I will now hand over the session to Encik Mohamed Rastam Shahrom, DCFO of Malaysia Airports Holdings Berhad. Thank you, and over to you, sir. Hello. Thank you for joining us for our second quarter results. With me here, myself, Mohamed, and with me here is Zeid. I believe you all know him. He's by my side now. If you have any questions, actually, if you need to interrupt my presentation, I can answer you then, or we can do that after my presentation. Thanks a lot for joining us for our second quarter results. As usual, we will go through the financial indicators and moving forward, some operation matters, and really to share about what are the things that we're going to do and what we have done for the quarter, and towards the year-end. Without much undue delay, I'd just like to share in terms of our financial key indicators. I'm sure you have already gotten the decks for you and our announcement with regards to this. As per the slide four, as you can see, our tax actually are clocking in about MYR 12 million for the six months. With that, we can see that the ISG operations have actually improved in their passenger traffic. I think that is really a good trajectory that we are seeing from ISG from the opening of the borders in ISG. The significant difference, if you were to compare six months this year compared to last year six months, is really about the Malaysia and ISG, how the market has opened, or how the MCO or the restricted traveling has actually impact Malaysia. Last year, as you are aware, that the MCO started somewhere in April, mid-March, April, towards the year-end, which at least three months, the airport was operational. This year, the full six months, we have continued challenges in terms of the interstate ban and of course, the international borders has been closed. For ISG, it was the other way around. They actually had to close the airport for April and May for two whole months. Whereby this year, for the full six months, the borders have been open, and within the Turkey itself is open, and as well as the traveling of international borders has been open. The opening of the borders has just really helped their passenger traffic. This can be seen from quarter-to-quarter passenger improvement. In Q1, we have a passenger traffic of 5.9 million, which has improved to 6.1 million. That improvement is by and large, by the improvement by ISG from 4.2 million to 4.8 million. For that particular nine million out of 12 million passenger traffic, 30% of it is international. For nine million passenger for ISG, 2.7 million is from international and domestic, 6.3. The mix for ISG is somewhat pre-COVID. However, with the opening order, we hope that they will reach as fast as possible to the pre-COVID level. As to date now in July, recently that we have announced, their passenger traffic continued to improve, from 2.3 million in June to three million in July. We expect that to continue to improve in August and September, or which the passenger traffic for ISG will continue to improve, hence the results. For Malaysia itself, I believe what is important is if we look at the trajectory in terms of the vaccination and inoculation for Malaysia. As you are aware, for Malaysia, we have already passed the 51% threshold for the vaccination where we have actually achieved as at 22nd August, 56% of the adult population has been fully vaccinated. That's well ahead from the 50% targeted, which recently announced by our former minister. That is actually very much in line with ISG in Turkey, where 57% of the population are fully vaccinated. That, again, give a leading indication what is to be for Malaysia operations. I think another indication for Malaysia that I think things will get significantly better is because the rate of hospitalization, as well as the ICU cases as disclosed in Ministry of Health, has actually moderated, and hopefully, it will go down. We can see that the total number on the last few weeks was actually high, it's starting to come down, and more importantly in Selangor, that has come down. What actually gives us a bit of a silver lining to that is that for the ICU cases and the hospitalization admission, it has actually moderated and expected to go down. That is hopefully will be an inverse relationship towards more people get vaccinated. We believe that moving forward to quarter three, quarter four, with this momentum that we can see, at least for all the states that is under phase I, will move slowly towards phase IV. II and II and IV phases are really about the admission rate per population in the hospitalization. We are quite cautiously positive towards that end, and we believe at least interstate traveling will start to open. We can see that Langkawi also has actually started to open in terms of international type of traveling. Those are the positive signs that we can see from ISG, and those are the leading indication in terms of inoculation and vaccination. We hope that Malaysia would have actually improved in its passenger traffic moving forward, starting from September onwards with the opening of the state borders. Having said that, the group revenue now stands about MYR 660 million, and by and large, actually the balance between Malaysia and Turkey overseas is roughly equal in that sense. More apparent is that the Turkey revenue recovery has shown very positive trend in all segment in terms of aero, non-aero and non-airport. I think that's quite a good trajectory for ISG. As such, the losses have narrowed, starting to narrow. They have already turned around in terms of their operating losses. They have narrowed in that sense. That helps a lot in terms of the group results. Malaysia, in a sense, that because the passenger traffic has remained relatively the same, the aero revenue continues to contract. Non-aero continue to contract even more. That is driven by the commercial revenue, which stands only about around MYR 30 million revenue for the six months. That is because we have actually adopted a new operating rental model, which actually tied to pax. Because of the pax recovery is still subdued, so is the revenue for that. Having said that, I think we want to share also in this presentation what is our plan for commercial, having commercial moving forward. The strategy that we have is that we continue to retain the occupancy rate for our commercial spaces around 76%, although we have challenges in terms of having revenue from the commercial spaces because of the border is closing. We have moved significantly most of our tenants to the new reset contract, which allows them to reinvest, which actually encourage them to invest in their shops, as well as bringing new brands, which I think Zeid will actually share with you more in the subsequent set, what we are planning. Having said that, although we are taking a bullet on this because it is actually tied to PAX, but what we are saying here is that we are trying to retain as high as possible the occupancy rate. When the borders are open, the shutters will be up, and the lagging period of recovery will not be prolonged. Immediate revenue generating can be there, and we don't have the kind of difficulties in attracting tenants to the spaces. 76% is still a very good occupancy rate, and we hope that we can retain that, as well as making sure that new and exciting brands are there, so that when there is the uplift in international traffic, so is our non-aero revenue recovery, along with the aero recovery. The non-airport for Malaysia operation actually sustained around MYR 90.2 million against MYR 87.6. The improvement is actually, it's been supported by our plantation side, where the palm oil prices has strengthened, as well as the cushioning impact in terms of our hotel. Actually, our Sama-Sama Hotel has actually quite a respectable occupancy rate of between 55%-58%, considering the current challenges in the hospitality sector. In that sense, the non-airport segment has been quite good per se. Another aspect of it is that, hopefully, if the trajectory in terms of the passenger traffic does go and improve the similar way with Turkey, I think in terms of the aero, which has an immediate impact in terms of recovery, so is the non-aero, because we have managed to retain our tenants. That's the strategy that we have. Apart from that, as you know, if we tied to PAX, our receivables will be very clean. We can see that in terms of the reversal of provision for doubtful debt, because we have incorporated the provision