Millicom International Cellular SA (TIGO) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to our fourth quarter 2024 results call. This event is being recorded. Our speakers today will be our CEO, Marcelo Benitez, 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. Now please turn to slide 2 for the Safe Harbor disclosure.

大家好，歡迎參加我們的 2024 年第四季業績電話會議。正在記錄此事件。今天的演講者是我們的執行長 Marcelo Benitez 和財務長 Bart Vanhaeren。今天簡報的幻燈片以及收益報告和財務報表都可以在我們的網站上找到。現在請翻到投影片 2 查看安全港揭露。

We will be making forward-looking statements which involve risks and uncertainties, and these could have a material impact on our results. And then on slide 3, you can see that we define the non-IFRS metrics that we will be referencing throughout today's presentation. And you'll 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.

我們將做出涉及風險和不確定性的前瞻性陳述，這些陳述可能會對我們的結果產生重大影響。然後在投影片 3 上，您可以看到我們定義了在今天的簡報中將要引用的非 IFRS 指標。您可以在我們的收益報告後面以及我們的網站上找到對帳表。說完這些免責聲明，讓我將電話轉給我們的執行長馬塞洛·貝尼特斯 (Marcelo Benitez)。

Thanks, Michel, and hello, everyone. Thanks for joining us to review the company's performance in our fourth quarter. Please turn to slide 5 for the highlights of the quarter. As you all know by now, 2024 was a transformational year for Millicom, and as you can see on this slide, we ended the year with a very strong note with equity free cash flow of $236 million in the quarter. For the full year equity free cash flow excluding tower sales was $728 million, a new record.

謝謝，米歇爾，大家好。感謝您與我們一起回顧公司第四季的業績。請翻到投影片 5 了解本季的亮點。大家現在都知道，2024 年是 Millicom 的轉型之年，正如您在這張投影片上看到的，我們以非常強勁的業績結束了這一財年，本季的股權自由現金流達到 2.36 億美元。全年不包括塔式銷售的股權自由現金流達到 7.28 億美元，創下新高。

This is the result of our efficiency program, which drove our OCF margin up 8 percentage points to almost 31%, also a new record. I want to express my profound gratitude to the exceptional DOT members who made this transformation possible.

這是我們的效率計劃的成果，該計劃使我們的OCF利潤率上升了8個百分點，達到近31％，這也創下了新紀錄。我要向使這一轉變成為可能的傑出的 DOT 成員表示深切的謝意。

As promised, we used the cash flow to reduce our debt and we managed to bring the leverage down below 2.5x, which was one of our key priorities for the year. At the same time, we took key steps to sustain and accelerate revenue growth, which is our key objective in 2025.

正如承諾的那樣，我們利用現金流減少債務，並成功將槓桿率降至 2.5 倍以下，這是我們今年的首要任務之一。同時，我們採取了關鍵措施來維持和加速收入成長，這是我們 2025 年的關鍵目標。

In Q4, we added 274,000 postpaid customers and 49,000 home subscribers while maintaining a strong momentum in B2B. This provides a solid foundation for another excellent year in 2025. Now let's dive deeper into this key highlights starting with our mobile business on the next slide.

第四季度，我們增加了 274,000 名後付費客戶和 49,000 名家庭用戶，同時保持了 B2B 業務的強勁勢頭。這為2025年又一個輝煌的一年奠定了堅實的基礎。現在讓我們從下一張投影片中的行動業務開始，深入了解這項關鍵亮點。

Our mobile business delivered another solid quarter in Q4 with organic service revenue growing more than 4%, in line with Q3. For the full year, mobile service revenue growth accelerated to 4.6% compared to 2.4% in 2023. This improved performance is a result of the four key strategies we focus on throughout the year.

我們的行動業務在第四季再次表現穩健，而有機服務收入成長超過 4%，與第三季持平。就全年而言，行動服務收入成長率將從 2023 年的 2.4% 加速至 4.6%。業績的提升是我們全年重點關注的四項關鍵策略的結果。

First, we've expanded our mobile network capacity, laying the foundation to drive data consumption and monetize growth through strategic price increases, which drove improved service revenue growth in prepaid.

首先，我們擴大了行動網路容量，為推動數據消費和透過策略性提價實現貨幣化成長奠定了基礎，從而推動了預付費服務收入的成長。

Second, we simplified our commercial offers, reducing complexity from too many options to not more than 10 per country, making it easier for customers to see the value we deliver. Third, we continue to practically migrate our best prepaid customers to postpaid, increasing their days connected and ARPU.

其次，我們簡化了商業報價，將複雜性從過多的選項降低到每個國家不超過 10 個，讓客戶更容易看到我們提供的價值。第三，我們繼續實際將我們最好的預付費客戶遷移到後付費客戶，從而增加他們的連結天數和 ARPU。

Our postpaid customer base continued to grow every quarter, and this is an important contributor to our overall mobile service revenue growth. And fourth, we introduced new convergence plans, driving lower churn, higher ARPU, and improved customer lifetime value.

我們的後付費客戶群每季都在持續成長，這是我們整體行動服務收入成長的重要貢獻者。第四，我們推出了新的融合計劃，降低客戶流失率，提高 ARPU 並提升客戶終身價值。

And convergence is also driving improved net ads in our home business as you can see on next slide. At the beginning of the year, our priority was improving profitability while addressing the fundamentals of the business. By Q2, we said we were ready to move from a defensive mode to an offensive strategy, and that's exactly what we did.

正如您在下一張投影片中看到的，融合也推動了我們家庭業務的網路廣告的改進。年初，我們的首要任務是提高獲利能力，同時解決業務基本面。到第二季度，我們說我們已經準備好從防禦模式轉向進攻策略，而這正是我們所做的。

During Q4, we added 49,000 home customers and our customer base is now up 3% year-over-year. This is the result of our key strategic initiatives, upgrading our broadband network to deliver higher speeds, simplifying our commercial offers and accelerating convergence, focusing our sales teams in low penetrated areas, strengthening our commercial capabilities, including the opening of new stores.

第四季度，我們增加了 49,000 名家庭客戶，我們的客戶群年增了 3%。這是我們關鍵策略舉措的結果，升級我們的寬頻網路以提供更高的速度，簡化我們的商業服務並加速融合，將我們的銷售團隊集中在滲透率較低的地區，加強我們的商業能力，包括開設新店。

And as I mentioned in the Q3 call, customer satisfaction is up and churn is down. With this strong customer growth, we expect service revenue to return to growth in 2025. Please turn to the next slide for a quick look at our B2B business, which continues to perform well. B2B revenue grew 3.1% organically for the full year in 2024. Digital solutions continue to grow rapidly with an increase of nearly 15% in 2024.

正如我在第三季電話會議上提到的，客戶滿意度上升，客戶流失率下降。隨著客戶的強勁成長，我們預計服務收入將在 2025 年恢復成長。請翻到下一張投影片快速了解我們的 B2B 業務，該業務繼續表現良好。2024 年全年 B2B 營收有機成長 3.1%。數位解決方案持續快速成長，到 2024 年將成長近 15%。

This growth was supported by our secure and robust infrastructure as well as our world class pre-sales and support team, which added about 150 new certifications during 2024. Our revamped FMC offer was very well received by entrepreneurs and small businesses, resulting in growth of around 7% in our SME customer base over the past year. Now let's review our performance in our three largest countries, beginning with Colombia on next slide.

