Millicom International Cellular SA (TIGO) 2024 Q2 法說會逐字稿

Hello everyone and welcome to our second quarter 2024 results call. This event is being recorded. Our speakers today will be our CEO, Marcelo Benitez; our 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 年第二季業績電話會議。該事件正在被記錄。今天的演講者是我們的執行長馬塞洛·貝尼特斯 (Marcelo Benitez)；我們的營運長馬克西姆·隆巴迪尼 (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。

On slide 3, we defined the non-IFRS metrics that we will be referencing today throughout the presentation, and you can find reconciliation tables in the back of our earnings release, as well as on our website. With those disclaimers out of the way, let me turn the call over to our CEO, Marcelo Benitez. Marcelo?

在投影片 3 中，我們定義了今天將在整個簡報中引用的非 IFRS 指標，您可以在我們的收益發布後面以及我們的網站上找到調節表。拋開這些免責聲明，讓我將電話轉給我們的執行長馬塞洛·貝尼特斯 (Marcelo Benitez)。馬塞洛？

Thanks, Michel. And hello, everyone. Thanks for joining us to discuss the company's performance during the second quarter. This has been an outstanding quarter for us at Millicom. And before we begin, I want to express my heartfelt thanks to all the members of the Tigo team. We have strengthened Tigo's market leadership and successfully implemented a more efficient platform to ensure the company's profitable growth for the years to come. Once again, a huge thank you.

謝謝，米歇爾。大家好。感謝您加入我們討論公司第二季的業績。對於 Millicom 來說，這是一個出色的季度。在開始之前，我想向Tigo團隊的所有成員表達衷心的感謝。我們加強了 Tigo 的市場領導地位，並成功實施了更有效率的平台，以確保公司未來幾年的獲利成長。再次表示非常感謝。

Now please turn to slide 5 for the highlights of the second quarter. The key highlight this quarter is our equity free cash flow, which reached $268 million and consistent with our current capital allocation priorities, we use this cash flow to reduce our net debt.

現在請翻到投影片 5，了解第二季的亮點。本季的主要亮點是我們的股本自由現金流，達到 2.68 億美元，與我們目前的資本配置優先事項一致，我們利用這筆現金流來減少我們的淨債務。

So our leverage ended the quarter at 2.7 times, thanks also to the organic EBITDA growth of almost 20%, which is coming from continued growth in mobile and B2B business and from the very significant efficiencies that we have unlocked over the past year.

因此，本季末我們的槓桿率為2.7 倍，這也得益於近20% 的有機EBITDA 成長，這得益於行動和B2B 業務的持續成長以及我們在過去一年中釋放的非常顯著的效率。

During this quarter, we've also made significant progress on several strategic projects that have the potential to greatly improve EFCF and return on capital across the group for the years to come. Bart will give you an update on some of these projects toward the end of today's presentation.

在本季度，我們也在幾個策略項目上取得了重大進展，這些項目有可能在未來幾年極大地提高整個集團的 EFCF 和資本回報率。在今天的演示結束時，巴特將向您介紹其中一些項目的最新情況。

Now let's review each of these highlights in more detail, beginning with our mobile business on next slide. For a second consecutive quarter, mobile service revenue grew 5% in Q2. This is just an acceleration, compared to growth of just over 2% that we experienced during 2023.

現在，讓我們更詳細地回顧一下這些亮點，從下一張投影片中的行動業務開始。第二季行動服務收入連續第二季成長 5%。與我們在 2023 年經歷的略高於 2% 的增長相比，這只是一個加速。

And there are four key drivers behind our stronger mobile growth this year. First, our network, we have invested in all our operations to enhance our mobile network capacity to support the growing demand of mobile data. This has enabled us to increase our pull through carefully planned price increases, beginning with prepaid.

今年行動業務強勁成長背後有四個關鍵驅動力。首先，我們的網絡，我們投資了所有業務，以增強我們的行動網路容量，以支援不斷增長的行動數據需求。這使我們能夠透過精心規劃的價格上漲（從預付費開始）來增加我們的吸引力。

Second, postpaid. We have continued to actively migrate our best prepaid customers to postpaid. This explains about half of our postpaid net ads, which have been consistently strong over the past year. As you can see on the chart on the left.

第二，後付費。我們繼續積極地將我們最好的預付費客戶遷移到後付費。這解釋了我們大約一半的後付費網路廣告，這些廣告在過去一年中一直表現強勁。正如您在左側圖表中看到的那樣。

Third, convergence. We continue to promote our convergence offerings, and this drives lower churn, higher ARPU, and better customer lifetime value. Fourth and finally, improve market dynamics in Panama and Guatemala. As many of you know, the telecom sector requires ongoing investments to keep up with the growing demands of our consumers.

第三，趨同。我們持續推廣我們的融合產品，從而降低客戶流失率、提高 ARPU 並提高客戶終身價值。第四，也是最後一點，改善巴拿馬和瓜地馬拉的市場動態。眾所周知，電信業需要持續投資才能滿足消費者不斷增長的需求。

This ongoing need makes it challenging for small players to remain competitive over time and has contributed to a global trend of consolidation into two or three leading players. Fully in line with this trend, you have seen our recent announcements in Colombia and Costa Rica.

這種持續的需求使得小型企業很難長期保持競爭力，並促成了整合為兩到三個領先企業的全球趨勢。您已經看到了我們最近在哥倫比亞和哥斯達黎加發布的公告，完全符合這一趨勢。

Please turn to the next slide to look at our home business. As most of you know, over the past year we have prioritized profitability and cash flow over growth in this business. We have continued to charge installation fees driving quality for gross ads, we have implemented price increases across all markets, and we have become more return-focused on our network expansion. These initiatives have led to strong ARPU improvement, and as you can see the benefit to EBITDA and cash flow is very clear, especially in Colombia.

請翻到下一張投影片來了解我們的家庭業務。正如你們大多數人所知，在過去的一年裡，我們將獲利能力和現金流置於該業務的成長之上。我們繼續收取安裝費，以提高總廣告質量，我們在所有市場上實施了價格上漲，並且我們更加重視網路擴張的回報。這些舉措帶來了 ARPU 的強勁改善，正如您所看到的，EBITDA 和現金流的好處非常明顯，尤其是在哥倫比亞。

Now we are ready to move from a defensive mode to an offensive strategy. With very significant upgrades on HFC networks, offer simplification, and increased commercial aggressiveness in low penetrating nodes, and we have strengthened our distribution and strong push on FMC. All of these initiatives combined have had an immediate beneficial impact on customer experience and have allowed us to reduce churn by 60 basis points.

現在我們已經準備好從防禦模式轉向進攻策略。透過對 HFC 網路進行非常重大的升級，提供簡化，並提高低滲透節點的商業積極性，我們加強了我們的分銷並大力推動 FMC。所有這些措施結合起來對客戶體驗產生了直接的有益影響，並使我們能夠將客戶流失率減少 60 個基點。

And we are starting to see our net ads flag in positive territory in Q2, as you can see in the chart on the right. We expect this improving trend to continue in the second-half of this year. And if we can deliver on this, our home business should be in a position to grow service revenue again in 2025.

正如您在右側圖表中看到的那樣，我們開始看到第二季的淨廣告處於正值區域。我們預計今年下半年這種改善趨勢將持續。如果我們能夠實現這一目標，我們的家庭業務應該能夠在 2025 年再次增加服務收入。

Please turn to the next slide to look at B2B, which had another solid quarter. B2B service revenue grew almost 6% organically this quarter. Over the last 12 months, our B2B business generated $970 million in service revenue.

請翻到下一張投影片來看看 B2B，本季又表現強勁。本季 B2B 服務收入有機成長近 6%。過去 12 個月，我們的 B2B 業務創造了 9.7 億美元的服務收入。

A big part of this growth is coming from digital solutions that grew 30% in Q2, and is now a $0.25 million business. The two large Panama projects have contributed meaningfully to our growth on the past year. And this will create a tougher comparison for us as we get to Q4. But we continue to see solid underlying trends, and we hope to win more of these kind of large projects in the future.

