Orange SA (ORAN) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Orange's First Quarter 2023 Results Conference Call. The call will be hosted by Ms. Christel Heydemann, CEO; and Mr. Jean-Michel Thibaud, Interim Executive Vice President, Finance, Performance and Development, with other members of Orange's Executive Committee for the Q&A session that will start after the presentation. Today's conference is being recorded.

早上好，女士們、先生們，歡迎參加 Orange 2023 年第一季度業績電話會議。電話會議將由首席執行官 Christel Heydemann 女士主持；財務、績效和發展臨時執行副總裁 Jean-Michel Thibaud 先生以及 Orange 執行委員會的其他成員將在演示結束後開始問答環節。今天的會議正在錄製中。

Thank you, and let me hand over to Ms. Christel Heydemann.

謝謝，現在請克里斯特爾·海德曼女士發言。

Thank you. Good morning, everyone, and welcome to our Q1 '23 results presentation that I will comment this morning, together with Jean-Michel Thibaud, our interim CFO.

謝謝。大家早上好，歡迎觀看我們的 23 年第一季度業績演示，今天早上我將與我們的臨時首席財務官 Jean-Michel Thibaud 一起發表評論。

Let's start with Slide 4, which presents the key highlights of the quarter. First of all, I would like to highlight that our value strategy is well on track with 2022 price increases bearing fruit and new price moves in Q1, which will fuel retail growth in the coming quarters.

讓我們從幻燈片 4 開始，它介紹了本季度的主要亮點。首先，我想強調的是，我們的價值戰略進展順利，2022 年價格上漲將取得成果，第一季度將出現新的價格變動，這將推動未來幾個季度的零售增長。

Regarding Spain, convergent ARPO growth continued to drive retail services, which are back to growth this quarter at plus 1.2%, contributing to Europe's solid growth momentum at plus 3.8%.

西班牙方面，ARPO 趨同增長繼續推動零售服務，本季度零售服務恢復增長 1.2%，為歐洲增長 3.8% 的穩健增長勢頭做出了貢獻。

Let me also stress that execution is in action. Orange business transformation is ongoing with, among others, a new organization and discussions started with unions on a voluntary departure plan. On top of that, the Voo transaction was approved by the European Commission in March, enabling us to expect a closing at end of Q2 2023.

我還要強調，執行就是行動。 Orange 的業務轉型正在進行中，其中包括成立一個新組織，並與工會就自願離職計劃展開討論。最重要的是，Voo 交易於 3 月份獲得了歐盟委員會的批准，使我們預計將於 2023 年第二季度末完成。

Last but not least, in the Middle East and Africa, Orange Money is back in double-digit growth territory, demonstrating our agility and efficiency in responding to a tougher competitive environment. All in all, Q1 results are consistent with our full year guidance with EBITDAaL up 0.5% and eCapex down almost minus 5%.

最後但並非最不重要的一點是，在中東和非洲，Orange Money 又回到了兩位數的增長區間，展示了我們應對更加嚴峻的競爭環境的敏捷性和效率。總而言之，第一季度的業績與我們的全年指引一致，EBITDAaL 增長 0.5%，eCapex 下降近負 5%。

Now let's have a closer look at our main financial KPIs on Slide 5. In the first quarter, the group delivered revenues of EUR 10.6 billion, up by plus 1.3% year-on-year, driven by growth in retail services, plus 2.8% and equipment sales plus 9.5%. That's much more than offset the decline in wholesale, minus 7.7%.

現在讓我們仔細看看幻燈片 5 上的主要財務 KPI。第一季度，集團實現收入 106 億歐元，同比增長 1.3%，在零售服務增長的推動下，增長 2.8%設備銷售額增長 9.5%。這遠遠抵消了批發量的下降（負 7.7%）。

From a segment perspective, revenue growth was driven by the Middle East and Africa performance of plus 9.1% and by Europe plus 3.8%, with the return to growth in Spain confirmed plus 2.8%. TOTEM also grew by 8.1%, with a 7% increase in external hosting revenues.

從細分市場來看，收入增長主要由中東和非洲業績增長 9.1% 以及歐洲業績增長 3.8% 推動，西班牙確認恢復增長 2.8%。 TOTEM 也增長了 8.1%，外部託管收入增長了 7%。

In France, revenues were down by minus 1.8% due to the decline in wholesale, which was in line with our expectations, partially offset by retail revenues at a foreseen low point for the year.

在法國，由於批發業務下降，收入下降了-1.8%，這符合我們的預期，但部分被零售收入預計的年內低點所抵消。

Orange Business revenues slight decrease, minus 0.7%, was still due to the strong decline in fixed voice, minus 11.6%, partially offset by the growth of our digital activities. Group EBITDAaL at EUR 2.6 billion was up by 0.5%, giving us full confidence in reaching our full year '23 guidance. As usual, our EBITDAaL margin is lower in the first quarter due to the seasonality of operating taxes. This phasing was accentuated this year by the timing of our latest price increases, whose positive effects will be fully seen later in the year. Finally, eCapex was reduced by minus 4.9%, in line with our full year guidance.

Orange Business 收入小幅下降（負 0.7%），仍是由於固定語音業務大幅下降（負 11.6%），但部分被我們數字活動的增長所抵消。集團 EBITDAaL 達到 26 億歐元，增長了 0.5%，這讓我們對達到 23 年全年指引充滿信心。與往常一樣，由於營業稅的季節性，我們第一季度的 EBITDAaL 利潤率較低。今年我們最近一次提價的時機更加強調了這一階段性，其積極影響將在今年晚些時候充分顯現。最後，eCapex 減少了-4.9%，與我們的全年指導一致。

I will now hand over to Jean-Michel for the detailed results review.

我現在將把詳細的結果審查交給讓-米歇爾。

Thank you, Christel. Good morning, everyone. So let's start our segment review with France on Slide 7.

謝謝你，克里斯特爾。大家，早安。那麼，讓我們開始對幻燈片 7 中的法國進行部分回顧。

The overall decrease in Q1 revenues is linked to the decline in wholesale, in line with the expected medium-term trend. This decline was partially offset by retail growth, which will accelerate over the rest of the year. Indeed, market pricing has continued its positive year-on-year trend following our lead of broad-based repricing of both the front book and back book as announced since last December and which will be fully effective from Q2.

