America Movil SAB de CV (AMX) 2024 Q3 法說會逐字稿

Good morning. My name is Nadia, and I will be conference operator today. At this time, I would like to welcome everyone to America Movil's third-quarter 2024 conference call and webcast. (Operator Instructions) Now I will turn the call over to Ms. Daniela Lecuona, Head of Investor Relations to begin.

早安.我叫納迪亞，今天我將擔任會議操作員。此時此刻，我歡迎大家參加 America Movil 的 2024 年第三季電話會議和網路廣播。（操作員指示）現在我將把電話轉給投資者關係主管 Daniela Lecuona 女士開始。

Thank you. Good morning, everyone. Thank you for joining us today to discuss our third quarter financial and operating results. We have on the line Mr. Daniel Hajj, CEO; Mr. Carlos Garcia Moreno, CFO; and Mr. Oscar Von Hauske, COO.

謝謝。大家早安。感謝您今天加入我們討論我們第三季的財務和營運表現。我們有首席執行官 Daniel Hajj 先生在線；卡洛斯·加西亞·莫雷諾先生，財務長；以及營運長 Oscar Von Hauske 先生。

Hi. Good morning. Welcome to America Movil Third Quarter Financial and Operating Report. And Carlos is going to make a summary of the results.

你好。早安.歡迎閱讀 America Movil 第三季財務與營運報告。卡洛斯將對結果進行總結。

Thank you, Daniel. Good morning, everyone. Well, interest rates in the US and several other countries continued their downward trend in the third quarter, with [US Treasury] yields falling 85 basis points from the beginning of the quarter through mid-September to a low 3.61%.

謝謝你，丹尼爾。大家早安。美國和其他幾個國家的利率在第三季繼續呈下降趨勢，從本季初到 9 月中旬，美國公債殖利率下降了 85 個基點，降至 3.61% 的低點。

The decline was driven by concern about the cooling US economy and its corresponding impact on the labor market. It prompted effect to finally decrease in rate reduction in 2.5 years, a period in which we brought about a 5 percentage point increase in such rate.

下降的原因是對美國經濟降溫及其對勞動力市場的相應影響的擔憂。它促使降息效果最終在2.5年內減少，在此期間我們使降息率增加了5個百分點。

Shortly after the end of the third quarter, 10-year yields had bounced back to more than 4% on the back of unexpectedly strong non-farm payroll numbers for September, wiping out half of the reductions that have taken place through mid-September. Throughout the quarter, Central Bank discount rates fell by 50 basis points in Mexico and Peru, 1 percentage point in Colombia and 25 basis points in Chile, but we're going up once again in Brazil by 25 basis points.

第三季結束後不久，由於 9 月非農業就業數據出人意料地強勁，10 年期公債殖利率反彈至 4% 以上，抵消了 9 月中旬之前削減的一半。整個季度，墨西哥和秘魯央行折現率下降了 50 個基點，哥倫比亞下降了 1 個基點，智利下降了 25 個基點，但巴西央行貼現率再次上升了 25 個基點。

In the third quarter, we added 1.8 million subscribers, of which 1.4 million were postpaid. These include radar subscribers as well as LTM accesses, (inaudible) and mobile devices. Austria contributed [430,000] of them. Brazil contributed 291,000, Colombia 159,000 and Mexico 108,000 postpaid subscribers. Our prepaid segment obtained 468,000 net additions led by Colombia with 251,000, Eastern Europe with 213,000 and Argentina with 200,000, but registered 243,000 disconnections in Brazil and 136,000 in Mexico.

第三季度，我們新增了 180 萬訂戶，其中 140 萬是後付費訂戶。其中包括雷達用戶以及 LTM 訪問（聽不清楚）和移動設備。奧地利貢獻了其中的[430,000]。巴西貢獻了 291,000 名後付費用戶，哥倫比亞貢獻了 159,000 名，墨西哥貢獻了 108,000 名後付費用戶。我們的預付費業務淨增 468,000 台，其中哥倫比亞 251,000 台，東歐 213,000 台，阿根廷 200,000 台，但巴西 243,000 台斷線，墨西哥 136,000 台斷線。

In the fixed-line segment, we connected 327,000 broadband accesses, 116,000 in Mexico, 59,000 in Brazil and approximately 43,000 in Argentina and Central America. We disconnected 83,000 land lines and 30,000 PayTV units in the quarter. Mobile postpaid and fixed broadband continued to be the main drivers of access growth with 5.9% and 5.2%, respectively, year-on-year.

在固網領域，我們連接了327,000個寬頻接入，其中墨西哥116,000個，巴西59,000個，阿根廷和中美洲約43,000個。本季我們斷開了 83,000 通固定電話和 30,000 台付費電視設備。行動後付費和固定寬頻仍是接取成長的主要驅動力，年比分別成長 5.9% 和 5.2%。

Third quarter revenue totaled MXN223 billion, with service revenue expanding 11.3% in Mexican peso terms and EBITDA 11.9%, partly reflecting the depreciation of the Mexican peso most of the challenges in our region of operations with the notable exception of the Brazilian real.

第三季營收總計 2,230 億墨西哥比索，其中以墨西哥比索計算的服務收入成長 11.3%，EBITDA 成長 11.9%，部分反映了墨西哥比索貶值是我們業務區域面臨的大部分挑戰（巴西雷亞爾除外）。

Approximately 10% depreciation versus both in dollar and the euro, 8% versus Columbian peso and 12% versus the Peruvian sol. At constant exchange rates, service revenue was up 5.5% year-on-year, an improvement on the 4.7% rate of share the prior quarter, while adjusted EBITDA increased 7.2%.

兌美元和歐元貶值約 10%，兌哥倫比亞比索貶值 8%，兌秘魯索爾貶值 12%。以固定匯率計算，服務收入年增 5.5%，較上一季 4.7% 的市佔率有所改善，調整後 EBITDA 成長 7.2%。

Mobile service revenue growth accelerated somewhat from the prior quarter to 5.2%, posting its best performance in over a year on the back of postpaid revenue growth. On the fixed-line space, service revenue rose 5.9%. Broadband revenue decelerated slightly from the prior quarter to 7.4% and as corporate networks revenue expanded 10.1% faster than the same quarter. The decline in PayTV revenue continues but have become less and less significant.

行動服務收入成長較上一季加快，達到 5.2%，在後付費收入成長的推動下，創下一年多以來的最佳表現。在固網領域，服務收入成長了 5.9%。寬頻收入較上一季略有下降，降至 7.4%，而企業網路收入成長速度較上一季快 10.1%。付費電視收入的下降仍在繼續，但幅度越來越小。

Brazil and Colombia continued their trend over the last year of posting improved service revenue growth every quarter, while Central America presents a very growth rate than during two quarters. And Mexico and Peru maintained the pace from prior quarters.