這一成長的很大一部分來自數位解決方案，該解決方案在第二季度增長了 30%，目前業務價值 25 萬美元。巴拿馬的兩個大型計畫為我們過去一年的成長做出了重大貢獻。當我們進入第四季度時，這將為我們帶來更艱難的比較。但我們繼續看到堅實的潛在趨勢，我們希望未來贏得更多這類大型專案。

Our solid B2B performance is also coming from continued growth in SME client segment, especially in mobile. Now let's review our performance in our three largest countries beginning with Colombia on next slide. The key highlight in Colombia this quarter is EBITDA margin at 39.5%. This is a new record for us in Colombia.

我們穩健的 B2B 績效也來自中小企業客戶領域的持續成長，尤其是行動領域。現在讓我們回顧一下我們在三個最大國家的表現，從下一張投影片中的哥倫比亞開始。本季哥倫比亞的主要亮點是 EBITDA 利潤率為 39.5%。這是我們哥倫比亞的新紀錄。

There are three key drivers to our improved margins in Colombia. First, as you know, we have taken a lot of cost out of our business over the past year. Second, and as I mentioned earlier, we also make commercial decisions that have significantly improved the profitability and cash flow profile of our home business. And Colombia is our largest market for home services.

我們在哥倫比亞的利潤率提高有三個關鍵驅動因素。首先，如您所知，過去一年我們的業務成本降低了很多。其次，正如我之前提到的，我們也做出了顯著改善我們家庭業務的獲利能力和現金流狀況的商業決策。哥倫比亞是我們最大的家庭服務市場。

And third, we continue to grow and gain scale in our mobile business. And this incremental revenue growth comes with very high margins, especially because most of the growth is coming from ARPU increase.

第三，我們的行動業務不斷發展並擴大規模。這種增量收入成長伴隨著非常高的利潤率，特別是因為大部分成長來自 ARPU 的成長。

Let's take a quick look at our Q2 performance in Guatemala on the next slide. As you'll recall, our Guatemala business faces some intense competitive pressure over the past two years, and competition remains very intense in the market.

讓我們在下一張投影片上快速瀏覽一下我們在危地馬拉第二季的表現。您可能還記得，我們​​的危地馬拉業務在過去兩年面臨著巨大的競爭壓力，市場競爭仍然非常激烈。

That said, we have seen a bit more stability since the second-half of last year. Let's not forget that we had two successful spectrum auctions last year. As a result, we now have spectrum parity which has fostered a return to a more rational competitive environment.

也就是說，自去年下半年以來，我們看到了一些穩定性。我們不要忘記去年我們成功進行了兩次頻譜拍賣。結果，我們現在擁有了頻譜平價，這促進了回歸更理性的競爭環境。

We saw signs of this beginning of Q1 and this improving trend continuing in Q2 with service revenue accelerating to 3% from 2% in Q1. And the savings from our efficiency programs have allowed us to translate low-single-digit revenue growth into high-single-digit EBITDA growth.

我們在第一季開始就看到了這種跡象，而這種改善趨勢在第二季度持續，服務收入從第一季的 2% 加速至 3%。我們的效率計劃節省的資金使我們能夠將低個位數的收入成長轉化為高個位數的 EBITDA 成長。

Now let's take a look at Panama on the next slide. The key highlight this quarter is our mobile service revenue growth, which accelerated to 14%. This is the fastest growth we've seen since the post-pandemic boom we've experienced when mobility restrictions were lifted. A big driver of this acceleration in Q2 was the consolidation of the market from three to two players, which contributed to our mobile customer growth this quarter.

現在讓我們來看看下一張投影片上的巴拿馬。本季的主要亮點是我們的行動服務收入成長，成長速度加快至 14%。這是自取消流動限制後經歷的大流行後繁榮以來最快的增長。第二季度這種加速的一個重要推動因素是市場從三個參與者整合到兩個參與者，這促進了我們本季行動客戶的成長。

On the right, you can see how the combination of mobile growth and cost and CapEx savings from efficiency programs have translated in a sharp increase in quarterly OCF since the beginning of the year. Panama, with its stable and dollarized economy, is securing its position as the second largest contributor to Millicom's equity-free cash flow. Now let me turn the call over to Maxime to say a few words about our efficiency programs and the impact this has had on cash flow and leverage on this quarter.

在右側，您可以看到自今年年初以來，行動成長與成本以及效率計劃節省的資本支出相結合如何轉化為季度 OCF 的急劇增長。巴拿馬憑藉其穩定的美元化經濟，正在鞏固其作為 Millicom 無股權現金流第二大貢獻者的地位。現在讓我把電話轉給馬克西姆，談談我們的效率計劃以及這對本季現金流和槓桿率的影響。

Thank you, Marcelo. First, I want to congratulate you on your appointment as CEO. The company is in good hands and it's a pleasure working with you and the team through the end of this year and to support you beginning in January from my role on the board.

謝謝你，馬塞洛。首先，我要祝賀您就任執行長。公司得到了良好的管理，很高興與您和團隊一起工作到今年年底，並從一月份開始從我在董事會的角色開始為您提供支援。

Now onto efficiencies. As you know, it has been the area that I focused on immediately when I joined as CEO less than a year ago. Project Everest was underway, but there was opportunity to grow well beyond the initial scope.

現在談效率。如你所知，不到一年前我擔任執行長時，這一直是我立即關注的領域。珠穆朗瑪峰計畫正在進行中，但有機會遠遠超出最初的範圍。

Specifically, we focused on six key areas of opportunity as we prepare the budget for 2024. You can see these listed on the chart. We took action and implemented most of this during Q4 2023. And this is why we have been able to deliver such strong financial performance in the first half of this year.

具體來說，我們在準備 2024 年預算時重點關注了六個關鍵機會領域。您可以在圖表上看到這些內容。我們在 2023 年第四季採取了行動並實施了其中大部分內容。這就是為什麼我們能夠在今年上半年取得如此強勁的財務表現。

Let me give you a few examples. We reduced by 24% the cost of centralized functions that generated no revenue. We reduced that count by more than 20% year on year, with reductions of between 15% and 30% in most geographies. As a result, total employee costs are down 15% organically, excluding restructuring costs. And we are not replacing employees with consultants.

讓我舉幾個例子。我們將不產生收入的集中式功能的成本降低了 24%。我們將該數量年減了 20% 以上，大多數地區的減少幅度在 15% 到 30% 之間。因此，不包括重組成本，員工總成本自然下降了 15%。我們不會用顧問取代員工。

The contrary, we have also reduced spending on external services by more than 15%. Then we reviewed every programming and content agreement and every software license that we added, and we found opportunities to switch to lower-cost and in-house solutions or to drop some vendors completely. We successfully have negotiated many contracts.

相反，我們也減少了15%以上的外部服務支出。然後，我們審查了每個程式設計和內容協議以及我們添加的每個軟體許可證，並發現了切換到成本較低的內部解決方案或完全放棄某些供應商的機會。我們已經成功談判了許多合約。

Overall, we have reduced our spending on programming by almost 20% and IT spend by more than 10%. And finally, you have seen that our CapEx has declined meaningfully. Most of this decline is the result of our focus on efficiency. Payback is now the key word when challenging CapEx. The CapEx strategy is also supporting an ambitious network quality improvement.

整體而言，我們的程式支出減少了近 20%，IT 支出減少了 10% 以上。最後，您已經看到我們的資本支出大幅下降。這種下降大部分是我們注重效率的結果。回報現在是挑戰資本支出時的關鍵字。資本支出策略也支持雄心勃勃的網路品質改進。

As Marcelo explained a few minutes ago, we have invested to increase speed on our HFC network. The same for mobile, where we pay attention to network quality. This provides a strong customer satisfaction, which translates in churn improvement.

