VEON Ltd (VEON) 2022 Q4 法說會逐字稿

Good morning, and good afternoon, ladies and gentlemen, and welcome to VEON's Fourth Quarter and Full Year Results Presentation for the period ended 31 December 2022. Nik Kershaw here, Group Director of Investor Relations. I'm pleased to be joined today by Kaan Terzioglu, our Group CEO; along with our group CFO, Serkan Okandan, and together we'll take you through the results presentation.

女士們先生們，早上好，下午好，歡迎來到 VEON 截至 2022 年 12 月 31 日的第四季度和全年業績演示會。這裡是投資者關係集團總監 Nik Kershaw。我很高興今天有我們的集團首席執行官 Kaan Terzioglu 加入；與我們的集團首席財務官 Serkan Okandan 一起，我們將帶您完成結果演示。

We also have our incoming CFO Joop Brakenhoff with us on the call. Today's presentation will begin with an operational overview of our fourth quarter results from Kaan followed by the financial review from Serkan. We will then hand it back to Kaan to discuss our outlook for the balance of the year. We will ensure that there's time for your questions and we would ask you to submit these through the questions on (inaudible).

我們還有即將上任的首席財務官 Joop Brakenhoff 與我們一起通話。今天的演講將從 Kaan 對我們第四季度業績的運營概述開始，然後是 Serkan 的財務審查。然後我們將把它交還給卡恩，討論我們對今年餘下時間的展望。我們將確保有時間回答您的問題，我們會要求您通過（聽不清）上的問題提交這些問題。

Before getting started, I would like to remind you that we may make forward-looking statements during today's presentation, which involve certain risks and uncertainties. These statements relate in part to the company's anticipated performance and guidance for 2023, future market developments and trends, operational and network development and network investments and the company's ability to realize its targets and commercial and strategic initiatives, including current and future transactions.

在開始之前，我想提醒您，我們在今天的演講中可能會做出前瞻性陳述，這涉及一定的風險和不確定性。這些陳述部分涉及公司 2023 年的預期業績和指導、未來市場發展和趨勢、運營和網絡發展以及網絡投資以及公司實現其目標和商業和戰略計劃的能力，包括當前和未來的交易。

Certain factors may cause actual results to differ materially from those in the forward-looking statements including the risks detailed in the company's annual report on Form 20-F and other recent public filings made by the company with the SEC.

某些因素可能導致實際結果與前瞻性陳述中的結果存在重大差異，包括公司 20-F 表格年度報告和公司最近向美國證券交易委員會提交的其他公開文件中詳述的風險。

The earnings release (inaudible) presentation, each of which include reconciliations of non-IFRS financial measures presented today, can be downloaded from our website. With that, let me hand over to Kaan.

可以從我們的網站下載收益發布（聽不清）演示文稿，其中每個演示文稿都包括今天發布的非 IFRS 財務措施的對賬。有了這個，讓我交給卡恩。

Well said, Nik, thank you. Good morning and good afternoon to all, and welcome to the presentation of our fourth quarter and full year results for 2022. From this announcement onwards, you will see a different view on with our Russia business now classified as asset held for sale and discontinued operations, our group, while smaller in size will not only have a higher growth rate in both financial and operational metrics, but also the sale of Russia will result in the significant deleveraging of the group balance sheet.

說得好，尼克，謝謝你。大家早上好，下午好，歡迎來到我們的 2022 年第四季度和全年業績報告。從本公告開始，您將對我們現在被歸類為持有待售資產和已終止經營的俄羅斯業務有不同的看法，我們的集團雖然規模較小，但不僅在財務和運營指標上都有更高的增長率，而且出售俄羅斯將導致集團資產負債表的顯著去槓桿化。

This comes with significant growth opportunities that we are excited to see, working diligently to meet the demand in our markets. As we will share with you in greater detail over the next hour, our teams delivered 2022 priorities despite various macro and geopolitical challenges.

