Telecom Argentina SA (TEO) 2023 Q3 法說會逐字稿

Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating on this conference call. The participants of today's conference call are Roberto Nobile, Chief Executive Officer; Gabriel Blasi, Chief Financial Officer; and myself Luis Rial Ubago. The purpose of this call is to share with you the results of the 9-month period and third quarter of fiscal year 2023 ended on September 30, 2023. If you have not received our press release or presentation, you can call our Investor Relations office to request the documents or download them from the Investor Relations section of our website located at inversores.telecom.com.ar.

早安.我謹代表阿根廷電信感謝大家參加這次電話會議。今天電話會議的參與者包括執行長 Roberto Nobile；加布里埃爾·布拉西 (Gabriel Blasi)，財務長；還有我自己路易斯·裡亞爾·烏巴戈。本次電話會議的目的是與您分享截至2023 年9 月30 日的9 個月期間和2023 財年第三季的業績。如果您尚未收到我們的新聞稿或演示文稿，您可以致電我們的投資者關係辦公室索取文件或向我們網站 inversores.telecom.com.ar 的投資者關係部分下載文件。

I would like to go over some safe harbor information and other details of the call. We would like to clarify that during the conference call and Q&A session, we could mention certain forward-looking statements about Telecom's future performance, plans, strategies and objectives. Such statements are subject to uncertainties that could cause Telecom's actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of ongoing industry and economic regulation, possible changes in the demand for Telecom's products and services, the effect of potential changes in general market and/or economic conditions and in legislation.

我想了解一些安全港資訊和通話的其他細節。我們想澄清的是，在電話會議和問答環節中，我們可能會提及某些有關電信未來業績、計畫、策略和目標的前瞻性陳述。此類陳述存在不確定性，可能導致電信的實際業績和營運出現重大差異。此類不確定性包括但不限於正在進行的行業和經濟監管的影響、電信產品和服務需求可能發生的變化、一般市場和/或經濟狀況以及立法的潛在變化的影響。

Our press release dated November 9, 2023, a copy of which was included in form 6-K and sent to the SEC, describes certain factors that may affect any forward-looking statements that could be mentioned during this call. The company has reflected the effects of the inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores, or CNV, which establishes that the re-expression will be applied to the annual financial statements for interim and special periods ended result and including December 31, 2018. Accordingly, the reported figures corresponding to the 9 months period of 2023 included the effects of the adoption of inflationary accounting in accordance with IAS 29.

我們於 2023 年 11 月 9 日發布的新聞稿（其副本包含在 6-K 表格中並發送給 SEC）描述了可能影響本次電話會議期間可能提及的任何前瞻性聲明的某些因素。本公司已反映了國家價格委員會 (CNV) 第 777/18 號決議通過的通貨膨脹調整的影響，該決議規定重新表述將適用於中期和特殊時期最終結果的年度財務報表，包括2018 年12 月31 日。因此，2023 年9 個月期間的報告數據包括根據IAS 29 採用通貨膨脹會計的影響。

In this presentation, we will also include figures in historical values, which are easier to understand. Our press release is complemented by our earnings presentation. Please read the disclaimer contained in Slide 1 and Slide 2 of this presentation. Today, we will go over our business and financial highlights and end the call with a Q&A session.

在本次演示中，我們還將包含歷史值中的數字，這更容易理解。我們的新聞稿與我們的財報相輔相成。請閱讀本簡報投影片 1 和投影片 2 中包含的免責聲明。今天，我們將回顧我們的業務和財務亮點，並在問答環節結束通話。

Now please let me pass the call to Gabriel, our CFO, who will start with the presentation.

現在請讓我將電話轉給我們的財務長加布里埃爾，他將首先進行演示。

Thank you, Luis. Good morning, and welcome to everyone. Moving to Slide 3. It summarizes our highlights as of September 30, 2023. Our main operational and financial achievements were, our EBITDA margin during the first 9 months '23 was 28.8%. We managed to keep the margin steady on a year-over-year basis, and we observed an expansion quarter-over-quarter.

謝謝你，路易斯。早上好，歡迎大家。轉向投影片 3。它總結了截至 2023 年 9 月 30 日的亮點。我們的主要營運和財務成就是，2023 年前 9 個月的 EBITDA 利潤率為 28.8%。我們設法保持利潤率同比穩定，並且我們觀察到季度環比擴張。

In the last 12 months, as of September 2023, our CapEx was approximately USD 644 million, equivalent to 16% of our revenues. Although we have faced certain delays during to a tighter import restrictions in Argentina, we are successfully executing our CapEx plan. Our focus is now on the expansion of our FTTH technology as well as developing the 5G network. Our cash flow generation remains strong despite the challenging context. During the first 9 months of 2023, we were able to generate approximately $494 million in free cash flow before dividends and interest payments. This represents an improvement of approximately USD 125 million compared to the same period in 2022.

