Telecom Argentina SA (TEO) 2024 Q2 法說會逐字稿

Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating of 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, Manager 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 Nobile；加布里埃爾·布拉西 (Gabriel Blasi)，財務長；我自己是投資者關係經理 Luis Rial Ubago。

The purpose of this call is to share with you the results of the six-month period and second quarter ended on June 30, 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 Relation section of our website located at inversores.telecom.com.ar.

本次電話會議的目的是與您分享截至 2024 年 6 月 30 日的六個月期間和第二季度的業績。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，或從我們網站的投資者關係部分下載文件，網址為 inversores.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 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 and economic regulations; possible changes in the demand for Telecom's products and services; the effects of potential changes in general market, and our 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。這些不確定性包括但不限於持續的經濟監管的影響；對電信產品和服務的需求可能會改變；一般市場、我們的經濟狀況和立法的潛在變化的影響。

Our press release dated August 12, 2024, a copy of which was included in our 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 intermediate and special period ended result and including December 31, 2018.

我們日期為2024 年8 月12 日的新聞稿（其副本包含在我們的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。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。

Accordingly, the reported figures corresponding to the first half 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 in slide 1 and slide 2 of this presentation.

因此，2024 年上半年的報告資料包括依據 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收益報告相輔相成。請閱讀本簡報投影片 1 和投影片 2 中包含的免責聲明。

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. Moving to slide 3, it summarizes our highlights as of June 30, 2024. Our main operational and financial achievements were, our EBITDA margin for the first six months of the year was 29.7%. Thanks to our effective cost management and pricing strategy, we were able to improve our margins in a year-over-year basis despite the challenging macroeconomic environment.

謝謝你，路易斯。早上好，歡迎大家。轉到幻燈片 3，它總結了截至 2024 年 6 月 30 日的亮點。我們的主要營運和財務表現是，今年前六個月的 EBITDA 利潤率為 29.7%。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，我們仍能夠比去年同期提高利潤率。

In the first half of 2024, our CapEx was approximately $246 million, equivalent to 13% of our revenues. The current focus of our CapEx is on the expansion of our fixed and mobile access network, focusing on our fixed FTTH network and 5G in mobile.

2024 年上半年，我們的資本支出約為 2.46 億美元，相當於我們收入的 13%。目前我們資本支出的重點是擴展我們的固定和行動存取網絡，重點關注我們的固定 FTTH 網路和行動領域的 5G。

Due to the real appreciation of the peso observed during the first half of 2024, we registered a net income profit of ARS859 billion, associated with real exchange differences gains included in our financial results. This is mostly generated by the effect of the macro variables over our debt in US dollars.

由於 2024 年上半年比索實際升值，我們的淨利潤為 8,590 億澳元，這與我們的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 usage of data measured in average monthly gigabytes per user has grown 18%. In broadband, our FTTH accesses keep growing rapidly. And during the last quarters, they have contributed to increase our customer base, while our HFC network has remained mostly stable.

我們的行動用戶群持續成長，年增超過 3%。以每位用戶每月平均 GB 數計算的行動數據使用量增加了 18%。寬頻方面，FTTH接入量持續快速成長。在過去的幾個季度中，他們為增加我們的客戶群做出了貢獻，而我們的 HFC 網路基本上保持穩定。

Additionally, we have achieved a growth on broadband ARPU above inflation for the year-over-year period. Flow unique customers reached almost 1.5 million, increasing 11% over year. Additionally, our pay TV business continues to grow in Paraguay. Our fintech, Personal Pay, continues to grow, reaching almost 3 million onboarded clients as of June 2024 and achieving a relevant market position.

此外，我們的寬頻 ARPU 年比成長速度高於通貨膨脹率。Flow 獨立客戶數量接近 150 萬，較去年同期成長 11%。此外，我們在巴拉圭的付費電視業務持續成長。我們的金融科技個人支付持續成長，截至 2024 年 6 月已覆蓋近 300 萬客戶，並取得了相關的市場地位。

During the first half of 2024, we registered a strong improvement in our financial net debt-to-EBITDA ratio, indicating a reduction of the relative leverage and highlight the company's strong resilience to FX depreciation. Finally, during July 2024, we have returned to international debt capital markets with a successful issuance of our notes due 2031 for $500 million.

