Turkcell Iletisim Hizmetleri AS (TKC) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Gaily, your Chorus Call operator. Welcome, and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell First Quarter 2023 Financial Results Conference Call.

女士們，先生們，謝謝你們的支持。我是 Gaily，您的 Chorus Call 接線員。歡迎並感謝您加入 Turkcell 的電話會議和網絡直播，介紹和討論 Turkcell 2023 年第一季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Mr. Ali Yagci, Investor Relations and Corporate Finance Director. Mr. Yagci, you may now proceed.

此時，我想將會議轉交給投資者關係和公司財務總監 Ali Yagci 先生。 Yagci 先生，您現在可以繼續了。

Thank you, Gaily. Hello, everyone. Welcome to Turkcell's First Quarter 2023 Results Call. Today, our CEO, Mr. Murat Erkan; and acting CFO, Mr. Kamil Kalyon, will be delivering a brief presentation on operational and financial results. And afterwards, we will be doing Q&A.

謝謝你，蓋莉。大家好。歡迎來到 Turkcell 的 2023 年第一季度業績電話會議。今天，我們的首席執行官 Murat Erkan 先生；代理首席財務官 Kamil Kalyon 先生將簡要介紹運營和財務業績。之後，我們將進行問答。

Before we start, I would like to kindly remind you to read our safe harbor statement, which is placed at the end of the presentation.

在我們開始之前，我想提醒您閱讀我們的安全港聲明，該聲明位於演示文稿的末尾。

Now I'm handing over to Mr. Erkan.

現在我要交給 Erkan 先生。

Thank you, Ali Yagci. Good morning, and good afternoon, everyone. Thank you for joining us. We have been hearing the event of the recent earthquake, which happened to be one of the worst disaster of our history. We have taken certain actions to make sure people do seamlessly communicate in the region. Turkcell also remains committed to support the local community through projects that aim to increase employment and we will also make our digital channel available for local producers and suppliers.

謝謝你，阿里亞格奇。大家早上好，下午好。感謝您加入我們。我們一直在聽到最近發生的地震事件，這恰好是我們歷史上最嚴重的災難之一。我們已採取某些措施來確保人們在該地區進行無縫溝通。 Turkcell 還致力於通過旨在增加就業的項目支持當地社區，我們還將為當地生產商和供應商提供我們的數字渠道。

Moving on to Q1 highlights. Our revenue growth continued to accelerate from 37% of Q1 2022 and reached to a remarkable 61.5%. Thanks to the expanding subscriber base and increasing ARPU despite the negative impact of the earthquake during the half of the quarters. Excluding the earthquake impact, the growth would have been around 65%.

繼續第一季度的亮點。我們的收入增長從 2022 年第一季度的 37% 繼續加速，達到了驚人的 61.5%。得益於不斷擴大的用戶群和不斷增加的 ARPU，儘管地震在上半個季度帶來了負面影響。排除地震影響，增長率將在 65% 左右。

The strategic focus area, mainly digital business services and techfin segments also supported topline growth with a strong performance. We are happy to see our mobile ARPU growth, which achieved 68%, exceeding the headline inflation as we reap the benefits of sequential price increase, we began at the end of 2021.

戰略重點領域，主要是數字業務服務和技術金融領域，也以強勁的表現支持了營收增長。我們很高興看到我們的移動 ARPU 增長達到 68%，超過了總體通貨膨脹率，因為我們從 2021 年底開始獲得連續價格上漲的好處。

On the profitability side, our EBITDA reached TRY 6.8 billion with a 57% increase. And despite the ongoing inflationary pressure, we achieved a margin of just over 39% in line with our expectation, which accounts for the impact of the disaster on our OpEx. Excluding the earthquake impact, the margin would have been 41%. Last but not least, we recorded a solid net profit of TRY 2.8 million, mainly on the back of the strong operational performance as well as lower FX losses.

在盈利能力方面，我們的 EBITDA 達到 68 億土耳其里拉，增長了 57%。儘管通脹壓力持續存在，但我們的利潤率略高於 39%，符合我們的預期，這說明了災難對我們運營支出的影響。排除地震影響，利潤率為 41%。最後但同樣重要的是，我們錄得 280 萬土耳其里拉的可觀淨利潤，這主要歸功於強勁的運營業績和較低的匯兌損失。

Next slide. Let's take a closer look at our mobile operational performance. As a part of our strategy, we have been focused on attracting premium subscriber which led to a net additional 342,000 postpaid subscribers in Q1, bringing postpaid share to 69%. Prepaid net addition were impacted by lower new subscriber demand in the earthquake region and from the competitive offers as well as higher involuntary churn due to significant tourist arrival in Q3 last year.