這一成長得益於我們安全且強大的基礎設施以及世界一流的售前和支援團隊，該團隊在 2024 年增加了約 150 項新認證。我們改進的 FMC 服務受到了企業家和小型企業的熱烈歡迎，導致我們中小企業客戶群在過去一年中增長了約 7%。現在讓我們回顧一下我們在三個最大國家的表現，下一張投影片從哥倫比亞開始。

The key highlight in Colombia is the EBITDA margin, which reached 38.1% for the full year. That's up more than 6 percentage points year-over-year. As many of you know, for most of the past decade, Colombia has been a challenging market for us and for almost every other telco in the country.

哥倫比亞最大的亮點是 EBITDA 利潤率，全年達到 38.1%。這比去年同期上升了 6 個百分點以上。大家可能都知道，在過去十年的大部分時間裡，哥倫比亞對我們以及全國幾乎所有其他電信公司來說都是一個充滿挑戰的市場。

Over the past year, we have taken meaningful steps to improve the profitability of our business. It wasn't easy and I want to express my appreciation to the extraordinary team in Colombia. Your dedication is at the heart of this transformation. And while our focus has been on improving profitability, we have not lost sight of the need to continue to take care of our customers and capture our fair share of new customer growth.

在過去的一年裡，我們採取了有意義的措施來提高業務的獲利能力。這並不容易，我要向哥倫比亞的傑出團隊表示感謝。您的奉獻是這項轉變的核心。雖然我們的重點一直放在提高獲利能力上，但我們並沒有忽視繼續照顧客戶和獲得新客戶成長的公平份額的必要性。

We did just that again in Q4 with very strong net additions in both our postpaid mobile and our home business, and we are confident that this momentum in net additions will drive faster service revenue growth in 2025.

我們在第四季度再次做到了這一點，後付費行動和家庭業務的淨增量都非常強勁，我們相信，這種淨增量勢頭將推動 2025 年服務收入更快成長。

Now, please turn to the next slide to look at our performance in Guatemala, our largest market. Let me start with the punch line. 2024 was a record year for cash flow in Guatemala with OCF up about 10% to $692 million. This is mostly the result of our efficiency program, which drove the full year '24 EBITDA margin to 54%, our highest margin in more than five years.

現在，請翻到下一張投影片來看我們在最大市場危地馬拉的表現。讓我先說一個妙語。 2024 年是危地馬拉現金流創紀錄的一年，OCF 成長約 10%，達到 6.92 億美元。這主要歸功於我們的效率計劃，該計劃推動 24 年全年 EBITDA 利潤率達到 54%，這是我們五年多來的最高利潤率。

Meanwhile, we've also produced some CapEx savings as we optimized our network by putting to work the new spectrum that we acquired in 2023. Most importantly, we delivered this strong cash flow while also driving top line growth.

同時，我們透過利用 2023 年獲得的新頻譜優化了網絡，也節省了一些資本支出。最重要的是，我們實現了強勁的現金流，同時也推動了營收成長。

2024 was our strongest year since 2021 in terms of service revenue growth, this came mostly from a combination of ARPU increase in prepaid and an acceleration in our postpaid customer base. And our strategy is delivering results as reflected in the fourth straight quarter of mobile revenue growth. Now let's look at our 2024 performance in Panama on next slide.

就服務收入成長而言，2024 年是自 2021 年以來最強勁的一年，這主要得益於預付費的 ARPU 成長和後付費客戶群的加速成長。我們的策略正在取得成效，行動收入連續第四個季度成長就是明證。現在讓我們在下一張投影片中看看我們 2024 年在巴拿馬的表現。

2024 was a truly exceptional year for our business in Panama as you can see here. Service revenue grew close to 5% thanks to the strong performance in both mobile and B2B, which more than offsets the decline of our home business.

正如您所看到的，2024 年對於我們在巴拿馬的業務來說確實是特殊的一年。由於行動和B2B業務的強勁表現，服務收入成長了近5％，這足以抵消我們家庭業務的下滑。

Importantly, growth in mobile accelerated through the year and our home business improved in Q4. Meanwhile, we had a record year in B2B. Thanks largely to the two governmental projects. This will create a tougher comparison in 2025, but we are very well positioned to compete and land more of these type of contracts in the future.

重要的是，行動業務的成長在全年加速，我們的家庭業務在第四季度有所改善。同時，我們在 B2B 領域創下了紀錄。很大程度感謝這兩個政府計畫。這將使 2025 年的比較更加艱難，但我們完全有能力在未來競爭並獲得更多此類合約。

And finally, on the right hand side of the slide, you can see the key takeaway, Panama, with its stable and dollarized economy generated more than $0.25 billion of OCF in 2024. Now please turn to the next slide to look at equity free cash flow and leverage.

最後，在幻燈片的右側，您可以看到關鍵要點：巴拿馬憑藉其穩定且美元化的經濟，在 2024 年創造了超過 2.5 億美元的 OCF。現在請翻到下一張幻燈片來查看股權自由現金流和槓桿。

Over the past year, we've told you about all the initiatives we've implemented as part of our efficiency program, and these have paid off. As I mentioned at the start of my remarks, we have successfully and permanently turned around the company's financial profile, delivering $728 million of equity free cash flow in 2024, and we use this cash to reduce our leverage, which ended the year at 2.4 times, which is within our target range.

在過去的一年裡，我們向大家介紹了我們作為效率計畫的一部分所實施的所有舉措，這些舉措都已取得成效。正如我在演講開始時提到的那樣，我們成功且永久地扭轉了公司的財務狀況，在 2024 年實現了 7.28 億美元的股權自由現金流，我們利用這筆現金來降低我們的槓桿率，截至年底，我們的槓桿率為 2.4 倍，在我們的目標範圍內。

Some of you will recall that we had initially guided to 2024 EFCF of around $550 million, and we increased this guidance throughout the year as we executed on every component of our efficiency program in every one of the nine countries where we operate.

你們中的一些人可能還記得，我們​​最初預計 2024 年的 EFCF 約為 5.5 億美元，並且隨著我們在開展業務的九個國家中的每一個國家執行效率計劃的每個組成部分，我們在全年都提高了這一預期。

We are very pleased with these results, but rest assured that we are already taking steps to ensure that the company can continue to sustain and grow its cash flow in '25 and beyond. Before handing the call over to Bart, I'd like to take a moment to update you on the strategic initiatives we have previously announced.

我們對這些結果非常滿意，但請放心，我們已經採取措施確保公司能夠在25年及以後繼續維持和增加其現金流。在將電話交給巴特之前，我想花點時間向您介紹我們先前宣布的策略舉措。

First, regarding the sale of Lati International to SBA. We file for antitrust approval in every country where this was required. We remain on track to close this transaction on either Q2 or Q3 of this year. Second, with respect to Colombia, we filed for regulatory approval and we made great progress towards formalizing our agreement with Telefonica to acquire their 67.5% stake in ColTel.