2024年上半年，我們的財務淨債務與 EBITDA 比率大幅改善，顯示相對槓桿率有所下降，並凸顯了公司對外匯貶值的強大抵禦能力。最終，我們在 2024 年 7 月重返國際債務資本市場，成功發行了 2031 年到期的 5 億美元票據。

Investor support for this transaction was very important as we reached a total amount of offers of over $1.3 billion, underlining the strong credit quality of the company. Additionally, we executed to liability management transactions, a tender offer for our 2025 notes and an exchange offer for our 2026 notes. We will provide a commentary afterwards.

投資者對本次交易的支持非常重要，因為我們的報價總額超過 13 億美元，突顯了公司強大的信用品質。此外，我們也執行了負債管理交易、2025 年票據的要約收購和 2026 年票據的交換要約。稍後我們將提供評論。

Slide 4 shows the company figures for 2024. Telecom's revenues totaled almost $1.83 billion. Revenues measured in constant pesos decreased 13% year over year, improving the trend registered during the previous quarter and registering growth in real terms of 5.6% quarter over quarter. Our EBITDA amounted to $543 million equivalent during the first half of 2024, while EBITDA margin increased 1.3 percentage points versus the same period of 2023.

幻燈片 4 顯示了公司 2024 年的數據。電信收入總計近 18.3 億美元。以不變比索衡量的營收年減 13%，改善了上一季的趨勢，季比實際成長 5.6%。2024 年上半年，我們的 EBITDA 達到 5.43 億美元，而 EBITDA 利潤率比 2023 年同期成長了 1.3 個百分點。

Telecom's mobile subscribers in Argentina amounted to 21.2 million, increasing more than 578,000 when compared to 2023. Broadband and pay TV clients have totaled 4.1 million and 3.3 million, respectively. Fixed voice subscribers considering IP telephony lines, amounting 2.8 million during 2024.

阿根廷電信行動用戶達 2,120 萬，較 2023 年增加超過 57.8 萬。寬頻和付費電視客戶總數分別為 410 萬和 330 萬。考慮使用 IP 電話線路的固定語音使用者數量在 2024 年將達到 280 萬人。

Our regional operations remains very solid. We are second most important player in the mobile market in Paraguay and in the pay TV market in Uruguay, with 2.4 million and 117,000, 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重要的參與者，分別擁有 240 萬和 11.7 萬戶。

Slide 5 shows our pricing strategy during 2024. The accumulated inflation in Argentina for the first half of 2024, was 79.7%, while year-over-year inflation as of June reached 272%. We continue to adjust prices on a monthly basis during the first half of 2024.

投影片 5 顯示了我們 2024 年的定價策略。阿根廷2024年上半年的累計通膨率為79.7%，截至6月的年通膨率達272%。2024 年上半年我們將繼續按月調整價格。

Even in the context where year-over-year inflation remained high, we managed to have a positive evolution of our service revenues in real terms quarter over quarter. They have grown 3.5% above inflation versus the first quarter of 2024.

即使在同比通膨率居高不下的情況下，我們的服務收入以實際值計算仍實現了逐季度的積極發展。與 2024 年第一季相比，它們的成長率高於通貨膨脹率 3.5%。

Additionally, due to our successful pricing strategy, we have observed important recovery of ARPUs in US dollars in most segments where broadband and fixed voice have reached growth above the levels as of June 2023. It is important to highlight that we are also focused on maximizing the stress that price adjustment generate over our subscriber base. And in that sense, we also performed retention actions, mainly discounts and promotions granted to our clients.

