Tim SA (TIMB) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to TIM S.A. 2023 Second Quarter Results Conference Call. We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the company's presentation. There will be a replay for this call on the company's website. After TIM S.A.'s remarks are completed, there will be a question-and-answer session for participants. At that time, further restrictions will be given.

早安，女士們、先生們，歡迎參加 TIM S.A. 2023 年第二季業績電話會議。我們謹通知您，該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。該公司網站上將重播本次電話會議。 TIM S.A.發言結束後，將舉行與會人員問答環節。屆時，將給予進一步的限制。

We highlight that statements that may be made regarding the prospects, projections and goals of TIM S.A. constitutes the beliefs and assumptions of the company's Board of executive officers. Future considerations are not performance guarantees. They involve risks, uncertainties and assumptions as they refer to events that may or may not occur. Investors should understand that internal and external factors to TIM S.A. may affect their performance and lead to different results than those planned. Should any participant need assistance during this call, please press #, 0 to reach the operator.

我們強調，有關 TIM S.A. 的前景、預測和目標的聲明構成了公司執行董事會的信念和假設。未來的考慮並非性能保證。它們涉及風險、不確定性和假設，因為它們指的是可能發生或可能不會發生的事件。投資者應了解 TIM S.A. 的內部和外部因素可能會影響其績效並導致結果與計劃不同。如果任何參與者在此通話期間需要協助，請按 #、0 聯絡接線員。

Now I'll turn the conference over to the CEO, Mr. Alberto Griselli, CEO of TIM S.A., and to Ms. Andrea Viegas Chief Financial Officer, to present the main masters for the second quarter of 2023. Please, Mr. Alberto, you may proceed.

現在我將會議交給 TIM S.A. 執行長 Alberto Griselli 先生和財務長 Andrea Viegas 女士，介紹 2023 年第二季的主要情況。

Good morning, everyone, and thanks for attending our conference call. Outstanding achievements and rock solid results marked the second quarter, driven by the sharp execution of our plan. Our top line rose more than 9% year-over-year with EBITDA growing above 17%. This combination led to a margin expansion of more than 300 basis points. Our operating free cash flow grew more than 65% versus the second quarter of 2022 and the net income more than doubled. Strong operational trends were achieved jointly with the aforementioned financial highlights. ARPU, churn and network quality presented their best performances in years.

大家早安，感謝您參加我們的電話會議。在我們計劃的迅速執行的推動下，第二季度取得了出色的成就和堅如磐石的業績。我們的營收年增超過 9%，EBITDA 成長超過 17%。這一組合導致利潤率擴大了 300 多個基點。與 2022 年第二季相比，我們的營運自由現金流成長了 65% 以上，淨利潤增加了一倍以上。強勁的營運趨勢與上述財務亮點共同實現。 ARPU、客戶流失率和網路品質均呈現多年來最好的表現。

On the ESG front, it is worth highlighting that TIM was certified once again, as a great place to work, achieving a favorability of more than 90% with solid improvements versus last year. In this context, we were also recognized as one of the best companies for inclusive work experience. Under the scope of the environmental pillar, we are executing 2 initiatives that impact energy consumption. The first is related to transforming our sources to renewable energy proprietary plans. Under this project, we closed the quarter with 87 plants. The second initiative addresses energy consumption by developing smart public lighting solutions that drastically reduce the usage of electricity by municipalities.

在 ESG 方面，值得強調的是，TIM 再次獲得「優秀工作場所」認證，其好感度超過 90%，與去年相比有了顯著改善。在此背景下，我們也被公認為最具包容性工作經驗的公司之一。在環境支柱的範圍內，我們正在執行兩項影響能源消耗的措施。第一個與將我們的資源轉變為再生能源專有計劃有關。根據該項目，本季我們擁有 87 家工廠。第二項措施透過開發智慧公共照明解決方案來解決能源消耗問題，從而大大減少市政當局的用電量。

The integration of ESG aspects into our business dynamics and how we can promote social impact while developing and selling solutions for our client is a relevant part of our strategy. In TIM Agro, for example, we are taking connectivity to the countryside of Brazil, covering 90,000 rural properties, more than 220 public schools and 65 basic health units. While, in the education vertical of our customer platform strategy, we provided courses to 450,000 people to improve their education or develop their careers. Going forward the details of our business performance, I want to highlight our revenue dynamics.

將 ESG 方面融入我們的業務動態，以及我們如何在為客戶開發和銷售解決方案的同時提升社會影響力，是我們策略的相關部分。例如，在 TIM Agro，我們正在將網路連接到巴西農村，涵蓋 90,000 個農村房產、220 多所公立學校和 65 個基本衛生單位。同時，在我們客戶平台策略的教育垂直領域，我們為 45 萬人提供了課程，以提高他們的教育水平或發展他們的職業生涯。在談到我們的業務表現的細節時，我想強調一下我們的收入動態。

Total service revenues grew 9.5% year-on-year in the second quarter, with a relevant contribution from mobile services that expanded by 9.7%. This performance was driven by inflation recovery and improved customer base dynamics and the scenario of rational competition. ARPU was also positively impacted, reaching an all-time high level of BRL 29.2 per month, growing 13% versus last year. When looking at the mobile segments individually, we saw postpaid revenues growing significantly, up by more than 10% year-over-year with an ARPU, excluding machine-to-machine lines of almost BRL 52. As anticipated, we returned to positive net addition in this quarter after the clean-up and adjustment of former oil customer base.