首先，關於將Lati International出售給SBA。我們在每個有此要求的國家都提交了反壟斷批准申請。我們預計在今年第二季或第三季完成這筆交易。第二，關於哥倫比亞，我們已申請監管部門批准，並在與西班牙電信公司達成收購其在 ColTel 67.5% 股份的協議方面取得了重大進展。

We also remain committed to offering the same price per share to the minority partner, the government of Colombia. And we are pleased to see that they have now hired financial and legal advisors who will help them to launch and manage the process to sell their stake under the privatization law 2 to 6.

我們也將繼續致力於向少數股東——哥倫比亞政府提供相同的每股價格。我們很高興地看到，他們現在已經聘請了財務和法律顧問，將幫助他們根據私有化法第 2 至 6 條啟動和管理出售其股份的流程。

And as we have already told you, we are also ready to acquire our partner's 50% stake in our own Colombia operation. If EPM decides to sell, we will offer up to the same valuation multiple agreed for ColTel, which is the best possible valuation comparable for a transaction like this.

正如我們已經告訴您的那樣，我們也準備收購我們合作夥伴在我們哥倫比亞業務中的 50% 的股份。如果 EPM 決定出售，我們將提供與 ColTel 商定的相同的估值倍數，這是此類交易中可能的最佳估值。

Third and finally in Costa Rica where we've agreed to combine our operations with those of Liberty Latin America the regulatory process is ongoing and expected to be completed later this year. Now let me turn the call over to Bart to review the finances for this quarter.

第三，也是最後一點，在哥斯達黎加，我們已同意將我們的業務與 Liberty Latin America 的業務合併，監管流程正在進行中，預計將於今年稍後完成。現在，讓我將電話轉給巴特，讓他審查本季的財務狀況。

Thank you, Marcelo. Now let's look at our financial performance beginning on slide 15. Service revenue was $1.34 billion in the quarter, which is 2.9% down from $1.38 billion a year ago. Operationally, this is not what we see. In fact, the [PxQ] is growing quarter-over-quarter. But there are two elements to consider in analyzing this quarter indiscernible.

謝謝你，馬塞洛。現在讓我們從第 15 頁開始看看我們的財務表現。本季服務收入為 13.4 億美元，較去年同期的 13.8 億美元下降 2.9%。從操作上看，這並不是我們所看到的情況。事實上，[PxQ] 正在逐季度成長。但在分析本季的表現時，有兩個因素需要考慮。

One, Panama B2B projects, which we have consistently referred to that had a peak revenue recognition in Q4 of last year and in Q1 of this year. This creates a year-on-year difference for Q4 of about $25 million. And two, FX mainly in Colombia, where Q4 average exchange rate was about 5.8% weaker in Q4 than in Q3 or 9.5% year-on-year. This represents approximately $30 million.

第一，我們一直提到的巴拿馬B2B項目，其收入確認在去年第四季和今年第一季達到了高峰。這導致第四季度的同比差異約為 2500 萬美元。二是外匯方面，主要集中在哥倫比亞，第四季平均匯率較第三季下跌約 5.8%，較去年同期下跌約 9.5%。這約合 3,000 萬美元。

Now on a good note, that trend is curved in Q1 as we see the cup appreciating now. So to conclude, we report 2.9% revenue decrease excluding effects in Panama projects. We see operationally a growth of about 1.3%. EBITDA was up 11% year-on-year to $618 million. This included $30 million of restructuring and other one-off charges.

現在值得慶幸的是，我們看到杯子的價格正在升值，這一趨勢在第一季出現了曲線。總結一下，除去巴拿馬計畫的影響，我們報告收入下降了 2.9%。我們的營運成長率約為 1.3%。EBITDA 年成長 11% 至 6.18 億美元。其中包括3000萬美元的重組和其他一次性費用。

We have now significantly completed our restructuring program, spending a total of about $150 million, which again is all included within the reported numbers. We will obviously continue to focus on efficiencies across the grid, but going forward we'll consider associated cost to be business than usual.

我們目前已基本完成重組計劃，共花費約 1.5 億美元，這些資金也全部包含在報告的數字中。我們顯然將繼續關注整個電網的效率，但展望未來，我們將考慮相關成本比平常更高。

Equity free cash flow excluding net proceeds (inaudible) was $236 million, up almost $200 million compared to $39 million in Q4 of last year. Equity free cash flow for the full year was $728 million, again excluding the $49 million in tower modernization, which was well ahead of our most recent guidance of around $650 million.

不包括淨收益（聽不清楚）的股權自由現金流為 2.36 億美元，比去年第四季的 3,900 萬美元增加了近 2 億美元。全年股權自由現金流為 7.28 億美元（同樣不包括 4,900 萬美元的塔樓現代化費用），遠高於我們最近預測的 6.5 億美元左右。

On the next slide, let's drill down further on service revenue by country. Marcelo has already talked about revenue trends in Guatemala, Colombia, and Panama, so we'll be very brief. One, Guatemala, back to growth, check. Two, Colombia hit by FX. As I mentioned, we have approximately $30 million negative impact from FX without which revenues would've been flat. Panama, as mentioned before, approximately $25 million of difference year-on-year related to B2B projects.

在下一張投影片中，讓我們進一步深入了解各國的服務收入。馬塞洛已經談到了危地馬拉、哥倫比亞和巴拿馬的收入趨勢，因此我們不會太詳細。第一，危地馬拉，恢復成長，檢查。二、哥倫比亞遭受外匯打擊。正如我所提到的，外匯為我們帶來了約 3000 萬美元的負面影響，如果沒有這些影響，我們的收入將會持平。如同先前所提到的，巴拿馬與 B2B 計畫相關的差異年比約為 2,500 萬美元。

So a tough quarter to compare on year-on-year. But if you look sequentially quarter-on-quarter, we will see Panama grew 1.6%, which annualizes to 6.5%. Then looking at Bolivia, service revenue increased 2.5% with positive growth in mobile and B2B, offset by flat performance in (inaudible) where we continue to prioritize profitability in light of the challenging macroeconomic environment, especially as it pertains to the lack of dollars.

因此，本季與去年同期相比比較困難。但如果按季度來看，我們會發現巴拿馬經濟成長了 1.6%，年率為 6.5%。然後看看玻利維亞，服務收入增長了 2.5％，其中移動和 B2B 業務實現了正增長，但（聽不清）業務的平淡表現抵消了這一增長，在充滿挑戰的宏觀經濟環境下，尤其是在美元短缺的情況下，我們繼續優先考慮盈利能力。

As many of you know, the Boliviano exchange rate is currently pegged at a rate of 6.91 to the US dollar. However, we are having to pay commissions of as much as 70% to buy dollars at that exchange rate. Beginning in Q1 2025, we expect to begin using an estimated spot rate for our financial reporting, consistent with the latest amendment to accounting standard IAS 21, which went into effect in January.

大家可能都知道，目前玻利維亞諾兌美元的匯率是6.91。然而，以該匯率購買美元，我們必須支付高達 70% 的佣金。從 2025 年第一季開始，我們預計將開始使用估計即期匯率進行財務報告，這與今年 1 月生效的會計準則 IAS 21 的最新修訂保持一致。

This is expected to negatively impact service revenue, EBITDA and basically the entire P&L as reported in US dollars. A massive exercise to convert costs into local currency has been performed this year in addition to a natural hedge of local currency debt, both somewhat mitigating these negative effects on the organic business.