此外，由於我們成功的定價策略，我們觀察到大多數細分市場的 ARPU（以美元計）顯著回升，其中寬頻和固定語音的成長已高於截至 2023 年 6 月的水平。需要強調的是，我們也致力於最大限度地減輕價格調整對我們的用戶群產生的壓力。從這個意義上說，我們也採取了保留行動，主要是向客戶提供折扣和促銷。

Slide 6 shows the evolution of our products. As mentioned before, our pricing strategy has yielded positive results in terms of the evolution of our subscriber base. In our mobile segment, we have observed a total increase of more than 578,000 subscribers, representing an increase of 2.8% year over year. This was mainly related with the good performance of our prepaid segment, where we registered a stronger customer recharge rate.

幻燈片 6 顯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方面取得了積極的成果。在我們的行動領域，我們觀察到用戶總數增加了超過 578,000 名，年增 2.8%。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。

We managed to increase our subscriber base for the seventh quarter in a row. Our postpaid participations over the total mobile subscribers is currently 38% of our total mobile customer base. In broadband, we have observed growth in FTTH accesses, while our HFC accesses remain relatively steady. Our broadband subscriber base has registered more increase year over year, while we are focusing on retaining our subscribers in a challenging economic and competitive environment.

我們連續第七個季度增加了我們的用戶群。目前，我們的後付費用戶佔行動用戶總數的 38%。在寬頻方面，我們觀察到 FTTH 存取的成長，而我們的 HFC 存取保持相對穩定。我們的寬頻用戶群逐年成長，同時我們致力於在充滿挑戰的經濟和競爭環境中留住我們的用戶。

In turn, we have observed reduction in xDSL accesses, which we are migrating to FTTH. FTTH currently represents 18% of our total subscriber base in broadband. In pay TV, our Flow platform continues to perform well and our pay TV accesses have remained steady quarter over quarter.

反過來，我們觀察到 xDSL 接入的減少，我們正在將其遷移到 FTTH。目前，FTTH 占我們寬頻用戶總數的 18%。在付費電視方面，我們的 Flow 平台持續表現良好，我們的付費電視訪問量逐季保持穩定。

In the second quarter of 2024, Flow's unique customers reached almost 1.5 million, increasing by 141,000 total clients or 11% when compared to the same period in 2023. We observed a good performance for our Flow Flex product, which currently represents around 6% of our pay TV subscriber base.

2024 年第二季度，Flow 的獨立客戶數量達到近 150 萬，與 2023 年同期相比增加了 141,000 名客戶，增幅為 11%。我們觀察到 Flow Flex 產品表現良好，目前約占我們付費電視用戶群的 6%。

Pay TV subscriber base trend continues with a similar evolution as of the previous quarter with an improvement in terms of net adds as of the end of the second quarter. Our fixed voice segment, continued to register a reduction in accesses mainly in our traditional fixed copper network, which we are replacing partially with the new IP telephony accesses over our HFC and FTTH networks.

付費電視用戶群趨勢持續維持與上一季類似的發展趨勢，截至第二季末淨增加量有所改善。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，我們正在用 HFC 和 FTTH 網路上的新 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 ARS1.3 trillion, decreasing 12% in real terms versus the first half of 2023, showing a 235% nominal increase mostly due to the price adjustment we performed. Our revenue breakdown as of June 2024 show an increase in the participation of fixed and data services when compared off to June 2023, mainly explained by the growth observed in data services in foreign currency, mostly corresponding to our B2B segment.

幻燈片 7 顯示了我們的收入明細。服務收入總計超過 1.3 兆阿根廷比索，與 2023 年上半年相比實際下降 12%，名義增加 235%，這主要是由於我們進行的價格調整。截至 2024 年 6 月的收入明細顯示，與 2023 年 6 月相比，固定和數據服務的參與度有所增加，這主要是由於外幣數據服務的增長（主要對應於我們的 B2B 部門）。

During the first half of 2024, the participation of revenues in foreign currency including our subsidiaries, our total revenues was 20%. Mobile represents 40% of the revenues, while broadband and pay TV add up to almost another 40%.

2024年上半年，包括我們子公司在內的外幣收入的參與，占我們總收入的20%。行動業務佔收入的 40%，而寬頻和付費電視加起來幾乎佔另外 40%。

The rest is composed of fixed telephony and data revenues, representing 13% of our revenues and equipment sales finally represent 6.8%. During this quarter, we have managed to increase our revenues in real versus the first quarter of 2024 in our three most important segments: mobile, broadband, and pay TV, reaching growth of 4%, 9%, and 2%, respectively.