正如馬塞洛幾分鐘前解釋的那樣，我們已投資提高 HFC 網路的速度。行動裝置也是如此，我們關注網路品質。這提供了強烈的客戶滿意度，從而轉化為客戶流失率的改善。

As a result of this efficiency focus during the last quarters, Millicom is becoming a more efficient company, both in terms of process and economics. We are doing more faster, with less OpEx and CapEx, and we are generating cash. It's a new DNA for the company.

由於過去幾季對效率的關注，Millicom 在流程和經濟方面正在成為一家更有效率的公司。我們做得更快，營運支出和資本支出更少，而且我們正在創造現金。這是公司的新 DNA。

As you can see on the next slide, this has translated into very strong improvement in equity free cash flow in the second quarter of this year, compared to last year. This combination of strong EBITDA growth and cash flow generation is bringing the leverage down very quickly, as you can see on the chart on the right.

正如您在下一張幻燈片中看到的那樣，與去年相比，這已轉化為今年第二季股本自由現金流的強勁改善。強勁的 EBITDA 成長和現金流生成相結合，使槓桿率迅速下降，如右圖所示。

And while we are very pleased with these results, I can tell you there is still more that can be done, and we are already taking steps to ensure that the company can continue to sustain and grow its cash flow well beyond this year. Now let me turn the call over to Bart to review the financials for the quarter.

雖然我們對這些結果非常滿意，但我可以告訴您，還有更多工作要做，我們已經採取措施，確保公司能夠在今年之後繼續維持和成長現金流。現在讓我把電話轉給巴特，讓他審查本季的財務狀況。

Thank you, Maxime. Now let's look at our financial performance beginning on slide 15. Service revenue was $1.36 billion in the quarter, this is up 5.5% year on year from $1.29 billion a year ago. For the second quarter in a row, we have some tailwinds coming from FX. Excluding these impacts, organic growth was 2.1% in the second quarter. And this is similar to our growth rate in recent periods when we exclude the large B2B projects in Panama.

謝謝你，馬克西姆。現在讓我們從投影片 15 開始看一下我們的財務表現。該季度服務收入為 13.6 億美元，較去年同期的 12.9 億美元年增 5.5%。連續第二個季度，我們受到了來自外匯的一些推動。排除這些影響，第二季度有機成長率為 2.1%。這與我們近期排除巴拿馬大型 B2B 專案時的成長率類似。

Our mobile business is up mid-single-digits, fueled by ARPU growth, while fixed and other services declined low-single-digits. The performance in fixed reflects mid-single-digit growth in B2B, which partially offset a mid-single-digit decline in our home business. EBITDA was up 23.1% year on year to $634 million.

在 ARPU 成長的推動下，我們的行動業務實現了中個位數成長，而固定業務和其他服務則出現了低個位數下降。固定業務的表現反映了 B2B 中個位數的成長，這部分抵消了我們家庭業務中個位數的下降。EBITDA 年成長 23.1% 至 6.34 億美元。

As indicated to you last quarter, restructuring and other one-off costs continued to be part of the business for a while and this quarter amounted up to $23 million. This is included within the $634 million of EBITDA we are not adjusting for. The very strong growth reflects the combined effect of the service revenue growth I just discussed, but more importantly cost savings from our efficiency projects.

正如上個季度向您指出的那樣，重組和其他一次性成本在一段時間內繼續成為業務的一部分，本季總額高達 2,300 萬美元。這包含在我們未調整的 6.34 億美元 EBITDA 中。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，但更重要的是我們的效率項目節省了成本。

Equity free cash flow for the quarter was $268 million, which compares to an outflow of $24 million in quarter two of last year. The significant improvement is coming primarily from the EBITDA growth that I just discussed, from a significant reduction in CapEx and from better working capital management.

本季的股本自由現金流為 2.68 億美元，去年第二季的流出為 2,400 萬美元。顯著的改善主要來自我剛才討論的 EBITDA 成長、資本支出的大幅減少以及更好的營運資本管理。

Regarding the CapEx, although we have benefited somewhat from a slower phasing of our CapEx spend this year, we continue to expect that our CapEx for the full year 2024 will be significantly lower than in 2023. More specifically, we now expect full year CapEx of less than $700 million, which means a reduction of more than $100 million, compared to last year.

關於資本支出，儘管我們從今年資本支出支出的逐步放緩中受益，但我們仍然預計 2024 年全年的資本支出將顯著低於 2023 年。更具體地說，我們現在預計全年資本支出將低於 7 億美元，這意味著與去年相比減少超過 1 億美元。

Going down further to the service revenue by country on the next slide. As Marcelo already mentioned, Guatemala grew 3%. This compares to a growth of 2% in quarter one, as we now have the full quarter benefit of the prepaid price increase we implemented in February. Columbia's service revenue was once again flat in local currency. We continued to sustain high-single-digit growth in mobile, but this was offset by a double-digit decline in our home business.

在下一張投影片中進一步了解按國家/地區劃分的服務收入。正如馬塞洛已經提到的，危地馬拉成長了 3%。相比之下，第一季的成長率為 2%，因為我們現在擁有 2 月實施的預付價格上漲所帶來的整個季度的收益。哥倫比亞的服務收入以當地貨幣計算再次持平。我們繼續保持行動業務的高個位數成長，但這被我們家庭業務的兩位數下降所抵消。

Adding to what Marcelo mentioned, we now see improving net ads in our home business and we hope this is the beginning of a new trend that will translate into a higher revenue going forward. Panama's service revenue grew 6.3% fueled by strong growth in B2B and mobile, where we benefited from a full quarter effect of consolidation in the mobile market. Marcelo mentioned this already.

除了馬塞洛提到的之外，我們現在看到我們家庭業務的網路廣告有所改善，我們希望這是新趨勢的開始，它將轉化為未來更高的收入。在 B2B 和行動業務強勁成長的推動下，巴拿馬的服務收入成長了 6.3%，我們受益於行動市場整合的整個季度效應。馬塞洛已經提到這一點。

Bolivia service revenue was flat with growth in mobile and B2B offset by a decline in home, where we continue to invest prudently, given the continued macroeconomic uncertainty in the country.

玻利維亞服務收入持平，行動和 B2B 業務的成長被家庭業務的下降所抵消，鑑於該國宏觀經濟持續存在不確定性，我們繼續謹慎投資。

Paraguay's service revenue grew 1.8% in local currency. You'll notice that growth has slowed down from 4% in quarter one, but this is largely due to a very strong quarter two last year, when service revenue grew 9.6%, making this a high standard to match. Service revenue in our other segments, comprised of El Salvador, Nicaragua, and Costa Rica, increased 2.2% in dollars, as mid-single-digit growth in mobile and B2B more than offset a mid-single-digit decline in home.

以當地貨幣計算，巴拉圭的服務收入成長了 1.8%。您會注意到，成長速度較第一季的4% 有所放緩，但這主要是由於去年第二季度的強勁表現，當時服務收入增長了9.6%，這使得這一水平達到了很高的標準。我們其他部門（包括薩爾瓦多、尼加拉瓜和哥斯達黎加）的服務收入以美元計算增長了 2.2%，移動和 B2B 中個位數的增長抵消了家庭中個位數中個位數的下降。

Now please turn to the next slide for a look at EBITDA by country. Guatemala EBITDA increased 8.4% in local currency terms and the margin is now reaching 54.3%. Both the growth and the margin were slightly better than our performance in quarter one, which reflects the full quarter effect of our February price increase, as I mentioned earlier. Colombia EBITDA growth accelerated to 34% and the margin reached 39.5%, which is a new record for the business.

現在請翻到下一張投影片，了解按國家/地區劃分的 EBITDA。危地馬拉 EBITDA 以當地貨幣計算成長了 8.4%，利潤率目前達到 54.3%。正如我之前提到的，成長和利潤率都略好於我們第一季的表現，這反映了我們 2 月漲價的整個季度的影響。哥倫比亞 EBITDA 成長加速至 34%，利潤率達到 39.5%，創下該業務的新紀錄。

We are very pleased with our improved profitability in Colombia and we are now starting to reinvest in the business in order to accelerate service revenue. For this reason, I want to caution everyone that we are not expecting additional margin expansion in the second-half of the year in Colombia. Regarding the possible acquisition of Telefónica Colombia, I would just say that nothing changes in the short-term as there is still a lengthy process ahead which may or may not result in a transaction.