預計這將對服務收入、EBITDA以及以美元報告的整個損益表產生負面影響。今年，除了對本幣債務進行自然對沖外，還進行了大規模將成本轉換為本幣的活動，這在一定程度上減輕了對有機業務的負面影響。

We're expecting nonetheless low to mid-double-digit million US dollars impact on our group EFCF due to the upstream costs. Paraguay service revenue was $136 million, and the year-on-year growth accelerated to 4.7% in local currency, driven primarily by solid growth in mobile and B2B. This was a nice improvement compared to growth of just over 1% in Q3.

儘管如此，我們預計上游成本將對我們集團的 EFCF 造成低至中兩位數的影響。巴拉圭服務收入為 1.36 億美元，以當地貨幣計算，年成長加速至 4.7%，主要得益於行動和 B2B 業務的穩健成長。與第三季略高於 1% 的成長率相比，這是一個不錯的進步。

Service revenue in other markets comprised of El Salvador, Nicaragua and Costa Rica declined 3% in US dollar terms with positive growth in Nicaragua more than offset by declines in El Salvador and Costa Rica. The decline in El Salvador relates primarily from a noncash adjustment to B2B revenue from prior periods.

薩爾瓦多、尼加拉瓜和哥斯達黎加等其他市場的服務收入以美元計算下降了 3%，其中尼加拉瓜的正成長抵消了薩爾瓦多和哥斯達黎加的下降。薩爾瓦多的下降主要與前期 B2B 收入的非現金調整有關。

Now please turn to the next slide for a look at EBITDA by country. Guatemala EBITDA was relatively stable, increasing 0.7% in local currency terms to $215 million, reflecting service revenue growth and efficiencies, which were partially offset by the impact of $8 million in restructuring charges in the quarter. Colombia EBITDA declined 5.2% to $122 million due to the weaker Colombian peso.

現在請翻到下一張投影片，查看各國家的 EBITDA。危地馬拉的 EBITDA 相對穩定，以當地貨幣計算增長 0.7% 至 2.15 億美元，反映了服務收入的增長和效率，但部分抵消了本季 800 萬美元重組費用的影響。由於哥倫比亞比索走弱，哥倫比亞的 EBITDA 下降 5.2% 至 1.22 億美元。

In local currency terms, EBITDA increased 3.7%, now reaching 37.1% as we continue to take steps to make our second largest operation profitable on a sustainable basis. Panama EBITDA grew 19.9% year-on-year and the margin reached a new record of 50%.

以當地貨幣計算，EBITDA 成長 3.7%，目前達到 37.1%，因為我們將繼續採取措施，使我們的第二大業務實現可持續盈利。巴拿馬EBITDA年增19.9%，利潤率創50%的新高。

I hereby want to congratulate our Panama team with this landmark achievement, welcoming them as a second country in our IFRS perimeter into our Club 50, an internal competition for our countries to reach 50% EBITDA profitability. Bolivia EBITDA increased 39.8% to $71 million, and the EBITDA margin expanded to 45.3% as we continue to focus on profitability here as well. Again, I want to point out to the FX issues as a cautionary statement.

我在此祝賀我們的巴拿馬團隊取得這一里程碑式的成就，歡迎他們成為我們 IFRS 範圍內第二個加入我們 50 俱樂部的國家，這是一項內部競賽，旨在讓各國實現 50% 的 EBITDA 盈利能力。玻利維亞的 EBITDA 成長 39.8% 至 7,100 萬美元，EBITDA 利潤率擴大至 45.3%，因為我們繼續關注該業務的獲利能力。再次，我想指出外匯問題作為警告。

Paraguay EBITDA grew 37.6% to $66 million in Q4 2024, and the EBITDA margin was 46.7%. We were pleased to see Paraguay deliver both strong margins and top line acceleration in Q4. EBITDA in our other segments increased 1.5% in US dollar terms as savings from our efficiency program offset the decline in revenue that I've already mentioned. Now please turn to the next slide for a look at equity free cash flow and leverage.

2024 年第四季，巴拉圭 EBITDA 成長 37.6% 至 6,600 萬美元，EBITDA 利潤率為 46.7%。我們很高興看到巴拉圭在第四季度實現了強勁的利潤率和營收成長。我們其他部門的 EBITDA 以美元計算成長了 1.5%，因為我們的效率計劃帶來的節省抵消了我已經提到的收入下降。現在請翻到下一張投影片來了解股權自由現金流和槓桿。

As we already discussed, EBITDA for the quarter was $618 million, that is up $61 million from last year. Cash CapEx was $162 million, and that's down $52 million from last year. Spectrum $26 million, down almost $100 million compared to last year when we acquired some new spectrum in Guatemala and Colombia. As a reminder, spectrum is always a little bit bumpy quarter-on-quarter. Changes in working capital and other was positive $30 million and stable versus last year.

正如我們已經討論過的，本季的 EBITDA 為 6.18 億美元，比去年同期增加了 6,100 萬美元。現金資本支出為 1.62 億美元，比去年下降 5,200 萬美元。頻譜 2600 萬美元，與去年我們在危地馬拉和哥倫比亞收購一些新頻譜相比下降了近 1 億美元。需要提醒的是，頻譜每季都會有些波動。營運資本和其他變動為正 3,000 萬美元，與去年相比保持穩定。

Taxes paid were $65 million, which is up $10 million from last year due to the increase in pre-tax income over the past year. Finance charges were $101 million and has been steadily declining as we've reduced debt over the past year and is partially offset by Bolivia conversion charges.

繳稅為 6,500 萬美元，由於過去一年稅前收入增加，比去年增加了 1,000 萬美元。財務費用為 1.01 億美元，由於我們在過去一年中減少了債務，因此一直在穩步下降，並被玻利維亞的轉換費用部分抵消。

Lease payments were stable at $80 million. We've seen an increase in lease payments in local currency terms, but this was largely offset by FX as most of our lease obligations are denominated in local currency. Honduras repatriation was $23 million in the quarter and just shy of $90 million for the full year 2024.

租賃付款穩定在8,000萬美元。我們看到以當地貨幣計算的租賃付款有所增加，但這在很大程度上被外匯所抵消，因為我們的大部分租賃義務都是以當地貨幣計價的。洪都拉斯本季的匯回金額為 2,300 萬美元，2024 年全年的匯回金額略低於 9,000 萬美元。

That's up about $3 million from 2023, which is a good outcome given the capital controls that continue to impact our access to dollars in the country. As a result of all these factors, equity free cash flow for the quarter was $236 million. This is up almost $200 million compared to Q4 2023.

這比 2023 年增加了約 300 萬美元，考慮到資本管制繼續影響我們在該國獲取美元的管道，這是一個很好的結果。由於所有這些因素，本季的股權自由現金流為 2.36 億美元。與 2023 年第四季相比，這一數字增加了近 2 億美元。

To conclude on this slide, as you can see on the top right, the equity free cash flow was used to reduce our debt, which declined $230 million during Q4. Our leverage therefore ended at 2.42, nicely within our stated targets.