in terms of the installment program that we did in our cash recovery in quarter four. By and large, the airlines have abided, especially MAG, AirAsia Berhad and Malindo, as well as the commercial rental hand. That has actually exceeded our expectation. Hence, the reversal of the provision for doubtful debt, as you can see in our P&L. That is in terms of the revenue metrics. In short, Turkey has actually improved tremendously in line with the traffic recovery. Malaysia per se, although we have challenges, but we have managed to retain or defend the bastion in terms of our non-aero, in term of commercial spaces, they are still with us. For the non-airport, has shown some improvement along with the commodity prices. That is for the revenue side. For borrowings, I move forward. Borrowings remains relatively the same. The deviation in terms of the slight increase is because of the appreciation of the euro, because out of the borrowings, EUR 385 million is actually in euro denominated. Because of the depreciation of ringgit, there is a slight increase into the borrowing. On currency basis, it still remains relatively the same. Cash and money market investment, the group actually has about MYR 1.467 billion in terms of cash and money market investment. Half of it is actually from ISG, and the remaining is from Malaysia. The ISG MYR 755 million is stamped out from our ability to defer indefinitely the EUR 115 million concession fee. We are still working out with the authority in ISG, SSB, to at least attain a rebate for the concession fee. We are still ongoing negotiation with them, as to date, that EUR 115 is being deferred indefinitely per se. The plus is if we can get a rebate of this amount, then we don't have that liability coming to our balance sheet when the times are getting better. For Malaysia per se, that is a contraction from approximately MYR 1.1 billion to MYR 712 million for the six months. Partly is because I will run through the waterfall chart in terms of cash, partly is because we have to make certain chunky payment earlier in the year for our utilities and so forth, and of course, for our network modernization. Apart from that is really the cash burn rate for our operating cash flow in itself. That's on the cash and money market. Just to share, the cash burn now actually for Malaysia Airport, due to the cost containment exercise we did, is around now is about MYR 70 million-MYR 80 million per month as compared to the MYR 100+ million per month when we started the COVID pandemic. That gives us quite a good headroom apart from the lines that we have already secured in terms of working capital. EBITDA, actually, we are at a loss of MYR 32.5 million. Profit after tax for the quarter one, as you're well aware, we hit a loss of MYR 221 million. Quarter two, we have locked in a loss of MYR 226 million. That totals up about MYR 447.4 million. However, I would like to share that, early on, I did share about the factors, the driving factors in terms of the vaccination, the improvement in ISG, and the opening borders of ISG. We managed to sustain the cost contain. Hopefully, in quarter four, when the borders are open for Malaysia and continue positive momentum in term of ISG and containing of our cost, hopefully that in quarter three and four, those losses will start to narrow. We believe that this would be the worst is actually appeared to be over. I think we have reached the MYR 226 million. If what we predict in terms of the vaccination of Malaysia, the borders will be open, that losses will continue to narrow out. That's where we are at now, in terms of the losses for the group. In terms of net assets, we still stand at a very strong MYR 7.6 billion in terms of shareholder funds. That is in a nutshell what we see now for the six months. The next slide number six, actually shows the results for the six months comparison. We can see in that six months, as I mentioned, in terms of traffic, the uniqueness of the traffic in terms of last year and this year, that actually explained the sharp contraction of passenger traffic. A few that I would like to highlight is actually our direct cost, which has actually also reduced significantly and in terms of finance cost too, after the restructuring of ISG, as well as the raising of the funds of MYR 700 million last year to refinance, which is a lower rate, about 100 basis points. That helps in terms of finance cost. Of course, last year we have about MYR 150 million in terms of reduction in tax position under the single business source, which we have recovered fully this amount. That helps last year's results compared to this year, in terms of six months this year. Just to highlight here, I think the losses widened is because, number one, of course, the passenger traffic has contracted. Second is the one-off in terms of the tax advantage recoverable of MYR 168 million. Actually, that losses is cushioned to the certain extent, the operating cost has reduced significantly, as well as the interest cost savings that we have achieved from our recent rearrangement of finance and of course, the recent raising for the Sukuk MYR 700 million last year. That's for the first half of the last year compared to this year. The following slide shows in terms of the cost structure, first half to second half. In general, the core costs continue to reduce by 12.3%, and our target for this year. Last year, as you are aware, our core cost reduced by 26%. For the half a year is about -12.3%. We hope to actually peak at about 15% core cost. In totality, core cost would have reduced by 45% compared to pre-COVID. This is the new rebase cost. We hope even after the upswing of the traffic, certain cost elements such as utilities and staff costs, will continue to be at that rebase cost. That's where our target is, especially for utilities. Our point is that we have taken these very difficult steps to re-look again at all our cost elements, so that not only during this period where traffic is contracted, but more importantly, when traffic starts to normalize, we want to improve our margin so that even if you don't reach the pre-COVID level of 105 million Malaysian operations, even during that period of time where we are 80% or 70%, we can get the respectable EBITDA and EBITDA margin at that point in time to replenish our cash. That's the target. We have reduced our costs, and we intend to sustain a very low-cost base, notwithstanding the service level that we want to bring it up. That's what important to us, in terms of salary, costs, in terms of staff costs, and in terms of utility, while we invest in our maintenance. Overall, that's our target moving forward in that sense. Moving forward, in terms of the quarter- to- quarter, this is another aspect which is quite important to us, apart from comparing during the six months to six months, because in terms of the cost last year, three months of the cost of the full year, six months last year is actually during pre-COVID. We wanted to measure quarter- to- quarter one against quarter two, how well we did and whether that is continued to drop. I would like to share that quarter-to-quarter, Quarter one 2021 and Quarter two 2020, we can see that continued decline by 6%, from MYR 399 million to MYR 356 million. That was another reduction of about MYR 15 million in terms of total cost. On the core cost basis, we have actually reduced further by another 2%, 1.9%. We continue to try to reduce the cost that we face. That will go through in quarter three and quarter four, with an objective of, as I mentioned, year-over-year further reduction of core cost by another 15%. That's on the cost aspect. By demographic or geographical location, you can see that ISG has started to turn around. The passenger traffic has moved from 7.7 million in the first half to nine million, compared to last first half of 2020. That actually translated to a narrowing of the loss from MYR 185 million to MYR 177 million. That is on the ISG side. For Malaysia, I think we continue to have the widening of losses because of the contraction of the passenger traffic. Moving along, in terms of our cash flow summary, we can see that the group cash actually declined slightly from MYR 1.7 billion, from the opening cash position that we have in FY 2020 to about MYR 1.467 billion. This by and large, is really about the amount of cash outflow that we have to pay out in terms of our CapEx. Last year's CapEx and of course, the chunky payment that we need to do