Millicom International Cellular SA (TIGO) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to our first-quarter 2024 results call. And this event is being recorded. Our speakers today will be our CEO, Mauricio Ramos; our President and COO, Maxime Lombardini; and our CFO, Bart Vanhaeren. The slides for today's presentation are available on our website along with the earnings release and our financial statements.

大家好，歡迎參加我們的 2024 年第一季業績電話會議。而這個事件正在被記錄下來。今天的演講者是我們的執行長毛里西奧·拉莫斯 (Mauricio Ramos)；我們的總裁兼營運長馬克西姆·隆巴爾迪尼 (Maxime Lombardini)；以及我們的財務長巴特范哈倫 (Bart Vanhaeren)。今天簡報的幻燈片以及收益發布和財務報表均可在我們的網站上取得。

Now please turn to slide 2 for the Safe Harbor disclosure. We will be making forward-looking statements which involve risks and uncertainties, and these could have a material impact on our results.

現在請翻到投影片 2，了解安全港揭露。我們將做出涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能會對我們的業績產生重大影響。

And on slide 3, we defined the non-IFRS metrics that we will reference throughout today's presentation. And you can find reconciliation tables in the back of our earnings release and on our website.

在投影片 3 中，我們定義了我們將在今天的簡報中引用的非 IFRS 指標。您可以在我們的收益報告後面和我們的網站上找到調節表。

With those disclaimers out of the way, let me turn the call over to our CEO, Mauricio Ramos.

拋開這些免責聲明，讓我將電話轉給我們的執行長毛里西奧·拉莫斯 (Mauricio Ramos)。

Thank you, Michel. Good morning, and good afternoon, everyone. The key highlight this quarter is our financial performance, and you can see that on this page. After years of carefully building the strategic platform that we now have in TIGO today, we have spend the last few quarters making that platform a more profitable one. And this has led to a strong start of the year in this quarter.

謝謝你，米歇爾。大家早安，下午好。本季度的主要亮點是我們的財務業績，您可以在此頁面上看到。經過多年的精心打造，我們現在擁有 TIGO 的戰略平台，在過去的幾個季度裡，我們致力於使該平台更有利可圖。這為本季度帶來了強勁的開局。

We're pleased with that, and we remain very focused to navigating the significant challenges that still lie ahead. Service revenue in this quarter accelerated to 3.8%. That's our strongest performance in nearly two years. Two specific elements have contributed to this performance. First, during the quarter, we implemented another round of price increases in a majority of our markets. As a result, mobile ARPU increased 5% on average in local currency terms, and it was up in every single country.

我們對此感到高興，並且我們仍然非常專注於應對仍然面臨的重大挑戰。本季服務收入加速至3.8%。這是我們近兩年來最強勁的表現。有兩個具體因素促成了這一表現。首先，在本季度，我們在大多數市場實施了另一輪漲價。結果，以當地貨幣計算，行動 ARPU 平均成長了 5%，而且在每個國家都有所成長。

Second, we continued to generate revenue from two large government contracts in Panama. Please note that these contracts added a bit more than 2 percentage points to our organic service revenue growth in the quarter. We're extremely pleased with the successful work our B2B and Panama teams have undertaken to win these two contracts. Moving forward, we will continue to bid for more of these contracts that help accelerate Panama's digital transformation.

其次，我們繼續從巴拿馬的兩項大型政府合約中獲得收入。請注意，這些合約為本季我們的有機服務收入成長增加了 2 個多百分點。我們對 B2B 和巴拿馬團隊為贏得這兩份合約所做的成功工作感到非常滿意。展望未來，我們將繼續競標更多此類合同，以幫助加速巴拿馬的數位轉型。

Having said that, I want to caution you that these two large projects are expected to generate less revenue in the quarter going forward. So we don't expect to sustain this level of service revenue growth in Q2, nor really for the rest of this year.

話雖如此，我想提醒您，這兩個大型項目預計在未來季度產生的收入將減少。因此，我們預計第二季和今年剩餘時間都不會維持這種服務收入成長水準。

EBITDA increased 20% year on year organically, and this reflects both the service revenue growth that we just talked about and the effect of our efficiency program. And cost savings from Project Everest are now very visible. This EBITDA growth is going straight to operating cash flow, as we continue to streamline our CapEx in line with our plans. But please do know that Q1 CapEx benefited from some phasing.

EBITDA 年比有機成長了 20%，這不僅反映了我們剛才談到的服務收入成長，也反映了我們效率計畫的效果。珠穆朗瑪峰計畫節省的成本現在非常明顯。隨著我們繼續按照計劃精簡資本支出，EBITDA 成長將直接轉化為營運現金流。但請注意，第一季的資本支出受益於一些階段性的調整。

As a result of all of these efforts, OCF was $519 million in the quarter. That's up more than 50% organically compared to last year. As I have indicated very often before, over the past few years, we have assembled a strong platform across the region. We're now making that platform more and more profitable. And given the strong start to the year, we remain confident that we will achieve our target equity free cash flow of about $550 million in 2024.

所有這些努力的結果是，本季的 OCF 達到 5.19 億美元。與去年相比，有機成長了 50% 以上。正如我之前多次指出的那樣，在過去幾年中，我們在整個地區建立了一個強大的平台。我們現在正在使該平台變得越來越有利可圖。鑑於今年開局強勁，我們仍有信心在 2024 年實現約 5.5 億美元的股權自由現金流目標。

Let's look at Colombia first. Last quarter, we made excellent progress on our plan to make our Colombian business profitable and cash generative. Execution of the long-term strategic roadmap that we laid out for Colombia a few years ago is now showing strong results. In 2019, we made the bold decision to buy two blocks of spectrum in the 700-megahertz band to strengthen our competitive position in the mobile business.

我們先來看看哥倫比亞。上個季度，我們在哥倫比亞業務實現盈利和現金生成的計劃方面取得了巨大進展。我們幾年前為哥倫比亞制定的長期戰略路線圖的執行現已顯示出強勁的成果。2019年，我們做出了大膽的決定，購買700兆赫頻段的兩個頻譜塊，以增強我們在行動業務中的競爭地位。

And as you know, we immediately put that spectrum to work by deploying network infrastructure and by expanding our commercial footprint. Since then, we have more than doubled our postpaid customer base, and our mobile services revenue have grown very strongly and steadily, as you can see on this page.

如您所知，我們透過部署網路基礎架構和擴大我們的商業足跡，立即將該頻譜投入使用。從那時起，我們的後付費客戶群增加了一倍多，我們的行動服務收入成長非常強勁且穩定，正如您在此頁面上看到的那樣。

We have achieved this despite the arrival of a new entrant who brought disrupting pricing to the market over the past few years. We remained focused on driving increased scale in mobile, aiming to drive better financial performance for the entire Colombia operation. We have now been able to take steps even at bringing back price discipline to that market within mobile and in the residential broadband business. As a result, we're now seeing our actions translate into high ARPUs. Mobile ARPU is up about 7% and home ARPU is up almost 10% in local currency terms.

儘管過去幾年新進者的到來為市場帶來了顛覆性的定價，但我們還是實現了這個目標。我們仍然專注於推動行動業務規模的擴大，旨在為整個哥倫比亞業務帶來更好的財務表現。我們現在已經能夠採取措施，甚至在行動和住宅寬頻業務領域恢復價格管制。結果，我們現在看到我們的行為轉化為高 ARPU。以當地貨幣計算，行動 ARPU 成長了約 7%，家庭 ARPU 成長了近 10%。

As a result of this long-term strategy, our sustained pricing discipline, and the savings from Project Everest, we're driving margins higher in Colombia. The very strong 36.5% EBITDA margin in Q1 would have actually reached 41.4% if you were to exclude the severance we booked in Colombia during the quarter. Years of work and the cost discipline of Project Everest are bringing combined profitability to our Colombia operation.

由於這項長期策略、我們持續的定價紀律以及珠穆朗瑪峰計畫的節省，我們正在提高哥倫比亞的利潤率。如果排除我們本季在哥倫比亞預訂的遣散費，第一季 EBITDA 利潤率高達 36.5%，實際上會達到 41.4%。多年的工作和珠穆朗瑪峰項目的成本控制為我們的哥倫比亞業務帶來了綜合盈利能力。

Please note that one of the consequences of a price discipline boom is that we have been sacrificing some customer growth. As a result, we're currently spending a lot less than we used to on customer premise equipment, and this has historically been a very large component of our CapEx spend.

請注意，價格紀律熱潮的後果之一是我們犧牲了一些客戶成長。因此，我們目前在客戶端設備上的支出比以前少了很多，而這在歷史上一直是我們資本支出的很大一部分。

The net effect of all of this is that OCF is up strongly, roughly doubling over the past year. Good news. But please note that this may not be sustainable if we decide to step up our commercial intensity to return to positive volume growth in our home business.

所有這些的最終影響是 OCF 強勁增長，在過去一年中大約翻了一番。好消息。但請注意，如果我們決定增加商業強度以恢復國內業務量的正成長，這可能是不可持續的。

All along this journey, we have also continued to look for ways to make the business even more efficient in its use of capital. And with that in mind, as you know, we recently finalized an agreement to combine our mobile network with Telefónica's in Colombia. This project was over two years in the making, and is now well in place.

在這個過程中，我們也不斷尋找使企業更有效地利用資本的方法。考慮到這一點，如您所知，我們最近敲定了一項協議，將我們的行動網路與哥倫比亞的 Telefónica 的行動網路合併。該計畫歷時兩年多，目前已順利實施。

This combined network will produce very meaningful synergies in the form of lower spectrum and shared network costs. And it has already given us the ability to buy 5G spectrum jointly in the most recent auction, and to deploy a 5G network together, thus, enhancing our savings. In addition, earlier this year, we also monetized our remaining towers in Colombia as part of our larger asset monetization strategy.

這種組合網路將以更低的頻譜和共享網路成本的形式產生非常有意義的協同效應。而且它已經使我們能夠在最近的拍賣中共同購買5G頻譜，並共同部署5G網絡，從而增加我們的節省。此外，今年早些時候，我們還將哥倫比亞剩餘的塔樓貨幣化，作為我們更大的資產貨幣化策略的一部分。

And with that, we have further improved our capital efficiency in Colombia. As a result of this strategic and operational initiatives combined, we're performing much better in Colombia, and we are on track to deliver positive equity free cash flow in 2024.

至此，我們進一步提高了哥倫比亞的資本效率。由於將這些策略和營運舉措結合，我們在哥倫比亞的表現要好得多，並且我們預計在 2024 年實現正的股本自由現金流。

Despite these meaningful improvements, we still face significant industry challenges in Colombia. There are still too many players and too many networks in both mobile and fixed. ARPUs are still the lowest in the region and yet spectrum cost remain the highest. And in Colombia, today, only the largest player is able to generate profitable free cash flow. Said differently, there's still a lot of work to make the Colombia industry structure a really healthy one for the long run.