其餘部分由固定電話和數據收入組成，占我們收入的 13%，設備銷售最終佔 6.8%。與 2024 年第一季相比，本季我們在行動、寬頻和付費電視這三個最重要的領域的實際收入分別實現了 4%、9% 和 2% 的成長。

Slide 8 shows our regional operations. Our operation in Paraguay continues with a good performance. We come with 2.4 million mobile customers, which have grown 5% over year over year. Our fixed broadband and pay TV offering in that country also continues to show good results. Our broadband and pay TV subscribers amounted to 297,000 and 110,000 subscribers, growing 17% and 10% year over year, respectively.

幻燈片 8 顯示了我們的區域運作。我們在巴拉圭的業務繼續保持良好的業績。我們擁有 240 萬行動客戶，較去年同期成長 5%。我們在該國的固定寬頻和付費電視服務也繼續表現出良好的業績。我們的寬頻和付費電視用戶分別達到29.7萬和11萬，年比分別成長17%和10%。

Personal Pay clients in Paraguay amounted to 291,000. This operation has a strong EBITDA margin of 54%, while remaining almost at level with negative net debt-to-EBITDA ratio of minus 0.32 times. Our operation in Uruguay is currently focused on pay TV and we have 117,000 pay TV customers there. We have a potential to grow in the local broadband market as we are obtaining licenses to offer the services certain locations in the country.

巴拉圭的個人支付客戶數量達到 291,000 名。該業務的 EBITDA 利潤率高達 54%，同時幾乎保持在負淨債務與 EBITDA 比率為負 0.32 倍的水平。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 117,000 名付費電視客戶。由於我們正在獲得在該國某些地點提供服務的許可證，因此我們有在當地寬頻市場成長的潛力。

Thank you, Gabriel. Beyond our regional operations and core business, we are growing in the fintech business in Argentina through our digital wallet, Personal Pay, which currently accounts with more than 2.9 million onboarded clients. We launched this business in 2022, and in an industry with exponential growth, we already have a relevant market position.

謝謝你，加布里埃爾。除了我們的區域業務和核心業務之外，我們還透過我們的數位錢包 Personal Pay 發展阿根廷的金融科技業務，目前擁有超過 290 萬客戶。我們在2022年推出了這項業務，在一個指數級成長的行業中，我們已經擁有了相關的市場地位。

In this sense, as of June 2024, the total payment volume of Personal Pay has multiplied by 61 times while the total payment number has multiplied by 21 times in comparison with the figures as of June 2023. Moreover, as of June 2024, the digital wallet comes with funds invested from its clients in mutual funds for ARS311 billion. This positions our fintech as the second most important in terms of clients' account balances in the market.

從這個意義上說，截至2024年6月，Personal Pay的總支付量較截至2023年6月增加了61倍，總支付筆數也增加了21倍。此外，截至 2024 年 6 月，該數位錢包的客戶投資於共同基金的資金達 3,110 億澳元。這使得我們的金融科技在市場上客戶帳戶餘額方面排名第二。

On slide 9, we provide an overview of our main financial figures. Consolidated revenues grew by 229% on nominal terms during 2024, reaching almost ARS1.4 trillion. When analyzing the figure adjusted by inflation, revenues amounted to almost ARS1.7 trillion, showing a decrease of 13% in real terms versus the same figure in 2023.

在投影片 9 中，我們概述了我們的主要財務數據。2024 年，以名義計算，合併收入成長了 229%，達到近 1.4 兆阿根廷比索。在分析通貨膨脹調整後的數字時，收入達到近 1.7 兆阿根廷比索，與 2023 年相同數字相比，實際下降了 13%。

We increased our prices, but we're also focused on maintaining our subscriber base. And in this sense, the lag versus inflation in our revenues is explained, among others, by the effect of certain discounts and promotions we grant after price adjustments to retain our customers in a strong competitive environment. This lag has been reduced during this quarter as we achieved growth of our revenues in real terms quarter over quarter.

