Hello, good afternoon everyone. Please welcome equity investors, bond investors, regulators, and credit rating agency to PT Lippo Karawaci Tbk full year 2024 earnings call. Today as a moderator, I'm Randi as Head of Investor Relations, and with me today we have Mr. Fendi Santoso as Group CFO. Today we will present our full year 2024 results, followed by question and answer. During presentations, you may drop your questions on the chat box. Without further ado, please pardon me to continue with the presentations. Thank you. Good afternoon everyone. Thank you for joining our earnings call today. We will talk about the full year results of Lippo Karawaci. Let's just go dive in on the business performance highlight for 2024. In general, we have a good year. All our business segments have demonstrated a consistent performance improvement year-on-year. On the real estate side, our marketing sales reached IDR 6 trillion. This is 12% higher than what we targeted earlier this year, earlier last year. This is obviously supported by a very strong handover and then strong executions by the team. Our revenue on the real estate side is IDR 5.05 trillion, grew by about 15% year- on- year, and EBITDA IDR 1.1 trillion. On the healthcare side, our revenue in Siloam was IDR 12.2 trillion, with underlying EBITDA of IDR 2.76 trillion and underlying NPAT of IDR 1.26 trillion, reflecting strong operational performance. On the operating metrics, we will talk about a little bit deeper later. We've seen all our key metrics improved. On the lifestyle segments, our revenue is positive on revenue on the mall, grew by about 2% to IDR 682 billion, and our hotel business is 11% increased year-on-year to IDR 497 billion. This is on the back of obviously a somewhat people said a very challenging macro backdrop last year, but we are seeing consumer activity recovered. This shows that the revenue and EBITDA for the group for LK on a pro forma basis, just so that we are able to compare for like to like, our revenue grew by IDR 6.8 trillion- IDR 18.5 trillion. It's an 11% growth, and all the growth contributing by all our business segments, 15% from the real estate, 9% healthcare, and 3% lifestyle, whereas on EBITDA level, grew by 6% from IDR 4.05 trillion to IDR 4.3 trillion. Now, given that the transactions that we did last year around June, where we sell partially our stake in Siloam, we had to deconsolidate Siloam from our P&L. That happened, started in July 2024. Thus, there's the impact of the deconsolidations from Siloam, which brings down our statutory revenue to IDR 11.5 trillion and EBITDA to IDR 2.5 trillion. Now, the contributions from Siloam post the deconsolidations is going to come into income from associates. Now, Siloam will be recognized as an associate company within Lippo Karawaci. Thus, with all the operational expenses control that we've focused on, in particular on the interest expenses, where we've managed to reduce down our net interest expenses by 26% on the back of the liability management that we've been executing over the last few years, we've managed to record it an underlying NPAT of IDR 402 billion for the full year 2024. This is a big improvement compared to a loss of IDR 68 billion from last year. Our bottom line was at IDR 18.7 trillion. This is driven by the one-off gain that we've enjoyed because of the deconsolidations of Siloam, as well as the gain from the partial exits of Siloam. This is an improvement from a IDR 50 billion profit that we booked in 2023. Our cash position continued to be healthy and strengthened. We've increased our cash holding from the beginning of the year IDR 2.65 trillion- IDR 5.3 trillion. Our operating cash flow continued to be strong at IDR 1.7 trillion. Our investing cash flow improved to a net cash inflow of IDR 9.4 trillion. This is on the back of the divestments that we've done in Siloam. As such, we are able to use the majority of the operating cash flow and the investing activity cash flow to pay down our debt. As such, we still have about IDR 5.3 trillion, and our balance sheet continued to be strengthened. This is the debt profile of Lippo Karawaci. Our balance sheet continued to be strengthened. The debt breakdown for the year end of 2024, we still have about 16% of U.S. dollar denominated debt, which is amounting to about IDR 1 trillion. This actually has been paid off in January 2025 at maturity. As such, as of today, all our debt are in rupiah. Thus, we've managed to eliminate the FX risk within our company. The historical net has also dropped pretty substantially to IDR 1.1 trillion, and net year in ratio comes down quite significantly also from 0.59x- 0.04x in 2024. Let me dive in into each business segment. We will start with our real estate business. This is actually a slide that gives you a picture to the scale and the breadth of projects that we've done within Lippo Karawaci. In 2024 alone, we've sold 111 projects of landed residentials, five projects of low-rise residentials, one project mid-rise, 22 projects high-rise, and 25 projects shophouses. We talk about the marketing sales, IDR 6 trillion that we've achieved in 2024. There were four launches that we've done in 2024, four of which were done in Lippo Karawaci, Park Serpong phase II, Expana Cendana Suite, and Colony at Diponegoro, and Park Serpong phase III, which we did in October, November last year. Lippo Cikarang, we've done three launches last year, two XYZ Livin Series, the Hive at Neo Patio and Park South, and Cendana Suite at Patio. Tanjung Bunga in Makassar, we did one launch, XYZ Livin Series and Cendana Suite. I think financial performance, we've talked about this on the previous slides. I think we remain to be innovative moving forward, targeting and focusing on first-time home buyers and focusing on affordable housing within the development area that we've had today. This is just to show the progression of marketing sales achievements over the last few years. We've continued to grow our marketing sales to IDR 6 trillion. This is the breakdown by projects. In terms of land banks, we have about 1,000 ha of land bank, which if we are assuming at the current marketing sales run rate, we would still have about 25 years to cultivate our existing land bank. Thus, I think the pressure to add more land bank is not there. This is the breakdown of the marketing sales by products. 