第一季度收入的整體下降與批發業務的下降有關，符合預期的中期趨勢。這一下降被零售增長部分抵消，零售增長將在今年剩餘時間內加速。事實上，繼我們自去年 12 月以來宣布對前書和後書進行廣泛的重新定價並將於第二季度全面生效後，市場定價繼續保持同比積極趨勢。

All customers impacted by the price increases have now been notified. The limited churn impact weighing on our net adds this quarter is fully in line with our forecast, thanks to our network quality as confirmed by ARCEP and our very strong NPS. The positive impact of this value strategy will be reflected in our financials later this year.

所有受價格上漲影響的客戶現已收到通知。由於 ARCEP 確認的網絡質量和我們非常強大的 NPS，本季度對我們網絡的有限流失影響完全符合我們的預測。這一價值戰略的積極影響將反映在我們今年晚些時候的財務數據中。

These price hikes will indeed further drive up the convergent ARPO, which increased in Q1 by plus 2%, passing EUR 72 and fueling the plus 2.1% growth in retail services, excluding PSTN. This value strategy, which will bear fruit mostly in H2 on Orange France EBITDAaL along with our continued cost efforts will mitigate but not offset inflation pressure that will peak this year. Nevertheless, France will contribute from 2023 to group's organic cash flow growth, thanks to strong eCapex discipline.

這些價格上漲確實將進一步推動融合 ARPO，第一季度增長了 2%，超過 72 歐元，並推動零售服務（不包括 PSTN）增長 2.1%。這一價值策略將在下半年在 Orange France EBITDAaL 上取得成果，加上我們持續的成本努力，將減輕但不會抵消今年將達到頂峰的通脹壓力。儘管如此，得益於強有力的 eCapex 紀律，法國將從 2023 年起為集團的有機現金流增長做出貢獻。

Let's now turn to Europe on Slide 8. Europe consolidated the good momentum of recent quarters with an acceleration in overall growth and particularly in retail revenues. This solid performance was driven by Convergence and Mobile, thanks to the price increases implemented all across geographies. Equipment sales also grew strongly in the quarter, while the decline in wholesale was due to the regulatory cuts in termination rates with no effect on EBITDAaL. Looking per country, this performance was mainly driven by Poland at plus 7% and Spain that we are now going to dig into on Page 9.

現在讓我們轉向幻燈片 8 中的歐洲。歐洲鞏固了最近幾個季度的良好勢頭，總體增長加速，特別是零售收入增長。這種穩健的業績是由融合和移動推動的，這要歸功於各個地區實施的價格上漲。本季度設備銷售也強勁增長，而批發量下降是由於監管機構降低了終止費率，但對 EBITDAaL 沒有影響。從每個國家來看，這種表現主要是由波蘭（增長了 7%）和西班牙（我們現在將在第 9 頁深入探討）推動的。

Indeed, in Spain, for the third consecutive quarter, we confirmed top line growth, thanks to retail services back to growth and strong equipment sales. In a still highly competitive market, we continue to support value through a better mix associated with a disciplined promotional policy and B2B growth. These measures were reflected this quarter in the continued growth of convergent ARPO at plus 3.5%, while churn levels keep on improving. This growth momentum in addition to our cost control management makes us confident in our ability to return to EBITDAaL growth this year.

事實上，在西班牙，由於零售服務恢復增長和強勁的設備銷售，我們連續第三個季度確認了收入增長。在競爭仍然激烈的市場中，我們繼續通過與嚴格的促銷政策和 B2B 增長相關的更好組合來支持價值。這些措施在本季度體現在融合 ARPO 持續增長 3.5% 以上，而客戶流失水平持續改善。這種增長勢頭加上我們的成本控制管理，使我們對今年恢復 EBITDAaL 增長的能力充滿信心。

Finally, regarding the joint venture with MásMóvil, the antitrust process is ongoing with the European Commission, which opened on April 3, as expected, its in-depth investigation into the transaction. We expect the closing during the second half of the year.

最後，關於與 MásMóvil 的合資企業，歐盟委員會正在進行反壟斷程序，正如預期的那樣，歐盟委員會於 4 月 3 日開始對該交易進行深入調查。我們預計在今年下半年完成交割。

Let me now turn to Africa and the Middle East on Slide 10, which again delivered a remarkable performance this quarter with a revenue growth of over 9%. This is proof of our agility and resilience despite being confronted to geopolitical tensions and currency devaluation in certain markets. Indeed, all our countries grew this quarter with nearly half recording double-digit growth. This performance continues to be based on very solid retail services growing by plus 9.4% and fueled by the double-digit growth of our 4 growth drivers: data, fixed broadband, Orange Money and B2B. As a result, our mobile customer base reached 143.9 million, representing a plus 5% increase, delivering an average mobile ARPO increase of 3%.

現在讓我在幻燈片 10 上談談非洲和中東地區，該地區本季度再次表現出色，收入增長超過 9%。儘管在某些市場面臨地緣政治緊張局勢和貨幣貶值，這證明了我們的敏捷性和韌性。事實上，本季度我們所有國家都實現了增長，其中近一半國家實現了兩位數增長。這一業績繼續建立在非常穩健的零售服務增長 9.4% 的基礎上，並受到我們 4 個增長驅動力兩位數增長的推動：數據、固定寬帶、Orange Money 和 B2B。結果，我們的移動客戶群達到 1.439 億，增長了 5%，平均移動 ARPO 增長了 3%。

Finally, let's highlight in particular the strong plus 21% growth of Orange Money revenues. This demonstrates the effectiveness of our response to new competition, which has put us back to a double-digit trajectory.

最後，讓我們特別強調 Orange Money 收入強勁的 21% 增長。這證明了我們對新競爭的反應的有效性，這使我們回到了兩位數的軌道。

Turning to Orange Business on Slide 11, we are seeing the continuation of the business trend of previous quarters with total revenues close to flat in the quarter. This is the result of the growth in IT&IS, which depending on the quarter, more or less offsets the continued decline in the legacy business, in particular, Voice.

轉向幻燈片 11 上的 Orange Business，我們看到前幾個季度的業務趨勢仍在延續，本季度總收入接近持平。這是 IT&IS 增長的結果，根據季度的不同，增長或多或少抵消了傳統業務（尤其是語音）的持續下滑。

I would particularly like to highlight this quarter, the strong double-digit performance of Digital & Data and Orange Cyberdefense, which you see on the slide. As explained during our Capital Markets Day in February, Orange Business' deep reorganization is ongoing, and we plan to drastically reduce costs which led us to open negotiations with trade unions on a collective redundancy agreement for approximately 670 positions on an exclusively voluntary basis in the main historical activities in Orange business in France.