下一張幻燈片。讓我們仔細看看我們的移動運營績效。作為我們戰略的一部分，我們一直專注於吸引優質用戶，這導致第一季度淨增加 342,000 名後付費用戶，使後付費份額達到 69%。預付費淨增加受到地震地區新用戶需求下降、競爭性報價以及去年第三季度遊客大量湧入導致非自願流失增加的影響。

While we observed the continuing impact of year-end campaigns in the beginning of the year, the market rationalized after the earthquake and overall, the MNP market contracted in Q1. To support the victims of the earthquake, all operators frozen price actions. We also passed telesales to respect our national [agreement]. We resumed both mobile price adjustments and telesales by April.

雖然我們在年初觀察到年終活動的持續影響，但市場在地震後合理化，總體而言，MNP 市場在第一季度收縮。為支持地震災民，所有運營商都凍結了價格行動。我們還通過電話銷售來尊重我們的國家[協議]。我們在 4 月份之前恢復了移動價格調整和電話銷售。

Despite the impact of the earthquake, blended mobile ARPU growth accelerated to 68% year-on-year. Our pacing to 54% average annual inflation within the quarter. Without the earthquake impact, we shall note that the ARPU growth would have been around 75%.

儘管受到地震的影響，混合移動 ARPU 同比增長加速至 68%。我們在本季度內將年平均通貨膨脹率定為 54%。如果沒有地震影響，我們應該注意到 ARPU 增長將在 75% 左右。

Our mobile churn rate of 1.7% is reasonably below 2% despite a slight increase year-on-year due to the higher prepaid churn. The monthly data usage of 4.5G users have reached 17.4 gigabytes, driven by 88% smartphone penetration, up 1.5 points year-on-year.

我們的移動用戶流失率為 1.7%，合理地低於 2%，儘管由於較高的預付費用戶流失率同比略有上升。受智能手機普及率88%的推動，4.5G用戶每月數據使用量達到17.4GB，同比增長1.5個百分點。

Next slide, please. As expected, the earthquake also had a negative impact on our fixed broadband business. However, we saw a significant demand for our services in March due to location in the impacted area. Our focus on fiber subscriber continued, resulting in a net additional 38,000 fiber subscribers in Q1. Our IPTV platform also saw a net additional 28,000 subscribers in the same period.

請換下一張幻燈片。正如預期的那樣，地震也對我們的固定寬帶業務產生了負面影響。但是，由於位於受災地區，我們在 3 月份看到了對我們服務的大量需求。我們繼續關注光纖用戶，導致第一季度淨增 38,000 名光纖用戶。我們的IPTV平台同期也淨增28,000名用戶。

After the long-rated notable price adjustment in Q4 last year, and due to the earthquake, there were almost no significant price adjustment in the fixed broadband market. However, we introduced uncommitted offering in general which were appreciated by customers. We also saw continued traction in high-speed packages with 44% of new subscribers, opting for 100 megabits or higher packages.

經過去年四季度長時間的大幅調價，加上地震的影響，固網寬帶市場幾乎沒有出現過大幅調價。但是，我們總體上推出了未承諾的產品，受到客戶的讚賞。我們還看到 44% 的新用戶選擇 100 兆位或更高速率的套餐，高速套餐繼續受到關注。

Our annual residential fiber ARPU growth in Q1 slightly decreased to 31% compared to previous quarter, mainly due to the action we have taken for earthquake victims. Excluding this impact, the ARPU growth would have been 36%.

與上一季度相比，我們第一季度的年度住宅光纖 ARPU 增長率略有下降至 31%，這主要是由於我們為地震災民採取的行動。排除這一影響，ARPU 增長將達到 36%。

The slight increase in fixed churn is also triggered by the distraction in the earthquake regions. As we announced previously, our target is to reach 300,000 home passed this year, and we have already exceeded half of that in Q1. We then aim to increase return on investment. We will focus on increasing our take-up rate by addressing potential subscribers in the relevant home-passed areas.