儘管取得了這些有意義的進步，我們在哥倫比亞仍然面臨著重大的行業挑戰。移動和固定領域仍然有太多的玩家和太多的網路。ARPU 仍然是該地區最低的，但頻譜成本仍然是最高的。如今，在哥倫比亞，只有最大的參與者才能產生有利可圖的自由現金流。換句話說，從長遠來看，要讓哥倫比亞的產業結構成為一個真正健康的產業結構，還有很多工作要做。

Now, please turn to slide 7, where you can see that Guatemala is back on its game, with both service revenue and EBITDA up year on year in the quarter. As you will surely recall, we made the bold decision to increase our ownership to 100% towards the end of the pandemic and to allocate an important amount of our capital to Guatemala. This was a tremendous opportunity to own more of the asset with the highest return on capital and the most cash generation in our portfolio.

現在，請翻到幻燈片 7，您可以看到危地馬拉重新回到了正軌，本季度的服務收入和 EBITDA 均同比增長。您肯定還記得，我們​​做出了大膽的決定，在疫情結束時將我們的所有權增加到 100%，並將大量資金分配給危地馬拉。這是一個絕佳的機會，讓我們擁有更多投資組合中資本回報率最高、現金產生最多的資產。

Shortly after that investment, we began to face a strong challenge from our competitor and we responded by investing heavily in new spectrum and infrastructure to boost capacity in our networks. We also invested confidently to maintain our strong position in the distribution channels in Guatemala.

投資後不久，我們開始面臨競爭對手的強大挑戰，我們的應對措施是大力投資新頻譜和基礎設施，以提高我們網路的容量。我們也充滿信心地進行投資，以維持我們在瓜地馬拉分銷通路中的強勢地位。

And as a result of that strategy, mostly as it was, we successfully protected our market share and defended our strong leadership. And now after two successful spectrum options, we have spectrum priority in the Guatemala mobile industry. And this has created the conditions for the return to a more rational competitive environment. We are now seeing signs of this in Q1 with our mobile ARPU up year on year for the first time since early 2021, and this was the main driver of revenue growth this quarter.

由於這項策略的實施，我們成功地保護了我們的市場份額並捍衛了我們強大的領導地位。現在，在兩個成功的頻譜選擇之後，我們在危地馬拉行動產業中擁有頻譜優先權。而這也為回歸更理性的競爭環境創造了條件。我們現在在第一季看到了這一跡象，我們的行動 ARPU 自 2021 年初以來首次同比增長，這是本季營收成長的主要驅動力。

When you add this to the meaningful savings from Project Everest, you can see low single-digit revenue growth translate into high single-digit EBITDA growth. So our investments and our patience for the past two years are now beginning to pay off, with our largest market now back to a strong positive growth.

當您將此添加到珠穆朗瑪峰專案的有意義的節省中時，您可以看到較低的個位數收入成長轉化為較高的個位數 EBITDA 成長。因此，我們過去兩年的投資和耐心現在開始得到回報，我們最大的市場現在恢復了強勁的正成長。

As we sit here today, indeed, it feels good to now own 100% of this strong and growing cash flow. With that said, we're not out of the woods and we're not dropping our guard. Our competitor remains aggressive, and it's still too early to tell how the market will react to our most recent price increase in February. So while the strategy is in place and it is working and we're feeling good about Q1 in Guatemala, we know we still have a lot of work ahead.

事實上，當我們今天坐在這裡時，現在擁有 100% 的強勁且不斷增長的現金流，感覺很好。話雖如此，我們還沒有走出困境，也沒有放鬆警戒。我們的競爭對手仍然咄咄逼人，現在判斷市場對我們最近 2 月漲價的反應還為時過早。因此，雖然策略已經到位並且正在發揮作用，而且我們對危地馬拉的第一季感覺良好，但我們知道我們還有很多工作要做。

Now please turn to slide 8 to talk about Panama. Five years ago, we made the highly strategic decision to enter the Panama market. That important capital allocation is also coming to fruition now.

現在請翻到第8張幻燈片來談談巴拿馬。五年前，我們做出了進軍巴拿馬市場的高度策略決策。這項重要的資本配置現在也即將有成果。

As you will recall, we made two back-to-back acquisitions, first in fixed, and then in mobile. A year after the merger, we rebranded everything to our own flagship TIGO brand, which is now one of the most recognizable brands in the country, as is also the case everywhere you go in Central America.

您可能還記得，我們​​連續進行了兩次收購，第一次是固定業務，然後是行動業務。合併一年後，我們將所有產品重新命名為我們自己的旗艦品牌 TIGO，現在是該國最知名的品牌之一，在中美洲的任何地方也是如此。

At the time of our initial investment, we saw three critical opportunities that have become a reality by now. First, we saw a tremendous opportunity to cross-sell mobile services to the fixed customer base we have acquired when we bought Cable Onda. Indeed, when we subsequently bought the Telefónica mobile asset, its mobile market share was in the mid-30s. Today, we're at about 50% mobile market share in Panama, and we are now guiding postpaid penetration to that base.

在我們最初投資時，我們看到了三個關鍵機遇，這些機會現在已成為現實。首先，我們看到了向固定客戶群交叉銷售行動服務的巨大機會，這是我們收購 Cable Onda 時獲得的。事實上，當我們隨後購買 Telefónica 行動資產時，其行動市佔率為 30 多歲。如今，我們在巴拿馬的行動市場份額約為 50%，我們正在引導後付費滲透到這一基礎。

Second, we thought that the Panama mobile market was ripe for consolidation, with too many players and too little cash flow. Since then, the market has indeed consolidated from four players when we entered down to two today. When you consider that many of the largest countries in the world of only three players, there was no reason for any country in Latin America for more than two mobile players, perhaps with the exception of Brazil, which is much larger of course.

其次，我們認為巴拿馬行動市場整合的時機已經成熟，參與者太多現金流太少。從那時起，市場確實從我們進入時的四個參與者減少到今天的兩個。當你考慮到世界上許多最大的國家只有三個玩家時，拉丁美洲的任何國家都沒有理由擁有兩個以上的移動玩家，也許除了巴西之外，當然巴西要大得多。

And finally, the third pillar of our investment thesis was the opportunity to bid and win our fair share of large program and contracts, or B2B. After years of work, this is just now starting to happen, as you can see in our results in the last six months.

最後，我們投資主題的第三個支柱是競標並贏得大型專案和合約（即 B2B）公平份額的機會。經過多年的努力，這一切現在才剛開始發生，正如您在過去六個月的結果中所看到的那樣。

With all of this put together, we are now the number one telecom operator in Panama. And as a result, Panama, with its stable and dollarized economy, is now becoming the second largest contributor to Millicom's equity free cash flow in 2024.

綜上所述，我們現在是巴拿馬第一大電信業者。因此，憑藉穩定的美元化經濟，巴拿馬現已成為 2024 年 Millicom 股權自由現金流的第二大貢獻者。

Now, let me turn the call over to Maxime to say a few words.

現在，讓我把電話轉給馬克西姆說幾句話。

Thank you, Mauricio. As many of you know, I joined the company less than nine months ago. And my first priority was to simplify the way Millicom operates to empower the countries, optimize CapEx, and accelerate and expand the scope of Project Everest.

謝謝你，毛里西奧。你們很多人都知道，我加入公司不到九個月。我的首要任務是簡化 Millicom 的運作方式，為各國提供支持、優化資本支出並加速和擴大珠穆朗瑪峰計畫的範圍。

As we told you on the third-quarter earnings call, Millicom has tremendous assets and a very strong team, but we saw an opportunity to significantly enhance the cash flow generation of the business by bringing more focus on cost control well beyond the initial scope of Project Everest. We've also decided to upgrade the HFC cable network for it to provide more bandwidth. For a limited cost, we now have the capacity to deliver high bandwidth and be competitive again. We constructed our 2024 budget on this basis, and nine months later, the results are very tangible.

正如我們在第三季財報電話會議上告訴您的那樣，Millicom 擁有巨大的資產和非常強大的團隊，但我們看到了一個機會，可以透過更多地關注遠遠超出最初範圍的成本控制來顯著增強業務的現金流生成。我們也決定升級 HFC 有線網路以提供更多頻寬。以有限的成本，我們現在有能力提供高頻寬並再次具有競爭力。我們在此基礎上製定了2024年預算，九個月後，結果非常明顯。

EBITDA is up more than 20%, OCF is up more than 50%. Equity free cash flow is always seasonally weaker in Q1, but this year was $134 million better than Q1 of last year. And all of these actions are helping to bring our leverage down very rapidly, which was also one of the key priorities when I joined. Every country is contributing to our improved financial performance, and we expect that all of our countries will generate strong equity free cash flow in '24 at a level well above what was achieved in '22 and '23.

EBITDA 成長超過 20%，OCF 成長超過 50%。第一季的股本自由現金流總是季節性疲軟，但今年比去年第一季增加了 1.34 億美元。所有這些行動都有助於迅速降低我們的槓桿率，這也是我加入時的關鍵優先事項之一。每個國家都在為我們改善財務表現做出貢獻，我們預計我們所有國家都將在 24 年產生強勁的股本自由現金流，其水準遠高於 22 年和 23 年所取得的水準。

And while we have been driving this important effort, this is the result of the tremendous effort of many people throughout the company and we want to take a moment to thank everyone for their dedication over the last several months. It has been painful, but Millicom is already in a much stronger position thanks to you. Of course, there is still much more that we can and will do in the future, continuing cost control, CapEx optimization, and implementing signification everywhere. It is possible to be more flexible and more efficient.

雖然我們一直在推動這項重要工作，但這是整個公司許多人付出巨大努力的結果，我們想花點時間感謝每個人在過去幾個月中的奉獻精神。這很痛苦，但多虧了您，Millicom 已經處於更有利的地位。當然，未來我們還可以而且將會做更多的事情，繼續控製成本、優化資本支出，並在各處實施意義。可以更加靈活、更有效率。

And we are downsizing the volume of shared services to other countries fully responsible, and we have a structure normally to keep only countries and use cases that make sense. We can probably do better with organic service revenue growth. And we will continue to focus more of our time on identifying opportunities we may have to accelerate our profitable growth.

我們正在縮減向其他國家提供完全負責的共享服務的數量，而我們的結構通常只保留有意義的國家和用例。我們或許可以透過有機服務收入的成長做得更好。我們將繼續將更多時間集中在尋找可能加速獲利成長的機會。

With that, back to you, Mauricio.

說到這裡，回到你身上，毛里西奧。

Thank you, Maxime. It has been a true pleasure to partner with you over the last several months. Thank you for your incredible support, and your friendship, and for helping Millicom to tap into the experience and expertise of the broader Atlas team.