我特別想強調本季度數字與數據和 Orange Cyber​​defense 的強勁兩位數業績，您在幻燈片上看到了這一點。正如我們在 2 月份資本市場日期間所解釋的那樣，Orange Business 的深度重組正在進行中，我們計劃大幅降低成本，這促使我們與工會就一項完全自願的約 670 個職位的集體裁員協議進行談判。法國奧蘭治商業的主要歷史活動。

At the same time, we have initiated the upskilling and re-skilling of 5,000 employees from traditional telecom areas to the world of virtualization, cloud, data, AI and cyber. We also plan to accelerate the development of our digital business by launching an ambitious recruitment program to hire 800 additional cybersecurity experts and about the same number of people in digital services. The action plan is therefore ongoing, as announced in February, and EBITDAaL recovery will take time with a turnaround in 2025.

與此同時，我們啟動了 5,000 名員工從傳統電信領域向虛擬化、雲、數據、人工智能和網絡領域的技能提升和再培訓。我們還計劃啟動一項雄心勃勃的招聘計劃，額外聘用 800 名網絡安全專家和大約相同數量的數字服務人員，從而加速數字業務的發展。因此，正如 2 月份宣布的那樣，該行動計劃仍在進行中，而 EBITDAaL 的恢復需要時間，要到 2025 年才會出現好轉。

I will now hand over to Christel, who will conclude today's presentation.

現在我將請克里斯特爾結束今天的發言。

Thank you, Jean-Michel. So I would like to conclude this presentation simply by reaffirming that this first quarter's results underpin our confidence in achieving our full year guidance, which remains unchanged.

謝謝你，讓-米歇爾。因此，我想在結束本次演講時重申，第一季度的業績支撐了我們實現全年指引的信心，全年指引保持不變。

Thank you for your attention. Jean-Michel (inaudible) and I are now ready for your questions.

感謝您的關注。讓-米歇爾（聽不清）和我現在準備好回答你們的問題了。

(Operator Instructions) Our first question today comes from Nicolas Cote-Colisson from HSBC.

（操作員說明）今天我們的第一個問題來自匯豐銀行的 Nicolas Cote-Colisson。

Two short questions, please. The first one is on the commercial performance in France. If you could give us more color about what the weakness in net ads was, either driven by the lower gross adds or higher churn? So I guess I wonder at which level the price rise announcements are impacting? Is it on recruitment or on the existing base? And whether we should consider further customer attrition into 2 and forward?

請提出兩個簡短的問題。第一個是在法國的商業演出。您能否更詳細地說明網絡廣告的弱點是什麼，是由於總增加量較低還是流失率較高？所以我想知道漲價公告會影響到哪個水平？是在招募上還是在現有基地上？我們是否應該考慮進一步將客戶流失到 2 及以後？

And my second question is on fiber in France and the requirement by the regulator to complete the coverage in the medium dense area. Is it fair to say that we're talking about 1 million lines. So if you could help us with the timing to deliver these lines and the possibly incremental CapEx budget that this could represent possibly in 2023, that would be great.

我的第二個問題是關於法國的光纖以及監管機構要求完成中密集區域的覆蓋。公平地說，我們談論的是 100 萬行嗎？因此，如果您能幫助我們確定交付這些產品線的時間以及可能在 2023 年增加的資本支出預算，那就太好了。

Thank you for your question. I will hand over the question to Jean-François Fallacher, who, as you know, to cover the responsibility for France as of April. But just to tell you that the commercial performance in France in Q1 is fully aligned with our plans. So there is no surprise, but I'll let Jean-François comment with more color.

謝謝你的問題。我將把這個問題交給讓-弗朗索瓦·法拉赫 (Jean-François Fallacher)，如您所知，他將負責截至 4 月份的法國事務。但我只想告訴大家，第一季度法國的商業表現完全符合我們的計劃。所以這並不奇怪，但我會讓讓-弗朗索瓦以更多的色彩來評論。

Thank you very much, Christel. Thanks for the question. Well, you stated that the commercial performance is lower than you eventually expected, which -- I mean it's not, as Christel was saying, our assessment here. As you've seen, we have positive net adds across the line in Mobile and in Fixed Broadband. When you look at the level of net adds in fiber, I find it pretty impressive. Looking at the overall context. I mean Fabienne and the team, which are here, have been obviously doing a great job this quarter to increase prices very significantly, as you know. You will remember all of you that we have increased prices of EUR 2 on Broadband and EUR 1 in Mobile, meaning that if you are having the convergent offer, this is obviously a mix of all of this. So price raises could go up to even EUR 5 or something like that when you have a convergent package. So you can imagine that, obviously, this move, which is going to be absolutely key for our performance in the second quarter and in the second semester of the year was not completely for free. I mean when you do such price moves on the market as competitive as France, there are some impacts.

非常感謝你，克里斯特爾。謝謝你的提問。嗯，你說商業表現低於你最終的預期，這——我的意思是，正如克里斯特爾所說，這不是我們的評估。正如您所看到的，我們在移動和固定寬帶領域都有積極的淨增長。當你觀察纖維的淨添加水平時，我發現它非常令人印象深刻。從整體脈絡來看。我的意思是法比安和這裡的團隊顯然在本季度做得很好，大幅提高了價格，如您所知。你們大家都會記得，我們​​將寬帶價格提高了 2 歐元，移動價格提高了 1 歐元，這意味著如果您使用的是聚合報價，那麼這顯然是所有這些價格的混合。因此，如果您有聚合套餐，價格可能會上漲至 5 歐元或類似價格。所以你可以想像，顯然，這一舉措對於我們第二季度和今年第二學期的表現絕對關鍵，但它並不是完全免費的。我的意思是，當你在像法國這樣具有競爭力的市場上進行此類價格變動時，會產生一些影響。

So to very precise and answer your questions, I mean if you compare Q-on-Q, the churn is very much on track, and we are pretty happy with this and confident for the future. It's more on the gross adds that indeed, things have been a bit weaker than usual. But once more, we have decided for a cushion of fairness between our base and our new ads to keep the same level of price and to lower the promotion. So that explains clearly this. And as Christel was saying, absolutely on track with the plans we are having.

