Mobile TeleSystems PJSC (MBT) 2021 Q3 法說會逐字稿

Good afternoon or good evening to everyone who's watching us or listening to us today. I'm happy to open our today's event with MTS disclosing its financial and operating results for Q3.

向今天觀看或聆聽我們節目的各位下午好或晚上好。我很高興在今天的活動中以 MTS 披露其第三季度的財務和營運業績開始。

My name is Polina Ugryumova, and I'm Director for Investor Relations at MTS. Today, we've got a great management team of the company, and they will tell you about the most recent development in our life.

我叫 Polina Ugryumova，是 MTS 的投資人關係總監。今天，我們請到了公司優秀的管理團隊，他們將向大家講述我們生活中的最新進展。

Before I start, I should say that within our today's presentation, we may make some forward-looking statements, forecasts or estimates or expectations. And it should be borne in mind that these forward-looking statements reflect the way the management understands the development of our business today in the current conditions. In our today's materials, which have been circulated to you and in our website and in Form 20-F, we say that these estimates may change in line with changes in the external environment going forward.

在開始之前，我應該說，在我們今天的演講中，我們可能會做出一些前瞻性的陳述、預測、估計或期望。並且應該記住，這些前瞻性陳述反映了管理層對當前條件下我們業務發展的理解。在我們今天的資料（已分發給您）以及我們的網站和表格 20-F 中，我們表示這些估計可能會隨著未來外部環境的變化而變化。

And before I officially start our event, I would like to make a couple of additional comments. As you can see, not only have we changed the format of the dialogue to make it more active or rather interactive, transparent, and we -- since we hope for an open dialogue with our audience, we've also expanded the team of speakers with 2 more top managers joining us today. I will introduce them a bit later. And let me also say that regrettably, Ilya Filatov, who is in charge of our FinTech stream, is unable to join us today, but he sent his colleague, who shows the FinTech developments will not be left out today.

在正式開始我們的活動之前，我想補充幾點評論。正如您所看到的，我們不僅改變了對話的形式，使其更加活躍，更具互動性和透明度，而且，由於我們希望與觀眾進行公開對話，我們還擴大了演講者團隊，今天又有 2 名高級管理人員加入我們。我稍後會介紹它們。我還要說的是，很遺憾，負責我們金融科技流的伊利亞·菲拉托夫 (Ilya Filatov) 今天無法加入我們，但他派了他的同事來，這表明金融科技的發展今天不會被忽視。

So our today's speakers, President and Chairman of the Management Board of MTS, Vyacheslav Nikolaev; Inessa Galaktionova, First Vice President for Telecommunications; Olga Ziborova, Vice President for Ecosystem Development and Marketing; Andrey Kamensky, Vice President for Finance; Farid Kamalov, our new speaker, Vice President for Retail Development; Igor Mishin, also a new speaker, Vice President for Media. And we also have Sergey Ulyev, Vice President for Strategy at MTS Bank.

今天的演講者有：MTS 總裁兼管理委員會主席 Vyacheslav Nikolaev、電信第一副總裁 Inessa Galaktionova、生態系統開發和行銷副總裁 Olga Ziborova、財務副總裁 Andrey Kamensky、新演講者、零售開發副總裁 Farid Kamalov 以及新演講者、媒體副總裁 Igor Mishin。我們還有 MTS 銀行策略副總裁 Sergey Ulyev。

Now I'm happy to give the floor to the President of our company, Vyacheslav Nikolaev. Thank you very much.

現在我很高興請我們公司總裁維亞切斯拉夫·尼古拉耶夫發言。非常感謝。

Hello, dear colleagues. I'm really happy to see you, and I hope that I will see some of you live in the Zoom Q&A session. We did update the format indeed, and I think it is important. Some things that we are already accustomed to should be changed from time to time because, together with some visual changes, we also have changes in the essence, and you will better understand the way MTS works when you see real people who stands behind the company, who changed the company all the time. And I would be really grateful for your feedback.

各位同事，大家好。我很高興見到你們，我希望能在 Zoom 問答環節現場見到你們中的一些人。我們確實更新了格式，我認為這很重要。我們已經習慣的一些事情應該時不時地改變，因為除了一些視覺上的變化之外，我們在本質上也有變化，當你看到站在公司背後、一直在改變公司的真正的人時，你會更好地理解 MTS 的工作方式。我將非常感謝您的回饋。

Please tell us what you like about the company and about the presentation, what you miss in our quarterly meetings, what else you would like to see because we would like to become even more interesting and open for you.

請告訴我們您對公司和簡報的喜好，您在我們的季度會議上錯過了什麼，您還希望看到什麼，因為我們希望對您變得更加有趣和開放。

So let me start the very presentation. I would like to tell you a lot and quote quite a lot of figures, with good things to boast of, but I will leave this to my colleagues. I will tell you some few figures though.

那麼就讓我開始這次演講。我想告訴你們很多事情，引用很多數字，有很多好的事情可以誇耀，但我會把這些留給我的同事們。不過我會告訴你一些數字。

Group-wide revenue growth, plus 8.4%. You can see it on the screen, it is visually less than in the previous quarter. I'm sure you can remember it, that I should say that, first of all, the pandemic effects are still there. They haven't been used up. And if you see the third quarter last year, you would understand that this additional incremental growth is worthy, of course. And even more important, more than 60% of the growth that we are showing is attributable not to telecom figures, but to non-telecom.

集團整體營收成長8.4%。你可以在螢幕上看到，它看起來比上一季少。我相信你們還記得，首先我要說的是，疫情的影響仍然存在。它們還沒有被用完。如果你看去年第三季度，你就會明白，這種額外的增量成長當然是值得的。更重要的是，我們所顯示的 60% 以上的成長不是來自電信數據，而是來自非電信數據。

I told you several times that even telecom figures are growing, underpinned by the less churn, driven by -- which is driven by our ecosystem impacts. Customers that have several products are less likely to go elsewhere than those who have one product only and directly when we calculate the decline, we can see that more than 60% is attributable to non-telecom operations.

我多次告訴你們，即使是電信數據也在成長，這是由更少的客戶流失率所支撐的，而這又是由我們的生態系統影響所驅動的。擁有多種產品的客戶比只擁有一種產品的客戶更不可能轉向其他地方，當我們直接計算下降幅度時，我們可以看到超過 60% 歸因於非電信營運。

In this chart, you can see that this trend is consistent. As you know, we have announced our diversification strategy quite a while ago. 2 years ago, we announced our ecosystem development strategy and we can see that the strategy works. We grow faster than the market and, in many cases, in telecom and we also grow faster than the market as a group that we understand that we shouldn't stop our development.

在這張圖表中，您可以看到這種趨勢是一致的。如您所知，我們很久以前就宣布了我們的多元化策略。兩年前，我們宣布了生態系統發展策略，我們可以看到該策略是有效的。我們的成長速度快於市場，在許多情況下，在電信領域，作為一個集團，我們的成長速度也快於市場，我們明白我們不應該停止發展。

A lot of product and services were developed based on our telecom operations, but we can see that these products are quite big in size these days and the procedures and principles that were good for telecom are now somewhat outdated and they are a kind of an obstacle to our younger and more active businesses. That's why we have changed a lot and you have seen our changes, I'm sure.

許多產品和服務都是基於我們的電信業務而開發的，但我們可以看到，這些產品如今規模很大，過去適用於電信業務的流程和原則現在有些過時了，這對我們更年輕、更活躍的業務來說是一種障礙。這就是為什麼我們發生了很大的變化，我相信你已經看到了我們的變化。

In Q3, we approved to have services as a standalone business. This is where we concentrated our technical block, what we used to call it our cloud business, our data centers and infrastructure. I have already told you that we are creating a player that is supposed to become #1 in the Russian market in cloud services. And so a lot of it has been done in Q3, and we are really active and getting even more active in this area.

在第三季度，我們批准將服務作為獨立業務。這是我們集中技術模組的地方，我們過去稱之為雲端業務、資料中心和基礎設施。我已經告訴過你，我們正在創建一個有望成為俄羅斯雲端服務市場第一的公司。很多工作已經在第三季完成，我們在這個領域非常活躍，並且變得更加活躍。

Besides, we've got FinTech with MTS Bank. You have seen a lot of developments here as well and our MTS Media was also a dedicated business and now we are changing the processes to make sure this company is as margin dependent from MTS from our parent company as possible. The same is true about retail business. You will learn a lot about it today. Farid will tell you about the ways we are changing the business and why you will be able to find a lot of reasons for a certain upside in this business stream.

此外，我們也與 MTS 銀行合作擁有金融科技業務。您也看到這裡取得了很多進展，我們的 MTS Media 也是一家專門的業務，現在我們正在改變流程，以確保這家公司的利潤盡可能地依賴我們母公司的 MTS。零售業也是如此。今天您將學到很多關於它的知識。Farid 將向您介紹我們改變業務的方式，以及為什麼您能夠找到該業務流中某些優勢的許多原因。

And there is quite a number of businesses that will soon be able to become separable or noticeable part of MTS business overall. We will be able to tell you about each of them separately, and you will be able to see the figures by workstream.

並且有相當多的業務很快就能成為 MTS 整體業務中可分離或引人注目的一部分。我們將能夠分別向您介紹每一個，並且您將能夠按工作流程查看資料。

We are doing quite a lot in MTS Entertainment. It is obvious that now during the pandemic it is not the most high margin or profitable business stream, but we are sure that this preparation will result in a good market share, which will keep growing once the restrictions are lifted.

我們在 MTS 娛樂公司做了很多事。顯然，現在在疫情期間，這不是利潤率最高或最賺錢的業務流，但我們確信，這種準備將帶來良好的市場份額，一旦限制解除，市場份額將繼續增長。

We have some very interesting changes in MTS Auto, in MTS Marketologist as well and some of these changes will be reported on by my colleagues in our today's presentation.

MTS Auto 和 MTS Marketologist 也有一些非常有趣的變化，我的同事將在今天的簡報中報告其中一些變化。

In addition, the very process of making teams separate results in sharper focus of the management on their business -- on the business they are in-charge of, and this is what unlocks some value inherent in these businesses. Usually they are traded at different multiples. And for us, it is obviously good. We understand we would like to show it, but apart from that there are other changes that need to be made accordingly.

此外，將團隊分開的過程使得管理層更加關注他們的業務——他們負責的業務，而這正是釋放這些業務固有價值的關鍵。通常它們以不同的倍數進行交易。而對我們來說，這顯然是好事。我們知道我們想展示它，但除此之外還需要做出其他相應的改變。

First, we put clear rules of the interaction between the core and those businesses, because we wouldn't like to sacrifice our customer interaction. For the customers, we should be not exactly one and the same company, but we must be able to understand who exactly our customers are, like a one-stop-shop, we need to understand who they are without asking additional questions. And this is what we are able to do. Thanks to Big Data and Artificial Intelligence, one of the best developed in the market. We are finetuning our interaction with the customers, which results in a higher NPS and higher number of references that customers make regarding our services.

首先，我們制定了核心業務與這些業務之間互動的明確規則，因為我們不想犧牲與客戶的互動。對於客戶，我們不應該是完全相同的公司，但我們必須能夠了解我們的客戶到底是誰，就像一站式商店一樣，我們需要了解他們是誰，而無需提出額外的問題。而這正是我們能夠做到的。得益於大數據和人工智慧，這是市場上發展最好的技術之一。我們正在微調與客戶的互動，從而提高 NPS 並增加客戶對我們服務的建議數量。

In addition, we have to change quite a lot of support functions, not only support, I should say, because when we speak about IT, IT is not a support or back-office function for us, no way. A lot of people would think that IT support at least over the recent 15 years, it was the case, but now IT is at the heart of development of almost all the companies, and I wouldn't say that we have to, but we are at the time when IT requires comprehensive transformation, the services that were part of telecom are now IT-based and in telecom, MTS is known as a very reliable provider. One of the most reliable ones and we need to strengthen protection, reliability and cybersecurity.

此外，我們必須改變相當多的支援功能，應該說不僅僅是支持，因為當我們談論 IT 時，IT 對我們來說不是支援或後台功能，絕對不是。很多人會認為，至少在過去 15 年裡，IT 支援是這樣的，但現在 IT 已成為幾乎所有公司發展的核心，我不會說我們必須這樣做，但我們正處於 IT 需要全面轉型的時代，曾經屬於電信行業的服務現在已經基於 IT，而在電信行業，MTS 被認為是非常可靠的提供商。這是最可靠的系統之一，我們需要加強保護、可靠性和網路安全。

After that, we also need to change the infrastructure to be able to faster connect new services for us to be better at interacting with our partners for any experiments to take hours, but not weeks. You know a lot about digital transformation and we have done a lot, but there is still more room for perfection. We have invited, our Vice President Pavel Voronin, who is now in charge of this business stream and we are now looking into new IT strategy. This is really very interesting and I will share something with you.