謝謝你，馬克西姆。在過去的幾個月裡與您合作真的很高興。感謝您的大力支持和友誼，並幫助 Millicom 充分利用更廣泛的 Atlas 團隊的經驗和專業知識。

Before turning the call over to Bart to go over the financials, I will wrap up by discussing the various leadership changes that have been announced over the past several months.

在將電話轉給巴特查看財務狀況之前，我將討論過去幾個月宣布的各種領導層變動作為結束語。

First, as part of the CEO succession plan that we had announced nine months ago, I will be stepping down as CEO shortly after the shareholder meeting later this month, and I will remain as Chair of the Board, subject, of course, to shareholder approval at the AGM. No major news for you there, I hope.

首先，作為我們九個月前宣布的執行長繼任計畫的一部分，我將在本月稍後的股東大會後不久辭去執行長一職，而我將繼續擔任董事會主席，當然，這取決於股東的意見年度股東會審議通過。我希望你那裡沒有什麼重大消息。

As we recently announced, the Board has appointed Marcelo Benitez to be Millicom's next CEO starting June 1. Marcelo's journey at Millicom has been nothing short of incredible. Marcelo joined the company about 30 years ago, starting in one of our call centers in Paraguay.

正如我們最近宣布的，董事會已任命 Marcelo Benitez 為 Millicom 的下一任首席執行官，自 6 月 1 日起生效。馬塞洛在 Millicom 的經歷簡直令人難以置信。馬塞洛 (Marcelo) 大約 30 年前加入公司，最初在巴拉圭的一個呼叫中心工作。

Since then, he has held leadership roles in multiple countries, touching just about every part of the organization. He's currently the General Manager of our Panama operation, where he successfully integrated the acquisitions and has executed our investment plan, which I alluded to just a few seconds ago. A very warm welcome to Marcelo, a team leader with so much Sangre Tigo.

從那時起，他在多個國家擔任領導職務，幾乎涉及該組織的每個部門。他目前是我們巴拿馬業務的總經理，他成功整合了收購並執行了我們的投資計劃，我幾秒鐘前就提到過。非常熱烈地歡迎馬塞洛，他是一位充滿桑格瑞·蒂戈的團隊領導者。

I also want to publicly thank our Board for the time and the effort that every member devoted to the discussions, analysis, and interviews with many internal and external candidates. Our decision to appoint Marcelo was indeed thoughtful and unanimous, and that could have not been achieved without the months of work that the Board put into this very important task.

我還要公開感謝我們的董事會每位成員投入的時間和精力，與許多內部和外部候選人進行討論、分析和訪談。我們任命馬塞洛的決定確實是經過深思熟慮和一致同意的，如果沒有董事會為這項非常重要的任務投入了數月的工作，這是不可能實現的。

And we also recently announced that Maxime will remain our President and COO until the year end, and he will join our Board as of this May. Maxime's contribution has already been very positively impactful to the company, and I personally immensely look forward to continue partnering with Maxime now in the boardroom. As you can see, Maxime and I will stick around to help Marcelo whenever and for whatever he needs us. Marcelo will have our full support, that of the full Board, and that of all his TIGO colleagues who know him so well and have enjoyed his strong leadership for decades.

我們最近也宣布 Maxime 將繼續擔任我們的總裁兼營運長直到年底，他將從今年 5 月起加入我們的董事會。Maxime 的貢獻已經對公司產生了非常正面的影響，我個人非常期待在董事會中繼續與 Maxime 合作。正如你所看到的，馬克西姆和我將在馬塞洛需要我們的任何時間和任何事情上留下來幫助他。馬塞洛將得到我們、整個董事會以及所有 TIGO 同事的全力支持，他們非常了解他，並且幾十年來一直享受他的強有力領導。

And also subject to shareholder approval, we will be joined by Justine Dimovic as our new Board member. Justine is with L'Oreal now, but she was our very own former Treasurer and Head of IR some years ago at Millicom. So she will bring back tremendous knowledge of the company, along with her experience and financial acumen. Welcome back, Justine.

同樣，經股東批准，賈斯汀·迪莫維奇 (Justine Dimovic) 將成為我們的新董事會成員。Justine 現在在歐萊雅工作，但幾年前她曾在 Millicom 擔任我們的前財務主管和 IR 主管。因此，她將帶回對公司的豐富知識，以及她的經驗和財務頭腦。歡迎回來，賈斯汀。

Thanks to Michael Golan for sitting on our Board for the last year with meaningful insights and contributions. And also thank you to Pernille Erenbjerg for her many, many important contributions to the Board over the last five years, and also for her insightful challenge and continuous support to the team.

感謝 Michael Golan 在過去的一年中擔任我們的董事會成員並提供了有意義的見解和貢獻。也要感謝 Pernille Erenbjerg 在過去五年中為董事會做出的許多重要貢獻，以及她富有洞察力的挑戰和對團隊的持續支持。

A few weeks ago, we also announced the appointment of Bart Vanhaeren as our new Chief Financial Officer. Like Marcelo, Bart is a Millicom veteran who has held several leadership roles during his 14 years with the company, most recently overseeing corporate finance which encompasses the company's treasury, tax, mergers and acquisitions, and corporate administration activities. As you know, I've worked closely with Bart over the years and think highly of him.

幾週前，我們也宣布任命 Bart Vanhaeren 為新任財務長。與 Marcelo 一樣，Bart 也是 Millicom 的資深人士，在公司工作的 14 年中擔任過多個領導職務，最近負責監督公司財務，包括公司的財務、稅務、併購以及公司管理活動。如你所知，多年來我與巴特密切合作，對他評價很高。

Before I turn the call over to Bart to go over the financials, I want to reconfirm that we continue to work on monetizing our regional TIGO portfolio. We launched the monetization process externally in Q4, and we're now very actively in the middle of the M&A process. Of course precisely because of that, that's all that we can say at this time.

在我將電話轉給巴特查看財務狀況之前，我想再次確認我們將繼續致力於將我們的區域 TIGO 投資組合貨幣化。我們在第四季從外部啟動了貨幣化流程，現在我們正非常積極地進行併購流程。當然，正因為如此，我們現在只能說這些。

With that introduction, let me turn the call over to Bart for his debut moment.

有了這樣的介紹，讓我把電話轉給巴特，讓他見證他的首次亮相。

Thank you, Mauricio, and hi, everyone. Many of you know me already from my various roles in the past or from investor conferences. For those who don't, I encourage you to reach out to me through Michel, as I definitely want to engage with our broader investor base to hear what is top of your mind.

謝謝你，毛里西奧，大家好。你們中的許多人已經透過我過去的各種角色或投資者會議認識了我。對於那些不這樣做的人，我鼓勵您透過米歇爾與我聯繫，因為我絕對希望與我們更廣泛的投資者群體接觸，以了解您的首要想法。

This being said, let's now have a look at our financial performance beginning on slide 12. Mauricio indicated this already, a lot of work has been done over the last few months and now results start to show. At the same time, we still have significant challenges ahead.

話雖如此，現在讓我們從投影片 12 開始看一下我們的財務表現。毛里西奧已經表示了這一點，過去幾個月已經做了很多工作，現在成果開始顯現。同時，我們仍然面臨著重大挑戰。

Service revenue was $1.38 billion in the quarter. This is up 8.8% year on year from $1.26 billion a year ago. Excluding the impact of exchange rates, organic growth was 3.8% in the fourth quarter, driven by, one, our mobile business which is up mid-single digits, thanks to ARPU growth from recent price increases and pre to postpaid migrations.

該季度服務收入為 13.8 億美元。這比一年前的 12.6 億美元年增 8.8%。排除匯率的影響，第四季的有機成長為3.8%，其推動因素是，一是我們的行動業務成長了中個位數，這要歸功於近期價格上漲和預付費到後付費遷移帶來的ARPU 增長。

Two, meeting growth in B2B coming from large contracts in Panama that Mauricio already talked about. These contracts should continue to generate revenue and EBITDA for several more quarters, but we anticipate a much smaller contribution from these contracts going forward and beginning in Q2.

第二，滿足毛里西奧已經談到的來自巴拿馬的大型合約的 B2B 成長。這些合約應該會在接下來的幾個季度繼續產生收入和 EBITDA，但我們預計從第二季開始這些合約的貢獻會小得多。

Three, this revenue growth is offset a bit by a decline in the home business, where we focus on return on profitability in a competitive environment. Our EBITDA, which we will discuss in more detail later, was up 24.5% year on year to $632 million, despite $30 million of restructuring costs incurred in the period. The very strong growth reflects the combined effect of the service revenue growth that I just discussed, as well as the cost savings for Project Everest that are now visible and recurring.

第三，這種收入成長被家庭業務的下降所抵消，我們專注於競爭環境中的獲利回報。儘管該期間產生了 3000 萬美元的重組成本，但我們的 EBITDA（我們將在稍後詳細討論）年增 24.5%，達到 6.32 億美元。非常強勁的成長反映了我剛才討論的服務收入成長的綜合效應，以及珠穆朗瑪峰計畫現在可見且經常性的成本節省。

Then, the operating cash flow rose 61% to $519 million, reflecting both the robust EBITDA growth and a 38.9% reduction in CapEx. This CapEx reduction is in part due to the efficiency measures taken during 2023 and now materializing in the run rate, but a bigger portion is due to the slower phasing of investments in this quarter of 2024. So please don't annualize Q1 CapEx as an indication for full year investment.

隨後，營運現金流量成長 61%，達到 5.19 億美元，反映出 EBITDA 的強勁成長和資本支出下降 38.9%。資本支出減少的部分原因是 2023 年採取的效率措施，目前已在運行率中實現，但更大一部分原因是 2024 年本季投資分階段放緩。因此，請不要將第一季資本支出年化作為全年投資的指標。

Drilling down further into the service revenue by country on slide 13, Guatemala increased by 2%. This was the first positive quarterly growth in five quarters and is fueled by mobile growth, where recent price increases are driving ARPU growth. As Mauricio mentioned, we are happy with the improved performance in Q1, but competition remains very intense here.

進一步深入了解投影片 13 中按國家劃分的服務收入，危地馬拉成長了 2%。這是五個季度以來首次出現季度正成長，並受到行動成長的推動，而最近的價格上漲推動了 ARPU 的成長。正如毛里西奧所提到的，我們對第一季的表現有所改善感到高興，但這裡的競爭仍然非常激烈。

Colombia service revenue was flat in local currency. Here, our mobile business continues to grow very nicely and was up high single digits, but this was offset by a decline in our home business where we continue to prioritize price discipline and profitability over growth in a market that remains very competitive. As Mauricio already discussed, we'll be willing to sacrifice some customer growth, but the good news here is that home ARPU is up strongly. And we have also seen a significant improvement in churn and net adds in the last couple of months.