截至 2023 年 9 月，過去 12 個月中，我們的資本支出約為 6.44 億美元，相當於我們收入的 16%。儘管我們在阿根廷實施更嚴格的進口限制期間遇到了一定的延誤，但我們正在成功執行我們的資本支出計劃。我們現在的重點是擴展 FTTH 技術以及開發 5G 網路。儘管環境充滿挑戰，但我們的現金流仍然強勁。 2023 年頭 9 個月，我們在股息和利息支付之前產生了約 4.94 億美元的自由現金流。與 2022 年同期相比，這一數字增加了約 1.25 億美元。

We continue to implement price increases on a monthly basis. This has contributed to improve the service revenue trend in real terms, even in a rising inflation scenario. Our mobile subscriber base continues to grow, increasing almost 4% year-over-year. Mobile data usage measured in average monthly gigabytes per user has grown 13%.

我們繼續按月實施提價。即使在通膨上升的情況下，這也有助於改善實際服務收入趨勢。我們的行動用戶群持續成長，較去年同期成長近 4%。以每位用戶每月平均 GB 計算的行動數據使用量增加了 13%。

In broadband, our FTTH accesses keep growing rapidly, while our HFC network has remained stable.

寬頻方面，FTTH接取持續快速成長，HFC網路保持穩定。

During the last quarter, new FTTH access is contributing to stabilize our customer base and outgrew other technologies. Flow unit customers reached almost 1.4 million, increasing 9% year-over-year. Additionally, our pay TV business continued to grow steadily in Paraguay. Our fintech, Personal Pay, continues to grow, reaching almost 5.6 million onboarded clients as of the first 9 months 2023. 5G inception is underway. We acquired 100 megahertz of spectrum in the 3.5 gigahertz band, and we currently account with 240 5G sites, most of them working with DSS technology. During this quarter, we canceled our most important debt commitments for the year, and our maturity profile remains clear for the last quarter.

在上個季度，新的 FTTH 接入有助於穩定我們的客戶群，並且成長超過了其他技術。流量單位客戶接近140萬，較去年同期成長9%。此外，我們在巴拉圭的付費電視業務持續穩定成長。我們的金融科技「個人支付」持續成長，截至 2023 年前 9 個月，已擁有近 560 萬客戶。5G 正在啟動。我們在 3.5 GHz 頻段獲得了 100 MHz 頻譜，目前擁有 240 個 5G 站點，其中大多數都採用 DSS 技術。在本季度，我們取消了今年最重要的債務承諾，上個季度的到期情況仍然清晰。

Moving to Slide 4. It shows the company figures for the first 9 months of 2023. Telecom's revenues totaled almost $3 billion. Revenues measured in constant pesos decreased 8% year-over-year as we have improved our path through inflation to our revenues. We generated $850 million equivalent in terms of EBITDA. Our EBITDA margin was 28.8%. Telecom's mobile subscribers in Argentina amounted to 20.8 million, increasing more than 750,000 when compared to the first 9 months of 2022.

轉向幻燈片 4。它顯示了該公司 2023 年前 9 個月的數據。電信的收入總計近 30 億美元。由於我們改善了透過通貨膨脹獲得收入的途徑，以不變比索衡量的收入年減了 8%。我們產生了相當於 8.5 億美元的 EBITDA。我們的 EBITDA 利潤率為 28.8%。阿根廷電信的行動用戶達 2,080 萬，較 2022 年前 9 個月增加超過 75 萬。

Broadband and pay TV clients have totaled 4.1 million and 3.4 million respectively. Fixed voice subscribers considering IP telephony lines amounting 2.9 million during the first 9 months of 2023. During the same period, our total convergent unique customers increased to 2.3 million from 2.1 million. Up to date, 46% of our broadband customers have a mobile bundle.

寬頻和付費電視客戶總數分別為410萬和340萬。 2023 年前 9 個月，考慮 IP 電話線路的固定語音用戶總數為 290 萬。同期，我們的融合獨特客戶總數從 210 萬增加到 230 萬。到目前為止，我們 46% 的寬頻客戶擁有行動套餐。

Our regional operations remain very solid. We are the second most important player in the mobile market in Paraguay and in the pay TV market in Uruguay with 2.4 million and 121,000, respectively.

我們的區域業務仍然非常穩健。我們是巴拉圭行動市場和烏拉圭付費電視市場第二大的參與者，分別擁有 240 萬和 121,000 名用戶。

Moving to Slide 5, it shows our price adjustment during 2023. The accumulated inflation for the first 9 months of fiscal year 2023 was 103.2%, and year-over-year inflation in Argentina as of September 2023 has been 138.3%.

轉向投影片 5，它顯示了我們在 2023 年期間的價格調整。2023 財年前 9 個月的累積通膨率為 103.2%，截至 2023 年 9 月阿根廷的同比通膨率為 138.3%。

Since March 2023, we have adjusted our pricing policy responding to a rising inflation scenario, moving to monthly price increases. We have increased both the frequency and magnitude of our price increases to improve our pass-through of inflation to our service revenues in an increasingly complex environment. Thanks to these measures. And although we continue to observe a lag versus inflation, we have been able to improve our revenues trend in real term as of the third quarter of 2023.

