Telecom Argentina SA (TEO) 2024 Q1 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 Nóbile, Chief Executive Officer; Gabriel Blasi, Chief Financial Officer; and myself, Luis Rial Ubago, Head of Investor Relations.

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 Nóbile；加布里埃爾·布拉西 (Gabriel Blasi)，財務長；我本人，投資者關係主管路易斯·裡亞爾·烏巴戈 (Luis Rial Ubago)。

The purpose of this call is to share with you the results of the first quarter ended on March 31, 2024. 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 investores.telecom.com.ar.

本次電話會議的目的是與您分享截至 2024 年 3 月 31 日的第一季業績。如果您尚未收到我們的新聞稿或簡報，您可以致電我們的投資者關係辦公室索取文件，或向我們網站的投資者關係部分下載這些文件，網址為 Investores.telecom.com.ar。

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 on 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 regulations, possible changes in the demand for Telecom's products and services, the effects of potential changes in general market and 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，我們可能會提及有關電信未來業績、計畫、策略和目標的某些前瞻性陳述。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。這些不確定性包括但不限於當前行業和經濟法規的影響、電信產品和服務需求可能發生的變化、一般市場和經濟狀況以及立法的潛在變化的影響。

Our press release, a copy of which was included in our Form 10-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 Comision Nacional de Valores or CNV, which establishes that the re-expression will be applied to the annual financial statements for interim and special periods and as of and including December 31, 2018.

我們的新聞稿（其副本包含在我們的 10-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。該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，該決議規定重新表達將適用於中期和特殊時期以及截至（包括）的年度財務報表2018 年12 月31 日。

Accordingly, the reported figures corresponding to the first quarter of 2024 included the effects of the adoption of inflationary accounting in accordance with IAS 29. 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 Slide 1 on Slide 2 of the presentation.

因此，與 2024 年第一季相對應的報告數據包括根據 IAS 29 採用通貨膨脹會計的影響。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。請閱讀簡報投影片 2 中包含投影片 1 的免責聲明。

Today, we will go over our business and financial highlights and end the call with a Q&A session. Now let me pass the call to Gabriel, our CFO, who will start with the presentation.

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。現在讓我把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. Slide 3 summarizes our highlights as of March 31, 2024. Our main operational and financial achievements were our EBITDA margin during the first quarter of '24 was 30.3%. Thanks to our effective cost management and pricing strategy, our margin remained steady in a year-over-year basis despite the challenging macroeconomic environment.

謝謝你，路易斯。早上好，歡迎大家。投影片 3 總結了我們截至 2024 年 3 月 31 日的亮點。我們的主要營運和財務表現是 2024 年第一季的 EBITDA 利潤率為 30.3%。由於我們有效的成本管理和定價策略，儘管宏觀經濟環境充滿挑戰，但我們的利潤率仍比去年同期保持穩定。

In the first quarter of 2024, our CapEx was approximately $122 million, equivalent to 15% of our revenues. The current focus of our CapEx is on the expansion of our FTTH technology as well as expanding our mobile network and developing 5G. Our cash flow generation remains strong.

2024 年第一季度，我們的資本支出約為 1.22 億美元，相當於我們收入的 15%。目前我們資本支出的重點是擴展我們的 FTTH 技術以及擴展我們的行動網路和開發 5G。我們的現金流生成仍然強勁。

During the first quarter of 2024, we were able to generate approximately $116 million in free cash flow before dividends and interest payments. Due to the real appreciation of the peso observed during the first quarter of 2024, we registered a net income profit of ARS 675 billion associated with real exchange differences gains included in our financial results. This is mostly generated by the effect of macro variables over our debt in U.S. dollars.

2024 年第一季度，我們在股息和利息支付之前產生了約 1.16 億美元的自由現金流。由於 2024 年第一季比索實際升值，我們的淨利潤為 6,750 億盧比，與財務業績中包含的實際匯率差額收益相關。這主要是宏觀變數對美元債務的影響所造成的。

Our mobile subscriber base continues to grow, increasing over 3% year-over-year. Mobile data usage measured in average monthly gigabytes per user has grown 21%. In broadband, our FTTH accesses keep growing rapidly. And during the last quarter, they have contributed to increased our customer base, while our HFC network has remained mostly stable flow-yielding customers reached almost 1.5 million, increasing 12% year-over-year. Additionally, our pay TV businesses continue to grow in Paraguay.