總結一下，正如您在右上角看到的，股權自由現金流用於減少我們的債務，第四季度債務減少了 2.3 億美元。因此，我們的槓桿率最終定格在 2.42，完全符合我們所設定的目標。

Now please turn to the next slide for a look at our equity free cash flow and leverage for the full year 2024. I won't go over each of these points individually, and I will simply highlight that most of the improvement came from a mix of higher EBITDA for $357 million lower CapEx for a similar amount and about $100 million lower spectrum charges.

現在請翻到下一張投影片，了解我們 2024 年全年的股權自由現金流和槓桿。我不會逐一討論上述每個要點，我只想強調，大部分的改進來自於 EBITDA 的提高（3.57 億美元）、資本支出的降低（類似金額）以及頻譜費用的降低（約 1 億美元）。

And more importantly, we did what we told you we were going to do. We used that incremental year-on-year cash flow to reduce our net debt and with that bringing our leverage below 2.5 times. Now please turn to the next slide to review our financial targets for 2025.

更重要的是，我們履行了我們所說的義務。我們利用逐年增加的現金流來減少淨債務，並將槓桿率降至 2.5 倍以下。現在請翻到下一張投影片來回顧我們 2025 年的財務目標。

As you have seen, we generated record equity free cash flow of $728 million in 2024. This excludes $49 million in Colombia tower monetizations and includes more than $150 million of one-off charges, mostly related to our restructuring program which is now largely completed and is expected to produce additional savings in 2025 based on the run rate savings already achieved in Q4. Now there are factors that may negatively impact our equity free cash flow in 2025.

正如您所看到的，我們在 2024 年創造了 7.28 億美元的創紀錄股權自由現金流。這不包括哥倫比亞塔貨幣化的 4,900 萬美元，包括超過 1.5 億美元的一次性費用，主要與我們的重組計劃有關，該計劃目前已基本完成，預計在第四季度已經實現的運行率節省的基礎上，在 2025 年將產生額外的節省。現在有些因素可能會對我們 2025 年的股權自由現金流產生負面影響。

As you know, we operate in emerging markets that are sometimes volatile and hard to predict. This includes Bolivia, where the adoption of an estimated spot rate in our financial reporting will negatively impact our EBITDA and leverage. And of course, FX is also a risk factor in Colombia and Paraguay.

如您所知，我們在新興市場開展業務，這些市場有時波動較大且難以預測。其中包括玻利維亞，在我們的財務報告中採用估計現貨匯率將對我們的 EBITDA 和槓桿率產生負面影響。當然，外匯也是哥倫比亞和巴拉圭的一個風險因素。

Finally, we also have some ongoing legal disputes that may impact equity free cash flow in 2025 if we can't win those cases. With all this in mind, we're targeting 2025 equity free cash flow of around $750 million, and we expect to end the year with a leverage below 2.5.

最後，我們也面臨一些正在進行的法律糾紛，如果我們無法贏得這些訴訟，可能會影響 2025 年的股權自由現金流。考慮到所有這些，我們的目標是 2025 年股權自由現金流達到 7.5 億美元左右，並且預計到年底槓桿率將低於 2.5。

I want to caution you that leverage may go up a bit in Q1 given the usual seasonality of our cash flows and considering also the shareholder remuneration on the one side the dividend paid in January and on the other side the ongoing share buyback program. Nonetheless, again, we target to end below 2.5 at the end of the year. Also, I should remind you that these targets do not include the impact of any of the strategic projects that Marcelo talked about.

我想提醒你的是，考慮到我們的現金流通常具有季節性，同時考慮到股東報酬（一方面是一月份支付的股息），另一方面是正在進行的股票回購計劃，第一季的槓桿率可能會略有上升。儘管如此，我們仍將目標定為年底低於 2.5。另外，我應該提醒你，這些目標不包括馬塞洛談到的任何戰略項目的影響。

Finally, as we have previously communicated, the Board has recently decided to resume shareholder remuneration. We paid an interim dividend of $1 per share in January. Yesterday, the Board approved another interim dividend of $0.75 per share to be paid in April, and the Board will propose to the AGM in May a new quarterly dividend of $0.75 per share with the explicit intent to sustain or grow this dividend every year. In addition, we have been executing on a $150 million share buyback program.

最後，正如我們之前所傳達的，董事會最近決定恢復股東薪酬。我們在一月份支付了每股1美元的中期股息。昨天，董事會批准了另一項每股 0.75 美元的中期股息，將於 4 月份支付，並且董事會將於 5 月份向年度股東大會提議派發每股 0.75 美元的新季度股息，明確意圖是每年維持或增加這一股息。此外，我們也正在執行1.5億美元的股票回購計畫。

As Marcelo said earlier, the efficiency program we implemented has changed the cash flow profile of the business in a way that we believe is permanent and sustainable, and the Board's decision to resume shareholder remuneration is consistent with this view. We are now ready for your questions.

正如馬塞洛先前所說，我們實施的效率計劃已經改變了業務的現金流狀況，我們認為這種改變是永久的和可持續的，董事會恢復股東報酬的決定與這一觀點一致。我們現在已準備好回答您的問題。

Thank you, Bart. We will now begin the Q&A session. So as a reminder, if you would like to ask a question, please send an e-mail to investors@millicom.com. We will be taking our first question from Marcelo Santos at JPMorgan. I think we need to bring Marcelo into as a panelist. So let's give him a second.

謝謝你，巴特。我們現在開始問答環節。因此提醒一下，如果您想提問，請發送電子郵件至investors@millicom.com。我們將回答摩根大通的馬塞洛桑托斯提出的第一個問題。我認為我們需要邀請馬塞洛作為小組成員。所以讓我們給他一點時間。

Okay. Marcelo, the floor is yours. If you can unmute it. Thank you.

好的。馬塞洛，現在你發言。如果您可以取消靜音。謝謝。

Sorry. It took me a while to reconnect to the panelist. Thank you very much for the opportunity to ask question. I wanted to go back to something that was discussed in the beginning. You mentioned that accelerating growth is a key priority for 2025.

對不起。我花了一段時間才重新與小組成員取得聯繫。非常感謝您給我提問的機會。我想回到一開始討論的事情。您提到加速成長是 2025 年的首要任務。

Could you please be a bit more explicit on which markets and segments should see the main improvement as per your expectations? And the second question is a bit related to the first. What will be the cost of this reacceleration efforts in terms of OpEx and CapEx? Could we expect some pressure in margins, a bit higher CapEx? These are the questions.

您能否更明確地說明一下，按照您的預期，哪些市場和領域應該會出現主要的改善？第二個問題與第一個問題有點相關。就營運支出 (OpEx) 和資本支出 (CapEx) 而言，這次重新加速的努力將花費多少？我們是否可以預期利潤率會面臨一些壓力，資本支出會略高一些？這些就是問題。

Hello, Marcelo, good to see you. Thanks for the questions. Well, on the first one, as you can see, our mobile business that is more than 50% of our revenues is growing nicely. I mean, year-over-year it grew 4.6% on the back of postpaid 8% and prepaid 3%. We believe that this trend is going to be repeated in 2025, basically because our postpaid base is still too low as a percentage of the total base.

