Telefonica SA (TEF) 2023 Q2 法說會逐字稿

Good morning. Thank you for standing by, and welcome to Telefónica's January-June 2023 Results Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. I would now like to turn the call over to Mr. Adrian Zunzunegui, Global Director of Investor Relations. Please go ahead, sir.

早上好。感謝您的耐心等待，並歡迎參加西班牙電信 2023 年 1 月至 6 月業績電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。我現在想將電話轉給投資者關係全球總監 Adrian Zunzunegui 先生。請繼續，先生。

Good morning, and welcome to Telefónica's conference call to discuss January-June 2023 results. I'm Adrian Zunzunegui from Investor Relations.

早上好，歡迎參加 Telefónica 的電話會議，討論 2023 年 1 月至 6 月的業績。我是投資者關係部的 Adrian Zunzunegui。

Before proceeding, let me mention that the financial information contained in this document has been prepared under International Financial Reporting Standards as adopted by the European Union. This financial information is unaudited.

在繼續之前，請允許我提及，本文件中包含的財務信息是根據歐盟採用的國際財務報告標準編制的。該財務信息未經審計。

This conference call and webcast, including the Q&A session, may contain forward-looking statements and information relating to the Telefónica Group. These statements may include financial or operating forecasts and estimates or statements regarding plans, objectives and expectations regarding different matters.

本次電話會議和網絡廣播，包括問答環節，可能包含與西班牙電信集團相關的前瞻性陳述和信息。這些陳述可能包括財務或運營預測和估計或有關不同事項的計劃、目標和期望的陳述。

All forward-looking statements involve risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such statements. We encourage you to review our publicly available disclosure documents filed with the relevant securities market regulators. If you don't have a copy of the relevant press release and the slides, please contact Telefónica's Investor Relations team in Madrid or London.

所有前瞻性陳述均涉及風險和不確定性，可能導致最終發展和結果與此類陳述明示或暗示的內容存在重大差異。我們鼓勵您查看我們向相關證券市場監管機構提交的公開披露文件。如果您沒有相關新聞稿和幻燈片的副本，請聯繫西班牙電信位於馬德里或倫敦的投資者關係團隊。

Now let me turn the call over to our Chairman and CEO, Mr. Jose Maria Alvarez-Pallete.

現在讓我將電話轉給我們的董事長兼首席執行官 Jose Maria Alvarez-Pallete 先生。

Good morning, and welcome to Telefonica's second quarter results conference call. With me today are Angel Vila, Laura Abasolo, Eduardo Navarro and Lutz Schuler. As usual, we will first take you through the slides, and we'll then be happy to take your questions. During the second quarter, we continued to focus on our strategic objectives and delivered on our goals. We improved our position in all core markets. In Spain, retail revenue growth improved, and we progressed towards OIBDA stabilization. In Brazil, OIBDA minus CapEx performance was outstanding with more than 30% annual growth, while revenue grew above inflation, thanks to a strong operational performance.

早上好，歡迎參加西班牙電信第二季度業績電話會議。今天與我在一起的有安吉爾·維拉 (Angel Vila)、勞拉·阿巴索洛 (Laura Abasolo)、愛德華多·納瓦羅 (Eduardo Navarro) 和盧茨·舒勒 (Lutz Schuler)。像往常一樣，我們將首先帶您瀏覽幻燈片，然後我們很樂意回答您的問題。第二季度，我們繼續聚焦戰略目標，實現目標。我們提高了在所有核心市場的地位。在西班牙，零售收入增長有所改善，我們在 OIBDA 穩定方面取得了進展。在巴西，OIBDA 扣除資本支出後的表現非常出色，年增長率超過 30%，而得益於強勁的運營業績，收入增長高於通脹。

In Germany, the first half results showed a strong performance and continued momentum with excellent progress in 5G deployment to 90% pop coverage in a normalized CapEx-to-sales envelope. Finally, in the U.K., we accelerated the network rollout in Ultra broadband and 5G, along with a sequential improvement in revenue and OIBDA growth based on synergies which we are executing above plan. We see opportunities from in-market consolidation in Spain and the U.K. over the next years. In Spain, copper switch off in April 2024 is an important milestone. In Brazil, we focus on growth and lower capital intensity and the B2C consistent opportunity. In Germany, good customer demanding of more for more tariffs underpins future growth ambitions. And in the U.K., we will benefit from synergy realization until 2026.

在德國，上半年業績顯示出強勁的業績和持續的勢頭，5G 部署取得了出色的進展，在標準化的資本支出與銷售範圍內達到了 90% 的人口覆蓋率。最後，在英國，我們加快了超寬帶和 5G 網絡的推出，基於我們正在執行的上述計劃的協同效應，收入和 OIBDA 增長也得到了連續改善。我們看到未來幾年西班牙和英國市場整合的機會。在西班牙，2024 年 4 月銅礦停產是一個重要的里程碑。在巴西，我們關注增長和較低的資本密集度以及 B2C 一致的機會。在德國，優質客戶對更高關稅的要求支撐著未來的增長雄心。在英國，我們將在 2026 年之前受益於協同效應的實現。

Group-wise, Telefónica Tech continues to outgrow its market with solid revenue growth and continued to be a source of value while Telefónica Infra further develop our fiber vehicles and looks for consolidation opportunities. Telefónica Hispam announced 2 important deals, the MOU network sharing agreement in Colombia with Tigo and the agreement with KKR and Entel Chile to create the largest neutral wholesale fiber co in Peru. 32 telcos have already joined open gateway initiative, and we are fostering the development of artificial intelligence-based use cases.

從集團角度來看，Telefónica Tech 憑藉穩健的收入增長繼續超越市場，並繼續成為價值來源，而 Telefónica Infra 進一步開發我們的光纖車輛並尋找整合機會。 Telefónica Hispam 宣布了兩項重要交易：與 Tigo 在哥倫比亞簽署的諒解備忘錄網絡共享協議以及與 KKR 和 Entel Chile 簽署的協議，以創建秘魯最大的中立光纖批發公司。 32 家電信公司已加入開放網關計劃，我們正在促進基於人工智能的用例的開發。

Finally, from a regulatory point of view, the next months are key for fair share regulation and consolidation among others. Please turn to Slide 3 for our second quarter results that show increasingly profitable and sustainable growth.

最後，從監管的角度來看，未來幾個月是公平份額監管和整合等的關鍵。請參閱幻燈片 3，了解我們第二季度的業績，該業績顯示利潤不斷增長且可持續增長。

This is the fifth consecutive quarter of reported revenue growth, thanks to a strong commercial momentum in value accesses backed by increasing coverage of next-generation networks that helps us strengthening the relationship with our customers with sustained high NPS levels along these lines, service revenue grew 3.4% year-on-year, showing the pricing power we built in our business. B2B that grow 6.9% year-on-year remains a strong driver as well as we continue to outgrow both our peers and the markets in which we operate. The above also results into low churn levels with coupled with cost efficiencies and digitalization measures helps to improve organic OIBDA growth sequentially as much as 2.4 percentage points versus the last quarter to 3.5% year-on-year growth. This trend is visible in all core units. This operating leverage in the business is the main driver behind the higher margin contained capital intensity and active management on all free cash flow items, notably in our debt cost, helps operating performance to flow through free cash flow, which is almost twice what we generated in the first quarter of the year and grows year-on-year to EUR 842 million for a total of EUR 1.3 billion in the first 6 months of the year.

這是報告收入連續第五個季度增長，這得益於下一代網絡覆蓋範圍不斷擴大所支持的價值訪問的強勁商業勢頭，這有助於我們通過持續的高 NPS 水平加強與客戶的關係，服務收入增長同比增長 3.4%，顯示了我們在業務中建立的定價能力。 B2B 同比增長 6.9% 仍然是強勁的推動力，我們的增長速度繼續超過同行和我們所在的市場。上述因素還導致了較低的客戶流失率，再加上成本效率和數字化措施，有助於提高 OIBDA 的有機增長，較上季度提高 2.4 個百分點，同比增長 3.5%。這種趨勢在所有核心單位中都可見。業務中的這種經營槓桿是更高利潤率背後的主要驅動力，包含資本密集度和對所有自由現金流項目（特別是我們的債務成本）的主動管理，有助於通過自由現金流來實現經營業績，自由現金流幾乎是我們產生的兩倍今年第一季度的收入同比增長至 8.42 億歐元，今年前 6 個月的收入總額為 13 億歐元。

To sum it up, improve EBITDA and free cash flow momentum. Moving to Slide 4 for a detailed financial update. In organic terms, revenue, OIBDA and OIBDA minus CapEx grew in the second quarter by 3.3%, 3.5% and 3.4%, respectively. In reported terms, revenue grew 0.9% year-on-year and EBITDA was stable despite the negative FX impact this quarter. Net income increased 44.5% in the second quarter of this year to EUR 462 million, reaching EUR 760 million in the first half of the year. Free cash flow reached EUR 842 million in the quarter and EUR 1.3 billion in the first half of the year, while June net financial debt declined 3.9% year-on-year to EUR 27.5 billion.

總而言之，提高 EBITDA 和自由現金流動力。轉到幻燈片 4 了解詳細的財務更新。從有機角度來看，第二季度收入、OIBDA 和 OIBDA 減去資本支出分別增長了 3.3%、3.5% 和 3.4%。從報告來看，儘管本季度受到外匯影響，但收入同比增長 0.9%，EBITDA 保持穩定。今年第二季度淨利潤增長44.5%，達到4.62億歐元，上半年達到7.6億歐元。本季度自由現金流達到 8.42 億歐元，上半年達到 13 億歐元，而 6 月份淨金融債務同比下降 3.9% 至 275 億歐元。

Moving to Slide 5. We show a strong first half of the year performance and the expected evolution of our business, thanks to a strong commercial and operating momentum give us confidence to upgrade our group guidance for this year. We are moving up from our previous guidance of low single-digit growth for both revenues and OIBDA to organic revenue year-on-year growth of around 4% organic OIBDA year-on-year growth of around 3%, while we keep our CapEx to sales organic guidance and change at around 14%. This upgraded guidance at both revenues and OIBDA coupled with unchanged capital intensity levels make us extremely confident with free cash flow generation for the year.