我們對哥倫比亞獲利能力的提高感到非常滿意，我們現在開始對業務進行再投資，以加速服務收入。因此，我想提醒大家，我們預計哥倫比亞下半年的利潤率不會進一步擴大。關於可能收購 Telefónica Columbia 的問題，我只想說短期內不會有任何變化，因為未來仍有一個漫長的過程，可能會或可能不會導致交易。

But I would add that this does bring renewed enthusiasm for the business after last year's struggles. And it sets us on a path to create a strong number two player in a rejuvenated industry and at the same time unlock meaningful synergies to allow us to responsibly invest in network and customer experience within our new return focused investment strategies.

但我想補充一點，在經歷了去年的困境之後，這確實為企業帶來了新的熱情。它使我們走上了一條道路，在復興的行業中打造強大的第二大參與者，同時釋放有意義的協同效應，使我們能夠在新的以回報為重點的投資策略中負責任地投資於網路和客戶體驗。

Panama EBITDA grew 22.6% and the margin was 47.8%. This was our highest margin in the last five years. And what you are seeing is one, the textbook operating leverage on the new revenue coming in from the former digital customers; two, our B2B growth; as well as three, very material savings from our efficiency programs.

巴拿馬 EBITDA 成長 22.6%，利潤率為 47.8%。這是我們過去五年來的最高利潤率。你所看到的是，教科書上對來自前數位客戶的新收入的營運槓桿；二、我們的B2B成長；以及我們的效率計劃帶來的三個非常大的物質節省。

Paraguay EBITDA grew 12% organically and the margin was 48.3%. This is up almost 5 percentage points year-on-year and flat compared to Q1. Going forward, we will be closely watching the currency rate, which weakened 3% during quarter two. Any further weakness would potentially pressure our margins given that some costs such as programming and international bandwidth are denominated in US dollars.

巴拉圭 EBITDA 有機成長 12%，利潤率為 48.3%。年成長近 5 個百分點，與第一季持平。展望未來，我們將密切關注匯率，第二季匯率下跌了 3%。鑑於節目和國際頻寬等部分成本以美元計價，任何進一步的疲軟都可能對我們的利潤造成壓力。

That said, as you may have seen, Moody's recently upgraded sovereign rating to investment grade, so hopefully this will help attract foreign investment into the country and help support or even strengthen the currency over time.

也就是說，正如您可能已經看到的那樣，穆迪最近將主權評級提升至投資級，因此希望這將有助於吸引外國投資進入該國，並隨著時間的推移幫助支持甚至加強貨幣。

Bolivia EBITDA increased 9.2% due to savings from efficiency projects and reduced commercial activity in home. The EBITDA margin increased more than 4 percentage points over the past year to 42.5%. We continue to prioritize profitability and cash flow overgrowth in Bolivia, given the very uncertain macro and political situation.

由於效率項目的節省和國內商業活動的減少，玻利維亞 EBITDA 成長了 9.2%。EBITDA 利潤率比去年增長了 4 個百分點以上，達到 42.5%。鑑於宏觀和政治局勢非常不確定，我們繼續優先考慮玻利維亞的獲利能力和現金流過度成長。

A word of caution here is that although the business is performing very well, we are no longer able to access sufficient amount of US dollars to pay international vendors and continue to actively pursue conversion of US dollar contracts in local currency contracts. EBITDA in our other segments increased 14% in dollar terms, driven by revenue growth and cost reduction. EBITDA grew in all three countries in this segment.

這裡要注意的是，儘管業務表現非常好，但我們不再能夠獲得足夠的美元來支付國際供應商，並繼續積極尋求將美元合約轉換為當地貨幣合約。在收入成長和成本降低的推動下，我們其他部門的 EBITDA 以美元計算成長了 14%。該領域所有三個國家的 EBITDA 均有所增長。

Now, please turn to slide 18 for a look at equity-free cash flow. As we've already discussed, EBITDA for the quarter was $634 million, that's up $190 million from last year. Cash CapEx was $154 million, this was down $70 million versus last year. And spectrum was $22 million, this was also down $26 million year-on-year.

現在，請翻到幻燈片 18，了解無股權現金流。正如我們已經討論過的，該季度的 EBITDA 為 6.34 億美元，比去年增加了 1.9 億美元。現金資本支出為 1.54 億美元，比去年減少 7,000 萬美元。光譜為 2,200 萬美元，年比也減少了 2,600 萬美元。

Changes in working capital in other was positive $60 million. This is $85 million better than last year on the back of an increased focus in this area and from unwinding some negative working capital movements in quarter one.

其他營運資金的變動為正 6,000 萬美元。由於對該領域的更多關注以及第一季一些負面營運資金變動的緩解，這一數字比去年增加了 8,500 萬美元。

Taxes paid were $82 million, which is almost unchanged versus last year, and financial charges were $105 million. This is $4 million increase, largely due to higher commissions on US dollar purchases in Bolivia, that I just mentioned, but also currency impacts and anticipated interest on repurchase bonds.

繳稅為 8,200 萬美元，與去年相比幾乎沒有變化，財務費用為 1.05 億美元。增加了 400 萬美元，主要是由於我剛才提到的玻利維亞美元購買佣金的增加，以及貨幣影響和回購債券的預期利息。

Lease payments were $90 million, an increase of $17 million due to the Columbia Tower sale for which we are now paying rent, and currency effects in Colombia, as well as annual inflation adjustments to our leases. Altogether, equity-free cash flow was $268 million during the quarter. This represents an increase of $292 million, compared to quarter two 2023 and sets us now well on our way to achieving our 2024 EFCF guidance. We used this cash flow to reduce our net debt which declined by $325 million to $5.65 billion.

租賃付款額為 9000 萬美元，增加了 1700 萬美元，因為我們現在正在支付租金的哥倫比亞大廈出售、哥倫比亞的貨幣影響以及租賃的年度通貨膨脹調整。本季的無股權現金流總計為 2.68 億美元。與 2023 年第二季相比，這意味著增加了 2.92 億美元，使我們現在能夠順利實現 2024 年 EFCF 指導方針。我們利用這筆現金流減少了淨債務，淨債務減少了 3.25 億美元，達到 56.5 億美元。

And as Maxime already mentioned, this resulted in further acceleration of our deleveraging with a quarter two leverage at 2.77 down from 3.1 at quarter one and 3.3 at the end of last year. In addition, you will be able to see in the appendix to this presentation that we have a very comfortable maturity schedule and a balanced credit profile, well aligned with our treasury policy objectives.

正如 Maxime 已經提到的，這導致我們的去槓桿化進一步加速，第二季槓桿率為 2.77，低於第一季的 3.1 和去年年底的 3.3。此外，您將能夠在本簡報的附錄中看到，我們擁有非常舒適的到期時間表和平衡的信用狀況，與我們的財務政策目標非常一致。

Now, please turn to slide 19 to review our financial targets for 2024. You will recall that we recently raised our equity-free cash flow target to above $600 million in 2024, and we are well on our way toward this target, given that one, a very strong target performance in Q2; and secondly, the fact that the second-half is usually seasonally stronger than the first-half.

現在，請翻到投影片 19，回顧我們 2024 年的財務目標。您可能還記得，我們​​最近將 2024 年無股權現金流量目標提高到 6 億美元以上，考慮到第二季的目標表現非常強勁，我們正在朝著這一目標邁進。其次，下半年的季節性通常比上半年更強。

For avoidance of doubt, please do not use our quarter two equity-free cash flow as the run rate going forward. We do have phasing of CapEx that will accelerate seasonality effects and several risk factors to take into account.