你好，馬塞洛，很高興見到你。感謝您的提問。嗯，關於第一個問題，正如你所看到的，占我們收入 50% 以上的行動業務正在順利成長。我的意思是，在後付費 8% 和預付費 3% 的推動下，它比去年同期增長了 4.6%。我們相信這一趨勢將在 2025 年重演，主要是因為我們的後付費基數佔總基數的比例仍然太低。

We believe that should be around 30%. That's our target. And today, we are at 12%. So we have enough room to grow. In the case of prepaid, what we are doing there is since the traffic is increasing year-over-year 16% in 2024, we are also increasing the allowances and the tickets in prepaid.

我們認為這個比例應該在30%左右。這就是我們的目標。如今，這一比例已達 12%。因此我們有足夠的成長空間。就預付費而言，我們的做法是，由於 2024 年的流量將年增 16%，因此我們也將增加預付的限額和票價。

So with that, we got to grow 3% in 2024, and we plan to do the same in 2025. On top of that, you will see home recovering from a couple of quarters of negative growth after we started adding positive net adds since October of last year. We believe we are going to be in positive territory in Q2, somewhere in Q2 of this year. And B2B, we do expect the same rate of growth of '24 around 3%. So I believe with that you can play with the numbers, Marcelo, and do the math.

因此，我們計劃在 2024 年實現 3% 的成長，並計劃在 2025 年實現相同的成長。除此之外，自去年 10 月我們開始增加正淨增量以來，您將看到房屋市場從幾季的負成長中復甦。我們相信，今年第二季的某個時候，我們的業績將呈現正成長。就 B2B 而言，我們預計 24 年的成長率也將達到 3% 左右。所以我相信你可以玩數字，馬塞洛，做數學題。

Regarding the pressure on margins, we do believe we can sustain the same level of CapEx. We've been very, very focused on how we spend the CapEx. As an example, we take a granular view on where to invest. In mobile 27% of the municipalities represents 80% of the revenues. So instead of investing in average to the whole network, we are investing where the demand is. And it's the same concept we are applying to home. So with this new framework, we've been able to keep the same level of CapEx of '24. So we don't see any pressure on margins there.

至於利潤率的壓力，我們確實相信我們可以維持相同水準的資本支出。我們一直非常關注如何花費資本支出。舉例來說，我們對投資地點進行了細緻的檢視。在行動領域，27% 的城市佔據了 80% 的收入。因此，我們不是針對整個網路的平均水準進行投資，而是根據需求進行投資。我們在家裡也運用了同樣的理念。因此，有了這個新框架，我們就能夠將資本支出保持在與 24 年相同的水平。因此，我們沒有看到那裡的利潤面臨任何壓力。

And to your questions about countries, it's easier to answer, I mean, because this is a very -- this is a playbook that we are implementing in all the countries, but it's easier to tell you which ones are going to be more challenging. And it's going to be one Costa Rica because basically, the operators, the two largest operators, they are very aggressive.

對於您關於國家的問題，回答起來比較容易，我的意思是，因為這是一個非常——這是我們在所有國家實施的劇本，但更容易告訴您哪些國家將更具挑戰性。而最終選擇哥斯達黎加，因為基本上，兩大業者都非常積極進取。

They became very aggressive commercially on convergence offers, and that is something that impacts directly to our customer base and to our ARPU. And in Bolivia because of the currency devaluation. So you will see a nice -- a very nice growth in local currency, but it's going to be affected by the devaluation.

他們在商業融合方面表現得非常積極，這直接影響了我們的客戶群和 ARPU。而在玻利維亞則因貨幣貶值。因此，你會看到當地貨幣出現非常不錯的成長，但它會受到貶值的影響。

Perfect. Very clear. Thank you very much.

完美的。非常清楚。非常感謝。

Thanks, Marcelo. So next we're going to go to Stefan Gauffin at DNB. Stefan, the line is yours.

謝謝，馬塞洛。接下來我們要去 DNB 拜訪 Stefan Gauffin。史蒂芬，現在是你了。

So I'll follow up on CapEx question. So you said that CapEx could be in the same range. But there's quite a big difference on cash CapEx and booked CapEx in 2024. So could you comment a bit on what you see how this will develop in '25 so that we don't have a backlash on cash CapEx.

因此我將跟進資本支出問題。所以您說資本支出可能在同一範圍內。但 2024 年的現金資本支出和帳面資本支出有很大差異。那麼您能否就您認為這在 25 年將如何發展提出一些評論，以便我們不會對現金資本支出產生負面影響。

Secondly, a clarification, you made a provision for and you also -- in the cash flow guidance, you highlight risk of adverse legal rulings. So can you please comment on what that is all about? And then perhaps finally, given the change in reporting in Bolivia, what kind of spot rates are you looking at using for that market? Thank you.

其次，需要澄清的是，您已經做出了規定，並且在現金流量指引中，您強調了不利法律裁決的風險。那麼您能評論一下這是怎麼回事嗎？最後，考慮到玻利維亞報告的變化，您考慮在該市場使用什麼樣的現貨匯率？謝謝。

Yes, I will take those. So on CapEx, the CapEx booked has come down from '23 to '24 from $809 million to $677 million. For '25, we'll see that stabilizing around that number. We believe that's a good wallet, let's say, of to spend in our markets.

是的，我會接受這些。因此，就資本支出而言，預訂的資本支出從'23年到'24年從8.09億美元下降到6.77億美元。對於'25年，我們將看到該數字穩定在該數字附近。我們相信，這是一筆不錯的錢，可以用來投資我們的市場。

In terms of cash CapEx, indeed it went stronger down from $931 million to $575 million. I think that the '23 number had really some payables from '22. So that CapEx, cash CapEx in '23 was a bit artificially high. And the $575 million is a little bit low, if you ask me. And that is because there was a lot of Q4 delivered CapEx or executed CapEx in Q4, which then will be paid in Q1. If you look, we didn't give guidance for '25 on CapEx level, but you can expect those two numbers to convert in the future.

就現金資本支出而言，它確實從 9.31 億美元下降到 5.75 億美元。我認為 23 年的數字確實有一些 22 年的應付款項。因此，23 年的資本支出、現金資本支出有點人為地高。如果你問我，5.75 億美元有點低。這是因為第四季度交付了大量資本支出或執行了資本支出，這些支出將在第一季支付。如果你看一下，你會發現我們沒有給出 25 年資本支出水準的指導，但你可以預期這兩個數字在未來會轉換。

Over time, those numbers need to be the same, right? So ultimately, you pay -- and so as our CapEx booked will start to stabilize, our cash CapEx should stabilize around that same number. On your second question regarding legal rulings, you might see in our disclosures, I mean I think it was published as well. One was a negative ruling on Costa Rica case with Telefonica and both parties appealed. So that's not yet in final form. But because there was a negative ruling, we took a provision for that in the $80 million zone.

隨著時間的推移，這些數字需要保持不變，對嗎？所以最終，您支付 - 因此隨著我們的資本支出開始穩定，我們的現金資本支出也應該穩定在相同的數字左右。關於您提到的第二個問題，涉及法律裁決，您可能在我們的披露中看到，我的意思是我認為它也已經公佈了。一個是針對哥斯達黎加電信公司的案件，該案做出了不利的裁決，雙方都提起上訴。因此這還不是最終形式。但由於裁決結果為負面，我們在 8,000 萬美元的範圍內為此作出了規定。

And then generally, it is LatAm, you may have negative rulings in other cases across countries. There's not a single big one to flag out. But it comes and goes depending on the year, similar for tax claims that may come and go. On Bolivia, in Q3, we have paid as high as 60-something percentage of commissions to buy at the official rate.