apart from the normal interest payment that we have to do for the half year. Of course, the perpetual dividend payout for our perpetual bonds that will pay about MYR 38.7 million. Other than that, I think with the contraction of our cost base, that will somehow or other mitigate our outflow. That actually support the liquidity of the group. As you are well aware, we have actually contingency in terms of our line, which is MYR 1.325 billion in terms of revolving credit facility. The bank has actually reviewed again every six months on the revolving credit. The position is still retained at all those five banks, MYR 1.325 billion. The reason I put forward earlier on that we took in five banks so that we are not exposed to one single bank. It is not a syndicated bank. It is five individual revolving credit that comes about to MYR 1.325 billion. It is still there. That is an improvement from the MYR 1.1 billion contingency that we have. We have yet to draw down any of this revolving credit. It is a contingency line apart from the MYR 1.8 billion unutilized Sukuk that we have. Apart from that, as you were aware, last year we have actually raised MYR 700 million Sukuk, which is oversubscribed from the MYR 500 million, and that is actually at the lowest rate at 3.4%, to refinance a 4.5% interest. Hence, the reduction in the whole finance cost overall. Other than that, I think the financial resiliency in terms of our rating, our Moody's and RAM, actually has reaffirmed our rating even during COVID-19, and we continue to show a strong balance sheet with relatively low gearing, and ability to actually leverage up to MYR 5 billion. For us, it's a good indication of our financial discipline and cost containment per se. Moving forward, in the next slide is really the summary of our net debt ratio. If you can see, our net gearing ratio is actually at 0.42x against, slightly increased from 0.36x. Partly, this gearing ratio has actually slightly eroded because of the accumulated losses that we faced for the year, in that sense. In terms of net debt per se, we can see that it is actually MYR 2.9 billion against MYR 3.1 billion. The increase is because largely is the amount of cash which has eroded per se. Available funds, as I mentioned earlier on, MYR 1.8 billion for the sukuk and revolving credit that provides adequate liquidity for us. In terms of rating, we actually have reaffirmed our rating and we believe that we continue to reaffirm the rating with all the positive indicators looking forward in that. Before we go on to the other strategic initiative that we have, going to go through for the remaining six months, let me touch a bit with regards to the outlook in terms of where we are now. As you can see, we are still for this Selangor, Kuala Lumpur, Johor, we are in phase I, but in phase II and III and IV is really about opening up the economy based on the admission criteria per 100,000 population for the hospitalization of people who are admitted for COVID. Hopefully, with the inoculation and we are ahead in achieving the 50% target for vaccination for double dose. We believe that the admission to hospital will continue to fall, and that will allow back confidence to open up the economy, and hopefully we can achieve phase IV quicker compared to achieving phase I. That hopefully will give us the opening up of the international borders by first half of 2022. That will actually give that particular recovery cycle, in terms of Malaysia operations. You can see now, at the below monthly passenger trend, we believe that the vaccination that we will achieve at the end of October 2021, would be the catalyst of opening up of our domestic interstate travel. That will be the first indication of turning around of the Malaysian operations. Moving forward in 2022, we believe that there will be a gradual opening of our borders with Asians coming in and, of course, China and Australia from second half of 2022. We are approximately about 9 to 10 months away from a full recovery swing, which we are cautiously optimistic about. That's what has been announced by the government and what our belief in terms of our in-house insight to how we are going to recover per se. Really, there is also another positive indication, for example, tourism in Langkawi that would actually jumpstart the international travel bubble that we expect that would contribute positively to our passenger recovery. The next slide in terms of ISG. ISG has done pretty well. If you can see the graph illustration against 2020 and 2021. July, for example, last year, they hit about 1.2 million passenger throughput. Now they are three. In pre-COVID is 3.4. We believe in August that monthly passenger traffic will start to intersect, whereby they will hit pre-COVID level for the month of August and September. We are very, very hopeful on that. We can see that post-vaccination, which they have achieved in January, February, March, have seen that once the borders open, there is pent-up demand and the curve has been very, very steep in terms of recovery. From 1.1 million to two million to three million, hopefully that positive trajectory will go forward to August, September, October, when the borders has opened. They are now the fourth busiest airport in Europe, apart from the first three is all the Moscow airport actually, in that sense. Turkey, actually that is very sixth busiest country in Europe for air traffic by Eurocontrol in August. We've seen a favorable trajectory for ISG in that sense. Apart from that, I think, that stems out from the relaxation of the curfew in May. We do not expect they will fall back into that position. Load factor also has continued to improve. As you can see that now, actually about 75%-79%. That load factor looks healthy and is again exceeding what was in 2020. Moving forward, we believe that it will reach the 83% looked at in 2019. With that in ISG, like last year, we did an impairment testing. We have, because of the contraction of the traffic for ISG, we did a EUR 400 million impairment last year. Looking at this positive trend, hopefully there's no untold negativity that comes for the remaining year and improvement, we do not expect any further impairment for ISG per se. That's quite a positive position for ISG. Having said that, we believe that with the rearrangement of the financing for ISG, that given a clear headroom for them, and the covenant holidays and so forth, which allow them to have their first principal repayment for this quarter in next year, June. We believe that, we have addressed the liquidity risk for ISG and, with this projection, I think ISG is on its way for recovery. At this juncture, today, I have to say that we don't foresee any further impairment that we need to do for our investment in ISG. Moving forward, the remaining slides actually shows in terms of our efforts in terms of keeping our airport safe for all people and all that. More interestingly, actually, is the new rental model. What does that actually show? What does that set a new base or a stronger base for our commercial spaces so that it can recover as quickly as, in terms of our PSC business, because that's actually half of our revenue for Malaysia Airports. Hopefully when the traffic recover, not only the PSC business recover, but we could get a better share of pocket in terms of commercial rental space and incidentally also per se. For the remaining slides in terms of the rental model and so forth, I think I'll hand over to Zeid, to share with you all the exciting bits in terms of the labels and the brand that we're going to see moving forward. Zeid. Thank you very much, Encik Mohamed. Very good evening to everyone. I think before we share a bit more detail and color on not just the new rental model and the commercial reset, it's important to focus very briefly on slide 15. Slide 15 basically talks about our operational excellence initiatives throughout the pandemic so far. We're pleased to report two statistics. Number one is the fact that our airports at Kuala Lumpur International and Langkawi actually are ranked the world's best airport for the second quarter this year, achieving a perfect score of five out of five. This is based on the Airports Council International, ASQ, Airport Service Quality benchmark program, and this is the de facto program that airports around the world utilize. This doesn't come easily. As you can see, we've climbed up the score and the ranking over the last two years. With all these