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，我們的收入相對於通貨膨脹的滯後可以解釋為，除此之外，我們在價格調整後給予某些折扣和促銷的效果，以在強大的競爭環境中留住我們的客戶。隨著我們的營收按季度實際成長，這種滯後現像在本季有所減少。

EBITDA increased by 265% year over year in nominal terms, generating a nominal EBITDA margin of 32.2% during 2024. In turn, EBITDA margin in real terms was almost 30%. In June of 2024, we reached the fifth quarter in a row maintaining or increasing our quarterly margin compared to the same period the year before. This is a good indicator that the pricing and cost management strategies are guiding us in the right direction. And in this sense, we were successful in improving the operational profitability of the company.

以名目計算，EBITDA 年增 265%，2024 年名目 EBITDA 利潤率為 32.2%。反過來，實際 EBITDA 利潤率接近 30%。2024 年 6 月，我們連續第五個季度維持或提高了季度利潤率。這是一個很好的指標，顯示定價和成本管理策略正在引導我們朝著正確的方向前進。從這個意義上說，我們成功地提高了公司的營運獲利能力。

Slide 10 shows the evolution of EBITDA year over year and the impact of different components of revenues and costs. During the first half of 2024, the company was able to contain the pressure coming from inflation in most of these cost lines. And this has contributed to generating an expansion of the EBITDA margin versus the same period of the previous year.

幻燈片 10 顯示了 EBITDA 逐年演變以及收入和成本不同組成部分的影響。2024年上半年，該公司能夠在大部分成本項目中控制住通膨帶來的壓力。這使得 EBITDA 利潤率較上年同期擴大。

The main expansion factors were the following. In terms of labor costs, we observed that in average during this half, salaries have increased below inflation. Salaries have started to decouple versus inflation since December 2023, and this has contributed positively to our EBITDA margin.

主要的擴張因素如下。在勞動成本方面，我們觀察到，今年上半年平均薪資增幅低於通膨。自 2023 年 12 月以來，薪資開始與通膨脫鉤，這對我們的 EBITDA 利潤率做出了積極貢獻。

We registered a good performance additionally in commissions and advertising costs mostly due to a reduction of commercial relations and collections commissioning and to some other items such as flat debt, which has reduced from 2.5% of sales as of the first half of 2023 to 2.1% in the first half of 2024. Handsets costs were also lower due to the lower quantity of devices sold.

我們在佣金和廣告成本方面也取得了良好的業績，這主要是由於商業關係和收款委託的減少以及固定債務等其他一些項目的影響，固定債務佔銷售額的比例從2023 年上半年的2.5 % 降至2.1% 2024年上半年。由於銷售設備數量減少，手機成本也有所下降。

Slide 11 shows the company's net results and EBIT. Our EBIT increased in the first half of 2024 as we registered lower D&A expenses, The operating margin during the first half of 2024 was minus 3.7% of consolidated revenues and, in historical figures, the same margin was 25.6%.

幻燈片 11 顯示了該公司的淨利潤和息稅前利潤。由於 D&A 費用降低，我們的息稅前利潤在 2024 年上半年有所增加。

Due to the result of high inflation and stable FX during the first half of 2024, the company had a net income of ARS859 million. These results are financial in nature. A strong appreciation experienced by the peso on real terms during the first half generated positive results, mainly in connection with our financial debt denominated in foreign currency. This lead to positive exchange differences in real terms, which amounted to ARS1,400 billion during the first half of 2024.

由於2024年上半年通膨高企和匯率穩定，該公司淨利為8.59億澳元。這些結果本質上就是財務結果。上半年比索實際大幅升值產生了正面成果，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 年上半年達 1.4 兆阿根廷比索。

Slide 12 displays a summary of the company's CapEx in PP&E and intangible assets during 2024, which amounted to almost ARS225 billion or an equivalent of $246 million at the official FX rate. This amount is 2% lower when compared to the previous year in constant pesos.