之後，我們還需要改變基礎設施，以便能夠更快地連接新服務，讓我們更好地與合作夥伴互動，任何實驗都只需幾個小時，而不是幾週。你們對數位轉型了解很多，我們也做了很多，但仍有進一步完善的空間。我們邀請了現任該業務部門主管的副總裁 Pavel Voronin，我們正在研究新的 IT 策略。這確實非常有趣，我會與你們分享一些事情。

In addition, we are taking a new look at our product portfolio and we are reviewing these very products on offer. We have started offering quite a number of new products in the previous 2.5 years. We can see that some of them are not quite successful and we will have close them down because the hypothesis have not been confirmed. This is not bad for the teams who developed those products. It is just that the process was unusual for us.

此外，我們正在重新審視我們的產品組合，並正在審查這些正在提供的產品。我們在過去的兩年半裡已經開始提供相當多的新產品。我們可以看到，其中一些並不是非常成功，我們將關閉它們，因為假設尚未得到證實。對於開發這些產品的團隊來說，這並不是一件壞事。只是這個過程對我們來說不尋常。

In telecom, we are used to rolling out products was quite a long time to market and some other specific features. In our today's world, we should be able to offer products more frequently. We have rebalanced quite an extensive part of our portfolio, it was a bit painful, but anyway, we succeeded, we introduced a new incentive and motivation system, I will tell you more about it.

在電信領域，我們習慣花相當長的時間推出產品並推出一些其他特定功能。在當今世界，我們應該能夠更頻繁地提供產品。我們已經重新平衡了我們投資組合中相當大一部分，這有點痛苦，但無論如何，我們成功了，我們引入了一個新的激勵和激勵系統，我會告訴你更多相關資訊。

And for product developers, their long-term motivation has been changed a lot. The incentive is now in stock option plans and the team is better linked with our business targets, they can see this as their own dream and as their own business, it really incentivizes the team to achieve some very good results.

對於產品開發者來說，他們的長期動機已經發生了很大的變化。現在的激勵措施是股票選擇權計劃，團隊與我們的業務目標更好地聯繫起來，他們可以將此視為自己的夢想和自己的事業，這確實激勵團隊取得一些非常好的成績。

In addition, we have to change our actual support functions. To give you a good example, it is procurement. In procurement, actually the procurement was built for our telecom needs, but when we started to have more business systems out, we have reinvented the process. We invited the person who wasn't too much into procurement, he was closer to start-ups and business development and he was set a task to develop procurement as a service.

此外，我們必須改變我們的實際支援功能。舉一個很好的例子，就是採購。在採購方面，實際上採購是為了滿足我們的電信需求而建立的，但是當我們開始推出更多業務系統時，我們徹底改變了流程。我們邀請了一位對採購不太感興趣的人，他更接近新創公司和業務發展，並給他佈置了一項任務，將採購開發為一項服務。

It has been a couple of months since and they are doing some good job, they are making progress, appreciated by the company and telecoms that is used to some outdated processes are now under a stance that we are now living a new life in a new era and it actually supports the teams' spirit and morals.

幾個月過去了，他們做得很好，取得了進步，得到了公司和電信公司的讚賞，過去習慣於一些過時流程的人現在正處於新時代的新生活，這實際上支持了團隊的精神和道德。

It is truly about a number of other processes like HR and recruitment. We have to look for talent, IT developers, product managers, product team members. It requires new incentive and motivation arrangements. It has been changed not only for our product teams but also for top management. We are all together in the same boat, so to say, and our objectives, I mean, everybody has their own targets, including vice presidents, but our overall over-rocking targeting long-term incentivization is linked to the company's value and valuation. It helps us to coordinate our efforts across the board.

它實際上涉及人力資源和招聘等許多其他流程。我們必須尋找人才、IT 開發人員、產品經理、產品團隊成員。它需要新的激勵和動力安排。它不僅對我們的產品團隊發生了改變，而且對高階主管也發生了改變。可以這麼說，我們都在同一條船上，我們的目標，我的意思是，每個人都有自己的目標，包括副總裁，但我們整體的長期激勵目標與公司的價值和估值相關。它幫助我們全面協調我們的努力。

We changed our approach to talent acquisition, and I can say that we can see quite a good inflow of people despite the fact that there is deficit in the market. MTS offer some good opportunities in cloud development and other areas that inspire people and we can see a lot of new talent coming in.

我們改變了人才招募的方式，我可以說，儘管市場存在人才短缺，但我們仍然看到相當不錯的人才流入。MTS 在雲端開發和其他激勵人們的領域提供了一些良好的機會，我們可以看到許多新的人才湧入。

And right now, I'm happy to give the floor to Vice President for Ecosystem Development and Marketing, Olga Ziborova, who will tell you a lot of things I would like to personally share with you, but anyway I'm giving the floor to her. Thank you.

現在，我很高興將發言權交給生態系統開發和行銷副總裁奧爾加·茲博羅娃 (Olga Ziborova)，她會告訴你們很多我個人想與你們分享的事情，但無論如何，我還是把發言權交給了她。謝謝。

Thank you, Vyacheslav. Good afternoon, good evening, dear colleagues. I would like to start with the key indicators that this evolution and dynamics of our ecosystem clients, this is the basis of our transformation into a digital ecosystem. Ecosystem clients are clients who use 2 or more products and use them knowingly. We mean by that, that these products are paid for from the same account or there is one and the same ID used for a seamless transition from one digital window to another or premium subscription that gives access to several digital services of the ecosystem, which I will tell you more about later.

謝謝你，維亞切斯拉夫。各位同事，下午好，晚上好。我想從關鍵指標開始，也就是我們的生態系統客戶的演變和動態，這是我們向數位生態系統轉型的基礎。生態系客戶是使用 2 種或以上產品且有意識使用的客戶。我們的意思是，這些產品都是透過同一個帳戶支付的，或者使用同一個 ID 從一個數位窗口無縫過渡到另一個數位窗口，或者使用高級訂閱來存取生態系統的多項數位服務，稍後我會詳細介紹。

If we look at the figures, it is good to see that our ecosystem clients are growing steadily. The growth is consistent in first quarter and third quarter 2021. We reached RUB 7.8 million and the incremental growth is 400,000 subscribers. We understand the reasons behind it. We see growth in the clients of our premium subscription and there is also growth in our digital services. We keep monitoring the number of products per client or per customer and we can also speak about sustained growth and figures. Now it is 1.4 product at the end of Q3 2021.

如果我們看一下數據，我們會很高興地看到我們的生態系統客戶正在穩步成長。2021年第一季和第三季的成長保持一致。我們的用戶數達到了 780 萬盧布，新增用戶數為 40 萬。我們了解背後的原因。我們看到高級訂閱客戶數量正在成長，我們的數位服務也在成長。我們持續監控每位客戶或每位顧客的產品數量，我們還可以談論持續的成長和數字。截至 2021 年第三季末，該產品現已更新至 1.4 版。

I am especially happy to say that the fastest growth is among the clients with 3 and more products, and this is goodness because we understand people do come to us and buy a second service, which they like, and then they also buy their third and fourth products.

我特別高興地說，成長最快的是擁有 3 種或更多產品的客戶，這是一件好事，因為我們知道人們確實會來找我們併購買他們喜歡的第二種服務，然後他們還會購買第三種和第四種產品。

Vyacheslav has already said that our model is stable and robust. He says that the development of ecosystem or clients and penetration of digital products into our telecom base enables us to show faster growth in our core business and other businesses of the company across the board.

維亞切斯拉夫已經說過我們的模型是穩定和穩健的。他說，生態系統或客戶的發展以及數位產品對我們電信基礎的滲透使我們能夠在核心業務和公司其他業務方面實現更快的成長。

First of all, it is due to lower churn of ecosystem clients, we can see that, and you have seen the figures too, they are really robust and we can see that if a client uses 2 or more services, the churn of such clients gets lower by 3x or more. If clients start using premium or cashback, the lower churn is still there that is 11x less, and we can see engagement with the brand maximizing. If the client starts using ecosystem services, their MTS grows more than by 1.5x. If an ecosystem client uses cashback points that they receive as part of the program, then their NPS grows more than 3x.

首先，這是由於生態系統客戶的流失率較低，我們可以看到，而且您也看到了數據，它們非常強勁，我們可以看到，如果客戶使用 2 個或更多服務，則此類客戶的流失率會降低 3 倍或更多。如果客戶開始使用高級服務或現金回饋，較低的客戶流失率仍然會降低 11 倍，我們可以看到與品牌的互動最大化。如果客戶開始使用生態系統服務，他們的 MTS 將成長 1.5 倍以上。如果生態系統客戶使用他們在計劃中獲得的現金返還積分，那麼他們的 NPS 將成長 3 倍以上。

A couple of words on our ecosystem subscriptions, that is premium and cashback. Our premium subscription has been updated this year. To be more exact, in February, we launched the fee version, fee-based version and expanded its content. Now the subscription includes several services that represent our key business verticals: limitless -- unlimited mobile Internet, KION, MTS Music and premium card of our bank. And we can see, I'm really happy to say that the market's perception of the changes is positive.

關於我們的生態系統訂閱的幾句話，即高級訂閱和現金回饋。我們的高級訂閱今年已更新。更準確的說，我們在二月推出了收費版，收費版本，並且擴充了它的內容。現在訂閱包括代表我們關鍵業務垂直領域的幾項服務：無限——無限行動互聯網、KION、MTS 音樂和我們銀行的高級卡。我們可以看到，我很高興地說市場對這些變化的看法是正面的。

Over the last 3 quarters, the number of customers of ecosystem premium subscription has almost doubled. The subscription enables us to engage telecom base in other business verticals of the company, 83% of new MTS Music users and 27% of KION viewers come to us through the premium program.

過去三個季度，生態系統高級訂閱的客戶數量幾乎翻了一番。透過訂閱，我們能夠將電信基礎融入公司的其他業務垂直領域，83% 的新 MTS 音樂用戶和 27% 的 KION 觀眾都是透過付費方案來到我們這裡的。

As for our cashback program, we can see some significant success as well as the number of registered users is growing. Over the last 3 quarters, it grew by 67%. There is an increase in the number who pay for new digital products using cashback. Their number grew by 88% year-to-date. In September, we introduced new drivers to stimulate using cashback points and we are really happy to see the results. 40% of new cashback users became repeated MTS retail channel customers.

至於我們的現金回饋計劃，我們看到了一些顯著的成功，而且註冊用戶的數量也在增加。過去三個季度，其成長了 67%。使用現金回饋購買新數位產品的人數增加。今年迄今為止，其數量增加了 88%。9 月份，我們引入了新的司機來使用現金返還積分來激勵司機，我們很高興看到了結果。40% 的新返現用戶成為了 MTS 零售通路的回頭客。

Of course, we will keep developing the program going forward and our targets are to increase the number of the program clients and to increase the turnover as well.

當然，我們將繼續開發該計劃，我們的目標是增加該計劃的客戶數量並增加營業額。

And no doubt, of course, we can only engage our customers when we develop digital customer journeys. Here My MTS application is of great help to us. The number of active users keeps growing. By the end of Q3, it was up 25.2 million people. We have updated the app a lot. We changed the visualization, improved navigation and introduced new widgets, functional widgets that enable us to be in a closer contact with that our client. We can tell them about cashback, or they need to top up and so on, and we also have content widgets that tell the customers about new products and new content cases.

當然，毫無疑問，只有開發數位化客戶旅程，我們才能吸引客戶。這裡我的MTS應用程式對我們有很大的幫助。活躍用戶數量持續成長。截至第三季末，人數增加了2,520萬人。我們對應用程式進行了大量更新。我們改變了視覺化效果，改進了導航，並引入了新的小部件、功能性小部件，使我們能夠與客戶保持更密切的聯繫。我們可以告訴他們有關現金返還或需要充值等信息，我們還有內容小部件可以告訴客戶有關新產品和新內容案例的信息。

With that, over to Inessa, who will tell you about the development of our telecom business.

接下來請 Inessa 向您介紹我們的電信業務的發展。

Thank you, Olga. Good afternoon or good evening, dear colleagues. Let me share the results of Telecom with you. The results of Telecom is of course based on our quality strategy and really good results of our ecosystem operations. You can see is that in Q3 '21 we are at historic maximum in our subscriber base. When customers come to us, they stay with us for a long time.

謝謝你，奧爾加。各位同事，下午好或晚上好。讓我與你們分享一下電信的成果。電信的業績當然基於我們的品質策略和生態系統營運的良好成果。您可以看到，在 21 年第三季度，我們的用戶群達到了歷史最高水準。當顧客來找我們時，他們會與我們保持長時間的聯繫。

It's really important for us to have a quality base. When we analyze the customer or subscriber base, we make a special focus on the subscribers who have been with us more than for 12 months. So we have grown not only as compared to the pre-pandemic level but also in the number of its clients more than by 2% and it is really important because it shows how the instruments and tools in the ecosystem work.