為避免疑義，請不要使用我們第二季的無股權現金流量作為未來的營運率。我們確實有分階段的資本支出，這將加速季節性影響，並且需要考慮幾個風險因素。

This free cash flow generation, combined with strong EBITDA growth, has put leverage on track to end 2024 near our intermediate term target of 2.5. As a reminder, these targets exclude any cash proceeds and related costs and taxes from a potential tower transaction.

這種自由現金流的產生，加上強勁的 EBITDA 成長，使槓桿率預計在​​ 2024 年底接近我們 2.5 的中期目標。提醒一下，這些目標不包括潛在塔樓交易中的任何現金收益以及相關成本和稅金。

Now please turn to slide 20 for an update on some of the strategic projects that we have been working on. First, in Colombia, we announced on Wednesday that we signed a non-binding term sheet with Telefónica to acquire their stake in Coltel, their Colombian operation, for $400 million equity value.

現在請翻到投影片 20，了解我們一直在進行的一些策略專案的最新情況。首先，在哥倫比亞，我們週三宣布與 Telefónica 簽署了一份不具約束力的條款清單，以 4 億美元的股權價值收購其哥倫比亞業務 Coltel 的股份。

As part of the agreement, we also intend to offer to purchase the remaining 32.5% of Coltel owned by the government of Colombia, and we intend to offer to buy EPM's 50% stake in our own Colombian operation, altogether for a total of $1 billion equity value.

作為協議的一部分，我們還打算提出購買哥倫比亞政府擁有的 Coltel 剩餘 32.5% 的股份，並且我們打算提出購買 EPM 在我們自己的哥倫比亞業務中的 50% 的股份，總共價值 10 億美元股權價值。

This transaction would roughly double our size in Colombia and unlock significant synergies in line with comparable transactions, giving us the skill needed to compete and invest responsibly, return focus as we say, in the digital infrastructure that the country needs.

這項交易將使我們在哥倫比亞的規模大致增加一倍，並釋放與可比交易一致的顯著協同效應，使我們具備負責任地競爭和投資所需的技能，正如我們所說，將重點放在該國所需的數位基礎設施上。

Our non-binding agreement is just the first step of what we expect will be a lengthy process to negotiate and finalize long-form binding agreements, as well as obtaining regulatory approvals. As I said earlier, we're enthusiastic about the potential to create a much stronger telecom operator that will help to rejuvenate the entire industry in Colombia. We expect to finance this investment with our equity cash flow generation, consistent with our long-range plan that was recently disclosed.

我們的非約束性協議只是第一步，我們預計這將是一個漫長的過程，談判和敲定長形式的約束性協議以及獲得監管部門的批准。正如我之前所說，我們對創建一家更強大的電信營運商的潛力充滿熱情，這將有助於振興哥倫比亞整個產業。我們預計透過我們的股權現金流產生來為這項投資提供資金，這與我們最近披露的長期計劃一致。

Second, in Costa Rica, we announced yesterday that we have agreed to combine our operations with those of Liberty Latin America in a cashless merger. This transaction would create the clear number one fixed mobile operator in Costa Rica and give us the combined scale needed to accelerate fiber deployment in the country. We expect to own approximately 14% of the combined entity with some variance for usual closing conditions expected to be in the second-half of 2025.

其次，在哥斯達黎加，我們昨天宣布，我們已同意以無現金合併的方式將我們的業務與 Liberty Latin America 的業務合併。這項交易將明顯成為哥斯達黎加排名第一的固定行動營運商，並為我們提供加速該國光纖部署所需的綜合規模。我們預計將擁有合併後實體約 14% 的股份，但預計在 2025 年下半年完成的通常成交條件會有所差異。

Third and finally, regarding our towers. Here as well the status was disclosed to you a few weeks ago, and considering those negotiations, a majority of our tower portfolio are ongoing, we would want to avoid commenting further at this time. With this, I hand it over back to you, Marcelo, for some final comments before we take your questions. Thank you.

第三，也是最後，關於我們的塔樓。這裡的狀態也在幾週前向您披露，考慮到這些談判，我們的大部分塔樓投資組合正在進行中，我們希望避免此時進一步發表評論。在此，我將其交還給您，馬塞洛，在我們回答您的問題之前，請您提供一些最後的評論。謝謝。

Thanks, Bart. Before we take your questions, I'd like to share with you the key priorities I've laid out for the second-half of this year. First, we must deliver on our 2024 targets. As you can see, we are well on our way, but there are still many risks that we have to navigate.

謝謝，巴特。在回答你們的問題之前，我想與你們分享我為今年下半年制定的主要優先事項。首先，我們必須實現 2024 年的目標。正如您所看到的，我們進展順利，但仍然存在許多風險需要應對。

Second, we need to execute on the strategic projects that Bart just talked about. Colombia and Costa Rica are the only two countries where we have not historically been able to grow our equity-free cash flow. And these projects should help us change this. Third, and as Maxime mentioned earlier, we are already taking steps to position the company to sustain and grow equity-free cash flow in 2025 and beyond. Now back to you, Michel.

其次，我們需要執行巴特剛才談到的戰略項目。哥倫比亞和哥斯大黎加是我們歷史上僅有的兩個無法增加無股權現金流的國家。這些項目應該幫助我們改變這一點。第三，正如 Maxime 先前提到的，我們已經在採取措施，使公司能夠在 2025 年及以後維持和成長無股權現金流。現在回到你身上，米歇爾。

Thanks, Marcelo. (Event Instructions) Andreas Joelsson, Carnegie. Andreas?

謝謝，馬塞洛。（活動說明）Andreas Joelsson，卡內基。安德烈亞斯？

Yes, good morning, good afternoon to everyone. Two questions from my side. First of all, on the long-term plan that you revealed a couple of weeks ago, just curious to see where you see the further improvements from where we are now, so to say, from the 600 levels, so to say, and up to the 2026 long-term target?

是的，大家早安，下午好。我這邊有兩個問題。首先，關於您幾週前透露的長期計劃，我只是好奇地想看看您在我們現在的基礎上看到了哪些進一步的改進，可以說，從 600 個級別，可以說，以及更高的水平到2026年的長期目標？

And secondly, on the announcement this week on Colombia, you mentioned a little bit about it Bart, but the main rationality behind the plans and ambitions that you have is it to gain scale and from there grow the profitability or are you encouraged on what you have done yourself in Colombia and feel that you can do that for Coltel as well and improve profitability through synergies on that side? Thanks.

其次，在本週關於哥倫比亞的公告中，您提到了一點巴特，但您的計劃和雄心背後的主要合理性是擴大規模並從那裡增加盈利能力，或者您對自己的計劃和抱負感到鼓舞嗎？您已經在哥倫比亞做到了這一點，並認為您也可以為Coltel 做到這一點，並透過這方面的協同效應提高獲利能力？謝謝。

Thank you very much, Andreas. I will take the first question, and I will let Bart to answer the second. We have still six months to go in 2024, so I prefer not to comment on '25 and '26 figures. But I think it's important for you to know how the process works. Every year we update our LRP, long range plan. This is a very detailed update that is made with review with the countries and all the functional areas. It's also part of our impairment test in SOCs and auditors review it and they also challenge it. So it's a process that we do every year.

非常感謝你，安德烈亞斯。我回答第一個問題，然後讓巴特回答第二個問題。距離 2024 年還有六個月，所以我不想對 25 和 26 的數字發表評論。但我認為了解這個過程如何運作對您來說很重要。我們每年都會更新 LRP（長期計劃）。這是一項非常詳細的更新，是在與各國和所有職能領域進行審查後做出的。這也是我們在 SOC 減損測試的一部分，審計師會對其進行審查，也會對其提出質疑。所以這是我們每年都會做的一個過程。

And on the half of the year, what we do is basically we update, including the results of H1. So those are the numbers that you have seen that are out there. What I can tell you is this, we do believe one that our all operational initiatives, efficiencies initiatives are recurring and sustainable. As Maxime mentioned, these are all an evolution of our way of working. I mean, more focused and agile organization. So this is here to stay, right, in Millicom.