轉到幻燈片 5。由於強勁的商業和運營勢頭，我們展示了今年上半年的強勁業績和預期的業務發展，這讓我們有信心升級今年的集團指導。我們將之前收入和 OIBDA 的低個位數增長指引上調為有機收入同比增長 4% 左右，有機 OIBDA 同比增長 3% 左右，同時我們保持資本支出銷售有機指導變化約 14%。收入和 OIBDA 的指導升級，加上資本密集度水平不變，使我們對今年自由現金流的產生非常有信心。

We expect to stand late -- to stand above latest consensus estimate and generate significantly more free cash flow in the second half of the year for a full free cash flow figure that excluding spectrum should not be far from the EUR 4 billion mark. Furthermore, we will propose to the shareholders' meeting the adoption of the corresponding corporate resolutions for the cancellation of 1.4% of shares held as treasury stock at the 30th of June 2023. This, together with our confirmed EUR 0.3 per share dividend implies a very attractive shareholder remuneration scheme, a consequence of our strong confidence in our free cash flow generation capacity.

我們預計將在下半年實現高於最新一致預期的目標，並在下半年產生更多的自由現金流，以實現完整的自由現金流數字，排除頻譜後，該數字應該離 40 億歐元大關不遠。此外，我們將提議股東大會通過相應的公司決議，註銷 2023 年 6 月 30 日持有的 1.4% 庫存股。這與我們確認的每股 0.3 歐元股息一起意味著非常大的股息。有吸引力的股東薪酬計劃，這是我們對自由現金流產生能力充滿信心的結果。

Turning to Slide 6. I would like to provide a glimpse of our progress across the pillars of ESG. On the environmental side, VMO2's net zero targets has been validated by the renowned science-based target initiative, a validation received by Telefónica Group last year, the first in the sector to achieve it. We have also introduced take back, reusing and recycling targets in line with the sector push to address the circularity of devices. With regard to the social pillar, we continue to connect more people directly and via network agreements to improve and extend coverage. We also helped to boost around 1.2 million people's employment prospects via our foundation. Within the company, women now represent just over 32% of executives positioning us well on track to achieve our 2024 target of 33%.

轉向幻燈片 6。我想簡要介紹一下我們在 ESG 支柱方面取得的進展。在環境方面，VMO2 的淨零目標已得到著名的基於科學的目標倡議的驗證，西班牙電信集團去年獲得了這一驗證，這是該行業中第一個實現該目標的公司。我們還根據行業推動解決設備循環問題的要求，引入了回收、再利用和回收目標。在社會支柱方面，我們繼續通過網絡協議直接連接更多人，以改善和擴大覆蓋範圍。我們還通過我們的基金會幫助改善了約 120 萬人的就業前景。在公司內部，女性高管目前僅佔 32% 以上，這使我們有望實現 2024 年 33% 的目標。

On the governance side, we highlight the award by Global Capital for our sustainable finance issuance. The launch of our ESG Academy to provide training for our employees and that we are protecting our customers from cyber attacks. I will now hand over to Angel to give you an overview of the progress across the operating business.

在治理方面，我們重點關注 Global Capital 因我們的可持續金融發行而獲得的獎項。我們推出 ESG 學院，為我們的員工提供培訓，並保護我們的客戶免受網絡攻擊。現在我將請Angel向大家介紹一下整個運營業務的進展情況。

Thank you, Jose Maria. Moving to Slide 7, we review Telefónica Spain performance. Q2 results again confirmed a stronger commercial momentum and OIBDA trend improvement. Fixed broadband and contract customers simultaneously grew year-on-year for the first time since the pandemic. Our leading churn remained at historic lows and our industry-leading convergent ARPU kept growing year-on-year. NPS remains best-in-class and increased by 10 percentage points year-on-year to 48%. This allowed us to increase customer lifetime by 23% year-on-year to 9 years. All this proves the leading position of Movistar in a competitive but rational market and the benefits of our strategy to focus on value share. As such, we continue to build on our smart bundling experience and premium assets.

謝謝你，何塞·瑪麗亞。轉到幻燈片 7，我們回顧了 Telefónica 西班牙公司的表現。第二季度的業績再次證實了更強勁的商業勢頭和 OIBDA 趨勢的改善。自疫情以來，固定寬帶和合同客戶首次同比增長。我們的領先客戶流失率保持在歷史低位，行業領先的融合 ARPU 同比持續增長。 NPS 仍然是同類最佳，同比增長 10 個百分點，達到 48%。這使我們的客戶壽命同比增加了 23%，達到 9 年。這一切都證明了Movistar在競爭激烈但理性的市場中的領先地位，以及我們專注於價值份額的戰略的好處。因此，我們將繼續鞏固我們的智能捆綁經驗和優質資產。

Recently, we have announced the update of our conversion portfolio, adding more value and the launch of a new over-the-top proposal, another step to further boost commercial activity and top line growth. Service revenues in the second quarter maintained momentum. While retail revenue year-on-year growth accelerated by 0.2 percentage points versus the first quarter on the back of tariff updates, improved commercial activity and sustained double-digit growth in IT revenues.

最近，我們宣布更新我們的轉換投資組合，增加更多價值並推出新的頂級提案，這是進一步促進商業活動和營收增長的又一步。第二季度服務收入保持增長勢頭。由於關稅更新、商業活動改善以及 IT 收入持續兩位數增長，零售收入同比增長較第一季度加快 0.2 個百分點。

OIBDA declined slow to minus 1% year-on-year, and it is progressively stabilizing, plus 0.7 percentage points improvement versus Q1, driven by lower content costs and network transformation efficiencies, all of which gives us confidence to continue aiming for stabilization at some point in the second half of the year. OIBDA minus CapEx margin remained at benchmark low levels despite a higher CapEx intensity in Q2, which will soften in the second half of the year.

OIBDA 同比緩慢下降至-1%，並且正在逐步穩定，在內容成本下降和網絡轉型效率的推動下，比第一季度提高了 0.7 個百分點，所有這些都讓我們有信心繼續致力於在某些領域實現穩定。下半年的一個點。儘管第二季度資本支出強度較高，但 OIBDA 減去資本支出的利潤率仍處於基準低水平，而下半年資本支出強度將減弱。

Moving to Germany on Slide 8, which continued its robust growth path, with another quarter of good operational action and sustained financial performance. The company implemented its more for more strategy across all brands and portfolios, which has been well received by customers. There has been good commercial traction on the back of strong own brand momentum and normalized churn rates. Telefónica Deutschland made good progress with densification and further rollout of its 5G networks, all within a normalized CapEx envelope. As a result, 90% of 5G pop coverage target set for the year was already achieved in Q2.

幻燈片 8 轉向德國，德國繼續保持強勁的增長勢頭，又一個季度實現了良好的運營行動和持續的財務業績。該公司在所有品牌和產品組合中實施了“多多多”策略，受到了客戶的好評。強大的自有品牌勢頭和正常化的客戶流失率帶來了良好的商業吸引力。 Telefónica Deutschland 在緻密化和進一步推出 5G 網絡方面取得了良好進展，所有這些都在標準化的資本支出範圍內。因此，第二季度已經實現了全年 90% 的 5G 人口覆蓋目標。

Organic revenue was up 4.4% year-on-year, while OIBDA grew 2.8% year-on-year, accelerating 1.1 percentage points quarter-on-quarter, supported by improved operational leverage mainly in mobile, which was partially offset by anticipated cost increases. Finally, the company narrows the full year '23 revenue and OIBDA outlook to upper range of low single-digit growth on back of strong first half performance and continued momentum.

有機收入同比增長 4.4%，OIBDA 同比增長 2.8%，環比加快 1.1 個百分點，主要得益於移動領域運營槓桿的改善，但預期成本增長部分抵消了這一影響。最後，由於上半年強勁的業績和持續的增長勢頭，該公司將 23 年全年收入和 OIBDA 前景縮小至低個位數增長的上限。

We now move on to Slide 9 to the U.K. and our joint venture Virgin Media O2 that continues to focus on expanding the ultra-broadband network, which now cover a total of 16.4 million premises and with 5G connectivity now available in over 2,800 cities. Amidst the tough economic climate, fixed and mobile price rises were implemented during April and May and are starting to flow through to Q2 figures. O2 mobile contract churn showed improvement to 0.9%, driven by loyalty initiatives. Revenue growth accelerated to 6.2%, whilst OIBDA reached 3.7%, both sequentially improving underpinned by next fiber construction revenue and the implementation of price increases.

現在我們將目光轉向英國的 Slide 9 和我們的合資企業 Virgin Media O2，該公司繼續專注於擴展超寬帶網絡，該網絡現已覆蓋總共 1,640 萬個場所，並在 2,800 多個城市提供 5G 連接。在嚴峻的經濟環境下，固定和移動價格上漲於 4 月和 5 月實施，並開始影響到第二季度的數據。在忠誠度計劃的推動下，O2 移動合同流失率改善至 0.9%。收入增長加速至 6.2%，而 OIBDA 達到 3.7%，在下一個光纖建設收入和價格上漲實施的支撐下，兩者均連續改善。

OIBDA performance reflects ongoing synergy realization which stands above plans and which will support future OIBDA growth. VMO2, within its ambitious better connections plan has announced a reduction in carbon emissions of 29% Scope 1 and 2 against the 2020 baseline and its net zero targets across the value chain were validated by SBTi.