自 2023 年 3 月以來，我們調整了定價政策，以應對通膨上升的情況，轉向每月漲價。我們增加了價格上漲的頻率和幅度，以在日益複雜的環境中改善通貨膨脹對服務收入的傳導。感謝這些措施。儘管我們繼續觀察到相對於通貨膨脹的滯後性，但截至 2023 年第三季度，我們已經能夠改善我們的實際收入趨勢。

Slide 6 shows the evolution of our products. In our Mobile segment, we have observed a total of almost 659,000 subscribers, representing an increase of 3.8% year-over-year. This was mainly related with the good performance of our prepaid segment, where we registered a stronger customer recharge rate. We managed to increase our subscriber base from the fourth quarter in a row.

幻燈片 6 顯示了我們產品的演變。在我們的行動領域，我們觀察到訂閱用戶總數接近 659,000 名，年增 3.8%。這主要與我們預付費業務的良好表現有關，而該業務的客戶儲值率較高。我們的訂戶數量從第四季開始連續增加。

Our postpaid customer base has been registering a down-selling to prepaid, not affecting the overall mobile customer base. Our postpaid clients make up 39% of our total mobile client base.

我們的後付費客戶群一直在降價銷售至預付費客戶群，但並未影響整體行動客戶群。我們的後付費客戶占我們行動客戶總數的 39%。

Our broadband accesses have decreased by almost 128,000, minus 3% year-over-year, explained mostly by a reduction in xDSL accesses. In turn, growth in FTTH accesses has contributed to keep our broadband customer base stable and outgrew other technologies. At the same time, our HFC segment remains steady. Our client base with Internet speed of 100 megabytes or more increased by 79%.

我們的寬頻接取量減少了近 128,000 戶，年減 3%，主要原因是 xDSL 接取量的減少。反過來，FTTH 接入的成長有助於保持我們的寬頻客戶群穩定，並超越其他技術。同時，我們的 HFC 細分市場保持穩定。我們的網路速度為 100 兆位元組或以上的客戶群增加了 79%。

Despite the reduction of 142,000 pay TV subscribers which represents a 4.3% decrease year-over-year, our Flow platform continues to perform well and our pay TV accesses have remained steady quarter-over-quarter.

儘管付費電視用戶減少了 142,000 名，同比下降 4.3%，但我們的 Flow 平台繼續表現良好，付費電視訪問量環比保持穩定。

In the third Q '23, Flow's unit customers reaching 1.4 million increasing by 112,000 total clients or 9% when compared to the same period in 2022.

23 年第三季度，Flow 的單位客戶數量達到 140 萬，與 2022 年同期相比，客戶總數增加了 11.2 萬個，增幅為 9%。

Our fixed voice segment continued to register a reduction in accesses mainly in our traditional fixed copper network, which we are replacing partially with new IP telephony accesses over our HFC and FTTH networks.

我們的固定語音部分的存取量持續減少，主要是在我們傳統的固定銅線網路中，我們正在透過 HFC 和 FTTH 網路以新的 IP 電話存取部分取代傳統固定銅線網路。

Slide 7 shows the breakdown of our revenues. Service revenues totaled ARS 679 billion, decreasing 9% in real terms, versus the first 9 months of 2022, showing a 96% nominal rise, reflecting the strong influence of the price increases we performed.

幻燈片 7 顯示了我們的收入明細。服務收入總計 6,790 億阿根廷比索，與 2022 年前 9 個月相比，實際下降 9%，名義增長 96%，反映出我們提價的強烈影響。

Our revenue breakdown as of September 2023 show an increase in the participation of mobile services equipment sales and broadband when compared to September 2022. Mobile and broadband are the segments where we have been able to greatly improve the passing inflation to revenues. The breakdown is as follows: mobile revenues, 40.6%; broadband revenues, 21.5%; pay TV revenues, 18%; fixed telephony and data revenues, 11.8%; equipment sales revenues, 7.3%.

截至 2023 年 9 月的收入明細顯示，與 2022 年 9 月相比，行動服務設備銷售和寬頻的參與度有所增加。行動和寬頻是我們能夠極大改善收入通膨的領域。細分如下：行動收入，40.6%；寬頻收入，21.5%；付費電視收入，18%；固定電話和數據收入，11.8%；設備銷售收入，7.3%。

In Slide 8, we describe the main trends in our mobile and broadband businesses. During the first 9 months of 2023, positive net inflow of postpaid mobile clients has remained stable.

在投影片 8 中，我們描述了行動和寬頻業務的主要趨勢。 2023 年前 9 個月，後付費行動用戶端的正淨流入維持穩定。

Mobile Internet usage has continued increasing, reaching an average of 5.6 gigabytes per user per month during the first 9 months of 2023 and growing over 30% year-over-year.