巴西和哥倫比亞延續了去年的趨勢，每季的服務收入成長都有所改善，而中美洲的成長率則高於兩個季度。墨西哥和秘魯保持了前幾季的成長速度。

Our operating profit reached MXN47.4 billion, it was up 14.2% in Mexican peso term and 10% at constant exchange rates. Adjusted for one-offs, I mentioned above, our operating profit increased 12% at constant exchange. We posted a net profit of MXN6.4 billion in the quarter, nearly traveling the one-off time a year before. It was equivalent to MXN0.10 per share or MXN0.11 per ADR and came about on the back of higher operating profit as mentioned before, but also as comprehensive financing costs came down 4.8% relative to the same period of 2023 to MXN28 billion.

我們的營業利潤達到 474 億墨西哥比索，以墨西哥比索計算成長 14.2%，以固定匯率計算成長 10%。我上面提到過，經過一次調整後，我們的營業利潤以固定匯率成長了 12%。我們本季淨利潤為 64 億墨西哥比索，幾乎超過了一年前的一次性利潤。這相當於每股 0.10 墨西哥比索或每份 ADR 0.11 墨西哥比索，這是由於前面提到的營業利潤較高，而且綜合融資成本較 2023 年同期下降 4.8% 至 280 億墨西哥比索。

Our net debt ended September at MXN443 billion having increased by MXN47.3 billion relative to December 2023, partly reflecting the impact of the depreciation of the Mexican peso on our non-peso financial obligations. In cash flow terms, our net debt increased by MXN19.7 billion.

截至 9 月份，我們的淨債務為 4,430 億墨西哥比索，較 2023 年 12 月增加了 473 億墨西哥比索，部分反映了墨西哥比索貶值對我們的非比索財務債務的影響。以現金流量計算，我們的淨債務增加了 197 億墨西哥比索。

In the nine months to September, our capital expected to total MXN86.7 billion, shareholder distribution MXN32.9 split evenly -- almost evenly between share buybacks and dividend payments. And we reduced our labor obligations in the amount of MXN23.7 billion (inaudible) Our net debt excluded leases to EBITDA after lease ratio ended September at 1.34 times last 12 months EBITDA, practically at the lower leverage limits that we committed to maintain in our Investor Day.

截至 9 月的 9 個月內，我們的資本總額預計為 867 億墨西哥比索，股東分配 MXN32.9 平分——股票回購和股息支付幾乎平分。我們減少了237 億墨西哥比索（聽不清楚）的勞工義務。低槓桿限制。

And finally, I'd just like to highlight that we received our third-year A rating upgrade by MSCI in our many years, reflecting improvements on corporate governance, security and data privacy.

最後，我想強調的是，我們多年來連續第三年獲得 MSCI 評級升級，反映了我們在公司治理、安全和資料隱私方面的進步。

With that, I would like to pass this back to Daniel. Thank you.

說到這裡，我想把這個轉達給丹尼爾。謝謝。

Thank you, Carlos, and we can start with the Q&A.

謝謝你，卡洛斯，我們可以從問答開始。

(Operator Instructions)

（操作員說明）

[Dana Okama] Goldman Sachs.

[達納·奧卡瑪]高盛。

Hey. Thanks you for taking my question. The first one is if you have any updated views on the competitive dynamics of the fixed broadband market in Mexico? And my second question would be on your CapEx guidance. Is your target for the year still at about $7.4 million? Thank you.

嘿。謝謝你回答我的問題。第一個是您對墨西哥固定寬頻市場的競爭動態有何最新看法？我的第二個問題是關於你們的資本支出指引。今年的目標仍然是 740 萬美元左右嗎？謝謝。

The second question, can you repeat the second question? We don't hear you.

第二個問題，你能重複第二個問題嗎？我們聽不到你的聲音。

I'm sorry, on the CapEx guidance for 2024.

抱歉，關於 2024 年資本支出指南。

Well, on the CapEx, I think we are on target for this year. We said that we're going to do around $7.2 billion, and that's our target, and we are more or less on that range. So no big difference on that. And on the dynamics on the fixed broadband in Mexico, Oscar can talk a little bit about that.

嗯，在資本支出方面，我認為我們已經達到了今年的目標。我們說我們要做大約 72 億美元，這是我們的目標，我們或多或少都在這個範圍內。所以這方面沒有太大差別。關於墨西哥固定寬頻的動態，奧斯卡可以談談這一點。

Thank you. Well, the dynamics in (inaudible) we've seen through these years, the competition has been increasingly very hard in Mexico. (inaudible) reactive with the investments on upgrading the network and now 83.7% of the fixed broadband are already connected to fiber.

謝謝。嗯，這些年來我們看到的（聽不清楚）動態，墨西哥的競爭越來越激烈。 （聽不清楚）對網路升級的投資做出了反應，現在 83.7% 的固定寬頻已經連接到光纖。

And not only that has been working to bundle different streaming video in order to do packages that are really, really well accepted in the market. Even last week, we launched a new package, but we increased the speed, the entry-level speeds from 60 to 80 with the same tariff. We include net lease six months free. We include Clarovideo and (inaudible) bundle in the package.

不僅如此，我們還致力於捆綁不同的串流媒體視頻，以便製作出真正被市場接受的套餐。就在上週，我們推出了新套餐，但我們提高了速度，將入門速度從 60 提高到 80，資費相同。我們包括六個月的免費淨租賃。我們在包裝中包含 Clarovideo 和（聽不清楚）捆綁包。

So we believe that -- I mean, we have one week of this product and the reception. We see that is very good in the market. So the competition is still, but I think we're already operating a network in a good level to be really competitive in market. Another segment that is working pretty nice in Mexico is the B2B market. On the B2B market, all related to cloud computing, cybersecurity, horizontal solution has been received very well in the market as well. So that lever has to improve revenues in (inaudible)

所以我們相信——我的意思是，我們有一周的時間來使用這個產品和接待。我們看到這在市場上非常好。因此，競爭仍然存在，但我認為我們已經在良好的水平上運營網絡，從而在市場上具有真正的競爭力。在墨西哥運作良好的另一個細分市場是 B2B 市場。在B2B市場上，所有與雲端運算、網路安全、橫向解決方案相關的解決方案也受到了市場的好評。因此，該槓桿必須提高收入（聽不清楚）

Only to add something that Oscar is saying, just to be clear, I think we have been putting a lot of fiber in the last years, but not only putting fiber, we have been upgrading our customers to fiber. And as Oscar is saying, maybe 85%.