initiatives we have lined up throughout, again, the last 12-18 months or so, particularly in terms of our washroom initiatives, as well as, the heightened hygiene initiatives to meet the global standards. With Langkawi as well, Again, this ties into the subsequent slides, the refresh of the terminal when we did the expansion in 2018, if you recall, came about the same time as the launch of the commercial reset. All in, when you look at this in tandem with the health and hygiene initiatives, which we have shared here in front of you, what is important to show that our benchmark is obviously on par with what other airports globally are doing. To date, I think it is not just three airports. We've recently received accreditation for also, Kota Kinabalu and Langkawi as well on top of KLIA, Sabiha Gökçen, and Kuching, in terms of getting the AHA, Airport Health Accreditation from ACI. This doesn't come, again, straightforward. A lot of our initiatives are above the global benchmark. We have sanitized our facilities eight times a day. We have adopted many technologies, and we put out many interesting SOPs along the pool as well. You'll be pleased to hear as well that about 88% of our MAHB personnel across the world, including our operations in Turkey and Qatar, are fully vaccinated with a target to get full vaccination by end of September. How this ties into the subsequent slides, I think it's something that we have shared many years ago in terms of ACI doing a study on non-aeronautical impact, with regards to service quality. That study came up with the conclusion that for every 1% increase in service levels, that will translate to 1.5% increase in non-aeronautical revenues. Langkawi is a classic example. Before I go on to Langkawi, the next slide basically talks about some of the commercial reset initiatives. These are not new slides per se. Of course, the new rental model is an addition to this. In saying that, we want to right-size our terminal and getting the right mix of our tenants, again, minimizing cannibalization, optimizing the space. You recall that the last time we did a retail optimization was in 2008 when we relocated a lot of the F&B shops in the satellite building to the top floor. This is another massive initiative which will take some time. For the commercial reset as a whole, I think Encik Mohamed shared earlier that we've already reached the halfway milestone in terms of getting majority of our tenants on the reset, so about 53% as of today across Malaysia. In tandem with the pandemic, obviously the new rental model where we tie our current rental to passenger volumes is important to support our partners, ensuring that also from our perspective, that the airports are ever ready to welcome back these passengers, not just operationally, but also commercially when the time comes. The lead time to be fair, to bring back the tenant is one thing, but also the potential deterioration in the rental is another that we wanted to avoid. In saying that, the new rental model was something we adopted after careful consideration. If you recall, we formally announced this at the end of last year after we had more clarity on our cash flows for that quarter as well. Now, the next slide. I think when we look back at the reset and some of the targets that we've achieved, Langkawi being one of the first airports to be reset, we immediately saw almost double the increase in sales generated by the tenants. That, I think, was a comparison to the pre-expansion we did in 2018. Again, you can see a lot of firsts in the country. In fact, Costa Coffee, the first branch was not actually in Klang Valley, was in Langkawi. Similarly, we tried to replicate the same at KLIA. Most of you have not been to the terminal over the last 12 months, but when you come, you will see a complete refresh for some of these new reset contracts, including Din by Din Tai Fung. You've got Travelex as well, and of Costa Coffee, for that matter. When you look at the next slide, I think the next slide shows who came in in 2020. Earlier, the slide I shared on slide 17 was pre-2020. 2020, we brought in many new tenants across the country as well. You can see there's a slew of Starbucks in the likes of Terengganu, Alor Setar, and Miri. In Penang, we brought in a local favorite, which is Nasi Kandar, and of course, WHSmith, an international brand, opened its first flagship store in KLIA 2. Similarly, when it comes to our mix of tenants, we also look at technology-based types of tenants. Valiram came in with Ian Gizot at KLIA 2, a premium concept store for Apple products. What attracted these tenants to come in and invest as part of the commercial reset, I think is what everyone wants to know. Obviously, with the commercial reset, it comes with a longer contract tenure. Typically, there's a two-year extension tied into the new rental model. The rental mechanism itself is very attractive. The rents are higher compared to downtown. We have managed to work with our partners in getting the right mix of tenants and the mechanism in place. Last but not least, we've also onboarded some new sales distribution channels, including shopMYairports. Again, giving them a diversified base to move their goods on top of some of the initiatives we've lined up since last year, which is airport sales and whatnot. In total, so far over the last two years since 2018 to date, about MYR 300 million has been invested by these tenants of over a square meter of 33,000 sq m. Again, we're super excited to share some of these new upcoming brands that are mainly F&B, for that matter, coming to KLIA and some of our other airports in the coming year also. When you can see on slide 19, this includes Hard Rock KLIA. Obviously, Jamie Oliver is opening its first diner or outlet type in Malaysia at KLIA as well. Our food garden which is located at the main terminal building, that's something that has been recently refurbished and refreshed. A lot of exciting new tenants coming in there. This is something that everyone gets to benefit, not just passengers, but also the non-passengers of the airport community as well. The biggest project that we're looking and working with potential new tenants to invest in the CapEx is obviously the revitalization of the center court. Again, that looks like a potential massive inflow of funds from our tenants who want to invest in revitalizing that forest in the middle of the airport in the middle of the forest concept. Rest assured, when you do come back and fly at KLIA, and of course, some of our other airports across the country and domestic borders start to relax, you'll be able to be looking at some of these exciting brands at the airport. The Future F.I.T. initiative on slide 21-23, I think is something that we've shared in pieces over the last quarter or so. Effectively, what it is is our five-year roadmap in terms of not just getting through the pandemic as we enter into an endemic, but more importantly, in terms of the growth and transformation plan. We've lined up a series of initiatives for the first two years. As you can see on slide 22, some of which have been executed, including upgrading our network capacity and some, of course, we've continuously embarked on in terms of managing our liquidity risk, maintaining our credit ratings, and of course, optimizing our cost structure across our operations in Malaysia and Turkey. As I touch on some of the other initiatives which are still ongoing, like the reset, as well as some of the modernization or digitalization initiatives, which will give us more optimal space at the terminal. I think it's important to note that we want to expand our capabilities on the land side, as we call it, which includes the Subang Airport Regeneration Plan, as well as other regional distribution aerospace projects in Subang and at KLIA as well. From a critical asset replacement standpoint, we're still focusing on those two big-ticket items as we have completed our second runway rehabilitation. The next big projects that may come online will be the Aerotrain and the baggage systems accordingly. Now, phase II is where things start to get interesting towards the third and the fifth year. In terms of, again, looking at where else can we develop new capabilities, where else can we ensure that there is maximum optimization of our operations. It's more about sweating our assets at KLIA as well as the land bank surrounding that. Similarly, we are looking at new horizons in terms of the air cargo