對我們來說，擁有優質的基礎確實很重要。當我們分析客戶或訂戶群時，我們會特別注意與我們合作超過 12 個月的訂戶。因此，我們不僅在與疫情前的水平相比有所增長，而且客戶數量也增加了 2% 以上，這非常重要，因為它展示了生態系統中的工具是如何運作的。

Customers come to us, they stay with us and they start using more products and services that Olga has been talking about.

客戶來到我們這裡，他們與我們合作，並開始使用奧爾加一直在談論的更多產品和服務。

Next, I would like to say that our total V&D base got back to the pre-pandemic level. You know that our churn is getting lower, you know that a key objective in the telecom industry is to reduce the churn and we are proud by the fact that the churn has been reduced by more than 1.5 percentage points.

接下來我想說的是，我們的V&D總基數已經恢復到疫情前的水準。你知道我們的客戶流失率正在降低，你知道電信業的一個關鍵目標就是降低客戶流失率，我們對客戶流失率降低了 1.5 個百分點以上感到自豪。

What is important to say about our mobile business, MTS has network #1 in terms of quality. And of course, we can see an increase in the traffic consumption, record high growth rates seen in 2020 and they were carried over to 2021. There is a higher load and we need to be focused on increasing the quality and the capacity of our network. We have already told you about our smart rollout project that enables us to make quality investment in the network. It helps us optimize costs for churn development and maintaining the capacity going forward. So there is now less investment with the same result. I would like to additionally tell you that in the year 2021, we have started swapping equipment in Moscow really actively. We told you about that at our previous disclosure conferences.

關於我們的行動業務，值得一提的是，MTS 的網路品質位居第一。當然，我們可以看到流量消耗增加，2020 年的成長率創歷史新高，而這種成長趨勢延續到了 2021 年。負載更高，我們需要集中精力提高網路的品質和容量。我們已經向您介紹了我們的智慧推廣項目，它使我們能夠對網路進行高品質的投資。它幫助我們優化客戶流失開發成本並維持未來的產能。因此，現在投資減少了，但結果卻是一樣的。另外我想告訴大家，2021年我們在莫斯科已經開始非常積極地交換設備。我們在先前的披露會議上告訴過你們這一點。

As a kind of summary for this year, I should say that this stage has been really quick. We did not see any major issues with our B2C or B2B clients, which confirms that we are really concentrated on this complex objective, and we did a good job. Our clients in Moscow have already felt it. There is a higher speed. For our growing base in Moscow, this is just the right time for this kind of operations.

作為今年的一種總結，應該說這個階段真的很快。我們沒有發現 B2C 或 B2B 客戶有任何重大問題，這證明我們確實專注於這個複雜的目標，而且我們做得很好。我們在莫斯科的客戶已經感受到了這一點。有更高的速度。對於我們在莫斯科不斷成長的基地來說，現在正是採取此類行動的最佳時機。

I would like to tell you more about our fixed-line subscribers. The growth is really good. Our base now is formally 120,000 subscribers. And it's really important to say that, well, as you may know, this year we have made 2 acquisitions, Zelenaya Tochka, fixed-line operator and also MTT company, which has enabled us to grow in the revenue and in the number of clients.

我想向大家詳細介紹一下我們的固定電話用戶。成長確實很好。我們的用戶群現在正式有 12 萬名。非常有必要說一下，正如你們所知，今年我們進行了兩次收購，分別是固定電話運營商 Zelenaya Tochka 和 MTT 公司，這讓我們的收入和客戶數量都有所增長。

As for nonorganic growth, you saw it in our statements, we grew by 24%. As for organic growth in the B2C segment, without fixed line, we grew by about 9%. We keep developing in this area. First, it is about upgrading the network. We only have 19% of our network ready for 1 gigabyte, but now it is about 40% of the network created to provide such a speed. In the regions there are about 56 regions ready to provide such high speed.

至於非有機成長，您可以在我們的報表中看到，我們成長了 24%。至於B2C領域的有機成長，不包括固定線路，我們的成長約為9％。我們在這個領域不斷發展。一是網路升級。我們的網路只有 19% 可以支援 1GB 的速度，但現在大約有 40% 的網路可以支援這樣的速度。大約有 56 個地區準備提供這種高速網路。

It is also important to say that we keep expanding the coverage of fixed-line and we have grown by about 5% by now to reach 15.6 million households across the country. Apart from that, why we are doing all that? Of course, there is demand for fixed-line but we also make a -- that, so to say, on convergence. It has -- it is a confirmed fact that it enables us to reduce churn and show growth in financials.

值得一提的是，我們不斷擴大固定電話的覆蓋範圍，目前已增加約 5%，覆蓋全國 1,560 萬戶家庭。除此之外，我們為什麼要這麼做？當然，對固定電話有需求，但我們也做出了——也就是說，實現了融合。事實證明，它能夠讓我們減少客戶流失，實現財務成長。

In convergence, a focus was made on it several years ago and by our data now we have the fastest growth in the industry in convergent services and the growth of subscriber base. In Q3, we grew more than 30% year-on-year in convergent base growth. It is a powerful tool, and we keep developing it. There are activities in our sales channels and product portfolio. There are lot of opportunities and of course, we will not stop with these results.

在融合方面，幾年前我們就把重點放在了融合上，根據我們的數據，現在我們在融合服務和用戶群成長方面是業界成長最快的。第三季度，我們的收斂基數較去年同期成長超過30%。它是一個強大的工具，我們正在不斷開發它。我們的銷售管道和產品組合中都有活動。機會有很多，當然，我們不會止步於這些成果。

Now over to B2B/B2G initiatives. We have already mentioned, it is one of the powerful growth drivers for the entire company. We invest a lot of intellectual resources and other resources in this business stream, because it really gives us some really good growth indeed.

現在談談 B2B/B2G 計畫。我們已經提到，它是整個公司強大的成長動力之一。我們在這個業務流上投入了大量的智力資源和其他資源，因為它確實為我們帶來了非常好的成長。

What we are proud of and what I would like to share with you, we are now active promoting our business digitalization projects. By now, we have implemented more than 15 projects, pilot and commercial ones, with largest Russian companies in oil and gas and metals and mining, for example.

我們引以為傲的、我想與大家分享的是，我們現在正在積極推動我們的業務數位化專案。到目前為止，我們已經與俄羅斯最大的石油天然氣、金屬和採礦業公司合作實施了 15 多個項目，包括試點項目和商業項目。

Besides in Q3, we launched dedicated commercial 5G network with Polymetal. I should say that we made this project turnkey. We started with research and studies and then we did design and planning and actual construction of the network. It is our first turnkey project and a very successful one of that. We understand that this business stream is really promising, and in October, we made an announcement. We signed an agreement with Ericsson, saying that we will be exclusively developing dedicated 5G networks with them for various sectors of our business. Hopefully, we will tell you more about interesting projects in this area that we have implemented.

此外，我們在第三季與Polymetal合作推出了專用商用5G網路。我應該說我們已經完成了這個專案。我們從研究開始，然後進行網路的設計、規劃和實際建造。這是我們的第一個交鑰匙項目，並且是一個非常成功的項目。我們了解到這個業務流確實很有前景，並且我們在十月發布了公告。我們與愛立信簽署了一項協議，表示將與他們一起為我們業務的各個領域獨家開發專用的5G網路。希望我們能向您介紹更多我們在該領域實施的有趣項目。

The acquisition of the MTT enabled us to grow in the fixed-line business, and besides the -- very objective behind the acquisition was about the services associated with virtual telephone offices and also various services in telecom apps. In June, we integrated the company in MTS and started providing various services in the summer. We can see some really good response from our clients and we will highlight breakthrough cases here going forward. We are now working on them and we are planning to launch them in 2022.

收購 MTT 使我們在固定電話業務方面實現了成長，此外，收購背後的真正目標是與虛擬電話局相關的服務以及電信應用中的各種服務。6 月份，我們將該公司整合到 MTS，並在夏季開始提供各種服務。我們可以看到客戶的一些非常好的回饋，我們將在未來重點介紹突破性的案例。我們現在正在努力，並計劃在 2022 年推出它們。

Last but not least, in my part of the presentation, I would like to remind you that in 2019 we entered an important project for MTS and Russia, this social project, social important facilities. About a month ago, we completed the project. We built more than 5,000 social important facilities across the country. Partially it was financed through our debut social bonds, as you may know. We completed the initiative on time as per the schedule, and of course unique figures, 1,500 schools, 1,600 healthcare facilities. In this case, we were really strong part of the government in implementation of its social objectives. So this is yet another success of ours.

最後但同樣重要的一點是，在我的演講部分，我想提醒大家，2019 年我們啟動了一個對 MTS 和俄羅斯來說很重要的項目，這個社會項目，重要的社會設施。大約一個月前，我們完成了這個專案。全國建設重要社會設施5000多項。正如你們所知，部分資金是透過我們首次發行的社會債券籌集的。我們按時按計劃完成了這項計劃，當然還有一些獨特的數字：1,500 所學校、1,600 個醫療機構。在這種情況下，我們確實是政府實現社會目標的重要組成部分。這又是我們的另一個成功。

With that, let me complete my part of the presentation dedicated on to telecom. I could speak about it for hours, but there are my colleagues to tell you about our other businesses.

至此，我完成了有關電信部分的演講。我可以就此講上幾個小時，但我的同事會向你們介紹我們的其他業務。

Over to Sergey to speak about financial services. Sergey?

請謝爾蓋談論金融服務。謝爾蓋？

Hello, Inessa. Thank you very much. Hello, dear colleagues. My name is Sergey Ulyev, and I will tell you more about our FinTech and MTS Bank operations. 2021 as a whole, a very positive year for the development of the banking business and our Bank in particular. One of the key indicators is the number of retail assets. Our gross retail loan portfolio, you can see it here, this year it grew about by about 70% year-on-year and it is about 3x as much as the market average.

你好，伊涅薩。非常感謝。各位同事，大家好。我叫謝爾蓋‧烏利耶夫，我將向您詳細介紹我們的金融科技和 MTS 銀行業務。整體而言，2021 年對於銀行業務發展，尤其是對於我們銀行的發展而言，是非常積極的一年。其中一個關鍵指標是零售資產的數量。您可以在這裡看到，我們的零售貸款總額今年同比增長了約 70％，約為市場平均水平的 3 倍。

Now our retail assets exceed RUB 180 billion and this growth was quite diversified. It covered all our key products, 3 products. I mean, POS loans, where we are the leader in the market; then cash loans, which are still a driver of the retail business; and also credit cards, where we are increasing our rankings. Growing fastest in the market means that in all the 3 products, we have increased our market share and we are now ahead of the number of our peers.

現在我們的零售資產超過 1800 億盧布，而且成長相當多樣化。它涵蓋了我們所有的關鍵產品，即 3 種產品。我的意思是，在 POS 貸款領域，我們是市場的領導者；在現金貸款領域，這仍然是零售業務的驅動力；在信用卡領域，我們的排名也在不斷提升。市場成長最快意味著我們在所有 3 種產品中都增加了市場份額，並且現在領先於同業。

As for our business and financial performance, this growth in the core business, of course made positive impact here. And in Q3, we hit a number of records in the history of MTS Bank, for example, operating incomes that characterizes the profitability of our business organically grew by 50% year-on-year, which is record high for us, I think, and one of the leading indicators across the banking business on the whole.

就我們的業務和財務表現而言，核心業務的成長當然產生了正面的影響。在第三季度，我們創下了 MTS 銀行歷史上的多項紀錄，例如，體現我們業務盈利能力的營業收入同比增長了 50%，我認為這對我們來說是一個歷史新高，也是整個銀行業務的領先指標之一。

Net profit is a result of our work is record high for MTS Bank, RUB 5.1 billion. A year ago this figure was completely different about RUB 200 million, that it was due to the pandemic impact to an extent.

我們的工作使 MTS 銀行的淨利潤達到了創紀錄的 51 億盧布。一年前，這個數字完全不同，約 2 億盧布，這在一定程度上是由於疫情的影響。

Now the return on equity is quite different from the previous year. It is about 16%. It is important to say that this growth is primarily attributed to the growth in our digital channels. During the pandemic, people really appreciate digital channels without having to actually go to a bank office, so now digital channels are dominating channels for us.

現在股本回報率與前一年相比有很大不同。大約是16%。值得一提的是，這種成長主要歸功於我們的數位管道的成長。在疫情期間，人們非常欣賞數位管道，而不必親自去銀行辦公室，所以現在數位管道是我們的主要管道。

Online and mobile bank, double profit, so to say, it is much more convenient for customers to use this channel and we are now mobile-centric, digital-first and even mobile-first. Because now when we design a new product or change in interfaces, what we think first of all is its impact on the mobile bank on the access for our customers and convenience for them there. I should say that the penetration of our mobile bank has grown a lot as well and it is now 70% of our active customer base. We expect that it will grow further till the end of the year and more than 2 million people by the end of this year and our customers will be regularly using mobile bank.

