Good morning, everyone. Please welcome equity investors, board investors, regulators, and credit rating agency to PT Lippo Karawaci first half 2024 earnings call. Today, as a moderator, I'm Randi, as the Head of Investor Relations. With me today, we have Mr. John Riady as the Group CEO, Mr. Marlo Budiman as the Group Deputy CEO, and Mr. Daniel Phua as the Group CFO. Today, we will present our first half 2024 result, followed by question and answers. During presentations, you may drop your questions on the chat box. Without further ado, please, Mr. Daniel, to continue the presentations. Thank you, Randi. Good morning, everyone. We're very happy to be presenting to you on the one half 2024 results for Lippo Karawaci. Some announcements has come out this morning in regards to the VTO process. I'll comment on some of those during the presentations, but do keep in mind that the primary purpose of today's earnings calls is on the one half 2024 results, so I will be focusing on my presentations on those. If we were to look at the one half 2024 results, I think obviously the divestments of the Siloam has a booked a one-off gain of IDR 20 trillion, which is basically mainly an accounting booking. But, operationally, I think we are very pleased to report the fact that if we look at all segments within our businesses, they are all performing extremely well. Real estate, for example, one half 2024 revenue and EBITDA were up 8% and 12% respectively. We continue to see very strong marketing sales being booked. We continue to see that the new product that we are launching in Park Serpong in regards to XYZ series, in regard to the Q series, continue to have a very strong pickup and interest, I mean, from the market. Healthcare continued to solidify the fact that the focus on the complexities and increasing revenue acuity has been the right strategy for us, and that has resulted in the, you know, revenue underlying EBITDA, underlying NPAT, all kind of in a stable manner. Although obviously, if you were to look at the numbers presented, it will look like they're negative, but I will then later on talk about a pro forma format, whereby if we assume that the healthcare segment is not deconsolidated, what would the result have looked like? As you can see, the admission data were all up compared to the year before. Our lifestyle continued to improve, and one half twenty-four revenue is at IDR 652 billion, a 77% year-on-year improvement, and the revenue from malls also increased by 2% year-on-year to IDR 336 billion. Hotel similarly has been performing well, with a 10% year-on-year increase in its revenue to IDR 221 billion. Footfall traffic and occupancy continue to see improvement, and we continue to believe that the post-COVID recovery is definitely in full swing, and we will continue to benefit from that. Going into more details. As you can see, despite the fact that Siloam was deconsolidated for June 2024 as a result of the initial 10.4% divestments of its stakes, our revenue and EBITDA have remained stable on a consolidated level. You will see the healthcare is obviously down due to the effect of the deconsolidations in both revenue and underlying EBITDA, but it was more than made up for in the revenue contributions from the real estate lifestyle. To a lesser extent, you can see the whole core expenses have also reduced, I mean, compared to year -to- year before, giving it a IDR 5 billion or 4% contributions to the overall underlying EBITDA. So as a result, as you can see, you know, despite the deconsolidations, the results remained stable, which is positive. Now, the second view I do want to show you is on a pro forma basis. I mean, if we were to assume that Siloam was not deconsolidated, I think this is useful for investors for like-for-like comparisons in regard to one half 2024 versus one half 2023. You will note that the revenue would have otherwise improved by 11%, and the underlying EBITDA would have improved by 13%. Again, just a quick note on the underlying EBITDA and margin here, and I spoke about this in the Q1 earnings call. Siloam has a one-off asset adjustment of IDR 309 billion that was conducted in Q1. So, that again, is a one-off. We wanted to basically exclude that effect to show you what the underlying operational results would have been. So in the underlying EBITDA, the one-off, asset write-off that was conducted by Siloam in Q1 2024 was excluded. So if we were to look at it with that lens, you will notice that, Siloam, year-on-year, has grew by 14% on revenue and 15% on EBITDA. Yeah. But I think it is key to point out that the growth, in our performances did not come purely from healthcare. Yeah. Real estate EBITDA grew by 10%, and, lifestyle is in a relatively flat, but was offset by the savings that we get from the whole corporate expenses. Now, this is a view that I