OIBDA 業績反映了持續的協同效應實現，高於計劃，並將支持未來的 OIBDA 增長。 VMO2 在其雄心勃勃的更好連接計劃中宣布，範圍 1 和範圍 2 的碳排放量較 2020 年基線減少 29%，並且其整個價值鏈的淨零目標已得到 SBTi 的驗證。

Moving to Brazil on Slide 10. We will continue to achieve very strong results despite Oi deal (inaudible) since Q2 '23. We have been consistently increasing our market share since the Oi Mobile acquisition reaching a mobile market share of 39% or 44% in the contract segment. The improvement of the accesses quality, coupled with upgrading and price increases results in 8% growth in mobile ARPU while contract churn continued its declining trend to 1%, its lowest level ever. Revenue grew by 7.6% year-on-year in Q2 '23 well above inflation which together with cost discipline and the reduction in CapEx intensity allows us to deliver an exceptional plus 29.2% year-on-year growth in OIBDA minus CapEx in the first half of the year.

轉到幻燈片 10 上的巴西。儘管自 23 年第二季度以來與 Oi 達成了協議（聽不清），我們仍將繼續取得非常強勁的業績。自從收購 Oi Mobile 以來，我們的市場份額一直在持續增加，在合同領域的移動市場份額達到 39% 或 44%。接入質量的提高，加上升級和價格上漲，導致移動 ARPU 增長 8%，而合同流失率繼續呈下降趨勢，降至 1%，為有史以來的最低水平。 23 年第 2 季度收入同比增長 7.6%，遠高於通脹，再加上成本控制和資本支出強度的降低，使我們能夠在第一季度實現 OIBDA 減去資本支出後同比增長 29.2%半年。

Slide 11 reviews the performance of Telefónica Tech, our leading IT provider for B2B digitalization. T-Tech has completed a 3-year cycle as a fully operational company, achieving a leading position as a provider of high-value integrated solutions in EMEA and the Americas. Telefónica Tech is now entering a new cycle with a new organizational model. In Q2 '23, businesses and portfolio have been unified to provide the best service and maximize the opportunity in all markets. Cloud will be the enabler of IoT, big data and AI. And cybersecurity will be embedded in all the processes. This new operational model, together with the global extension of capabilities will create synergies and make Telefónica Tech more efficient and further increase its contribution as a key differential growth driver for Telefonica's B2B revenue.

幻燈片 11 回顧了我們領先的 B2B 數字化 IT 提供商 Telefónica Tech 的業績。 T-Tech 作為一家全面運營的公司已經完成了 3 年周期，在歐洲、中東和非洲 (EMEA) 和美洲地區取得了作為高價值集成解決方案提供商的領先地位。 Telefónica Tech 現在正在進入一個具有新組織模式的新周期。在 2023 年第二季度，業務和投資組合已統一，以提供最好的服務並最大限度地利用所有市場的機會。雲將成為物聯網、大數據和人工智能的推動者。網絡安全將嵌入到所有流程中。這種新的運營模式，加上全球範圍內的能力擴展，將產生協同效應，使 Telefónica Tech 更加高效，並進一步提高其作為 Telefonica B2B 收入關鍵差異化增長驅動力的貢獻。

In Q2, Telefónica Tech outperformed the market again with 36% year-on-year revenue growth. In constant perimeter, revenue growth accelerated by 2 percentage points to 29% year-on-year. Our highly skilled team of over 6,000 professionals with close to 4,000 certifications in strategic partners technologies continue to be the key asset for Telefónica Tech to deliver a differentiated digitalization journey. Our visibility of future revenue is high, supported by an increase in last 12 months bookings of 35% year-on-year.

第二季度，Telefónica Tech 的收入同比增長 36%，再次跑贏大盤。按固定周長計算，收入同比增長加快 2 個百分點，達到 29%。我們的高技能團隊由 6,000 多名專業人士組成，擁有近 4,000 項戰略合作夥伴技術認證，仍然是 Telefónica Tech 提供差異化數字化之旅的關鍵資產。我們對未來收入的預見性很高，這得益於過去 12 個月的預訂量同比增長 35%。

On Slide 12, at Telefónica Infra, we crystallized the value of our assets and capabilities. First, we continue to execute and scale up our fiber plans, and have already passed 19 million premises in underserved and/or low density areas after incorporating PangeaCo in Peru. Telefónica Infra continues adding to Telefónica Group leading worldwide position in fiber-to-the-home deployment. A few weeks ago, Telefónica Hispam reached an agreement with KKR and Entel Peru and will hold 36%, 54% and 10% stakes, respectively, in the new fiber company. It will be the first nationwide open access wholesale fiber co with a target of passing 5.2 million premises at the end of 2026, doubling the current footprint.

在幻燈片 12 上，Telefónica Infra 明確了我們的資產和能力的價值。首先，我們繼續執行和擴大我們的光纖計劃，在秘魯合併 PangeaCo 後，我們已經在服務欠缺和/或低密度地區覆蓋了 1900 萬個場所。 Telefónica Infra 繼續增強 Telefónica 集團在光纖到戶部署領域的全球領先地位。幾週前，Telefónica Hispam與KKR和Entel Peru達成協議，將分別持有新光纖公司36%、54%和10%的股份。它將成為全國第一家開放接入批發光纖公司，目標是到 2026 年底覆蓋 520 萬個場所，是目前足蹟的兩倍。

To highlight also that Nexfibre in the U.K. is in June commercially live and consumers can already connect to Nexfibre's hyper-fast network with the latest XGS-PON architecture. Telxius, the critical digital infrastructure with 7 next-generation subsea cables built since 2018, posted the sixth consecutive quarter of organic OIBDA growth and expanded OIBDA margin by 1.7 percentage points to 53% in the first half. I will now hand it over to Laura, who will review Hispam's operations and the group financial results.

還要強調的是，英國的 Nexfibre 將於 6 月投入商業運營，消費者已經可以使用最新的 XGS-PON 架構連接到 Nexfibre 的超高速網絡。 Telxius 是重要的數字基礎設施，自 2018 年以來已建成 7 條下一代海底電纜，該基礎設施連續第六個季度實現 OIBDA 有機增長，上半年 OIBDA 利潤率擴大了 1.7 個百分點，達到 53%。我現在將其交給 Laura，她將審查 Hispam 的運營和集團財務業績。

Thank you, Angel. Moving to Telefónica Hispam. We continue with the execution of our strategy to reduce the exposure to the region and make the business more profitable. On June 12, Telefónica Colombia, signed an MOU with Millicom for sharing the mobile access network in Colombia. This agreement will help improve the quality of mobile services and lead to a more efficient use of resources. In addition, Telefónica Hispam reached an agreement with PangeaCo in Peru, as Angel mentioned before. Overall results were solid. Revenues were relatively stable year-on-year despite the tough competitive environment, while OIBDA continues to be affected by the growth of commercial costs driven by FibreCo. However, we expect a better OIBDA trend in the next quarters, and we maintain our ambition to grow OIBDA minus CapEx in 2023.

謝謝你，天使。轉移到 Telefónica Hispam。我們繼續執行我們的戰略，以減少對該地區的風險並提高業務利潤。 6 月 12 日，西班牙電信哥倫比亞公司與 Millicom 簽署諒解備忘錄，共享哥倫比亞移動接入網絡。該協議將有助於提高移動服務質量並更有效地利用資源。此外，正如Angel之前提到的，Telefónica Hispam與秘魯的PangeaCo達成了協議。總體結果是可靠的。儘管競爭環境嚴峻，但收入同比相對穩定，而 OIBDA 繼續受到 FibreCo 推動的商業成本增長的影響。然而，我們預計未來幾個季度 OIBDA 的趨勢會更好，並且我們仍然保持在 2023 年實現 OIBDA 減去資本支出增長的目標。

Turning to Slide 14. Telefónica maintains about 80% of its debt into fixed rates, mainly in Europe, with an average life of 12.4 years, which places us in a comfortable position to face any market environment. We maintained a solid liquidity position of EUR 20.2 billion that together with the live maturity profile allows us to cover debt maturities over the next 3 years. Meanwhile net financial debt declined from EUR 28.6 billion in June 2022 to EUR 27.5 billion in June 2023. Net debt-to-EBITDA ratio improved from 2.79 to 2.62x in the same period. We have also contained our debt-related interest costs at 3.47%, thanks to the active refinancing exercise undertaken along previous years and the solid position at fixed interest rates in strong currencies that allows immunization to the environment of raising interest rates.

轉向幻燈片 14。西班牙電信將其約 80% 的債務維持為固定利率，主要在歐洲，平均期限為 12.4 年，這使我們能夠輕鬆應對任何市場環境。我們保持了 202 億歐元的穩健流動性頭寸，加上實時到期情況，使我們能夠在未來 3 年內償還債務到期。與此同時，淨金融債務從 2022 年 6 月的 286 億歐元下降至 2023 年 6 月的 275 億歐元。同期淨債務與 EBITDA 的比率從 2.79 倍改善至 2.62 倍。我們還將債務相關利息成本控制在 3.47%，這要歸功於前幾年積極進行的再融資活動，以及強勢貨幣固定利率的穩固地位，使我們能夠免受加息環境的影響。

I will now hand back to Jose Maria, who will explain the completion of our transformation journey and wrap up.

現在我將交回給何塞·瑪麗亞，他將解釋我們轉型之旅的完成情況並進行總結。

Thank you, Laura. Now at the end of the presentation, let me talk about the transformation process we have gone through enabling us to deliver these strong results and allowing us to update the guidance and making us feel optimistic about the future. At Telefónica, we have always been at the forefront of technological change to ensure our success in the future. Change is on our DNA.