只是補充一下奧斯卡所說的，只是為了澄清，我認為我們在過去幾年中已經投入了大量的光纖，但不僅是投入光纖，我們還一直在將我們的客戶升級為光纖。正如奧斯卡所說，也許是 85%。

84%

84%

84% of our customers are with fiber, good seats, good quality, IT has been improving a lot in Mexico. It's one of the things that we have been doing, improving IT, so we can give better customer service install faster, time to repair also faster. So we have been improving also on the quality of service. So Mexico in [big] and in mobile is being very competitive. We haven't increased any price for a long time.

我們84%的客戶都使用光纖，座位好，品質好，IT在墨西哥已經有了很大的進步。這是我們一直在做的事情之一，改進 IT，這樣我們就可以提供更好的客戶服務，安裝速度更快，修復時間也更快。因此，我們也一直在提高服務品質。因此，墨西哥在[大]和行動領域都非常有競爭力。我們已經很久沒有漲價了。

We have been giving more for that. And it's -- but we feel that we have -- right now, we're very good advantage on the quality, capacity on the networks, on the -- in the mobile, on the coverage, on the quality and the centers, customer care centers. So all overall, we think we're doing good in Mexico.

我們為此付出了更多。但我們覺得我們現在在品質、網路容量、行動、覆蓋範圍、品質和中心、客戶方面擁有非常好的優勢。總的來說，我們認為我們在墨西哥做得很好。

That's very clear. Thank you.

這非常清楚。謝謝。

Walter Piecyk, LightShed Partners.

沃爾特·皮西克 (Walter Piecyk)，LightShed 合夥人。

Thanks. I think just first, if I can start with a macro question. Obviously, there's some questions kind of what's going to happen going forward and into 2025? Do you have many data points in terms of what you're seeing with your customers, forget about Europe just throughout Latin America in terms of recharges and subscriber activity and upgrades of phones. Can you just give us a general sense of kind of -- your kind of -- what you've seen most recently and what you think or what your outlook is for the coming quarter and 2025?

謝謝。我想首先，我是否可以從一個宏觀問題開始。顯然，有一些問題是，2025 年會發生什麼事？您是否有很多關於客戶所見的數據點，忘記歐洲和整個拉丁美洲在手機充值、用戶活動和升級方面的情況。您能否向我們介紹一下您最近看到的情況、您的想法或您對下一季和 2025 年的展望？

Well, it's a very interesting question. I think I can divide into prepaid is very different than postpaid. I think prepaid depends a lot on how the economists are doing Latin America. So people once recharge depending on the money that they have, the purchase power that they have. So that's one thing they need. There's a lot of prepaid that are moving to 5G in Mexico in Latin America. So we have been putting 5G all overall. But depending a lot on the economy and the way the economy in each country is doing.

嗯，這是一個非常有趣的問題。我想我可以分為預付費和後付費有很大不同。我認為預付費很大程度取決於經濟學家對拉丁美洲的看法。所以人們一次充電取決於他們擁有的錢，他們擁有的購買力。所以這是他們需要的一件事。拉丁美洲的墨西哥有許多預付費業務正在轉向 5G。所以我們一直把5G放在整體上。但這在很大程度上取決於經濟以及每個國家的經濟運作方式。

And on postpaid, I think we have been doing very good. We have been upgrading our customers, giving them better handsets, more data and they are paying more. So that's the trend that we have been doing for the last two years since we have been putting 5G. And I hope that this trend will continue the same way for 2025.

在後付費方面，我認為我們做得很好。我們一直在升級我們的客戶，為他們提供更好的手機、更多的數據，而且他們支付更多的費用。這就是我們過去兩年推出 5G 以來一直在做的趨勢。我希望這種趨勢在 2025 年能夠持續下去。

So I think in the first part of your question, Daniel, you were saying that it does depend on the economy. So from what you're seeing currently. The economy is still instigating very good recharge rates on the prepaid side that has not started to cool at all?

所以我認為丹尼爾，在你問題的第一部分，你說這確實取決於經濟。所以從你目前所看到的情況來看。經濟仍然在催促預付費方面非常好的儲值費率，而且還沒開始降溫？

You know, if you look at the rate of growth of our prepaid revenues in Mexico, they were 4.1% in the quarter, last quarter, that was 4.3% (inaudible) identical, a year ago, they were at 4.1%. So we haven't really seen as much a slowdown as some people had expected to see it on account of slowing down of the economy.

你知道，如果你看看我們在墨西哥的預付費收入成長率，上季的成長率為4.1%，與一年前的成長率相同，為4.3%（聽不清楚），一年前為4.1% 。因此，由於經濟放緩，我們並沒有真正看到像一些人預期的那樣嚴重的放緩。

And as Daniel said, I think postpaid revenues are also holding up. So I think that generally, we have seen more sensitivity, I think, probably in Brazil because as you know, Brazil's economy has been accelerating sharply of late, and that has had an impact in the sector definitely. But for the most part, I think we are not seeing very major changes. This is a very defensive industry, as you know, and revenue tend to call a [preview] in all GDP scenarios.

正如丹尼爾所說，我認為後付費收入也保持不變。所以我認為，總的來說，我們看到了更多的敏感性，我認為，可能是在巴西，因為如你所知，巴西的經濟最近一直在急劇加速，這肯定對該行業產生了影響。但在大多數情況下，我認為我們沒有看到很大的變化。如您所知，這是一個防禦性很強的行業，在所有 GDP 情景中，收入往往被稱為「預覽」。

And a lot of things that I think people need to use more the phone, and they are going to use more and more phones. So if they can have a better phone, they can have 5G, faster networks, more data. That's what you are going to see in the next years, not only next year. So in the next years, everything is going to go through the phone.

我認為人們需要更多地使用手機做很多事情，而且他們將使用越來越多的手機。因此，如果他們能擁有更好的手機，他們就能擁有 5G、更快的網路和更多數據。這就是你在未來幾年將看到的情況，而不僅僅是明年。因此，在接下來的幾年裡，一切都將透過手機進行。

Thanks. And then just one quick technology question follow-up, I guess. Could you just refresh us on who you expect to be your partners in terms of connecting your customers' phones to satellite constellations. I think you might have had -- maybe I'm wrong, but I thought you had an agreement with AST at one point. I'm just curious kind of how you see your market partnership there in terms of satellite direct connectivity to the phones of your customers throughout Latin America.

謝謝。我想，然後就是一個快速的技術問題跟進。您能否向我們介紹一下，在將客戶的手機連接到衛星星座方面，您希望誰成為您的合作夥伴？我想你可能已經——也許我錯了，但我認為你曾經與 AST 達成過一項協議。我只是好奇您如何看待您在那裡的市場合作夥伴關係，即透過衛星直接連接整個拉丁美洲客戶的電話。

Well, I think what -- there's two partners. So what we're using right now, we're using some partners, not only one. I think we have two or three partners. But I think we are always reviewing which partner is giving us the best services to connect in some rural areas, the sell side. So for the mobile backhaul, we use satellite.