固定流失的輕微增加也是由地震地區的分心引發的。正如我們之前宣布的，我們的目標是今年達到 300,000 戶家庭通過，而我們在第一季度已經超過了一半。然後，我們的目標是提高投資回報率。我們將專注於通過解決相關家庭通過區域的潛在訂戶來提高我們的接受率。

Next slide. And now in the next 2 slides, I will be providing an update on our strategic focus areas. Let's start with the digital services and solutions. In Q1, stand-alone revenue of digital services and solutions grew by 65% year-on-year. This was enabled by digital OTT service revenue rising 72% year-on-year. Our flagship digital OTT services, mainly cloud storage, TV and music streaming platforms were the main pillar software growth on the back of price adjustment and paid user expansion collectively stand-alone paid user number grew 24% year-on-year, reaching 5.2 million despite this decline outreach due to suspension of marketing campaigns after the earthquake.

下一張幻燈片。現在，在接下來的兩張幻燈片中，我將提供有關我們戰略重點領域的最新信息。讓我們從數字服務和解決方案開始。第一季度，數字服務和解決方案的獨立收入同比增長65%。這得益於數字 OTT 服務收入同比增長 72%。我們的旗艦數字 OTT 服務，主要是雲存儲、電視和音樂流媒體平台是在價格調整和付費用戶擴張的支持下軟件增長的主要支柱，整體獨立付費用戶數量同比增長 24%，達到 520 萬儘管由於地震後營銷活動暫停，外展活動有所減少。

Our second focus area, digital business services, addressing digital transformational enterprises, posted a strong growth of 104% year-on-year. The main drivers of growth are system integration projects, data center and cloud business. Exceeding 11% of total DBS revenue, data center and cloud business -- cloud services more than double the top line with strong demand from both local and international clients.

我們的第二個重點領域，數字業務服務，針對數字化轉型企業，實現了 104% 的同比強勁增長。增長的主要驅動力是系統集成項目、數據中心和雲業務。超過星展銀行總收入的 11%，數據中心和雲業務——雲服務是收入的兩倍多，本地和國際客戶的需求強勁。

In this quarter, we gained more than 1,100 new contracts. The backlog from system integration projects reached TRY 2.5 billion, which will contribute to the top line over the upcoming quarters.

本季度，我們獲得了 1,100 多個新合同。系統集成項目的積壓訂單達到 25 億土耳其里拉，這將為未來幾個季度的收入做出貢獻。

Next slide, please. Our third focus area is Techfin. In Q1, Paycell, Turkey's leading payment platform, increased revenue by 79% year-on-year. Almost tripling transaction volume was enabled, thanks to an ongoing shift into digital payments. Pay Later, which is the leading product of the Paycell, maintained its strong revenue trend and double its transaction volume, mainly supported by the transactional payment in Apple and on restores.

請換下一張幻燈片。我們的第三個重點領域是 Techfin。 Q1，土耳其領先的支付平台Paycell收入同比增長79%。由於不斷轉向數字支付，交易量幾乎翻了三倍。 Paycell 的主導產品 Pay Later 保持了強勁的收入趨勢，交易量翻了一番，主要得益於 Apple 的交易支付和恢復。

POS solution transaction in sized rose more than 4x. Given the increased penetration in the physical POS devices in the market and our exclusive role in the joint electric vehicle projects to TOGG's pre-sales project. On the consumer financing side, Financell's revenue grew by 65% on rising interest rates and expanding loan portfolio. Financell's loan portfolio expand 7% year-on-year, mainly reflecting the increased device prices in the market as well as corporate segment initiatives. Due to the diversification in the portfolio as well as action taken after the earthquake, cost of risk increased to 2.7%.

POS 解決方案交易規模增長超過 4 倍。鑑於實體 POS 設備在市場上的滲透率增加以及我們在 TOGG 預售項目的聯合電動汽車項目中的獨家角色。在消費融資方面，Financell 的收入因利率上升和貸款組合擴大而增長了 65%。 Financell 的貸款組合同比增長 7%，主要反映了市場上設備價格的上漲以及企業部門的舉措。由於投資組合的多元化以及地震後採取的行動，風險成本上升至 2.7%。

Next slide, please. Now let's look at the performance of our international subsidiaries. Turkcell International revenue grew by 31% year-on-year in Q1. Excluding the currency impact, the organic growth was 20%. Lifestyle revenue rose 16% year-on-year in its local currency. EBITDA margin expanded by 4 percentage points compared to the last year, reaching 60%. Thanks to higher revenue growth and lower international interconnection expenses.