謝謝你，勞拉。現在，在演講結束時，讓我談談我們所經歷的轉型過程，使我們能夠取得這些強勁的成果，使我們能夠更新指導方針，並使我們對未來感到樂觀。在西班牙電信，我們始終走在技術變革的最前沿，以確保我們未來的成功。改變是我們的基因。

We transform the way we serve our customers, turning our customers into next-generation infrastructure that transport more and more data with systems that store more and more information with massive processing capacity. We were early to invest in fiber and 5G and are now the first scale telecom operator to shut down its copper network, but that is just the most visible technological change. We have virtualized and softwarized our networks and used AI since several years ago. We are now at a stage where we can do real-time service customization and are able to offer network as a service and network slicing.

我們改變為客戶服務的方式，將客戶轉變為下一代基礎設施，通過具有巨大處理能力的存儲越來越多信息的系統來傳輸越來越多的數據。我們很早就投資了光纖和5G，現在是第一家關閉銅線網絡的規模電信運營商，但這只是最明顯的技術變化。自幾年前以來，我們已經對網絡進行了虛擬化和軟件化，並使用了人工智能。我們現在正處於可以進行實時服務定制、能夠提供網絡即服務和網絡切片的階段。

Technology has helped us transform our revenue functions, and we now generate 75% of our revenues from ultra broadband connectivity and digital services, up from 46% in 2015. We made our organic revenue grow again for the last 9 quarters. We grow in B2C, where we hit record lows in churn levels when at the same time, NPS has never been higher, thanks to this new way to interact with customers. We build digital ecosystems to capture new revenue opportunities. We have outgrown both our peers and the market in B2B, and we have increased our wholesaling capacity.

技術幫助我們轉變了收入職能，現在我們 75% 的收入來自超寬帶連接和數字服務，高於 2015 年的 46%。過去 9 個季度，我們的有機收入再次增長。我們在 B2C 領域取得了增長，客戶流失率創下歷史新低，同時 NPS 也達到了前所未有的水平，這要歸功於這種與客戶互動的新方式。我們建立數字生態系統來捕捉新的收入機會。我們在 B2B 領域的發展已經超越了同行和市場，並且我們還提高了批發能力。

We have as well transformed our OpEx and CapEx functions. 83% of our processes are now digitized from 50% back in 2016. We have taken huge steps in virtualization, softwarization, automation towards zero-touch networks. Capital intensity continues trending downwards from 16.7% back in 2016 to 14% at the end of 2023. Deployments are mostly behind and legacy shutdowns are mostly digested.

我們還轉變了運營支出和資本支出職能。我們 83% 的流程已從 2016 年的 50% 數字化。我們在虛擬化、軟件化、自動化方面邁出了巨大步伐，邁向零接觸網絡。資本密集度繼續呈下降趨勢，從 2016 年的 16.7% 降至 2023 年底的 14%。部署大部分落後，遺留的停工大部分已被消化。

With this technological transformation, we have positioned ourselves to full benefit from the next wave of growth and emerging business opportunities. We are ready for the future.

通過這次技術轉型，我們已做好準備，充分受益於下一波增長和新興商機。我們已為未來做好準備。

Moving to Slide 16. We have further confidence in our ability to continue to deliver a strong and growing free cash flow generation in the coming years. To be precise, we are projecting free cash flow growth in the next 3-year strategic plan, which we plan to detail in our Capital Markets Day to be held in Madrid on November 8, together with our Q3 results release. As said, free cash flow growth is the ambition behind this new plan on which we have been working since late last year, based on these 3 main pillars. Our company and sector vision, including a new company program based on growth, profitability and sustainability.

轉向幻燈片 16。我們對未來幾年繼續產生強勁且不斷增長的自由現金流的能力更加充滿信心。準確地說，我們在下一個三年戰略計劃中預計自由現金流的增長，我們計劃在 11 月 8 日於馬德里舉行的資本市場日以及第三季度業績發布中詳細介紹這一計劃。如前所述，自由現金流增長是這項新計劃背後的雄心，我們自去年年底以來一直在基於這三個主要支柱致力於該計劃。我們的公司和行業願景，包括基於增長、盈利能力和可持續性的新公司計劃。

With our customers at the center through technology and automation, we will continue to have a better understanding of our customers' needs and create better customer experiences, always aiming a long-term satisfaction with customer empathy at the core. Technology and AI to continue the transformation process of Telefónica. We have been using technology for years to shape our company for the future. We will continue doing so both internally and externally. With efficiency as the ultimate driver of decisions and a clear focus on free cash flow growth to increase financial flexibility, reduce leverage and reward shareholders.

通過技術和自動化，以客戶為中心，我們將繼續更好地了解客戶的需求，創造更好的客戶體驗，始終以客戶同理心為核心，實現長期滿意度。技術和人工智能將繼續西班牙電信的轉型進程。多年來，我們一直在利用技術來塑造我們公司的未來。我們將繼續在內部和外部這樣做。將效率作為決策的最終驅動力，並明確關注自由現金流增長，以提高財務靈活性、降低杠桿率並獎勵股東。

Key levers behind free cash flow growth are the following: Revenue growth, we are growing again our revenue since the second quarter of 2021 organically. We aim to maintain this strong momentum backed by a growing digital business, including tech and digital B2C ecosystem. The ARPU up policies across our B2C operations, our differential B2B growth and a new API-based ways to monetize next-generation networks to allow us to continue this path of profitable growth.

自由現金流增長背後的關鍵槓桿如下： 收入增長，自 2021 年第二季度以來，我們的收入再次有機增長。我們的目標是在不斷增長的數字業務（包括技術和數字 B2C 生態系統）的支持下保持這一強勁勢頭。我們的 B2C 業務中的 ARPU 上升政策、差異化的 B2B 增長以及基於 API 的新方式使下一代網絡貨幣化，使我們能夠繼續這條盈利增長之路。

And again, efficiency. We continue exploring sources of efficiency at both the OpEx and leases level, deriving from legacy decommissioning, AI-driven softwarization of networks and CRM, content optimization and others which we will share with you at our Capital Markets Day. We also aim to continue to optimize CapEx via legacy switch-offs, traffic optimization, AI softwarization, sharing and others that should allow us to further reduce capital intensity. We are very much looking forward to greeting all of you in our premises on November 8, where we will share all the details.

再次，效率。我們繼續探索運營支出和租賃層面的效率來源，源自遺留退役、人工智能驅動的網絡和 CRM 軟件化、內容優化以及我們將在資本市場日與您分享的其他內容。我們還旨在通過傳統關閉、流量優化、人工智能軟件化、共享等方式繼續優化資本支出，從而進一步降低資本密集度。我們非常期待 11 月 8 日在我們的場所與大家見面，屆時我們將分享所有詳細信息。

To recap on Slide 17, Q2 posted good earnings momentum and continue to deliver value for our shareholders. First, we remain confident in our strategy and in our ability to maximize value for shareholders. Revenue and OIBDA grew organically and OIBDA improved sequentially on the back of our operating leverage. Second, we continue to build on our network leadership and remain on track to expand our fiber to the home and 5G coverage. Thanks to our pioneering in digitalization and AI applications, we are in the best position to increase efficiency and capture new opportunities such as open gateway. Free cash flow improved in the second quarter, and we expect this to continue along 2023. As such, we remain committed to maintain an investment-grade credit rating and to leverage reduction.

回顧幻燈片 17，第二季度呈現出良好的盈利勢頭，並繼續為我們的股東創造價值。首先，我們對我們的戰略和為股東實現價值最大化的能力充滿信心。收入和 OIBDA 有機增長，OIBDA 在我們的運營槓桿的支持下連續改善。其次，我們繼續鞏固我們的網絡領先地位，並繼續擴大光纖到戶和 5G 覆蓋範圍。得益於我們在數字化和人工智能應用方面的領先地位，我們處於提高效率和抓住開放網關等新機遇的最佳位置。第二季度自由現金流有所改善，我們預計這種情況將持續到 2023 年。因此，我們仍然致力於維持投資級信用評級並降低杠桿率。

Third, Guidance for 2023 is upgraded based on the strong revenue and OIBDA momentum. We will amortize 1.4% of treasury stock and we re-confirm our dividend for 2023. Expect this strong momentum to continue going forward. Save the date for the Capital Markets Day. We are calling for the next November 8, where we will present our new 2023-2026 strategic plan and company vision with a clear focus on growing free cash flow. We have been working on this plan for several months, and we are excited about what we are going -- what we are seeing. Full details will be shared then. But we have a solid starting point for a bright free cash flow outlook for the next years. Thank you very much for listening. We are now ready to take your questions.

第三，基於強勁的收入和 OIBDA 勢頭，升級了 2023 年指引。我們將攤銷 1.4% 的庫存股，並重新確認 2023 年的股息。預計這種強勁勢頭將繼續向前發展。將日期保留為資本市場日。我們呼籲在下一個 11 月 8 日公佈我們新的 2023-2026 年戰略計劃和公司願景，明確重點是增加自由現金流。我們已經為這個計劃努力了幾個月，我們對我們即將發生的事情以及我們所看到的事情感到興奮。屆時將分享完整的詳細信息。但我們為未來幾年光明的自由現金流前景奠定了堅實的基礎。非常感謝您的聆聽。我們現在準備好回答您的問題。

(Operator Instructions) We will now take the first question from the line of Yemi Falana from Goldman Sachs.

（操作員說明）我們現在回答高盛 Yemi Falana 的第一個問題。

A couple of questions from me. Firstly, the Spanish macroeconomic picture is beginning to look uniquely strong in the European context with improving growth and low inflation, how does that impact how you're thinking about pricing into 2024? And then secondly, maybe a bit more big picture. Free cash flow remains strong, and I believe you're now targeting EUR 4 billion this year, which looks ahead of consensus as far as I can tell, into the CMD, how are you thinking about rewarding shareholders alongside that free cash flow growth? Any kind of high-level thought processes there would be super helpful.