網路銀行和手機銀行，雙贏，也就是說，客戶使用這個管道更加方便，而且我們現在是以行動為中心，數字優先，甚至行動優先。因為現在我們在設計一個新產品或改變介面的時候，首先考慮的是它對手機銀行的影響，對客戶存取手機銀行的便利性的影響。我應該說，我們的手機銀行的普及率也成長了很多，現在已占我們活躍客戶群的 70%。我們預計，到今年年底，該數字將進一步成長，超過 200 萬人，我們的客戶將定期使用手機銀行。

And according to the data of an investment bank and the ranking of downloads of mobile banks, MTS Bank is among top-6. That shows high demand from our customers. To support it, we keep investing in the development of our product teams. To-date, more than 70% of our teams are working on the development of our products. We keep increasing this number and we are requiring more and more digital talent to make sure our products are comfortable and convenient for our customers.

而根據某投行的數據以及手機銀行下載量的排名，MTS Bank則名列前六名。這表明我們的客戶需求很高。為了支持這一點，我們持續投資於產品團隊的發展。到目前為止，我們團隊中超過 70% 的人正在致力於產品的開發。我們不斷增加這個數字，我們需要越來越多的數位人才來確保我們的產品讓客戶感到舒適和方便。

What's next? It's important that this growth is not a compromise. It is not due to sacrificing the quality of our portfolio. We keep a close eye on the quality and the credit quality and the quality of risk, and there are some good results in third quarter 2021. There is yet another record value, may be the best NPL in our retail loan portfolio, 6.4%, which is the lowest over the recent history of the bank. And it is in line with the leading players of the Russian financial market.

下一步是什麼？重要的是，這種成長並不是妥協。這並不是因為犧牲了我們投資組合的品質。我們密切關注品質、信用品質和風險質量，2021 年第三季取得了一些良好的業績。還有另一個創紀錄的價值，可能是我們零售貸款組合中最好的不良貸款率，6.4%，這是該銀行近期歷史上的最低水準。這與俄羅斯金融市場的主要參與者保持一致。

What's important, NPLs that the bank has are provisioned accordingly and the coverage is 150%. You can see this ratio growing during the year, and it means that the bank will not incur any losses associated with those NPLs. Coverage ratio is in line with the best practices of the best Russian players.

重要的是，該銀行持有的不良貸款均已提列撥備，撥備覆蓋率為150%。您可以看到這一比率在一年內不斷增長，這意味著銀行不會遭受與這些不良貸款相關的任何損失。覆蓋率與俄羅斯最佳球員的最佳做法一致。

And to conclude my presentation, I would like to mention an important event in the corporate governance. In September, we had shareholder meetings that elected a new Board of Directors and positive news is that now out of 9 directors, 4 are independent, that there's plus 2 independent directors on our Board. And these new people bring in international FinTech expertise that will really help us in implementing our strategy to continue our growth. We will keep striving for that and we will keep meeting the best practices of corporate governance and financial services.

在結束我的演講之前，我想先提一下公司治理中的一個重要事件。9 月份，我們召開了股東大會，選舉了新董事會，好消息是，現在 9 名董事中有 4 名是獨立董事，董事會中還有 2 名獨立董事。這些新員工帶來了國際金融科技專業知識，這將真正幫助我們實施持續成長的策略。我們將繼續為此而努力，並將繼續達到公司治理和金融服務的最佳實踐。

Thank you very much. And now over to Igor, who will tell you more about our Media business.

非常感謝。現在請伊戈爾 (Igor) 向您詳細介紹我們的媒體業務。

Thank you, Sergey. Good afternoon and good evening. MTS Media, it is well understood that the key event in the media business of MTS this year is offering a new brand to the market, new online cinema, KION. It is just 6 months old. And right now, we have 21 original titles or projects for our audience. KION originals are what makes the difference, what differentiates us from other players and supports interest to the platform and subscription.

謝謝你，謝爾蓋。下午好，晚上好。MTS Media，眾所周知，MTS今年媒體業務的重點事件是向市場推出一個新品牌，即新的線上影院KION。它才6個月大。目前，我們為觀眾準備了 21 部原創作品或專案。KION 原創產品是我們與眾不同之處，使我們有別於其他玩家，並支持對平台和訂閱的興趣。

The overall number of subscribers in cable, OTT, satellite keeps growing. We can see by the results that the major additional growth, percentage-wise, not in absolute terms, so far is attributable to OTT services, that our traditional cable, IPTV and satellite TVs, 3 areas where MTS has always been among the leaders. Despite the overall stagnation of the traditional pay-TV market, in MTS Media, these 3 areas give us stable growth, not so big but stable in each quarter. We can see there is a new culture of engagement with our resources and the figures that you can see on the screen are to show you that it is the truth. The hours per viewer per week, it is almost 4 hours. It is a high growth for the platform that has only been there for several months.

有線、OTT、衛星的整體用戶數量持續成長。從結果中我們可以看出，到目前為止，主要的額外增長（按百分比計算，而不是以絕對值計算）歸功於 OTT 服務，即我們的傳統有線電視、IPTV 和衛星電視，而 MTS 在這三個領域一直處於領先地位。儘管傳統付費電視市場整體停滯不前，但在 MTS Media，這三個領域為我們帶來了穩定的成長，雖然成長幅度不大，但每季都很穩定。我們可以看到，我們利用資源的文化正在發生新的變化，您在螢幕上看到的數字表明，這是事實。每位觀眾每週的觀看時間約為 4 小時。對於僅成立幾個月的平台來說，這是一個高成長。

This indicator is really good, and besides the share of content is also growing, the share of content viewed that is the rate is higher than viewing TV channels. As for the quality of our channels and content, of course KION originals are differentiator, that's why you would focus on the quality of the products. You can see the ratings by the independent aggregator in the market. They are somewhat lower than the ratings by our audience. Our viewers who vote after watching a film or TV series that effectively the ratings is still high around 7 and we know from that that the communication is adequate, our audience is not disappointed and they love our content.

這個指標確實不錯，而且內容的份額也在成長，觀看內容的份額也就是觀看率比觀看電視頻道的份額還要高。至於我們的管道和內容的質量，當然 KION 原創產品是差異化因素，這就是為什麼你會專注於產品的品質。您可以查看市場上獨立聚合商的評級。比我們觀眾的評分低一些。我們的觀眾在看完電影或電視劇後進行投票，實際上收視率仍然高達 7 左右，從中我們知道溝通是充分的，我們的觀眾沒有失望，他們喜歡我們的內容。

There is yet another indicator, there's a number of titles a viewer watches. After watching one TV series, for example, people stay with the platform and to watch other titles. Those who view 2 titles or more are now about 50%, which is good dynamics. As for investment in originals, on the one hand there is a number of originals in our overall library that now has more than 8,000 titles, that is movies, TV programs, documentaries, TV series. We can see that the share of KION originals is small, that it is investment-intensive, it is the key differentiator in the development of our communication with the audience. So in 9 months, you can see that the investment in content is quite comfortable based on the company's operating profit, operating income and we also have learned how to raise additional investments in developing the content through its large media companies.

還有另一個指標，即觀眾觀看的節目數量。例如，看完一部電視劇後，人們會繼續使用該平台觀看其他劇集。現在觀看 2 個或更多節目的觀眾約佔 50%，這是一個很好的動態。至於對原創作品的投資，一方面，我們的整體庫中有很多原創作品，現在有 8,000 多部，包括電影、電視節目、紀錄片、電視劇。我們可以看到，凱傲原創的份額很小，而且是投資密集的，這是我們與觀眾溝通發展的關鍵差異化因素。因此，在 9 個月內，你可以看到，根據公司的營業利潤、營業收入，對內容的投資是相當舒適的，而且我們還學會瞭如何透過大型媒體公司籌集額外投資來開發內容。

We have achieved good results. We have good experience with Channel One TV and premier platform, despite the fact that they may seem our competitor.

我們取得了良好的成績。儘管 Channel One TV 和主要平台看起來像是我們的競爭對手，但我們與它們合作的經驗非常豐富。

Now over to Farid.

現在輪到法里德了。

Thank you, Igor. Good afternoon and good evening, dear colleagues. Let me introduce myself. My name is Farid Kamalov. I joined MTS in the middle of 2021 and I'm in-charge of the company's retail business. I would like to tell you what we have managed to achieve over these months and what our transformation plans for the future for 2022 are.

謝謝你，伊戈爾。各位同事，下午好，晚上好。請容許我自我介紹一下。我的名字是 Farid Kamalov。我於2021年中期加入MTS，負責公司的零售業務。我想告訴大家我們在過去幾個月裡取得了哪些成就，以及我們2022年未來的轉型計畫是什麼。

Let me start with giving you an overview of MTS Retail business. We are #1, largest telecom retailer in Russia and our share is about 50%. We have almost 5,000 stores and across the country in each inhabited locality, there are new visitors that is 120 million footfall per year. We've got a unique brand, our traffic is incredible, which adds to the company's revenue. But there are some headwinds as well. For example, low margin products in telephony, we are going to mitigate this program through increasing the product mix in the complementary categories such as smart home and gaming.

首先，我先向您概述一下 MTS 零售業務。我們是俄羅斯最大的電信零售商，市佔率約 50%。我們在全國每個居民區有近 5,000 家商店，每年有 1.2 億新顧客。我們擁有獨特的品牌，我們的流量令人難以置信，這增加了公司的收入。但也存在一些阻力。例如，對於電話領域利潤率較低的產品，我們將透過增加智慧家庭和遊戲等互補類別的產品組合來緩解這個問題。

Talking about our website. Right now, it is not fully adequate to the market requirements, but this year, we are going to close the first loop, so to say, of our omnichannel, and for which -- so this is click and collect logistics specifics. As for upgrading costs, at this time, thanks to the new management team and it has been replaced. It is now almost 100% new. So we are improving the business, reducing the costs and next year we will go on with that.

談論我們的網站。目前，它還不能完全滿足市場需求，但今年，我們將關閉全通路的第一個循環，這就是點擊和收集物流的細節。至於升級費用，此時，感謝新的管理團隊並且已經更換。現在它幾乎是100%全新的。因此，我們正在改善業務，降低成本，明年我們將繼續這樣做。

Now as for our strategic development vectors, omnichannel approach, seamless customer experience that will enable our customers to buy more without actually seeing a difference between offline and online. We will be able to develop additional product groups. This is also a broader product assortment, which will enable us to mitigate the risks associated with margins and it will also enable us to increase revenue. Our pickup points will be there not only for our own products, but also for third-party Internet stores. On the one hand, it will generate us additional income; on the other hand, it will enable us to manage the traffic.

現在就我們的策略發展方向而言，全通路方法、無縫客戶體驗將使我們的客戶能夠購買更多商品，而無需真正感受到線下和線上之間的差異。我們將能夠開發更多產品組。這也是更廣泛的產品組合，這將使我們能夠降低與利潤相關的風險，並且還將使我們能夠增加收入。我們的取貨點不僅針對我們自己的產品，也針對第三方網路商店。一方面，它可以為我們帶來額外的收入；另一方面，它可以讓我們管理流量。

FinTech, a super complementary category in electronics and we are growing double-digit this year. We will stick to the same rate next year. We are kind of a shop window for MTS products and it is an important focus in our work. As for costs, we will be keeping them down in 2021 and in 2022. Our key target is positive operational efficiency in 2022.

金融科技是電子產品中一個超級互補的類別，今年我們的成長率達到了兩位數。明年我們將維持同樣的利率。我們就像是 MTS 產品的展示櫥窗，這是我們工作中的一個重要焦點。至於成本，我們將在 2021 年和 2022 年控製成本。我們的主要目標是在 2022 年實現積極的營運效率。

Thank you. Now over to Andrey.

謝謝。現在輪到安德烈了。

Farid, thank you very much. Over to financial results and performance of the company. What can be nicer than speaking about good results. You can see OIBDA in the quarter, we show the growth of the 4.2% year-on-year. Speaking about this indicator, it is important to bear in mind 2 factors. First is quite high base of 2020. In the third quarter of 2020, the lockdown was canceled and borders were partially opened, which drove the business in Q3 2020. So as I say, the base is quite high. And the second factor, which is also important is roaming. You can see that year-on-year, there is some positive effect. It could have been higher though. Now roaming is still far from the pre-COVID levels, and here is yet some room for us for further achievements.

法里德，非常感謝。談談公司的財務結果和業績。還有什麼比談論好的結果更美好的事呢？您可以看到本季的 OIBDA，我們顯示年成長 4.2%。談到這個指標，重要的是要記住兩個因素。首先是2020年的基數相當高。2020年第三季度，封鎖取消，邊境部分開放，推動了2020年第三季的業務。所以正如我所說，基數相當高。第二個因素也很重要，那就是漫遊。你可以看到，與去年同期相比，有一些正面的影響。但其價格本來可以更高。現在漫遊還遠遠未達到疫情前的水平，我們還有一定的進步空間。

You can also see the figures for our retail here. There is a slight negative impact, which is also explained by what Farid has already spoken about. First, as for the margins of the business year-on-year, there are lower margins from sales of cell phone products and in the second quarter last year, there were some economies that were left in the last year.