因此，為了非常準確地回答您的問題，我的意思是，如果您比較 Q-on-Q，就會發現客戶流失情況非常正常，我們對此非常滿意，並對未來充滿信心。更重要的是，總體而言，情況確實比平時要弱一些。但我們再次決定在我們的基礎廣告和新廣告之間提供公平緩衝，以保持相同的價格水平並降低促銷力度。這樣就清楚地解釋了這一點。正如克里斯特爾所說，我們的計劃完全符合預期。

And regarding your second question on the fiber deployment in France, the current -- first of all, I mean, we keep on deploying fiber as per our plan in France and we don't foresee any change to our guideline for CapEx. The debate that was with the regulator in France on our fiber rollout was based -- or at least the legal debate, the dispute was based on a milestone for 2020, which we have now fully achieved. So there is no impact in our CapEx plan moving forward.

關於你關於法國光纖部署的第二個問題，目前，首先，我的意思是，我們繼續按照我們在法國的計劃部署光纖，我們預計我們的資本支出指南不會發生任何變化。法國監管機構就我們的光纖推出展開的辯論是基於——或者至少是法律辯論，這場爭議是基於 2020 年的一個里程碑，我們現在已經完全實現了這一目標。因此，我們的資本支出計劃不會受到影響。

And we're moving on to our next question now, which comes from Roshan Ranjit of Deutsche Bank.

現在我們繼續討論下一個問題，該問題來自德意志銀行的 Roshan Ranjit。

My first question is in France, please, actually, on the cost side. Now when you gave your group guidance at the CMD in February, sort of slight [EBITDAaL] growth that was pre the wage negotiations, which completed last month. And I think you said as part of those discussions, you had reached a collective decision with the unions, which I think is different from what has happened in previous years. So I guess my question is, given that do you see a kind of better outcome on your EBITDAaL trajectory given the 4.8% increase that you managed to achieve?

我的第一個問題是在法國，實際上是在成本方面。現在，當您在 2 月份向 CMD 提供集團指導時，[EBITDAaL] 略有增長，這是在上個月完成的工資談判之前。我想你說過，作為這些討論的一部分，你已經與工會達成了集體決定，我認為這與前幾年發生的情況不同。所以我想我的問題是，鑑於您設法實現了 4.8% 的增長，您是否認為 EBITDAaL 軌跡上有更好的結果？

And secondly, on enterprise, last year, you completed that carve-out of the business. Could you see -- could you give us some signs of the immediate results of that? Any kind of smaller bolt-on acquisitions that you have down the road as you look to turn that unit around over the coming years?

其次，在企業方面，去年，你們完成了業務的剝離。您能否給我們一些立即結果的跡象？當您希望在未來幾年內扭轉該部門的頹勢時，您是否會進行任何規模較小的補強收購？

Thank you. On the wage impact on our guidance and on the France performance, so we are very, very happy to confirm that, indeed, we reached an agreement with all our unions on the wage increase at 4.8%, which is an average and actually for lower level salaries, this will be more. But that has no impact on our EBITDA trajectory. I would say that what has more impact on the cost structure is the departure plan, early retirement plan that we had signed end of 2021, which was very active as we discussed after the Capital Market Day. And so -- but overall, no impact and we are indeed happy that we reached this agreement with the unions.

謝謝。關於工資對我們的指導和法國表現的影響，我們非常非常高興地確認，我們確實與所有工會就工資增長 4.8% 達成了協議，這是平均水平，實際上是較低水平的工資增長。級別的工資，這個會更多。但這對我們的 EBITDA 軌跡沒有影響。我想說對成本結構影響更大的是我們在2021年底簽署的離職計劃、提前退休計劃，正如我們在資本市場日之後討論的那樣，該計劃非常活躍。所以，但總的來說，沒有影響，我們確實很高興與工會達成了這項協議。

On the Cyberdefense -- Orange Cyberdefense performance, as we said, we are very active and the commercial performance in Q1 confirms the strong dynamic in the market and our performance in this market. The carve-out was key for us to get agility. At the same time, as you know, we are transforming Orange business. We've been active with a small acquisition in Switzerland in Q4, and we keep being active monitoring the market, but nothing to report as we discussed.

關於網絡防禦——Orange Cyber​​defense 的表現，正如我們所說，我們非常積極，第一季度的商業表現證實了市場的強勁活力以及我們在該市場的表現。剝離是我們獲得敏捷性的關鍵。與此同時，如您所知，我們正在改造 Orange 業務。第四季度，我們一直在瑞士積極進行小型收購，並且我們一直在積極監控市場，但正如我們所討論的那樣，沒有什麼可報告的。

And we're now moving on to a question from Mathieu Robilliard of Barclays.

我們現在轉向巴克萊銀行的 Mathieu Robilliard 提出的問題。

I had a question about energy headwinds. I think in the past, you had said that for 2023 as a whole, it could represent EUR 300 million headwind to the group EBITDA. My understanding is that probably 2/3 of that would affect France. And I wanted to understand a little bit more the phasing. I suspect it's probably more weighted towards the first half and possibly the first quarter. So maybe if you could give us a sense of how this rolls out throughout the year.

我有一個關於能源逆風的問題。我想您過去曾說過，對於整個 2023 年，這可能會給集團 EBITDA 帶來 3 億歐元的阻力。我的理解是，其中 2/3 可能會影響法國。我想更多地了解分階段。我懷疑上半年甚至第一季度的比重可能更大。也許您能讓我們了解一下這一計劃在全年的實施情況。

And then the second question on pricing. I hear your positive comments and indeed, you've increased quite a number of prices. I do not -- however, there's a bit of a return of promotional activity at the lower end on some of the second brands. And I don't know if that was triggered by you or by someone else. But maybe if you could give a bit of color on the very short-term moves.

然後是關於定價的第二個問題。我聽到了你們的積極評價，事實上，你們已經提高了相當多的價格。我不這麼認為——但是，一些第二品牌的低端促銷活動有所回升。我不知道這是你自己觸發的還是其他人觸發的。但也許你可以對短期走勢進行一些說明。

Thank you. I will let Jean-Michel confirm on energy and Jean-François will answer for the commercial, I would say, traction in France. We can also discuss about other countries in Europe, but I think your question was more related to France.

謝謝。我會讓讓-米歇爾確認能源問題，而讓-弗朗索瓦則負責商業方面的工作，我想說的是，在法國的吸引力。我們還可以討論歐洲其他國家，但我認為你的問題更多與法國有關。

Good morning, Mathieu. Yes, indeed, so the numbers you have in mind are correct, about EUR 300 million increase in 2023 compared to 2022, with about 2/3 in France. That's more or less evenly shared or spread across the year. I would add that we have taken benefit of the prices that have gone a bit down, particularly in the beginning of the year, to continue our hedging policy and especially -- well, 2023 was already fully hedged. We have completed our hedging policy for 2024, where we have more than 3 -- well, 75% of the spend, which is now covered.