第二季服務總營收年增9.5%，其中行動服務的相關貢獻成長了9.7%。這一業績是由通膨復甦、客戶群動態改善以及理性競爭的情況所推動的。 ARPU 也受到正面影響，達到每月 29.2 巴西雷亞爾的歷史最高水平，比去年增長 13%。當單獨查看行動細分市場時，我們看到後付費收入顯著增長，ARPU 同比增長超過10%，不包括幾乎52 巴西雷亞爾的機器對機器產品線。恢復為正值另外本季經過對原石油客戶群的清理和調整。

Postpaid churn for the lowest mark in 12 quarters. In prepaid, revenue expanded at a sound pace of close to 12% versus second quarter '22, leading to an ARPU above BRL 14. Following this remarkable mobile performance, we now have the highest mobile ARPU in Brazil in prepaid, postpaid and also blended. Migration and upsales movements grew 28% versus second quarter '22 and are playing an essential role in consolidating our ARPU leadership. To better understand what is behind these results, we need to recover concepts from our 2022 Investor Day. We are developing our value proposition according to 3 pillars: that's tougher, best service and best network. And in all of 3 of them, we are delivering what we promised.

後付費客戶流失率創 12 個季度以來最低。在預付費方面，營收以較2022 年第二季接近12% 的穩健速度成長，導致ARPU 超過14 雷亞爾。最高的移動ARPU 。與 2022 年第二季相比，遷移和升級銷售活動成長了 28%，在鞏固我們的 ARPU 領先地位方面發揮著重要作用。為了更好地理解這些結果背後的原因，我們需要回顧 2022 年投資者日的概念。我們正在根據三大支柱制定我們的價值主張：更強硬、最好的服務和最好的網路。在所有這三個項目中，我們都兌現了我們的承諾。

As probably most of you saw last week, we extended our exclusive partnership with Apple and launched Apple One bundle in our high-end thin black plants. We are the third operator in the world to launch such an initiative and the first and only operator in Latin America. This is a clear evidence of how we play the game of innovation as a core differentiator to deliver the best offer to Brazilian customers. Our journey towards customer experience excellence is long, but we are doing it step by step to achieve the best service.

正如你們大多數人上週看到的那樣，我們延長了與 Apple 的獨家合作夥伴關係，並在我們的高端薄黑色工廠推出了 Apple One 捆綁包。我們是世界上第三家推出此類舉措的營運商，也是拉丁美洲第一家也是唯一一家營運商。這清楚地證明了我們如何將創新作為核心差異化因素，為巴西客戶提供最佳報價。我們追求卓越客戶體驗的旅程很漫長，但我們正在一步一步實現最好的服務。

Results from the Reclame Aqui portal, ProComm Agency and ALATEL point to a significant improvement in all experience metrics. In June, we won the resolution award from the San Paulo Consumer Protection Agency. We are the only Brazilian company to ever achieve such a recognition. What seemed impossible a couple of years ago is now a reality. TIM is providing the best quality on Brazil's largest mobile network. -- and we have the evidence to show OpenSignal awarded us as the #1 operator in consistent quality index, a metric that combines a set of critical indicators to measure natural quality across a variety of common use and demanding applications.

Reclame Aqui 入口網站、ProComm Agency 和 ALAtel 的結果顯示所有體驗指標均顯著改善。六月，我們獲得了聖保羅消費者保護局頒發的解決方案獎。我們是唯一一家獲得此類認可的巴西公司。幾年前看似不可能的事情現在已成為現實。 TIM 在巴西最大的行動網路上提供最佳品質。 -- 我們有證據表明，OpenSignal 在一致品質指數方面將我們評為排名第一的營運商，該指標結合了一組關鍵指標來衡量各種常用和要求較高的應用程式的自然品質。

On top of that, we are also leading in 5G with 40% more sites than the second place. Our value proposition evolution is clear, but the average client must also perceive that and perception change is a marathon where consistency is more important than Sprint. The good news is that the first signs of change are emerging. As I mentioned earlier, in the second quarter, we had the best churn level in years and middle quarter of inflation recovery in certain offers. Also bad debt is historically low, representing 1.8% of our net revenues, and our overall NPLs improved by 4 points versus the first quarter.

除此之外，我們在5G方面也處於領先地位，比第二名多了40%的站點。我們的價值主張演變是明確的，但普通客戶也必須認識到這一點，而觀念的改變是一場馬拉松，其中一致性比衝刺更重要。好消息是，變革的初步跡象正在出現。正如我之前提到的，在第二季度，我們的客戶流失率達到了多年來最好的水平，並且某些報價的通膨在中期有所復甦。此外，壞帳也處於歷史低位，占我們淨收入的 1.8%，我們的整體不良貸款比第一季改善了 4 個百分點。

With this, I wrap up the explanation of mobile performance and that we can now move next to fixed services. In fixed, the growth driver remains in Ultra Fibra with a solid performance, fixed broadband revenues went back to double-digit expansion. Broadband ARPU grew year-over-year for the 18th consecutive quarter, reaching almost BRL 95.

至此，我結束了對行動效能的解釋，我們現在可以轉向固定服務。固定方面，成長動力仍是Ultra Fibra，表現穩健，固定寬頻營收恢復兩位數擴張。寬頻 ARPU 連續第 18 季年成長，達到近 95 雷亞爾。

Our broadband continues to be driven by the successful migration from FTTC to FTTH and accelerated net addition following the geographical expansion to Parana and Santa Catarina state. We closed the quarter with a client base beyond 760,000 connections, adding 38,000 clients in those new regions. We are still fine-tuning the model, but the results are encouraging. Additionally, we are following a similar approach to the one that we use in mobile, staying away from price competition and focusing our differentiators on offer innovation and quality of service. With this in mind, we expanded our portfolio with the new 2 giga speed plan. Until now, we have been successful, but the overall broadband market is still very price oriented.