80% of our marketing sales in Lippo Karawaci is still dominated by landed housing, whereas in Lippo Cikarang, only 48% landed housings. Commercial contributes about 20% and industrial 27%. In terms of the payment method, 69% of the payments were being made by mortgages. Thus, it actually implies that our products are being purchased by the end user, which is the segment that we are targeting. Then 70% of the homes sold were priced at IDR 1 billion, which indicates the strategy that we are doing on the affordable housing. This is the handover that we've done in 2024. On Park Serpong, the Cendana Citizen Park, we've started to hand over some of the units toward the end of last year. 83 units have been delivered. I think by today, we've done slightly over 500 units. That's pretty exciting because we are able to deliver this ahead of our schedule. On the Lippo Village development, most of them are almost completed by last year. It's 95% in Cendana Cove. Cendana Icon, we've done 99% handover. Cendana Essence, 70%. Cendana Verdant, 87%. 99% Cendana Marq. Brava Himalaya, we've finally handed over the last units last year. That's 100% completed handover. In Lippo Cikarang, 88% for Waterfront and Tanah Merah, 62%. This just gives you an idea of the new product development that the team has done in Park Serpong, Cendana Suite, and Blackslate Series, which is slightly more premium products ranging from IDR 1.1 billion, 78 sq m-88 sq m size of building for Cendana Suite. For Blackslate Series, it is IDR 1.9 billion price point, 125 sq m landed house. XYZ and Q Livin, which is more affordable, priced at around starting from IDR 380 million to IDR 731 million. For Q Livin, around IDR 500 milion-IDR 600 million with a size of about 40 sq m-55 sq m. This is just to give you the launches, photo of the launches that we've done last quarter and fourth quarter. We've did the Park Serpong phase III. We call it Zen Collections. We launched it in 19 October, 94% take-up rate. Lippo Cikarang, Cosmopolis, we've launched this in 9 November 2024. The take-up rate is 91%. In Makassar, we've done the in Tanjung Bunga, 30th November, with 88% take-up rate. This is just photos that we took just to show you the progress that we made in Park Serpong phase I. We are very excited with this project. It's starting to come, starting to look pretty exciting. Townships, we've started the handover in November. We've been able to deliver this project in less than 18 months, the period that we promised to our customers. The feedback from the customers is also pretty positive. We are very excited to continue finishing up this project and handing over the units to our customers this year. That's healthcare. Moving on to healthcare, that's real estate. Now moving on to healthcare. Siloam booked a revenue of IDR 9.45 trillion. It's a 9.1% growth from last year with underlying EBITDA of IDR 2.76 trillion, up by 3.2% compared to last year with an EBITDA margin of 29.2%, underlying net profit IDR 1.26 trillion, and operating cash flow of IDR 2.33 trillion. We are seeing all our operating metrics improve pretty healthily. The outpatient visits improved by 7.5% for the full year, 7.8% growth in inpatient admissions, inpatient days, and also average length of stays also improved 7.2% with occupancy rates increased from 65.2% to 66.6%. We are also seeing growth in all payers group, whether it's private payers, which is up by 10.5%. Corporate insurance, despite all the challenges within the insurance business, with a high claim ratio, it still delivered at 22% growth over the last five years, and also BPJS continued to register a growth too. The OpEx has slightly notched this year, and this is because of the transformation plan that we've embarked in Siloam with the new generation Siloam transformations. Overall, the underlying EBITDA still posted a growth to IDR 2.757 billion. Obviously, margins have contracted because of the cost investments that the team made in Siloam. We continue to commit for growth. As of 2024, we have about 4,133 operational beds, and we'll aim to increase this by 1,124 over the next three years to 5,257 with this pipeline of extensions and expansions of new hospitals in Indonesia. Moving on to the third segment, lifestyle. Lippo Malls, currently we manage about 59 malls nationwide across 39 cities encompassing over 2.5 million sq m of net leasable area with very well-diversified tenant mix. We are seeing progress or improvement continued in our mall business. Malls revenue recorded at about IDR 682 billion, up 2% from last year's with EBITDA IDR 162 billion, up by 2%. We have continued to see mall visitors going up by 5% compared to last year. Also, occupancy rates continue to improve. Now stands at about 81.2%. We've also proudly recently did a soft launch in Lippo Mall Nusantara. It was previously known as Plaza Semanggi. This is a mall that is strategically located in the heart of Jakarta, just right by the junctions of the famous Semanggi. It's going to be one of our flagship malls. We have a renovation still ongoing. We will complete this hopefully by before the Independence Day. We're going to launch this at the same day as our Independence Day is on the 17th of August. If any of you that lives in Jakarta, I would encourage you to visit this mall because we've done, I think the team has done a pretty good job in terms of renovating this and basically revamp the whole concept of the mall in Lippo Mall Nusantara. This is just a sample of events that we've done in 2024. The