請換下一張幻燈片。現在讓我們看看我們國際子公司的表現。 Turkcell International 第一季度收入同比增長 31%。排除貨幣影響，有機增長率為 20%。以當地貨幣計算，生活方式收入同比增長 16%。 EBITDA 利潤率與去年相比擴大了 4 個百分點，達到 60%。由於更高的收入增長和更低的國際互連費用。

BeST revenue rose 15% year-on-year in its local currency. EBITDA margin expanded by a remarkable 15 percentage point compared to last year. Thanks to the recently revised MTR rate, which led to lower interconnection expenses.

以當地貨幣計算，BeST 收入同比增長 15%。與去年相比，EBITDA 利潤率顯著提高了 15 個百分點。由於最近修訂的港鐵費率，導致互連費用降低。

Next slide. I would like to say a few words about TOGG, our e-mobility initiative. Our investment in Turkey's electrical vehicle initiative is a solid step towards realizing opportunity in the e-mobility ecosystem. In a promise to deliver Turkey's first smart mobility devices, as you may recall, the omni technology compass had become ready for mass production in October last year. In March, TOGG began prices of its first smart mobility devices and received a strong demand of 9x.

下一張幻燈片。我想簡單介紹一下我們的電動汽車計劃 TOGG。我們對土耳其電動汽車計劃的投資是朝著在電動交通生態系統中實現機遇邁出的堅實一步。您可能還記得，在承諾交付土耳其首款智能移動設備時，omni 技術指南針已於去年 10 月準備好進行大規模生產。 3 月，TOGG 開始對其首款智能移動設備定價，並獲得了 9 倍的強勁需求。

Electric vehicle deliveries started in April. As Turkey's leading payment platform, Paycell provided the payment infrastructure for the process through TOGG's owned app. Paycell managed to process around TRY 11 billion transaction smoothly and it's very first company in the world to achieve such a large transaction volume through a rolled up in a short time.

電動汽車交付於 4 月開始。作為土耳其領先的支付平台，Paycell 通過 TOGG 自有應用程序為該流程提供支付基礎設施。 Paycell 成功地順利處理了大約 110 億土耳其里拉的交易，它是世界上第一家在短時間內通過匯總實現如此大交易量的公司。

In the meantime, TOGG has led the foundational [positive] development and production factor adjacent to its technology compass, together with battery giant Farasis energy. The facility is planned to be completed by 2024.

與此同時，TOGG 與電池巨頭 Farasis energy 一起領導了與其技術指南針相鄰的基礎 [積極] 開發和生產要素。該設施計劃於 2024 年完工。

Now I would like to leave the floor to our acting CFO, Mr. Kamil Kalyon.

現在我想請我們的代理首席財務官 Kamil Kalyon 先生髮言。

Thank you, Murat. Now let's take a closer look into the financials. Group revenues grew by 62% year-on-year, corresponding to an incremental rise of TRY 6.6 billion. This quarter was another period where we saw the results of our dedicated price adjustments resulting in robust ARPU growth. Turkcell Turkey revenues rose 70% in this quarter, thanks to an expanding subscriber base and an ARPU growth that exceeds inflation.

謝謝你，穆拉特。現在讓我們仔細看看財務狀況。集團收入同比增長 62%，相當於增加了 66 億土耳其里拉。本季度是我們看到專用價格調整結果導致 ARPU 強勁增長的另一個時期。 Turkcell Turkey 的收入在本季度增長了 70%，這要歸功於不斷擴大的用戶群和超過通貨膨脹率的 ARPU 增長。

Our digital business services was another revenue driver with its settling performance. The revenue contribution of International segment was limited to TRY 442 million in this quarter, reflecting the easing inflation in our international markets as well as the slowdown in currency depreciation. Segment Sigma added TRY 253 million to the top line on the back of patience tripling, transactional volume and Financell's higher loan portfolio and average interest rates. Improvement of the other segment's contribution on a yearly basis is mainly thanks to a rise in sales from digital channels and higher equipment revenues.