我們的行動用戶群持續成長，較去年同期成長超過 3%。以每位用戶每月平均 GB 計算的行動數據使用量增加了 21%。寬頻方面，FTTH接取量持續快速成長。在上個季度，他們為我們的客戶群增加做出了貢獻，而我們的 HFC 網路基本上保持穩定，流量客戶達到近 150 萬，年成長 12%。此外，我們在巴拉圭的付費電視業務持續成長。

Our fintech Personal Pay holds a relevant market position, reaching more than 2.5 million onboarded clients as of March 2024, while consolidating as the second player in the market in terms of clients remunerated account balances. We reduced a strong improvement in our financial net debt-to-EBITDA ratio indicating a reduction of the relative leverage and the company's strong resilience to FX depreciation. As of March 2024, our debt split is about 60% in cross-border instruments coming from more than 95% in 2018.

我們的金融科技個人支付佔據了相關的市場地位，截至 2024 年 3 月，已覆蓋超過 250 萬客戶，同時在客戶報酬帳戶餘額方面鞏固為市場第二大參與者。我們減少了財務淨債務與 EBITDA 比率的大幅改善，這表明相對槓桿率有所下降，而且公司對外匯貶值的抵禦能力很強。截至 2024 年 3 月，我們的債務分拆比例約為 60% 來自跨國工具，而 2018 年這一比例超過 95%。

Slide 4 shows the company figures of 2024. Telecom's revenues totaled almost $800 million. Revenues measured in constant pesos decreased 18% year-over-year as inflation remained very high during the first quarter of the year. Nonetheless, our EBITDA improved in U.S. dollars amounted to $240 million equivalent during the first quarter of 2024, an increasing 11% against the fourth quarter of 2023.

幻燈片 4 顯示了 2024 年的公司數據。電信總收入接近 8 億美元。由於今年第一季通膨仍然很高，以不變比索衡量的營收年減 18%。儘管如此，2024 年第一季我們的 EBITDA（以美元計算）達到了 2.4 億美元等值，比 2023 年第四季成長了 11%。

Our EBITDA margin was 30.3%, holding steady compared with the first quarter of 2023. Telecom's more subscribers in Argentina amounted 21.2 million, increasing more than 680,000 when compared to 2023. Broadband and pay TV clients have totaled 4.1 million and 3.3 million, respectively. Fixed voice subscribers considered our IP telephony lines amounting 2.8 million during 2024. 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 116,000, respectively.

我們的 EBITDA 利潤率為 30.3%，與 2023 年第一季相比保持穩定。阿根廷電信用戶數量增加至 2,120 萬，與 2023 年相比增加超過 68 萬。寬頻和付費電視客戶總數分別為 410 萬和 330 萬。2024 年，我們的 IP 電話線路固定語音用戶數量將達到 280 萬條。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 116,000 名用戶。

Slide 5 shows our price adjustment during 2024. The accumulated inflation in Argentina for the third quarter of 2024 was 51.6%, while year-over-year inflation as of March reached 28.79%. We continue to adjust our prices on a monthly basis during the first quarter of 2024 in a very high inflation scenario. Even in this challenging context, the quarter-over-quarter service revenues evolution in real terms improved during the first quarter.

幻燈片 5 顯示了 2024 年我們的價格調整。阿根廷2024年第三季累計通膨率為51.6%，截至3月的年通膨率達28.79%。在通膨非常高的情況下，我們將在 2024 年第一季繼續按月調整價格。即使在這種充滿挑戰的背景下，第一季服務收入的環比實際變化仍有所改善。

It is important to highlight that our pricing strategy is also focused on minimizing the stress that price increases generate over our subscriber base. And in that sense, we are not passing 100% of inflation due to retention actions, mainly discounts and promotion granted to our clients.