以當地貨幣計算的哥倫比亞服務收入持平。在這裡，我們的行動業務繼續保持良好成長，並實現了高個位數成長，但這被我們家庭業務的下滑所抵消，在競爭仍然非常激烈的市場中，我們繼續優先考慮價格紀律和盈利能力，而不是成長。正如 Mauricio 已經討論過的那樣，我們願意犧牲一些客戶成長，但好消息是家庭 ARPU 強勁成長。在過去的幾個月裡，我們也看到客戶流失率和淨增加量有了顯著改善。

In Panama, service revenue grew 17.8%, fueled by the two large B2B contracts, as well as a strong growth in mobile. Excluding these large contracts, service revenue would have been flat.

在巴拿馬，在兩份大型 B2B 合約以及行動業務的強勁成長的推動下，服務收入成長了 17.8%。排除這些大型合同，服務收入將持平。

Bolivia service revenue was flat as well, with growth in mobile and B2B, offset by a decline in home, where we continue to prioritize price discipline, especially given a more challenging macroeconomic outlook and the longer payback terms in this side of the business.

玻利維亞的服務收入也持平，行動和B2B 業務的成長被家庭業務的下降所抵消，我們繼續優先考慮價格紀律，特別是考慮到更具挑戰性的宏觀經濟前景以及該業務領域更長的投資回收期。

Paraguay service revenue grew 4.3% in local currency with every business unit continuing to perform well.

巴拉圭服務收入以當地貨幣計算增長了 4.3%，各業務部門繼續表現良好。

Service revenue in our other segments increased 5.4%. As a reminder, the other segment is comprised of our operations in El Salvador, Nicaragua, and Costa Rica, which in aggregate account for just over 15% of our service revenue and EBITDA.

其他部門的服務收入成長了 5.4%。提醒一下，另一個部分由我們在薩爾瓦多、尼加拉瓜和哥斯達黎加的業務組成，這些業務合計占我們服務收入和 EBITDA 的 15% 以上。

Now turning to EBITDA on slide 14. As I mentioned before, EBITDA in Q1 was $632 million. That's up 24.5% year on year from $507 million. As you can see, foreign exchange was a tailwind this quarter and contributed about $21 million of growth to the quarter. This doesn't happen very often, so we're happy to take it. Excluding this FX benefit, EBITDA increased 20% organically year on year. Noteworthy is that about $30 million of further severance costs are included in our Q1 EBITDA.

現在轉向幻燈片 14 上的 EBITDA。正如我之前提到的，第一季的 EBITDA 為 6.32 億美元。較上年同期的 5.07 億美元成長 24.5%。正如您所看到的，外匯在本季度發揮了推動作用，為本季度貢獻了約 2,100 萬美元的成長。這種情況並不常發生，所以我們很樂意接受。扣除外匯收益後，EBITDA 年比有機成長 20%。值得注意的是，我們第一季的 EBITDA 中包含了約 3000 萬美元的進一步遣散費。

On slide 15, you can see our EBITDA by country. It's quite clear that the cost savings initiatives we've been implementing over the past year or so are having a very positive impact across all our operations with nearly all countries up double digits. Guatemala EBITDA improved very significantly and increased 7.9% in local currency terms, largely thanks to better ARPU growth in mobile.

在投影片 15 上，您可以按國家/地區查看我們的 EBITDA。很明顯，我們在過去一年左右實施的成本節約舉措對我們的所有業務產生了非常積極的影響，幾乎所有國家/地區的成本節約舉措都取得了兩位數的增長。危地馬拉 EBITDA 顯著改善，以當地貨幣計算增長了 7.9%，這主要歸功於行動業務 ARPU 的成長。

Colombia EBITDA local currency growth was more than 24% due to both mobile service revenue growth and continued price discipline in our home business, as well as, all savings from Project Everest. The EBITDA margin of 36.5% was a new record. Noteworthy is that during Q1, our Colombia operation incurred almost $18 million of restructuring costs related to the voluntary retirement plan that we implemented early in the year. Excluding this charge, the margin would have been 41.4%. That's up 10 percentage points over the past year. And this is one of the reasons why we expect equity free cash flow to be positive in 2024, as Mauricio indicated previously.

哥倫比亞 EBITDA 以當地貨幣計算的成長超過 24%，這得益於我們本土業務的行動服務收入成長和持續的價格管制，以及珠穆朗瑪峰計畫的所有節省。EBITDA 利潤率為 36.5%，創下新紀錄。值得注意的是，在第一季度，我們的哥倫比亞業務因年初實施的自願退休計劃而產生了近 1800 萬美元的重組成本。排除此項費用，利潤率為 41.4%。比去年增加了 10 個百分點。正如 Mauricio 先前指出的，這就是我們預期 2024 年股本自由現金流為正的原因之一。

Now turning to Panama, where EBITDA grew 26.1%. The B2B projects contributed more than half of this growth. And as I've just told you, we expect much smaller contributions from these projects going forward.

現在轉向巴拿馬，其 EBITDA 成長了 26.1%。B2B 專案貢獻了這一增長的一半以上。正如我剛才告訴你的，我們預計這些項目未來的貢獻會小得多。

Bolivia EBITDA increased 12.7%, and this is largely due to the savings from Project Everest and to our reduced commercial activity in home. As a reminder, the macroeconomic situation in Bolivia has become more challenging because there is a shortage of US dollars in the economy. Up until now, this hasn't had any noticeable impact on consumer demand, but it has become a lot harder for us to convert Bolivianos to dollars to pay some of our vendors and to upstream cash from the country. In other words, no impact yet on revenue or EBITDA, but our working capital was about $16 million better than it should be because of these payment delays.

玻利維亞 EBITDA 成長了 12.7%，這主要歸功於珠穆朗瑪峰計畫的節省以及我們國內商業活動的減少。需要提醒的是，由於經濟中美元短缺，玻利維亞的宏觀經濟狀況變得更具挑戰性。到目前為止，這還沒有對消費者需求產生任何明顯的影響，但我們將玻利維亞諾兌換成美元來支付我們的一些供應商以及從該國獲取上游現金變得更加困難。換句話說，收入或 EBITDA 尚未受到影響，但由於這些付款延遲，我們的營運資金比應有的水平高出約 1,600 萬美元。

Paraguay had another solid quarter with EBITDA up 14.1% organically and the margin expanded almost 5 percentage points to 48.3%. EBITDA in our other segments increased 17.8% with all three countries contributing to the growth.

巴拉圭季度業績表現強勁，EBITDA 有機成長 14.1%，利潤率擴大近 5 個百分點，達到 48.3%。我們其他部門的 EBITDA 成長了 17.8%，這三個國家都對成長做出了貢獻。

Now please turn to slide 16 for our usual net debt bridge. During the quarter, net debt increased slightly by $19 million to end Q1 at just under $6 billion. The taxable EBITDA growth, our leverage decreased by 19 bps in this quarter. The key factors that contributed to the increase in net debt were our equity free cash flow was $1 million, however, includes the proceeds of the sale of towers in Colombia for $39 million.

現在請翻到投影片 16，了解我們平常的淨債務橋樑。本季淨債務小幅增加 1,900 萬美元，第一季末債務淨額略低於 60 億美元。應稅 EBITDA 成長，我們的槓桿率在本季下降了 19 個基點。導致淨債務增加的關鍵因素是我們的股權自由現金流為 100 萬美元，但其中包括以 3,900 萬美元出售哥倫比亞塔樓的收益。

We repurchased our bonds in open market for approximately $132 million. These purchases were made below par, leading to a $15 million benefit. We also bought back shares for approximately $27 million. As a result of these items and considering also the strong EBITDA growth that I already talked about, our leverage ratio ended Q1 at 3.10, down from 3.29 at Q4.

我們在公開市場回購了約 1.32 億美元的債券。這些採購的價格低於標準，帶來了 1500 萬美元的收益。我們還回購了約 2700 萬美元的股票。由於這些項目，並考慮到我已經談到的強勁 EBITDA 成長，我們的槓桿率第一季末為 3.10，低於第四季的 3.29。

Now please turn to slide 17 to review our financial targets. We continue to target equity free cash flow of around $550 million in 2024. And we continue to target leverage of 2.5x by 2025. These targets remain unchanged from what we communicated to you at our Q4 results last February.

現在請翻到投影片 17 回顧我們的財務目標。我們繼續將 2024 年股權自由現金流目標定為約 5.5 億美元。我們繼續目標是到 2025 年將槓桿率提高到 2.5 倍。這些目標與我們去年 2 月第四季業績中向您傳達的目標保持不變。

As you can see from our Q1, we have started the year on a relatively strong note, and we are indeed slightly ahead of our plans. But as Mauricio and I have already told you, we benefited from a number of tailwinds in Q1 that won't necessarily repeat. And we also see a number of risks for the remainder of the year. These risks are contemplated and reflected in our targets.

正如您從第一季看到的那樣，我們以相對強勁的勢頭開始了今年，而且我們確實稍微提前了我們的計劃。但正如毛里西奧和我已經告訴過你的那樣，我們從第一季的一些順風車中受益，但這些順風車不一定會重複。我們也看到今年剩餘時間存在一些風險。這些風險已在我們的目標中被考慮和反映。

Now let me turn the call back to Mauricio to wrap up.

現在讓我把電話轉回毛里西奧來結束。

Thank you, Bart. Pretty good for your first time. Before I take your questions for the last time, as CEO myself, I want to recap some of the key strategic decisions we have made, as a team, over the past several years to help get us to where we are today.

謝謝你，巴特。對於你的第一次來說相當不錯。在我最後一次回答大家的問題之前，作為首席執行官，我想回顧一下我們作為一個團隊在過去幾年中做出的一些關鍵戰略決策，這些決策幫助我們取得了今天的成就。

First, we invested heavily in our networks. We deployed 4G and bought spectrum to secure our mobile market leadership, and we expanded aggressively into home and into B2B. Largest chunks of our spectrum acquisitions and renewals are now behind us, as you know, and B2B is beginning to show its strength.

首先，我們對網路進行了大量投資。我們部署了 4G 並購買了頻譜，以確保我們在行動市場的領先地位，並積極擴展到家庭和 B2B 領域。如您所知，我們大部分的頻譜收購和續約現已成為過去，B2B 開始展現其實力。

Second, we invested on Africa, where we had no scale. We closed offices in London and Stockholm, and we sold our non-core assets.

其次，我們在非洲投資，但我們在那裡沒有規模。我們關閉了倫敦和斯德哥爾摩的辦事處，並出售了非核心資產。

Third, we enter Panama, Nicaragua to consolidate our leadership in Central America. Panama is now a success story. And we increased also our ownership in Guatemala, a country where our return on capital is by far the highest and strong cash flow growth is back.