行動網路使用量持續成長，2023 年前 9 個月每位使用者每月平均使用 5.6 GB，較去年同期成長超過 30%。

Additionally, we continue to increase our average broadband speeds. 88 -- 84%, sorry, of our total subs have a speed of at least 100 megabytes per second, compared to 46% during the first 9 months of 2022. Additionally, we have observed growth in FTTH connections, which increased by 75% versus first 9 months of 2022. Slide 9 shows our regional operations. Our operation in Paraguay is performing. We are the second most important player in the mobile market with 2.4 million customers, and we also have a fixed broadband and pay TV offering in that country with 264,000 and 104,000 subscribers, respectively.

此外，我們持續提高平均寬頻速度。抱歉，88 -- 84% 的用戶的速度至少為每秒 100 兆字節，而 2022 年前 9 個月的這一比例為 46%。此外，我們還觀察到 FTTH 連接的增長，增加了 75%與2022 年前9 個月相比。幻燈片9 顯示了我們的區域運作。我們在巴拉圭的業務正在進行中。我們是行動市場上第二重要的參與者，擁有 240 萬客戶，我們還在該國提供固定寬頻和付費電視服務，分別擁有 264,000 名和 104,000 名用戶。

We have a fintech business in the countries, our digital wallet, Billetera Personal, which comes with 283,000 clients. This operation has a stable EBITDA margin of almost 50%. Our operation in Uruguay is currently focused on pay TV, and we have 121,000 pay TV customers there.

我們在這些國家開展金融科技業務，我們的數位錢包 Billetera Personal 擁有 283,000 名客戶。該業務的 EBITDA 利潤率穩定在近 50%。我們在烏拉圭的業務目前主要集中在付費電視上，我們在那裡擁有 121,000 名付費電視客戶。

During the last year, we started our cybersecurity business in Chile under the brand name Ubiquo. They are -- we are expanding our presence in the market and growing our customer base.

去年，我們以 Ubiquo 品牌在智利開展了網路安全業務。他們是——我們正在擴大我們在市場上的影響力並擴大我們的客戶群。

In Slide 10, we present how we are building our digital business ecosystem. We offer B2B solutions and services to accompany the digital evolution process of the companies. Our main projects include connectivity, cybersecurity solutions, cloud solutions and data center services, digital tools to enhance productivity and Internet of Things services, which include special custom tailor solutions for connectivity and remote monitoring in that regard to our segment.

在投影片 10 中，我們介紹如何建立數位業務生態系統。我們提供 B2B 解決方案和服務來伴隨公司的數位化演進過程。我們的主要項目包括連接、網路安全解決方案、雲端解決方案和資料中心服務、提高生產力的數位工具和物聯網服務，其中包括針對我們細分市場的連接和遠端監控的特殊客製化解決方案。

We are also present in the fintech business with our digital wallet, Personal Pay, which currently has more than 1.6 million customers onboarding. During this year, it has incorporated a new functionality of remunerated balance for all its users. We currently have funds from our clients invested in mutual funds for over ARS 21 billion.

我們也透過數位錢包 Personal Pay 涉足金融科技業務，目前擁有超過 160 萬客戶。今年，它為所有用戶引入了薪酬平衡的新功能。目前，我們客戶的資金投資於共同基金，金額超過 210 億阿根廷比索。

Through Personal Smarthome, we'll provide monitoring services, solutions and equipment for home monitoring, security, digital interconnection and automation.

透過個人智慧家居，我們將為家庭監控、安全、數位互連和自動化提供監控服務、解決方案和設備。

Finally, Tienda Personal is our retail store where our clients can acquire a wide variety of electronic devices.

最後，Tienda Personal 是我們的零售店，我們的客戶可以在這裡購買各種電子設備。

I will now pass the call to Luis Rial Ubago, who will go our financial performance.

現在我將把電話轉給路易斯·裡亞爾·烏巴戈（Luis Rial Ubago），他將負責我們的財務表現。

Thank you, Gabriel. In Slide 11, we provide an overview of our main financial figures. Consolidated revenues grew by 98% on nominal terms during the first 9 months of 2023, reaching more than ARS 732 billion. When analyzing the figure adjusted by inflation, revenues amounted to more than ARS 1 trillion, showing a decrease of 8% in real terms versus the same period of 2022. This lags explanation is explained among others by the effect of certain discounts and promotions we ran after price increases to retain our customers in a strong competitive environment. But most importantly, the adjustments we have done in pricing policy proved effective as this lag versus inflation has observed a downward trend, which has consolidated during the third Q of 2023.

謝謝你，加布里埃爾。在投影片 11 中，我們概述了我們的主要財務數據。 2023 年前 9 個月，合併收入以名義成長 98%，達到超過 7,320 億阿根廷比索。在分析通貨膨脹調整後的數字時，收入超過 1 兆阿根廷比索，與 2022 年同期相比實際下降了 8%。這種滯後解釋的原因之一是我們進行的某些折扣和促銷活動的影響價格上漲後，以在強大的競爭環境中留住我們的客戶。但最重要的是，我們在定價政策方面所做的調整被證明是有效的，因為這種滯後於通膨的趨勢呈下降趨勢，這種趨勢在 2023 年第三季得到了鞏固。

EBITDA increased by 102% year-over-year in nominal terms, generating an EBITDA margin of 29.6% during the first 9 months of 2023. EBITDA margin in real terms was 28.8%. Additionally, our operating costs before D&A have also grown below inflation, decreasing 8% in real terms versus the 9 months of 2022.