需要強調的是，我們的定價策略也致力於最大限度地減少價格上漲對我們的用戶群帶來的壓力。從這個意義上說，由於保留行動（主要是向客戶提供折扣和促銷），我們並沒有超過 100% 的通貨膨脹。

Moving to Slide 6, it shows the evolution of our products. As mentioned before, our pricing strategy has yielded good results in terms of the evolution of our subscriber base. In our mobile segment, as we mentioned before, we have observed a total increase of more than 680,000 subscribers representing an increase of 3.3% year-over-year. This was mainly related with good performance of our prepaid segment, where we registered a stronger customer recharge rate.

轉到幻燈片 6，它展示了我們產品的演變。如前所述，我們的定價策略在用戶群的發展上取得了良好的效果。在我們的行動領域，正如我們之前提到的，我們觀察到用戶總數增加了超過 68 萬名，年增 3.3%。這主要與我們的預付費業務的良好表現有關，我們的客戶儲值率較高。

We managed to increase our subscriber base for the sixth quarter in a row. Our postpaid subscriber base has increased since the fourth quarter of 2024 by 0.7% reverting the decreasing trend of serving during 2023. Our postpaid participation over total mobile subscribers continued to be strong, reaching 39% of our total mobile customer base.

我們成功地連續第六季度增加了我們的訂戶基礎。自 2024 年第四季以來，我們的後付費用戶群成長了 0.7%，扭轉了 2023 年服務下降的趨勢。我們的後付費用戶在行動用戶總數中的參與度持續保持強勁，達到行動用戶總數的 39%。

In our broadband segment, we have observed growth in FTTH accesses, while our HFC accesses have remained relatively steady. Thank to this, we have been able to register growth both in the quarter-over-quarter and year-over-year comparison and stabilized our broadband subscriber base in a challenging competitive environment.

在我們的寬頻領域，我們觀察到 FTTH 存取的成長，而我們的 HFC 存取則保持相對穩定。因此，我們能夠實現季度環比和同比增長，並在充滿挑戰的競爭環境中穩定我們的寬頻用戶群。

In turn, we have observed a reduction in DSL accesses, which we are migrating to FTTH. In pay TV, our flow platform continued to perform well, and our pay TV accesses have remained steady quarter-over-quarter. In the first quarter '24, Flow's unique customers reached almost 1.5 million, increasing by 162,000 clients or 12% when compared to the same period of 2023. Flow Flex our broadband subscription modality also delivered good results during the first quarter of 24%, amounting to over 120,000 sums.

反過來，我們發現 DSL 接入有所減少，我們正在將其遷移到 FTTH。在付費電視方面，我們的流量平台持續表現良好，付費電視接取量較上季保持穩定。2024 年第一季度，Flow 的獨立客戶數量達到近 150 萬，與 2023 年同期相比增加了 162,000 個客戶，增幅為 12%。Flow Flex 我們的寬頻訂閱模式在第一季也取得了 24% 的良好業績，總計超過 12 萬筆。

The reduction of Surf in our total pay TV customer base is in line with the decrease observed in the market as a whole for this segment, thus our market share has remained constant. 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.

Surf 在我們付費電視總客戶群中的減少與該細分市場整體市場的下降是一致的，因此我們的市場份額保持不變。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 電話存取來部分取代該網路。

Slide 7 shows the breakdown of our revenues. Service revenues totaled over ARS 586 billion, has decreased 16% in real terms versus the first quarter of 2023, showing a 214 nominal rise mostly due to the price increases we performed. Our revenue breakdown as of March 2024 showed an increase in the participation of fixed and data services when compared to March 2023, fueled the growth observed in our B2B segment. In this segment, contracts are set following the FX evolution.