這帶來了我們很高興看到的重大增長機會，努力工作以滿足我們市場的需求。我們將在接下來的一個小時內與您更詳細地分享，儘管面臨各種宏觀和地緣政治挑戰，我們的團隊仍交付了 2022 年的優先事項。

In the fourth quarter, we have strengthened our position further and accelerated our growth, positioning us as we start 2023. For this, I would like to thank all of our teams and especially our colleagues at Kyivstar in Ukraine for serving our customers with essential connectivity and increasingly relevant digital services. I would also like to thank our leadership team who are joining me on the call today and especially to our group CFO, Serkan Okandan who will pass his CFO duties to our Group Chief Internal Audit and Compliance Officer, Joop Brackenhoff on May 1. Allow me to thank Serkan for a very successful 3 years and continuing to serve VEON in an advisory capacity and cordially welcome Joop to his new position.

在第四季度，我們進一步鞏固了我們的地位並加速了我們的增長，使我們在 2023 年開始時做好了準備。為此，我要感謝我們所有的團隊，尤其是我們在烏克蘭 Kyivstar 的同事，感謝他們為我們的客戶提供必要的連接服務以及越來越相關的數字服務。我還要感謝今天與我一起參加電話會議的領導團隊，特別是我們的集團首席財務官 Serkan Okandan，他將於 5 月 1 日將其首席財務官職責移交給我們的集團首席內部審計和合規官 Joop Brackenhoff。請允許我感謝 Serkan 3 年來非常成功，並繼續以顧問身份為 VEON 服務，並熱烈歡迎 Joop 擔任新職位。

With that, let me turn to review our performance. Let's start with a snapshot of fourth quarter. In the quarter, VEON accelerated local currency revenue and EBITDA growth and continued to gain market share in each of its markets. Our top line growth in local currency for Q4 was 18.6%. This is double the growth rate that we achieved in Q4 '21, excluding Russia.

說到這裡，讓我回顧一下我們的表現。讓我們從第四季度的快照開始。本季度，VEON 加快了當地貨幣收入和 EBITDA 的增長，並繼續在其每個市場中獲得市場份額。我們第四季度以當地貨幣計算的收入增長率為 18.6%。這是我們在 21 年第四季度實現的增長率的兩倍，不包括俄羅斯。

Five of our countries reported a double-digit increase in revenues in local currency and Ukraine revenues grew by 8.7% year-on-year, a strong performance given the unique set of challenges in the country.

我們中的五個國家報告以當地貨幣計算的收入實現了兩位數的增長，烏克蘭的收入同比增長了 8.7%，考慮到該國面臨的一系列獨特挑戰，這是一個強勁的表現。

Service revenues for the group were up by 19.2% year-on-year in local currency. Group EBITDA for Q4 was up 30.1% and the group EBITDA margin was 48.2%, which is 2.9 percentage points higher. In the fourth quarter, year-on-year revenue and EBITDA performance was impacted by several extraordinary nonrecurring items. Excluding these, group total revenue increased by 15.4%, service revenues increased by 15.8% and EBITDA increased by 7.4% year-on-year.

按當地貨幣計算，該集團的服務收入同比增長 19.2%。第四季度集團 EBITDA 增長 30.1%，集團 EBITDA 利潤率為 48.2%，高出 2.9 個百分點。在第四季度，同比收入和 EBITDA 業績受到幾個非常規非經常性項目的影響。剔除這些，集團總收入同比增長15.4%，服務收入增長15.8%，EBITDA同比增長7.4%。

Higher 4G penetration, higher relevance of our digital operating offerings in line with our new 1440 strategy, fair pricing for the true value we deliver and good cost management has enabled us to deliver growth despite macroeconomic headwinds.

更高的 4G 普及率、與我們新的 1440 戰略一致的數字運營產品的更高相關性、我們提供的真實價值的公平定價以及良好的成本管理使我們能夠在宏觀經濟逆風的情況下實現增長。

In Q4, we did not shy away from investments where we saw the growth potential. Group CapEx was $263 million, with continued investment in 4G, most notably in Ukraine, Bangladesh and Uzbekistan. CapEx intensity stood at 22.1%, with a marginal increase of 1.1 percentage points.