您也可以在此處查看我們的零售數據。有輕微的負面影響，這也可以用法里德已經談到的內容來解釋。第一，從業務利潤率年比來看，手機產品銷售利潤率比較低，去年第二季還有一定的回落，去年還有一定的幅度。

As for net profit of the group, here you can see the key drivers. The key drivers is our core businesses in FinTech. The contribution of those businesses is positive. And besides, there are some objective factors that make an impact -- negative impact on net profit. First of all, it is depreciation and amortization, launch of intangible assets, our own product development software for our base stations. These investments increase year-on-year and so amortization goes up and depreciation as well.

至於集團的淨利潤，您可以在這裡看到關鍵驅動因素。關鍵驅動力是我們在金融科技領域的核心業務。這些業務的貢獻是積極的。此外，還有一些客觀因素對淨利有負面影響。首先，是折舊和攤提、無形資產的推出、我們自己的基地台產品開發軟體。這些投資逐年增加，因此攤提和折舊也增加。

Now higher interest expense. Now there are higher interest rate because the key rate has been increased. Let me remind you the increase was 1.25% and of course, it couldn't but impact our interest expenses. Besides, an absolute growth of our debt also made an impact on those figures.

現在利息支出更高了。現在利率更高了，因為基準利率已經提高了。讓我提醒您，增幅為 1.25%，當然，它必然會影響我們的利息支出。此外，債務的絕對增長也對這些數字產生了影響。

Now over to our CapEx or investment program. This is in line with our plan and previously announced figures. So for the year, our estimate is RUB 110 billion. As for the drivers, you can see that the key driver is telecom, our core business and core income. What Inessa has been speaking about as an example, swap in Moscow was a driver behind increased expenses this year. And what's different from the previous years? For example, there is a higher investment pool that we allocated to our business areas, including telecom. You can see considerable growth of investment in digital products as well and it is our strategic bet, so to say.

現在談談我們的資本支出或投資計畫。這符合我們的計劃和之前公佈的數據。因此，我們預計今年的營收為 1100 億盧布。至於驅動因素，您可以看到關鍵驅動因素是電信、我們的核心業務和核心收入。伊涅薩舉例說，莫斯科的掉期交易是今年支出增加的原因之一。與前幾年相比有什麼不同？例如，我們為包括電信在內的業務領域分配了更高的投資金額。您還可以看到數位產品投資的大幅成長，可以說這是我們的策略賭注。

Now over to our debt portfolio management. Higher CapEx, and I would say that, as for quarterly evolution, this year, we spent -- announced that are more evened out, but this year in 9 months, we've spent more than within the same period last year. We also have investments in acquisition, Zelenaya Tochka and MTT and also FinTech, and we also bought a data center this year. So there's quite a lot of M&A activity on our part this year. Of course, it made an impact on our debt. It has gone up. But as for the breakdown, it is about the same, almost all of it is denominated in rubles. And you can see the split between bonds and credit facilities.

現在來談談我們的債務組合管理。資本支出更高，我想說，就季度變化而言，今年我們的支出更加均衡，但今年 9 個月的支出比去年同期還要多。我們也在收購、Zelenaya Tochka、MTT 和金融科技方面進行了投資，今年我們也買了一個資料中心。因此，我們今年進行了相當多的併購活動。當然，這對我們的債務產生了影響。它已經上漲了。但就細目來看，情況大致相同，幾乎全部以盧布計價。您可以看到債券和信貸額度之間的差距。

As for rate, 62% of fixed rate and 38% floating rate and of course, we feel the impact of the changes in the key rate. You can see it in the chart on the right-hand side, weighted average interest rate, you can see its somewhat growing quarter-to-quarter, but it is at the comfortable level for us, about 7%.

至於利率，62％為固定利率，38％為浮動利率，當然，我們感受到了關鍵利率變動的影響。您可以在右側的圖表中看到加權平均利率，您可以看到其環比有所增長，但對我們來說處於舒適的水平，約為 7%。

Now over to Vyacheslav. Thank you.

現在輪到維亞切斯拉夫了。謝謝。

Thank you, Andrey. Let me be really brief. Let me remind you all that we have been really happy to share the results of our operations and we have always paid good dividend. You can see it in this chart. Our dividend policy is now being updated. It will be announced soon. Of course, it will depend on what shareholders decide that we would like to recommend more frequent payment of dividend. And second, I'm sure is that everybody will support us and that the amount or the size of dividends should be higher than in the previous dividend policy.

謝謝你，安德烈。讓我簡短地講一下。讓我提醒大家，我們非常高興分享我們的營運成果，我們一直支付豐厚的股利。您可以在此圖表中看到它。我們的股利政策目前正在更新。很快就會公佈。當然，這取決於股東的決定，我們是否建議更頻繁地支付股息。其次，我相信大家都會支持我們，而且股利的金額或規模應該高於以前的股利政策。

With this good news, I would like to add that we confirm our outlook for 2021 growth in revenue guidance, we upgrade our guidance on OIBDA. There are relatively 2 months left till the end of the year. We can see what's happening and it will be higher than 6% growth year-on-year. We can also update our CapEx guidance. It will be within our initial guidance that may be closer to the upper threshold, about RUB 110 billion this year. And indeed, there are 2 months or even 1.5 month left before the end of the year. We understand that the year was really challenging. It was really loaded with ideas and changes and the things we have been working on that would bring about really good results and make us optimistic about the year 2022.

有了這個好消息，我想補充一點，我們確認了 2021 年營收成長的展望，並上調了對 OIBDA 的預測。距離今年底還有約2個月的時間。我們可以看到正在發生的事情，而且同比增長率將高於 6%。我們也可以更新我們的資本支出指導。在我們的初步指導範圍內，可能更接近上限，今年約為 1100 億盧布。而事實上，距離今年結束還有2個月甚至1.5個月的時間。我們知道這一年確實充滿挑戰。它確實充滿了想法和變化，我們一直在努力的事情將帶來非常好的結果，並讓我們對 2022 年充滿樂觀。

Now over to Polina, with her concluding comments, and I'm really hopeful for an open dialog with you a bit later today.

現在請波琳娜做最後總結，我非常希望今天晚些時候能與你們進行公開對話。

Thank you, Vyacheslav. Vyacheslav, thank you very much again. Soon, we will open the floor for questions to the management. Today, we have a wider audience than usual. We have analysts, investors and journalists on the line.

謝謝你，維亞切斯拉夫。維亞切斯拉夫，再次向您表示感謝。很快，我們將開放向管理階層提問的環節。今天，我們的觀眾比平時更加廣泛。我們的分析師、投資者和記者都在線上。

For us to be able to take all your questions, I'm now inviting my colleague to assist me, Alexey Merkutov, spokesperson for MTS, best friend of journalists.

為了能夠回答你們的所有問題，我現在邀請我的同事 Alexey Merkutov 協助我，他是 MTS 的發言人，也是記者最好的朋友。

(Operator Instructions) Alexey, over to you.

（操作員指示）阿列克謝，交給你了。

Yes, dear colleagues, let us start with a general question asked by almost all the journalists. It's about our subscriber base, Q3 year-on-year growth incremental is about 1.5 million subscribers. Why so many?

是的，親愛的同事們，讓我們從幾乎所有記者都會問的一個普遍問題開始。關於我們的用戶群，第三季年增約 150 萬用戶。為什麼這麼多？

First of all, the first question about Telecom shows that we are really working well in this area. There are several reasons behind the growth. First, we can see the impact of the ecosystem operations and a sharper focus on lowering the churn. Yet another factor, with a number of subscribers, they were dormant, but now they're active again. There was a decline associated with the pandemic, which we told you about in 2020 and in the first half of 2021. And we can now see these dormant clients becoming active again. There are some short-term effects as well, as I told you. We can analyze the base. We do analyze it and we can see how our core customers feel. I am sure there will be further growth driven by the reasons I've just told you about. Polina?

首先，關於電信的第一個問題顯示我們在這個領域確實做得很好。增長背後有幾個原因。首先，我們可以看到生態系統營運的影響以及對降低客戶流失的更大關注。還有一個因素是，他們擁有大量訂閱者，之前他們處於休眠狀態，但現在又活躍起來了。我們在 2020 年和 2021 年上半年告訴大家，由於疫情，出現了下降。現在我們可以看到這些休眠客戶又開始活躍起來。正如我告訴你的，也有一些短期影響。我們可以分析一下基礎。我們確實對其進行了分析，並且了解了我們的核心客戶的感受。我相信，由於我剛才告訴你們的原因，將會有進一步的成長。波琳娜？

Thank you very much, Inessa. As I understand, the next question will be asked via our Zoom channel. It's a question by our analyst, Anna Kupriyanova, Gazprom Bank.

非常感謝，伊涅薩。據我了解，下一個問題將透過我們的 Zoom 頻道提出。這是我們的分析師、俄羅斯天然氣工業銀行的安娜·庫普里亞諾娃提出的問題。

My first question will be about the ecosystem. Can you tell us more about the developments, what kind of synergies do you envisage from those new business streams? And how do they impact the lifetime value of the customer? Where can you see the largest return on investment going forward? What new business streams are you now thinking about in this regard? And if I may, I will ask my second question later.

我的第一個問題是關於生態系統的。您能否向我們詳細介紹一下這些發展？您預期這些新業務流將產生什麼樣的綜效？它們如何影響顧客的終身價值？您認為未來最大的投資報酬率在哪裡？在這方面，您目前正在考慮哪些新的業務流？如果可以的話，我稍後會問第二個問題。

I have already spoken about the synergies and the first impact that we can see is of course lower churn among our ecosystem clients. 2 and more products per client drive it down 3x, and of course the average ticket grows and we keep monitoring the contribution of various business verticals and various products. And the growth of CLV churn Q1 and digital products give us quite a promising performance, very attractive.

我已經談到了協同效應，我們能夠看到的第一個影響當然是生態系統客戶流失率的降低。每個客戶有 2 個或更多產品，價格就會下降 3 倍，當然平均票價也會上漲，我們會持續監控各個垂直業務和各種產品的貢獻。而 CLV 流失 Q1 和數位產品的成長為我們帶來了相當有希望的表現，非常有吸引力。

Yes. And I would like to add some meat, some flesh so to say, when we look at CLV of some products, that do not give us an immediate financial return. If you offer a free of charge product, our CLV would grow by 30% more. We can really see it and of course we assess all our new products with this indicator in mind.

是的。當我們查看某些產品的 CLV 時，我想添加一些實質內容，也就是說，這些產品並不能為我們帶來直接的財務回報。如果您提供免費產品，我們的 CLV 將成長 30% 以上。我們確實可以看到這一點，當然，我們會根據這個指標來評估我們所有的新產品。

I cannot say that there is some special performance by any particular product, but the question is, what products we are thinking about in terms of synergies? These are products associated with high frequency. This is what we currently lack in my opinion for full-fledged promotion of other services of the ecosystem. So now we are paying a lot of efforts to develop our smart home and auto products that will result in higher frequency next year. Anna?

我不能說某個特定產品有什麼特殊的表現，但問題是，從綜效的角度來看，我們考慮的是哪些產品？這些是與高頻相關的產品。我認為，這是我們目前在全面推廣生態系統的其他服務方面所缺乏的。因此，我們現在正投入大量精力開發智慧家庭和汽車產品，這將導致明年的產品頻率更高。安娜？

My second question, if I may, is about MTS Bank. We can see that there is some decline in the margins in Q3. Can you elaborate on what stands behind it and what evolution we should expect? Could you give us the guidance on the bank on our OIBDA, for example, and where there is potential for investment income due to higher rates, for example?

我的第二個問題，如果可以的話，是關於 MTS 銀行的。我們可以看到第三季的利潤率下降。您能否詳細說明背後的原因以及我們應該期待什麼樣的發展？例如，您能否為我們提供關於銀行在 OIBDA 方面的指導，以及哪些地方可能因利率上升而獲得投資收益？

Let me try to answer the question. In fact, the margins in the market with tougher competition is a slightly reducing for most of the players that in the second half of the year the margins always show lower results in P&Ls. And first one, not all the P&L from the loans we issue are there on the balance sheet reflected already. There is to be -- there is some to be reflected going forward. There is a kind of a delay effect.

讓我嘗試回答這個問題。事實上，在競爭更加激烈的市場中，大多數企業的利潤率都在略微下降，下半年的利潤率在損益表中總是顯示出較低的結果。首先，我們所發放的貸款的損益表並未全部反映在資產負債表中。有一些是需要在未來反映出來的。有一種延遲效應。

And as for the margins, the key rate is increased, funding is more expensive and loans are issued at new rates. But we lag behind temporarily. But as usual, the high is the key rates the high is the interest margin of the bank is, so it all offsets in the mid-term. We do not expect any further significant pressure in this regard on us, and we have quite an ambitious growth plan.