幻燈片 7 顯示了我們的收入明細。服務收入總計超過 5,860 億阿根廷比索，較 2023 年第一季實際下降 16%，名義增長 214，這主要是由於我們執行的價格上漲。截至 2024 年 3 月的收入明細顯示，與 2023 年 3 月相比，固定和數據服務的參與度有所增加，推動了我們 B2B 領域的成長。在這一領域，合約是根據外匯演變而製定的。

This also reflects on the increased participation of dollar-linked revenues in our total service revenues. [More] represents 41% of the revenues broadband and pay TV add up to almost another 40% the rest composed of fixed telephony and data revenues, representing 40% of our revenues and equipment sales 4.7%.

這也反映了與美元掛鉤的收入在我們的總服務收入中的參與度的增加。 [更多] 寬頻和付費電視佔收入的 41%，加起來幾乎佔另外 40%，其餘部分由固定電話和數據收入組成，占我們收入的 40%，設備銷售佔 4.7%。

Moving to Slide 8, it shows our regional operations. Our operation in Paraguay is performing very well. We are the second most important player in the mobile market with 2.4 million customers. And we also have fixed broadband and pay TV offering in that country with 285,000 and 107,000 subscribers, respectively. We have a fintech business in Paraguay through our digital wallet, Billetera Personal with 305,000 clients which has been rebranded as Personal Pay since April 2024. This is our first step in the integration of our regional fintech businesses.

轉到幻燈片 8，它顯示了我們的區域運作。我們在巴拉圭的業務表現非常好。我們是行動市場第二重要的參與者，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 285,000 名和 107,000 名用戶。我們透過數位錢包 Billetera Personal 在巴拉圭開展金融科技業務，擁有 305,000 名客戶，自 2024 年 4 月起已更名為 Personal Pay。這是我們區域金融科技業務整合的第一步。

This operation has a strong EBITDA margin of almost 50% while the remaining almost unlevered with a net debt-to-EBITDA ratio of only 0.11 -- 11x. Our operation in Uruguay is currently focused on pay TV. We have 160,000 pay TV customers there. We have potential to grow in the local broadband market as we are obtaining licenses to offer these services in certain locations in the country. In Chile, Ubiquo brands' vision is to strengthen the cybersecurity business in the region and to provide solutions that they adapt to customer needs. There, we are expanding our presence in the market and growing our customer base.

該業務的 EBITDA 利潤率高達近 50%，而其餘業務幾乎沒有槓桿，淨債務與 EBITDA 比率僅為 0.11 至 11 倍。我們在烏拉圭的業務目前主要集中在付費電視上。我們在那裡有 16 萬名付費電視客戶。由於我們正在獲得在該國某些地點提供這些服務的許可證，因此我們有潛力在當地寬頻市場上成長。在智利，Ubiquo 品牌的願景是加強該地區的網路安全業務，並提供適合客戶需求的解決方案。在那裡，我們正在擴大我們的市場份額並擴大我們的客戶群。

In Slide 9, we present how we are building our digital business ecosystem. We offer B2B solutions and services to a company the digital evolution process of companies. In response to the constant changes demanded by the market, we maintain our strategy to position ourselves as an integrated service provider for large customers by offering convergent ICT solutions, including fixed and mobile voice, data, Internet, multimedia data center and application services. through sales, consulting, management and specialized and targeted post-sale customer services. This business segment represents around 18% of our revenue as of the third quarter 2024. We expect to continue increasing this figure substantially in the future.

在幻燈片 9 中，我們展示了我們如何建立數位業務生態系統。我們為企業的數位化演進過程提供B2B解決方案和服務。為因應市場需求的不斷變化，我們堅持定位為大客戶綜合服務供應商的策略，提供融合ICT解決方案，包括固定和行動語音、資料、網際網路、多媒體資料中心和應用服務。透過銷售、諮詢、管理以及專業化、有針對性的售後客戶服務。截至 2024 年第三季度，該業務部門約占我們營收的 18%。我們預計未來這一數字將繼續大幅增加。

We presented the first connectivity cluster in rural areas. The project aims to cover an area of more than 500,000 hectares with continued connectivity where Telecom will enable the new mobile sites with 4G technology and IoT networks. Our B2B segment has been gaining participation in our revenues due to the fact that contracts are set followed with the FX evolution. This is a market where the growth potential is very high, and we expect to increase the participation of our B2B segment in coming years.