EBITDA 名目年增 102%，2023 年前 9 個月的 EBITDA 利潤率為 29.6%。實際 EBITDA 利潤率為 28.8%。此外，我們在 D&A 之前的營運成本成長也低於通貨膨脹，與 2022 年 9 個月相比，實際下降了 8%。

We have continued to manage our cost structure in order to reduce the impact of inflation. During the third Q of 2023, we managed to increase our margin in a considerable proportion when compared to the same period the year before. This is a good indicator that our pricing and cost management strategies are guiding us in the right direction.

我們繼續管理成本結構，以減少通貨膨脹的影響。 2023 年第三季度，與去年同期相比，我們的利潤率實現了相當大的成長。這是一個很好的指標，顯示我們的定價和成本管理策略正在引導我們走向正確的方向。

Slide 12 shows the evolution of EBITDA year-over-year and the impact of the different components of revenues and costs. During the 9 months of 2023, the company was able to contain the pressure coming from inflation in most of these cost trends as most of them experienced a decrease or remain in line when compared with inflation.

幻燈片 12 顯示了 EBITDA 的逐年演變以及收入和成本不同組成部分的影響。在2023年的9個月中，公司能夠在大多數成本趨勢中控制住通膨帶來的壓力，因為與通膨相比，大多數成本趨勢都出現了下降或保持一致。

We observed good results in labor costs, programming accounting costs, interconnection costs and some other items such as bad debt. The company's efforts have been very successful as evidenced by most cost lines, keeping the same share of our revenues with almost every cost line decreasing more than our revenues in real terms. This allowed us to increase our EBITDA margin for the first 9 months of 2023 in a year-over-year basis.

我們在勞動成本、程式會計成本、互連成本和壞帳等其他項目上觀察到良好的結果。公司的努力非常成功，大多數成本線都證明了這一點，我們保持了相同的收入份額，幾乎每條成本線的實際下降幅度都超過了我們的收入。這使我們能夠在 2023 年前 9 個月同比提高 EBITDA 利潤率。

Slide 13 shows the company's net results and EBIT. EBIT registered an improvement in the 9 months of 2023, mainly due to the fact that in the 9 months of 2022, the company recognized an impairment of goodwill amounted to ARS 495 billion in the currency as of September '23 that was allocated to depreciation and amortization and impairment of fixed assets.

幻燈片 13 顯示了該公司的淨利潤和息稅前利潤。息稅前利潤在2023 年9 個月有所改善，主要是因為在2022 年9 個月中，公司確認了截至2023 年9 月計為4,950 億阿根廷比索的商譽減值，該減值分配至折舊和固定資產攤提和減損。

The operating margin during the 9 months of 2023 was minus 5% of consolidated revenues. In historical figures, the same margin was 20.6%. In the first 9 months of 2023, the company had a net income of almost ARS 85 billion, mainly due to a positive net financial result, ARS 61.5 billion, driven by inflation adjustment gains and positive effects result in real terms and to a positive income tax of ARS 76 million.

2023 年 9 個月的營業利益率為合併收入的負 5%。在歷史資料中，同樣的利潤率為20.6%。 2023 年前 9 個月，該公司淨利潤近 850 億阿根廷比索，主要是由於通貨膨脹調整收益和實際積極影響導致淨財務結果為 615 億阿根廷比索，以及正收入稅收7600萬阿根廷比索。

Slide 14 displays a summary of the company's CapEx in PP&E and intangible assets in the first 9 months of 2023, which amounted to more than ARS 147 billion or an equivalent of $421 million of the official FX rate. This amount is 17.5% lower when compared to the same last year period. Our consolidated amount of CapEx for the 9 months 2023 amounted to around 40% of the total revenues. And withstanding the fact that we observed certain level of seasonality in our CapEx, our investment level was influenced by tighter import restrictions in the 2022.

投影片 14 顯示了 2023 年前 9 個月該公司在 PP&E 和無形資產方面的資本支出摘要，總計超過 1,470 億阿根廷比索，相當於 4.21 億美元的官方匯率。與去年同期相比，這筆金額減少了 17.5%。 2023 年 9 個月我們的綜合資本支出約為總收入的 40%。儘管我們的資本支出存在一定程度的季節性，但我們的投資水準仍受到 2022 年更嚴格的進口限制的影響。

In overall in spite of the situation, we are on good track to execute our CapEx plan for this year and the performance of our network is currently very solid.

總體而言，儘管存在這種情況，我們今年的資本支出計劃執行情況良好，而且我們網路的性能目前非常穩定。

Technical CapEx was mainly composed by investments in our access network and technology. Our investments primarily geared to enhance our access network. During the first 9 months of 2023, 97 new mobile sites were deployed while other 100 -- while other 1,084 existing sites were upgraded. Additionally, of to date, we come with 240 5G sites. Most of them working under DSS technology.