至於利潤率，基準利率上升，融資成本上升，貸款以新的利率發放。但我們暫時落後了。但通常情況下，基準利率越高，銀行的利差就越高，所以在中期，這一切都會被抵銷。我們預計在這方面我們不會再面臨任何重大壓力，而且我們有一個相當雄心勃勃的成長計劃。

As for commission income, I would like to say that lending income is about 23% for us from -- in our total income. It is quite high and it is driven by the growth of payments that we used to have in offline format in MTS offices and outlets. But this year, we can see some active growth in a number of payment services launched in the digital channel. We hope this growth will sustain.

至於佣金收入，我想說貸款收入約占我們的總收入的 23%。這個數字相當高，這是由我們過去在 MTS 辦公室和網點採用的線下支付的增長所推動的。但今年，我們可以看到數位管道推出的許多支付服務正在積極成長。我們希望這種成長能夠持續下去。

Let us go one with questions by journalists, [Anastasia Gavriluk from Kommersant] is asking the retail chain, why we increased the number of outlets during the pandemic?

讓我們先來看記者的提問，[《生意人報》的阿納斯塔西婭·加夫里盧克]問這家零售連鎖店，為什麼我們在疫情期間增加了門店數量？

Let me take this question. We are based on the size of the retail network, which is in turn based on the situation in the market. We'll look at it by geography, by some particular regions. And now the network is more than 5,000 outlets and we think it is adequate at present. So there was growth and there was declines. And is it a trend or is it a regular fluctuation? So actually, there is no trend for an increase in the number of outlets, and we still say that we look to globally reducing the number of outlets of brick-and-mortar stores and we hope this is where the market will be moving to.

讓我來回答這個問題。我們根據零售網路的規模來決定，而零售網路的規模又取決於市場的情況。我們將按照地理位置、按照某些特定區域來看待它。現在網路已經超過5000個網點，我們認為目前已經足夠了。所以有成長，也有衰退。這是一種趨勢還是一種規律的波動？因此實際上，門市數量沒有增加的趨勢，我們仍然說我們希望在全球範圍內減少實體店的數量，我們希望這是市場的發展方向。

And if we may, another question from Anastasia to Andrey Kamensky. Please comment on the Russian business OIBDA margin and net profit.

如果可以的話，阿納斯塔西婭還想向安德烈·卡門斯基提問。請評論俄羅斯業務的OIBDA利潤率和淨利潤。

When we speak about our results, of course, we mainly speak about the Russian business that this was more than 90% in the indicators. More than 90% of our revenue is driven by the Russian business. Belarussian business is not consolidated. So our financials are the financials in Russia.

當我們談論我們的業績時，當然，我們主要談論的是俄羅斯業務，該業務的指標超過了 90%。我們90%以上的收入來自俄羅斯業務。白俄羅斯業務尚未合併。所以我們的財務狀況就是俄羅斯的財務狀況。

Okay. And another question from the investment community on Anna Kurbatova, Alfa Bank.

好的。投資界也針對阿爾法銀行的安娜·庫爾巴托娃 (Anna Kurbatova) 提出了另一個問題。

I would like to ask my first question about your CapEx program. First, you are slightly more aggressive than before, approach or rather forecast or guidance for the CapEx this year. Can we assume that it is more like a technical review result, for example something associated with the FX rates in your contracts with vendors or have you managed to confirm or to complete some of your projects earlier than planned? This is the first question or the first part.

我想問的第一個問題是關於你們的 CapEx 計劃。首先，您對今年的資本支出採取了比以前更積極的方法，或者更確切地說是預測或指導。我們是否可以假設它更像是一個技術審查結果，例如與您與供應商簽訂的合約中的外匯匯率相關的內容，或者您​​是否設法比計劃更早地確認或完成一些專案？這是第一個問題或第一部分。

And the second part on CapEx is, how should we look at your CapEx program for the year 2022 and beyond? Will you have higher CapEx as compared to 2021, or will it be rather flat? And as for market environment, we listened to Rostelecom yesterday. Mikhail Oseevskiy said that they do not expect any large scale 5G networks in Russia in the coming 3 years. What is your view on your CapEx in terms of breakdown and the share of sales in the coming couple of years?

關於資本支出的第二部分是，我們應該如何看待您 2022 年及以後的資本支出計畫？與 2021 年相比，您的資本支出會更高嗎，還是會持平？至於市場環境，我們昨天聽取了俄羅斯電信公司的演講。米哈伊爾·奧謝夫斯基表示，他們預計未來3年內俄羅斯不會建造任何大規模的5G網路。您對未來幾年的資本支出明細和銷售份額有何看法？

Let me start and my colleagues will take over. So I may repeat some things I have already told you about CapEx. This year is kind of peak year in terms of investment for us, mainly in the telecom. You saw it in the presentation with the telecom share obviously going up. It is driven by a number of factors, including some projects that we mentioned today such as swap.

讓我開始，然後我的同事會接手。因此，我可能會重複一些我已經告訴過你的有關資本支出的事情。今年是我們投資的高峰年，主要在電信領域。您可以在簡報中看到電信份額明顯上升。這是由許多因素推動的，包括我們今天提到的一些項目，例如交換。

As for the year 2022, we can say is that in terms of CapEx to sales, this indicator or ratio will not be higher than in 2021 as opposed to break down. It will be about the same. So there was a kind of a peak this year for telecom, so it will be going down next year, but still the share of telecom will be quite high.

至於2022年，我們可以說，就資本支出與銷售額而言，這項指標或比率不會高於2021年，而不是下降。大致相同。因此，今年電信業達到了頂峰，明年將會下降，但電信業的份額仍然會很高。

You were saying that we have increased the guidance, but we have not. We have always given you a range and now we are just saying that we will be closer to the ceiling of the range. This year, we had to somehow offset some negative factors driven by FX rate, as there were impacts by the vendors, and so one that we have succeeded and we are within the initial guidance.

您說我們增加了指導，但事實並非如此。我們一直給你一個範圍，現在我們只是說我們將更接近範圍的上限。今年，我們必須以某種方式抵消外匯匯率帶來的一些負面因素，因為供應商也產生了影響，所以我們已經成功了，並且達到了最初的指導範圍。

Yes, this is what I said, it wasn't an increase. We just clarified the figure and narrowed down the guidance, because we now better understand what kind of a figure it will be. We hope that next year, our CapEx to sales will be lower in 2022, I'm almost certain.

是的，這就是我所說的，它並沒有增加。我們只是澄清了這個數字並縮小了指導範圍，因為我們現在更好地了解了它將是一個什麼樣的數字。我們希望明年，我們的資本支出與銷售額的比率在 2022 年會更低，我幾乎可以確定。

And I would also add based on my thought as an analyst, a company is now undergoing transformation. We have talked to the market quite a number of times, and it doesn't make much sense to look at the margins because the product mix is changing. CapEx to sales, well, I think we can use the same logics here. I would say that this approach is not always adequate. We are developing new businesses whose CapEx is not always comparable with the classical business of telecom.

而且根據我作為分析師的想法，我還想補充一點，一家公司現在正在經歷轉型。我們已經與市場進行了多次溝通，由於產品結構正在發生變化，因此關注利潤率沒有多大意義。資本支出與銷售額，嗯，我認為我們可以在這裡使用相同的邏輯。我想說的是，這種方法並不總是足夠的。我們正在開發新業務，其資本支出並不總是與傳統電信業務具有可比性。

Yes, can we add some thing?

是的，我們可以添加一些東西嗎？

Yes.

是的。

I was granted this right by the President today. Vyacheslav, a question you're saying you are reviewing your product mix, some of the products will be closed down. What is the principle behind closing down the products?

今天總統授予了我這項權利。維亞切斯拉夫，您問的一個問題是，您正在審查您的產品組合，其中一些產品將關閉。停產的原理是什麼？

That is a good question. Let me tell you upfront, I do hope that we will not have to close down any of the products that the approach is really transparent. We give the product some time to create an MVP. We enter the market and we verify or double-check our hypothesis. So this is not usually an MTS brand, but a brandless product. So we just look at the hypothesis, we give a product a number of attempts and this is a really reasonable approach.

這是個好問題。讓我提前告訴你，我確實希望我們不必關閉任何產品，因為這種方法確實是透明的。我們給產品一些時間來創建 MVP。我們進入市場並驗證或複核我們的假設。所以這通常不是 MTS 品牌，而是無品牌產品。因此，我們只需看一下假設，對產品進行多次嘗試，這是一種非常合理的方法。

First of all, we have a product research team that takes into account quite a number of aspects, such as product practices, market areas, where they are with IT, what their product targets are, what they have achieved and what they have not, and how well the team understands that they will be able to reach some good results over a certain time span, not very long one.

首先，我們有一個產品研究團隊，他們會考慮很多方面，例如產品實踐、市場領域、他們的 IT 水平、他們的產品目標、他們已經取得的成就和尚未取得的成就，以及團隊對在一定時間範圍內（不是很長的時間範圍內）取得良好成果的理解程度。

So if we understand it -- well, I mean this is not a personal decision by someone. We've got the products committee in the company and the IQ of the team is quite high. They meet on a regular basis, and we do look into each and every product. We see if there are chances or not. And if we can see the product has no chances, there is a whole dashboard we use, we close down the product and we thank the team because even if they do not launch the product, they gained the experience.

所以如果我們理解這一點——嗯，我的意思是這不是某人的個人決定。我們公司有產品委員會，團隊的智商比較高。他們定期開會，我們會仔細檢查每種產品。我們看看是否還有機會。如果我們發現產品沒有機會，我們會使用整個儀表板，關閉產品並感謝團隊，因為即使他們不推出產品，他們也獲得了經驗。

Our next question comes from the line of Ivan Kim, Xtellus Capital Partners analyst.

我們的下一個問題來自 Xtellus Capital Partners 分析師 Ivan Kim。

I only have one question about your dividend policy. I understand that at this stage, you will not be able to shed much more light, but I would like to understand the logics. Will the dividend per share or will there a connection to free cash flow? And what's your idea about future buybacks maybe? We accumulated quite a lot of share on your balance sheet. So should we expect any more buybacks in the coming years?

關於你們的股利政策，我只有一個問題。我明白，在現階段，您無法提供更多解釋，但我想了解其中的邏輯。每股股息或與自由現金流有聯繫嗎？您對未來的回購有什麼想法？我們在您的資產負債表上累積了相當多的份額。那麼，我們是否應該期待未來幾年還會有更多的回購呢？

Let me start and Vyacheslav may takeover. There is some prior history to that. We communicate quite a lot to investors and get their feedback regarding the existing dividend policy. It's period was for 3 years. This year this period is over and we will approve a new dividend policy for another period. The company is changing a lot in terms of our investment, in terms of the evolution of our key metrics, what Polina has been talking about.

讓我開始吧，維亞切斯拉夫可能會接管。這其中有一些先前的歷史。我們與投資者進行了大量溝通，並獲得了他們關於現有股利政策的回饋。期限為3年。今年這個時期已經結束，我們將批准另一個時期的新股利政策。正如波琳娜所談論的，就我們的投資而言，就我們的關鍵指標的演變而言，公司正在發生很大的變化。

As for the margins, it wouldn't be quite right to look at the company the same way you used to look at before, various workstreams, various requirements to margins, various requirements in funding. At this stage, we cannot give you a clear answer. What we are planning to do is a proposal to the Board of Directors.

至於利潤率，用以前的方式來看待公司是不太正確的，各種各樣的工作流程、各種各樣的利潤要求、各種各樣的資金要求。目前，我們無法給您明確的答案。我們計劃向董事會提出一份提案。

The Board of Directors will review it and approve something. We are looking into several options, the current dividend policy and dividend policies of other companies, for example. We are now elaborating our proposal options to the Board for them to approve a new dividend policy. That's where we are. But this is a very good question. Indeed, we are looking into various scenarios of further dividend calculation, and we will be happy to discuss it with analysts, I mean, different options and their potential market perception.

董事會將對其進行審查並批准。我們正在研究幾種選擇，例如當前的股利政策和其他公司的股利政策。我們目前正在向董事會詳細闡述我們的提案方案，以便他們批准新的股利政策。這就是我們現在的情況。但這是一個非常好的問題。事實上，我們正​​在研究進一步計算股息的各種方案，我們很樂意與分析師討論不同的選擇及其潛在的市場認知。

And now over to consolidation of Q1. There are 2 questions mainly. You promised 30 originals this year. Will you live up to this promise? Are they successful and what number of originals are you planning to launch and shoot next year?