第三，我們進入巴拿馬、尼加拉瓜，鞏固在中美洲的領導地位。巴拿馬現在是一個成功的故事。我們還增加了在危地馬拉的所有權，該國的資本回報率是迄今為止最高的，並且強勁的現金流增長又回來了。

Fourth, we have made great strides to improve profitability in Colombia. We still have a lot of work to do there, but we're closer than we ever were in making Colombia a key contributor to Millicom's growth and to its free cash flow generation in the future.

第四，我們在提高哥倫比亞獲利能力方面取得了長足進步。我們仍然有很多工作要做，但我們比以往任何時候都更接近讓哥倫比亞成為 Millicom 成長及其未來自由現金流生成的關鍵貢獻者。

Fifth, and this is perhaps the most important, we created a winning Sangre Tigo culture that makes all of our plans possible. In this, out of this Sangre Tigo, and perhaps because of it on to our next leader, Marcelo Benitez. TIGO indeed has become a magnificent unique platform in the region, one that is now more profitable, thanks now also to the immense and positive support of our largest shareholder, Atlas.

第五，這也許是最重要的，我們創造了一個成功的 Sangre Tigo 文化，使我們的所有計劃成為可能。在這一點上，桑格雷·蒂戈（Sangre Tigo）的誕生，也許正因為如此，我們的下一任領導人馬塞洛·貝尼特斯（Marcelo Benitez）才得以誕生。TIGO 確實已成為該地區一個宏偉而獨特的平台，現在該平台的盈利能力更強，這也得益於我們最大股東 Atlas 的巨大和積極支持。

I'm happy now to hand over to helm to a seasoned and highly capable company veteran like Marcelo, a great colleague and a dear friend of many years. You will get to meet Marcelo in early August for the second-quarter results conference call.

我現在很高興將掌舵權交給像馬塞洛這樣經驗豐富、能力超群的公司資深人士，他是一位出色的同事，也是多年的摯友。您將在八月初在第二季業績電話會議上與馬塞洛會面。

Today, Bart, Maxime, and I will take your questions.

今天，巴特、馬克西姆和我將回答你們的問題。

Soomit Datta, New Street Research.

蘇米特達塔，新街研究。

Yeah. Hi, guys. Thanks very much. Mauricio, thank you for all your help over years and good luck with the new role. Look forward to talking to you, Bart, going forward. Good luck with everything.

是的。嗨，大家好。非常感謝。Mauricio，感謝您多年來的所有幫助，並祝您在新職位上一切順利。巴特，期待與您交談，繼續前進。祝一切順利。

A couple of questions, please. So first of all, I mean, a really remarkable job on the cost side over the last few quarters. I've looked at the sector for many years and I can't really recall anything quite as heroic in terms of margin improvement. So well done to everybody for that.

請教幾個問題。首先，我的意思是，過去幾季在成本方面的工作非常出色。我已經研究這個行業很多年了，但我真的不記得有什麼在利潤率改善方面有如此巨大的進步。大家都做得很好。

It does sort of lead to the obvious question, though, as to how sustainable is that policy? I think you've hinted at areas you would look to maybe step-up investments within home, for example. Just curious if you could elaborate, as you look forward over the next few months either on the home side or on the wireless side, where you might see opportunities to pick up investment again in order to try and pep up the topline growth? That would be the first question, please.

不過，這確實引出了一個顯而易見的問題，即該政策的可持續性如何？例如，我認為您已經暗示了您可能會尋求在家庭內進行逐步投資的領域。只是好奇您能否詳細說明一下，展望未來幾個月，無論是在家庭方面還是在無線方面，您可能會看到再次投資的機會，以嘗試刺激營收成長？這是第一個問題。

And then secondly, just going back to something you touched on which is cash coming out of a couple of markets, Honduras and Bolivia. Just trying to get a sense as to how real that risk is and what that might mean for equity free cash flow? I think you've talked about it being within the guidance. But again, a bit of color there would be helpful as to what's happening on the ground.

其次，回到你剛才提到的問題，也就是來自宏都拉斯和玻利維亞這兩個市場的現金。只是想了解這種風險的真實程度以及這對股本自由現金流可能意味著什麼？我想你已經談到了它在指導範圍內。但同樣，一點顏色會對地面上發生的事情有所幫助。

You bet. I'll take a little bit of the first one. Maybe Maxime can help out there. And I think the second one will leave our brand-new CFO to a cut his teeth with, not only on the question, but on actually handling the challenge.

你打賭。我將稍微了解一下第一個。也許馬克西姆可以幫忙。我認為第二個問題將讓我們的新任財務長不僅在這個問題上，而且在實際應對挑戰方面，都要不斷地練習。

So listen, on the commercial initiatives and on the Everest project, as I've said often, Everest was something we had started at a bit of time ago, had been properly planned for with the external resources, and we had started implementing. But in reality, it got deeper and faster with the support, help and challenge from our new largest investor. That external force just made Everest become, not just Everest 1, but Everest 2, and it just speed out the process, and I've been vocal in saying thank you for that external support.

因此，請聽著，關於商業計劃和珠穆朗瑪峰項目，正如我經常說的那樣，珠穆朗瑪峰是我們不久前開始的項目，已經通過外部資源進行了適當的規劃，並且我們已經開始實施。但實際上，在我們新的最大投資者的支持、幫助和挑戰下，它變得更深更快。這種外力讓珠穆朗瑪峰不僅成為了珠穆朗瑪峰 1 號，還成為了珠穆朗瑪峰 2 號，而且它加快了這一進程，我一直直言不諱地對外部支持表示感謝。

And since Maxime's on the call, we allude often to our partnership, and it has really worked well. So what you're seeing today is the combination of initiatives that are strategic in nature from a year ago, now being combined with that platform, Panama, Guatemala, work on Colombia, et cetera, et cetera, are becoming more and more profitable.

自從馬克西姆接聽電話以來，我們經常提到我們的合作關係，而且效果確實很好。所以你今天看到的是一年前的策略性舉措的組合，現在與該平台相結合，巴拿馬、危地馬拉、哥倫比亞等地的工作正在變得越來越有利可圖。

Now the topline, which is very, very important, we have continued as ever focused on. So let me give you some color on that, so it doesn't just remain as words. Number one, on mobile, you've seen our continued push on postpaid.

現在，營收非常非常重要，我們繼續一如既往地關注。所以讓我給你一些解釋，這樣它就不會只停留在文字上。第一，在行動裝置上，您已經看到我們對後付費的持續推動。

And that's true in Panama. You will see it coming into the results with cross-selling first and then adding postpaid to the new subscriber base. It's working like a charm.

在巴拿馬也是如此。您將看到它首先通過交叉銷售進入結果，然後將後付費添加到新的訂戶群中。它就像一個魅力。

Colombia, you've seen the numbers, postpaid is really working for us in Colombia as in other markets, but that push into postpaid comes with, as you know, lower churn, a little bit more ARPU and higher or longer lifetime value cycles. And that's a long-term initiative that we continued on.

哥倫比亞，你已經看到了這些數字，與其他市場一樣，後付費在哥倫比亞確實對我們很有效，但正如你所知，後付費的發展伴隨著更低的客戶流失率、更高的ARPU 以及更高或更長的生命週期價值週期。這是我們持續推行的長期舉措。

We are increasingly using our fixed footprint to drive convergence. Maybe we don't speak about it in the call because we don't have enough time. But we're racing speeds and adding more convergence into key markets where we have a long on fixed network like Colombia and Bolivia, et cetera. So that's ongoing.

我們越來越多地利用固定足跡來推動融合。也許我們不會在電話中談論它，因為我們沒有足夠的時間。但我們正在加快速度，並在我們擁有長期固定網路的關鍵市場（如哥倫比亞和玻利維亞等）增加更多的整合。所以這一切仍在繼續。

And B2B, which today is all about Panama, like you've heard us over the years talk about the importance of driving B2B into the mix and that you begin to see that. So there are initiatives there on the revenue that have stayed on and will continue to be the focus going forward.

B2B，今天的主題是巴拿馬，就像您多年來聽到我們談論推動 B2B 融入其中的重要性一樣，您也開始看到這一點。因此，有關收入的舉措一直存在，並將繼續成為未來的焦點。

Having said that, and as we've said publicly, we did become very price disciplined in Colombia some quarters ago. We've actually implemented installation costs and remain very prime in disciplined. That has come at the cost of volume. It drives cash flow, but it slows our growth.

話雖如此，正如我們公開表示的那樣，幾個季度前我們在哥倫比亞確實變得非常嚴格的價格紀律。我們實際上已經實施了安裝成本，並且在紀律方面仍然處於領先地位。這是以銷量為代價的。它推動了現金流，但減緩了我們的成長。

And as we just highlighted earlier on, that is one avenue in which if we see an improved industry structure in Colombia. As we began to see over the last couple of months, really -- prices have stabilized and competition in home seems a little bit more stable. You've seen us drive ARPU a little bit.

正如我們之前強調的那樣，如果我們看到哥倫比亞的產業結構得到改善，這是一個途徑。正如我們在過去幾個月中開始看到的那樣，價格確實已經穩定下來，國內競爭似乎也更加穩定了。您已經看到我們略微提高了 ARPU。

Then we may go back into or with a little bit more push on volume. And the same is true on Bolivia for macro reasons that we'll address later. That's the long way of saying we remain very, very focused not only on costs but also in revenue going forward. And I could speak at length on what it, but maybe Maxime, anything to add to that?

然後我們可能會回到或稍微加大音量。玻利維亞也是如此，出於宏觀原因，我們將在稍後討論。從長遠來看，我們不僅非常非常關注成本，而且還關注未來的收入。我可以詳細談談它的內容，但也許馬克西姆，還有什麼要補充的嗎？

First, we have not sacrificed CapEx, much more we have optimized CapEx, especially by aligning technical, IT and sales to be more efficient. Several we have renegotiated a lot of contracts with the vendors, both on network and IT. So for the same amount of money, we can get more. And there is more to come on that. And on the home business, we've made a huge HFC upgrade in terms of bandwidth capacity for quite a low cost. So all that explain you that we have a good performance commercially with relatively low CapEx.

首先，我們沒有犧牲資本支出，我們也優化了資本支出，特別是透過調整技術、IT 和銷售來提高效率。我們已經與供應商重新談判了許多合同，包括網路和 IT 方面的合約。所以同樣的錢，我們可以得到更多。還有更多的事情要做。在家庭業務方面，我們以相當低的成本在頻寬容量方面進行了巨大的HFC升級。所有這些都說明我們在商業上表現良好，資本支出相對較低。

On top of that, there is more to come on costs, especially on content. Each time a contract comes to them that we can renegotiate drastically, and that is big amount. And then on subcontractors and on shared services, there are many shared services in Millicom that we started to push first to reduce and then to push to the country. It's just to avoid, let's say, HQ costs with limited leadership on them.