我們的數字業務服務以其穩定的表現成為另一個收入驅動因素。本季度國際部門的收入貢獻僅限於 4.42 億土耳其里拉，反映出我們國際市場的通脹放緩以及貨幣貶值放緩。由於耐心增加三倍、交易量以及 Financell 更高的貸款組合和平均利率，Segment Sigma 的收入增加了 2.53 億土耳其里拉。其他部門的貢獻逐年增加主要是由於數字渠道銷售額的增長和設備收入的增加。

Next slide, please. Now some highlights on EBITDA development. Strong revenue growth has been the key driver of the 57% rise in EBITDA. In this quarter, EBITDA margin contracted by 1.1% year-on-year, declining the interconnection expenses as a percentage of revenues partially compensated the rise in personnel expenses. Please recall that we had made a secondary rise to wait in July last year on top of the January rise following the minimum page increase. Energy expenses had a limited impact on the EBITDA margin as last year's energy price hikes were exceptionally high.

請換下一張幻燈片。現在是 EBITDA 發展的一些亮點。強勁的收入增長一直是 EBITDA 增長 57% 的主要推動力。本季度，EBITDA 利潤率同比下降 1.1%，互連費用佔收入的百分比下降部分抵消了人員費用的增長。請回想一下，我們在去年 7 月進行了第二次上漲，以等待在最小頁數增加後的 1 月上漲之上。能源支出對 EBITDA 利潤率的影響有限，因為去年的能源價格漲幅異常高。

Last, I would like to mention about Turkcell International's profitability. In this quarter, EBITDA margin of the segment improved by 3.8% year-on-year. Lifecell's improving margin performance in Ukraine was joined by BeST in Belarus, thanks to the recently announced MTR change in favor of us.

最後，我想提一下 Turkcell International 的盈利能力。本季度，該部門的 EBITDA 利潤率同比提高 3.8%。得益於最近宣布的有利於我們的 MTR 變化，Lifecell 在烏克蘭的利潤率表現有所改善，BeST 在白俄羅斯也加入了這一行列。

Next slide, please. Let's take a closer look at our CapEx management. As we begin the year, we are implementing a disciplined CapEx plan, which brings our last 12-month CapEx intensity ratio to 20.6%, in line with our guidance. Looking at the CapEx breakdown, mobile and fixed investments each account for 1/3 of the total CapEx. On the mobile CapEx side, our nondiscretionary approach is still intact as evidenced by a single-digit mobile CapEx intensity. Of note, we had to make around TRY 350 million one-off CapEx due to the earthquake.

請換下一張幻燈片。讓我們仔細看看我們的資本支出管理。今年年初，我們正在實施嚴格的資本支出計劃，使我們最近 12 個月的資本支出強度比率達到 20.6%，符合我們的指導。從資本支出細分來看，移動和固定投資各佔資本支出總額的 1/3。在移動資本支出方面，我們的非自由裁量方法仍然完好無損，一位數的移動資本支出強度證明了這一點。值得注意的是，由於地震，我們不得不一次性投入大約 3.5 億土耳其里拉的資本支出。

On the fixed side, having realized 1.5 million fiber home passes in past 2 years, we have decided to slow down the given compelling cost environment. Therefore, this year, we will focus on monetizing these recent home passes. This quarter, we added 160,000 new home passes to our portfolio. We are proceeding with expanding our white space capacity in our data centers. Thanks to modular structure of our existing data centers, we are just adding new modules to meet increasing demand.

在固定方面，在過去 2 年實現了 150 萬個光纖入戶通行證後，我們決定放慢給定的令人信服的成本環境。因此，今年，我們將專注於將這些最近的主場通行證貨幣化。本季度，我們在產品組合中增加了 160,000 張新的家庭通行證。我們正在著手擴大數據中心的空白空間容量。由於我們現有數據中心的模塊化結構，我們只需添加新模塊即可滿足不斷增長的需求。

Next slide, please. At the end of Q1, our gross debt position increased by 4.62 TRY 59 million due to new borrowings and currency depreciation impact of TRY 1.4 billion. Our cash position increased by TRY 1.4 billion to just over TRY 27 billion in Q1. FX movements had TRY 0.5 million positive impact in the cash position. To note, TRY 1.4 billion wireless usage tax payment in Q1 negatively affected our cash position.