嗯，我想──有兩個合作夥伴。所以我們現在使用的是一些合作夥伴，而不僅僅是一個。我想我們有兩三個合作夥伴。但我認為我們一直在審查哪個合作夥伴為我們在一些農村地區（賣方）提供了最好的連接服務。因此，對於行動回程，我們使用衛星。

And then there's the other part that is when we don't have any coverage there that the phone will connect there and that. So these two different services we are reviewing right now. We're already having the first one connecting the cell sites two or three different vendors. And but there is always -- we're always looking to have better quality and reduce costs. So that's moving every day. So I don't know exactly what we have, which ones we have Oscar star right now?

然後還有另一部分，當我們那裡沒有任何覆蓋範圍時，手機就會連接到那裡。因此，我們現在正在審查這兩種不同的服務。我們已經有了第一個連接兩個或三個不同供應商的蜂巢式基地台的網路。但我們總是希望獲得更好的品質並降低成本。所以每天都在移動。所以我不知道我們現在有哪些奧斯卡明星？

(inaudible) AST as well.

（聽不清楚）AST 也是如此。

(multiple speakers) actually you have an agreement or you're exploring a possible agreement with Starlink?

（多名發言者）實際上你們已經達成協議或正在探索與 Starlink 達成可能的協議？

We already have a n agreement on resell.

我們已經就轉售達成了協議。

Their service and are exploring an agreement so they can connect the backhaul.

他們的服務正在探索一項協議，以便他們可以連接回程。

We already use in Chile for mobile backhaul, okay?

我們已經在智利使用行動回程，好嗎？

Great. Thank you.

偉大的。謝謝。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

Hi, good morning. Thank you for taking my questions. I wanted to double-click a bit on broadband dynamics. The first question would be in Mexico. You had good net adds, but it was a bit less than in the second quarter. Is this because you had lower gross adds or because there was a bit of higher churn in the market? Just wanted to understand if the market is getting more competitive. And the second question is if you could comment on the competitive dynamics of Brazilian broadband? Is a more general question.

嗨，早安。感謝您回答我的問題。我想雙擊一下寬頻動態。第一個問題是在墨西哥。您的淨增加量不錯，但比第二季略少。這是因為您的總增加量較低還是因為市場流失率較高？只是想了解市場競爭是否變得更加激烈。第二個問題是您能否評論一下巴西寬頻的競爭動態？是一個更普遍的問題。

Yeah, we experienced on the second and third quarter a little bit more churn. In Mexico, we attribute you to the economics. So yes, within both. We've been seeing this [fourth] quarter in the same part that we had the last two quarters. And in Brazil, in broadband, we are the leaders in high-speed Internet in broadband, we were aware the best WiFi in Latin America in Brazil, delivering our services.

是的，我們在第二季和第三季經歷了更多的客戶流失。在墨西哥，我們將您歸功於經濟。所以是的，在兩者之內。我們在這個[第四]季度看到的部分與過去兩個季度的部分相同。在巴西，在寬頻方面，我們是寬頻高速網路的領導者，我們知道巴西有拉丁美洲最好的 WiFi，正在提供我們的服務。

So we are the leaders in market share as well in Brazil. And as you know, there is a lot of competition from the ISPs, but we keep growing the base. We already upgraded all the data, all the network to deliver 1 gigabit speed to DOCSIS 3.1 and we have almost 11 million compasses with fiber to come.

因此，我們在巴西的市場份額方面也處於領先地位。如您所知，來自 ISP 的競爭非常激烈，但我們不斷擴大基礎。我們已經升級了所有數據、所有網絡，以向 DOCSIS 3.1 提供 1 GB 的速度，並且我們將擁有近 1100 萬個帶有光纖的指南針。

So I think we are very well positioned. And another thing in Brazil is that we've been working on [indiscernible] that has been working pretty nice adding from mobile and PayTV. We've recently launched a new way to PayTV and is combined with broadband. It's a new package of I won't call PayTV, I think it's a different product. It's like more entertainment hub.

所以我認為我們處於非常有利的位置。巴西的另一件事是，我們一直在努力[音訊不清晰]，透過行動和付費電視添加內容，效果非常好。我們最近推出了一種與寬頻結合的付費電視新方式。這是一個新的套餐，我不會稱之為付費電視，我認為這是一個不同的產品。它更像是一個娛樂中心。

What we did is to really put the channels that have more audience plus Netflix readvertising, plus Google Play, plus Apple plus with a very good, good conditions to the market. So we believe that we the broadband, and we will keep going growing (inaudible)

我們所做的就是真正把有更多觀眾的頻道加上Netflix的閱讀廣告，加上Google Play，加上Apple加上，以非常好的、良好的條件推向市場。所以我們相信我們的寬頻，我們將不斷發展（聽不清楚）

And just to give you like a sense in Mexico, third quarter of '23, we do 20,000 net access in broadband. Fourth quarter of '23, 165. First quarter of '24 this year, 325,000 and then second quarter this year, 148 and third quarter 116. So we hope we can maintain this 120 or 150 or 100 for the next quarter.

只是為了讓您有一種感覺，在墨西哥，23 年第三季度，我們進行了 20,000 個寬頻網路存取。23 年第四季，165。今年 24 年第一季為 325,000 人，今年第二季為 148 人，第三季為 116 人。所以我們希望下個季度能夠維持這個 120、150 或 100。

So I think we're prepared as we said, and it's a very competitive market. That's why we have also some churn because it's a very competitive market. But I think we were prepared to try to recuperate a little bit of the market share that we do. We already did last years.

所以我認為我們已經做好了準備，正如我們所說，這是一個競爭非常激烈的市場。這就是為什麼我們也會有一些流失，因為這是一個競爭非常激烈的市場。但我認為我們已經準備好嘗試恢復一點市場份額。我們去年就已經這麼做了。

Okay, very clear. Thank you very much for the answers.

好的，非常清楚。非常感謝您的回答。

[Marcelo Farias] UBS.

[馬塞洛·法裡亞斯]瑞銀。

Hi, everyone. Thanks for taking my question. Two from my end. First one, we've seen some negative net adds in mobile in Brazil, of course, driven by prepaid. I just want to check what you guys expect in terms of trends going forward. And of course, in terms of competition in the region as well in mobile specifically? My second one is regarding, we've seen some increase in the net debt this quarter. And if you could share some color on your debt strategy and how our looking at FX impacts going forward as well? Thank you, guys.