技術資本支出主要由對接取網路和技術的投資組成。我們的投資主要用於增強我們的接取網路。 2023 年前 9 個月，部署了 97 個新移動站點，另外 100 個行動站點以及其他 1,084 個現有站點進行了升級。此外，迄今為止，我們擁有 240 個 5G 站點。他們中的大多數人都在 DSS 技術下工作。

In our fixed asset network, we increased the deployment of new FTTH over 15,000 new blocks, including the overlay of our HFC network. We also improved the upstream capacity of our HFC network by over 11,000 blocks. The balance of our CapEx was allocated to installations and customer premise equipment, or CPE, which are installations and equipment in the focus of our clients and to our international operations.

在我們的固定資產網路中，我們增加了超過 15,000 個新區塊的新 FTTH 部署，其中包括 HFC 網路的覆蓋範圍。我們還將 HFC 網路的上游容量提高了 11,000 多個區塊。我們的資本支出餘額分配給安裝和客戶端設備（CPE），這些安裝和設備是我們客戶和我們國際業務的焦點。

In Slide 15, we expand on 5G and the spectrum auction. In August, ENACOM approved the 5G spectrum auction in Argentina. On October 24, we acquired 100 megahertz spectrum block in the 3.5 gigahertz band for $350 million to be paid in pesos at the official FX rate. We have initiated payments related to the frequency balance following the schedules and for the auction developments.

在投影片 15 中，我們詳細介紹了 5G 和頻譜拍賣。 8月，ENACOM批准了阿根廷5G頻譜拍賣。 10 月 24 日，我們以 3.5 億美元的價格收購了 3.5 GHz 頻段的 100 MHz 頻譜區塊，並按官方外匯匯率以比索支付。我們已按照時間表和拍賣開發啟動了與頻率平衡相關的付款。

This new one allows us to have a greater efficiency in the use of our spectrum holdings and to properly grow in data traffic coming from rated usage from our customers.

這項新措施使我們能夠更有效率地利用我們持有的頻譜，並透過客戶的額定使用量適當增加資料流量。

5G holds strategic significance offering, improve customer experiences based on enhanced mobile broadband capabilities, fostering our competitive position and market penetration and also enabling higher opportunities for branding with entertainment in mobile.

5G具有戰略意義，可透過增強的行動寬頻功能改善客戶體驗，增強我們的競爭地位和市場滲透率，並為行動娛樂品牌提供更多機會。

Increased connected device capacity, reduced latency network slicing and higher overall reliability of the mobile network, open new doors to interesting business use cases. The transition to 5G architecture brings exciting opportunities for various economic sectors, including agriculture and oil and gas, both important sectors in Argentina's economies.

連接設備容量的增加、網路切片延遲的減少以及行動網路整體可靠性的提高，為有趣的業務用例打開了新的大門。向 5G 架構的過渡為各個經濟部門帶來了令人興奮的機遇，包括農業和石油和天然氣，這兩個部門都是阿根廷經濟的重要部門。

In Slide 16, we described on cash flow generation during the first 9 months of 2023 compared with the same period of 2022. Our cash flow generation was very robust. Despite experiencing a lower EBITDA in real terms, our free cash flow has increased due to a reduction in CapEx and working capital gains during this period. During the first 9 months of 2023, our free cash flow before dividends and interest payments amounted to approximately $494 million, which represents an improvement compared to the same period in 2022.

在投影片 16 中，我們描述了 2023 年前 9 個月與 2022 年同期相比的現金流產生。我們的現金流產生非常強勁。儘管實際 EBITDA 較低，但由於在此期間資本支出和營運資本收益減少，我們的自由現金流有所增加。 2023 年前 9 個月，我們在股息和利息支付之前的自由現金流約為 4.94 億美元，與 2022 年同期相比有所改善。

Slide 17 shows the breakdown of our financial debt. Total outstanding debt as of September 2023 amounted to almost $2.6 billion.

幻燈片 17 顯示了我們的金融債務的細目。截至 2023 年 9 月，未償債務總額接近 26 億美元。

In the third Q of 2023, we've canceled our most important [gross] debt commitments for the year, significantly clear maturity profile for the remainder of the year. Almost 75% of the remaining maturities for this year are denominated in pesos, which can be easily refinanced in the local capital markets and with local financial institutions taking into account the solid credit profile of Telecom. Moreover, we are able to cover almost 50% of our consolidated free interest payments with EBITDA generating in our operation in Paraguay. As we have been working to deconcentrate our maturity profile, the remaining maturities going forward remain managed.

在 2023 年第三季度，我們取消了今年最重要的[總]債務承諾，顯著明確了今年剩餘時間的到期情況。今年剩餘期限中近 75% 是以比索計價的，考慮到電信公司穩健的信用狀況，可以輕鬆地在當地資本市場和當地金融機構進行再融資。此外，我們能夠用巴拉圭業務產生的 EBITDA 來支付近 50% 的綜合自由利息支付。由於我們一直在努力分散我們的到期日概況，因此未來的剩餘到期日仍然受到管理。

Slide 18 shows our key figures for the first 9 months of 2023 and constant measuring units converted to the effects of each year.