我們在農村地區推出了第一個連結集群。該計畫的目標是覆蓋超過 50 萬公頃的區域並提供持續的連接，電信將為新的行動站點提供 4G 技術和物聯網網路。由於合約是隨著外匯演變而製定的，我們的 B2B 部門一直在增加我們的收入。這是一個成長潛力非常高的市場，我們預計未來幾年將增加 B2B 領域的參與度。

We are also presenting the fintech business with our digital work, Personal Pay, which currently accounts with more than 2.5 million onboarded clients. We launched a year ago and in an industry with exponential growth, we already have a relevant position. During this year, it has incorporated the new functionality of remunerated balances for all of its users. As of March 2024, we have funds from our clients invested in mutual funds for ARS 170 million, and our fintech is the second most important in terms of client account balances in the market. I will now pass the call to Luis, who will go over our financial performance.

我們也向金融科技業務展示了我們的數位產品 Personal Pay，目前擁有超過 250 萬名客戶。我們成立於一年前，在一個指數級增長的行業中，我們已經佔據了相關地位。今年，它為所有用戶引入了有償餘額的新功能。截至 2024 年 3 月，我們的客戶資金投資於共同基金，金額為 1.7 億阿根廷比索，就客戶帳戶餘額而言，我們的金融科技在市場上排名第二。我現在將把電話轉給路易斯，他將審查我們的財務表現。

Thank you very much, Gabriel. In Slide 10, we provide an overview of our main financial figures. Consolidated revenues grew by 207% on nominal terms during 2024, reaching more than ARS 615 million. When analyzing said figure adjusted by inflation, revenues amounted to almost ARS 684 billion, showing a decrease of 18% in real terms versus the same figure in 2023.

非常感謝你，加布里埃爾。在投影片 10 中，我們概述了我們的主要財務數據。2024 年，合併收入以名義成長 207%，達到超過 6.15 億阿根廷比索。在分析經通貨膨脹調整後的數字時，收入達到近 6,840 億阿根廷比索，與 2023 年相同數字相比，實際下降了 18%。

We increased our prices, but we also focused on maintaining our subscriber base. And in this sense, the average inflation in our revenues, it's explained, among others, by the effect of certain discounts and promotions, we ramped up the price increases to retain our customers in a strong competitive environment.

我們提高了價格，但我們也專注於維持我們的訂戶基礎。從這個意義上說，我們收入的平均通膨，除其他外，可以透過某些折扣和促銷的影響來解釋，我們提高了價格漲幅，以在激烈的競爭環境中留住我們的客戶。

EBITDA increased by 228% year-over-year in nominal terms, generating a nominal EBITDA margin of 32.8% during 2024. In turn, EBITDA margin in real terms was 30.3%. Additionally, our operating costs before D&A have also grown below inflation decreasing 18% in real terms versus the first Q of 2023. We have continued to manage our cost structure to reduce the impact of inflation. OpEx in U.S. dollars represented 13.5% of our total operating expenses as of the first quarter of 2024.

以名目計算，EBITDA 年增 228%，2024 年名目 EBITDA 利潤率為 32.8%。而實際 EBITDA 利潤率為 30.3%。此外，我們在 D&A 之前的營運成本成長也低於通貨膨脹，與 2023 年第一季相比，實際下降了 18%。我們繼續管理成本結構，以減少通貨膨脹的影響。截至 2024 年第一季度，以美元計算的營運支出占我們總營運支出的 13.5%。

In March 2024, we reached the fourth quarter in a row, maintaining or increasing our quarterly margin compared to the same period of the year before. This is a good indicator that our pricing and cost management strategies are guiding us in the right direction, taking into account the difficult macroeconomic situation in Argentina.

2024 年 3 月，我們連續第四個季度實現季度利潤率與去年同期相比維持或增加。這是一個很好的指標，表明考慮到阿根廷困難的宏觀經濟形勢，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 11 shows the evolution of EBITDA year-over-year and the impact of different components of revenues and costs. During the first quarter of 2024, the company was able to contain the pressure coming from inflation in most of the cost lines as most of them experience a decrease or remain in line when compared to inflation. Particularly, we had good results in labor costs.