segment, as well as making sure that we sustain our core markets such as China and Middle East in terms of having more sustainable incentives in place. G2G relationship to be strengthened as well, so that we can have that steady stream of passengers. In summary, ladies and gentlemen, I think the Future F.I.T. as a whole, I think just to recap back what Encik Mohamad said, the aspiration is so that we can control what we can, all these initiatives in place, and get that more efficient margin base as we save costs, as we tighten our finances accordingly as well, so that we don't have to wait to get to pre-pandemic levels and pre-pandemic mix of passengers as well between international and domestic to get to pre-pandemic EBITDA. I think that, in summary, is our presentation for today. We're more than happy to answer your questions moving forward. Thank you so much. Operator, if you don't mind. Thank you, sir, for the presentation. Now a brief introduction for all teleconference participants. If you wish to ask question, please press star one button on your telephone keypad to put yourself in the question queue. To cancel your question, please press star two button. Your first question is from Mr. Raymond Yap from CGS-CIMB. Please proceed. Everyone, good evening. Okay, I got two questions. One is on the rental and commercial. The rental and commercial revenues in Malaysia for the second quarter was just about MYR 30+ million, compared to MYR 50+ million in the first quarter. It has declined quite a bit, where nothing much has actually changed. Did you give more rebates in the- Yes second quarter? Yes, Raymond, I think your observation is absolutely correct. In the first quarter, what happened was that, at that particular point in time, we have not invoked the full tied to PAX because we have been selective about it. The reason why we've been selective about it, because we did not want to preempt. At that point in time, when we announced the first quarter results, we hope that there will be an opening of the interstate borders. That did not came true. That did not came true. In fact, it is still not true because the cases went up and the issue is that. We believe at that point in time, the vaccination will get better, the cases will be further contained because of the lockdown. I think with the rest of the nation, we believe that with the lockdown, the cases would have gone down. When the cases would gone down, interstate will at least open up. That unfortunately did not came true, and the cases were like, nationwide was 30,000, 10,000, every day was 10,000. Because of that, there were choices that needs to be made. Choices number one is that, should we continue on and provide a rebate starting quarter two, or should we do a retrospective rebate in quarter one? We had various discussion on this subject, and we come to a landing to say that if we be very hard on our commercial tenants, the downside risk is that they will leave us, and when they leave us, when the border starts to open again, we will have a gap and the lagging period for the shutters to open. That's one. We do not want that. We want that when the borders open, at least the interstate borders are open, and subsequently the international border, that they are there, and that will assist in immediate recovery. That's one. The second part of it is that, if we do that, the issue is that our receivables will start to bloat, and by the year- end, if we can't push for the cash recovery, which they have already done that cash recovery last year when the borders were closed for nine months. The second round, we doubt that we'll be able to do that cash recovery, and then we will have an immediate provision for doubtful debt. We did not want to bloat our commercial revenue unnecessarily. Instead, we wanted to use and take the advantage for them to move to the leaseout, to make sure they are committed with the CapEx and manage them so that they don't leave us and have a sudden fall in terms of the occupancy rate. We will not have anybody. To answer your question, the rebate was even more in quarter two because it includes the rebate that we grant for quarter one, which we have not yet gotten. That's why the revenue has actually fall compared to quarter one, because the rebate is set off against revenue. That, in a nutshell, that is the answer for it, Raymond. Okay. Thanks. It looks like you'll be very flexible going forward. If the borders and the travel restriction continues for the next six months, you'll be giving this rebate for the next six months because you want to keep your customers, I mean, sorry, your suppliers happy or your customers happy. Yeah. Yeah. The thing is that, is we give that assurance to them. That they will move to the new agreement and they will want to invest. There is also a triggering mechanism in the agreement to say that when the traffic. Yeah starts to recover, we can start to impose back the minimum floor monthly rental. That gives us- Right the flexibility. We did not sign up this type of tied to PAX for three, four years. It's just for this year, and we wait and see. We do not want also for other people to take advantage of this and lock in a cheap rental. What we want is that we will go with the traffic, but once the traffic did uplift or did recover, we too want to also benefit from it along with them. Yeah. Yeah. Okay. How about those that didn't sign up for the new rental model? Yes. Fortunately for us, the bulk of our tenants, the top 10 to top 20, actually is about 80% of our total rental. The one that did not sign up with us, we have to keep on talking to them and because at the end of the day, the main priority is for them to stay on. We cannot be discriminative. We cannot give special treatment to them, so we have to do pari passu. The worst that would happen is we have to exit them, but that is the last resort. We are still talking to them, but at least the top-tier tenants are with us. That's very key to us. Yeah. Okay. The top-tier tenants is about 80% of your rental revenue, right? Yes. Correct. Okay. A question about depreciation, which I understand is based on the formula. Yes. The traffic actually went down in the second quarter, but the depreciation went up versus the first quarter. Yes. If we look at the quarter-over-quarter, I think that's the point that you are mentioning, right? Yeah. All right. Okay. What you see here is actually for Q1, Malaysia is 33 against 32, and of course, the 75 ISG to 86. For ISG, there is an increase in traffic, so that's easily understood. The quantum is slightly higher because the thing is that the concession period for ISG remains the same. Because of the COVID, the total pool size till the end of concession actually has shrunk. Yeah. With the increase in traffic, the acceleration happened. That's for ISG. For Malaysia, 23 to 32 also is because of the similar characteristic. We accelerated the depreciation per se, although there is a flat in terms of passenger, so that we do not have a catch-up later on in quarter three, quarter four. We accelerated that depreciation for Malaysia per se, because of the contraction in the COVID-19 for the period of years, in that sense. Last year, what we did was towards quarter four, we accelerated about MYR 150 million, MYR 130 million. For this quarter, we did it much earlier per se. Yeah. Okay. Basically, if I look at the second half depreciation, it should roughly be around MYR 30 million times two from Malaysia. Yes. Correct. Okay. Sure. That's it for me. Thank you very much. All right. Thank you. The next quest- Yeah. Actually, Raymond, sorry about the depreciation. It's really hard to predict. In a nutshell, the ISG depreciation will be definitely, we try to accelerate it a bit because of the pool size of the passenger traffic. For Malaysia, as long as the traffic starts to increase, then the depreciation will continue to increase in that sense. Yeah. Next. The next question is from Mr. Adi from UOB. Please proceed. Okay. Yeah. Thanks for taking my question. Again, it's from the new rental contract. I'd just like to understand, you mentioned that the new rental contract is going to impact on passenger throughput relative to 2019. Would it be just domestic or international or weighted more towards international? Okay. I think in that sense, most of our commercial spaces are high-yielding ones, rest at the international traffic per se, because they are the high-yielding one. The top 10 or top 20 mostly are