投影片 18 顯示了 2023 年前 9 個月的關鍵數據以及轉換為每年影響的恆定測量單位。

Our gross debt amounted to $2.6 billion as of September 30, 2023. The company post cash and equivalents for the same period in the order of $389 million, having a net debt of about $2.3 million.

截至 2023 年 9 月 30 日，我們的總債務達 26 億美元。同期，該公司的現金及等價物約為 3.89 億美元，淨債務約為 230 萬美元。

Our net-debt-to-EBITDA ratio as of September 2023 was 2.07x improving quarter-over-quarter. Our EBITDA margin for the last 12 months is on the same level as the 1 observed during the fiscal year 2022 being 27.5%.

截至 2023 年 9 月，我們的淨負債與 EBITDA 比率較上季提高了 2.07 倍。我們過去 12 個月的 EBITDA 利潤率與 2022 財年觀察到的 1 個月的 EBITDA 利潤率處於同一水平，即 27.5%。

In Slide 19, we conclude with some final remarks, underlying some unfavorable highlights about the company.

在投影片 19 中，我們以一些最後的評論作為結束語，其中包含了對該公司的一些不利亮點。

We are improving the pass-through of inflation to our revenues while minimizing the impact in our customer base. We managed to maintain our EBITDA margin in a challenging context in Argentina.

我們正在改善通貨膨脹對收入的傳導，同時最大限度地減少對客戶群的影響。在阿根廷充滿挑戰的環境下，我們設法維持了 EBITDA 利潤率。

Our EBITDA also shows resiliency versus the FX depreciation. Even with a nominal FX pricing 36% quarter-over-quarter, we managed to increase our EBITDA in U.S. dollars for the last 12 months as of September '23 in comparison with the same last 12 months figure in U.S. dollars as of June 2023, and we have a proven ability to pass inflation to revenue some perform across the management.

我們的 EBITDA 也顯示出針對外匯貶值的彈性。即使名目外匯定價季增 36%，與截至 2023 年 6 月的過去 12 個月的美元數據相比，截至 23 年 9 月的過去 12 個月的美元 EBITDA 仍有所增加，事實證明，我們有能力將通貨膨脹轉嫁給管理階層的收入。

This indicates that in the midterm (inaudible) rate is not significant. We are strategically developing future technologies, 5G, FTTH, and we are also creating our digital ecosystem. Our financial condition is very strong. We have a manageable maturity profile, and we have kept our leverage our stake.

這顯示中期（聽不清楚）比率並不顯著。我們正在策略性地開發未來技術、5G、FTTH，我們也在創建我們的數位生態系統。我們的財務狀況非常強勁。我們擁有可控的成熟度，並且我們保持了我們的槓桿作用。

We increased the participation of local financing, which has allowed us to take advantage of lower cost of financing and to offset the increase in the base rate for floating (inaudible) -- floating rate debt, sorry.

我們增加了地方融資的參與，這使我們能夠利用較低的融資成本並抵消浮動基準利率的增加（聽不清楚）——抱歉，浮動利率債務。

Finally, we continue to provide long-term value for our investors. We have a solid and stable free cash flow generation, generating $500 million to $600 million equivalent annually during the last 3 years. Our weighted average dividend yields in 2019 has been 7.7%, and we have paid a dividend every year since the merger.

最後，我們持續為投資者提供長期價值。我們擁有穩定的自由現金流，在過去 3 年中每年產生 5 億至 6 億美元等值的現金流。我們2019年的加權平均股息殖利率為7.7%，自合併以來我們每年都會支付股息。

So with this, we now are more than pleased to answer any questions you may have. However, before we start, we would like to remind you how you can address your questions during the Q&A session, which we will open immediately. (Operator Instructions) Thank you.

因此，我們現在非常樂意回答您可能提出的任何問題。然而，在我們開始之前，我們想提醒您如何在問答環節中解決您的問題，我們將立即開始問答環節。 （操作員說明）謝謝。

so as we don't have any -- any questions have come in, I would like to thank you very much for participating -- I'm sorry. We have one from -- just in the nick of time, Marcelo. So we have a question coming from Marcelo Santos from JPMorgan. Marcelo, we will omit you so you can't proceed with your question. Thank you very much.

因此，由於我們沒有任何問題，我非常感謝您的參與，我很抱歉。我們有一個來自——就在關鍵時刻，馬塞洛。摩根大通的馬塞洛·桑托斯向我們提出了一個問題。馬塞洛，我們將忽略您，因此您無法繼續提問。非常感謝。

Can you hear me, Luis?

你聽得到我說話嗎，路易斯？

I can hear you.

我可以聽見你。

8

8

First question is, if you could please provide a competitive environment update on both the broadband and the mobile segment in Argentina. And the second question, if you could discuss a bit the plans on fiber rollout in Paraguay? Thank you.