從 FTTC 到 FTTH 的成功遷移以及向巴拉那州和聖卡塔琳娜州的地理擴張後網路加速成長繼續推動我們的寬頻發展。本季結束時，我們的客戶群連線數超過 76 萬個，在這些新地區增加了 38,000 個客戶。我們仍在對模型進行微調，但結果令人鼓舞。此外，我們遵循與行動領域類似的方法，遠離價格競爭，並將我們的差異化優勢集中在提供創新和服務品質上。考慮到這一點，我們透過新的 2 GB 速度計劃擴展了我們的產品組合。到目前為止，我們已經取得了成功，但整個寬頻市場仍然非常以價格為導向。

I will now pass the floor to Andrea to review the financial results.

我現在請安德里亞審查財務表現。

Thank you, Alberto. Good morning, everyone. As Alberto just explained, the second quarter was very strong across all lines of our results. Our performance continued to be driven by the positive effects of the M&A integration as well as the (inaudible) group. Our OpEx continue to [decelerate] and is now growing below inflation. In addition, during the quarter, our TSA agreement with Oi, which is helping us reduce costs and eliminate some pressure. The combination of strong revenues and solid OpEx dynamics resulted in a double-digit growth of our EBITDA in the quarter.

謝謝你，阿爾貝托。大家早安。正如阿爾貝托剛剛解釋的那樣，第二季我們的所有業績都非常強勁。我們的業績持續受到併購整合以及（聽不清楚）集團的正面影響的推動。我們的營運支出持續[減速]，目前成長率低於通貨膨脹率。此外，在本季度，我們與 Oi 達成了 TSA 協議，這正在幫助我們降低成本並消除一些壓力。強勁的收入和穩健的營運支出動態相結合，導致本季 EBITDA 實現兩位數成長。

We grew more than 17% in a year-over-year basis and suppress BRL 2.9 billion. Our EBITDA margin expanded by 340 basis points in the quarter, and we recorded the highest margin on the record at 50%. It is important to mention that the second quarter was the first one without the negative effects that were impacting the trends of our costs. The TSA costs was eliminated in April, and now we have an apple to apples comparison related to the fiber last mile rental. In terms of our decommissioning program, we are now seeing the benefits following our M&A. We were able to optimize our process during the quarter and have already adjusted the dynamics with our suppliers.

我們年增超過 17%，減少了 29 億雷亞爾。本季我們的 EBITDA 利潤率擴大了 340 個基點，並創下了 50% 的歷史最高利潤率。值得一提的是，第二季是第一個沒有對我們的成本趨勢產生負面影響的季度。 TSA 成本已於 4 月取消，現在我們對光纖最後一哩租賃進行了同類比較。就我們的退役計劃而言，我們現在看到了併購帶來的好處。我們能夠在本季優化我們的流程，並且已經調整了與供應商的動態。

As a result, we are now ready to accelerate the site dismantling -- by the end of the quarter, we have eliminated over 2/3 of the planet sites for the year. Of course, there is a delay between the fiscal decommissioning and seeing its financial impact. However, we have already seen some initial positive effects in the second quarter. We paid BRL 57 million in decommissioning fines, but the pace of increase in our lease cost has been slowing down on a year-on-year comparison and started to decline on a sequential basis. As a result, our EBITDA after lease increased 21% year-over-year. During the disclose of our guidance at the beginning of the year, we explained that we expect the effects from the decommission to pick up in the second half of the year as more sites are eliminated.

因此，我們現在準備加速站點拆除——到本季末，我們已經拆除了全年超過 2/3 的星球站點。當然，從財政退役到看到其財務影響之間存在一個延遲。然而，我們已經在第二季度看到了一些初步的正面影響。我們支付了5700萬雷亞爾的退役罰款，但租賃成本同比增長速度放緩，並開始環比下降。因此，我們的租賃後 EBITDA 年成長 21%。在年初披露我們的指引時，我們解釋說，隨著更多站點被淘汰，我們預計退役的影響將在今年下半年回升。

We are happy with the progress we already made in this project so far. The strong operation and financial performance and to our bottom line, totaling BRL 640 million, which is almost double the amount of what we registered in the second quarter of last year. It's important to remind you that the transitory impacts we addressed in recent quarters are starting to decrease, including less impact on both G&A and financial expenses. We are also seeing less on effect of the monetary adjustments related to the 5G license and a reduction in the tax burden as we resume the distribution of interest on capital.

我們對該項目迄今為止所取得的進展感到滿意。強勁的營運和財務業績以及我們的淨利潤總計 6.4 億雷亞爾，幾乎是我們去年第二季註冊金額的兩倍。重要的是要提醒您，我們在最近幾季解決的暫時影響開始減少，包括對一般管理費用和財務費用的影響減少。隨著我們恢復資本利息分配，我們也看到與 5G 牌照相關的貨幣調整和稅負減輕的效果減弱。

Free cash flow for the second quarter was also strong. Our EBITDA after lease minus CapEx was up 6%, 7%, totaling BRL 1.2 billion. Our cash position also rose by 46% year-over-year, ended the quarter at BRL 3.3 billion. The second quarter allowed us to strengthen our financial position and improve our leverage level. The net debt-to-EBITDA ratio decreased to 1.4x and total net debt, including leases, amounted to BRL 15.3 billion. This sustainable trend leaves us comfortable in a scenario of high interest rates.

第二季的自由現金流也很強勁。租賃後減去資本支出後的 EBITDA 成長了 6%、7%，總計 12 億雷亞爾。我們的現金部位也較去年同期成長 46%，本季末達到 33 億雷亞爾。第二季度使我們能夠加強財務狀況並提高槓桿水平。淨債務與 EBITDA 比率下降至 1.4 倍，包括租賃在內的淨債務總額達 153 億雷亞爾。這種可持續的趨勢讓我們在高利率的情況下感到舒適。

Now I hand the call back to Alberto.