除此之外，還有更多的成本，尤其是內容方面的成本。每次他們收到合約時，我們都可以大幅重新談判，而且金額很大。然後在分包商和共享服務上，Millicom 有很多共享服務我們開始先推減少，然後再推到全國。比如說，這只是為了避免領導力有限的總部成本。

And the third aspect, we have many initiatives that are pushed on the service revenue. The first one is to lower as much as we can the churn, especially on home because this comes with a high cost both OpEx and CapEx. And the HFC upgrade is quite successful on that.

第三個方面，我們有許多推動服務收入的措施。第一個是盡可能降低客戶流失率，尤其是在家庭中，因為這會帶來高昂的營運支出和資本支出成本。HFC的升級在這方面相當成功。

Then on the distribution, we are improving the distribution network. And we are great believers on the FMC offers, putting together the home and mobile business, especially when fighting in certain countries with these small ISPs that are cheaper providing BBI only. That's the best way to fight on that.

然後在分銷方面，我們正在完善分銷網絡。我們非常相信 FMC 提供的服務，將家庭和行動業務結合在一起，尤其是在某些國家與這些更便宜的僅提供 BBI 的小型 ISP 進行鬥爭時。這是對此進行鬥爭的最佳方式。

Bart, Bolivia and Honduras?

巴特、玻利維亞和宏都拉斯？

Yeah. So thanks for the question, Soomit. So for once, we had positive currency effects in the quarter, so we'll take that, but we operate in emerging markets and it can't all be positive in all countries at the same time.

是的。謝謝你的提問，蘇米特。因此，這一次，我們在本季度產生了積極的貨幣影響，所以我們會接受這一點，但我們在新興市場開展業務，不可能同時在所有國家都產生積極影響。

In Bolivia -- so we are putting in the work in the sense that working with all suppliers to convert our contracts from US dollar to local currencies to reduce our US dollar need. We are still able to buy a number of dollars and euros in the market a lot, thanks to good relationships with our banks over the years. We have been issuing local bonds, we've being in the market for many years with them. But those come at commission rates in between 10% and 30%.

在玻利維亞，我們正在與所有供應商合作，將我們的合約從美元轉換為當地貨幣，以減少我們的美元需求。由於多年來與我們銀行的良好關係，我們仍然能夠在市場上大量購買大量美元和歐元。我們一直在發行地方債券，我們已經在市場上待了很多年了。但這些佣金率在 10% 到 30% 之間。

So that only makes sense to the extent that we can share that commission costs with our supplier, which in most cases is relatively straightforward for them and for us then to execute on. We also allocate some of the cash flow that we generate in the market for debt repayment. So our net debt in Bolivia will have come down during the quarter.

因此，只有當我們可以與供應商分擔佣金成本時，這才有意義，在大多數情況下，這對他們和我們來說都相對簡單，然後執行。我們也將在市場上產生的部分現金流用於償還債務。因此，我們在玻利維亞的淨債務將在本季下降。

But then lastly to say, I think the business itself has not suffered from this. So mobile business is up, B2B is up. And then in home, we have a slowdown, returns in home are a little bit longer. So to allocate the cash, better to go into the mobile business for even more immediate term.

但最後要說的是，我認為企業本身並沒有因此受到影響。所以行動業務崛起了，B2B 崛起了。然後在主場，我們的速度有所放緩，主場的回報時間更長一些。因此，為了分配現金，最好在短期內進入行動業務。

In Honduras, a bit of the same activities, working with the suppliers. But in Honduras, the difference with Bolivia, we are able to convert much larger amounts in US dollar. The way it works is we have to present the invoices to the regulator. Those get reviewed and approved over time, so there is a bit of a delay. DPO will go up. But it's a process that is still functioning. And so far, we're not expecting that much of an impact on the upstream at this moment in time.

在宏都拉斯，與供應商合作進行了一些相同的活動。但在宏都拉斯，與玻利維亞不同的是，我們能夠兌換更多的美元。它的工作方式是我們必須向監管機構提交發票。隨著時間的推移，這些內容會得到審查和批准，因此會有一點延遲。DPO將會上漲。但這是一個仍在發揮作用的過程。到目前為止，我們預計此時不會對上游產生那麼大的影響。

A couple of additional comments just to wrap it up, Soomit. Number one, for quite some time now, you've heard us say we're cautious on our investment envelope in Bolivia.

Soomit，一些額外的評論只是為了總結一下。第一，相當長一段時間以來，您都聽到我們說我們對玻利維亞的投資範圍持謹慎態度。

And we talk about Honduras to a lesser extent. That's precisely because we saw the dry up of foreign reserves coming up. So we've been preparing ourselves for that, and managing the way Bart has describing it.

我們在較小程度上談論洪都拉斯。這正是因為我們看到外匯存底即將枯竭。因此，我們一直在為此做好準備，並按照巴特所描述的方式進行管理。

In terms of the target, there are things that can go well, that are going well. There are things that can go bad, and we try to put it into a bag, and that basically shakes out with us confirming the envelope for target for this year, with all the puts and takes in there.

就目標而言，有些事情可以進展順利，而且進展順利。有些事情可能會變壞，我們試著把它放進一個袋子裡，這基本上隨著我們確認今年的目標信封而動搖，所有的投入和投入都在裡面。

That's very helpful. Thank you very much.

這非常有幫助。非常感謝。

Stefan Gauffin, DNB.

斯特凡·高芬，DNB。

Yes. Hello, can you hear me?

是的。你好，你聽得到我說話嗎？

Perfect.

完美的。

Yeah, okay. Well, first of all, just thanks Mauricio for all discussions over the years. And I have a few questions. A couple of them will likely be short. So first of all, on the restructuring charges, are we done now or will there be more choice to come in the coming quarters?

好的。好吧，首先，感謝毛里西奧多年來的所有討論。我有幾個問題。其中一些可能會很短。首先，關於重組費用，我們現在已經完成了嗎？

Secondly, the Panama business was boosted by the B2B contract, so around 2 percentage point to group service revenue or around $25 million to Panama service revenues. How should we think about these contracts going forward? Will they come down materially or how should we think?

其次，巴拿馬業務受到 B2B 合約的推動，集團服務收入增加了約 2 個百分點，即巴拿馬服務收入增加了約 2,500 萬美元。我們該如何看待這些合約的未來？它們會在物質上下降嗎？

And then just thirdly, you mentioned reducing the MFS footprint. And just a couple of years ago, I believe the target was to do the opposite then to build out that business materially. So could you just give a brief update on the MFS business?

第三，您提到減少 MFS 佔用空間。就在幾年前，我認為我們的目標是反其道而行之，實質地發展這項業務。能否簡單介紹一下MFS業務的最新狀況？

You bet. So listen, on the first part, Stefan, on the charges, I will tell you -- as a matter of principle, we're going to continue driving efficiencies wherever we can find them, whenever we can find and we've driven the focus to make the platform more and more profitable. And I think we see eye to eye the entire Board and all of our investors.

你打賭。所以，聽著，斯特凡，在第一部分，關於指控，我會告訴你——原則上，我們將繼續提高效率，只要我們能找到它們，只要我們能找到它們，並且我們已經推動了效率的提高。我認為我們整個董事會和所有投資者的看法都是一致的。

So now we've done a lot over the last few months, Everest 1 and Everest 2, so the level of that activity will certainly be slower, but we are not going to stop looking for efficiencies. How exactly that translates into charges effectively on a quarter basis, Bart, I can probably give you some comment on that -- yeah, Bart do you want to go for it?

所以現在我們在過去幾個月裡做了很多事情，珠穆朗瑪峰 1 和珠穆朗瑪峰 2，所以活動的水平肯定會變慢，但我們不會停止尋求效率。這到底是如何轉化為按季度有效收費的，巴特，我可能可以給你一些評論——是的，巴特，你想這麼做嗎？

I think a lot of the restructuring charges are already spent, Stefan. So on the flip side, a lot of the benefits are in the run rates or in the bank, as we call it. Now, as Mauricio said, we continue to look for more efficiencies. So I would say, generally, yes, you will see more. But that's as well where we now not report adjusted anymore, the presentation as you have seen.

我認為很多重組費用已經花掉了，斯特凡。因此，另一方面，許多好處都體現在運作率或我們所說的銀行。現在，正如毛里西奧所說，我們繼續尋求更高的效率。所以我想說，一般來說，是的，你會看到更多。但這也是我們現在不再報告調整的地方，正如您所看到的那樣。

So it has been ongoing for a number of quarters. And so I personally look at it in what we have as reported numbers. And as this can continue over time, not going to stay at the same intensity. But I would encourage you to look at reported rather than adjusted for one-off charges.

因此，這種情況已經持續了幾個季度。因此，我個人根據我們報告的數字來看待它。而且這種情況可能會隨著時間的推移而持續，不會保持相同的強度。但我鼓勵您查看報告的而不是針對一次性費用進行調整的。

On the B2B contract, Stefan, very quickly. These are very large, very profitable contracts that basically have, as in Panama, get to something that begins to look like a fair share of the B2B market in that economy given the size that TIGO Panama currently has. We fought for those for years, and we're happy to obtain them. But B2B, as you know, it tends to be lumpy. These are long-term contracts, but we booked the bulk of the first year revenue both in last quarter, so last quarter of last year and this quarter.

關於 B2B 合同，Stefan 很快。這些都是非常大、非常有利可圖的合同，就像在巴拿馬一樣，考慮到 TIGO 巴拿馬目前的規模，這些合約基本上已經開始在該經濟體的 B2B 市場中佔據公平的份額。我們為這些奮鬥了多年，我們很高興獲得它們。但如您所知，B2B 往往是不穩定的。這些是長期合同，但我們在上個季度、去年最後一個季度和本季度都預訂了第一年的大部分收入。

Going forward, we want to be super clear, do not expect that we're going to continue to be having quarterly revenue from these contracts to the level that we had in the past two quarters. So now 25 to 30 per quarter, materially less. Very important that we'd be transparent on that.

展望未來，我們希望非常明確，不要指望我們將繼續從這些合約中獲得季度收入到過去兩個季度的水平。所以現在每季 25 到 30 個，明顯減少了。非常重要的是我們對此保持透明。

On MFS, a couple of comments, and I'll hand it over to Maxime. Number one, we worked very hard to bring the business to OCF. I think I've said that a number of times, so that we have perfect optionality with that business. We are very, very focused now on integrating it better into the operations of the business because that particular product reduces churn and increases ARPU and has a lot of affinity with the operations, which in fact, means we are learning a lot from that business, learning a lot on what countries it works better and in countries it doesn't quite work as well.