投影片 12 顯示了該公司 2024 年在 PP&E 和無形資產方面的資本支出摘要，其金額接近 2,250 億澳元，按官方匯率計算相當於 2.46 億美元。以不變比索計算，這筆金額比前一年低 2%。

In turn, our consolidated amount of CapEx for the first half of 2024 represented 13.5% of our revenues, increasing versus the same period of the previous year. Technical CapEx was mainly composed by investments in our access network and technology, representing 49% of the CapEx during the first half of 2024.

反過來，我們 2024 年上半年的合併資本支出佔收入的 13.5%，與去年同期相比有所增加。技術資本支出主要由對接取網路和技術的投資組成，佔 2024 年上半年資本支出的 49%。

During the first half of 2024, 44 new mobile sites were deployed where another 606 existing sites were upgraded. We are advancing in the rollout of 5G. We come with over 100 5G sites working in a 3.5 gigahertz bands, and we expect to come with 200 sites as of the end of 2024. We are essentially adding 5G equipment to our existing sites with additionally targeting the main populated cities of Argentina for our first stage of deployment.

2024 年上半年，部署了 44 個新移動站點，並對 606 個現有站點進行了升級。我們正在推進 5G 的部署。我們擁有超過 100 個工作在 3.5 GHz 頻段的 5G 站點，預計到 2024 年底將擁有 200 個站點。我們主要是在現有站點中添加 5G 設備，並針對阿根廷的主要人口稠密城市進行第一階段的部署。

In our fixed access network, we increased the employment of new FTTH over 4,300 new blocks, including the overlay over our HFC network. We also improved the upstream capacity of our HFC network by 7,000 blocks. Approximately 40% of our CapEx for the first half of 2024 was allocated to installations and customer premise equipment, or CPE, which are installations and equipment in the homes of our clients and 12% to our international operations.

在我們的固定接入網路中，我們增加了超過 4,300 個新區塊的新 FTTH 的使用，其中包括 HFC 網路上的覆蓋範圍。我們還將 HFC 網路的上游容量提高了 7,000 個區塊。2024 年上半年，我們大約 40% 的資本支出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，12% 分配給我們的國際業務。

Slide 13 describes our cash flow generation during 2024 compared with the same period of 2023. Our cash flow generation remained robust. It has been affected mostly by an increase in working capital needs due to the normalization of our commercial vendor financing after the restrictions to access the official FX market observed during 2023.

投影片 13 描述了我們 2024 年的現金流量與 2023 年同期的比較。我們的現金流量保持強勁。其主要受到 2023 年進入官方外匯市場限制後商業供應商融資正常化導致營運資金需求增加的影響。

The remaining components measured in US dollar terms are experienced little variation versus the first half of 2023. And this is good news since the huge devaluation of the FX that occurred in December of 2023. Our cash flow generation before dividends and interest payments was equivalent to USD151 million.

以美元計算的其餘組成部分與 2023 年上半年相比變化不大。自 2023 年 12 月外匯大幅貶值以來，這是個好消息。我們在支付股息和利息之前產生的現金流量相當於 1.51 億美元。

Slide 14 shows for key figures for 2024. A conversion to US dollars is obtained dividing the figures in constant pesos as of the end of each period and using the end of period's spot effects for each year. Our gross debt amounted to $2.8 billion as of June 30, 2024. As of June 2024, the company holds cash and equivalents for $411 million. And thus, our net debt was about $2.4 billion.

幻燈片 14 顯示了 2024 年的關鍵數據。將每個期末的固定比索數字除以每年期末的即期效應，即可轉換成美元。截至 2024 年 6 月 30 日，我們的總債務達 28 億美元。截至 2024 年 6 月，該公司持有現金及等價物 4.11 億美元。因此，我們的淨債務約為 24 億美元。

We have been and continue to reserve in US dollars denominated in sovereign bonds, which was partially applied to cancel local short-term loans. EBITDA for the last 12 months as of the end of the first half of 2024, using the aforementioned conversion method for figures invested in US dollars, was equivalent to more than $1 million.