幻燈片 11 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。2024年第一季度，該公司能夠在大多數成本項目中遏制通膨帶來的壓力，因為與通膨相比，大多數成本項目都出現下降或保持不變。特別是在勞動成本方面，我們取得了很好的成績。

During this quarter, we observed that in average, salaries have increased below inflation. Salaries has started to de-cover versus inflation since December of 2023 and this has contributed positively to our EBITDA margin. We register a good performance additionally in programming and content costs, commission and advertising costs and some other items, such as bad debt.

在本季度，我們觀察到平均薪資增幅低於通貨膨脹率。自 2023 年 12 月以來，薪資開始對抗通膨，這對我們的 EBITDA 利潤率做出了積極貢獻。我們在節目和內容成本、佣金和廣告成本以及其他一些項目（例如壞帳）方面也取得了良好的表現。

The company's efforts have been very successful as evidenced by most cost lines, keeping the same share of revenues with almost every cost line decreasing more than our revenues in real terms. This allows us to maintain our EBITDA margin in the first quarter of 2024 in a year-over-year basis despite the decrease in revenues.

大多數成本線都證明了該公司的努力非常成功，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 2024 年第一季的收入下降的情況下保持 EBITDA 利潤率同比不變。

Slide 12 shows the company's net results and EBIT. EBIT decreased in the first quarter of 2024 due to higher D&A expenses. The operating margin during the first quarter of '24 was minus 3.8% of consolidated revenues and in historical figures, the same margin was 26%. Due to the result of high inflation and stable effect during the first quarter of 2024, the company had a net income of ARS 675 billion. These results are financial in nature. The strong appreciation experienced by the peso in real chance during the quarter generated positive results mainly in connection with our financial debt denominated in foreign currency. This led to positive exchange differences in real terms, which amounted to ARS 951 billion during the first quarter of 2024.

幻燈片 12 顯示了該公司的淨利潤和息稅前利潤。由於 D&A 費用增加，2024 年第一季息稅前利潤下降。2024 年第一季的營業利潤率為合併收入的負 3.8%，而在歷史數據中，該利潤率為 26%。由於2024年第一季高通膨和穩定效應的影響，該公司淨利為6,750億阿根廷比索。這些結果本質上就是財務結果。本季比索的強勁升值產生了正面的結果，主要與我們以外幣計價的金融債務有關。這導致實際匯率差異為正值，2024 年第一季達 9,510 億阿根廷比索。

Slide 13 displays a summary of the company's CapEx in PP&E and intangible assets during 2024, which amounted to almost ARS 105 billion or an equivalent of $122 million at the official FX rate. This amount is more than 6% higher when compared to the previous year in constant pesos. Our consolidated amount of CapEx for the first Q of '24 represented more than 15% of our revenues.

投影片 13 顯示了 2024 年該公司在 PP&E 和無形資產方面的資本支出摘要，其金額接近 1050 億阿根廷比索，按官方匯率計算相當於 1.22 億美元。以不變比索計算，這筆金額比前一年高出 6% 以上。我們 24 年第一季的合併資本支出占我們收入的 15% 以上。

Technical CapEx was mainly composed by investments in our access network and technology. During the first quarter of 2024, 26 new mobile sites were deployed while other 149 existing sites were upgraded. We (inaudible) with over 100 5G sites working in the 3.5 gigahertz spend, and we expect to come with 200 sites as of the end of 2024.

技術資本支出主要由對接取網路和技術的投資組成。2024 年第一季度，部署了 26 個新行動站點，同時升級了其他 149 個現有站點。我們（聽不清楚）擁有超過 100 個 5G 站點，費用為 3.5 GHz，預計到 2024 年底將有 200 個站點。

In our fixed access network, we increased the deployment of new FTTH over 1,200 new blocks, including the overlay or our HFC network. We also improved the upstream capacity of our HFC network by 3,000 blocks. The balance of our CapEx was allocated to installations and customer premise equipment, or CPE, which are installations and equipment in the homes of our clients and to our international operations.