現在我把電話轉回阿爾貝托。

Thank you, Andrea. I'm very pleased with the first half of the year as we were able to achieve so many things. We completed our integration, achieved network leadership, improve customer experience and delivered important milestone in ESG. While posting solid results that put us more than on track to reach our guidance.

謝謝你，安德里亞。我對今年上半年非常滿意，因為我們取得了許多成就。我們完成了整合，取得了網路領先地位，改善了客戶體驗，並在 ESG 方面實現了重要的里程碑。同時發布的可靠結果使我們有望達到我們的指導方針。

Actually, it is fair to see some upside risk to our full year numbers, but this will depend on several factors, some of them we control, but some we don't. That is why our focus on mobile for the coming quarters won't change: execution to capture oil synergies, recover inflation in a more rational and value-based competitive environment while using the other marketing mix tools to differentiate from our competitors, finally, leading 5G deployment to both support positioning and CapEx efficiency. For fixed broadband, we continue using the asset-light model to expand and tuning this approach in new markets while we migrate from FTTC to FTTH.

事實上，我們的全年數據存在一些上行風險是公平的，但這將取決於幾個因素，其中一些因素是我們可以控制的，但其他因素是我們無法控制的。這就是為什麼我們未來幾季對行動的關注不會改變：執行以捕捉石油協同效應，在更理性和基於價值的競爭環境中恢復通貨膨脹，同時使用其他行銷組合工具來區別於我們的競爭對手，最後，領先5G 部署既支援定位又支援資本支出效率。對於固定寬頻，我們在從 FTTC 遷移到 FTTH 的同時，繼續使用輕資產模式在新市場中擴展和調整這種方法。

The second half for the customer platform initiatives will be more exciting. We are accelerating the implementation of the Cartão de Todos Health partnership and new partnership will be launched. Lastly, we will continue to evolve our B2B verticals. We are increasing the penetration of our solution to consolidate our leadership in key verticals while we mature the different business models. And in my comments, I want to thank the World team for the great job done so far. For the second half, we know what the challenges are. We have a clear plan, and we will maintain focus on its execution.

下半年針對客戶平台的措施將更加令人興奮。我們正在加速實施 Cartão de Todos Health 合作夥伴關係，並將啟動新的合作夥伴關係。最後，我們將繼續發展我們的 B2B 垂直領域。我們正在提高解決方案的滲透率，以鞏固我們在關鍵垂直領域的領導地位，同時成熟不同的業務模式。在我的評論中，我要感謝世界團隊迄今為止所做的出色工作。對於下半年，我們知道挑戰是什麼。我們有一個明確的計劃，我們將繼續關注其執行。

Let's now open the floor for questions. Please, operator?

現在讓我們開始提問。請問，接線生？

(Operator Instructions) The first question comes with Marcelo Santos with JPMorgan.

（操作員說明）第一個問題來自摩根大通的馬塞洛·桑托斯。

My first question is regarding the sustainability of margins. You had a very strong margin increase this quarter. If you could please comment how this translates to the next couple of quarters, if there are some effects that should not be sustained or if they are, this is the first question. And the second question is regarding the very low churn in postpaid. Could you please explain what is causing this churn to be so low? What are the main sources of this improvement we are seeing.

我的第一個問題是關於利潤率的可持續性。本季您的利潤率成長非常強勁。如果您可以評論這將如何轉化為接下來的幾個季度，是否有一些影響不應持續或是否持續，這是第一個問題。第二個問題是關於後付費的流失率非常低。您能否解釋一下是什麼原因導致客戶流失率如此低？我們看到這種改善的主要來源是什麼？

We have been discussing for a while, our guidance, whereby we were planning margin expansion because we were assuming in our guidance, EBITDA growing double digits versus revenues growing high single digit. And so everything that is going on with the exception of the Fiscal, we can discuss this a bit, it's organic. So it means that there are a number of things that we're doing on the EBITDA margin to increase the productivity of our resources.

我們已經討論了一段時間我們的指導，我們計劃擴大利潤率，因為我們在指導中假設 EBITDA 增長兩位數，而收入增長高個位數。因此，除了財政之外，我們可以稍微討論一下正在發生的一切，它是有機的。因此，這意味著我們正在 EBITDA 利潤率上採取許多措施來提高我們資源的生產力。

And if you look at this from, let's say, a logical point of view, we have a few levers in place, the first of which is the fact that costs related to oil start to disappear starting the second quarter. Then we have a number of productivity increase related to the to the increased productivity of the oil customer base that we are capturing over time, so the cost to serve them. And third, we have a significant number of initiatives within the company from innovation to business process remodeling and discipline to better allocate our cost base and so increase productivity on the EBITDA level. So we got margin of improvements going forward.

如果你從邏輯的角度來看這個問題，我們有一些槓桿，第一個是與石油相關的成本從第二季開始消失。然後，我們的生產力大幅提高，這與我們隨著時間的推移所捕獲的石油客戶群生產力的提高有關，因此服務他們的成本也隨之提高。第三，我們在公司內部採取了大量舉措，從創新到業務流程重塑和紀律，以更好地分配我們的成本基礎，從而提高 EBITDA 水準的生產力。所以我們未來還有進步的空間。

When you look at the after lease also because the decommissioning process is proceeding a bit ahead of schedule, and this will support further margin expansion on that line also. So all in all, we are quite confident that the profitability can be sustained and expanded. On the low churn on postpaid I think that there are, Marcelo, a number of factors to be taken into account. So generally, this is quite a remarkable achievement because we are getting the lowest churn on postpaid in the quarter of the implementation of our more for more strategy. And generally, this tends to put a bit more, let's say, a bit more pressure on the churn level in the quarter that we executed.