而到了半年，我們做的基本上就是更新，包括H1的結果。這些就是您所看到的數字。我可以告訴你的是，我們確實相信我們所有的營運舉措、效率舉措都是重複性且可持續的。正如馬克西姆所說，這些都是我們工作方式的演變。我的意思是，組織更專注和敏捷。所以這將繼續留在 Millicom 中，對吧。

Second, the benefits from all these initiatives are going to be reflected on a full-year run rate in '25 and '26. So today we are still implementing this as you see. I mean we have severance in H1, we have a bit of severance also in H2, but on the coming years you will see the full effect.

其次，所有這些措施的好處將反映在 25 年和 26 年的全年運行率上。所以今天我們仍然在實施這一點，正如你所看到的。我的意思是，我們在上半年有遣散費，在下半年也有一些遣散費，但在接下來的幾年裡，你會看到全部的影響。

CapEx is going to grow a little bit, but very much in line with revenues and the focus on CapEx is going to be to strengthen our networks in order to capture the data growth in mobile and fixed. So with all that, we feel our view is that these levels of EFCF are sustainable over the coming years.

資本支出將略有增長，但與收入非常一致，資本支出的重點將是加強我們的網絡，以捕捉行動和固定數據的成長。因此，我們認為，EFCF 的這些水準在未來幾年是可持續的。

Thank you, Marcelo. Maybe also just to add on the mathematics, if you look at the EFCF for the second-half that should put us well on track for reaching that number for next year that's for the modeling guys. As it comes to Columbia, I would want to start with last year.

謝謝你，馬塞洛。也許只是為了補充數學知識，如果你看看下半年的 EFCF，這應該會讓我們在明年達到建模人員的數字。說到哥倫比亞，我想從去年開始。

We had a tough year last year. We capitalized together with our partner, the business, and at the same time launched a rigorous transformation plan, right. And so last year we were negative, very significant negative equity free cash flow transformed the business and well on our way to be nicely positive this year, so very strong in our organic business and full confidence ahead.

去年我們度過了艱難的一年。我們和我們的合作夥伴、企業一起資本化，同時啟動了嚴格的轉型計劃，對吧。所以去年我們是負的，非常顯著的負股本自由現金流改變了我們的業務，並且今年我們正在朝著積極的方向發展，所以我們的有機業務非常強勁，並對未來充滿信心。

Now the market is a challenging market where we have more than four mobile network operators, low ARPUs, high spectrum cost. So it's a tough environment. Market rationalization totally makes sense, combining the two business, synergy of scale, allowing them better returns, better financial stability of the company that will then allow to responsibly invest in the networks and ultimately in customer experience and then on its turn, translating to sustainably and profitable equity-free cash flow for Colombia. So it's a bit of a mix of scale, rationalization, and then creating a strong number two operator that is able to invest into the networks.

現在的市場是一個充滿挑戰的市場，我們有四個以上的行動網路營運商，ARPU 低，頻譜成本高。所以這是一個艱難的環境。市場合理化是完全有意義的，將兩項業務結合起來，實現規模協同，使他們能夠獲得更好的回報，使公司財務更加穩定，從而能夠負責任地投資於網絡，最終投資於客戶體驗，然後反過來，轉化為可持續發展以及哥倫比亞盈利的無股權現金流。因此，這有點是規模化、合理化的結合，然後創建一個能夠投資網路的強大的第二大營運商。

Stefan Gauffin, DNB.

斯特凡·高芬，DNB。

Yes, hello. Two questions if I may. And hi Marcelo, nice to see you. And I'll start with a question for you. You mentioned that you talk about the return focused investments to sustain market leadership and drive customer growth in the second-half of 2024? You also mentioned investments in Columbia in the home business, but is this specifically focused on home or is it both home and mobile? And then secondly, is it more broad based across markets so any information you can give me there?

是的，你好。如果可以的話，有兩個問題。嗨，馬塞洛，很高興見到你。首先我要問你一個問題。您提到您談論了以回報為重點的投資，以在 2024 年下半年維持市場領先地位並推動客戶成長？您還提到了哥倫比亞在家庭業務方面的投資，但這是否專門針對家庭業務，還是家庭和行動業務兼而有之？其次，它在各個市場上的基礎是否更廣泛，因此您可以向我提供任何資訊嗎？

And then I have a question perhaps for Maxime, but feel free the others to jump in, but you say now that CapEx for this year will be below $700 million. A couple of years ago the guidance was for around $1 billion of CapEx on sort of a yearly basis.

然後我可能有一個問題要問 Maxime，但請其他人隨意插話，但你現在說今年的資本支出將低於 7 億美元。幾年前，指導方針是每年約 10 億美元的資本支出。

The lower CapEx is partly coming from a slowdown in the rollout of the fixed network and homes connected. So how should we think about the CapEx a little bit more medium term? I mean, this year we're talking more about 12% CapEx to sales, whereas historically more like 15%. So any guidance here on how we should think here? Thank you.

資本支出較低的部分原因是固定網路和家庭互聯的部署放緩。那我們應該如何更中期地考慮資本支出呢？我的意思是，今年我們更多地談論 12% 的銷售資本支出，而歷史上更接近 15%。那麼這裡有關於我們應該如何思考的指導嗎？謝謝。

Thank you, Stefan. Thanks for your questions. When we say return focus, what we mean is first, we believe that our network is the main driver to capture this demand we see in mobile and fixed. And also it's a big driver for experience, right.

謝謝你，斯特凡。感謝您的提問。當我們說回歸焦點時，我們的意思是首先，我們相信我們的網路是捕捉我們在行動和固定領域看到的這一需求的主要驅動力。而且它也是體驗的一大推動力，對吧。

So what we're doing is we're strengthening our fixed and mobile networks to capture this demand. And then after we go, I mean, after this first step, what we do basically is start to monetize this increase on demand in prepaid with very, very well-planned price increases, then migration to postpaid, then convergence, that is the third step.

因此，我們正在做的是加強我們的固定和行動網路來滿足這一需求。然後我們走後，我的意思是，在第一步之後，我們基本上所做的就是開始通過非常非常周密的價格上漲來將預付費需求的增長貨幣化，然後遷移到後付費，然後融合，這是第三個步。

And the same comes in fixed, right. Investment in networks, increase of speed, monetizing, developing our pool of the customers, and then it all ends up in convergence. So in Colombia, that's what we're doing, right. Last year was about focusing on short-term cash flow, but immediately we started to strengthen our fixed network.

同樣的情況也是固定的，對吧。投資網絡、提高速度、貨幣化、發展我們的客戶群，然後這一切最終會趨於融合。所以在哥倫比亞，這就是我們正在做的事情，對吧。去年我們主要關注短期現金流，但我們立即開始加強我們的固定網路。

Then we started to see much more stable customer base, churn reducing, early churn reducing, and now we're ready to grow. So what we're doing is strengthening our commercial initiatives. We have more or less installed in the last four to five months 90 stores in Colombia that increase our capillarity and our reach to our postpaid customers. And we are working on all our channels in order to increase productivity and volume.

然後我們開始看到更穩定的客戶群，客戶流失率減少，早期客戶流失率減少，現在我們已經準備好成長。所以我們正在做的是加強我們的商業計劃。在過去的四到五個月裡，我們或多或少在哥倫比亞開設了 90 家商店，這增加了我們的毛細管作用並擴大了我們對後付費客戶的影響力。我們正在所有通路上努力提高生產力和產量。

So that's what you're going to see. And actually in Colombia, we are at an inflection point because in Q2, I mean, at the end of Q2, we start seeing net ads positive in home. And as you know, this is our largest home business in the group, right.

這就是您將看到的。實際上在哥倫比亞，我們正處於一個拐點，因為在第二季度，我的意思是，在第二季度末，我們開始看到家庭中的網路廣告呈現正面趨勢。如您所知，這是我們集團中最大的家居業務，對吧。

And then in terms of longer term CapEx, which I think was the other part of your question, Stefan as you know, and as Maxime said, there's been a lot of focus on efficiencies, not just on OpEx, but as well as on CapEx. And that's what you're seeing reflected in our performance this year. We obviously haven't given longer-term guidance, but as Maxime said, a lot of what we've been doing over the past year is sustainable and recurring in nature.