大家好。感謝您提出我的問題。從我這邊算兩個。首先，我們看到巴西的行動業務出現了一些負淨成長，當然這是由預付費推動的。我只是想了解你們對未來趨勢的期望。當然，就該地區以及行動領域的競爭而言？我的第二個問題是，本季我們看到淨債務增加。您能否分享一下您的債務策略以及我們對外匯的看法對未來有何影響？謝謝你們，夥計們。

Well, let's start with Brazil. I think in Brazil, we are doing very good. We are moving a lot of prepaid subscribers to postpaid subscribers, and that's the reason why we have negative, as you said, but we have a very good and very positive trend in postpaid. Other thing is that we are trying to have our prepaid base very clean. So we want to have that.

好吧，讓我們從巴西開始。我認為在巴西，我們做得很好。我們正在將大量預付費用戶轉移到後付費用戶，這就是我們出現負面影響的原因，正如您所說，但我們在後付費方面有一個非常好的、非常積極的趨勢。另一件事是，我們正在努力讓我們的預付費基礎變得非常乾淨。所以我們想要這樣。

So we have been very aggressive if a customer is not consuming not to count as a customer. So that's what we are doing, and there's a rule, but we have been very strict on that and moving a lot of these prepaid to postpaid subscribers have been very successful. And the second question, which one is?

因此，如果客戶不消費，我們就不再將其視為客戶。這就是我們正在做的事情，並且有一個規則，但我們對此非常嚴格，並且將許多預付費用戶轉移到後付費用戶非常成功。第二個問題是哪一個？

Regarding how do you see debt strategy and FX impacts going forward.

關於您如何看待未來的債務策略和外匯影響。

Regarding what?

關於什麼？

You have a bad connection, [Marcelo] can you please repeat the question or send it via chat or email to me?

您的網路連線狀況不佳，[Marcelo]您可以重複這個問題或透過聊天或電子郵件發送給我嗎？

Yeah, of course, I can repeat the question. I'm just wondering what you guys how you see your debt strategy regarding going forward.

是的，當然，我可以重複這個問題。我只是想知道你們如何看待未來的債務策略。

Hi, Marcelo. I think we are not really looking at taking on additional debt. As you can see, we have reduced our leverage. We have very limited refinancings to do next year. It's probably the year with the least amount of maturity that we have, it's probably less than MXN1 billion.

嗨，馬塞洛。我認為我們並沒有真正考慮承擔額外的債務。正如您所看到的，我們減少了槓桿。明年我們要做的再融資非常有限。這可能是我們成熟度最低的一年，可能不到 10 億墨西哥比索。

I think that we have been doing very successful trying to drive the growth of our Mexican global peso bonds, and we've already issued in a bit more than a year, MXN55 billion, which was for the time to USD3 billion. And we expect that we can continue to consolidate this program. And we will also be looking at raising a bit more financing in some of our local markets.

我認為我們在推動墨西哥全球比索債券成長方面做得非常成功，我們已經在一年多的時間內發行了 550 億墨西哥比索債券，當時發行量為 30 億美元。我們希望能夠繼續鞏固這個計劃。我們還將考慮在一些當地市場籌集更多資金。

In fact, we've been doing a little bit of this in Peru, Colombia and Brazil. So I think that's going to be more the strategy to focus a bit more on local currency generally. But again, it's basically in the context of refinancing existing debt which we expect to maintain that level. We do have a short-term debt, and I think that's a variable that we can play with. We will be adjusting downwards very likely in the next few months.

事實上，我們已經在秘魯、哥倫比亞和巴西做了一些這樣的事。因此，我認為這將是更多關注當地貨幣的策略。但同樣，這基本上是在為現有債務再融資的背景下，我們預計將維持這一水平。我們確實有短期債務，我認為這是一個我們可以考慮的變數。未來幾個月我們很可能會下調。

Ernesto Gonzalez, Morgan Stanley.

埃內斯托·岡薩雷斯，摩根士丹利。

Hi. Thanks for taking our questions. It's just one, can you please provide any color on your CapEx plans for Chile? Thank you.

你好。感謝您回答我們的問題。這只是其中之一，您能否提供有關智利資本支出計劃的任何資訊？謝謝。

We -- it's too early to see. As we said in our results, we're going to start to consolidate Chile November 1. We're going to have [92] so we're going to consolidate also the CapEx. We still haven't finished the CapEx for next year. So we don't know what -- it's not going to be a big difference on what we have.

我們——現在看還為時過早。正如我們在結果中所說，我們將於 11 月 1 日開始整合智利。我們將擁有 [92]，因此我們也將整合資本支出。我們還沒有完成明年的資本支出。所以我們不知道是什麼——這對我們所擁有的不會有太大區別。

So we consolidate the revenues. We're going to consolidate the CapEx, but it's not going to change too much the idea that we have. So I don't have the final number, but it's not going to change significantly the CapEx that we have budget for next year.

所以我們合併收入。我們將整合資本支出，但這不會改變我們的想法。所以我沒有最終的數字，但這不會顯著改變我們明年的預算資本支出。

Thank you.

謝謝。

Phani Kanumuri, HSBC.

Phani Kanumuri，匯豐銀行。

Thanks for taking my question. So the first on is that LatAm currencies have depreciated significantly in the last six months. So do you see any change in your shareholder remuneration or CapEx direction than what you did in your Analyst Day in May? The second question is actually on the constant currency growth rate for the fixed broadband. You had given a number of 5.9%, I wanted to check which countries have registered a better-than-average growth rate among your major countries? Thank you.

感謝您提出我的問題。首先，拉美貨幣在過去六個月大幅貶值。那麼，與 5 月份分析師日相比，您認為股東薪酬或資本支出方向有什麼變化嗎？第二個問題其實是關於固定寬頻的恆定貨幣成長率。你們給的數字是5.9%，我想看看你們主要國家中哪些國家的成長率高於平均？謝謝。

We don't understand very good your question. But the second, when you said the average growth on broadband, I think the average growth -- the growth in broadband has been better every quarter. I think it's doing good. In each country, we have been doing good.

我們不太明白你的問題。但第二個問題，當你提到寬頻的平均成長時，我認為平均成長——寬頻的成長每季都更好。我認為做得很好。在每個國家，我們都做得很好。

I see -- I think all -- overall, we are seeing a little bit less competition on this fiber companies that they -- wholesale networks that they do all around Latin America, and that help us to be more aggressive and to increase our sales. And so on broadband, I think it's still low penetration in broadband in Latin America, and we're going to see good growth in the next years, okay, in broadband. And the first one, we don't understand. What was your question?