第一個問題是，您能否提供阿根廷寬頻和行動領域競爭環境的最新情況。第二個問題，您是否可以討論一下巴拉圭光纖鋪設的計畫？謝謝。

Marcelo, thank you for the question. This is Roberto. Regarding the competitive environment in Argentina, in terms of mobile, as you can see there the situation is very stable. The main issue today, and you've seen that despite that we are growing in terms of mobile customers, there has been a change in the composition because of the restrictions of the high inflation and the domestic economies of our customers. There's a migration -- a small migration from our customer base into prepaid. That could be the main factor in Argentina today. But the stock of customers is still growing. So that's on the mobile.

馬塞洛，謝謝你的提問。這是羅伯托.關於阿根廷的競爭環境，就移動而言，你可以看到那裡的情況非常穩定。今天的主要問題，大家也看到了，雖然我們的行動客戶在成長，但是由於高通膨和國內經濟的限制，客戶的組成發生了變化。這是一個遷移——從我們的客戶群到預付費的小規模遷移。這可能是今天阿根廷的主要因素。但客戶存量仍在成長。所以這是在手機上。

So competition is not that aggressive. We are all increasing prices on a monthly basis, I would say, trying to catch up with inflation, and that's probably the -- it's a healthy industry, I would say.

所以競爭沒那麼激烈。我想說，我們都在每月提高價格，試圖趕上通貨膨脹，這可能是——我想說，這是一個健康的行業。

On the fixed broadband, still, we are facing some high completion from newcomers. But that has been offset. If you take a look into our last quarter, we have been growing our customer base. The first quarter of the year, and this was back to the -- to our conversation last call. The first quarter was a really difficult quarter for us in terms of broadband subs. We have a huge impact of price increase because we were not doing it on a monthly basis. We did straight in one big jump in terms of price increase, and that hit our customer base a little bit. But that has been restored and our customers -- and I told you last quarter that we were expecting our customer base to be 0 in terms of changes at the end of the year, and we are committed to do that.

在固定寬頻方面，我們仍然面臨新來者的高度完成。但這已經被抵銷了。如果你看看我們上個季度，我們的客戶群一直在成長。今年第一季度，這又回到了我們上次通話的談話。就寬頻用戶而言，第一季對我們來說是一個非常困難的季度。價格上漲對我們產生了巨大的影響，因為我們不是每個月都這樣做。我們在價格上漲方面直接大幅躍升，這對我們的客戶群造成了一些影響。但這已經恢復了，我們的客戶——我上個季度告訴過你們，我們預計我們的客戶群在年底的變化為 0，我們致力於做到這一點。

So I would say that despite the competition, the fixed broadband is healthy, too. I mean we are all pushing our prices into -- trying to catch up with inflation, and our service is improving a lot. As you see, we are improving a lot in terms of capacity and in terms of speed and quality of broadband. So we are keeping -- we are still, and we will keep being the leader in the broadband -- fixed broadband vertical. And of course, we are still the best service in the mobile. And that's -- I mean we have been very, very, very good at the measures on Ookla and Opensignal for the last quarter, and that has been kept very well. The second question.

所以我想說，儘管有競爭，固定寬頻也是健康的。我的意思是，我們都在努力提高價格，以趕上通貨膨脹，而且我們的服務正在大幅改善。正如您所看到的，我們在寬頻容量、速度和品質方面取得了巨大進步。因此，我們仍然並將繼續成為寬頻固定寬頻垂直領域的領導者。當然，我們仍然是行動領域最好的服務。我的意思是，上個季度我們在 Ookla 和 Opensignal 上的衡量指標非常、非常、非常好，而且一直保持得很好。第二個問題。

It was regarding the fiber rollout in Paraguay.

這是關於巴拉圭的光纖部署。

Fiber rollout in Paraguay is still -- I mean, we will start working on improving our penetration and our networks, but with penetrations what we have already did are very good, but we still need -- we think that there is room for growth there. So for the next year, we will -- I wouldn't say stop. We will not stop for sure, but we will reduce the number of blocks that we will deploy, but we will -- our goal is to keep growing on our broadband subs, fixed broadband subs.

巴拉圭的光纖推廣仍然——我的意思是，我們將開始努力提高我們的滲透率和網絡，但隨著滲透率的提高，我們已經做得非常好，但我們仍然需要——我們認為那裡還有成長空間。因此，在明年，我們將——我不會說停止。我們肯定不會停止，但我們會減少部署的區塊數量，但我們會——我們的目標是繼續成長我們的寬頻用戶、固定寬頻用戶。

So now we don't have any further questions for the moment. So thank you very much for participating in our quarterly conference call. Please do not hesitate to contact our Investor Relations department for any further inquiries you may have. So good morning to all, and have a nice day. Thank you.

所以現在我們暫時沒有任何進一步的問題。非常感謝您參加我們的季度電話會議。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。祝大家早安，有美好的一天。謝謝。