Question-and-Answer Session
[Operator Instructions]. Your first question comes from the line of Shirley Tse with UBS. Please proceed.
Shirley Tse - UBS
Hi, thanks very much for the call. I want to... first question is relating to your forecast. Having achieved around 27% of your full-year targets in EBITDA and 25% revenue at the parent level, what are the areas in terms of operating cost that you believe in the second half and also the second quarter that will be weighing this down, given this relatively good results in the first quarter? And secondly, I was wondering if you would also look into moving your service centers located in the prime locations within Taipei City as well in terms of developing for land value rather than just focusing on the switch offices? And thirdly, you mentioned that most of the lands have been zoned for residential purposes, is that still relating to the 10% that you quoted previously?
Shyue-Ching Lu - President
Your first question is about our guidance for this year, right, and for the second half of this year I think we’re still enjoying the human resources reduction since we have early retirement program in the previous three years and we still enjoy the benefit of that. So, this is about [inaudible] causing the increase. Can you say again your second question?
Shirley Tse - UBS
Follow-up to your answer just now, so given that you've already achieved 27% of EBITDA in the first quarter, do you think that your guidance could be slightly on the conservative side?
Shyue-Ching Lu - President
Let me try to answer your question. The cost for this year, because of certain changes in accounting? the ERP expense for this year we projected about NT$0.5 billion and for employee benefits about NT$1.2 billion. These are the items used to be in the others, other expense, not included in the operating expense. And also this year? starting this year the participation of dividend to increase? used to be the distribution of dividend, but starting from this year it's going to be expensed. So that amounts to about NT$1.4 billion. So all of this adds up additional cost for this year. That's part of the reason that the EBITDA is slightly less than what it used to be. If we add this back, then it would be about the same as the previous year, okay.
Your second question related to the property development and your question is, are we focusing on Taipei City--?
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