現在來談談第一季的鞏固。主要有2個問題。您承諾今年推出 30 部原創作品。你會履行這個承諾嗎？它們成功嗎？明年您計劃推出和拍攝多少部原創作品？

Look, any figure that we mentioned in the media presentation, any resource, especially digital resource is not something binding. It is not a specific plan. It is a kind of a variable target. We are flexible in deciding what to release and whatnot. We need certain time intervals in launching new products. We need to retain our current audience. We understand that.

你看，我們在媒體介紹中提到的任何數字，任何資源，特別是數位資源，都不是具有約束力的東西。這不是一個具體的計劃。這是一種可變目標。我們可以靈活地決定要發布什麼和不發布什麼。我們在推出新產品時需要一定的時間間隔。我們需要留住現有的觀眾。我們明白這一點。

At the beginning of the year, we spoke about 30 originals. We have offered 21 by now in absolute terms. It won't to be 30, I'm sure. But we see a stable increase in the audience with each and every release. So we manage our content very competently, it costs money. This is content investment and we do not do it just for pleasure. There must be some idea behind it and this is the way we are planning to work. We keep a close eye on it and I think next year a competitive figure for -- a competitive number for any online cinemas, advanced leadership and coverage will be somewhere between 30 to 40 titles a year, not only for us, with our peers too, there will be competition.

年初的時候我們談了大概30個原創。到目前為止，我們已經提供了 21 個。我確信不會是 30。但隨著每次發行，我們都能看到觀眾人數穩定成長。因此，我們非常有效地管理我們的內容，這需要花錢。這是內容投資，我們這樣做不只是為了樂趣。這背後一定有某種想法，這就是我們計劃開展工作的方式。我們對此保持密切關注，我認為明年任何線上影院、先進領導力和覆蓋範圍的競爭數字將在每年 30 到 40 部之間，不僅對我們而言，對我們的同行而言也是如此，都會存在競爭。

And the thing is not the number but the quality actually, a kind of a balance of emotions that the spectator has and feels. They do not come to us for news. They come to us for some experiences and senses. And this is what we are driven by. I would make a kind of a forecast on films that only are released -- that are released on the digital without going to actual live cinemas and like TV series, for example. My focus is there will be, I think it is unlikely that there will be any major events. They are now evening out the quality of the offer. We are a young platform. We will be looking into the market and we are somewhere in between. We should be somewhat proactive in terms of the audience expectations. And like what number of films and TV series we will need for that? About 30 to 40 a year, I think.

實際上，重要的不是數量，而是質量，是觀眾所擁有和感受到的一種情感平衡。他們不是來向我們尋求新聞的。他們來找我們是為了獲得一些體驗和感覺。這正是我們的動力。我會對那些僅發行的電影做出某種預測——例如，那些在數位平台上發行而沒有在實際影院上映的電影，例如電視劇。我的重點是，我認為不太可能發生任何重大事件。他們現在正在平衡報價的品質。我們是一個年輕的平台。我們將深入研究市場，我們正處於兩者之間。我們應該在觀眾期望方面採取一些積極主動的態度。那麼我們需要多少部電影和電視劇來實現這一目標呢？我認為每年大約有 30 到 40 個。

What are your most successful and unsuccessful project?

您最成功和最不成功的專案是什麼？

This year?

今年？

No, just in general.

不，只是一般而言。

Currently, in top 20 titles at Q1, top 5 is starting -- we started in May and there was top-5, and this top-5 and top-20 is our original projects. Of course, there is some flexibility because some projects keep gaining more audience, such project (foreign language) or Clinic of Happiness. There is no advertisement, but their audience is still increasing and we understand that they are good releases.

目前，在第一季的前 20 個作品中，前 5 個是剛開始的——我們從 5 月開始，當時有前 5 個，這前 5 個和前 20 個是我們最初的專案。當然，也有一定的彈性，因為有些計畫不斷獲得更多的觀眾，例如計畫（外語）或幸福診所。雖然沒有廣告，但他們的觀眾仍在增加，我們知道他們是優秀的作品。

Our last release from the November 1 is (foreign language) or Lady Government Official. On the November 7, we saw a great number of views, there was a maximum in terms of daily views that we saw, but there are no particular bets, this is how it works, flexibility.

我們 11 月 1 日發布的最後一篇新聞稿是（外語）或女政府官員。11 月 7 日，我們看到了大量的瀏覽量，我們看到的每日瀏覽量達到了最高值，但沒有特別的賭注，這就是它的運作方式，靈活性。

Now let me take the floor. Ivan Kim has one question unanswered, that is buybacks of the company in the coming couple of years. Buyback is not a part of our dividend policy. It is a case-by-case decision made based on the market environment. There is still this option. We cannot say that we have a kind of a preference for buybacks as a company. We do not have any specific plans in mind. That's for sure.

現在請允許我發言。Ivan Kim 有一個問題尚未解答，那就是未來幾年公司的回購事宜。回購不是我們的股利政策的一部分。這是根據市場環境逐案做出的決定。仍有這個選項。我們不能說我們公司對回購有某種偏好。我們沒有任何具體的計劃。這是肯定的。

Our next question is from the investment community again. Here is Henrik Herbst analyst of Morgan Stanley.

我們的下一個問題再次來自投資界。以下是摩根士丹利分析師 Henrik Herbst 的發言。

I have couple of questions. Firstly, just in terms of your cash flow and how we should think about it next year, you mentioned that 2021 was a peak year at least for CapEx. Can you just clarify, when you say that, is that on CapEx to sales or is it in absolute terms as well? And then secondly, when we think about your cash flow going into next year, are there any other sort of one-offs or any events like that or things like that we should bear in mind that should improve going into next year? That was the first one.

我有幾個問題。首先，就您的現金流量以及我們明年應該如何考慮而言，您提到 2021 年至少對於資本支出而言是高峰年。您能否澄清一下，您這樣說是指資本支出與銷售額的比例，還是絕對值？其次，當我們考慮您明年的現金流時，是否還有其他一次性事件或類似的事件或類似的事情我們應該牢記，以便在明年有所改善？這是第一個。

As for one-offs, it would be difficult for me to speak about. Nobody knows what will happen, that's why they are one-offs. And thus for evolution or dynamics, let me reiterate, this year we see a significant impact on cash flow of greater investment in CapEx that we mentioned about and investment in non-organic growth or M&A's. Those transactions we spoke about gave quite a considerable impact.

至於一次性的事情，我很難談論。沒有人知道會發生什麼，這就是為什麼它們是一次性的。因此，對於發展或動態，讓我重申一下，今年我們看到了我們提到的資本支出增加以及非有機成長或併購投資對現金流的重大影響。我們談到的那些交易產生了相當大的影響。

If we do not take them into account, our free cash flow is even higher than in 2020, but this is excluding the banks. The bank has its own evolution, so it wouldn't be right to consolidate it here. So there is more acquisitions and more CapEx this year. Talking about comparison, when we compare it in absolute figures, you saw it on the chart, the total is RUB 110 billion in CapEx, as I mentioned. In 2022, we expect it to be lower.

如果不考慮這些因素，我們的自由現金流甚至比 2020 年還要高，但這還不包括銀行。該銀行有其自身的發展歷程，因此將其合併到這裡並不合適。因此今年將有更多的收購和更多的資本支出。談到比較，當我們用絕對數字進行比較時，您可以在圖表上看到，正如我所提到的，資本支出總額為 1100 億盧布。我們預計 2022 年這數字會更低。

As for M&As, this is always about an opportunity. I am opportunistic about it. If there is a good asset to buy, then there is a transaction. Now there are no major transactions that we would forecast for next year.

對於併購而言，這始終是個機會。我對此抱持投機態度。如果有好的資產可以購買，那麼就會有交易。目前我們預測明年不會有重大交易。

And now back to the question, CapEx to sales going down or absolute CapEx going down? We believe that we will be showing lower CapEx in absolute terms next year, not only CapEx to sales, and we do not have any one-offs that would make an impact on that in the year 2022.

現在回到問題，是資本支出與銷售額比下降了，還是絕對資本支出下降了？我們相信，明年我們的資本支出絕對值將會降低，不僅是銷售額的資本支出，而且我們沒有任何一次性支出會在 2022 年對此產生影響。

And let me add one particular factor that makes an impact on the comparison of cash flow indicators on a quarterly basis and year-to-date, that is for 9 months as compared to the same period last year and additional negative impact this year is nominal or so to say typical, a different allocation of CapEx quarter-to-quarter.

讓我補充一個特殊因素，該因素對季度和年初至今的現金流指標比較有影響，即與去年同期相比的 9 個月，今年的額外負面影響是名義上的，或者可以說是典型的，資本支出的季度分配不同。

Before the end of the previous year, the classical telecom CapEx was shifted to Q4 considerably. But this year, the picture has evened out. In the first half of the year the nominal CapEx is kind of against us, that the closer we are to the end of the year, the more it evens out.

去年年底前，傳統電信資本支出已大幅轉移到第四季。但今年，情況已經趨於平穩。上半年名目資本支出對我們不利，但越接近年底，情況就越趨於平穩。

Have we answered your question? And I understand you have a follow-up.

我們回答了您的問題嗎？我知道你還有後續事宜。

Yes, I have a follow-up. I just wondered, I mean, if you could talk a little bit about the ecosystem is obviously very -- the ecosystem, it's obviously very interesting and there seem to be some very clear benefits. What I wanted to ask is how you think about I guess the synergies between the services? Because you've -- we're going into an ecosystem world but you at the same time started to report much more granular split between the businesses.

是的，我有一個後續行動。我只是想知道，我的意思是，如果你能稍微談談生態系統，顯然非常——生態系統，它顯然非常有趣，而且似乎有一些非常明顯的好處。我想問的是，您如何看待這些服務之間的協同作用？因為我們正在進入一個生態系統世界，但同時，你開始報告企業之間更細緻的劃分。

So how do you -- where do you allocate sort of revenues and synergies and costs when it's practically I guess moving towards one service? And how do you think about, I guess, I think you've talked about potentially monetizing some of these parts. How do you think about that? I guess that could also complicate things because we would get most of the synergies.

那麼，當實際上轉向一項服務時，您如何分配收入、協同效應和成本？我想您已經談到將其中一些部分貨幣化的可能性，您對此有何看法？您對此有何看法？我想這也會使得事情變得複雜，因為我們會得到大部分的綜效。

It is mainly about finance. Allocation of revenue among workstreams that are reflected in our current format of reporting. The question is not only about revenue, but also about costs and a question that is connected with it, potential dedicated businesses and their going to capital markets for example. Going to capital markets also raises certain flags, questions as to the interaction of this business and the ecosystem upon the whole.

主要涉及金融。工作流程之間的收入分配反映在我們目前的報告格式中。問題不僅在於收入，還在於成本以及與之相關的問題，例如潛在的專門業務及其進入資本市場的問題。進入資本市場也引發了一些警示，即對該業務與整個生態系統的相互作用提出質疑。

That's just a great question. I would give the prize to this question today. The thing is, we do expect that the more standalone our businesses are, the more relevant this issue will be. And right now we have a kind of more commercialized negotiations within the company. There is of course this concept of a bundle when you just sell a bundle it is easier because we can measure CLV and impact on CLV by the various parts of the bundle. We can allocate very clearly the revenue from the bundle to various businesses. There are models that have been accepted and that have been good.

這是一個很好的問題。今天我要為這個問題頒獎。事實是，我們確實預計，我們的業務越獨立，這個問題就越重要。目前，我們公司內部的談判更加商業化。當然，當你只銷售捆綁產品時，有捆綁產品的概念會更容易，因為我們可以透過捆綁產品的各個部分來衡量 CLV 和對 CLV 的影響。我們可以非常明確地將捆綁銷售的收入分配給各個業務。有些模型已經被接受，而且效果很好。

And as for costs, they are incurred by each business separately. But what we now have is a more challenging situation like ecosystem products, premium or cashback programs, for example. But now the way out would be to think about premium products as able to negotiate with each and every business, I mean the same thing happens in Yandex and other ecosystems. An intermediary product is a standalone product as well and it can also be commercial. We do not actually set a target to earn. It is somewhere around zero, but the allocation of revenue is via commercial negotiations. And when, not if, but when these businesses are made standalone and potentially find partners through an IPO or another option, we will be ready for that.

至於成本，則由每個企業單獨承擔。但我們現在面臨的情況更具挑戰性，例如生態系統產品、優質產品或現金回饋計畫。但現在的出路是考慮讓優質產品能夠與每一家企業進行談判，我的意思是同樣的事情也會發生在 Yandex 和其他生態系統中。中間產品也是獨立產品，也可以是商業產品。我們其實並沒有設定賺錢目標。它大約為零，但收入分配是透過商業談判進行的。當這些業務獨立出來，並可能透過 IPO 或其他方式找到合作夥伴時，我們就會做好準備。

A unified brand and a unified customer-centric approach across the board will be part of the standalone businesses as well because the essential part of this value is about the omnichannel approach and about customers being within the ecosystem. We have taken this pass of 2.5 years already. We have been trying to balance it all out and I think we have succeeded.

