could require legislative change. Others could be done by ministerial direction. Depending on the nature of the recommendation, there's a variety of implementation paths. The better use of the 80 slots, getting from the 75 practical level of utilization to 80, is that likely to require legislation, or could that be ministerial direction? It's really complex. If I pick up on the compliance point, getting better compliance to manage things such as cancellation rates, something like that may not require legislative change, but it could help close a gap from 75 to 80. It isn't black and white in terms of which ones will get all the way to 80 versus things that incrementally help improve the pathway there. Okay. Secondly, I just wanted to ask a question about air freight. Firstly, how significant is air freight in terms of the earnings or the EBITDA for Sydney Airport? When Western Sydney Airport opens, it strikes me that there's some advantages that could be on offer there for freight that comes in dedicated freighters, like for example, the fact that there's no curfew at Western Sydney and presuming they might offer some attractive pricing. I just wanted to understand your view on how the flows of freight play out after Western Sydney opens. Are there particular advantages that Sydney Airport has that will enable you to hang on to a higher portion of that air freight activity? Maybe I'll take that. There's two types of freight that come through the airport. There's freight that comes through in the belly of passenger aircraft. That is quite significant, and we don't foreshadow that will dissipate when Western Sydney comes online. Then there's cargo, pure freight, dedicated cargo operators. We've got a number of cargo operators on the airport precinct at the moment that have long-term leases that are continuing to look for space at the airport in Mascot, in Botany. I think, ultimately, a lot of the freight that's coming in via air is e-commerce parcels, and it has service level agreements about how quickly they can get it out to the end consumer. There is still, and there will be, demand for freight at Sydney Airport, and in particular, e-commerce freight. Anything that is parcel related, I guess not heavy, will be coming through the airport. I think, yes, WSA, there will be a role to play for WSA, but there is definitely a role for Sydney Airport. We're forecasting over 1 million tons by 2039. Currently we're undersupplied. We know that we need to continue to grow our real estate footprint. That point around the belly of the aircraft is really important. 80% of the freight goes in the belly of commercial passenger planes. Sydney Airport, with its significant level of commercial passenger traffic, is going to be well-positioned to handle that 80% that we saw pre-COVID, and we expect to continue post-COVID. What we have seen during COVID is the removal of that capacity, and it's been replaced by dedicated freighters. That's been a real issue for the industry because we've lost significant amounts of freight capacity, and costs per ton have gone up significantly. I think all of the companies that rely on freight are really looking forward to that passenger traffic coming back so they can meet that demand again at more realistic prices. It's probably one of the lesser-known consequences of the impact of COVID on the aviation industry. It flows right through to regional Australia with our agricultural producers who rely very heavily on belly freight on commercial aircraft to get their produce around the world. Okay, thanks. Could I just clarify, you said 80% of air freight goes in the bellies of passenger aircraft. I think a number of years ago, I thought the number was closer to 60%. Has that increased obviously pre-COVID, but has that increased in recent times, or is it the case that just the dynamics out of Sydney Airport, it's higher? I think it's been a pretty stable stat. Okay, thanks very much. Thank you. Your next question comes from Daniel Barry from JP Morgan. Please go ahead. Hi, everyone. Thank you for your time. Given the take private news, we've seen some debt holders question what safeguards will be in place to protect them from additional leverage if any change of control occurs, given that bidders have had a history of levered acquisitions. Are there any comments that you guys can shed on that? Thanks, Daniel. It's too early to comment on those things. That would be a matter for the consortium. We're focused whether it be operating the business, but engaging with our bond holders on a very BAU basis. Got it. From your perspective, outside of the commitment to maintaining the leverage ratio that you outlined, there aren't any thoughts or covenants or conversations potentially preventing increased leverage? No. It doesn't feature, and it's just too early to get into those conversations. We very much focus on the BAU and incredibly consistent approach to balance sheet and credit ratings and the like that we've had over 15+ years at the airport. Got it. Thank you very much. Thank you. Your next question comes from Nathan Lead from Morgans. Please go ahead. Yeah, good afternoon. Thanks for your presentations. Just two questions from me. The first one, the CapEx during the period, how much of that was maintenance in nature? Also, I suppose, just during this whole COVID period, the CapEx you've spent, how certain are you of getting a return on that over time? I'll go first on that, Nathan, thanks for the question. Probably the normal type of levels of maintenance CapEx. That usually tracks, as we've disclosed over many years, around that sort of AUD 20 million per annum type mark. In the COVID context, we really think about CapEx more in a broader critical versus opportunistic lens. Just to recap on that, over three-quarters of the CapEx, albeit a modest amount for the half, that we incurred was critical in terms of the buckets that we're managing to right now, with the balance of that being opportunistic. Just think of pure maintenance on that run rate of circa AUD 20 million on an annualized basis. Okay. In terms of recovery going forward, the projects that we're continuing to progress are things that we are high conviction on. They make a lot of sense. They're no regrets projects. There will be conversations with airlines through Dhruv and his team in due course about. Variations on product and service that attract the airlines or speak to their business models in due course. There's a whole raft of critical, essential, no regrets type projects that we are pushing on with. It is prudent and efficient to continue some degree of capital progress and push forward, because there's great inefficiencies of stopping stone cold. We