當您查看後租賃時，也因為退役過程提前了一點，這也將支持該生產線的利潤率進一步擴大。總而言之，我們對獲利能力的持續和擴大充滿信心。馬塞洛，關於後付費的低流失率，我認為有很多因素需要考慮。總的來說，這是一項相當了不起的成就，因為在實施「多多多」策略的季度中，我們的後付費客戶流失率最低。一般來說，這往往會對我們執行的季度的客戶流失水準帶來更大的壓力。

If you look, for example, last year, churn level in the second quarter. So I think that there are a number of factors in place here. So the first one is related to the more rational competitive environment and the fact that we adjusted our postpaid offer portfolio in the first quarter before the implementation of the more for more strategy. And the second one is related to the numerous initiatives that we are implementing to increase the quality of service perceived by our customers. So this is a continuous effort and it's going to improve going forward. And it's basically related to the quality of the value proposition that we offer to our customer base that generally tends to increase their lifestyle with us.

例如，如果您查看去年第二季的流失水準。所以我認為這裡有很多因素。所以第一個與更理性的競爭環境有關，以及我們在實施多多多策略之前第一季調整了後付費產品組合。第二個與我們正在實施的眾多措施有關，這些措施旨在提高客戶感知的服務品質。因此，這是一項持續的努力，未來將會不斷改進。這基本上與我們向客戶群提供的價值主張的品質有關，這些客戶群通常傾向於透過我們來提高他們的生活方式。

For example, in this quarter, we just launched the Apple One initiatives. The second set of initiatives is related to the quality of service that we can -- that can fall into the category of customer relations. And there, you've got a number of improvement on ALATEL, Reclame Aqui, Consumer Protection Agency, and so customer starts to perceive that. And the third one is the fact that we are also working quite hard to improve the quality of our network, let's put this way, our technical service. So the fact that we've been awarded in July, the best networks in terms of quality of perceived quality, it's another important initiative. So all these combined tends to increase our ability to retain customers and therefore to reduce churn. And so I don't know if I've been exhaustive in the answer.

例如，在本季度，我們剛剛推出了 Apple One 舉措。第二組措施與我們所能提供的服務品質有關－這可以屬於顧客關係的範疇。在那裡，ALATEL、Reclame Aqui、消費者保護機構得到了許多改進，因此客戶開始意識到這一點。第三個事實是，我們也在非常努力地提高我們的網路質量，讓我們這樣說，我們的技術服務。因此，我們在 7 月被授予「感知品質最佳網路」稱號，這是另一項重要舉措。因此，所有這些結合起來往往會提高我們留住客戶的能力，從而減少客戶流失。所以我不知道我的回答是否詳盡。

The next question comes with Bernardo Guttmann with XP.

下一個問題來自 Bernardo Guttmann 的 XP。

Actually, I have 2 on my side. The first question is related to dividends. If you could provide us an update for our dividend distribution for this year, it seems like you are on track to generate a lot of cash, probably at a faster pace than the guidance provided of BRL 2.3 billion. So I just want to understand if there is room for a potential upside here in terms of dividend distribution. And the second one is related to the tax reform. I would appreciate it if you could make a general comment about the proposal on the discussion for the sector. Thank you.

事實上，我這邊有2個。第一個問題與股利有關。如果您能為我們提供今年股息分配的最新信息，那麼您似乎有望產生大量現金，其速度可能比所提供的 23 億雷亞爾指導值更快。所以我只是想了解在股息分配方面是否有潛在的上升空間。第二個是與個稅改革有關。如果您能對該部門討論的提案發表一般性評論，我將不勝感激。謝謝。

Okay. Bernardo. When it comes to dividends, so we -- just remembering when we met for our guidance earlier this year, we gave a BRL 2.3 billion as the new floor of our shareholder remuneration for 2023 and then a continuous improvement going forward. When you look at the way we are executing the plan, the -- basically, we are trying to improve it. We are improving as matter of fact... are they listening me or the line is?

好的。貝納多.說到股息，我們記得今年稍早召開指導會議時，我們給出了 23 億雷亞爾作為 2023 年股東薪酬的新下限，然後不斷改進。當你看看我們執行計劃的方式時，基本上，我們正​​在努力改進它。事實上，我們正​​在進步……他們是在聽我說話還是線在聽？

Yes.

是的。

Okay. Sorry, because here, this sort of appeared to be went out. And so Bernardo, so when I look at the performance of our plan to date, we see a number of upside risks. Of course, there are still uncertainties related to, for example, the macro environment. But there are a number of things that are going according or better versus our plan. Our focus, our main focus is to increase free cash flow and operating free cash flow margin. And we see upside risk here versus our guidance. So basically, we are now in the process of analyzing the numbers and discussing this among ourselves, but there is a risk of upside review of shareholder remuneration.