在第四季度，我們沒有迴避我們看到增長潛力的投資。集團資本支出為 2.63 億美元，持續投資於 4G，尤其是在烏克蘭、孟加拉國和烏茲別克斯坦。資本支出強度為 22.1%，微升 1.1 個百分點。

As a group, we maintain a healthy cash position. We closed the fourth quarter with total cash of $3 billion, including $2.5 billion at headquarters held in international Tier 1 U.S. and European banks. All local country operations remained largely self-funding.

作為一個整體，我們保持健康的現金狀況。第四季度結束時，我們的現金總額為 30 億美元，其中包括美國和歐洲國際一級銀行總部持有的 25 億美元現金。所有當地國家的業務基本上都是自籌資金的。

Before we dive into the details of our performance, let me recap the development around the sale of our Russian operations. On November 24, we announced that following a competitive process, VEON has entered into an agreement to sell its Russian operations to certain members of the Beeline Russia management team at an enterprise value of approximately $5 billion as of December 2022.

在我們深入探討我們的業績細節之前，讓我回顧一下我們俄羅斯業務出售的發展情況。 11 月 24 日，我們宣布，經過競爭程序，VEON 已達成協議，將其俄羅斯業務出售給 Beeline Russia 管理團隊的某些成員，截至 2022 年 12 月，企業價值約為 50 億美元。

On February 7, the Russian regulators issued its approval of the proposed sale. In line with our previous communications, we anticipate that the remaining closing conditions will be satisfied and the transaction will complete on or before first of June 2023. The removal of the Russian operations from VEON's reported financial and operational performance, reduces the group's revenue and EBITDA in absolute terms. However, without the Russian business, VEON has a healthier balance sheet and is a faster-growing company with greater room for growth in 6 emerging markets.

2 月 7 日，俄羅斯監管機構批准了擬議的出售。根據我們之前的溝通，我們預計剩餘的成交條件將得到滿足，交易將在 2023 年 6 月一日或之前完成。從 VEON 報告的財務和運營業績中刪除俄羅斯業務，減少了集團的收入和 EBITDA絕對而言。不過，剔除俄羅斯業務後，VEON 的資產負債表更健康，是一家增長更快的公司，在 6 個新興市場有更大的增長空間。

VEON's pro forma leverage ratio, including the incremental approximate $1.8 billion of debt extinguishment from the sale of Russia will reduce materially. As we on management, we continue to believe that the proposed sale represents the optimal solution for all stakeholders, including shareholders, employees, creditors, and most importantly, our customers and the group will be well positioned for faster growth with a strong balance sheet after the completion of the transaction.

VEON 的備考槓桿率，包括因出售俄羅斯而增加的約 18 億美元的債務清償，將大幅減少。在我們的管理中，我們仍然相信，擬議的出售代表了所有利益相關者的最佳解決方案，包括股東、員工、債權人，最重要的是，我們的客戶和集團將在之後的強勁資產負債表中處於有利地位，以實現更快的增長交易的完成。

We are also pleased that Beeline Russia will be a sustainable company on a stand-alone basis, continuing to serve its customers with quality services in the future.

我們也很高興 Beeline Russia 將在獨立的基礎上成為一家可持續發展的公司，在未來繼續為客戶提供優質服務。

Now please move on to the details of our operational performance. As of the end of Q4, our operating companies served 157 million customers with 4.2 million more subscribers year-on-year. While expanding the base, we have also increased ARPU across all our markets, ranging from 5% to 22% year-on-year. In 2022, we added 14 million 4G customers and 4G subscribers now account for 54% of our total subscriber base, up 7.5 percentage points from a year earlier.