早上好，馬修。是的，確實如此，所以您想到的數字是正確的，與 2022 年相比，2023 年增加了約 3 億歐元，其中約 2/3 在法國。這或多或少在一年中平均分配或分佈。我想補充一點，我們利用了價格小幅下跌的機會，特別是在今年年初，繼續我們的對沖政策，特別是——嗯，2023 年已經完全對沖了。我們已經完成了 2024 年的對沖政策，我們有超過 3 項——呃，75% 的支出，現在已經得到了保障。

On the promotion side, on the second brand, I mean, obviously, I am looking in detail into this, I look in detail about the recent history. So the first good news which you've probably seen it as you follow very closely, the French market is that first of all the level of promotion this quarter, this first quarter, if we compare it to the first quarter of 2022 is really going to our opinion in the right direction because all the players, including those who are actually claiming they are not changing the prices have actually lowered the level of promotion or raised the prices in the promotion. So I think this is very good news for the French market. That's the first thing I would like to state.

在促銷方面，在第二個品牌上，我的意思是，顯然，我正在詳細研究這一點，我詳細研究最近的歷史。因此，當您密切關注法國市場時，您可能已經看到的第一個好消息是，首先，如果我們將其與 2022 年第一季度進行比較，本季度第一季度的促銷水平確實在提高我們的觀點是正確的，因為所有參與者，包括那些實際上聲稱他們沒有改變價格的參與者，實際上都降低了促銷水平或提高了促銷價格。所以我認為這對於法國市場來說是一個非常好的消息。這是我要聲明的第一件事。

And the second thing that we have to state on Sosh more precisely, yes, there's been a lot of movement in the first quarter about the different players' promotion. If you look precisely at the key price point of Sosh, we are at this moment at 1,599 ourselves. And the 2 other competitors are actually EUR 2 lower. So we are clearly here as well playing the role of leader we have on the French market, being extremely cautious on the promotion. And extremely, I would say, discipline on the level of promotion we are putting on the French market on the second brand. I mean, so far, so good. Again, as I was saying when we look at our commercial performance, this is exactly as planned.

關於索什，我們必須更準確地說明的第二件事是，是的，第一季度關於不同球員的晉升發生了很多變化。如果你仔細觀察 Sosh 的關鍵價格點，我們現在的價格是 1,599。另外 2 個競爭對手的價格實際上低 2 歐元。因此，我們顯然也在法國市場上扮演著領導者的角色，對促銷極為謹慎。我想說的是，我們在法國市場上對第二個品牌的促銷水平非常嚴格。我的意思是，到目前為止，一切都很好。再次，正如我在審視我們的商業表現時所說的那樣，這完全符合計劃。

And next, we have Sam McHugh from BNB Paribas Exane.

接下來請來的是法國巴黎銀行 Exane 的 Sam McHugh。

Christel, I guess, you've been in the job for a year now. The organic improvement generally has been pretty good across the group. I just wanted to ask about inorganic actions. I mean there are 2 things I would think about Orange Bank and TOTEM. We see a lot of headlines around Orange Bank. Can you just give us a bit of an update on what you're thinking on both those assets? Do you think it's reasonable to think we could see some kind of inorganic deal across the bank or TOTEM in the next 12 months?

克里斯特爾，我想，你已經工作一年了。整個集團的有機改進總體上相當不錯。我只是想問一下無機行為。我的意思是，關於 Orange Bank 和 TOTEM，我會想到兩件事。我們看到很多關於 Orange Bank 的頭條新聞。您能否向我們介紹一下您對這兩項資產的最新想法？您認為在未來 12 個月內我們可能會在銀行或 TOTEM 上看到某種無機交易嗎？

Thank you. So I think as we've said for the Bank, we are indeed in the process of our strategic review and we have actively looking for partners. We have received interest. We are discussing. But at this stage, no decision has been made, and it's premature to make any further comments.

謝謝。因此，我認為正如我們對世行所說的那樣，我們確實正在進行戰略審查，並且我們正在積極尋找合作夥伴。我們已收到利息。我們正在討論。但現階段尚未做出任何決定，現在發表任何進一步評論還為時過早。

On TOTEM, similar. I mean, as we said, we are focused on the organic growth for TOTEM and we keep on increasing the tenancy ratio on our sites. At the same time, we are part of the overall European landscape for TowerCos, and we would be considering options if they really make sense and create value, as we've said, improving our road share along the base. So again, no further comment to make and no active, I would say, discussion.

在TOTEM上，類似。我的意思是，正如我們所說，我們專注於 TOTEM 的有機增長，並不斷提高我們網站的租賃率。與此同時，我們是 TowerCos 整個歐洲格局的一部分，如果它們確實有意義並創造價值，我們會考慮選擇，正如我們所說，改善我們沿基地的道路份額。再說一遍，沒有進一步的評論，也沒有積極的討論。

And we're moving to Andrew Lee of Goldman Sachs.

我們現在請高盛的安德魯·李 (Andrew Lee) 發言。

I have 2 questions. Just first question was just on your wholesale revenue drag in France in the quarter. Obviously, there's a lumpiness to that. I wonder if you could give us a bit more of an insight into how you see the rest of the year progressing in terms of that lumpiness? And the structural question on that is really, is there any reason to believe at this point that your guidance for wholesale revenue and EBITDAaL losses out to 2025 still holds or that actually you're seeing greater take-up of cofinancing than you might have expected? Those are my 2 key questions.

我有 2 個問題。第一個問題是關於本季度法國批發收入的拖累。顯然，這其中存在一個障礙。我想知道您能否讓我們更深入地了解您如何看待今年剩餘時間在這種混亂方面的進展？關於這一點的結構性問題實際上是，目前是否有任何理由相信您對 2025 年批發收入和 EBITDAaL 損失的指導仍然成立，或者實際上您看到聯合融資的使用量比您預期的要多？這是我的兩個關鍵問題。

If I could have a follow-up. I just wondered if there's any -- deviation in your ability to raise prices at the consumer broadband level dependent on region, i.e., where you have greater network overlap, for example, in the densely populated areas?