統一的品牌和統一的以客戶為中心的方法也將成為獨立業務的一部分，因為這一價值的核心部分是全通路方法以及客戶處於生態系統中。我們走過了2.5年的歷程。我們一直在努力平衡這一切，我認為我們已經成功了。

Let me ask a follow-up question, right now, talking about commercial negotiations between our departments and structural units. Do I get it right that they are built mainly on the basis of consumption patterns within the bundle?

現在讓我問一個後續問題，談論我們部門和結構單位之間的商業談判。我是否理解正確，它們主要是根據捆綁包內的消費模式建構的？

Yes, this is just what I'm talking about. The premium program will not benefit from having a product in the bundle that will not have demand, that will have advertisement. Well, it is of course about consumption and of course we need to review the internal IT system and CRM to be able to calculate all that.

是的，這就是我所說的。如果捆綁的產品沒有需求，而且有廣告，那麼高級計劃將不會受益。嗯，這當然與消費有關，當然我們需要審查內部 IT 系統和 CRM 才能計算所有這些。

A follow-up on IT strategy to Vyacheslav. Vyacheslav, you said that you invited the panel for roaming. For that, could you shed more light? And will this strategy be the same as the dividend strategy that is to be approved by the Board of Directors, or is it an internal strategy of the company and it doesn't need approval?

對維亞切斯拉夫的 IT 策略的後續行動。維亞切斯拉夫，您說過您邀請小組成員進行巡迴討論。對此，您能否提供更多解釋？這個策略是否與需要董事會批准的股利策略相同，還是說它是公司內部的策略，不需要批准？

Well, why? It will be submitted to the Board of Directors for approval. It is one of the core parts of the overall MTS strategy. And let me emphasize once again that it is getting more and more important to shed more light.

那麼，為什麼呢？該決議將提交董事會批准。它是整個 MTS 策略的核心部分之一。讓我再次強調，闡明更多事實變得越來越重要。

First of all, it is about architectural changes and MTS approach that this interaction between the businesses internally, including APIs that will be made for outreach to the external world to speed up our time to market a lot. Our time to market is not bad, we are quite in line with the market. But we believe that it can be further improved and accelerated. And tomorrow we will be -- we will need to be able to experiment within hours not weeks and we should be ready to invest in it. Yes, it is an obvious growth area, an upside area indeed.

首先，它是關於架構變化和 MTS 方法，即企業內部之間的互動，包括為接觸外部世界而製作的 API，以大大加快我們的產品上市時間。我們的上市時間還不錯，與市場相當一致。但我們相信它可以進一步改善和加速。明天我們將——我們需要能夠在幾小時而不是幾週內進行實驗，我們應該準備好對其進行投資。是的，這是一個明顯的成長領域，確實是一個有上升空間的領域。

The next question is via my channel again. We have analyst from HSBC (inaudible).

下一個問題再次透過我的頻道提出。我們有來自匯豐銀行的分析師（聽不清楚）。

My question is in 3 areas. Firstly, I want to understand if you could discuss about the competitive behavior in the country, both in Moscow as well as in the regions, especially on the data side? That's the first question. Secondly, if you could talk about your network capacity utilization right now, both again in Moscow as well as in the regions, what percentage of free capacity you do have on the network currently?

我的問題涉及三個方面。首先，我想知道您是否可以討論一下該國（包括莫斯科以及各地區）的競爭行為，特別是在數據方面？這是第一個問題。其次，您可以談談您目前的網路容量利用率，包括莫斯科和各地區的網路容量利用率，目前網路上有多少百分比的可用容量？

And then third question is on the 5G strategy of MTS. Given you're talking about CapEx, the way the CapEx is going, I just want to understand, do you see an uptick because of 5G at some point of time or would you rather contain the CapEx with your current levels and rather kind of fit your 5G strategy within your current CapEx strategy rather than fitting your CapEx strategy into a more aggressive 5G strategy?

第三個問題是關於MTS的5G策略。鑑於您正在談論資本支出，資本支出的發展方式，我只是想了解，您是否認為在某個時間點會因為 5G 而出現上升趨勢，或者您是否寧願將資本支出控制在當前水平，而是將您的 5G 戰略納入您當前的資本支出戰略中，而不是將您的資本戰略納入更積極的 5G 戰略中？

Russia is no doubt a highly competitive market because there are 4 operators present in the market and of course, as they are all at various stages of their success or failures all the time. So of course, the market sees some developments from time to time where you need to be active. You need to somehow respond to price aggression or some -- such as in sales. It is a standard situation for us. We have been long present in this market led by 4 operators and the year 2021 is not that much different from the previous ones.

俄羅斯無疑是一個競爭激烈的市場，因為市場上有 4 家營運商，當然，他們都處於成功或失敗的不同階段。因此，當然，市場時常會出現一些你需要積極主動的發展。您需要以某種方式應對價格侵略或其他行為——例如在銷售方面。對我們來說，這是一種標準情況。我們在這個由四家營運商主導的市場中已經存在了很長時間，2021年與前一年並沒有太大的不同。

The year 2020 was kind of a quieter year, because the pandemic made an impact on certain activities. Everybody is working on transformation and making their operations more efficient. Nobody knew how soon it would end and what kind of an impact it would have on operating performance. We can see that international roaming was frozen and the number of businesses experienced issues.

2020 年是比較平靜的一年，因為疫情對某些活動產生了影響。每個人都在致力於轉型並提高營運效率。沒有人知道它會在什麼時候結束，以及它會對經營業績產生什麼樣的影響。我們可以看到，國際漫遊被凍結，許多企業遇到了問題。

We started 2021 quite calmly, some regions required more active position of course, but basically we are in the market of 4 operators and in our performance you can see that we are quite efficient. Last year, there were no quarters with negative dynamics in telecom and this year you can also see that the performance is really good, especially in the third quarter, and we have things to be proud of.

我們在 2021 年的開局相當平靜，當然有些地區需要更積極主動，但基本上我們處於 4 家運營商的市場中，從我們的表現中你可以看出我們非常有效率。去年，電信業沒有出現負面動態的季度，今年你也可以看到業績表現非常好，尤其是第三季度，我們有值得驕傲的事情。

Going to the market capacity and network capacity question, yes, of course, there is higher consumption of traffic and it requires more capacity. But what is important is not linear investments in capacity, we must be reasonable and efficient. There are big data teams and technical teams working on it and my team as well, we keep looking for and finding new efficiency tools. The projects I have been speaking about, smart roll out is aimed at increasing efficiency while planning investments in the network.

談到市場容量和網路容量問題，是的，當然，流量消耗更高，需要更多的容量。但重要的不是產能的線性投資，我們必須合理、有效率。有大數據團隊和技術團隊正在致力於此，我的團隊也正在努力尋找新的效率工具。我一直在談論的項目，智慧推出的目的是在規劃網路投資的同時提高效率。

Moscow is one of the regions where we see and we understand there is demand for high speeds and capacities. So we prepare for it upfront. We planned the activity, approved it in 2020 and we started developing it in 2021. So what project? The project primarily taking part in Moscow, now the objective was to complete it really fast. And we did most of the work in 2021. We can see an increase in the speed and capacity in Moscow. The effect is really good, we are really good with our subscriber base in Moscow and we see that the capacity associated activities will support our further growth in such a competitive region in Moscow.

莫斯科是我們看到並了解對高速度和高容量有需求的地區之一。因此我們提前做好準備。我們計劃了這項活動，並於 2020 年批准了它，並於 2021 年開始製定它。那什麼項目？該項目主要在莫斯科進行，現在的目標是盡快完成它。我們在 2021 年完成了大部分工作。我們可以看到莫斯科的速度和容量有所提高。效果非常好，我們在莫斯科的用戶群非常好，我們看到與容量相關的活動將支持我們在莫斯科這樣一個競爭激烈的地區進一步發展。

In other regions on a whole, there is room with our capacity, our planning of the network is really high quality, and there are no dedicated work streams. I do not think we need them. Everything is quite well balanced and efficient, and there is some caution in each and every region.

在其他地區整體來說，我們的容量還有空間，我們的網路規劃品質確實很高，而且沒有專門的工作流程。我認為我們不需要它們。一切都相當平衡和高效，並且每個區域都有一些謹慎。

As for investments, we do not contain our investment in 5G. We do not expect -- as well as with the previous standards, we do not expect that 5G will be somehow on top of our investment. I think it will replace investment in 4G and make our investments more efficient overall. So if it will have an impact, it will be a positive one.

至於投資，我們不包含對5G的投資。我們不希望——就像之前的標準一樣，我們不希望 5G 以某種方式超越我們的投資。我認為它將取代對 4G 的投資，並使我們的投資整體上更有效率。因此，如果它會產生影響，那麼它就是正面的影響。

And I think there are more questions. So let us give the floor to those who ask them. Do you have any follow-up questions?

我認為還有更多問題。因此，讓我們把發言權交給提出這些問題的人。您還有其他問題嗎？

No, great.

不，太好了。

There are 2 questions to Inessa and Vyacheslav. I think the first one is resumed integration between Belarus and Russia and what about the cost of roaming. Will it be going down? And the next December, what number of customers so-called corporate customers, great customers, so to say, we will have to disconnect?

有兩個問題要問 Inessa 和 Vyacheslav。我認為第一個問題是白俄羅斯和俄羅斯恢復融合，以及漫遊費用的問題。它會下降嗎？那麼到明年 12 月，我們將不得不斷開多少客戶，所謂的企業客戶、大客戶？

Over to Inessa with roaming and I will be able to speak about customers too.

交給 Inessa 漫遊，我也可以談客戶。

As for Belarus, you know that the tariffs have been reduced and they were reduced actually a year ago, if my memory doesn't fail me, in November 2020. And right now, those rates are almost the same as in Russia, we do not expect any further decline. Everything that we have to do has already been done and it looks like everybody's happy.

至於白俄羅斯，你知道關稅已經降低了，如果我沒記錯的話，關稅其實是在一年前就降低了，也就是2020年11月。目前，這些比率幾乎與俄羅斯相同，我們預計不會進一步下降。我們要做的一切都已經完成了，看起來每個人都很高興。

Yes, everybody would like to ask questions about customers. But let me use my position to answer this one. I hope we will not have to disconnect anyone in December, but there is a good word in English, "Encourage." I believe that we encourage everyone to take it seriously. This is a law and we see some good dynamics in legalization of those SIM cards. Personal data are filled in.

是的，每個人都想問一些關於顧客的問題。但請容許我以我的立場來回答這個問題。我希望我們12月份不必與任何人斷網，但英語裡有一個很好的詞，「鼓勵」。我相信我們鼓勵每個人都認真對待這件事。這是一項法律，我們看到了 SIM 卡合法化的一些良好勢頭。個人資料已填寫。

We help our clients with it, we have informed everyone about it. If you have SIM cards that does not have personal data, we hope everyone please do come to our mobile outlets, we help you work with the government services platform. So we do hope that we will not have to disconnect anyone. We are taking some preventive measures.

我們幫助客戶解決這個問題，並已將此事告知所有人。如果你有不存個人資料的SIM卡，希望大家可以來我們移動營業廳，我們幫你對接政務服務平台。所以我們確實希望我們不必斷開任何人的連接。我們正在採取一些預防措施。

Yes, Vyacheslav, you're absolutely right, we are doing our best to make sure that all the clients are comfortable with this transition on December 1 and all those text messages, communications in the media and so one, they should really be taken seriously. Do not leave it until the last day as we are used to. Please identify yourself proactively and you will not actually notice the December 2 coming.

是的，維亞切斯拉夫，您說得完全正確，我們正在盡最大努力確保所有客戶都能適應 12 月 1 日的過渡，並且所有這些短信、媒體通訊等等都應該認真對待。不要像我們習慣的那樣把它留到最後一天。請主動表明身份，你實際上不會注意到12月2日的到來。

Thank you very much, Inessa. If I get it right, there are no more questions from the external audience but actually our Q&A has lasted for almost 40 minutes. Thank you very much.

非常感謝，伊涅薩。如果我沒記錯的話，外部觀眾已經沒有其他問題了，但實際上我們的問答已經持續了將近 40 分鐘。非常感謝。

Dear audience, dear colleagues, we will be happy to take your feedback on the new format. As usual, if you have more questions, please contact our IR or PR functions at MTS. We are always ready to help you and to engage in an ongoing dialog. Our speakers, thank you very much and have a very good evening. Thank you. Goodbye.

尊敬的觀眾、親愛的同事們，我們很樂意聽取您對新形式的回饋。與往常一樣，如果您有更多問題，請聯絡 MTS 的 IR 或 PR 部門。我們隨時準備為您提供協助並進行持續的對話。我們的演講者，非常感謝你們，祝福你們有個愉快的夜晚。謝謝。再見。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本記錄中的英文陳述由現場翻譯人員宣讀。 ]