我有幾個問題。首先，西班牙宏觀經濟形勢在歐洲背景下開始顯得異常強勁，經濟增長改善且通脹較低，這對您對 2024 年定價的看法有何影響？其次，也許是更宏觀的情況。自由現金流仍然強勁，我相信您今年的目標是 40 億歐元，據我所知，這超出了共識，對於 CMD，您如何考慮在自由現金流增長的同時獎勵股東？任何類型的高級思維過程都會非常有幫助。

The first one on the Spanish macro, we are seeing no impact of the current economic conditions on any significant way on our performance. You have seen that the first -- the second quarter or the first half of the year, we have had positive momentum commercially. We have had the highest NPS and lowest churn in spite of what could be the highest price increases we have passed on to our customers historically. We see this commercial momentum, if anything, improving in the second quarter, and revenue clearly has been accelerating, OIBDA has been on track clearly towards the stabilization that we are aiming at for this year.

第一個是關於西班牙宏觀經濟的，我們認為當前的經濟狀況對我們的業績沒有任何重大影響。你已經看到，第一季度、第二季度或上半年，我們在商業上取得了積極的勢頭。儘管我們向客戶傳遞的價格漲幅可能是歷史上最高的，但我們的 NPS 最高，客戶流失率最低。我們看到這種商業勢頭（如果有的話）在第二季度有所改善，而且收入明顯在加速，OIBDA 顯然已經走上了我們今年目標的穩定之路。

On the B2B segment, we are also in particular, which could be -- or has been other moments in the past, feeling the impact of macroeconomic implications. We are seeing a very solid growth in the B2B business. So we feel that our business is well adjusted to manage the evolving macro conditions. Regarding potential pricing implications going forward in the next year or so, we will adjust to market conditions as we see it.

在 B2B 領域，我們也可能——或者過去的其他時刻——感受到宏觀經濟影響的影響。我們看到 B2B 業務非常穩健的增長。因此，我們認為我們的業務已經進行了很好的調整，可以應對不斷變化的宏觀環境。關於未來一年左右的潛在定價影響，我們將根據我們所看到的市場狀況進行調整。

Taking your questions on the free cash flow, as we have been stating, we are starting from a solid position this year. And now we have been mentioning our vision of approaching the EUR 4 billion mark this year, excluding spectrum. According to the job that we have been doing, we are projecting free cash flow growth for the next year, based on the leverage that we have also shared with you, and we intend to use this free cash flow to keep reducing debt to gain financial flexibility and for sure, reward our shareholders. Details will be shared on the Capital Markets Day.

回答您關於自由現金流的問題，正如我們一直所說的，我們今年的起點穩固。現在我們一直在提到我們今年接近 40 億歐元大關的願景（不包括頻譜）。根據我們一直在做的工作，我們根據我們也與您分享的槓桿來預測明年的自由現金流增長，並且我們打算利用這種自由現金流來不斷減少債務以獲得財務收益靈活性，並且肯定會回報我們的股東。詳細信息將在資本市場日分享。

We will now take the next question from the line of Keval Khiroya from Deutsche Bank.

現在我們將回答德意志銀行 Keval Khiroya 提出的下一個問題。

I have 2, please. So firstly, Q2 showed modest conversion to ARPU growth in Spain, perhaps impacted by the temporary switch off of the football packages, should we expect conversion ARPU growth to accelerate in H2 versus the 1.5% growth you delivered in the first half? And then secondly, can you share with us how you're currently thinking about leverage? On Slide 16, you highlight reduced leverage and increased financial flexibility within the pillars, where would you like leverage to trend to? And to what degree in organic actions help you get there? .

我有2個，拜託。因此，首先，第二季度顯示西班牙的 ARPU 增長適度，可能是受到足球套餐暫時關閉的影響，我們是否應該預期下半年的 ARPU 轉換增長將加速，而不是上半年實現的 1.5% 增長？其次，您能與我們分享一下您目前如何看待槓桿嗎？在幻燈片 16 中，您強調了支柱內槓桿率的降低和財務靈活性的提高，您希望槓桿率趨向於何處？有機行動在多大程度上可以幫助您實現這一目標？ 。

Thank you, Keval, for your questions, regarding convergent ARPU which is EUR 91.5, grows 1.5% year-on-year in the second quarter, driven by the pricing update and fewer promotions, some other issues remain a drag as the lower out-of-bundle consumption, the growing O2 penetration and less advertising contribution. If you compare it quarter-on-quarter, which I think was your question, the trend in Q2 is lower than in Q1 due to the more evident decline of out-of-bundle revenues, some mixed erosion. But in particular, it's the end of the football season. We see this every season when summer these connections take place at the end of the season. And most of the customers join again at the start of the season.

謝謝 Keval，關於聚合 ARPU 的問題，即 91.5 歐元，在定價更新和促銷活動減少的推動下，第二季度同比增長 1.5%，但其他一些問題仍然是拖累，因為較低的產出 -捆綁消費、不斷增長的 O2 滲透率和更少的廣告貢獻。如果你按季度比較，我認為這是你的問題，第二季度的趨勢低於第一季度，因為捆綁外收入下降更明顯，有些混合侵蝕。但特別是，現在是足球賽季結束的時候。我們每個季節都會看到這種情況，當夏季這些連接發生在季節結束時。大多數顧客會在季節開始時再次加入。

We are aiming to see ARPU to continue having year-on-year growth in the second half.

我們的目標是看到下半年 ARPU 繼續同比增長。

Keval, on your question on leverage, as you know, we have a very strong public commitment to maintain an investment-grade credit rating. So leverage as also Jose Maria said deleverage remains a priority for us. Our main driver is going to be free cash flow and not only is very strong and will be very strong this year, but we also see a growing trajectory for the coming years. That's based on a steady organic OIBDA improvement and a CapEx peak being definitely behind us. So you should expect that free cash flow to be the main revenue and also the most sustainable driver for deleverage.

Keval，關於槓桿問題，如您所知，我們有非常堅定的公開承諾來維持投資級信用評級。因此，正如何塞·瑪麗亞所說，去槓桿化仍然是我們的首要任務。我們的主要驅動力將是自由現金流，不僅非常強勁，今年也將非常強勁，而且我們還看到未來幾年的增長軌跡。這是基於穩定的有機 OIBDA 改善和資本支出峰值肯定已經過去。因此，您應該預期自由現金流將成為主要收入，也是去槓桿化最可持續的驅動力。

It's also very important to mention that we prioritize this balance sheet strength with a very prudent debt management that has allowed us to be very resilient in the current environment. We have a very strong liquidity position and a line maturity profile. And we are anticipating much of the liability management, and we really tap the markets at the right moment. On top of that, obviously, we will continue with a very strict capital allocation. And inorganically, we could also complement the deleverage impact because we have a top quality asset base, but the main driver is going to be that resilient and recurring free cash flow that you've seen in the past years and it won't be the exception for the coming years either.

值得一提的是，我們優先考慮資產負債表的實力和非常審慎的債務管理，這使我們在當前環境下具有很強的彈性。我們擁有非常強大的流動性頭寸和期限期限。我們預計將進行大部分責任管理，並且我們確實在正確的時機開拓了市場。最重要的是，顯然我們將繼續非常嚴格的資本配置。從本質上講，我們還可以補充去槓桿化的影響，因為我們擁有優質的資產基礎，但主要驅動力將是過去幾年中看到的彈性和經常性自由現金流，而不會是未來幾年也有例外。

We will now take the next question from the line of Georgios Ierodiaconou from Citi.

現在我們將回答來自花旗銀行的 Georgios Ierodiaconou 的下一個問題。

My first question is on free cash flow. And I know probably a lot more details are due to be given at the CMD. But you did highlight the potential for growth going forward. And Laura, you spoke about EBITDA and CapEx drivers. I was wondering if you can also give us a couple of insights as to how we should think about financial costs, which are coming down, even the rate is coming down, whether that is sustainable and what is behind it? Also, if you can comment a bit about the recap in the U.K., which is a significant driver of your cash flow in '23, whether that is something we should expect going forward? .

我的第一個問題是關於自由現金流。我知道 CMD 可能會提供更多細節。但您確實強調了未來的增長潛力。勞拉（Laura），您談到了 EBITDA 和資本支出驅動因素。我想知道您是否也可以給我們一些見解，告訴我們應該如何看待正在下降的財務成本，甚至利率也在下降，這是否可持續，背後的原因是什麼？另外，如果您能對英國的回顧發表一些評論，這是您 23 年現金流的重要驅動因素，這是否是我們未來應該期待的事情？ 。

And any comments on working capital as well will be greatly appreciated. And then my second question is about the U.K. market and I know Lutz addressed this at conference call the other day around the churn for Virgin being lower than expected in broadband, given the scale of the price increases. Just curious to follow up, given now we have more data points from some of your main competitors, it does look like the market as a whole might be shrinking or the alternate making more inroads perhaps on previous quarters. So just curious to hear your thoughts, which of the 2 explanations sounds more credible to you? And if it is a case of market growth stalling, whether there's any insights you can share on the timing of any recovery.