如果我能有後續的話。我只是想知道你們在消費者寬帶水平上提高價格的能力是否存在任何偏差，具體取決於區域，即網絡重疊程度更大的地方，例如在人口稠密的地區？

I think, I mean, the wholesale performance in Q1 is fully aligned with our forecast. And so there's no further or no, I would say, improvement or decrease, which is expected around 7% year-on-year for the year. So it's fully in line. And we know -- as you know, I mean, there's the copper and fiber wholesale, but there's also interconnection and low-margin evolution in wholesale, that's also dragging the revenues down. But today, it's exactly as per plan.

我認為，第一季度的批發業績與我們的預測完全一致。因此，我想說，沒有進一步的改善或減少，預計今年同比將增長 7% 左右。所以完全符合。我們知道——正如你所知，我的意思是，有銅纜和光纖批發，但批發中也有互連和低利潤演變，這也拖累了收入。但今天，一切都完全按照計劃進行。

As you know, in France, in particular, we have a lot of discussion with the regulator on the unbundling price for copper on the next phase of regulation as well for fiber and for the copper decommissioning. So there will be active discussion, but it's moving as planned, and we see no change -- absolutely no change to our guidance on that front.

如您所知，特別是在法國，我們與監管機構就下一階段監管中的銅分拆價格以及光纖和銅退役進行了很多討論。因此，將會有積極的討論，但它正在按計劃進行，我們看不到任何變化——我們在這方面的指導絕對沒有變化。

And we're moving on to our next question from Stéphane Beyazian of ODDO BHF.

我們繼續討論 ODDO BHF 的 Stéphane Beyazian 提出的下一個問題。

Yes. I've got 2 follow-ups, if that's possible. I actually 1 follow-up on the bank. Should you have issues to find a partner? Are you still confident anyway that you can lower the losses from the banking operation in Europe in 2023. And can you tell us a little more about actions that can help to reduce the level of losses there? And perhaps 1 question, you've made a lot of changes in the management team. Perhaps 1 yesterday regarding R&D, do you have any specific expectation from your R&D at Orange? Any area of where you think that the company should do better and bring new product, for instance?

是的。如果可能的話，我有兩次後續行動。我實際上對銀行進行了 1 次跟進。您在尋找合作夥伴時是否遇到問題？無論如何，您仍然有信心能夠在 2023 年降低歐洲銀行業務的損失。您能否告訴我們更多有關有助於減少歐洲銀行業務損失水平的行動？也許還有一個問題，您對管理團隊進行了很多調整。也許昨天1關於研發，您對Orange的研發有什麼具體的期望嗎？例如，您認為公司應該在哪些領域做得更好並推出新產品？

Thank you, Stéphane. So on the bank, as you know, we are very -- I mean, on the bank as on everything, we are very focused, obviously, on delivering our guidance and the Orange Bank team are absolutely delivering as per plan. The commercial performance is great, and we have a very solid balance sheet. So we are obviously -- and unfortunately, because we're acquiring customers and structurally, indeed, we are making losses. But I wouldn't say that we will improve drastically the losses in '23. We are very much focused on executing our plan. And the question is more how do we accelerate the breakeven, which is currently foreseen in '25, '26. And that's the reason why we are looking for more strategic options with partners. But on 2023, I don't think it would have -- we will change the plan that we currently have in the guidance.

謝謝你，斯特凡。因此，正如您所知，在銀行方面，我們非常 - 我的意思是，在銀行方面，就像在所有事情上一樣，我們非常專注於提供我們的指導，而 Orange Bank 團隊絕對會按計劃提供服務。商業業績非常好，我們的資產負債表也非常穩健。因此，我們顯然 - 不幸的是，因為我們正在獲取客戶，而且從結構上來說，我們確實正在虧損。但我不會說我們會大幅改善 23 年的損失。我們非常專注於執行我們的計劃。問題更多的是我們如何加速實現盈虧平衡，目前預計將在 25 年、26 年實現。這就是我們與合作夥伴尋求更多戰略選擇的原因。但到 2023 年，我認為不會——我們將改變指南中目前的計劃。

On the R&D and innovation, indeed, we announced yesterday the appointment of Bruno Zerbib as CTIO for the group who -- and he will start on June 1. He will succeed Michael Trabbia, who has been managing this organization for several years. He will bring a fresh perspective on things, but also rely on the large expertise that we have inside. The focus is go as -- I mean as much from virtualization in our networks and improving or accelerating our plan as well as driving the collaboration with our peers also in Europe.

事實上，在研發和創新方面，我們昨天宣布任命 Bruno Zerbib 為該集團的 CTIO，他將於 6 月 1 日開始工作。他將接替 Michael Trabbia，後者多年來一直管理該組織。他將為事物帶來全新的視角，同時也依賴於我們內部擁有的豐富的專業知識。重點是——我的意思是我們網絡中的虛擬化、改進或加速我們的計劃以及推動與歐洲同行的合​​作。

And as you know, we have a number of very important initiatives. The open gateway initiative, which was announced in Barcelona is an important initiative. So it's really delivering our plan, continuing to accelerate on using technology to accelerate our performance and improve the services we bring to customers as well as accelerating on a number of innovations and no doubt that we will come back to you later in the year with more specific examples. But Bruno has been both inside the telecom industry for a long time as well as outside. So he will bring a broad perspective on many initiatives.

如您所知，我們有許多非常重要的舉措。在巴塞羅那宣布的開放網關倡議是一項重要倡議。因此，它確實實現了我們的計劃，繼續加速使用技術來提高我們的績效並改善我們為客戶提供的服務，並加速一些創新，毫無疑問，我們將在今年晚些時候向您提供更多信息具體例子。但布魯諾在電信行業內外工作了很長時間。因此，他將為許多舉措帶來廣闊的視角。

And up next, we have Emmet Kelly from Morgan Stanley.

接下來是摩根士丹利的埃米特·凱利。

Yes. I've got 2 questions, please. The first question is just a follow-up on Andrew's question on the wholesale business. So it looks like the trajectory is EUR 200 million less wholesale revenues in Q1. And if I put that into a full year context, would it be fair to say that the trajectory of wholesale EBITDA declines might be a little bit more front-end loaded in '23 and '24 compared to '25, given the top line that we see in Q1? I think you said you expect EBITDA to be down by EUR 400 million over the 3 years by 2025. So should we expect the phasing to be a little bit more front-end loaded there?