現在請繼續詳細介紹我們的運營績效。截至第四季度末，我們的運營公司服務了 1.57 億客戶，用戶同比增加 420 萬。在擴大基數的同時，我們還提高了所有市場的 ARPU，同比增長 5% 至 22%。 2022年，我們新增4G用戶1400萬戶，4G用戶佔總用戶數的54%，同比提升7.5個百分點。

Supported by more 4G users in our base and their higher ARPU levels, VEON's underlying data and digital revenues, excluding Ukraine, rose 25% year-on-year in local currency terms. As previously stated, our target 4G penetration level for the book is 70%. The continued investment in 4G is an important enabler of this growth and our digital operator strategy, which I will explain to you on the next slide.

在我們基地更多的 4G 用戶及其更高的 ARPU 水平的支持下，VEON 的基礎數據和數字收入（不包括烏克蘭）按當地貨幣計算同比增長 25%。如前所述，我們本書的目標 4G 普及率是 70%。對 4G 的持續投資是這種增長和我們數字運營商戰略的重要推動力，我將在下一張幻燈片中向您解釋。

In quarter 4, NEON companies continue to successfully execute our Digital Operator 1440 model, leading to market share and [role] share gains in each of our operations. Multiplay subscribers who consume at least one of our digital services on top of 4G data and voice increased 40% year-on-year and reached 28 million.

在第 4 季度，NEON 公司繼續成功執行我們的數字運營商 1440 模型，從而在我們的每項業務中獲得市場份額和 [角色] 份額收益。在 4G 數據和語音基礎上至少使用我們的一項數字服務的多播用戶同比增長 40%，達到 2800 萬。

In the fourth quarter, ARPU of Multiplay customers was 3.6x the ARPU of voice only users, while their churn was just 40% of what we saw with voice only users. With higher ARPU and lower churn, these customers account for 22% of NEON's total subscriber base and delivered 39% of our subscriber revenues.

在第四季度，Multiplay 客戶的 ARPU 是純語音用戶 ARPU 的 3.6 倍，而他們的流失率僅為純語音用戶的 40%。憑藉更高的 ARPU 和更低的流失率，這些客戶佔 NEON 總用戶群的 22%，並為我們的用戶帶來了 39% 的收入。

I'm also happy to note that our digital operator 1440 model, successfully implemented across our operations, was recognized as the best mobile service for connected consumers at Mobile World Congress in Barcelona.

我也很高興地註意到，我們的數字運營商 1440 模型在我們的運營中成功實施，在巴塞羅那舉行的世界移動通信大會上被公認為面向聯網消費者的最佳移動服務。

Now let's look into the performance of our operations, starting with a few of the key financials for each one of them. In the final quarter of 2022, our market -- in our markets, service revenues grew 19.2% year-on-year with a growth range of 15% to 30% in 5 of our countries and almost 9% in Ukraine. This was driven by a larger subscriber base, higher 4G penetration, increased engagement with our digital applications, disciplined inflationary pricing, resulting in higher ARPU and greater share of volumes.

現在讓我們來看看我們的運營績效，從每個運營的一些關鍵財務數據開始。在 2022 年最後一個季度，我們的市場——在我們的市場中，服務收入同比增長 19.2%，其中 5 個國家的增長率為 15% 至 30%，烏克蘭的增長率接近 9%。這是由更大的用戶群、更高的 4G 普及率、更多地參與我們的數字應用程序、嚴格的通脹定價所推動的，從而導致更高的 ARPU 和更大的銷量份額。

On this slide, I want to cover the same metrics but for the full year. In 2022, each of our operations achieved significant growth both in terms of financial performance and operational metrics. You will note that the same 5 operations are double-digit growth companies, not only in the fourth quarter but also for the full year. The growth range is from 12% to 25% for the full year.

在這張幻燈片上，我想涵蓋相同的指標，但涵蓋全年。 2022 年，我們的每項業務在財務業績和運營指標方面均取得了顯著增長。你會注意到，同樣的 5 家公司不僅在第四季度而且全年都是兩位數增長的公司。全年的增長幅度為 12% 至 25%。

The fourth quarter performance in the previous slide is, in fact, an acceleration of growth for all of our operations. Let me explain the one-off impacts on EBITDA, which might have caught your attention. Kyivstar continues to support its employees and the community at large with charitable donations and the staff care program impacting full year EBITDA by almost 1 billion Ukrainian hryvnia. Normalized for these impacts, full year EBITDA would have grown by 1%. Bangladesh EBITDA was negatively impacted by 1.3 billion Taka of minimum tax paid on gross revenue. Normalized for this, Bangladesh EBITDA would have seen 4% year-on-year growth.