我認為——我認為總體而言，我們看到這些纖維公司的競爭比他們在拉丁美洲各地的批發網絡要少一些，這有助於我們更加積極進取並增加我們的銷售額。在寬頻方面，我認為拉丁美洲的寬頻普及率仍然很低，未來幾年我們將看到寬頻的良好成長。第一個，我們不明白。你的問題是什麼？

So I think for the second question, like -- so you had a 5.9% fixed service revenue growth but all the major markets that you had, including Mexico, Colombia, Brazil all have registered revenue growth that is lower than 5.9%. So I was just trying to understand which geographies have grown above the 5.9% fixed service and that's the first. That's the first question.

因此，我認為對於第二個問題，固定服務收入成長了 5.9%，但所有主要市場，包括墨西哥、哥倫比亞、巴西，收入成長均低於 5.9%。所以我只是想了解哪些地區的固定服務成長率超過了 5.9%，這是第一個。這是第一個問題。

We don't have it here, but you can discuss with Daniela, and she can give you exactly where we are higher than the 5.9% and where we're a little bit lower. But I think Brazil, I don't know what's the growth in Brazil?

我們這裡沒有，但您可以與 Daniela 討論，她可以準確地告訴您哪些地方高於 5.9%，哪些地方略低於 5.9%。但我覺得巴西，我不知道巴西的成長怎麼樣？

(inaudible) performance on the -- it's Brazil, (inaudible) Columbia, 7.2%

（聽不清楚）表現－巴西，（聽不清楚）哥倫比亞，7.2%

Remember that broadband also includes corporate the corporate segment there. So -- but you can talk to Daniela and disclose that.

請記住，寬頻還包括企業部門。所以——但是你可以和丹妮拉談談並透露這一點。

It's 8.8% for Brazil, 7.2% for Colombia, 15.7% in Eastern Europe.

巴西為 8.8%，哥倫比亞為 7.2%，東歐為 15.7%。

8.6%, Central America.

8.6%，中美洲。

8.6%, Central America, yes.

8.6%，中美洲，是的。

And 10.9% in the (inaudible)

以及 10.9%（聽不清楚）

So that's fixed growth of 7.4% for America Movil. On the corporate network side, we have 10% to America Movil, including 12.8% in Mexico, 7.9% in Brazil, 14.1% in Colombia, and 7.5% in Central America.

因此，America Movil 的固定成長率為 7.4%。在企業網路方面，我們有10%給America Movil，其中墨西哥12.8%，巴西7.9%，哥倫比亞14.1%，中美洲7.5%。

Okay. I'll connect with them on this. So the first question was that because you have seen depreciation of currencies in across LatAm in the last six months, is there any change in the view of shareholder remuneration or CapEx that I guess that you had in -- during your Analyst Day in May?

好的。我會就此與他們聯繫。因此，第一個問題是，由於您在過去六個月中看到整個拉丁美洲的貨幣貶值，我猜您在 5 月的分析師日期間對股東薪酬或資本支出的看法是否有任何變化？

No. We don't have any change on CapEx. We've finished this year. So the CapEx for this year is done and we're reviewing the CapEx of next year, but we don't see any change on that. And also on the shareholder remuneration, we haven't had any difference also. So we're in the target that we have. What was the buyback that we have for all this year, Carlos? No. From January to today's third quarter, how many was that?

不。我們的資本支出沒有任何變動。我們今年已經結束了。今年的資本支出已經完成，我們正在審查明年的資本支出，但我們沒有看到任何變化。在股東薪酬方面，我們也沒有任何差異。所以我們已經達到我們的目標了。卡洛斯，我們今年的回購額是多少？不。從一月到今天的第三季度，有多少？

MXN14 billion. Okay.

140億墨西哥比索。好的。

Thanks. Thanks a lot.

謝謝。多謝。

Alejandro Lavin, Santander.

亞歷杭德羅·拉文，桑坦德銀行。

Hi. Good morning, everyone. Can you hear me? Okay. Thank you for taking my question So first of all, congrats on the results. I mean you're in solid top line result. I mean the currency once a headwind, now it's a tailwind, you've been rising profitability, stable CapEx, low leverage growth. It sounds like that the -- or sort of [timing] for a very positive out for end of next year, especially all of next year, right? So congrats on that.

你好。大家早安。你聽得到我嗎？好的。感謝您提出我的問題首先，祝賀結果。我的意思是你的營收表現很不錯。我的意思是，貨幣曾經是逆風，現在是順風，獲利能力一直在上升，資本支出穩定，槓桿成長較低。聽起來像是——或者說是明年年底，尤其是明年全年，會有一個非常積極的結果，對吧？所以恭喜你。

And second, well, it seems that you have a very portable position in terms of competition in the LatAm region and maybe in other markets. So my question is regarding M&A abilities, right? I mean there are some opportunities in the very near term in LatAm. But in general, like strategically, what kind of assets or regions would you (inaudible) at? Thank you.

其次，就拉丁美洲地區乃至其他市場的競爭而言，您似乎擁有非常有利的地位。所以我的問題是關於併購能力，對嗎？我的意思是，拉丁美洲近期有一些機會。但總的來說，就像策略上一樣，您會（聽不清楚）什麼樣的資產或區域？謝謝。

Well, I think on M&A, we are not seeing anything. And we don't think we have any opportunities in Latin America in M&A. It's very difficult, so we are over there. So in Latin America, we want to grow and put our CapEx and penetrate more and have the best technology. And that's what we have been doing for the last three or four years.

嗯，我認為在併購方面，我們沒有看到任何東西。我們認為我們在拉丁美洲沒有任何併購機會。這非常困難，所以我們就在那裡。因此，在拉丁美洲，我們希望發展並投入資本支出，滲透更多並擁有最好的技術。這就是我們過去三、四年一直在做的事情。

So what we have been seeing today is everything that we do the last year we have been digitalizing more the company. We have been taking care of our customer care. We have been very careful on cost and expenses, we have been upgrading all our platforms. We have the biggest 5G network in Latin America is America mobile 5G network.

所以我們今天看到的是我們去年所做的一切，我們一直在讓公司更加數位化。我們一直在照顧我們的客戶服務。我們在成本和開支上非常謹慎，我們一直在升級我們所有的平台。我們擁有拉丁美洲最大的5G網絡，即美國移動5G網絡。

So all overall, we have the latest technology, and that gives us better quality, more speed and better cost than our competitors. So that's more or less what we are focusing, and that's what we are going to do for next year. So that's what we have been saying over the last years. I mean no M&A planning right now. We are open but we don't have anything right now.