關於 MFS，有一些評論，我會將其交給 Maxime。第一，我們非常努力地將業務引入 OCF。我想我已經說過很多次了，因此我們對該業務擁有完美的選擇權。我們現在非常非常專注於將其更好地整合到業務運營中，因為該特定產品減少了客戶流失並增加了ARPU，並且與營運有很大的親和力，這實際上意味著我們從該業務中學到了很多東西，了解了很多關於它在哪些國家效果更好以及在哪些國家效果不佳的資訊。

What works in Paraguay may or may not work in countries like Guatemala or others. So we're pretty much in the learning process. We're pretty much in the efficiency process, pretty much in the integration process. And going forward, it's all about optionality. We're no longer focused on one specific M&A outcome here. Maxime, over to you for any add-ons you want to give on that?

在巴拉圭有效的方法可能在危地馬拉或其他國家有效，也可能無效。所以我們幾乎處於學習過程中。我們幾乎處於效率過程、整合過程中。展望未來，一切都與選擇性有關。我們在這裡不再關注某一特定的併購結果。Maxime，您想對此提供任何附加元件嗎？

Yes. Very limited additional elements. The first one, we are not a fintech. It's a market which is very complicated, very competitive with very limited margins. So we've decided to focus on the countries where we are also regionally strong, such as Paraguay, Bolivia or Honduras.

是的。附加元素非常有限。第一，我們不是金融科技公司。這是一個非常複雜、競爭非常激烈、利潤非常有限的市場。因此，我們決定將重點放在我們在區域上也很強大的國家，例如巴拉圭、玻利維亞或宏都拉斯。

And on specific use cases, mainly the ones that are bringing something to the telco business, meaning the reloads for prepaid and the bill payments to lower the cost of commissions. Lending will be in Paraguay only, because it's a risky business. That is not our core business.

在特定用例上，主要是那些為電信業務帶來一些好處的用例，這意味著預付費的充值和帳單支付以降低佣金成本。貸款僅在巴拉圭進行，因為這是一項有風險的業務。那不是我們的核心業務。

And very important, we've made the countries fully responsible for that Tigo Money business. There is not anymore, any longer, a big team to build everything and think other countries. The countries will have to define what are the use cases they really needed, be in the software development and to market the product in a very close relationship with the B2C teams. So it's a different approach, really something where Tigo Money is supporting the Teleco business and not anymore the fintech, living its life.

非常重要的是，我們已經讓各國對 Tigo Money 業務負完全責任。不再有一個大團隊來建造一切並為其他國家著想。這些國家必須定義他們真正需要的用例，參與軟體開發並與 B2C 團隊保持非常密切的關係來行銷產品。所以這是一種不同的方法，Tigo Money 實際上是在支持電信業務，而不是金融科技，過著自己的生活。

Okay. Thank you for your answer.

好的。謝謝您的回答。

Thank you, Stefan.

謝謝你，斯特凡。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

Hi, good morning. Thanks for taking the questions. I have two. The first is on Panama. So you mentioned that in the end, the third operator really left and you were left to a two-player mobile market.

早安.感謝您提出問題。我有兩個。第一個是在巴拿馬。所以你提到最後第三家業者真的離開了，你只剩下一個兩個玩家的行動市場。

Is this something that a regulator is going to accept? Should there be remedies? Is there some discussion usually when the number of players goes down, regulators get a bit more nervous. So I just wanted to understand what's your perspective?

這是監管機構會接受的嗎？是否應該有補救措施？通常當玩家數量下降時，監管機構會變得更加緊張，是否會進行一些討論？所以我只是想了解您的觀點是什麼？

And the second is, has there been a change in behavior in -- competitive behavior in Colombia due to WOM financial issues? I mean we saw that WOM in Colombia was included, I think, on the Chapter 11. So just wanted to see if you are perceiving something on the ground? Thank you.

第二個問題是，由於口碑財務問題，哥倫比亞的競爭行為是否改變了？我的意思是，我認為我們看到哥倫比亞的口碑被包含在第 11 章中。所以只是想看看你是否感知到了地面上的東西？謝謝。

It's interesting that you asked one question right after the other, as if you are suggesting a parallel. And there may or may not be a parallel here, Marcelo.

有趣的是，你一個接一個地問了一個問題，就好像你在提出一個相似的問題。馬塞洛，這裡可能有也可能沒有相似之處。

So let's start with Panama here. It indeed has become a two-player market. As I said, we envisioned it would naturally eventually end up being by default. And it has been a very lengthy, organized, methodic, highly interactive process since Digicel decided to turn back the business and the licenses to the Panamanian government quite some time ago.

讓我們從巴拿馬開始。它確實已經成為一個兩人市場。正如我所說，我們預計它最終會自然而然地成為預設情況。自從 Digicel 不久前決定將業務和許可證返還給巴拿馬政府以來，這是一個非常漫長、有組織、有條理、高度互動的過程。

We have, as an industry, Millicom also very closely, with the government of Panama to assist in them handling that unexpected situation when the business was handed back to them. It has been a continuous dialogue. The government has looked for a third party, maybe manage that business, take over that business and has been unsuccessful.

作為一個行業，Millicom 也與巴拿馬政府密切合作，協助他們處理業務交還給他們時出現的意外情況。這是一場持續不斷的對話。政府已經尋找第三方，也許可以管理該業務，接管該業務，但沒有成功。

And as a result of that and our focus and continued work as an industry to make sure that there is no customer disruption. As those subscribers were looking for a new home, the process has been managed, I think, quite well. And as a result of that, although the law in Panama still says three players, the de facto reality is that it's a two-player market, with everyone having done its best to find a very healthy industry structure going forward.

因此，我們作為一個行業的重點和持續工作，以確保不會對客戶造成乾擾。由於這些訂戶正在尋找新家，我認為這個過程管理得相當好。因此，儘管巴拿馬的法律仍然規定三個參與者，但事實上這是一個兩個參與者的市場，每個人都盡最大努力尋找一個非常健康的行業結構。

Because of this, Marcelo, this is not the result of organic M&A. This is the result of an industry adjustment that was necessary, and an inorganic transition, which was well managed vis à vis the customer. As a result of that there's de facto two-player market. And as a result of that, we're not expecting any remedies coming out of Panama.

因此，馬塞洛，這不是有機併購的結果。這是必要的產業調整和無機轉型的結果，這種轉型在客戶面前得到了良好的管理。因此，存在事實上的兩人市場。因此，我們預期巴拿馬不會採取任何補救措施。

Colombia, it is a matter of public record that WOM filed for a Chapter 11-type proceeding, not too long ago. The first thought that comes to mind is a book by a Colombian Nobel prize winner, Cronaca di una morte annunciata -- apologies for the use of Spanish language, you can all look that one up, Chronicle of a Death Foretold. We always imagined that it was difficult for the Colombian industry structure to accept a new player.

哥倫比亞，WOM 不久前根據第 11 章提起訴訟，這是一個公開記錄。我第一個想到的是哥倫比亞諾貝爾獎得主的書《Cronaca di una morte annunciata》——抱歉用了西班牙語，大家可以查一下《預言死亡編年史》。我們一直認為哥倫比亞的產業結構很難接受新的參與者。

Having said that, it has been very painful for five years for the industry. Prices came down. We all had to react. ARPUs in Colombia came under a lot of pressure, but you see that we held our own in Colombia. I spoke to that at length, and as a result of that, that process, the Chapter 11-type bankruptcy of WOM in Colombia, is at the very beginning of that process.

話說回來，這五年對產業來說是非常痛苦的。價格下降了。我們都必須做出反應。哥倫比亞的 ARPU 承受著很大的壓力，但你看我們在哥倫比亞保持了自己的水平。我詳細地談到了這一點，因此，哥倫比亞 WOM 根據第 11 章破產法的破產程序正處於該過程的開始階段。

And it will be the beginning of what I believe to be an inflection point in Colombia, meaning, the industry structure in Colombia have been vocal is too damaging to those that do not have that were will to stand in for long the term. And here is one more example of that.

我認為這將是哥倫比亞拐點的開始，這意味著哥倫比亞的行業結構對那些沒有長期堅持意願的人來說破壞性太大。這是另一個例子。

So I believe we're at an inflection point and at some reconstruction in the Colombia industry structure, which needs to be reconstructive so that long-term healthy players can continue to invest. Things like, the combination of our network with Telefonica was badly needed. The filing of bankruptcy proceedings by WOM was expected because the industry needs re-composition, and this may be on the positive side, an inflection. That's what I expect will happen going forward and that we have expected with having gone through very painful last four to five years.

因此，我相信我們正處於拐點，哥倫比亞的工業結構正在進行一些重建，需要進行重建，以便長期健康的參與者可以繼續投資。例如，我們迫切需要將我們的網路與 Telefonica 結合起來。WOM 申請破產程序是意料之中的，因為該行業需要重組，這可能是積極的一面，是一種轉折。這就是我期望未來會發生的事情，也是我們在經歷了過去四到五年的痛苦之後所期望的。

Having said that, Marcelo, two comments. One, we're only at the very beginning of that, right? And bankruptcy proceedings do afford the parties that undergo some financial protection, which means they remain commercially active. And because they remain commercially active, they are still a player in the market. So don't expect any short-term upside from that.

話雖如此，馬塞洛有兩點評論。第一，我們才剛開始，對吧？破產程序確實為當事人提供了一些財務保護，這意味著他們仍然保持商業活躍。由於它們仍然保持商業活躍，因此它們仍然是市場的參與者。因此，不要指望這會帶來任何短期的好處。

And bankruptcy proceedings are by definition uncertain. And they are at the very beginning. So as much as I see a long-term trend towards a better industry structure in Colombia, I caution you on the short because there's uncertainty on the outcome and it is the early days.

破產程序從定義上來說是不確定的。他們還處於起步階段。因此，儘管我看到哥倫比亞有一個更好的產業結構的長期趨勢，但我警告你不要做空，因為結果存在不確定性，而且現在還處於早期階段。

Perfect. Thank you very much.

完美的。非常感謝。

Oscar Runquist, ABG.

奧斯卡·倫奎斯特，ABG。

So sorry for that. Thank you, Michel. Yeah. So my first question is a different one on the severance pays. I think you said about $30 million in severance in H1, and you had $30 million now in Q1. So was that -- I mean, obviously, we were to expect maybe some more restructuring costs. But just on the severance that you alluded to in the Q4 report, is that all already taken now in Q1? Or is it still some that we should expect in Q2?

對此感到非常抱歉。謝謝你，米歇爾。是的。所以我的第一個問題是關於遣散費的另一個問題。我想你說上半年的遣散費約為 3000 萬美元，而現在第一季你有 3000 萬美元。我的意思是，顯然，我們預計可能會有更多的重組成本。但就您在第四季報告中提到的遣散費而言，這是否已經在第一季全部支付了？或者說第二季仍然值得我們期待？

Then my second question would just be, you talked a little bit about Colombia and the network JV with Telefonica and you said that you are on track to reach -- or more than breakeven in free cash flow in Colombia during 2024. So just in terms of timing, obviously, there's some positives and some negative short term, but when do we see a positive run rate on a net effect, cash flow wise in the network JV in Colombia?