remain very confident on future recovery. The airline partners are very well aware, as we consult with them regularly, in terms of the types of things that we continue to move forward on. Okay. The second question I've got, you've previously said that when passenger numbers return to pre-COVID levels, you expect earnings to return to pre-COVID levels. It seems to me when that actually happens, the way the balance sheet is at the moment, the key credit metrics will be really strong, better than when they were pre-COVID. Is there consideration given to paying distributions when they recommence, paying distributions well above where cash flow generation is at that time, just with an eye to that very strong credit metrics? Look, Nathan Lead, it's too early to be definitive on those things. We'll cross that bridge as the recovery unfolds more fulsomely. What I would say, though, is we do have a long track record of looking at dividends distributions in respect of our sustainable earnings, our free cash, our NOR. In due course, we'll re-look at those things, but I wouldn't be expecting radical changes of approach necessarily as we come through the recovery and beyond. Okay. Thank you. Thank you. Your next question comes from Anderson Chow from Jarden Group. Please go ahead. Very much. Yeah, thank you very much, everyone. I just have two questions. First one, I just want to follow up on this property development, 107 hectares. I think that pretty much make you guys the largest land owner in Sydney City. I just want to get a sense the potential lettable area that you think you could build, and how it will be built, operating model. Are we going to do it ourselves or working with a property developer or manager? Also hearing what Ian Myles was asking, would it be right to think that the southeast sector of the land could be developed before 2024? Yeah, it doesn't seem to be related to the Sydney Gateway project much. Thank you. That's the first one. Okay. Thanks, Anderson. I'll try and answer all of your questions. At the moment, today, we gave guidance on the opportunities that we're progressing to unlock. All of these sites are progressing through our development pipeline, and they're at various stages in the planning. I can't get more specific on these sites. They are in the planning phases, and they're at different stages of planning. You asked about whether we would do them. I think we've got a proven track record of developing real estate. For all of these, we'll explore a different range of options, and some of those may be outright ownership or strategic partnerships. It's early days for me to really get quite granular on the pipeline. Over the next 6 months, we'd like to progress this and bring this back at our next update. At the moment, we are just in the planning phases, and I don't want to get too deep into the details of each of the precincts. Okay. Understand. Second one is, this is probably a little bit short to medium-term, and I wonder if Mr. Gupta could help me out with it. If we think out to early 2022 or even Christmas this year, is there any early indications on how the international airlines are planning in terms of their capacity? I think they usually only plan out six months. From what you're seeing, are we seeing a kind of increase versus 2020, or how does it compare with pre-COVID level at the moment? We are, through the whole crisis, we've maintained quite significant contact with all of our airlines. The reality is, Australia is further behind in the reopening versus some other jurisdictions. I showed you the statistics in terms of where capacity is being dedicated internationally. Airlines talk to us frequently to understand what the reopening profile is likely to look like in Australia, what we share with them are the government's plans around the phased reopening. In terms of what they're planning at the moment, a really important thing for us is around the protection of international slots and the slot waivers that sit around that. While we can't control the reopening of the borders, something that we are strongly advocating for and have received good protections for are the protection of international slots, so that when international services can return to Australia, there is the capacity for them to fly back into Sydney Airport. Okay. Thank you. If we look out to 2025 and 2026, in a post-COVID world, we have lots of undeveloped land that's going to work a lot and generating revenue. Earnings is going to recover. Is it possible for the management to share how substantial of the increasing earnings that we are probably going to look at in 2025, 2026? I think we've been pretty clear through the call, Anderson, that we're not putting numbers on those things at this stage, right? 107 ha. Sure All in the development pipeline, all realistic for development opportunities, but too early to start putting numbers on them. Okay. Thank you. Thank you. Your next question is from Carlos Castillo from Melior. Please go ahead. Good afternoon. You took control of the fuel infrastructure at the airport about 12 months ago. I'm just interested to understand exactly what you've got planned to help drive the uptake of sustainable aviation fuel and really the timing of when that sort of CapEx would come online and whether there's any impediments that are in place that prevent you from doing that sooner rather than later. There's a couple of things to that. The first one is in terms of sustainable aviation fuels, a lot of the thinking and development work is being driven out of Europe, and one of the key considerations in the development of sustainable aviation fuels is that they work with existing infrastructure. If you think about it, you can't change every aircraft, you can't change the fuel infrastructure across every airport overnight. The challenge and the approach that's been taken is to make the sustainable aviation fuel, which gets blended with normal jet fuel, to be compatible. One of the questions for us, and the question once again is more generally for the industry, is whether some of that blending happens offsite or at the airport, and that's definitely a conversation that we're involved in. In terms of what that means for CapEx for us, at this stage, we're not forecasting any additional CapEx for us to be able to support that. The way we would think about supporting the usage of aviation fuel is through the way that we price and incentives and work with airlines to encourage uptake. Okay. All right. Thank you. Well, I think that's it. I don't think we have any more questions. I appreciate all of your interests. Hopefully we were able to answer all of your questions, and we'll call it there. Thank you very much.