presented two years ago, whereby we started splitting the NPAT into the underlying NPAT and the NPAT in order to show a better view in regard to what the underlying business performances were. By basically excluding the effect of a one-off largely accounting with the adjustment, whereby there is little cash impact. I'm pleased to report the fact that if you look at underlying NPAT, so this is basically reflecting the business's operational performance. One half 2024, we sit at IDR 153 billion, I mean, versus the negative IDR 334 billion, negative IDR 34 billion in one half 2023. To Q 2024, I mean, it is a slight negative, but compared to the positive in 1Q 2024, and that is largely resulted from the slightly lower EBITDA booking from real estate. Now, as I've previously explained, real estate's revenue, EBITDA, would go through different swings because the revenue recognition is based on handover. And due to the mix and the amount of properties handed over, there will always be a bit of a swing between quarter, quarter to quarter. But I think when you smooth it, smooth it out on a six monthly basis, you will see that, unlike NPAT, and based on all our business segments, actually improve substantially compared to what we were booking in one half of 2023. Now, I want to cover some of the non-underlying items in here, just to give a sense of how we get to the final NPAT of this, but the company, as you are aware, basically went through a very successful debt restructuring processes. As a result, there were various accounting adjustments as related to basically tax adjustments of offset pref and, you know, basically writing off the cost of debt that was retired. So basically, that came to about IDR 100 billion. The impairment of historical assets, I mentioned this earlier, this was conducted in 1Q 2024, whereby Siloam revisited its portfolio of pipeline hospitals, and there were various hospitals that were identified as potential hospitals back in 2019, but we have now revisited the list, and are reasonably confident that they will not be proceeding. So the partial WIP it was written off in Q1, so that is IDR 309 billion that you see in here. The PSAK 72, 73 adjustment that is largely related to the finance lease and some of the deferred income treatment in the property segment. FX losses, again, that we continue to be affected by the USD IDR swing, but again, that will disappear once we retire all our USD bonds. The gain on de consolidations and the gain on disposal investments, this is what I spoke about. I mean, due to the deconsolidation of Siloam, accounting-wise, there is one-off booking of about IDR 18 trillion for the purpose of basically moving it from a subsidiary to associate status. Basically, we captured the price of Siloam at the date of deconsolidation, which is at mid-June. We captured differences between our book value and the market value, and that is booked as a gain on deconsolidations. The gain on disposal of investments of IDR 3 trillion, this is for the initial 10% divestments that was conducted, but that basically contributed again, positively to the NPAT results. Bond buyback, we did conduct some bond buybacks from the initial tranche one, the investments of Siloam. The effect is, again, you will recall, most of that is bought back at close to par. And once you account for some of the fees and some FX impact, I mean, there is a slight negative as opposed to the IDR 1 trillion gain that we booked last year during the first time when we did the bond buyback. So with that, we end up with an NPAT of about IDR 20 trillion. I think what's important to highlight in here is that this brings our retained earnings to positive as well, I mean, compared to the negative position that it has been. EBITDA margin has remained healthy in all our segments. As you can see, healthcare is sitting at the 26%, same with real estate and the lifestyle at about 23%. Due to the strong performance financially, you will see that that has translated into strong cash flow as well. In particular, I want to highlight the fact that operating cash flow has improved from IDR 157 billion in the first half of 2023 to close to IDR 1.7 trillion in the first half of 2024. And that is as a result of basically improved performance, as I mentioned, in all business segments. But collections have also improved as well, and we are seeing very good collections and very good marketing sales being booked, as example, in the Park Serpong projects, and those have contributed positively to our operating cash flow. On the investing cash flow, I mean, basically, you see that the bulk of this IDR 511 billion is related to the CapEx that is invested by Siloam. Siloam continue to obviously invest in these medical equipments and hospital expansions in order to stay true to the strategy of advancing the revenue intensity