好的。抱歉，因為在這裡，這種情況似乎已經消失了。貝納多，當我審視我們計劃迄今為止的表現時，我們看到了許多上行風險。當然，仍然存在宏觀環境等不確定因素。但有很多事情正在按照我們的計劃進行，或者比我們的計劃更好。我們的重點，我們的主要重點是增加自由現金流和經營自由現金流利潤率。與我們的指引相比，我們看到了上行風險。所以基本上，我們現在正在分析數據並在我們之間進行討論，但存在對股東薪酬進行上行審查的風險。

When it comes to the tax reform, I think here, we see this in the -- in the phases that have been discussed in terms of the VAT reform that has been that just passed and it's going to be discussed in the Senate, whereby we see that we need to actually -- Bernardo the big point is here, we need to wait for the actual numbers to take a stance on what the impact is going to be for us. So far, the discussion is going according to what has been anticipated. So there is no surprise, whereby the other component of the tax reform that is related to corporate taxation and dividends, it's a bit further on. So our understanding is that to make a precise goal of what implications are going to be that we are closely monitor as a sector -- we need to wait for the actual tax rate to be defined. This is going to happen probably in the next year. There is a transition period that should be soft for the next couple of years. And -- but I would say that we need to be a bit more to give a final chance on this.

當談到稅收改革時，我認為，我們在剛剛通過的增值稅改革所討論的階段中看到了這一點，並將在參議院進行討論，我們將在其中討論這一點。 —貝爾納多，重點就在這裡，我們需要等待實際數字來就這將對我們產生什麼影響採取立場。到目前為止，討論正在按照預期進行。因此，毫不奇怪的是，與企業稅和股息相關的稅收改革的其他組成部分稍稍進一步。因此，我們的理解是，為了準確地確定我們作為一個部門密切監控的影響，我們需要等待實際稅率的確定。這可能會在明年發生。未來幾年會有一個過渡期，應該會比較溫和。而且——但我想說，我們需要付出更多努力才能在這方面給予最後的機會。

The next question comes with Vitor Tomita with Goldman Sachs.

下一個問題由高盛的 Vitor Tomita 提出。

My first question would be a quick follow-up on Marcelo's earlier question. Looking on costs, looking aside from the end of the TSA should the sales and marketing line, which improved quite a bit this quarter. Should we assume this quarter -- and I know there are tough easier comps versus last year, but should we assume this quarter's level of sales and marketing expenses as a recurring baseline for future quarters? In particular, should we expect marketing activity to pick up in the third quarter relative to the second or a similar level? And a second question from us would be on -- if you could provide an update on how you view the possibility of price readjustments in prepaid or additional price readjustments in postpaid this year following the recent readjustments that you made.

我的第一個問題是對馬塞洛之前問題的快速跟進。就成本而言，除了 TSA 的結束之外，銷售和行銷線也應該在本季度得到很大改善。我們是否應該假設本季——我知道與去年相比，比較更加困難，但我們是否應該假設本季的銷售和行銷費用水準作為未來季度的經常性基準？特別是，我們是否應該預期第三季的行銷活動相對於第二季或類似水準有所回升？我們的第二個問題是——您是否可以提供最新信息，說明您如何看待在最近進行的調整後，今年預付費價格調整或後付費額外價格調整的可能性。

Okay, Vitor. So on the first one, in terms of sales activity, this is pretty much dependent on the number of launches commercial in initiatives that we are running on each quarter. So if you look at, for example, the current quarter, so we just happened to launch a significant campaign with Apple One, which is the exclusive partnership. So you see a number of advertised bank around. You will see some subsidies in our point of sales. So we have, at the moment, a very appealing proposition for our black postpaid plants. And so this is much dependent, therefore, this line of cost on the activities that we are running.

好吧，維托。因此，在第一個方面，就銷售活動而言，這很大程度上取決於我們每季運行的計劃中的商業發布數量。例如，如果你看一下當前季度，我們恰好與 Apple One 推出了一項重要的活動，這是獨家合作夥伴關係。所以你會看到周圍有很多廣告銀行。您會在我們的銷售點看到一些補貼。因此，目前我們對黑色後付費工廠提出了一個非常有吸引力的提議。因此，這在很大程度上取決於我們正在進行的活動的成本線。

So for example, I would expect that this quarter because of the launch of the Apple One campaign is going to be heavier versus the previous quarters where we didn't launch anything, let's say, let's put this way, special. And we've got more special things coming up for the last quarter also. And so I would say that the second half in terms of commercial activities and initiatives is likely to be more, let's say, intensive versus the first half. This is for the first question in terms of marketing and sales expenses. When it comes to the price adjustment topic, I would say the following. So the overall competitive environment is moving versus a value-based, at least what we are doing, competitive dynamics.

舉例來說，我預計，由於 Apple One 活動的推出，本季的活動將會比前幾季更加激烈，前幾季我們沒有推出任何東西，比如說，讓我們這樣說吧，特別的。上個季度我們還將推出更多特別的內容。因此，我想說，下半年的商業活動和措施可能比上半年更密集。這是關於行銷和銷售費用的第一個問題。說到價格調整這個話題，我想說一下。因此，整體競爭環境正在轉向基於價值的競爭動態（至少我們正在做的事情）。

So our approach is always to provide more for more offers and value proposition to our customers. And in the first half, we pretty much concentrated on postpaid, and we are culminating with the Apple One launch. So we make it -- let's say, we deliver more value to our customers and prices are adjusted accordingly. I will say that the bulk of adjustments and fine-tuning of our postpaid offer is completed now. So we did something on the entry prices in the first quarter. We are doing -- we did -- we carried out the more for most strategy in the second quarter.

因此，我們的方法始終是為客戶提供更多優惠和價值主張。上半年，我們幾乎專注於後付費，並且隨著 Apple One 的推出而達到頂峰。所以我們做到了——比方說，我們為客戶提供了更多價值，價格也進行了相應調整。我想說的是，我們的後付費服務的大部分調整和微調現在已經完成。因此，我們在第一季對入場價格做了一些調整。我們正在做——我們確實做了——我們在第二季度對大多數戰略執行了更多的工作。

So the residual opportunities are, let's say, much less impact versus what we did in the first half. And so we are turning our attention into prepaid. And we are going to follow the same approach, whereby we're going to upgrade the value proposition to our customers, and we're going to command some price revision accordingly. So we did this last year, for example, including Amazon Prime and all our recharges. And we are planning something starting this second half as well. So the focus of the second half of the year is going to be more concentrated on prepaid.