然後就長期資本支出而言，我認為這是您問題的另一部分，正如您所知，Stefan，正如 Maxime 所說，人們非常關注效率，不僅關注營運支出，還關注資本支出。這就是您在我們今年的業績中看到的反映。我們顯然沒有給出長期指導，但正如馬克西姆所說，我們過去一年所做的許多事情本質上都是可持續的和重複的。

Just to complement, Stefan, on CapEx, we did something quite simple on the home. We focused on HFC upgrade. We had a strong feeling, which was that it was possible to get much more from the current footprint in terms of bandwidth.

Stefan，為了補充資本支出，我們在家裡做了一些非常簡單的事。我們專注於HFC升級。我們有一種強烈的感覺，那就是可以從目前的頻寬佔用中獲得更多。

So it is something which has been partially done already that we will try to finish by the end of this year. And it provides immediate strong return for the current customers in terms of churn, in terms of satisfaction, and in terms of acquisition. It is one of the explanations why the KPIs on home are strongly improving.

因此，這件事已經部分完成，我們將盡力在今年年底前完成。它在客戶流失、滿意度和客戶獲取方面為當前客戶提供了即時的強勁回報。這是家庭 KPI 大幅改善的原因之一。

On mobile, we are focusing on network quality. Very important because the volume of data that our consumers are using is growing as you know, and we want to deliver a perfect service. So we are very selective on the payback of the new coverage, both on home and mobile.

在行動裝置上，我們專注於網路品質。非常重要，因為如您所知，我們的消費者使用的數據量正在不斷增長，我們希望提供完美的服務。因此，我們對家庭和行動新覆蓋範圍的回報非常挑剔。

And we are doing on home FTTH on a very practical way, not expanding everywhere, but really going where we have a need because we have customers with a high option or because there is, we'd say, green fields where we have strong opportunities. And the last but not least, we have renegotiated very strongly many, many contracts with the vendors or with the IT providers and this has an effect in the medium term too.

我們正在以一種非常實用的方式開展家庭 FTTH，不是到處擴張，而是真正去我們有需要的地方，因為我們的客戶有很多選擇，或者因為我們有很多機會。最後但並非最不重要的一點是，我們與供應商或 IT 提供者非常有力地重新談判了許多合同，這在中期也產生了影響。

(Event Instructions) Phani, HSBC.

（活動說明）Phani，匯豐銀行。

Thanks everyone for taking my questions. So the first one is on Columbia transaction. It's actually a combination of three different offers that you're making to the three different sellers. How is the dependency within those offers? If the transaction with the Telefónica doesn't go through, would you still offer to buy out the minority stake in EPM? Or what's the dependency that you're seeing within these transactions?

感謝大家回答我的問題。第一個是哥倫比亞交易。它實際上是您向三個不同賣家提供的三種不同報價的組合。這些優惠的依賴性如何？如果與 Telefónica 的交易沒有成功，您是否還會提出收購 EPM 的少數股權？或者您在這些事務中看到的依賴性是什麼？

The second is how far along the process we are and what is the next steps in the process that you're looking at in the same Columbia transaction. So that's the questions regarding Columbia transaction. And maybe one more question for Maxime. So you did mention you have some more efficiency measures that could still give a better operating results. Could you mention what are the additional efficiency measures that could improve margins going forward? Thank you.

第二個是我們在這個過程中走了多遠，以及您在同一哥倫比亞交易中看到的過程中的後續步驟是什麼。這就是關於哥倫比亞交易的問題。也許還有一個問題想問馬克西姆。所以你確實提到你有一些更有效的措施，仍然可以帶來更好的營運結果。您能否提及哪些額外的效率措施可以提高未來的利潤率？謝謝。

Phani, I think I'll take the first question. So we are early in the process, right? So we have a non-binding agreement with Telefónica on their majority stake in Coltel and we engaged to offer to La Nación and to EPM to buy out their minority positions in Coltel and then in our operation that we jointly own.

Phani，我想我會回答第一個問題。所以我們還處於這個過程的早期，對嗎？因此，我們與 Telefónica 就其在 Coltel 的多數股權達成了一項不具約束力的協議，並且我們承諾向 La Nación 和 EPM 提出收購他們在 Coltel 以及我們共同擁有的業務中的少數股權。

In terms of dependencies, what obviously would need to happen is a merger in between the two entities, right. We cannot sit where we own half of UNE and then two-thirds of Coltel and then put it in a silo or having things. So there is an absolute condition that the merger is allowed that goes through a regulatory approvals et cetera.

就依賴性而言，顯然需要發生的是兩個實體之間的合併，對吧。我們不能坐擁一半的 UNE 和三分之二的 Coltel，然後將其放入筒倉或擁有其他東西。因此，允許合併有一個絕對的條件，即要經過監管部門的批准等。

And hence our partners in both companies have an absolute yes or no vote, because they would need to agree to a merger of the two entities as well. So all four parties will need to agree to this transaction. But in order to allow synergies and to allow all the benefits that as mentioned before, we need to have a merger. So that's the dependency, is that the merger happens.

因此，我們兩家公司的合作夥伴擁有絕對贊成或反對的投票權，因為他們也需要同意這兩個實體的合併。因此，所有四方都需要同意這項交易。但為了實現協同效應並獲得前面提到的所有好處，我們需要合併。這就是依賴關係，就是合併的發生。

Then our partners have been very good partners for the last 10 years. And I think, not speaking on Telefónica's behalf, but I think that relationship there went very well as well. So they're very welcome to stay and drive with us on potential synergies.

那麼我們的合作夥伴在過去 10 年裡一直是非常好的合作夥伴。我認為，雖然不是代表 Telefónica 發言，但我認為那裡的關係也進展順利。因此，我們非常歡迎他們留下來，並與我們一起推動潛在的協同效應。

But at the same time, I think it's a very good liquidity option for the minority partners to step out. They've both indicated in the past that they would be willing to sell and hence I think it's a win-win for everyone and we are willing to step in.

但同時，我認為對於少數合夥人來說，走出去是一個非常好的流動性選擇。他們過去都表示願意出售，因此我認為這對每個人來說都是雙贏，我們願意介入。

Next steps in the process is now making long-form agreements with all the parties, with the government and with EPM. This is a privatization technically, which is called in Columbia Law 226 that's a privatization law and which has a number of steps that needs to unfold, first determining a minimum price and then an auction of the shares in which we will present an offer.

該流程的下一步是與各方、政府和 EPM 簽訂長期協議。從技術上講，這是一項私有化，在哥倫比亞第 226 號法律中稱為私有化法，需要採取許多步驟，首先確定最低價格，然後拍賣我們將提出要約的股票。

So that will take a number of months and then it will take a number of months for regulatory approval. So don't expect, you know, still this year or the beginning of next year for this to close. There is still some work to do, but very positive momentum and positive reaction so far so good to start. Maxime?

因此，這將需要幾個月的時間，然後監管部門的批准也需要幾個月的時間。所以，不要指望今年或明年初就能結束。雖然還有一些工作要做，但到目前為止勢頭非常積極，反應也很積極，所以這是一個很好的開始。馬克西姆？

Yes, so on efficiency, as Marcelo said, many are work-in-progress on the ERC, on the employees costs. We are continuing to reduce that till the end of the year, beginning of next year. So it will have a full impact next year and the years after. On the contractors, all the contract that we have, we serve partly providing services on the sales, on field services, on IT, on G&A, we are really starting to work and we are confident we can decrease part of that.