and acuity of its services, and we also receive about IDR 3.9 trillion from the 10.4%, the divestments of Siloam shares in June 2024. So that forms part of the cash flow in here in regard to this IDR 3 trillion from acquisition and divestments. Of the proceeds from the investment, a large part of that obviously went into retiring 2025 and 2026 bonds. IDR 2.6 trillion was applied to that, and beyond that, there was various paydown of working capital loans that we conducted across the group in order to reduce leverage, so cash, the ending cash balance, I mean, remained at a very healthy IDR 1.6 trillion, but again, as you can see, the reduced cash balance is largely as a result of a larger paydown in regard to our debt and some of our working capital loans. I think it's important to highlight the impact of the deleveraging, I mean, from the Siloam shares that were divested in 2024, but we basically reduced the total consolidated net debt. If you can see from a position of IDR 11.7 trillion in the FY 2023, as at June 2024, I mean, that is sitting at about IDR 8 trillion. That represents a close to 32% of reduction in regard to our net debt. Similarly, as you can see, the FX risk profile has improved as well, with the USD debt previously making up 46%, it is now making up about 36% of our debt, and therefore we will not be as subjected to the swing in the IDR/USD movement, I mean, going forward. As highlighted earlier, I mean, the NPAT that was booked as a result of the one-off deconsolidation of Siloam did help to improve the retained earnings from previously IDR -11 trillion up to a IDR +9 trillion in regard to retained earnings of the group. All right, moving into real estate. I'm just gonna go through some of the segments in a bit, in a bit more detail before then circling back and covering some of the VTO results. Property segments, as mentioned, has been performing well. Some of the highlight is that we basically, you know, sold 65-- there were 65 projects launched in one half of 2024. That continued to remain the key focus for Lippo Karawaci, and the target continued to be our first home buyer. The one half 2024 marketing sales, as you can see here, we book sales of IDR 3.14 trillion, and this is 58% of our FY 2024 targets that we share with the market. So we are definitely on target to achieve, if not outperform, the targets that we committed to the market earlier. Landed housing continued to be the prime driver, and we believe they have innovative products. The Q Livin, XYZ Livin, were all new product type that we have launched with a nice courtyard in the middle to basically present an airy and more modern feel to our properties. Revenue has increased 8% year-on-year, and GP has increased 7%, and EBITDA has improved by 12% year-on-year for one half 2024. So definitely it shows that the strategies of providing innovative product for the first home buyers is the right strategy, and that has continued to provide benefits to the group as a whole. And again, just some informations in regard to the breakdown of a land bank. As mentioned before, we still have 25-plus years of for land bank. The marketing sales that have been conducted, the bulk of them will still be sitting with LK Residentials, supported by obviously Lippo Cikarang and the various land port sales that have been conducted during the year. In regard to the marketing sales, but with regard to the volume breakdown, the bulk of it continued to be dominated by the landed housing. As you can see in amount, it makes up for 85% of it, and in volume, makes up for 93% of the units that have been sold. You will see similar profile in Lippo Cikarang as well. The bulk of it, obviously, is still through Cafe Arc, with the mortgages and the majority of it we're seeing that are basically housing that's priced at affordable level for first home buyers, and 98% of them were priced at IDR 2 billion or less. We also see that the first half 2024 revenue continued to improve, and then these are some of the examples of highlight or projects that we've handed over. As you can see, there is a stable stream of on-time handover in the various projects that we have delivered, and we do have a lot of happy customers as a result of that. The new product that we're launching in the XYZ, we have accelerated some of the delivery, and we do expect some delivery to start to happen by December of this year ahead of the initial schedules that we promised our buyers. So we do believe that this is the Q Livin series that I mentioned earlier. A brand-new concept with a nice airy courtyard that basically accentuate the spaciousness of the unit. I mean, despite the fact that they are on the small block of land, like you're looking at kind of a 36 sqm-46 sqm, but these blocks of land, the design of the units make it feel a lot bigger, and therefore, these