總的來說，我們擁有最新的技術，這使我們比競爭對手擁有更好的品質、更快的速度和更低的成本。所以這或多或少是我們關注的重點，也是我們明年要做的事。這就是我們過去幾年一直在說的。我的意思是現在沒有併購計劃。我們是開放的，但目前沒有任何東西。

The only thing is consolidate Chile -- that we're going to consolidate Chile, and we have to work a lot there. There's a very, very competitive market there. So as we said, we have been upgrading all our mobile network. We have been making an agreement with the [whole net], the wholesale company. We also have fiber there. So we are finalizing all the merger that we have with liberty and get all the synergies that we have there. So we are in a big process in Chile that we have for the next year.

唯一的事情就是鞏固智利——我們要鞏固智利，我們必須在那裡做很多工作。那裡的市場競爭非常非常激烈。正如我們所說，我們一直在升級我們所有的行動網路。我們已經和批發公司【全網】達成協議。我們那裡也有光纖。因此，我們正在自由地完成所有合併，並獲得我們在那裡的所有協同效應。因此，我們明年在智利正處於一個重大進程中。

Okay. Thank you. Understood. Congrats on the result.

好的。謝謝。明白了。恭喜結果。

Lucca Brendim, Bank of America.

盧卡·布倫丁，美國銀行。

Good morning, everyone. Thank you for taking my quesiton. I have two here. The first one on Colombia results accelerated this quarter, reached a three-year high in terms of service revenue growth. Is this already reflecting somewhat a more rational market after the recent changes we saw in this region?

大家早安。感謝您接受我的問題。我這裡有兩個。第一個關於哥倫比亞的業績在本季加速，服務收入成長達到三年來的新高。在我們最近在該地區看到的變化之後，這是否已經反映出市場更加理性了？

And then the second one for Brazil. How are you seeing pricing dynamics in mobile going forward? Is there still potential for further price hikes? And when we're thinking about ARPU expansion for next year, will be -- should you be focusing more on the upselling or indirect price hikes? Thank you

然後是巴西隊的第二場比賽。您如何看待行動裝置未來的定價動態？是否還有進一步漲價的可能？當我們考慮明年的 ARPU 擴張時，您是否應該更專注於追加銷售或間接價格上漲？謝謝

We're always focused more on upselling our customers because if you upsell your customer, you give more to your customer and they pay you more. So I think it's much better upsell your customers than increase price, okay? I don't know what we're going to do in Brazil right now. But I think we are focusing more on upsell and giving more data to all our customers, moving prepaid to postpaid and that, I think, that's the trend in Brazil.

我們始終更專注於向客戶進行追加銷售，因為如果您向客戶進行追加銷售，您就會為客戶提供更多服務，他們也會向您支付更多費用。所以我認為向客戶追加銷售比提高價格好得多，好嗎？我不知道我們現在要去巴西做什麼。但我認為我們更關注追加銷售並向所有客戶提供更多數據，將預付費轉變為後付費，我認為這就是巴西的趨勢。

I mean in Colombia, just on the service revenue growth, I think it's important to highlight how it's improved. But it's not only mobile. It's been mobile and fixed. So just to give you an idea, first quarter this year, we were growing 0.4% in mobile, now we're growing at 4.0%. In line we were growing at 2%. In service (inaudible) today, we're growing at 5.2%. So I think it's important to see that this recovery is taking place all throughout the country, not only mobile, but it's been very meaningful.

我的意思是在哥倫比亞，就服務收入的成長而言，我認為重要的是要強調它是如何改善的。但它不僅僅是移動的。它有移動式和固定式兩種。僅供參考，今年第一季度，我們的行動業務成長了 0.4%，現在成長了 4.0%。我們的成長率是 2%。今天在服務中（聽不清楚），我們的成長率為 5.2%。因此，我認為重要的是要看到這種復甦正在全國範圍內發生，不僅是行動領域，而且是非常有意義的。

And only to add to something that Carlos said on Colombia is that we are the biggest network, 5G network in Colombia. We take advantage of the frequencies, the option and we have been putting that for maybe 8 months before the auction. And it's been very -- we have maybe 20% of our traffic right now in 5G in Colombia. So that gives a very good quality and very good service to our customers, and they spend more because they use more data.

卡洛斯在哥倫比亞表示，我們是哥倫比亞最大的網路 5G 網路。我們充分利用頻率和選擇權，並且在拍賣前大約 8 個月我們就已經將其投入了。現在哥倫比亞大約有 20% 的流量來自 5G。因此，這為我們的客戶提供了非常好的品質和非常好的服務，他們花費更多，因為他們使用更多的數據。

Very clear. Thank you for the answers.

非常清楚。謝謝您的回答。

Carlos Sequeira, BTG Pactual.

卡洛斯·塞奎拉 (Carlos Sequeira)，BTG Pactual。

Hi. Good morning. Thank you for taking my question. Today, we -- it's a quick one. We model for AMX to generate a little more than $5 billion in free cash flow next year. And I was wondering with leverage close to the bottom of the range, is there any reason why you wouldn't return this free cash flow to investors in 2025, all of it or a good part of it, at least. Thank you.

你好。早安.感謝您回答我的問題。今天，我們——速度很快。我們預計 AMX 明年將產生略高於 50 億美元的自由現金流。我想知道，在槓桿接近該範圍底部的情況下，是否有任何理由不在 2025 年將這些自由現金流返還給投資者，至少全部或大部分。謝謝。

Carlos, as you recall, we've met you guys for the Investor Day in May, and we established some -- a ban for our leverage virtue. And we said in the band going to be [1.35] to 1.5. And we are exactly at the lower end of the band. So I think that as I have mentioned before, we don't really have any continuing to reduce leverage much further from where we are. Maybe a little bit on the short-term debt.

卡洛斯，正如你所記得的，我們在五月的投資者日與你們見面，我們制定了一些禁令——禁止我們的槓桿美德。我們說的範圍是 [1.35] 到 1.5。我們正好處於該範圍的低端。因此，我認為，正如我之前提到的，我們實際上並沒有繼續進一步降低槓桿率。也許有一點短期債務。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Carlos Legarreta, Itaú.

卡洛斯·萊加雷塔，義大利。

Hi, thank you. Good morning. My question in this case will be for Argentina, please. I would like to be reminded of what are your plans there in fixed revenue, obviously, that's growing very nicely because I know that footprint is growing. And I know you're doing mostly fiber. So if you can talk a little bit about that and also how is the wireless business (inaudible) obviously, it was very positive to quarter, but some color on the market trends would be helpful. Thank you.

你好，謝謝。早安.我的問題是針對阿根廷的。我想提醒一下你們在固定收入方面的計劃是什麼，顯然，固定收入增長得非常好，因為我知道足跡正在增長。我知道你們主要做纖維。因此，如果您能稍微談談這一點，以及無線業務（聽不清楚）的情況，顯然，這對季度來說非常積極，但對市場趨勢的一些了解會有所幫助。謝謝。

Very good that you talk a little bit -- you ask a question on Argentina. I think Argentina is doing okay. We have been still investing. We don't stop anything the last years on Argentina. So we put fiber when things are doesn't look so good.