在我們的固定接入網路中，我們增加了超過 1,200 個新區塊的新 FTTH 部署，其中包括覆蓋網路或 HFC 網路。我們還將 HFC 網路的上游容量提高了 3,000 個區塊。我們的資本支出餘額分配給安裝和客戶端設備（CPE），即我們客戶家中的安裝和設備以及我們的國際業務。

Slide 14 describes our cash flow generation during 2024 compared with the same period of 2023. Our cash flow generation remained very robust, factoring in the macroeconomic situation in Argentina. It has been affected mostly by a lower EBITDA in real terms. Our cash flow generation without dividends and interest payments was equivalent to USD 116 million.

投影片 14 描述了 2024 年我們與 2023 年同期相比的現金流產生。考慮到阿根廷的宏觀經濟形勢，我們的現金流生成仍然非常強勁。它主要受到實際 EBITDA 較低的影響。我們的現金流量（不包括股息和利息支付）相當於美元1.16億。

Slide 15 shows our key figures for 2024. The conversion to U.S. dollars is obtained dividing the figures in constant pesos as of the end of each period and using the end of period for the effects for each year.

投影片 15 顯示了我們 2024 年的關鍵數據。換算為美元的方法是將每個期末的固定比索數字除以期末作為每年的影響。

Our gross debt amounted to $2.8 billion as of March 31, 2024. The company was cash and equivalents of $533 million, having a net debt of about $2.3 billion. We're happy that liquidity reserve in U.S. dollar-denominated sovereign bonds, which have significantly increased the market value. EBITDA for the last 12 months as of the end of the first quarter using the aforementioned conversion method for figures in vessels to U.S. dollars was approximately equivalent to $971 million.

截至 2024 年 3 月 31 日，我們的總債務達 28 億美元。該公司現金及等價物為 5.33 億美元，淨負債約 23 億美元。我們很高興以美元計價的主權債券的流動性儲備顯著增加了市場價值。截至第一季末，使用上述將船舶數據換算為美元的方法，過去 12 個月的 EBITDA 大約相當於 9.71 億美元。

Last 12 months EBITDA -- EBITDA, sorry, as of March 2024 in U.S. dollars increased by 35% versus the same figure as of December 2023. This is an important increase and shows that the company's ability to recover operating profit in U.S. dollars is high and that it is resilient to FX depreciation.

過去 12 個月的 EBITDA——抱歉，截至 2024 年 3 月，以美元計算的 EBITDA 比 2023 年 12 月的數字增加了 35%。這是一個重要的成長，顯示該公司恢復美元營業利潤的能力很高，並且對外匯貶值具有彈性。

Slide 16 gives more insight regarding the impact of the macroeconomic situation and our figures and debt. After the huge devaluation occurred by the end of 2023, our main figures, among others, (inaudible) and EBITDA, experience areas when measured in U.S. dollars.

投影片 16 提供了更多有關宏觀經濟情勢以及我們的數據和債務影響的見解。2023 年底發生大幅貶值後，我們的主要數據（聽不清楚）和 EBITDA 等均以美元衡量。

Because of this, our net debt EBITDA ratio increased temporarily. And in order to top with the macro volatility during this year, in March of 2024, we requested and obtained waivers from our loan creditors, which allow us to increase the net debt EBITDA maintenance ratio above the originally established level raising it to 3.75x.

因此，我們的淨債務 EBITDA 比率暫時上升。為了應對今年的宏觀波動，我們於 2024 年 3 月請求並獲得了貸款債權人的豁免，這使我們能夠將淨債務 EBITDA 維持率提高到原來設定的水平之上，達到 3.75 倍。

Thanks to our effective pricing policy and the FX stabilization, we have been able to increase our main figures measured in dollar terms resulting in a net debt-EBITDA ratio, more aligned with levels before the December '23 revaluation. In fact, nonetheless, there is still considerable dispersion in the estimates. During 2024, the market is expecting in general terms, a real appreciation for the peso. EBITDA might sustain in current levels if this type of macro scenario finally comes through.