任何有關營運資金的評論都將不勝感激。然後我的第二個問題是關於英國市場的，我知道盧茨在前幾天的電話會議上談到了這個問題，考慮到價格上漲的規模，維珍寬帶的流失率低於預期。只是好奇地跟進，鑑於現在我們從一些主要競爭對手那裡獲得了更多數據點，看起來整個市場確實可能正在萎縮，或者替代品可能會在前幾個季度取得更多進展。所以只是想听聽您的想法，這兩種解釋中哪一種對您來說更可信？如果是市場增長停滯的情況，您是否可以分享關於復蘇時機的任何見解。

Thank you, Georgios, for the question. On free cash flow, indeed, in Q2, it has improved. It has grown year-on-year, almost doubling the Q1 figure. And this year is not exception. Free cash flow is usually back-end loaded, and we see free cash flow growth accelerating through the end of the year. OIBDA minus CapEx will be according to our improved guidance. So that's going to be a main contributor. And below that, we will continue optimizing every line as we do. Working capital, which had a negative impact in the first half of the year will have a positive impact throughout the year and very much into our commercial activities.

謝謝喬治斯提出的問題。事實上，在第二季度的自由現金流方面，情況有所改善。它同比增長，幾乎是第一季度數字的兩倍。今年也不例外。自由現金流通常是後端加載的，我們看到自由現金流增長到年底都會加速。 OIBDA 減去資本支出將根據我們改進的指導進行計算。所以這將是一個主要貢獻者。在此之下，我們將一如既往地繼續優化每條生產線。營運資本在上半年產生了負面影響，但它將在全年產生積極影響，並對我們的商業活動產生很大影響。

On financial payments, you should expect us to optimize it as we have done in the past. I mean, the cost per se is one of the KPIs to follow no doubt, but we also have to find a balance between currency, the life of the debt, the liquidity position and the smooth path of maturity refinancing that we are always aiming for now. But I think you should expect us to keep on optimizing them as we have done in the past, we have 80% fixed. And what is variable is more in Hispam and Brazilian currencies, and that should start going down in terms of interest rate. So we feel comfortable with the management we have at the moment and that being able to continue.

在財務支付方面，您應該期待我們像過去一樣對其進行優化。我的意思是，成本本身無疑是要遵循的關鍵績效指標之一，但我們還必須在貨幣、債務期限、流動性狀況和我們始終追求的順利到期再融資路徑之間找到平衡現在。但我認為你應該期待我們繼續優化它們，就像我們過去所做的那樣，我們已經修復了 80%。西班牙貨幣和巴西貨幣的變化更大，利率應該會開始下降。因此，我們對目前的管理層感到滿意，並且能夠繼續下去。

Regarding the U.K., no changes. We have guided the JV to stay at the upper end of a 4 to 5x net leverage range. It's a cash-generating business with organic and synergy-driven opportunities to grow. It has a strong current capital structure. The debt tenure is 6.5 years, excluding vendor finance and the cost of that debt is EUR 4.7. So it's not forced either to go into debt markets and in opportunity times. And it's going to have a growing EBITDA, which will lead to a natural deleverage. So as you know, that's going to be in the line. We said at the beginning of the year in that EUR 4 billion reference we gave for free cash flow in 2023, the cash distributed to shareholders is anticipated to between GBP 1.8 billion to GBP 2 billion, and that's included in our outlook for the free cash flow we provided this morning.

關於英國，沒有變化。我們指導合資公司保持在 4 至 5 倍淨槓桿範圍的上限。這是一項產生現金的業務，具有有機和協同驅動的增長機會。它目前擁有強大的資本結構。債務期限為 6.5 年，不包括供應商融資，債務成本為 4.7 歐元。因此，它也不會被迫在機遇時期進入債務市場。而且 EBITDA 將會不斷增長，這將導致自然的去槓桿化。如您所知，這將排在隊伍中。我們在年初表示，我們為 2023 年自由現金流提供了 40 億歐元的參考，預計分配給股東的現金將在 18 億英鎊至 20 億英鎊之間，這已包含在我們對自由現金的展望中我們今天早上提供的流程。

Yes, on your question regarding the U.K., Georgios, so a year ago, we had a growth of 7,000 customers in Q2 after a price rise of 6% or 8%. This year, we have a price rise of 13.8%, so more than double of it. And we are shrinking by 15,000. So the delta is 22,000 between the 2 years while doubling the price rise. So we attribute really this delta to the significantly higher price rise. And as you know, the impact of it, in our case, it has materialized entirely into Q2, right? Because customers are having a 30-day cancellation right. And this obviously is not the case anymore from Q3 onwards. .

是的，關於你關於英國的問題，Georgios，一年前，在價格上漲 6% 或 8% 後，我們在第二季度增加了 7,000 名客戶。今年，我們的價格上漲了 13.8%，是兩倍多。我們的人數正在減少 15,000 人。因此，兩年間的增量為 22,000，同時價格上漲了一倍。因此，我們實際上將這一增量歸因於價格大幅上漲。如您所知，就我們而言，它的影響已完全體現在第二季度，對吧？因為客戶有 30 天的取消權。從第三季度開始，情況顯然不再如此。 。

Having said that, when you look at gross adds, I think your observation is right. So the gross ad market is slightly smaller. But as I said in the Liberty Global call, we are actually doing better because we have expected a bit higher reaction on the price rise. So all in all, we are pretty pleased with the overall number. I hope that helps. Maybe last comment. Altnets, well, in areas where they are offering sales at very aggressive promotions. We see some of these impacts that our share on gross sales are lower in these markets. We see it significantly less on churn. And we think the reason for that is that the majority of our customers have more than one product, right? And as you know then, the convergence game is that people are not necessarily switching broadband if they don't have the nice video product or mobile product.

話雖如此，當你看總增加時，我認為你的觀察是正確的。因此廣告市場總量略小。但正如我在 Liberty Global 電話會議中所說，我們實際上做得更好，因為我們預計對價格上漲的反應會更高。總而言之，我們對總體數字非常滿意。我希望這有幫助。也許是最後一條評論。 Altnets，嗯，在他們提供非常積極的促銷活動的地區。我們看到其中一些影響是我們在這些市場的總銷售額中所佔的份額較低。我們發現客戶流失率顯著降低。我們認為原因是我們的大多數客戶擁有不止一種產品，對嗎？正如您所知，融合遊戲是，如果人們沒有優質的視頻產品或移動產品，他們不一定會切換寬帶。

We will now take the next question from the line of David Wright from Bank of America.

現在我們將回答美國銀行 David Wright 提出的下一個問題。

I guess just -- it's 2 follow-ons from Georgios, but just picking on the detail a bit. I mean when we think about this free cash flow you guys generating, a lot of it is borrowed, right, effectively from VMO2 with the borrowing cost of debt, as you've just said, Laura, at the high 4s. So I'm struggling to understand that contradiction with the need to delever, but borrowing at nearly 5% at O2 to support cash that you're paying out to investors. Does it not make more sense to reduce the leverage in O2 which is at a higher blended cost of debt? And also given that they arguably have a requirement to accelerate the CapEx to build fiber over time.

我想這只是 Georgios 的 2 個後續作品，但只是在細節上做了一些挑剔。我的意思是，當我們考慮你們產生的自由現金流時，很多都是從 VMO2 有效借來的，借貸成本是債務，正如您剛才所說，勞拉，處於高 4 秒。因此，我很難理解這種矛盾與去槓桿化的必要性，但在 O2 以近 5% 的利率借款來支持支付給投資者的現金。降低 O2 的槓桿率是否更有意義，因為 O2 的綜合債務成本較高？而且考慮到他們可能需要隨著時間的推移加速資本支出來建設光纖。

So it just seems a contradiction to me that you're borrowing in the U.K. to pay out in Spain when you should be potentially looking to delever? And then I guess, Lutz, I'm also not understanding your answer there. I thought the data that you've given us is only the Q2 customer losses, but I think a lot of those price rises in the U.K., the announcements were made in May. So there will be more customer losses following in Q3, well, they're not? You said it was the full impact in Q2, but I think you'll probably get more customer losses in Q3 as that price rise is phased in -- is that not the case, too. So just a couple of clarifications there, please.

因此，在我看來，當你應該尋求去槓桿化時，你卻在英國借款並在西班牙償還，這似乎是矛盾的？然後我想，盧茨，我也不明白你的回答。我認為你給我們的數據只是第二季度的客戶損失，但我認為英國的價格上漲很多，這些公告是在五月份發布的。那麼第三季度將會有更多的客戶流失，不是嗎？您說這是第二季度的全面影響，但我認為隨著價格的逐步上漲，您可能會在第三季度遭受更多的客戶損失 - 情況也並非如此。請澄清幾點。

David, thank you for your question. On the U.K. and the impact in free cash flow. It is a part of our free cash flow, no doubt, but not a significant part. I mean we are guiding on EUR 4 billion, this will be about EUR 1 billion. And you have seen the results of Germany or Brazil, or I mean, we have very strong core assets generating very resilient and recurring free cash flow. So that's the ballpark, as I said at the beginning and the main driver for deleveraging.

大衛，謝謝你的提問。關於英國以及自由現金流的影響。毫無疑問，它是我們自由現金流的一部分，但不是重要的部分。我的意思是，我們的指導金額為 40 億歐元，這將約為 10 億歐元。你已經看到了德國或巴西的結果，或者我的意思是，我們擁有非常強大的核心資產，可以產生非常有彈性和經常性的自由現金流。這就是我一開始所說的大致情況，也是去槓桿化的主要驅動力。

As you rightly mentioned, I mean, obviously, the agreement we have among the shareholders on the leverage range was done in a different scenario in terms of interest rates. So definitely, we will reevaluate that. But it's worth mentioning the capital structure of the JV is prudent in terms of life, in terms of cost, in terms of not going in a rush, we were successfully financing ourselves in the first part of the year at good cost in the current scenario. But that's something that within our strategic capital allocation decision and free cash flow drivers, we will evaluate going forward.