請換下一張幻燈片。在第一季度末，由於新借款和 14 億土耳其里拉的貨幣貶值影響，我們的總債務頭寸增加了 4.62 5900 萬土耳其里拉。我們的現金頭寸在第一季度增加了 14 億土耳其里拉，達到略高於 270 億土耳其里拉。外匯變動對現金頭寸產生了 50 萬土耳其里拉的積極影響。需要注意的是，第一季度支付的 14 億土耳其里拉無線使用稅對我們的現金狀況產生了負面影響。

As of first quarter of the year, group net debt was around TRY 23 billion with a 0.9x net leverage. Excluding the Techfin business, this was at 0.8x, in line with the previous quarter. We are far below from our long-term threshold of 1.5x net debt to EBITDA. Of note, 10% depreciation in our currency leads to a 0.1x increase in our net leverage. The majority of our cash continues to remain in hard currencies. Excluding FX swaps, 57% of our cash is in U.S. dollar and 15% in euros. This cash is sufficient to cover our debt service until 2025. The FX debt service is around USD 280 million this year, which we believe is reasonably manageable given our strong cash position and committed long-term credit lines.

截至今年第一季度，集團淨債務約為 230 億土耳其里拉，淨槓桿率為 0.9 倍。不包括 Techfin 業務，這是 0.8 倍，與上一季度持平。我們遠低於 1.5 倍淨債務與 EBITDA 的長期門檻。值得注意的是，我們的貨幣貶值 10% 會導致我們的淨槓桿增加 0.1 倍。我們的大部分現金繼續以硬通貨形式存在。不包括外匯掉期，我們 57% 的現金為美元，15% 為歐元。這筆現金足以支付我們到 2025 年的償債費用。今年的外匯償債額約為 2.8 億美元，鑑於我們強大的現金狀況和承諾的長期信貸額度，我們認為這是合理可控的。

Next slide, please. Lastly, I will go into the management of foreign currency risk in Q1. We have continued to keep majority of our cash in FX and also utilize hedging instruments as part of our prudent financial risk management approach. Looking at the FX position composition, we had USD 1.9 billion equivalent of FX debt on our balance sheet. On the asset side, we had USD 1.4 million equivalent FX cash and a USD 600 million derivative portfolio mainly comprised of proxy hit, name with futures and forwards.

請換下一張幻燈片。最後，我將介紹第一季度的外匯風險管理。我們繼續將大部分現金保留在外匯中，並利用對沖工具作為我們審慎的財務風險管理方法的一部分。從外匯頭寸構成來看，我們的資產負債表上有 19 億美元等值的外匯債務。在資產方面，我們擁有 140 萬美元的等值外匯現金和 6 億美元的衍生品組合，主要包括代理命中、同名期貨和遠期合約。

Overall, we ended up with a short FX position of just USD 21 million, which is within our neutral FX position definition of plus and minus USD 200 million. We may, however, see a higher short FX position from time to time during the rest of the year due to evidence of liquidity as higher costs for hedging as well as a result of 2G license fee of around EUR 140 million.

總體而言，我們最終的外匯空頭頭寸僅為 2100 萬美元，這在我們對正負 2 億美元的外匯頭寸中性定義範圍內。然而，由於流動性證據、對沖成本增加以及約 1.4 億歐元的 2G 許可費，我們可能會在今年剩餘時間不時看到更高的外匯空頭頭寸。

This concludes our presentation, and we can now open the line for questions. Thank you.

我們的演講到此結束，我們現在可以打開提問熱線。謝謝。

(Operator Instructions)

（操作員說明）

The first question is from the line of Kennedy Good Jonathan with JPMorgan.

第一個問題來自摩根大通的 Kennedy Good Jonathan。

Just a quick one on the potential price increases for the rest of the year. When should we expect further price increases on the mobile side? And given now that your mobile ARPU is growing well ahead of inflation, how should we expect price increases to evolve? And then secondly, there was a significant cash outflow in terms of working capital, I think, driven by an increase in your trade receivable balance, can you give us a sense of what drove that and whether that will reverse in the quarters to come?

快速了解今年剩餘時間的潛在價格上漲。我們什麼時候應該期待移動端的價格進一步上漲？鑑於現在您的移動 ARPU 增長遠遠超過通貨膨脹，我們應該如何預期價格上漲會演變？其次，我認為，在您的貿易應收賬款餘額增加的推動下，營運資金出現了大量現金流出，您能否告訴我們是什麼推動了這種情況，以及這種情況是否會在未來幾個季度逆轉？

First of all, thank you very much, Jonathan. Let me take the first question regarding price increase. As you know, we are the leader operator in mobile and our priority in a high inflation environment is to adjust our price in a timely manner. So due to the earthquake in the first quarter, we had temporarily stopped price increase in February and March, but continue with the price adjustment in April. We aim to maintain our price-focused strategy throughout the year. So far, we increased our price almost every quarter and our aim is to keep this behavior.