那麼我的第二個問題是，您談到了哥倫比亞以及與 Telefonica 的網路合資企業，您說您預計在 2024 年實現哥倫比亞自由現金流的盈虧平衡。因此，就時機而言，顯然，短期內有一些積極的因素，也有一些消極的因素，但我們什麼時候才能看到哥倫比亞網路合資企業的淨效應、現金流方面的積極運作率？

And just the third, I was just curious to hear your thoughts about -- I mean, now that you have accelerated the savings program was quite a steep headcount reduction that you have seen and also I mean, cost optimization across the board. So my question would be, do you have any sort of insights to share with us how the remaining staff has handled all of the cost reductions? And if we see any sort of impact on the satisfaction from the personnel?

第三，我只是想聽聽您的想法 - 我的意思是，現在您已經加速了儲蓄計劃，您已經看到了相當大的人員削減，而且我的意思是，全面的成本優化。所以我的問題是，您是否有任何見解可以與我們分享剩下的員工如何處理所有成本削減？我們是否發現員工滿意度受到任何影響？

Well, that's a good one, last one. So I'll take a couple of those and then maybe give you Bart on the actual map on the severance. So listen, the JV with Telefonica has been years in the making, and it has required, not only the important negotiations with the government to have it approved, but also important negotiations with the partner.

嗯，最後一張，很好。所以我會拿一些，然後也許會給你在實際地圖上的巴特的遣散費。聽著，與 Telefonica 的合資企業已經醞釀多年，不僅需要與政府進行重要談判才能獲得批准，還需要與合作夥伴進行重要談判。

It is already yielding benefits, as I said on the call, because we were able to buy a 5G spectrum together, and we'll be deploying -- we are deploying that network together. The actual coming together of the JV is happening as we speak, but it is an important element along with all the other elements that yield positive cash flow targets for Colombia for this year as a full year.

正如我在電話中所說，它已經產生了好處，因為我們能夠一起購買 5G 頻譜，並且我們將一起部署該網路。正如我們所說，合資企業的實際合併正在發生，但它與所有其他因素一樣，是為哥倫比亞今年全年實現正現金流目標的一個重要因素。

On the headcount reduction element and the impact it has had on the team, I want to take the opportunity to thank everyone, there's about possibly 300 or 400 people from TIGO listening to this call, Oscar, so your question is actually very welcome. We could have not undergone this, important as it is, valuable to shareholders as it is.

關於裁員的因素以及它對團隊的影響，我想藉此機會感謝大家，大概有 300 或 400 名 TIGO 人員在聽這個電話，Oscar，所以你的問題實際上非常受歡迎。儘管這很重要，對股東也很有價值，但我們本來可以不經歷這樣的事情。

We could have not done it as fast, as deep without, a, the support the challenge from Atlas; but b, also that immense Sangre Tigo that we have built in this company. We have done it because the teams believe in what we're doing, believe in the purpose of what we're doing, want to see the company succeed.

如果沒有 Atlas 挑戰的支持，我們不可能做得這麼快、這麼深入；但b，還有我們在這家公司建立的巨大的Sangre Tigo。我們之所以這麼做，是因為團隊相信我們正在做的事情，相信我們正在做的事情的目的，希望看到公司成功。

And as a result of that, they understand that harsh and difficult as this was, it was important and better to do it fast and quick, and move on going forward, which is only the result of years of building that tremendous culture that now we're putting to use. There was a politician that one said, what is the point of having capital if you don't put it to use. That's what we have done, and that is thanks to all the people that have for so many years built this amazing company and the Sangre Tigo. On to numbers. Severance.

因此，他們明白，儘管這很嚴酷和困難，但快速、快速地完成這件事是重要且更好的，並繼續前進，這只是我們多年來建立的巨大文化的結果。有一位政治家說，如果你不去利用它，有資本有什麼意義。這就是我們所做的，這要感謝多年來創建這家令人驚嘆的公司和 Sangre Tigo 的所有人。說到數字。遣散費。

Yes. Now, on severance, I think last year or in the quarter, we said that we would expect $30 million to $35 million of severance payments in the first half of this year. A very significant portion has been executed now in Q1, definitely as planned. But as I mentioned before, we continue to look for optimization across the board, not only on headcount, but on other costs, suppliers, CapEx, name it. So there will be more.

是的。現在，關於遣散費，我認為去年或本季度，我們表示預計今年上半年將支付 3,000 萬至 3,500 萬美元的遣散費。現在第一季已經執行了非常重要的部分，絕對是按計畫執行。但正如我之前提到的，我們繼續尋求全面優化，不僅在員工數量上，而且在其他成本、供應商、資本支出等方面。所以還會有更多。

We started to report now as reported, not adjusted. I don't think the same intensity as this quarter. But as there are maybe less severance, there might be some other restructuring charges, definitely less, but probably some more to come.

我們現在開始按照報告進行報告，而不是進行調整。我認為強度不如本季。但由於遣散費可能會減少，因此可能會有一些其他重組費用，肯定會更少，但可能會更多。

On the JV, on the equity free cash flow in Colombia. The performance in Colombia is doing very well, right? So we have more than 24% EBITDA growth compared to last year. So that gives a lot of oxygen.

關於合資企業，關於哥倫比亞的股權自由現金流。哥倫比亞的表現很不錯吧？因此，與去年相比，我們的 EBITDA 成長了 24% 以上。所以這會提供大量的氧氣。

Net of restructuring costs, our EBITDA in Colombia is north of 40%. This is now the first time that we reached those levels in Colombia. And that obviously flows down into a much more air in the equity free cash flow. So we have increased revenue, improved margins, lower costs, we'll have less spectrum in the year to go.

扣除重組成本，我們在哥倫比亞的 EBITDA 超過 40%。這是我們在哥倫比亞第一次達到這些水平。這顯然會流入更多的股權自由現金流中。因此，我們增加了收入，提高了利潤，降低了成本，未來一年我們的頻譜將減少。

We have CapEx savings. We're focusing more on our mobile growth, which has immediate returns as opposed to the growth in the home business. So also cash flow-wise and EFCF-wise, that gives a lot more flexibility in your equity free cash flow.

我們節省了資本支出。我們更專注於行動業務的成長，與家庭業務的成長相比，行動業務的成長能帶來立竿見影的回報。現金流和 EFCF 也是如此，這為您的股本自由現金流提供了更大的靈活性。

And then additionally, from the JV with Telefonica, I don't expect a net EFCF saving immediately this year, more over breakeven on that level and then the benefits to come in mostly next year. It's split into sites, one on spectrum, and that derives obviously, some of that is already in the bank as we start to look at 5G, et cetera, together from the JV rather than separately.

此外，從與 Telefonica 的合資企業中，我預計今年不會立即實現 EFCF 淨節省，更多的是超過該水平的盈虧平衡，然後大部分收益將在明年實現。它被分成多個站點，一個在頻譜上，很明顯，當我們開始考慮 5G 等時，其中一些站點已經在銀行中，從合資企業一起而不是分開。

And then as well in CapEx going forward, where you will have a single network to manage from the JV as opposed of each company they own.

然後，在未來的資本支出方面，您將擁有一個可以從合資企業管理的單一網絡，而不是他們擁有的每家公司。

All right.

好的。

So we're about one minute to the top of the hour here.

現在距離本小時結束大約還有一分鐘。

Eduardo Rubi, UBS.

愛德華多·魯比，瑞銀集團。

Just a quick one here on my side. So I would like to know how you're seeing the leverage going forward as we already deliver some improvements this quarter?

我這邊就簡單說一下。因此，我想知道您對未來的槓桿作用有何看法，因為我們本季已經實現了一些改進？

So definitely a good start of the quarter rather than running behind the facts. So our leverage came down from 3.29 to 3.10. Our net debt went up a little bit, $20 million. But then thanks to the EBITDA after leases growth, $120 million, that's what's been driving our deleverage. We expect to continue -- to produce much more equity free cash flow in the coming quarters in line with our targets. That would work on our net debt.

因此，這絕對是本季的良好開端，而不是落後於事實。所以我們的槓桿率從 3.29 下降到 3.10。我們的淨債務略有增加，達到 2000 萬美元。但由於租賃後 EBITDA 成長 1.2 億美元，這才是我們去槓桿化的動力。我們預計在未來幾季繼續產生更多的股本自由現金流，以符合我們的目標。這將對我們的淨債務產生作用。

And then on the other side, the EBITDA after leases is up for a strong year, and let's see where we can land the year. So both metrics are going to be work done. And then indeed, we hold to our guidance to be close to 2.5 or at 2.5 by 2025. If this comes in already, great. But it's still early to tell because still a lot of challenges ahead of the year.

另一方面，租賃後的 EBITDA 強勁成長，讓我們看看今年我們能達到什麼水平。所以這兩個指標都將完成。事實上，我們的指導方針是到 2025 年接近 2.5 或 2.5。如果這已經出現了，那就太好了。但現在下結論還為時過早，因為今年仍面臨許多挑戰。

We're at just the first quarter. We mentioned already some macro issues in Bolivia and in Honduras. Then there are always regulations, taxations, name it, and business competition remains very, very high in our region. So -- but off from a good start. And the key point at you is that it remains the priority to reduce leverage.

我們剛剛進入第一季。我們已經提到了玻利維亞和宏都拉斯的一些宏觀問題。然後總是有法規、稅收等等，而且我們地區的商業競爭仍然非常非常激烈。所以——但有一個好的開始。你的關鍵點是，降低槓桿率仍然是首要任務。

So thank you, Eduardo. I think we'll leave it at that.

謝謝你，愛德華多。我想我們就這樣吧。

Mauricio, you have any final words?

毛里西奧，您還有什麼想說的嗎？

Sure. I want to take the opportunity to thank everyone who has helped do two things: one, build this platform over the years and two, make it profitable because that is exactly where we are today, a more and more fantastic and profitable platform. So thank you for -- to everyone who's contributed on both fronts.

當然。我想藉此機會感謝所有幫助完成兩件事的人：第一，多年來建立這個平台，第二，使其盈利，因為這正是我們今天的處境，一個越來越出色和盈利的平台。所以感謝所有在這兩個方面做出貢獻的人。

From here on, Marcelo, I hope you are taking notes because this is going to be over to you. I'll stick around for a strategic direction, for consultation and for government relations, but I hope you took a lot of notes because the next quarter is all yours. Thank you, everybody, and thank you.

從現在開始，馬塞洛，我希望你做筆記，因為這將由你來完成。我會留下來尋求戰略方向、諮詢和政府關係，但我希望你們多做筆記，因為下個季度就屬於你們了。謝謝大家，謝謝大家。

Thanks, everyone.

感謝大家。