因此，可以說，與我們上半年所做的相比，剩餘機會的影響要小得多。因此，我們正在將注意力轉向預付費。我們將遵循相同的方法，即我們將升級對客戶的價值主張，並且我們將相應地要求進行一些價格調整。例如，我們去年就這樣做了，包括亞馬遜 Prime 和我們所有的充值。我們也計劃從下半年開始做一些事情。因此下半年的重點將更集中在預付費領域。

The next question comes with Fred Mendes with Bank of America.

下一個問題來自美國銀行的弗雷德·門德斯。

I have 2 questions here as well. I mean, the first one on the working capital line, we see a major impact in the line of suppliers, BRL 1.3 billion on this quarter. It looks like you paid this amount. So just try -- and when I look at the second Q '22, I do not see these impacts. So just wonder if you took advantage of some type of opportunity in terms of the FX or something in this line, just trying to understand the working capital here. This will be the first one.

我這裡也有兩個問題。我的意思是，第一個是營運資金方面，我們看到供應商方面受到了重大影響，本季達到 13 億雷亞爾。看起來您已經支付了這筆金額。所以只要嘗試一下——當我查看第二個 Q '22 時，我沒有看到這些影響。因此，想知道您是否利用了外匯或這方面的某種機會，只是想了解這裡的營運資金。這將是第一個。

And then on the second one, I think it's more like a question on the strategy. When I look at the ARPU, you already have the highest ARPU in the Street, it looks like one of the highest. And when I look at the net adds, I mean, it has been very in the last 3 months. It's true. But over the last years, it hasn't been as strong. I mean, when I look forward, where should I see most of the growth for TIM for the next, let's say, the next year.

然後關於第二個問題，我認為這更像是一個關於策略的問題。當我查看 ARPU 時，您已經擁有了街上最高的 ARPU，看起來是最高的一個。當我查看淨添加量時，我的意思是，過去 3 個月的淨添加量非常多。這是真的。但在過去的幾年裡，它並沒有那麼強大。我的意思是，當我展望未來時，我應該在下一年（比如說明年）看到 TIM 的大部分成長。

Thank you for the question. Related to the work capital, there are some dynamics that pressure our capital in this first semester, like you mentioned. And the major impact is related to the vendors. And this is related to our seasonality in our business. If you see it past years, happen the same. And we expect the second part of the year, less pressure on this item.

謝謝你的提問。與營運資本相關，正如您所提到的，第一學期有一些動態對我們的資本造成壓力。主要影響與供應商有關。這與我們業務的季節性有關。如果你過去幾年看過這種情況，也會發生同樣的情況。我們預計今年下半年該專案的壓力會較小。

Going onto the Fred, on the second one on the ARPU. So yes, we achieved the ARPU leadership on both prepaid and postpaid. That's true. That's a nice achievement on our side. And when I go forward and I look forward at the revenue dynamic of the sector and of Tim Brazil. Here, what we always said is that we want to grow in a balanced way in terms of customer base growth and ARPU growth. So when it comes to ARPU growth, of course, the main strategy is related to the value-based competition, so providing something more for the customers to be able to command a higher price. And when it goes to the customer base, I think that the answer is a bit difference between postpaid and prepaid.

轉到 Fred，在 ARPU 上排名第二。所以，是的，我們在預付費和後付費方面均實現了 ARPU 領先地位。這是真的。這對我們來說是一個很好的成就。當我繼續前進時，我期待著該行業和蒂姆巴西的收入動態。在這裡，我們一直說的是，我們希望在客戶群成長和ARPU成長方面以平衡的方式成長。因此，當談到 ARPU 成長時，當然，主要策略與基於價值的競爭有關，因此為客戶提供更多東西，以便能夠獲得更高的價格。當談到客戶群時，我認為答案是後付費和預付費之間有一點區別。

So if you look in general at our customer base dynamics on postpaid, you're right, we've been running a number of quarters with negative postpaid additions. And the number has been a bit mixed up by the post-merger integration. And we signaled over the last quarters that in the second quarter, we would come to positive net addition. So this is -- the results of this quarter confirm that we are now in the positive net addition territory.

因此，如果您總體上觀察我們的後付費客戶群動態，您是對的，我們已經連續幾個季度出現了負後付費增量。而且由於合併後的整合，這個數字有點混亂。我們在過去幾季中曾表示，在第二季度，我們將實現正淨成長。所以，本季的結果證實我們現在處於淨增加正值區域。

And we expect to move forward on a positive space for the next quarters. And when you look at the absolute number of net additions, I think that the number that needs to be taken into account is the relative ratio between net additions and customer base because on postpaid, we got the 3 of us, a different customer base. And so when you look at growth, I think that it's better to lose at relative numbers versus our customer bases versus absolute numbers because this put everything into perspective. And this translates into the year-on-year growth and quarter-on-quarter growth.

我們預計未來幾季將取得積極進展。當你查看淨增加的絕對數量時，我認為需要考慮的數字是淨增加和客戶群之間的相對比率，因為在後付費方面，我們有 3 個人，一個不同的客戶群。因此，當你考慮成長時，我認為最好是損失相對數量、客戶群和絕對數量，因為這可以全面地看待一切。這轉化為同比增長和環比增長。

They are both positive for us in this quarter. So on the customer base, we want to grow the customer base for postpaid. And since we have the lowest market share, we think that there is a space to grow there, whereby on a value-based proposition, we intend to increase ARPU, providing better services to our customers. For postpaid, I was mentioning before for Marcelo and Vitor, the exercise has been closed, whereby for prepaid, there might be some additional update for the second half.