at the satellite building. These are actually the branded shops that we have. To answer your question, it will be very much tied to international traffic passenger. That's why we have done that upfront, to make sure that the tenants will be able to survive. Most of the reset commercial spaces is to make sure the look and feel at the international gateway is refreshed, because that is where the high spending is. That is where the percentage of royalty is the uplift that we have in our commercial spaces. Okay, that's clear. Second question is on user fee. Previously, you managed to extend the user fee period. Yes. Correct for one year, so 2021. Right. Any progress so far? Yes. We continue to defer that. As you are aware, the government owes us about MYR 300 million on SIC. We have written to the KSP, Datuk Seri Asri Hamidon, and the MOF to inform them that we are proposing that the entire amount for 2020 and 2021 to be deferred. I think 2020, they already grant us a deferment till end of this year. For this year, we also want that deferment to happen till end of this year. Optimally, what we are trying to strive at is to contra the amount that we owe the government, about MYR 90 million, and plus this year, another maybe MYR 60 million against the MYR 300 million that they owe us. I think that should be the way, because that's how we've been managing our cash flow. In that instance, I think, the deferment is still what you see in our balance sheet now and our cash flow. Okay. Got it. Thanks. That's all from me. Right. Thank you. The next question is from Mr. Lim Dan Chen from Macquarie. Please proceed. Hi. Good afternoon. Can you hear me? Yes. I just want to dig into your cost discussion a little bit more. Yep. You're talking about having some of these cost savings stick. What kind of, let's say, EBITDA margins do you think you can hit? That is a hypothetical recovery, right? If you're getting, let's say, 60% of pre-COVID kind of traffic. Right What kind of margins do you think you'll see? Maybe 100%, right? If you go back to 2019 on this cost base, what would the margin look like then? Okay. I think the last margin that we have when we hit MYR 105 was about 34%. I can assure you that if we did hit MYR 104 again, the margin will definitely improve at 34%. The reason being is that for one single utility that we have done last year, GDC, moving towards ACES. What happened is that in GDC, we have a monthly high fixed rate on top of the high rates. For ACES, which actually the TNB took over in first of July, we do not have that monthly fixed rate anymore. It is a 70%, which means that if you use 70%, you are going to charge 70% of the monthly rate, or which that monthly rate is even lower than GDC. The second one is that the consumption rate is even lower than what GDC offered us under PMB. Cost will be reduced, maintenance cost for those sector will be reduced, and also utility. In a nutshell, there is structure, key fundamental structure that would drive the saving, especially in terms of utility cost. Watch out for that for the next six months. You will see further reduction on that. We have not finished on that. We will try to do that better. The other aspect is that staff cost. We start the year at about 10,200 people. Now we are down to 9,400. A lot more people will start to retire, and we will try to use technology to actually refine that better, to make sure more efficiency. However, in terms of our airport operation, as you know, we manage 38 airports, and there are the number of compliance of staff that we have to maintain. We have freeze employment. We have freeze increment, we will continue to be rigorous in terms of hiring back, all hiring will have to go through at school. Every individual that to be hired to go there, that's how regimented we are. We are consolidating and deploying and doing work scheduling, that continue to move forward. As you're well aware, the staff cost, apart from the reduction in headcount, the really majority reduction in staff cost is really increment and bonus. We can see that reducing the cost per se. Next year also, we are going to continue to be very prudent in that aspect. Yeah. Okay. Do you want to double-check if I heard those numbers correctly? Your aim is to achieve similar EBITDA margin, but at a revenue level, 30% below that MYR 104. Am I hearing that right? Yeah. Not a revenue level, at the pax level. At the pax level. Yeah. That's where our target is, and that's where we are trying to strive at to get, and driven by better commercial yield to our new shops and, of course, the cost structure in terms of core cost. That's our aim. Starting last year and continue this year to set the reduced cost. Yes. Just 1 follow-up on that. What kind of non-aero revenue per passenger are you thinking is reasonable in, let's say, a partial reopening scenario, right? Let's say you're running 50%, 60% capacity. COVID's still a concern. People want to get out the airport quickly. I just want to get a sense of what your expectations are for non-aero revenue per passenger. I think your thoughts are correct. People wants to get out quickly. Why we need the exciting shops, so that they will come into the shops. As we know behavior, time and time again, you have a new mall, people go there. That's exactly the mentality set that we are looking at here. During the pre-COVID, the total commercial revenue and retail, for one airport is actually MYR 800 million. That now is like a twilight of what it was before. We don't expect that we will reach MYR 800 million next year. What we are targeting for is at least closer to more than half of that, if not be, because the combination of airside, retail, and commercial spaces will do that. Last year, when we gave a rebate, it was actually 50% of the total cost that we threw out a rebate. This year, unfortunately, if it is tied to pax, it will be more, unfortunately. I have to say it will be more because it is tied to pax, because last year it was 50% for the remaining year. What we wanted is actually for them to invest in the shop. Next year, if the traffic to recover at least 60%-65%, what we are hoping for, at least we could do better than 2020. That's the target that we have. Last year, what we did was closer to MYR 300 million-MYR 400 million in terms of the revenue for that. We hope that we could do better. I don't think we can hit MYR 800 million. If we did hit MYR 800 million, then the issue with MYR 800 million is that the mix between domestic and international is 50/50. That's where the challenges is. What we are trying to do is for that similar lower international pax, we hope the amount of spending is higher. If we hit 60% or 70% of last year, hopefully we will exceed the 2020 threshold, which is around MYR 400 over million. We hope that we can hit MYR 500 million in that trajectory. We are hopeful in that sense, but it's a bit too early now to look into it. We are focusing on what we can do, as it were, to bring the excitement, and we hope the interstate will open and international will. Once the international open, the first quarter, I will share with you how we have progressed, and we can have a better indication how we're going to end for the year. Let's focus on bringing the exciting brand, the new shops, and hopefully the international is out and see whether our strategy is bearing fruit. From there, we can project what is the recovery rate. Yeah. Okay. Thanks. That's fair. Thank you. That's all the questions from me. The next question is from Miss Loh Yan Yin from AmBank. Please proceed. [I just want to ask on your capex, what's your planned capex for FY 2022? Can we also help you recall the testing expansion for Penang airport and Subang, but I know it's kind of like on hold right now. So should it then be more proceed if the state government approves the plan itself and yeah, like how it is, we stand the capex.] Okay. I think thank you for your question. Number one, in terms of the CapEx, right? The chunky CapEx that we have is, of course, the BHS and the TTS. For the TTS, what we have agreed with the potential suitors and what we are trying to position is that once it's completed, we will start, which is in four or five years' time, we will start to pay the installment once it's completed. We have calculated the yield cost for that is around 4%. It's something that is palatable to us. And we are going through that motion. Having said that, while we have the TTS, the cash outflow is not