houses have been in the very strong demand when we launched it in Park Serpong, phase II. We do intend to launch a phase III of Park Serpong, as many of you might know, by around about October of this year, and stay tuned, there will be new products being launched as part of that as well, and we do believe that that will continue to drive marketing sales going forward, so moving on to healthcare. The growth on healthcare, again, this is based on the Siloam's result as an entity. I think it's easier to look at it that way than to look at it whether on a deconsolidated or consolidated level. So this is basically Siloam's standalone performances, I mean, for one half of 2024. As you can see, revenue is up 14%, underlying EBITDA up 15.3%, and the underlying net profit is up a whopping 25%. You will see that the performances, I mean, have been stable. If you look at the quarter on quarter performances, coming out of COVID, with revenue growing at a CAGR 4.1%, underlying EBITDA at 6.7%, and the net profit on a quarterly basis growing at a CAGR of 16%. Margins remain healthy, as you can see, but we have substantially improved our margin from 24.4% in 2Q22, and even lower in FY 2019, it was sitting at 16.6%. To coming up to a stable EBITDA margin of about 30%. NPAT margin, similarly, as you can see, has stabilized at around 15% for Siloam. Part of our key differentiations, I mean, compared to our competitors, we've always said, is that we focus more on growing the revenue intensity and complexity of our businesses. As you can see, compared to our peers, the average revenue per occupied bed is, you know, close to two times what others are achieving. And we have seen that the average revenue per occupied bed have continued to improve. As you can see from 2019 up to 2023, this is a CAGR of 10.7%. 2Q 2023 up to 2Q 2024 by itself is already improvement of 3.5% in regard to the average revenue per occupied bed. As you can see, the numbers is substantially higher than what the industry is performing at. And that continued to drive the growth of Siloam, and it continued to drive our future visions in terms of where we're gonna take Siloam, and is a key competitive advantage in comparison to the industry. In regard to throughput, I mean, admissions, are up, as you can see, 14%, and on a CAGR basis compared to the same quarter last year. Occupancy rates have stable at about 68%, and outpatient visits, you can see, has been improving as well. On a YTD basis, inpatient admissions is up 15%, and outpatient is up about 14%. EBITDA margin remains stable. So we have implemented various efficiency measures. There's improvement in the payer mix. There's also improvement in case mix, and this has helped to improve the EBITDA margins to, as I mentioned, around about 30%. The drugs and clinical supplies obviously is the largest cost components for hospitals. As you can see, that has steadily dropped from a 33% of revenue down to about 28% of revenue as of one half 2024. The OpEx has also similarly dropped from 35% in 2019, all the way down to 29.3% in one half of 2024. Profit margin have stabilized, as mentioned earlier, at the 15% mark. The corporate insurance market continued to contribute about 50% of the total revenue. I think that is little change compared to before. BPJS contributions, I mean, remain stable at around about 18%. But moving on, some of the highlight, I think we are very excited to be recognized as the best specialized hospitals by Asia Pacific in Indonesia. I think this recognizes the continuous investments that we have made into hospitals such as MCCC, to improve its oncology services. In line with basically our strategy to increase revenue intensity, new equipment such as a new Cath Lab and a new Linear Accelerator have been installed and are operational in our Siloam Hospitals businesses. There are also new executive clinic being opened at our Denpasar clinic, and we continue to basically invest in our doctors and making sure that we have the best-in-class doctors. As a result, as you can see, what we have called CONGO, cardiology, oncology, neurology, gastro, ortho, which is the kind of key focus group for the Siloam businesses, have seen improvement as well, with a 14% improvement in one half 2024 compared to one half 2023. These are the key core group of services that are driving the growth of Siloam. As you can see, we are happy to report that across all our key centers of excellence, Siloam Group has seen improvement year-on-year. These are some of the key pipeline projects that are in development. We continue to expand at a cautious pace, but in market segment that whereby we believe there are further opportunities. For example, there's an intention to build a second MCCC basically beside the Siloam Lippo Village. It is a dedicated oncology center. We will be using