是的，正如馬塞洛所說，在效率方面，許多工作正在 ERC 和員工成本方面進行中。我們將繼續減少這一數量，直到今年年底、明年年初。因此，它將在明年和以後的幾年中產生全面的影響。在承包商方面，我們擁有的所有合同，我們部分提供銷售、現場服務、IT、G&A 方面的服務，我們真正開始工作，我們有信心我們可以減少其中的一部分。

On content, we were locked in a big contract till the end of 2024. We hope we can do better for the future at the end of those contracts. On CapEx, I already mentioned. And very important, efficiency is not only on cost, but we think we can do better on the top line.

在內容方面，我們簽訂了一份到 2024 年底的大合約。我們希望在這些合約結束後我們能夠為未來做得更好。關於資本支出，我已經提過。非常重要的是，效率不僅體現在成本上，而且我們認為我們可以在營收方面做得更好。

It is something which is not easy to do, you can imagine, but it is going through offers, simplification, being more simple, we will be more efficient. We are pushing many commercial initiatives, both in terms of optimizing their cost and making them more efficient.

你可以想像，這是一件不容易做到的事情，但它正在透過報價、簡化，變得更簡單，我們會更有效率。我們正在推動許多商業計劃，無論是在優化成本還是提高效率方面。

And especially we are great believers in the FMC fixed and mobile convergence trend that we are pushing, both pushing the mobile on the home customer base and pushing the penetration on home for both home and mobile. That would be the main lines, but we are confident that we can do still a significant improvement in the way we generate cash.

尤其是，我們堅信我們正在推動的 FMC 固定和行動融合趨勢，既推動了家庭客戶群中的行動化，又推動了家庭和行動的家庭滲透率。這將是主線，但我們有信心我們仍然可以在產生現金的方式上做出重大改進。

So we don't have any more questions in the queue, but we received a couple via email. So the first one, I think, Bart, this is one for you on Columbia. And the question is around the transaction or potential transaction? How much incremental EBITDA would the $1 billion of additional equity investment in Colombia bring to Millicom? And then, an intermarket consolidation is usually very margin-accretive. Are there any thoughts around synergies? So that's the first question.

因此，我們在隊列中沒有更多問題，但我們透過電子郵件收到了幾個問題。所以第一個，我想，巴特，這是哥倫比亞給你的。問題是圍繞交易或潛在交易？在哥倫比亞追加 10 億美元股權投資將為 Millicom 帶來多少增量 EBITDA？然後，市場間的整合通常會增加利潤。關於協同效應有什麼想法嗎？這是第一個問題。

And the second question is what we should expect for spectrum payments in the next few years at the group level? So Columbia?

第二個問題是，我們對未來幾年集團層面的頻譜支付有何期望？那麼哥倫比亞呢？

I'll take the first one. Margin on the additional $1 billion. So the $1 billion is equity value. So there's also the total investment enterprise value is bigger, you get an debt equity. That $1 billion may still fluctuate a little bit in terms of net debt adjustments when in between now and closing, as you would logically expect.

我就拿第一個。額外 10 億美元的保證金。所以這 10 億美元是股權價值。所以還有企業總投資價值越大，就得到債務股權。從現在到交易結束，這 10 億美元在淨債務調整方面可能仍會略有波動，正如您所期望的那樣。

But obviously, if we look at Colombia, it is still a country that is, although we have significant margin expansion, we're now at 39.5% EBITDA, but it is one of the countries that is not in the 40s. Millicom Group is 43.5% of EBITDA.

但顯然，如果我們看看哥倫比亞，它仍然是一個國家，儘管我們的利潤率顯著擴張，我們現在的 EBITDA 為 39.5%，但它仍然是一個不在 1940 年代的國家之一。Millicom 集團佔 EBITDA 的 43.5%。

Somebody told me this week this is the highest we had in 10 years. So well done there. But we want to have all of our countries in the 40s. So if you think about it, that's what I would want to do, at least to contribute from that investment.

本周有人告訴我這是 10 年來的最高水準。那裡做得很好。但我們希望所有國家都進入 40 年代。所以如果你想一想，這就是我想做的，至少從這項投資中做出貢獻。

Now in terms of synergies, yes, in markets mobile-mobile, a fix-fix is typically as good as it gets. But, you know, allow me not to comment right now. We're still early in the process. Let us finalize the work. And then when things are done, we can give you a full explanation and how the math will work out on that investment.

現在就協同效應而言，是的，在行動市場中，修復修復通常是最好的。但是，你知道，請允許我現在不發表評論。我們還處於這個過程的早期階段。讓我們完成這項工作。然後，當事情完成後，我們可以向您提供完整的解釋以及該投資的數學計算結果。

Regarding spectrum, I would say first that we've gone through a lot of them. I mean, acquiring spectrum in Guatemala last year, Colombia, Panama. So I think most of the countries we've already gone through that process, there will be some countries like Honduras where we will need to invest. So that's on the more organic, let's say, side of spectrum requirements for the ongoing business.

關於頻譜，我首先要說的是，我們已經經歷過很多頻譜。我的意思是，去年在瓜地馬拉、哥倫比亞、巴拿馬獲得了光譜。所以我認為我們已經經歷過這個過程的大多數國家，還有像宏都拉斯這樣的國家我們需要投資。因此，這是對正在進行的業務的更有機的頻譜要求。

And then we have 5G, where we do see some auctions coming this year and next year. But we believe all these are coming with a very rational approach. That's what we've seen in all the countries. 5G handset penetrations are still very low. We're talking about 2%, 3% of our total customer base. So this will not come with a big CapEx, let's say, demand. And there is a lot of rationality in the countries when they put auctions in 5G.

然後我們還有 5G，我們確實看到今年和明年會有一些拍賣。但我們相信所有這些都是以非常理性的方式實現的。這就是我們在所有國家都看到的情況。5G手機普及率仍然很低。我們談論的是我們總客戶群的 2%、3%。因此，這不會帶來大量的資本支出，例如需求。各國在進行 5G 拍賣時也有很多合理性。

Stefan, DNB.

斯特凡，DNB。

Yes, so question on Guatemala. So last quarter you did price increases on prepaid in Guatemala and then you said it was uncertain how that would be adopted in the market if competition would follow. So this quarter we did see the benefit on service revenue, but we also saw that you lost a meaningful number of subscribers in that market? So how are you seeing the progress in that market? How has competition responded? Are you seeing them following in terms of price increases? Thank you.

是的，關於危地馬拉的問題。因此，上個季度，您在危地馬拉提高了預付費產品的價格，然後您表示，如果競爭隨之而來，不確定市場將如何採用這種價格。因此，本季我們確實看到了服務收入的成長，但我們也看到您在該市場失去了大量訂戶？那麼您如何看待該市場的進展？競爭有何反應？您是否看到他們跟隨漲價？謝謝。

Thank you, Stefan. No, there is -- as I said, there is a more rational market in Guatemala, as you can see. As a result of that, we've increased from 2% to 3% revenue growth. Of course in the middle, in these transitions, there are some effects in the customer base, but we don't see that as an issue. I mean, we've been operating in Guatemala.

謝謝你，斯特凡。不，正如我所說，危地馬拉有一個更理性的市場，正如你所看到的。因此，我們的收入成長率從 2% 提高到 3%。當然，在中間，在這些轉變中，客戶群會受到一些影響，但我們不認為這是一個問題。我的意思是，我們一直在危地馬拉開展業務。

We have a very strong commercial approach, good grip on the prepaid pillars, distribution. We have a very good network and our pricing is also very, very, I mean, it's very affordable. So we don't see an issue in the mid-term on the customer base. It's more about tactics. So the outlook is one, a more rational market and better commercial dynamics in the coming quarters.

我們有非常強大的商業方法，很好地控制了預付費支柱和分銷。我們有一個非常好的網絡，我們的定價也非常非常，我的意思是，非常實惠。因此，從中期來看，我們認為客戶群不會有問題。更多的是關於戰術。因此，前景是，未來幾季市場將更加理性，商業活力也會更好。

So that was our last question for today. Thank you very much, everyone, for participating, and we'll see you next quarter.

這是我們今天的最後一個問題。非常感謝大家的參與，我們下季再見。