是的。我有 2 個問題請教。第一個問題只是安德魯關於批發業務問題的後續。因此，第一季度的批發收入似乎減少了 2 億歐元。如果我把這一點放在全年的背景下，可以公平地說，與 25 年相比，23 年和 24 年批發 EBITDA 下降的軌跡可能會稍微多一些前端負載，因為我們在第一季度看到？我想您說過，您預計 EBITDA 將在 2025 年的 3 年內減少 4 億歐元。那麼我們是否應該預期分階段的前端負載會稍微增加一點？

And the second question is just coming back to Barcelona, Christel in the speech that you gave at the Mobile World Congress, I know the European Commission has asked for submissions on the fair share debate with tech companies. Do you have any updates that you can share with us this morning, please?

第二個問題是回到巴塞羅那，Christel 在您在世界移動大會上發表的演講中，我知道歐盟委員會已要求就與科技公司的公平份額辯論提交意見。今天早上您有什麼可以與我們分享的最新消息嗎？

Thank you. I will answer first with your second question, and then we'll hand over to Jean-Michel to comment on the wholesale trajectory. On the -- as you know, the European Union, the commission has launched a consultation in which is broadly open to many players on the future of digital infrastructure. So the debate is not the fair share, it's much broader than that. As everyone, we will respond and provide our inputs to this consultation by mid-May and we will be happy to comment in more detail. So it's really too early to say what will come out of this consultation, but at least there is now an open debate on how and who should invest and innovate for the future of our digital infrastructures in Europe, which is an important debate. So no more comments at this stage. Michel...

謝謝。我將首先回答你的第二個問題，然後我們將交給讓-米歇爾來評論整體軌跡。如您所知，在歐盟，該委員會發起了一次磋商，就數字基礎設施的未來向許多參與者廣泛開放。因此，爭論的焦點不是公平份額，而是范圍更廣的問題。作為所有人，我們將在 5 月中旬之前對本次諮詢做出回應並提供意見，並且我們很樂意提供更詳細的評論。因此，現在說這次磋商會產生什麼結果還為時過早，但至少現在就如何以及誰應該為歐洲數字基礎設施的未來進行投資和創新進行了公開辯論，這是一場重要的辯論。所以現階段不再發表評論。米歇爾...

Yes. So Emmet, on wholesale. So again, we have the EUR 1 billion impact on revenues and EUR 400 million in EBITDAaL that we communicated 2 months ago. So we are perfectly in line with that. And indeed, that means that -- well, that means 2 things. First, we have a bit of front loading compared to '25, that's true. And also, we have some lower margins, if not close to 0 margin activities that are a bit softer in Q1. And so these are the 2 elements that explain this number, which does not surprise us at all.

是的。所以艾米特，批發。同樣，我們兩個月前通報的收入影響為 10 億歐元，EBITDAaL 影響為 4 億歐元。所以我們完全符合這一點。事實上，這意味著——嗯，這意味著兩件事。首先，與 25 年相比，我們有一些提前加載，這是事實。此外，我們的利潤率有所下降，即使不是接近於 0 利潤率活動，第一季度的利潤率也有所下降。這就是解釋這個數字的兩個要素，這並不讓我們感到驚訝。

(Operator Instructions) And we now take a question from Georgios Ierodiaconou from Citi.

（操作員說明） 現在我們接受花旗銀行 Georgios Ierodiaconou 的提問。

The first one is regarding Spain and the improvement we've seen this quarter. Just looking through the numbers, I don't know there's been an improvement in the uptrends on convergence. But based on your disclosures, a lot of the improvement has come from non-convergent revenues. And I just wanted to ask if that's more B2B driven? What we have seen in the past some of the other players, is this tend to be a bit lumpy in terms of phasing. So just curious what are the drivers of this improvement and whether you believe that's sustainable in the coming quarters?

第一個是關於西班牙以及我們本季度看到的進步。僅查看數字，我不知道收斂的上升趨勢是否有所改善。但根據您的披露，很多改進來自非收斂收入。我只是想問這是否更受 B2B 驅動？我們過去看到其他一些參與者的情況是，在階段性方面往往有點不穩定。所以只是好奇這種改善的驅動因素是什麼，以及您是否認為這種改善在未來幾個季度可持續？

And my second question is around -- as a follow-up on TOTEM. I know it may be early to comment in detail, but I just wanted to maybe understand your broad thinking around how the asset fits in the portfolio? In particular, what we've seen from some of your peers is after a certain point, the realization that if you allow a TowerCo to behave in maximizing its business, it tends to be a bit draining on the cash flow and sometimes the balance sheet of the owner. So whether deconsolidation is something that could be preferable for you or whether you want to maintain control and whether any partners you see have to be like-minded MNOs or whether you could be perhaps a bit more flexible in that?

我的第二個問題是——作為《圖騰》的後續問題。我知道現在詳細評論可能還為時過早，但我只是想了解您對資產如何融入投資組合的廣泛思考？特別是，我們從一些同行那裡看到的是，在達到某一點之後，我們意識到，如果您允許塔式公司最大化其業務，它往往會消耗現金流，有時甚至會消耗資產負債表業主的。那麼，拆分是否對您來說更有利，或者您是否想要保持控制權，以及您看到的合作夥伴是否必須是志同道合的移動網絡運營商，或者您是否可以在這方面更加靈活一些？

Thank you. So I think on Spain, I mean, the improvement is not coming from -- I mean I'm not sure if your point is that the improvement of the situation or the turnaround is coming from non-convergent revenues, I don't think that's the case. Actually, there's -- it's a combination of several elements. Number one, the reduction of churn. As you know, this was a massive issue a few years back in Spain. So the churn has decreased and we work hard on improving the average revenue per user. So it's really the combination of the 2 that's driving the return to growth. And maybe I don't know if Marie-Noelle wants to give more color, but...

謝謝。所以我認為在西班牙，我的意思是，改善不是來自——我的意思是我不確定你的觀點是否是情況的改善或轉變來自非收斂收入，我不認為就是這樣。事實上，它是幾個元素的組合。第一，減少客戶流失。如您所知，幾年前這在西班牙是一個大問題。因此，流失率有所下降，我們努力提高每個用戶的平均收入。因此，這確實是兩者的結合推動了增長的恢復。也許我不知道瑪麗-諾埃爾是否想賦予更多色彩，但是......

No, nothing more to say. Both B2B and B2C contributes to the growth with a very good B2B activity in Q1 this year. So there's no balance between one and another. They all contribute to growth. The churn is under control. And this is foreseen to continue over 2023.