the MCCC brand to illustrate the fact that MCCC is not just a hospital, but basically a commitment from Siloam to continue to enhance and develop, to deliver best-in-class oncology services in Indonesia or within the Asia Pacific region. So, but the LV Oncology Centers or the LV MCCC, we do anticipate that to be open in Q1 2025. We continue to expand on some of our key flagship hospitals, for example, in Makassar, in Surabaya, in Asri. I mean, these are hospitals that have been performing very well for the group, and we want to be able to leverage those opportunities and expand because they are running close to capacity due to the popularity. At the same time, we are also planning new hospitals expansions. I mean, these are some of the key hospitals that are in the pipeline. I mean, the Cito in Surabaya, along with MERR in Surabaya as well, Semarang Srondol and also Samarinda, and along with a hospital plan in the Kendari. As you can see, I mean, the flagship hospitals are all situated within the more densely populated first, second-tier cities. That is again aligned with Siloam strategy to focus on the premium market and to basically drive growth on premium, while also making sure that we don't forget on our BPJS. I I wouldn't go through this in too much detail. There's been obviously a lot of investments from Siloam in going through the digital platform and the investments related to that. And, in regard to getting the patient voice, making sure that we have a channel to recognize the patient complaints and so forth. And, this has definitely helped the digital businesses and enhance the seamless care and so forth. Moving on to lifestyle. Lifestyle, as you can see, we are the largest mall development operator in Indonesia. And we have seen that the malls revenue is relatively stable, but in one half 2024 to one half 2023. But mall visitors growth have been stable as well. And there have been the various event that has been planned in order to attract more traffic to our malls. As you can see in here, hotels, again, has been performing well. EBITDA from hotels, as you can see, is up 11%. Average room rate, as you can see, has improved 8% as well. You know, all in all, we do believe that this has improved as a result. This will continue as a trend going forward. Some of the enhancement that we perform for our malls, I think it's important to highlight. We do want to continue to invest. These are some examples of the investments that we'll be making in improving the performance of our malls here. Sustainability continue to be important elements. I think we do want to spend time talking about it. But we do intend to basically influence some of the TCFD standards, but we would want to be an early adopter of the standard, which again forms the basis for the ISSB standards for ESG reporting. We have done various efforts in terms of quantifications of our climate risk and to improve our ESG reporting. Currently, you know, aiming for with a rating of A that we have achieved in August 2024. That basically illustrates the continued effort and attentions the group has paid in regard to addressing the ESGs concerns from our stakeholders. These are some of the high-level agenda items of items that we are looking at. But we do have active framework for tracking the achievement of these targets, and we would continue to enhance our ESG reporting to the market as well going forward. Looking ahead, we continue to offer unique products. And I think this would anchor our performances in real estate going forward as well. And as mentioned, we would continue to look at targeting the first home buyers market with Park Serpong, Lippo Cikarang, and Gowa Makassar has also been launching similar products with very good take up. The marketing sales is definitely on track, and we do believe that by the end of the year, we should achieve or outperform the targets that we have set. Healthcare continue to focus on its strategy of enhancing complexities, and we do believe that there has been supporting the management decisions. And we continue to basically open new hospitals in the in the conscious methods, as I mentioned before, and that we do believe that this will continue to maintain our competitive edge in comparison to our competitors. But lifestyle, again, mall recovery has been stable. We are continuing to see improvement in hotel businesses as well. I mean, we are excited to see that, especially as I highlighted earlier, the the EBITDA from hotel continue to improve year-on-year on a very stable basis, and that will continue to support the businesses going forward. So that is basically my main slides for the one half 2024 results. I do want to now share a little bit more in regard to the voluntary tender offer that has been completed. This is obviously after balance date. Which is why I only touched