一般來說，這是拉丁美洲的情況，在其他國家的案件中可能會出現負面裁決。沒有一個大的可以標記出來。但它每年都會來來去去，就像稅收索賠一樣，可能會來來去去。在玻利維亞，在第三季度，我們以官方匯率購買支付了高達60%以上的佣金。

So an implied underlying devaluation of 60-something percent. As from January IAS 21 comes into effect. We will adopt that for Bolivia. So that's the high inflation accounting, let's say, hyperinflation accounting. And as from January, we are still in discussions with the auditor on what the right number is, but I expect this to be within the 60% area to start in January, which could increase during the year.

因此，這意味著人民幣貶值了 60% 左右。自一月起，IAS 21 開始生效。我們將為玻利維亞採取這項措施。這就是高通膨會計，或者說惡性通膨會計。從一月開始，我們仍在與審計師討論正確的數字，但我預計從一月開始這個數字將在 60% 的範圍內，並且年內可能會增加。

Now what is the effect of that? You will see a significant hit on revenues and EBITDA in US dollar because of the way we account for that. On equity free cash flow, I think we can indicate that for '24 Bolivia did around $100 million equity free cash flow in that order of magnitude. And so that's there somewhat the risk to our equity free cash flow in '25.

那麼，其效果如何？由於我們的核算方式，您會看到以美元計算的收入和 EBITDA 受到顯著打擊。關於股權自由現金流，我認為我們可以指出，2024年，玻利維亞的股權自由現金流數量級約為1億美元。所以這對我們25年的股權自由現金流來說有一定的風險。

This being said, this year we have as well, let's say, $25 million of commission costs, which will disappear because you book it already in your conversion cost. So the equity free cash flow impact is not the 60% or 70% of your country equity free cash flow, but it's a little bit less because we already have costs incurred in 2024, which now no longer will appear in the interest charge or financial charges cost.

話雖如此，今年我們也有 2500 萬美元的佣金成本，這筆費用將會消失，因為您已經將其計入轉換成本中。因此，股權自由現金流的影響不是您所在國家股權自由現金流的 60% 或 70%，而是會少一些，因為我們已經在 2024 年產生了成本，這些成本現在不再出現在利息費用或財務費用成本中。

That's perfect. Very clear. Thank you.

那很完美。非常清楚。謝謝。

Thank you, Stefan. And as a reminder, if you'd like to ask a question, please send us an e-mail to investors@millicom.com. Our next question is going to come from Phani at HSBC. Phani, the floor is yours.

謝謝你，史蒂芬。提醒一下，如果您想提問，請發送電子郵件至investors@millicom.com。我們的下一個問題來自匯豐銀行的 Phani。Phani，現在請你發言。

Thank you for taking my questions. The first one is regarding your pricing power in Guatemala, Colombia, and Panama. I mean you're expecting to reaccelerate growth, but is it driven more by volume? Or do you have some pricing power in this market? The second one is regarding the ability to reinstate dividends this year. So why did you feel that the 2.5x net leverage target is good? Or why did you prefer dividends over debt reduction at this point of time?

感謝您回答我的問題。第一個問題是關於你在瓜地馬拉、哥倫比亞和巴拿馬的定價權。我的意思是，您期望重新加速成長，但這是否更多地受到產量的推動？或者你在這個市場上有一定的定價權嗎？第二個是關於今年恢復派息的能力。那麼，您為什麼認為2.5倍淨槓桿目標是好的？或者為什麼您此時更傾向於分紅而不是減債？

I'll take the first one and you take the second. So to the first question, Phani, we believe that this is a very consumer-driven market. What we do see is that the demand for data is increasing every year. And what we do is to monetize that increase. So the way we do it is increasing the allowances by -- and at the same time, increasing the ticket. So it's a more-for-more equation.

我要第一個，你要第二個。所以對於第一個問題，Phani，我們認為這是一個非常受消費者驅動的市場。我們確實看到，數據需求每年都在增加。我們要做的就是將這種成長貨幣化。因此，我們的做法是增加限額，同時提高票價。所以這是一個「多換多」的等式。

That will be the case not only in Colombia and Guatemala, but in all other operations, in all the countries where we have mobile, all except Costa Rica. And that is a trend that I believe is going to -- it's going to be for sure in 2025, but also in the next following years.

這種情況不僅在哥倫比亞和危地馬拉存在，在除哥斯達黎加外的所有我們有行動業務的國家，所有其他業務都是如此。我相信這種趨勢在 2025 年肯定會持續，而且在接下來的幾年裡也一定會持續。

Yes. On the leverage and dividends, so we generate about $750 million equity free cash flow. So we decided or recommended to distribute 2/3 of that to shareholders, $500 million, which is $3 per share, which is in the $0.75 per quarter and then keep 1/3 for either deleveraging or strategic projects such as the acquisition of Telefonica in Colombia and will be a good step in the direction of financing those acquisitions.

是的。透過槓桿和股息，我們產生了約 7.5 億美元的股權自由現金流。因此，我們決定或建議將其中的 2/3 分配給股東，即 5 億美元，即每股 3 美元，每季 0.75 美元，然後保留 1/3 用於去槓桿或戰略項目，例如收購哥倫比亞的西班牙電信公司，這將是為這些收購融資邁出的良好一步。

So it's a bit of a balanced approach. The 2.5 times leverage, it's -- we always said we would start or only consider start being shareholder distribution once we reach the 2.5 times or go below 2.5 times, which happened in November. We went to the Board and then started the distribution. We expect at the end of the year to be significantly below the 2.5 times. Just a bit of a cautionary statement there. You know that cyclically Q1 is always a little bit weaker in our industry.

所以這是一種平衡的方法。2.5 倍槓桿率，我們一直說，一旦達到 2.5 倍或低於 2.5 倍，我們才會開始或只考慮開始股東分配，而這種情況在 11 月就發生了。我們去了董事會然後開始分發。我們預計年底這一數字將大大低於 2.5 倍。這只是一點警告。你知道，從週期上看，我們行業的第一季總是會稍微疲軟。

So including the first dividend, $170 million plus $150 million share buyback, $320 million goes out of the door with the last 12 months EBITDA that may be a little bit weaker just on the cyclicality and a very good Q1 last year with the B2B projects. The leverage may go up a little bit again in Q1 before then it comes down again in Q2, Q3, Q4. So we'll end the year significantly below the 2.5 times, but we might go up a little bit in Q1.

因此，包括第一筆股息、1.7 億美元加上 1.5 億美元的股票回購，過去 12 個月的 EBITDA 中就有 3.2 億美元流出，這可能只是因為週期性而稍微弱一些，而去年第一季的 B2B 項目表現非常好。槓桿率在第一季可能會再次小幅上升，然後在第二季、第三季、第四季再次下降。因此，我們今年年底的銷售額將遠低於 2.5 倍，但第一季可能會略有上升。

Perfect. Thank you.

完美的。謝謝。

Thanks, Phani. So our next question is going to come from Gustavo Farias at UBS. Gustavo?