immediate, although we committed to the CapEx. For the BHS, it's still very much at the early stage. The BHS per se is over a period of four years, five years also. In terms of the 2022 CapEx, it is not going to be really substantial for the BHS. For the rest of the CapEx in terms of the single token and so forth, the next one, which is actually the surveillance or the camera surveillance, that CapEx is not really substantial per se. In 2022, we believe that our CapEx will be in the range of MYR 400 million for 2022. Looking at how it renders or how the traffic trajectory actually recovers. As I mentioned earlier on, none of this chunky CapEx has been issued a PO. It is done in that way so that we can have clear visibility before we commit when we were executed. For the TTS and the BHS, we have not issued the PO yet. Most of the chunky, high committed CapEx has not been inked, and we have that flexibility to push it back slightly or bring it forward depending on the traffic, so that we do not put unduly risk to the group. On our plan, what we are looking at is about in 2023, is about MYR 400 million. For this year, as you know, based on a cash flow, this year CapEx, we only have an outflow about MYR 20 million, MYR 29 million. We are targeting around MYR 200 million by the year-end. The reason why the outflow is rather low is because we are managing it with our vendor partners. That's where we are getting at. The other question that you are mentioning is about Subang region and of course, Penang. Let me answer about the Subang region. The total development over the next five years or six years is about MYR 1.3 billion, of which MYR 300 million is purely infrastructure cost. That MYR 300 million is staggered over the next three years. Having said three or four years, having said that, the CapEx requirement for the infrastructure is not that really hefty. In relation to the MYR 1 billion, that's actually the project financing earmarked or locked into the long-term lease build-to-suit parameter. What we do is that, when we have a big client that wanted to rent out a space, we were to confirm in terms of the internal return, the payback, and so forth. With that, we do a project financing in term of syndicated loans. In effect, those CapEx are self-funding CapEx ring-fenced to usually a credit-worthy client. That will be self-funding except for the infrastructure cost, which is about MYR 300 million. For over the period of five years, we are talking about maybe MYR 60 million-MYR 70 million per se per year. That's for the Subang region. For the Penang project, I think at the pre-COVID level, Penang is a growing airport per se. Until the OA is finalized and we have a very clear mechanism in terms of recovering the development cost and have an agreement with the government to do that recovery of the capital cost, we will not venture into that. What we want is that if we saw Malaysia Airports were to develop Penang Airport, then there must be a clear capital recovery mechanism in terms of return, payback, and so forth. There are many avenue under the new OA that we have amended there, and the government has agreed upon all this recovery process. Let's wait till the OA is finalized and signed. Also we have to take into the recovery path for Penang before we venture into it. It has to be, number one, bankable, it has to be an earnings accretion for us, and it has to mitigate certain execution risk for us to do up Penang. In that sense, it's still a long way for Penang for development, but we have a development plan for it. It's just that we have to make sure that we have all the parameters covered. I hope I answered that in terms of the CapEx. Yeah, that's very helpful. Thanks. Since you mentioned about OA, can you just give some update on it? Okay. All right. The stages now, it's really the principal terms of the clauses in the OA has been agreed, which could tightening of the termination if there is any termination in terms of the compensation. The government has also agreed in consolidating the OA to two, like the existing one, and there's no changes in terms of the tenure up to 2069. All the salient terms are agreed, it's very positive towards Malaysia Airports, and the government has been very supportive towards this. In that sense, we are looking at a very positive outcome of this. However, in terms of the economic determination of the PSC, MAVCOM has been tasked to actually look. Sorry. Can you give me a minute? I think the battery's out. Let me change. Sorry about that because the microphone just ran out of battery. Coming to that, with regards to the OA, as I mentioned earlier, on the salient terms or the principal terms in the OA is tighter, is more positive towards Malaysia Airports. The government is very supportive. Now what is left is the economic determination in terms of the PSC. As you are well aware, our PSC is one of the lowest in the region, domestic as well as international. We have several proposals to the government. Since the MAVCOM Act, MAVCOM is the regulatory body to determine the economics of the prescription of PSC. The MOT and MOF have validated this to MAVCOM. They have actually undergoing a selection of consultant to help them on this. The last meeting we had with MAVCOM is that they need some time, but they have given a commitment that the second quarter next year, they will go through the studies with industry players and all that and to determine that. That is the only one left. For us, the driving factor is really the traffic. In terms of any adjustment upwards or the broadening of the traffic will be a plus plus for us, and we are looking forward for a positive outcome from MAVCOM. That is the latest update that we have. The economic regulators are doing an economic study on the PSC, and they will do that in a very inclusive manner, and they will take varied views, especially for MAHB point of view, and they will come back to us and to you guys on that study. Thanks. Adding to PSC study, is it going to get the international passengers, PSC will be shift or it's going to be across the board? I see. You wanted to know the details what will be adjusted? I think let's wait for the study first and let's wait for the full cycle by MAVCOM, because I think it's just right for them, the economic regulator, per se, for them to their work. I think I should not preempt that first, because I don't want to give unnecessary optimism or certain perception to that. Let them do the study. Having said that, they understand that Malaysia Airports, in terms of financials, we have also told them in terms of our ratings, in terms of the bankability and, of course, in terms of financial viability of Malaysia Airports. They will look into that, but they will also look into the other aspect like, say, social agenda and so forth. Having said that, the main parameters in terms of the compensation mechanism is status quo. Don't worry about it. Even if MAVCOM would have set a palatable rate which is agreeable to everybody, let's say the government wanted to invoke and address the social agenda, don't worry about it, the compensation mechanism is still there. By and large, we could have signed now, but we wanted to make sure that study is done. We are happy so that we can give that clarity. For us, we told MAVCOM that whatever you come out in terms of deriving at the economic mechanism, it has to be transparent. It has to be reasonable and fair. It has to support our financial as well as commercial viability of MAHB, taking into account our bondholders and our equity holders. They understand that. They are very proactive towards that. As you can see, they do the study in a very inclusive manner. Yes. Thanks. Okay. Thanks a lot for sharing. Hopefully helpful. At least I think that's a positive news. Yeah, I know it takes a long time to get this landed, we do it to make sure that we get the best of things. Let's be a little bit patient, by that, we still have the existing contract until 2034. That's our leverage. We will never do something which would disadvantage MAHB. We understand that there are a lot of important minority shareholder as well as foreign investor, it is also an indication of the government policy, we want to do it right. Just give it a bit of time. We're almost done except for the economic drivers and economic PSC, which is under the preview of MAVCOM, under the MAVCOM Act. Let them do their work. I think all around we are quite positive. We are almost at the tail