on it after finishing off on the one half 2024 results. So the announcement has gone out this morning, as most of you have already seen. Just to recap some of the key elements in the announcements. Siloam has obviously further disposed of 18.57% of its ownership, reducing our ownership currently in Siloam to 29.09%. With the IDR 6.9 trillion that has been received, approximately IDR 2.9 trillion will be applied towards paying down debt. Again, the debt would include the USD bonds and also other loans that we have, the syndicated loans in IDR, other working capital loans, and so forth. There are some amount put aside for future projects. I think I will share with the market when these are, we are ready. Yeah, but there has been the project that have been identified whereby this cash will be applied, but at this stage, I think it's too early to share these details. As a result, as you can see, I mean, once we apply this IDR 3.9 trillion to paying down debt, the total debt level, again, this is on a kind of a pro forma basis, by the end of FY 2024, would come down to IDR 5.5 trillion, down from about, you know, IDR 13 trillion in 2023, and IDR 14.3 trillion in 2022. So that is a substantial 62% reduction in our debt level. Similarly, interest costs would reduce by approximately the same magnitude, by about, you know, 63%, and it drops from basically IDR 1.3 trillion, but down to IDR 535 billion, that we can see here. So, we are very positive on the impact that this deleveraging will have on the operational profile of Lippo Karawaci going forward. That substantially reduces the interest obligations on Lippo Karawaci. And, a lot of you have been asking about overall cash flow situations, but you know, every earnings call. As you can see, this will substantially improve the overall operating cash flow due to the reductions in debt that is required. So that is all for me in regard to the presentations for today. I would basically hand it back to Randi for any Q&A. Yep. Yeah, sure, Daniel. There is some in the Q&A sections. You may maybe continue with it, or maybe by John? Yeah, Daniel, you want to take a couple of those questions? I think most of it you've related to VTO, you've explained in the last slide. So that I won't comment on the VTO-related questions. With regard to which part of our debt would be repaid, whether the 2025, 2026 of the syndicated loans, we're still studying that, and so that's not a decision that we've taken at this point. Yeah. So all right, I'll just go through the questions. Sorry, I'm just seeing the questions now. Basically just echoing John's comments. IDR 3.9 Trillion has been earmarked for paying down debt, exactly which we will share with the market when ready. Internally, we are still evaluating that. Would the debt be used for CapEx and other purposes? Again, the same comment, we'll come back to the market when we're ready. As mentioned, there are projects that we have earmarked for the use of that cash, but it is still going through various internal evaluations. We do want to make sure that we optimize shareholders' return. So at the right point in time, we will come back and update you on that. What do you see in primary proceeds? Yeah, I think I've already answered that. Tax treatment on the gain from deconsolidation? There are no tax implications arising out of the gain from the deconsolidation. Yeah, that, that is correct. So it is a pure accounting treatment, but so there is no tax implication. Yeah. No, no tax implication, and no cash implication for that matter. It's correct. When do you expect LMIRT to resume paying dividends? I think this is a question to be directed to the LMIRT management. Yeah. Strategic plan with regard to Lippo Malls. Look, we have no plan to divest our Lippo Malls at this stage. There's questions about- Go ahead, Daniel. Sorry. There's questions about EBITDA. So as I mentioned earlier, basically, EBITDA would have swing depending on the handover for that period, right? So the 2Q 2024 marketing sales does not translate into 2Q 2024 EBITDA. But you will probably see that EBITDA 12-18 months later. So you can't, you can't compare the marketing sales to EBITDA. Now, the EBITDA, obviously, as I mentioned, will be affected by timing in regard to handover, so you always see a little bit of a swing. But I think it's fair to assume the fact that whatever you see in marketing sales will eventually be translated into EBITDA, but it's just not immediately. Okay. I think that's about it. No more questions? I think no more questions. Okay, that's all for today. Thank you for attending first half 2024 earnings call. We'll see you again on the nine months 2024 financial results in October. Thank you very much for your attending this event. Bye-bye. Thank you. Thank you. Thanks, everyone. Is that? Yeah. Mm-hmm. Yeah. Quick question.