由於我們有效的定價政策和匯率穩定，我們能夠增加以美元計算的主要數據，從而使淨債務與 EBITDA 比率更接近 23 年 12 月重估之前的水平。儘管如此，事實上，估計值仍然存在相當大的偏差。總體而言，市場預計 2024 年比索將真正升值。如果這種宏觀情景最終實現，EBITDA 可能會維持在當前水準。

Lastly, we had to add additional debt to subscribe [corporeal] bonds in order to sell the commercial debt generated by the restrictions to use the FX market during the past administration. This is the solution provided by the Central Bank to address this situation.

最後，我們不得不增加額外的債務來認購[實體]債券，以便出售上屆政府因限制使用外匯市場而產生的商業債務。這是央行針對這種情況提供的解決方案。

Slide 17 shows the breakdown of our financial debt. Total outstanding debt as of March 2024 amounted to more than $2.7 million. We currently have a very clean maturity profile. We have access to the official exchange market for all of our maturity schedule according to current sentiment regulations. As mentioned before, we have been working to increase the participation of peso-denominated debt issued in local capital markets. Our [days] a cross-border debt is 59% of our total debt.

幻燈片 17 顯示了我們的金融債務的細目。截至 2024 年 3 月，未償債務總額超過 270 萬美元。我們目前擁有非常清晰的成熟度概況。根據目前的市場情緒規定，我們可以進入官方交易市場了解所有到期時間表。如前所述，我們一直在努力提高在當地資本市場發行的比索計價債務的參與。我們的跨國債務占我們總債務的 59%。

We expect to continue accessing the local capital markets for potential financing needs during this year as we have been doing lately. We will also explore the possibility of executing some greater liability management transaction abroad in order to manage our longer-term maturities if we find the market conditions appealing.

我們預計今年將繼續進入當地資本市場以滿足潛在的融資需求，正如我們最近所做的那樣。如果我們發現市場條件有吸引力，我們還將探索在國外執行一些更大的負債管理交易的可能性，以便管理我們的長期期限。

In Slide 18, we conclude with some final remarks underlining some favorable highlights of the company. We've managed to maintain our EBITDA margin in a challenging context in Argentina. We managed to grow our customer base in mobile and broadband and stabilized pay TV in a very competitive environment. We have shown resilience as the FX depreciation, allowing us to strongly recover the figures in U.S. dollars. And finally, the company's financial management continues on the right track.

在投影片 18 中，我們以一些最後的評論結束，強調了公司​​的一些有利亮點。在阿根廷充滿挑戰的環境下，我們成功地維持了 EBITDA 利潤率。我們成功地擴大了行動和寬頻領域的客戶群，並在競爭激烈的環境中穩定了付費電視。隨著外匯貶值，我們表現出了韌性，使我們能夠強勁恢復美元數據。最後，公司的財務管理繼續走在正確的軌道上。

We have a solid and stable free cash flow generation before dividends and interest payments generating between $400 million and $500 million annually during the last years, considering ordinary CapEx for each year. Our cash position is strong and is mostly denominated in U.S. dollar investments and on us to lower the peso volatility.

考慮到每年的普通資本支出，我們在過去幾年中每年產生 4 億至 5 億美元的股息和利息之前，擁有穩定的自由現金流。我們的現金狀況強勁，主要以美元投資計價，並有賴於我們降低比索的波動性。

And with this, now we 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 in the end. Please use the raise hand button to let us know that you want to formulate that question. We will let you know when it's your time to speak. And we will unmute you so you can proceed with your questions. Thank you very much.

現在，我們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我們將在最後開始的問答環節中解決您的問題。請使用舉手按鈕讓我們知道您想要提出這個問題。當您需要發言時，我們會通知您。我們將為您取消靜音，以便您可以繼續提問。非常感謝。

Editor: Q&A not broadcast.

編輯：問答未播。