lifestyle event that we believe is able to drive visitors to our malls in Lippo Mall Puri, the Hello Kitty Runs that are able to attract 10,000 more participants on that particular day. Plaza Medan Fair, they did this Indonesian Idol 13 pre-auditions. Senayan Park, we are doing an Emina Eureka Fest. Also, we've did a collaboration with Bank Mandiri in launching our Mandiri Lippo Malls credit card. On the hotel business, we are currently managing nine hotels across Indonesia, 1,900+ rooms. We also operate a country club and golf course in Karawaci. The performance has been good for 2024. Revenue recorded at IDR 497 billion, up by 11%. EBITDA, IDR 198 billion, up by 11%. Occupancy rate remains healthy at 6%. We have managed to improve our room rate by about 7% year-on-year. This is one of the areas that Aryaduta, our hotel business, manages—a beach club in Park Serpong, which resides in our real estate development in Park Serpong. I guess that's it. I think looking ahead, moving forward, we'll continue with our strategy in the real estate business. Our target for marketing sales for 2025 is IDR 6.25 trillion, which is up by 4% compared to last year and a 16% increase from the target that we've set in 2024. The focus is going to be still affordable housing and mass market products. On the healthcare business, we continue to deliver clinical excellence in the oncology specialties. We are the teams are looking to continue to execute the next-gen Siloam initiative with different archetypes that they have crafted. Also, an increase in new operational bed by about 1,124 over the next three years. In our lifestyle segments, our malls, we continue to strengthen our occupancies, doing a lot of lifestyle events, revamping and investing in renovations on our key malls. Also, on our hotel business, we have continued to see that this business continues to present potentials, growing demands, and something that we are looking to invest further. I think that's all from us. Should we go straight to Q&A, Randi? We can go straight to the Q&A for Fendi. Right. Yeah. Okay. Let me just Okay. Let me just go through. Siloam raised loans to acquire the hospital assets from First REIT. When do you expect these transactions to be completed, and what will be the benefit to LPKR? I guess I think the process has been kicked off within Siloam. I think in terms of funding, they already have funding secured for this particular transactions. I think for further details, I would suggest that you've asked this information from the management of Siloam. I think this will benefit a lot for LPKR, not only that it will strengthen the operational performance of Siloam, as we're still holding about 29% of stake in Siloam, but it will also remove rental support that LPKR has been committed to Siloam to First REIT. I think that's all. There's questions regarding Lippo Malls SGD perps. I think this is something that we could probably ask LMIR directly in terms of the plan that they have on this. Any more questions from the participants, please? Drop on the Q&A box. Okay. Are there any plans for dividends? I think we are still discussing this, but I think in terms of dividend for this year, we may need to finalize this. I do not think it will be likely. I do not think it will be likely for us to pay dividend this year. This is something that we have been discussing internally, and we will update everyone once we have finalized our thinking. In terms of revenue guidance, I think it will be pretty similar to this year. I think we are looking at about close to 10% revenue growth, and we will continue to focus on profitability for 2025, similar to what we have accomplished in 2024. Do you see any room to raise a price point for affordable home offering? Yes. Actually, if you are looking back to Park Serpong, we have actually started our price point at slightly below IDR 300 million per unit. Now it started at 380. We continue to optimize and deliver a product and price point that we believe would attract demands from the consumers. Yeah, we will continue to see that price point continue to increase. At the same time, we do not want to lose that traction from our customers. We continue to be innovative and play around with the right price point that we wanted our customers to enjoy. Any plan to increase stake in LMIR? We do not have any plan yet. What does the company think about the U.S. dollar market? Will you keep that in your capital structure? Today, we want it because there are so many uncertainties in the market. We wanted to remove anything that could present us with risk at this particular time. As such, we've eliminated all our U.S. dollar denominated liabilities within our balance sheets just so that we would be able to naturally match our revenue against our cost. Obviously, not in short term. Probably in the long term, we'll continue to monitor to see whether we could, if the market recovers and we are seeing things becoming more predictable and stable, then obviously bond market, in particular U.S. dollar bonds, would be an area that we could take advantage of too. I think Siloam margins, I think something that you would be able to ask Siloam, but I think it will continue to remain stable if not improved moving forward. Do you have any plans to redeem the rest of 2026 U.S. dollar bonds? There's actually small stuff living there, but I think there's not much, to be honest. We've paid the big chunk of the 2025 bonds in January. I think that's all, Randi. I think that's all. Okay. I think that's all. Thank you, everyone. Thank you, Fendi, for the presentation and the Q&A. Thank you also for the participants attending Lippo Karawaci full year 2024 earnings call. We will share the material after this call. See you again on the first quarter 2025 earnings call. Have a good day. Thank you very much. Thank you, everyone. Have a good day. Take care. Recording stopped. All right. Thanks, Randi. Thanks again.