end now, so let's finish the job in that sense. Yeah. Thank you. All right. Okay. Yeah, I think that's all from me. Thank you. The next question is from Mr. Daniel from Hong Leong. Please proceed. Hi. Hello, Daniel. Can you hear me? Hello, yes. Can you hear me now? Good. I'm sorry. I was a bit late unjoining the conference. Yes. I'm not sure whether this question has been asked. Firstly, on the Penang Airport, I understand that currently, you guys have some progress in the expansion of the project, right? No, not yet. Not yet. Here, I think for the past one month, we have been reading news about this Kulim project in Kedah. Correct. Where they say that they signed agreement with the contractor already. This contractor own 80%, 20% owned by the Kedah State. Yeah. I just want to check here is that, okay, the state government says that they're pushing for the project to be done. Okay? I also understand that the Air Traffic Office is specifically under the federal government. Yes. In the event this Kedah project being pushed and then being constructed by the Kedah State Government, how will it proceed? What is the scenario going forward if things were to go on? Will it be something like Senai Airport situation? I don't think it's right for me to comment on the Kulim Airport and what is the progress and whether they can get that funding and what type of capacity they are looking at. What I can comment is about our airport in Penang. I think we have a special airport in Penang, and it's surrounded by a robust economic generator. If there is a turnaround in terms of the trajectory of our overall national traffic and we have a rest Covid issue, I think the fastest growth will be in Penang, and we are ready to expand Penang because it will be bankability. Penang Airport is not a greenfield. There are already international airlines flying there. I think Qatar has already flying there, apart from AirAsia and our local flagship carrier. It's very robust, not only in terms of passenger, but also cargo, surrounded by a very growing economy surrounding the area. We are ever-willing to get into that development, provided, as I mentioned, there are very clear recovery mechanism, and I think the state will be very much positive towards that. In terms of Kulim, how it will impact Penang, I think it's a very different demographic because Penang has a lot to offer. Apart from the business point of view or commercial, they also have very unique touristic proposition. If Kulim is out there, I think, in a sense of how advantageous we are, we will still have that leading advantage, and as long as we focus on getting our hub-and-spoke connectivity, Penang-KLIA, and the rest of the international airports, we can leverage that when we can continue to grow Penang. I think if ever the cake will get bigger and Kulim would have its own unique proposition. For Penang itself, it will continue, I think, to grow, and it will not be inhabited by another airport such as Kulim. I cannot comment in terms of whether Kulim is going to be successful or growing and all that, but I rest assured, I think we have our own game plan, and we believe that our game plan will make sure that Penang will grow, and we will benefit from it, notwithstanding whether Kulim is there or not, in that sense. Yeah. Okay. Can I double-check again? If Penang Airport going for the expansion plan, how long will it take to complete? Four years. Four years. Okay, if we start in 2022, we'll complete somewhere 2025 ourselves. Yeah. Actually, we have already the plan, and we have a business proposition and so forth. We have that development plan. I know it because me and my team, we have done it, and we look the plan as a holistic view in terms of not only bringing passenger throughput but also on the airline marketing side to bring new airlines and to provide a better and more experiential type of passenger experience in terms of commercial spaces and so forth. The plan that we have, to us, we are very proud of. Having said that, when will the construction start and everything else? It takes at least a year in 2022 to get an affirmative of the plan and the land acquisition and so forth. If you are saying when the construction will start, it will be around 2023 and forward to get another three and a half years from there on. As I said, for Penang, it's easier for us because it is a brownfield, and we have that confidence to mitigate the downside. That is the advantage that we have in terms of Penang, we believe, as compared to greenfield project of the other airports. Okay. Understand. Okay. My next question is on the commercial retail plan. I understand that the catchment is based on the traffic movement, right? Just to be clear, the traffic movement you're referring to is on a total basis or you're referring to more international basis, or you're referring to even domestic basis? How is that? The tied to PAX is on totality basis. It's not just for international, but how it switched back to the monthly commitment, it really must be driven by international, because that's where the core commercial retailers are actually getting most of their revenue in. The tied to PAX is on the total basis, yeah. Domestic and international. Tied to PAX is on the basic rental, right? It's not inclusive of the revenue sharing or this. Yeah. Okay. The existing one, currently, before we go into 2021, we have two aspects of the revenue base. One is actually the monthly commitment. The second one on top of it is the royalty, which is the percentage of revenue on top of it. Because there's no passenger throughput, there's no revenue, that percentage of royalty is zero. The issue with the monthly revenue now, we are tied to PAX. That's why now, there is an apparent or significant contraction in terms of our revenue. That difference is actually the rebate that we give. Because if we were to continue on, even there's no passenger, by right, we should have gotten the monthly commitment revenue. Because we tied to PAX, so that monthly commitment has been reduced significantly based on the percentage of the PAX. For example, let's say we have a contraction of 90%, so we only get 10% of that monthly revenue. That's how it works. After a certain threshold, let's say 50% or 67%, we can revert back to the monthly commitment. So it's not forever and ever it's going to be that way. There will be a minimum threshold, and we can invoke a short circuit to say, "Okay, the monthly PAX is back in." Up to now, if it is 90% contraction, that means we are giving 90% discount or rebate to the monthly PAX, so we only recognize 10% of that revenue. Okay. Last one from me. I do not expect your ISG has been doing very good now as the storm is coming. Now it all depends on the Malaysia side actually, of the our new government is doing a better job. I think, looking at the indication, the good thing of it is that ISG is doing well and the same parameter in terms of vaccination, opening borders is there. If we to emulate and we to replicate that in Malaysia, by right, we will see that recovery. I think there is also an economic push to open up the borders. At least we should have an interstate movement, and that would really help a lot, especially towards the year-end, where people start to travel a bit in to Langkawi, to Sabah, Sarawak, and to the other states. That would really help a lot in terms of reviving our communities at the airport as well as our site. We are looking forward for that, and that would actually be the starting point of our recovery. The sooner we reach there, then we can see the reversal of this very challenging period. Yeah. Yeah. I do agree with that. Thank you very much. Thank you. That's all from me. The next question is from Mr. Isaac Chow from Affin Hwang. Please proceed. I think Isaac may have got disconnected. Operator, is there any other questions on the line? There is no more question from teleconference participants, sir. If that's the case, we'd like to say thank you to everyone. Perhaps with regards to Isaac, I'll get back to him offline. I think Mohammad has the last few words to say. I think thank you so much for joining us. It's been a long day. Hopefully, the next time we meet, we can show better results in terms of I think we are cautiously optimistic. Again, please do reach out to Zeid and his team and myself if you need to. We can provide further details in terms of the facts and figures. Thanks again, for joining us in this analyst briefing. Thanks.