它們對本季的我們來說都是正面的。因此，在客戶群方面，我們希望擴大後付費的客戶群。由於我們的市場份額最低，我們認為那裡有成長的空間，根據基於價值的主張，我們打算增加 ARPU，為我們的客戶提供更好的服務。對於後付費，我之前為馬塞洛和維托提到過，演習已經結束，而對於預付費，下半年可能會有一些額外的更新。

So at the end of the day, we've been always running on a mixed growth approach, customer base and ARPU, the all integration sort of made it difficult to read through these dynamics. And I think time from this quarter onwards, you will be able to see again that our top line is going to be driven by both ARPU growth and customer base growth.

因此，歸根究底，我們始終採用混合成長方式、客戶群和 ARPU，所有整合都使得我們很難理解這些動態。我認為從本季度開始，您將能夠再次看到我們的營收將由 ARPU 成長和客戶群成長共同推動。

The next question comes with Leonardo Olmos with UBS.

下一個問題來自瑞銀集團的李奧納多·奧莫斯。

So a couple of questions from my side. First, lease expenses and the decommissioning process. You touched that a little bit before. Can you provide some idea on what should we expect in the second half of '23 and provide some update on the number of towers, -- how is that going? And the second question is regarding the -- basically asking for an update on the agreement with neutral networks, particularly Vital.

我這邊有幾個問題。首先，租賃費用和退役過程。你之前接觸過一點。您能否提供一些關於 23 年下半年我們應該期待什麼的想法，並提供一些有關塔樓數量的最新資訊——進展如何？第二個問題是關於——基本上是要求更新與中立網絡，特別是 Vital 的協議。

Okay. On the lease expenses, I think, Leonardo that we have some upside risk. We are moving ahead of our plan. So as of today, as Andrea was mentioning in her speech, we are at around 70% of the plan already executed. This is going to be a bit less relevant for this year because the number needs to pile up, but it's going to provide us some upside on the entry speed for the following years. And we are likely to provide a better focus on the progress in the next quarter. We are now left with the hardest hour to decommission.

好的。關於租賃費用，我認為萊昂納多認為我們有一些上行風險。我們正在推進我們的計劃。因此，截至今天，正如 Andrea 在演講中提到的那樣，我們已經執行了大約 70% 的計劃。這對今年來說不太重要，因為數量需要不斷增加，但它將為我們接下來幾年的進入速度提供一些好處。我們可能會更好地關注下一季的進展。現在我們面臨著退役最困難的時刻。

So, let's say, the easy part or the easier part because it was not easy. We have decommissioning 1000 towers this year. But basically, we are happy with the results, and we are ahead of schedule. So it's a positive upside risk on this line, more profound in the following years, less on this year because of the piling up of the exercise. But already in this quarter, you can appreciate a positive dynamics, as Andrea was saying. When it comes to the neutral network, we have been -- we carried out a quite successful launch in Parana and Santa Catarina. We are very pleased with the commercial results of our operations. We are now fine-tuning the model at the larger scale.

所以，可以說，簡單的部分或更容易的部分，因為它並不容易。今年我們將退役 1000 座塔。但基本上，我們對結果感到滿意，而且比計劃提前了。因此，這條線存在積極的上行風險，在接下來的幾年中影響更大，而今年由於演習的堆積而減少。但正如安德里亞所說，在本季度，您就可以欣賞到積極的動態。說到中立網絡，我們在巴拉那州和聖卡塔琳娜州進行了相當成功的啟動。我們對我們營運的商業成果非常滿意。我們現在正在更大範圍內對模型進行微調。

The benefit of it is related to the fact that since we don't need to build the network, we can operate in a mobile-like fashion. So our go-to-market is simpler, and this should translate into a better quality of our commercial operations. So at this point in time, we are happy with our speed. We increased our net addition to something like 30,000 per quarter. We are likely to run at the speed in the following quarters, and we are fine-tuning the machine to be able to scale up when the competitive environment is going to be a bit more attractive versus today.

它的好處與這樣一個事實有關：由於我們不需要建立網絡，因此我們可以以類似移動的方式進行操作。因此，我們的市場進入更加簡單，這應該轉化為我們商業營運的更高品質。所以此時此刻，我們對自己的速度感到滿意。我們將每季的淨增數量增加到 30,000 左右。我們可能會在接下來的幾個季度以這樣的速度運行，並且我們正在對機器進行微調，以便能夠在競爭環境比今天更具吸引力時擴大規模。

(Operator Instructions) Ladies and gentlemen, without any more questions, I am returning to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.

（操作員指示） 女士們、先生們，沒有其他問題了，我現在回到阿爾貝托·格里塞利先生的最後發言。阿爾貝托先生，請繼續。

Thank you, everybody. So my closing remarks, considering this exciting World Cup atmosphere, I'm going to play a leader football culture today, half time is over. guys, we need to go back on the fifth to secure about victory in the second half of the game. See you soon. Bye.

謝謝大家。所以我的結束語，考慮到這激動人心的世界盃氛圍，我今天要踢的是領袖足球文化，半場結束了。夥計們，我們需要回到第五局才能確保下半場比賽的勝利。再見。再見。

Thus, we conclude the second quarter of 2023 Conference Call of TIM S.A.. For further information and details of the company, please access our website, tim.com.br/ir. you can disconnect from now on. Thank you once again. Have a good day.

至此，TIM S.A. 2023 年第二季電話會議結束。從現在起您可以斷開連線。再次感謝您。祝你有美好的一天。