正如您正確地提到的，我的意思是，顯然，我們股東之間就槓桿範圍達成的協議是在利率方面的不同情況下達成的。所以我們肯定會重新評估這一點。但值得一提的是，合資企業的資本結構在壽命、成本、不著急方面都是謹慎的，在當前情況下，我們在今年上半年以良好的成本成功地融資了。但這是我們的戰略資本配置決策和自由現金流驅動因素中的內容，我們將在未來進行評估。

And more importantly, OIBDA is growing there, and they have a lot of synergies still as we haven't achieved the run rate yet, but we are in a very, very good trajectory and synergies are being delivered as expected. So that's -- but a very important thing, David, is that from a leverage perspective, you know S&P and also Moody's looks at that number as well, they account for the debt we have in the U.K. in a proportionate basis. So if we had a different mix between dividend and a less leveraged JV from a rating perspective, it will be very much neutral from Telefónica site, so it is consistent, whether we continue with a 4% to 5% or we make any changes there, that should be agreed with our partner in the JV that will not affect our rating quality.

更重要的是，OIBDA 正在那裡發展，他們仍然有很多協同效應，因為我們還沒有達到運行率，但我們正處於一個非常非常好的軌跡，並且協同效應正在按預期發揮。所以，大衛，一件非常重要的事情是，從槓桿的角度來看，標準普爾和穆迪也關注這個數字，他們按比例計算了我們在英國的債務。因此，如果從評級的角度來看，我們在股息和槓桿率較低的合資企業之間有不同的組合，那麼從 Telefónica 網站來看，它會非常中性，因此無論我們繼續採用 4% 至 5% 還是進行任何更改，它都是一致的，這應該與我們合資企業的合作夥伴達成一致，這不會影響我們的評級質量。

I just -- if I may add, it just seems perhaps a little imbalanced because you're effectively keeping your borrowing at 5% and your blended cost is 3.5%. (inaudible) objectives maybe are a little different because they're using the cash to buy back their shares, you're just paying out a dividend. So it just feels that every time you're boosting your cash flow with the distribution, you're actually blending your cost of debt upwards because you're borrowing that cash at 5%? .

我只是——如果我可以補充一下，這似乎有點不平衡，因為你實際上將藉款利率保持在 5%，而你的混合成本為 3.5%。 （聽不清）目標可能有點不同，因為他們用現金回購股票，而你只是支付股息。所以每次你通過分配增加你的現金流時，你實際上是在向上混合你的債務成本，因為你以 5% 的利率借入現金？ 。

Arithmetically, you are right. And that's why we will definitely take a look at this. But so far, the JV is delivering. So far, the JV is committed to the dividend we had for the year, and obviously, that will be evaluated. But it was very important to mention that this is not the way to deleverage the company. We are not deleveraging the Telefónica side throughout the dividends from the JV first. If we change the dynamic, we will have a less leveraged company from an S&P rating position. So we will be very neutral. And second, our core assets plus growing business units are delivering and they are the bulk of the free cash flow of the Telefónica Group.

從算術上來說，你是對的。這就是為什麼我們一定會關注這一點。但到目前為止，合資企業正在交付成果。到目前為止，合資公司致力於支付我們今年的股息，顯然，這將被評估。但值得一提的是，這不是公司去槓桿化的方式。我們不會首先通過合資企業的股息對西班牙電信方面進行去槓桿化。如果我們改變這種動態，標準普爾評級中的公司槓桿率將會降低。所以我們會非常中立。其次，我們的核心資產和不斷增長的業務部門正在發揮作用，它們是西班牙電信集團自由現金流的大部分。

Okay. And maybe Lutz, just clarify, please.

好的。也許盧茨，請澄清一下。

Yes. Sorry for the confusion, David. So I think we have to distinguish a bit here. And so we have sent the price increase letters to customers in April and May. Customers do have then a 30-day extraordinary cancellation right. Therefore, all of this has happened in Q2. Now 60 days after the customer has received the price increase letter, the higher prices will be charged with the exception of customers who are still in their promotion period. So they get it then from the beginning of the promotion period. But they don't have another cancellation right when they are getting charged with higher prices. So therefore, both actually fits very well together. The churn has materialized out of it into Q2, while the vast majority of the revenue is coming in across H2. I hope that helps.

是的。抱歉讓你困惑，大衛。所以我認為我們必須在這里區分一下。因此我們在四月和五月向客戶發出了漲價信。客戶確實擁有 30 天的特別取消權。因此，這一切都發生在第二季度。現在，客戶收到漲價函後 60 天，將收取更高的價格，但仍處於促銷期的客戶除外。所以他們從促銷期開始就得到了它。但當他們被收取更高的價格時，他們就沒有再次取消訂單的權利。因此，兩者實際上非常契合。流失已經在第二季度顯現出來，而絕大多數收入來自下半年。我希望這有幫助。

We will now take the next question. From the line of Mathieu Robilliard from Barclays.

我們現在回答下一個問題。出自巴克萊銀行 (Barclays) 的馬蒂厄·羅比利亞 (Mathieu Robilliard) 家族。

I had a question about the copper switch off, which obviously you are leading in terms of that process in Europe. And you've mentioned in the past that it could lift EBITDA margins by 1.8%. I was wondering what would be the impact on CapEx, if you could give us also a little bit of color there. And as a follow-up on the copper switch off, I realize that means that you get your hands on a lot of copper. And my understanding is that you're selling it. And I wanted to understand how material that was in terms of the contribution to EBITDA for the Spanish on the group business.

我有一個關於銅關閉的問題，顯然你們在歐洲的這一進程方面處於領先地位。您過去曾提到，它可以將 EBITDA 利潤率提高 1.8%。我想知道這會對資本支出產生什麼影響，如果您能給我們提供一些信息的話。作為銅關閉的後續行動，我意識到這意味著您將獲得大量銅。我的理解是你正在出售它。我想了解這對西班牙集團業務的 EBITDA 貢獻有多大。

And then a very last one on free cash flow, when you talk about the free cash flow, excluding spectrum, getting close to EUR 4 billion. I just want to clarify how we should compare that to consensus because indeed, I think the latest consensus you published was for EUR 3.3 billion of free cash flow. So that would be materially higher, but my understanding is that consensus includes spectrum. So I don't know if you can give a little bit of clarification here. What would be a like-for-like comparison?

最後一個是關於自由現金流，當你談到自由現金流時，不包括頻譜，接近 40 億歐元。我只是想澄清一下我們應該如何將其與共識進行比較，因為事實上，我認為您發布的最新共識是 33 億歐元的自由現金流。所以這會實質上更高，但我的理解是共識包括頻譜。所以我不知道你是否可以在這裡稍微澄清一下。什麼是同類比較？

Thank you, Mathieu, for your questions. I'll take the first one on the copper switch off. As you said in the past, we have quantified that we have already captured what an estimate of 3.8 percentage points in EBITDA margin from permanent deficiencies from copper recommission up to 2022. And we expect further improvements in the next few years, which we could quantify on at least an additional 1 percentage point on OIBDA.

謝謝你，馬蒂厄，你的問題。我要把銅製開關上的第一個關掉。正如您過去所說，我們已經量化了，到 2022 年，由於銅礦重新調試造成的永久性缺陷，我們已經獲得了預計 EBITDA 利潤率 3.8 個百分點的增長。我們預計未來幾年將進一步改善，我們可以量化這一點OIBDA 至少再提高 1 個百分點。

You were taking then the question, what does this imply to CapEx. We already clearly passed the CapEx peak in Spain. You have seen that the CapEx intensity of our Spanish operation is well below the one in the group. And if I may, if you allow me not to spoil some of the messages of our new Capital Markets Day, we will be quantifying the target of CapEx going forward, which will lead to this free cash flow growth that Jose Maria was highlighting in his speech.

你當時提出的問題是，這對資本支出意味著什麼。我們已經明顯超過了西班牙的資本支出高峰。您已經看到，我們西班牙業務的資本支出強度遠低於該集團的資本支出強度。如果可以的話，如果您允許我不破壞我們新資本市場日的一些信息，我們將量化未來資本支出的目標，這將導致何塞·瑪麗亞在他的文章中強調的自由現金流增長。演講。

Mathieu, on your free cash flow question, you are right. When you mentioned the EUR 3.3 billion, that is including spectrum with estimates that the market may have, which could be around 200, 300. That's the consensus figures on spectrum and I cannot disclose any of our own view on that. If we exclude the spectrum, consensus is more between EUR 3.6 billion to EUR 3.7 billion. So that's why we say we are extremely comfortable with that. And even we are going for the to EUR 4 billion mark. Regarding the spectrum that could come, part of it is already flowing because it derives from previous auctions, the main one in Germany that you already know the figures around that. Spain already happened, so (inaudible) and it was a very -- was at the reserve price. Uruguay already happened, and it's being paid only 25% this year, and it was also at reserve price.

Mathieu，關於你的自由現金流問題，你是對的。當您提到 33 億歐元時，這包括了市場可能擁有的估計頻譜，可能約為 200、300。這是頻譜方面的共識數字，我無法透露我們對此的任何看法。如果我們排除這個範圍，共識是在 36 億歐元到 37 億歐元之間。這就是為什麼我們說我們對此感到非常滿意。我們的目標甚至是 40 億歐元大關。至於可能出現的頻譜，其中一部分已經開始流動，因為它來自之前的拍賣，這是德國的主要拍賣，您已經知道相關數字。西班牙已經發生了，所以（聽不清）這是一個非常 - 是底價。烏拉圭已經發生了，今年只支付25%，而且還是底價。

And then we have uncertainty about the Ecuador concession renewal because of the political changes, it may be delayed and also Argentina, there's 3.5 gigahertz, but we are not sure if it will be end of this year or maybe a year from now. And in Colombia, we are asking for a very short period renewal on AWS linked to the agreement we are going to sign with Millicom because we need less spectrum in that scenario. And on those that are still pending, I'm not sure that will happen in 2023. I remind you that in Hispam, in general, but you have seen in Hispam, we are being very pragmatical and financial driven to spectrum. So that's going to be quite limited as well. But going to the first question, the EUR 4 billion mark compares with EUR 3.6 billion to EUR 3.7 billion. So we will be out well above the consensus at this moment.