謝謝，Phani。我們的下一個問題來自瑞銀的 Gustavo Farias。古斯塔沃？

Everyone. Thanks for the time in taking my question. First, congrats on the results. So two questions from my end. The first one regarding the '25 guidance. If you could comment on what are the main assumptions embedded on the guidance? You comment on some downside risks from macro FX from the countries you operate, especially Bolivia, Colombia, and Paraguay. So if you could comment on not only the downside risks, but also on potential upside? And how much of that are you embedding on the guidance?

每個人。感謝您花時間回答我的問題。首先，恭喜你所取得的成績。我有兩個問題。第一個是關於’25 指導。您能否評論一下該指南中所包含的主要假設是什麼？您評論了您所在國家（尤其是玻利維亞、哥倫比亞和巴拉圭）的宏觀外匯的一些下行風險。那麼，您能否不僅評論一下下行風險，還能評論一下潛在的上行風險呢？您在指導中嵌入了多少內容？

And my second question, if you could comment on how has been the competition in Colombia, especially after we saw Quam's acquisition. How are you thinking around that theme? Any color would be really appreciated. Thank you.

我的第二個問題是，您能否評論一下哥倫比亞的競爭情況，特別是在我們看到華富國際的收購之後。您是如何思考這個主題的？任何顏色都會很受歡迎。謝謝。

I'll take the first one, you take the second.

我要第一個，你要第二個。

Yes.

是的。

Yes. So assumptions of the guidance. So one, I think the $750 million on itself, it's a 3% year-on-year increase and 7% above consensus. So all things considered at the beginning of the year, I think it's a solid outlook or guidance, as you will. And as well, if you look at it, this is a 16% equity free cash flow to equity yield at yesterday's price.

是的。因此，指導的假設。因此，首先，我認為 7.5 億美元本身比去年同期成長 3%，比普遍預期高出 7%。因此，從年初來看，我認為這是一個可靠的前景或指導，正如你所說。而且如果你看一下，以昨天的價格計算，這是 16% 的股權自由現金流與股權收益率。

So there we feel very comfortable that that's a decent number. If you look at it, you might indeed indicate that considering where we are already this year and considering the amount of one-offs, it could be a bit on the low end. But then again, as we said, we have some legal costs and then FX costs that might come in into 2025.

因此我們感到很放心，這是一個不錯的數字。如果你看一下，你可能確實會發現，考慮到我們今年的現狀以及一次性支出的數量，這個數字可能有點偏低。但正如我們所說，我們有一些法律成本和外匯成本可能會持續到 2025 年。

So as those materialize, we wanted to embed that into our guidance. If you look at the underlying assumptions, we would expect that revenues to continue to perform well on the PxQ underlying business, but then the top line in US dollar will decline more likely than not because of the accounting of Bolivia, right? So that's just an immediate hit to the P&L. EBITDA on the other side is likely to go up. As I mentioned, the CapEx stable, which then doing the math coming to our equity free cash flow, which is this 3% up year-on-year.

因此，當這些成為現實時，我們希望將其嵌入到我們的指導中。如果你看一下基本的假設，我們預計 PxQ 基本業務的收入將繼續表現良好，但由於玻利維亞的會計處理，以美元計算的營業額很可能會下降，對嗎？所以這對損益表來說是一個直接的打擊。另一方面，EBITDA 可能會上升。正如我所提到的，資本支出穩定，然後計算出我們的股權自由現金流，年增 3%。

Yes. So, Gustavo, on Colombia, Colombia remains a very competitive market. Quam is still operating and competing. They are also in the process of being recapitalized. There is also an aggressive, I would say, the market is being very aggressive in fixed broadband. So we are having some pressures there.

是的。古斯塔沃，關於哥倫比亞，哥倫比亞仍然是一個競爭非常激烈的市場。華富國際目前仍在運作和競爭。它們也正處於資本重組的過程中。我想說的是，固定寬頻市場正在呈現正面的發展動能。因此我們面臨一些壓力。

But despite this, we are growing very nicely in mobile. In the year, we grew 8%, mainly driven by postpaid. And in home, we are recovering the negative trend, and that will -- and that recovery will end during the half or on the half of this year. So that is in Colombia.

但儘管如此，我們在行動領域仍然發展得很好。今年，我們的成長了 8%，主要得益於後付費業務。在國內，我們正在恢復負面趨勢，而這種復甦將在今年上半年或下半年結束。那是在哥倫比亞。

Congrats on the results once again.

再次恭喜你取得的成績。

Thank you, Gustavo.

謝謝你，古斯塔沃。

Thank you, Gustavo. So next, we received a question via e-mail. And perhaps this is for you, Bart. It's regarding our M&A projects in Colombia and Costa Rica, if we can provide a bit of an update on the regulatory process there and the approvals?

謝謝你，古斯塔沃。接下來，我們透過電子郵件收到了一個問題。也許這是給你的，巴特。這是關於我們在哥倫比亞和哥斯達黎加的併購項目，我們能否提供一些那裡監管流程和批准的最新情況？

Yes. So we announced a few months ago the agreement with Telefonica on term sheets about the acquisition. Subsequently, we did two things. We did a filing for the merger in Colombia. That is progressing well.

是的。因此，我們幾個月前宣布了與西班牙電信公司達成的購買條款協議。隨後我們做了兩件事。我們在哥倫比亞進行了合併申報。進展順利。

There are some questions that come from the regulator that we are addressing. But so far, moving ahead as planned. On the long-form negotiations, the discussions with Telefonica are ongoing and going well. We hope to land this in the coming weeks. And I don't think we will announce this particularly as it doesn't change the progress of the project.

我們正在解決來自監管機構的一些問題。但到目前為止，一切進展順利。在長期談判方面，與西班牙電信的討論正在進行中，並且進展順利。我們希望在未來幾週內實現這一目標。而且我認為我們不會特別宣布這一點，因為這不會改變專案的進度。

We -- at this moment, still expect to have a closing later in this year at the second half of the year. On Costa Rica, nothing really to announce. It follows the regulatory path. We believe at the year-end, around year-end to have regulatory approvals. But this can come a little bit earlier or a little bit later. We're not really in control of that process.

目前，我們仍預計在今年下半年稍後完成交易。關於哥斯達黎加，沒有什麼可宣布的。它遵循監管路徑。我們相信在年底，大約年底的時候將會獲得監管部門的批准。但這可能稍微早一點，也可能稍微晚一點。我們其實並不能控制這個過程。

Okay. Thanks, Bart. So that was the last of our questions. So maybe, Marcelo, I turn it back to you for any closing remarks.

好的。謝謝，巴特。這是我們的最後一個問題。所以，馬塞洛，我把話題轉回給你，請你做最後的總結。

Thank you, Michel. Well, we are very pleased with the results. It's been a transformational year for us. We're very happy. But as I said in the call, that was last year. Now we're working to replicate the same this year. So rest assured that we are very focused on that. So thanks, everybody, for joining the call, and thanks, Michel.

謝謝你，米歇爾。嗯，我們對結果非常滿意。對我們來說這是轉型的一年。我們非常高興。但正如我在電話中所說，那是去年的事了。現在我們正在努力在今年複製同樣的成果。所以請放心，我們非常關注這一點。所以感謝大家參加電話會議，也感謝米歇爾。

Thank you.

謝謝。

Thanks so much.

非常感謝。