我們一直並將繼續保留以主權債券計價的美元儲備，部分用於取消地方短期貸款。截至 2024 年上半年末，過去 12 個月的 EBITDA（以上述美元投資金額換算方式）相當於超過 100 萬美元。

Last 12 months of EBITDA as of June 2024 in US dollars increased by 52% versus the same period as of December 2023. This important increase shows that the company has the ability to recover its operation profitability in US dollars, and that is resilient to FX depreciation.

截至 2024 年 6 月，過去 12 個月的 EBITDA（美元）較截至 2023 年 12 月同期成長了 52%。這一重要成長表明該公司有能力恢復以美元計算的營運獲利能力，並且能夠抵禦外匯貶值。

In slide 15, we give more insight regarding the impact of the macroeconomic situation on our figures and net debt. After the huge devaluation occurred by the end of 2023, our main figures, among others, revenues and EBITDA, experienced a decrease when measured in US dollars. Because of this, our net debt-to-EBITDA ratio increased temporary.

在投影片 15 中，我們更深入地了解了宏觀經濟狀況對我們的數據和淨債務的影響。在2023年底發生大幅貶值後，我們的主要數據，其中包括收入和EBITDA，以美元計算，出現了下降。因此，我們的淨債務與 EBITDA 比率暫時上升。

Thanks to our effective pricing policy and the FX stabilization, we have been able to increase our main figures measured in dollar terms. Our EBITDA for the last 12 months as of June 2024 was equivalent to almost $1.1 billion, where our net debt was $2.4 billion. In this sense, the net debt-to-EBITDA ratio as of June 2024 was 2.2 times, practically in line with levels observed before the December 2023 devaluation.

由於我們有效的定價政策和匯率穩定，我們已經能夠增加以美元計算的主要數據。截至 2024 年 6 月，我們過去 12 個月的 EBITDA 相當於近 11 億美元，其中淨債務為 24 億美元。從這個意義上說，截至 2024 年 6 月的淨債務與 EBITDA 比率為 2.2 倍，幾乎與 2023 年 12 月貶值之前觀察到的水平一致。

Slide 16 shows the breakdown of our financial debt. Our total outstanding debt principal as of June 2024, amounted to more than $2.7 billion. We currently have a very manageable maturity profile. We have access to the official exchange rate market for all of our maturities scheduled according to our current Central Bank regulations.

幻燈片 16 顯示了我們的金融債務的細目。截至 2024 年 6 月，我們的未償債務本金總額超過 27 億美元。我們目前擁有非常易於管理的成熟度概況。根據現行中央銀行規定，我們可以進入官方匯率市場，確定所有到期期限。

In fact, in August 6, we have made the scheduled amortization payments for our 2025 notes. But this was one of our main cross-border maturities for the year, the remainder maturities for this year are substantially low.

事實上，我們已於 8 月 6 日支付了 2025 年票據的預定攤銷付款。但這是我們今年主要的跨國到期日之一，今年的剩餘到期日相當低。

In this sense, we expect to continue accessing the local capital markets for a potential financing need during this year as we have been doing lately. So now, let me pass the call to Gabriel, who will continue with the presentation.

從這個意義上說，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。現在，讓我把電話轉給加布里埃爾，他將繼續進行演示。

Thank you, Luis. We present the summary of the liability management transactions we conducted during July and August and the impact of our maturity profile. The credit quality of the company was made clear through the issuance of our 2031 notes. We managed to issue a sizable US dollar-denominated bond of $500 million, will yield below to this 9.7% yield, with an interest coupon of 9.5%. In fact, investor support was high and the total amount of offering was about $1.3 billion.

謝謝你，路易斯。我們總結了 7 月和 8 月期間進行的負債管理交易以及我們的到期情況的影響。透過發行2031年票據，明確了公司的信用品質。我們成功發行了規模較大的5億美元美元債券，殖利率低於9.7%，票面利率為9.5%。事實上，投資人的支持度很高，發行總額約13億美元。

The main use of proceeds for this issuance will be the repayment of certain multilateral loans with ITV and IFC and the payment of the considerations for the tender offer of the 2025 notes. This means that the transaction will be debt-neutral and will significantly improve our maturity profile.