然後，由於政治變化，我們對厄瓜多爾特許權續簽存在不確定性，它可能會被推遲，還有阿根廷，有 3.5 GHz，但我們不確定是否會在今年年底或一年後。在哥倫比亞，我們要求對 AWS 進行非常短的續訂，與我們將與 Millicom 簽署的協議相關，因為在這種情況下我們需要更少的頻譜。對於那些仍在懸而未決的問題，我不確定這會在 2023 年發生。我提醒您，總的來說，在 Hispam 中，但您已經在 Hispam 中看到了，我們在頻譜方面非常務實並受到財務驅動。所以這也將是相當有限的。但就第一個問題而言，40 億歐元大關與 36 億歐元至 37 億歐元相比。因此，我們目前的表現將遠遠高於共識。

That's very clear. If I can come back to the question about the sale of copper, if that's materially in any way in terms of the contribution to the group EBITDA. .

這非常清楚。我可以回到有關銅銷售的問題嗎？就對集團 EBITDA 的貢獻而言，這是否具有任何實質性意義。 。

Well, the efficiencies from the copper switch off and the sale mitigate expenditure effort of doing that, it's not significant in the numbers that we have been posting.

好吧，銅關閉和銷售的效率減輕了這樣做的支出工作，這在我們發布的數字中並不重要。

We have time for one last question, please.

我們還有時間回答最後一個問題。

We will now take the last question from the line of James Ratzer from New Street Research.

現在我們將回答來自 New Street Research 的 James Ratzer 的最後一個問題。

Yes. So 2 questions, please. The first one was, again, just coming back to the EUR 4 billion free cash flow figure, which undoubtedly is very strong. And just looking at the Q2 results, it looks as if your (inaudible) quite low. So my understanding is you're maybe generating now some interest on your cash balances. So I was wondering if you could give us any more guidance on what sort of interest you're actually now receiving on your cash balances. And also within the EUR 4 billion, you might have to pay in Peru on the tax and interest charges. To what extent is that in your EUR 4 billion figure?

是的。那麼有 2 個問題請教。第一個是再次回到 40 億歐元的自由現金流數字，這無疑是非常強勁的。只要看看第二季度的結果，看起來你的（聽不清）相當低。所以我的理解是，你的現金餘額現在可能會產生一些利息。因此，我想知道您是否可以就您的現金餘額現在實際收到的利息類型向我們提供更多指導。另外，在 40 億歐元內，您可能需要在秘魯支付稅費和利息費用。這在你的 40 億歐元數字中佔多大比例？

And then the second question I had, please, was just regarding the European recovery fund. I mean if something Vodafone, I think, talks a bit more about in Spain than you do, but would just love to hear your thoughts on how you think that could potentially be a positive impact on your business and (inaudible)?

我的第二個問題是關於歐洲復甦基金的。我的意思是，我認為沃達丰在西班牙談論的事情比您多一些，但很想听聽您的想法，即您認為這可能對您的業務產生積極影響（聽不清）？

Yes. On your question on free cash flow for the remainder of the year and financial payments, the financial debt related costs that has decreased versus the previous year. It's a combination of the mix of currencies and it's also that we are being, as you said, rewarded for our cash position. We are around (inaudible) and that's been part of that, but not only that. I mean, as I said, the fact that we had a very resilient 80% fixed, plus the 20% variable has also contributed and this is also the result of our very prudent financing policy and liability management over the years.

是的。關於今年剩餘時間的自由現金流和財務支付的問題，與上一年相比，金融債務相關成本有所下降。這是貨幣組合的組合，正如您所說，我們也因現金狀況而獲得獎勵。我們就在附近（聽不清），這是其中的一部分，但不僅如此。我的意思是，正如我所說，事實上我們有一個非常有彈性的80%固定利率，加上20%的可變利率也做出了貢獻，這也是我們多年來非常審慎的融資政策和負債管理的結果。

But we are indeed being rewarded for the cash balances at market prices. With regards to Peru, we had already some payments included in this first half of the year. And going forward, it could be the case, and we are considering that within our outlook of reaching the EUR 4 billion mark. But there's still a lot of uncertainty around that. We are waiting for the -- from the tax authorities on the final amount and settlement indication, some recent rulings are questioning the embedded interest charts in similar proceedings that would be good news for us.

但我們確實因為按市場價格計算的現金餘額而獲得了回報。關於秘魯，我們已經在今年上半年支付了一些款項。展望未來，情況可能如此，我們正在考慮達到 40 億歐元大關的目標。但這仍然存在很多不確定性。我們正在等待稅務機關關於最終金額和結算指示的信息，最近的一些裁決對類似程序中嵌入的利息圖表提出了質疑，這對我們來說是個好消息。

So we still need to wait and see. But we are having our own estimates on this. We are also working on different payment alternatives, functioning of payments and all of that is being embedded in our aim to reach that EUR 4 billion mark. I cannot be more precise on that because it's confidential, it's work in progress and we still have uncertainty around the different rulings and the actual payment dates.

所以我們還需要拭目以待。但我們對此有自己的估計。我們還在研究不同的支付方式、支付功能，所有這些都融入到我們實現 40 億歐元大關的目標中。我無法更準確地說明這一點，因為這是保密的，工作正在進行中，我們對不同的裁決和實際付款日期仍然存在不確定性。

Regarding the European recovery funds, the nonrefundable aids for Spain reached EUR 77 billion to be executed around 5 years with EUR 20 billion dedicated to digitalization. By the way, the period to execute is 2021 to 2026. So we still have significant horizon ahead of us. This focuses on 3 lines, public administration, SME digitalization and connectivity. And Telefónica is gradually securing a reasonable share of these funds in public administrations which could be in this period an opportunity of EUR 5 billion.

在歐洲復甦基金方面，對西班牙的不可退還援助金額達到 770 億歐元，將在 5 年內執行，其中 200 億歐元專門用於數字化。順便說一句，執行期限是 2021 年至 2026 年。因此，我們還有很長的路要走。這重點關註三個方面：公共管理、中小企業數字化和互聯互通。 Telefónica 正在逐步確保這些資金在公共管理中的合理份額，這在這一時期可能是 50 億歐元的機會。

We are getting a relevant share mainly in central administration projects, such as defense and economy ministries projects. In SME digitalization, which is an opportunity along this period of around EUR 5 billion, the execution and maybe this is what other competitors are talking about execution. It's a bit low to date. But we're already capturing on the digital grid projects, we are capturing part of this opportunity.

我們主要在中央管理項目中獲得相關份額，例如國防部和經濟部項目。在中小企業數字化方面，這是這一時期約 50 億歐元的機會，執行力，也許這就是其他競爭對手正在談論的執行力。到目前為止，它有點低。但我們已經抓住了數字電網項目，我們正在抓住這個機會的一部分。

The connectivity opportunity, which is around EUR 4 billion in this period, these are direct subsidies to NGN investments in fiber in 5G. We have already been awarded a significant amount, we are committed to extend the network deployment across the national territory. And then on 5G and mobile projects, there have been some limitations regarding high-risk vendors, which are not present in the Telefónica network. So those should be accessible to us and maybe they are not to some of the competitors that you were alluding to.

在此期間，連接機會約為 40 億歐元，這些是對 NGN 5G 光纖投資的直接補貼。我們已經獲得了大量的獎勵，我們致力於將網絡部署擴展到全國范圍。然後，在 5G 和移動項目上，高風險供應商存在一些限制，而 Telefónica 網絡中不存在這些限制。因此，我們應該可以訪問這些內容，但您提到的某些競爭對手可能無法訪問這些內容。

Of the EUR 20 billion figure you mentioned there for the whole project, how much of that has actually been allocated so far and how much is still to come by 2026? .

您提到的整個項目的 200 億歐元數字中，到目前為止實際分配了多少，到 2026 年還需要分配多少？ 。

Let me see if I have this figure. I don't have that number here, but I'm sure I will be able to give it to you, sorry. I don't have this number.

讓我看看我有沒有這個圖。我這裡沒有這個號碼，但我相信我可以給你，抱歉。我沒有這個號碼。

No problem. But conceptually, it's -- my understanding is it's still a relatively low numbers being allocated, hasn't it, and there's still more -- quite a bit more to come.

沒問題。但從概念上講，我的理解是，分配的數量仍然相對較低，不是嗎，而且還有更多，還有更多。

Yes. Yes. And in particular, in the SME digitalization, this has been the slowest to execute. There have been awards, but the execution of those awards is flowing slower on the connectivity side. The awards have been substantial already and in the public administration continues ongoing. So -- but I would say that more than 50% or far more than 50% is still to come.

是的。是的。尤其是在中小企業數字化方面，這是執行最慢的。已經有獎項，但這些獎項在連接方面的執行速度較慢。這些獎項已經很豐厚，並且在公共行政領域仍在繼續。所以，但我想說，超過 50% 或遠遠超過 50% 的情況尚未到來。

At this time, no further questions will be taken.

目前，不會再提出任何進一步的問題。

Thank you very much for your participation, and we certainly hope that we have provided some useful insights for you. Should you still have further questions, we kindly ask you to contact our Investor Relations department. Good morning, and thank you.

非常感謝您的參與，我們當然希望我們能為您提供一些有用的見解。如果您還有其他疑問，請聯繫我們的投資者關係部門。早上好，謝謝。

Telefonica's January-June 2023 results conference call is over. You may now disconnect your lines. Thank you.

Telefonica 2023 年 1 月至 6 月業績電話會議結束。您現在可以斷開線路。謝謝。