首先，非常感謝你，喬納森。讓我回答第一個關於價格上漲的問題。如您所知，我們是移動領域的領先運營商，在高通脹環境下，我們的首要任務是及時調整價格。所以由於一季度的地震，我們在二、三月份暫時停止了漲價，但在四月份繼續進行調價。我們的目標是全年保持以價格為中心的策略。到目前為止，我們幾乎每個季度都提高價格，我們的目標是保持這種行為。

And we have successfully implemented this strategy last 2 years. And this -- the accelerating ARPU growth and revenue growth clearly showed this attitude. So despite the negative impact of earthquake on ARPU, mobile ARPU increased 68% annually. So we beat the inflation, which was 54.3%. So if we get rid of the earthquake impact, the ARPU growth would be around 75%. So the strategy clearly works well. So let me give the word to Kamil regarding the outlook of cash outflow.

我們在過去 2 年中成功實施了這一戰略。而這——加速的 ARPU 增長和收入增長清楚地表明了這種態度。因此，儘管地震對 ARPU 有負面影響，但移動 ARPU 每年增長 68%。所以我們戰勝了 54.3% 的通貨膨脹率。因此，如果我們排除地震影響，ARPU 增長將在 75% 左右。所以這個策略顯然運作良好。因此，讓我就現金流出的前景向卡米爾傳達信息。

Thank you, Murat Erkan. As you know, every year, we paid the frequency usage fee in the first quarter, and we will collect it from subscribers throughout the year. We paid TRY 1.4 billion for this in Q1 at the end of February. The first reason was this. The second one, there were some important factors that adversely affected our cash generation to our working capital. One of these bond teams we made to our employees for the previous years. Expansion of Financell's loan portfolio is the second season. And the third one, receivables from our growing EBS business, which are relatively longer term, is the third reason.

謝謝你，穆拉特·埃爾坎。大家知道，每年我們都會在第一季度交納頻率使用費，然後全年向用戶收取。我們在 2 月底的第一季度為此支付了 14 億土耳其里拉。第一個原因是這樣的。第二，有一些重要因素對我們的現金產生對我們的營運資金產生不利影響。我們在前幾年為員工建立的這些債券團隊之一。 Financell 貸款組合的擴張是第二個賽季。第三個原因是我們不斷增長的 EBS 業務的應收賬款，期限相對較長，這是第三個原因。

And I may add to this, due to earthquake, we've stopped collecting some payments from our subscribers for 1.5 months period. Therefore, it also increased our trade receivables for a limited time.

我可以補充一點，由於地震，我們已經停止向訂戶收取部分款項 1.5 個月。因此，它也在有限的時間內增加了我們的貿易應收賬款。

The next question is from the line of (inaudible) with Schroders.

下一個問題來自（聽不清）施羅德。

Hello, can you hear me? You mentioned the position of your credit lines. Can you remind them where they ended the quarter and where they are right now? And also, can you elaborate a little bit on your newly contracted liquidity?

你好，你能聽到我說話嗎？你提到了你的信用額度的位置。您能否提醒他們他們在本季度結束時的位置以及他們現在的位置？另外，您能否詳細說明一下您新簽訂的流動性？

We have some committed. We have a significant amount of committed lines in EKN and CDB side, we do not have any problem about the position of our credit lines.

我們有一些承諾。我們在 EKN 和 CDB 方面有大量承諾額度，我們對信用額度的位置沒有任何問題。

Also, we are trying to add new credit lines to our portfolio this year, around EUR 220 million CDB will end in March 2024. And EKN credit line was around $30 million.

此外，我們今年正試圖在我們的投資組合中增加新的信貸額度，約 2.2 億歐元的 CDB 將於 2024 年 3 月到期。EKN 信貸額度約為 3000 萬美元。

(Operator Instructions)

（操作員說明）

Our next question is from the line of (inaudible) Securities.

我們的下一個問題來自（聽不清）證券。

I just wanted to ask about your CapEx over sales guidance. I think you keep it around 22%, but the first Q performance was much lower. Is it due to the currency effects? I think that most of the CapEx was realized as of the first quarter one-off CapEx. So going forward, could there be a possibility of a lower CapEx over sales for 2023? It would be very helpful if you talk more in detail about your prospects there.