不，沒什麼可說的了。 B2B 和 B2C 都對增長做出了貢獻，今年第一季度的 B2B 活動非常好。因此，兩者之間不存在平衡。它們都有助於增長。客戶流失情況已得到控制。預計這種情況將持續到 2023 年。

On TOTEM, as we said in the Capital Market day, I mean, for us, driving growth in our infrastructure business is very important. So we do allocate resources to the growth of TOTEM, which is obviously driven by contracts that they can sign not just with Orange as a telco, but with other players. And we will be, I would say, opportunistic and strategic in reviewing opportunities to move forward with the structure of TOTEM only if it creates value, but not just in a move that's just a balance sheet move. So it needs to create business value for Orange as a whole and for TOTEM, of course, but not just tactical, I would say, move on the -- as the deconsolidation move as you mentioned.

在TOTEM上，正如我們在資本市場日所說，我的意思是，對我們來說，推動基礎設施業務的增長非常重要。因此，我們確實為 TOTEM 的發展分配了資源，這顯然是由合同驅動的，他們不僅可以與作為電信公司的 Orange 簽署合同，還可以與其他參與者簽署合同。我想說，只有在創造價值的情況下，我們才會以機會主義和戰略性的方式審查推進 TOTEM 結構的機會，而不僅僅是資產負債表的變動。因此，它需要為 Orange 整體和 TOTEM 創造商業價值，當然，但不僅僅是戰術上的，我想說，繼續前進——就像你提到的拆分行動一樣。

And our last question for today comes from Nick Lyall of Societe Generale.

今天我們的最後一個問題來自法國興業銀行的尼克·萊爾。

Was too pleased, Christel, if I could. The first one was again back to Spain. Could you just tell us what the competitor reaction has been like to the Spanish rises? It looks like everybody is rising -- raising prices apart from Digi possibly. I mean how do you think the EC will view that as part of its investigation. Could you maybe just expand please?

如果可以的話，我太高興了，克里斯特爾。第一個再次回到西班牙。您能否告訴我們競爭對手對西班牙崛起的反應如何？看起來每個人都在上漲——除了 Digi 之外，價格都可能上漲。我的意思是，您認為歐盟委員會將如何看待這一調查的一部分。您可以擴展一下嗎？

Secondly, on the enterprise, it seems like a lot of enterprise changes going through. Is there going to be a large change to restructuring cost because of that? Is that something that might affect guidance a little in terms of cash costs over the next couple of years, too?

其次，在企業方面，似乎正在經歷很多企業變革。重組成本是否會因此而發生較大變化？這是否也會對未來幾年現金成本的指導產生一些影響？

Thank you. So as you know, we're in the process with the European Union and the commission on -- for the approval of the joint venture with MásMóvil and the process has moved to Phase II, as you know, early April. So we are obviously very active responding all questions. The price moves that happened in Spain are really reflecting the pressure on our cost structure with inflation. So it's -- and as a reality, they started to happen way before actually we initiated our transaction with MásMóvil. So we continue to be very strong in our plan with MásMóvil, which will create value for the Spanish customers and the Spanish market.

謝謝。如您所知，我們正在與歐盟和委員會合作，以批准與 MásMóvil 成立合資企業，如您所知，該流程已於 4 月初進入第二階段。所以我們顯然非常積極地回答所有問題。西班牙發生的價格變動確實反映了通貨膨脹對我們成本結構的壓力。所以，事實上，早在我們真正開始與 MásMóvil 進行交易之前，它們就開始發生了。因此，我們繼續堅定地執行與 MásMóvil 的計劃，這將為西班牙客戶和西班牙市場創造價值。

As you know, for us, the JV is really a way to generate more ability to invest in our infrastructure in Spain, and that's our key message with the commission, but obviously, it's too early to comment on the outcome of the process. Maybe I'll let Marie-Noelle comment on the...

如您所知，對我們來說，合資企業確實是一種增強投資西班牙基礎設施能力的方式，這是我們向委員會傳達的關鍵信息，但顯然，現在評論這一過程的結果還為時過早。也許我會讓瑪麗-諾埃爾評論一下……

Just interestingly, when we were discussing with the commission for the Belgium case, we were exactly in the same situation because we increased the prices at the very beginning of the Phase II. And we had that discussion. Unfortunately, these increases are so widespread across all the countries and all operators that we really explained to the commission that it was absolutely 2 separate questions. And that was the point also of the commission for Belgium. So I foresee that for Spain, it will be the case and it will not have any effect on our discussions.

有趣的是，當我們與委員會討論比利時案件時，我們的情況完全相同，因為我們在第二階段一開始就提高了價格。我們進行了討論。不幸的是，這些增長在所有國家和所有運營商中都很普遍，以至於我們向委員會解釋說這絕對是兩個不同的問題。這也是比利時委員會的重點。所以我預計對於西班牙來說，情況會是這樣，這不會對我們的討論產生任何影響。

Then on your question on the transformation of our enterprise business, which we commented in our Capital Market Day, the discussions are moving as per plan, but I will let Jean-Michel provide more colors on the restructuring side.

然後，關於我們在資本市場日評論過的關於我們企業業務轉型的問題，討論正在按計劃進行，但我會讓讓-米歇爾在重組方面提供更多的色彩。

Yes, Nick, so I confirm that the cost of this restructuring plan for the voluntary departure plan is fully embedded into our financial trajectories and the guidance. So no worries on that.

是的，尼克，所以我確認自願離職計劃的重組計劃的成本已完全納入我們的財務軌跡和指導中。所以不用擔心。

And now I would like to hand the call back over to you, Ms. Heydemann for any additional or closing remarks.

現在，海德曼女士，我想將電話轉回給您，請您發表補充或結束語。

Thank you all. So I'd like to wrap up this earnings presentation to conclude by insisting on the fact that our value strategy is on and price increase will deliver impact over H2 or over -- the rest of the year. And as you understood, our transformation is also ongoing. So once again, we are fully confident in achieving our full year guidance, which remains unchanged, and we are in motion. So thanks a lot and look forward to exchanging with you in the next quarter and for H1 results.

謝謝你們。因此，我想在結束本次收益演示時堅持這樣一個事實：我們的價值戰略已經啟動，價格上漲將在下半年或整個今年剩餘時間內產生影響。正如您所了解的，我們的轉型也在持續進行。因此，我們再次對實現全年指導充滿信心，該指導保持不變，並且我們正在行動。非常感謝，並期待在下個季度與您交流上半年的結果。

Thank you. Ladies and gentlemen, that concludes today's call, and you may now disconnect.

謝謝。女士們先生們，今天的通話到此結束，現在您可以掛斷電話了。