本次發行募集資金的主要用途將用於償還與 ITV 和 IFC 的某些多邊貸款以及支付 2025 年票據要約收購的對價。這意味著該交易將是債務中性的，並將顯著改善我們的到期狀況。

Moreover, this transaction was launched in connection with two other liability management operations, a tender offer for our 2025 note, which concluded with the principal amount, tender post-amortization factor of $19.8 million. After having made the payment of the principal amortization on August 6 of $112.4 million remain outstanding.

此外，這項交易是與另外兩項負債管理業務一起啟動的，即對我們 2025 年票據的要約收購，其本金、要約後攤銷係數為 1,980 萬美元。8 月 6 日支付本金攤銷後，仍有 1.124 億美元未償還。

An exchange offer of our 2026 notes, of our 2031 notes, the principal amount tendered by the early participation date and affected foreign exchange was $115.3 million. This reduces the amount of maturity for 2026 and extends them over '29, 2030, and 2031.

我們的 2026 年票據和 2031 年票據的交換要約、提前參與日期之前提出的本金以及受影響的外匯為 1.153 億美元。這減少了 2026 年的期限，並將期限延長至 29 年、2030 年和 2031 年。

Additionally, we issued a local dollar-linked note for $81.3 million and $33.7 million with yields of almost 2.9% and 1.5%, respectively. This has contributed to extend our local short-term debt to a range of between 1.5 and 2 years with a very convenient cost of financing. All these operations taken together have yielded an improvement in terms of our maturity profile, and we estimate that we will be extending the average life of our debt to three years or, in addition, improving the total cost of our debt.

此外，我們還發行了 8,130 萬美元和 3,370 萬美元的本地美元掛鉤票據，收益率分別接近 2.9% 和 1.5%。這使得我們的地方短期債務期限延長至1.5至2年，融資成本非常方便。所有這些操作加在一起改善了我們的到期狀況，我們估計我們將把債務的平均期限延長到三年，或者此外，改善我們的債務總成本。

Finally, in slide 18, we conclude with some financial remark and highlights for this period. We achieved an expansion of our EBITDA margin in a challenging context. We managed to grow our customer base in mobile and stabilized our broadband and pay TV customer bases in a very competitive environment. Our fintech, Personal Pay, is currently a relevant market player with almost 3 million subscribers and the second most important player in terms of remunerated account balances.

最後，在投影片 18 中，我們總結了這段期間的一些財務評論和亮點。我們在充滿挑戰的環境下實現了 EBITDA 利潤率的擴大。我們成功地擴大了行動客戶群，並在競爭激烈的環境中穩定了寬頻和付費電視客戶群。我們的金融科技公司 Personal Pay 目前是相關的市場參與者，擁有近 300 萬用戶，並且在有償帳戶餘額方面位居第二。

We have showed resiliency in terms of our business model with a strong recovery on top of line and EBITDA figures despite high FX depreciation and inflation. The company's financial management continues to -- on the right track. We have a solid and stable free cash flow generation before dividends and interest payments, generating between $400 million and higher than $500 million annually during the last years, considering ordinary CapEx for each year.

儘管外匯貶值和通貨膨脹較高，但我們的業務模式表現出了韌性，整體和 EBITDA 數據均實現了強勁復甦。該公司的財務管理繼續走在正確的軌道上。在支付股息和利息之前，我們擁有穩定的自由現金流，考慮到每年的普通資本支出，過去幾年每年產生的現金流在 4 億至 5 億美元以上。

Our cash position is strong and is mostly denominated in US dollars, investment allowing us to lower the peso volatility risk. Finally, through a liability management transaction we discussed, we improved our maturity scale, extending the average life of our debt. And what is more, we improved our financing cost.

我們的現金狀況強勁，大部分以美元計價，投資使我們能夠降低比索波動風險。最後，透過我們討論的負債管理交易，我們提高了到期規模，延長了債務的平均壽命。更重要的是，我們提高了融資成本。

(Event Instructions)

（活動須知）