我只是想問問你們關於銷售指導的資本支出。我認為你保持在 22% 左右，但第一個 Q 性能要低得多。是因為匯率影響嗎？我認為大部分資本支出是在第一季度一次性資本支出實現的。那麼展望未來，2023 年的資本支出是否有可能低於銷售額？如果你能更詳細地談談你在那裡的前景，那將非常有幫助。

First of all, historically, and seasonality-wise, Q1 is the lowest CapEx sales ratio quarter. Usually, Q4 is the highest one. So if you look at the existing guidance, we would like to keep our guidance as 22% CapEx sales ratio because some of the CapEx happened in Q1, but there are more to go in the coming quarters. So we would like to keep our CapEx ratio as it is.

首先，從歷史和季節性角度來看，第一季度是資本支出銷售比率最低的季度。通常，Q4 是最高的。因此，如果您查看現有的指導意見，我們希望將我們的指導意見保持在 22% 的資本支出銷售比率，因為一些資本支出發生在第一季度，但未來幾個季度還有更多。因此，我們希望保持我們的資本支出比率不變。

(Operator Instructions)

（操作員說明）

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Turkcell management for any closing comments. Thank you.

女士們，先生們，現在沒有其他問題了。我現在將會議轉交給 Turkcell 管理層徵求任何閉幕意見。謝謝。

Okay. Thanks for joining us. But I think we have one more question. Is that right?

好的。感謝您加入我們。但我想我們還有一個問題。是對的嗎？

Yes, sir. The next question is from the line of Demirtas Cemal with Ata Invest.

是的先生。下一個問題來自 Ata Invest 的 Demirtas Cemal。

Thank you for the presentation and congratulations for a very good result. My question is regarding the donation related to earthquake. You earlier had announced TRY 2.5 billion, how should we elaborate that when are we going to see the impact on your financials? And the other question is about the dividend side and general side by side. Could you give us some indication in those 3 issues?

感謝您的介紹並祝賀您取得了很好的成績。我的問題是關於與地震有關的捐款。您早些時候宣布了 25 億土耳其里拉，我們應該如何詳細說明我們何時才能看到對您財務的影響？另一個問題是關於股息和一般股息的並列。你能給我們一些關於這三個問題的指示嗎？

Thank you, Cermal. First of all, regarding donation, our Board of Directors has decided to contribute up to TRY 3.5 billion to relevant earthquake relief organizations. First of all, we need to present the donation decision to our shareholders vote at the Annual General Meetings. Therefore, it will need to be voted by the shareholder first. Once it is approved at the general assembly, we will determine the timing and payment structure of donation among other mechanics as well.

謝謝你，瑟馬爾。首先，在捐款方面，我們的董事會決定向相關抗震救災組織捐款最多35億土耳其里拉。首先，我們需要在年度股東大會上將捐贈決定提交給我們的股東投票。因此，它需要首先由股東投票。一旦在大會上獲得批准，我們將確定其他機制的捐贈時間和支付結構。

So regarding the AGM and regarding the dividend distribution, I would like to remind you that our dividend policy continues unchanged. As you know, dividend proposal is first made by the Board of Directors and then vote it by the shareholders at the General Assembly. No proposal has been made by the Board of Directors for this year yet. As you may recall from last year, our Board of Directors' dividend proposal was announced together with the General Assembly announcement. Therefore, I don't want to speculate on the potential proposal of the Board of Directors regarding the dividends. Thank you.

因此，關於年度股東大會和股息分配，我想提醒您，我們的股息政策保持不變。如您所知，分紅方案首先由董事會提出，然後由股東大會表決通過。董事會尚未就本年度提出任何建議。您可能還記得去年，我們的董事會分紅提案是與大會公告一起公佈的。因此，我不想推測董事會關於股息的潛在提議。謝謝。

Ladies and gentlemen, there are no further audio questions at this time. I will now turn the conference over to Turkcell management for any closing comments. Thank you.

女士們，先生們，目前沒有進一步的音頻問題。我現在將會議轉交給 Turkcell 管理層徵求任何閉幕意見。謝謝。

Thank you very much for being with us in this Q1 results. We hope to see you in the next one. Thank you very much.

非常感謝您在第一季度的結果中與我們在一起。我們希望在下一次見到你。非常感謝。

Thank you very much. Bye.

非常感謝。再見。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.

女士們，先生們，會議現已結束，你們可以掛斷電話了。感謝您的來電，祝您度過一個愉快的夜晚。