很好，你能談一點——你問了一個關於阿根廷的問題。我認為阿根廷表現還不錯。我們一直在投資。過去幾年我們在阿根廷問題上沒有停止任何事情。因此，當情況看起來不太好時，我們就會添加纖維。

And we're growing -- how many customers on broadband we have right now 1 million -- no more than 1 million, and we have been growing and having 1.4 million subscribers on broadband we have in Argentina -- 1.6 million we have in Argentina. So we have been growing, it's still growing very good, and we are upgrading our network, mobile network, and I hope Argentina will reduce more the inflation and do better on the economics. And then we're going to have a very good company there.

我們正在成長——我們現在有多少寬頻客戶 100 萬——不超過 100 萬，而且我們一直在成長，在阿根廷有 140 萬寬頻用戶——我們在阿根廷有 160 萬。所以我們一直在成長，仍然成長得非常好，我們正在升級我們的網路、行動網絡，我希望阿根廷能進一步降低通貨膨脹，並在經濟方面做得更好。然後我們將在那裡擁有一家非常好的公司。

Thank you and maybe --

謝謝你，也許--

Sorry, we have been growing from being the third one in mobile. In customers, I think we are the first one right now. So I'm not so sure but doing customers. We are the first one almost first one in mobile right now and growing in the fixed line.

抱歉，我們從行動領域的第三名一直在成長。在客戶方面，我認為我們現在是第一名。所以我不太確定，但做客戶。我們現在是行動領域的第一家，幾乎是第一家，在固網領域也不斷發展。

Okay. Thank you. And how about your 5G plan do we have the necessary spectrum? Are you still waiting for an auction to happen?

好的。謝謝。你們的5G計畫怎麼樣，我們有必要的光譜嗎？您還在等待拍賣嗎？

Yeah, we are putting 5G and we're putting more cell sites in 5G, and that's the way we're going to grow there. So we are investing. We have a CapEx that is the focus on -- assigned to Argentina, and we're doing all the things with the CapEx that we have there.

是的，我們正在部署 5G，我們正在部署更多 5G 基地台，這就是我們在那裡發展的方式。所以我們正在投資。我們的資本支出是重點——分配給阿根廷，我們正在利用那裡的資本支出做所有的事情。

Okay. Thank you for the update.

好的。感謝您的更新。

(Operator Instructions)

（操作員說明）

Camila Koga, BBI.

卡米拉·科加，BBI。

Hi, guys. Thanks for taking my question. My connection is not good, so I apologize if you have already answered this. I have a quick one on the (inaudible) bank. If you could give us more details about it. I want to have an idea of progressive (inaudible) bank can be if the agreement of the banks offer prices lower than client prices. Thank you.

嗨，大家好。感謝您提出我的問題。我的網路連線不好，所以如果您已經回答了這個問題，我深表歉意。我在（聽不清楚）銀行有一份快速的。如果您能給我們更多詳細資訊。我想知道如果銀行協議提供的價格低於客戶價格，銀行可以進步（聽不清楚）。謝謝。

Look, we don't hear you very well, but I'm going to add a little bit on the other question. The last question that they asked me talking about Argentina because we always talk a lot on Mexico, Brazil and Colombia. But I think all around America Movil, we have been doing very good. We talk about Peru. In Peru, we have been growing, growing EBITDA, growing with fiber, upgrading our networks, giving more plans and all of that then. If we go to Central America, Central America has been having --

聽著，我們聽得不太清楚，但我要對另一個問題補充一點。他們問我的最後一個問題是關於阿根廷的，因為我們總是談論墨西哥、巴西和哥倫比亞。但我認為在美國移動，我們一直做得很好。我們談論秘魯。在秘魯，我們一直在成長，EBITDA 成長，光纖成長，升級我們的網絡，提供更多計畫等等。如果我們去中美洲，中美洲一直有--

Sorry, no. Sorry, my question is on the -- sorry.

抱歉，沒有。抱歉，我的問題是──抱歉。

On Central America, we have been also doing very good excellent gaining share, putting fiber, putting more coverage and the growth has been very good. The growth on mobile and the growth on peaks. Then if we go to Dominican Republic, also America Movil has been exceptional in Dominican Republic. And we go to Eastern Europe. Eastern Europe has been with a very good growth expanding. We used to have only mobile; we have fixed all around with broadband.

在中美洲，我們也做得非常好，贏得了份額，投入了光纖，投入了更多的覆蓋範圍，成長非常好。行動端的成長和峰值的成長。如果我們去多明尼加共和國，America Movil 在多明尼加共和國也很出色。我們去了東歐。東歐一直保持著良好的成長動能。我們以前只有手機；我們已經用寬頻解決了所有問題。

So in all the different countries we have been doing very good and gaining market share. So just when they talk about Argentina, it's not only Argentina, I think all the other countries has been having an exceptional developed for the last year. So sorry to not to answer your question, but I want to give these comments because we focus in two or three countries, very important country, but all the other ones are also important and doing very, very good also. Sorry, your question again?

因此，在所有不同的國家，我們都做得很好並贏得了市場份額。因此，當他們談論阿根廷時，不僅僅是阿根廷，我認為所有其他國家在去年都取得了出色的發展。很抱歉沒有回答你的問題，但我想發表這些評論，因為我們專注於兩三個國家，非常重要的國家，但所有其他國家也很重要，而且做得也非常非常好。抱歉，你又問一個問題嗎？

My question was on the (inaudible) bank. If you could give us more details about it. I want to have ideas of how great the (inaudible) bank could be and just made the (multiple speakers)

我的問題是關於（聽不清楚）銀行的。如果您能給我們更多詳細資訊。我想知道這家（聽不清楚）銀行可以有多偉大，而且剛剛做到了（多個發言者）

The bank?

銀行？

No, we cannot really understand anything that you're saying. Do you want to email me your question?

不，我們無法真正理解您所說的任何內容。您想透過電子郵件向我發送您的問題嗎？

Okay. So can we -- we can talk later.

好的。我們可以稍後再談。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Thank you. That's all the questions that we have time for today. I will now turn the call back over to Daniel Hajj for any final remarks.

謝謝。這就是我們今天有時間回答的所有問題。我現在將把電話轉回給丹尼爾·哈吉，聽聽最後的評論。

Thanks to everyone for the call and see you next quarter. Bye-bye.

感謝大家的來電，下季再見。再見。

Thank you. This now concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。