上一張幻燈片中的第四季度業績實際上是我們所有業務的增長加速。讓我解釋一下對 EBITDA 的一次性影響，這可能引起了您的注意。 Kyivstar 繼續通過慈善捐款和員工關懷計劃支持其員工和整個社區，影響全年 EBITDA 近 10 億烏克蘭格里夫納。將這些影響標準化後，全年 EBITDA 將增長 1%。孟加拉國的 EBITDA 受到 13 億塔卡的總收入最低稅款的負面影響。為此，孟加拉國的 EBITDA 將實現 4% 的同比增長。

The Kyrgyzstan EBITDA was also impacted by one-off items in 2021. Normalized for this, Beeline in Kyrgyzstan local currency EBITDA would have increased 19% year-on-year.

吉爾吉斯斯坦 EBITDA 也受到 2021 年一次性項目的影響。為此正常化，以吉爾吉斯斯坦本幣計算的 Beeline EBITDA 將同比增長 19%。

Now I want to take you through individual performance for each of our major markets, and we'll start with Ukraine. We have lost 3 colleagues over the last 12 months in Ukraine, and I would like to start by acknowledging their service to our customers. Our team in Ukraine continues to do a tremendous job keeping Ukrainians connected and putting the employees safety first. Nearly 90% of Kyivstar's radio network sites were operational at the end of December.

現在我想帶你了解一下我們每個主要市場的個人表現，我們將從烏克蘭開始。在過去的 12 個月裡，我們在烏克蘭失去了 3 位同事，我想首先感謝他們為我們的客戶提供的服務。我們在烏克蘭的團隊繼續做著出色的工作，使烏克蘭人保持聯繫並將員工安全放在首位。截至 12 月底，Kyivstar 近 90% 的無線電網絡站點都在運行。

In Q4, Kyivstar agreed with international partners to extend roam-like home offers through the end of 2023, keeping Ukraine Kyivstar customers connected to Ukraine. In 2022, 7.3 million unique Kyivstar subscribers benefited from roaming services. We would like to thank all our partners, our competitors and industry associations for their continued support.

在第四季度，Kyivstar 與國際合作夥伴達成協議，將類似漫遊的家庭服務延長至 2023 年底，讓烏克蘭 Kyivstar 客戶與烏克蘭保持聯繫。 2022 年，730 萬獨立 Kyivstar 用戶受益於漫遊服務。我們要感謝我們所有的合作夥伴、競爭對手和行業協會一直以來的支持。

Inside Ukraine, national roaming and infrastructure sharing continued, ensuring maximum coverage for Ukrainians and Kyivstar as the market leader continued to join forces with its competition to serve customers better. I am delighted to see this kind of cooperation in our industry when customers need it the most. With a focus on establishing connectivity and enabling high-quality mobile Internet as likely as possible, Kyivstar continues to invest in 4G infrastructure.

在烏克蘭境內，國家漫遊和基礎設施共享繼續進行，確保烏克蘭人和 Kyivstar 的最大覆蓋範圍，因為市場領導者繼續與競爭對手合作以更好地為客戶服務。我很高興在客戶最需要的時候看到我們行業的這種合作。 Kyivstar 專注於建立連接並儘可能實現高質量的移動互聯網，繼續投資 4G 基礎設施。

Kyivstar 4G customer base grew by 1 million subscribers over the year, and it accounts 53% of our subscriber base now. This allows us to help Ukrainians maintain access to essential services with digital health care, infotainment and education services inside and outside Ukraine.

Kyivstar 4G 用戶群在一年中增加了 100 萬用戶，目前占我們用戶群的 53%。這使我們能夠通過烏克蘭境內外的數字醫療保健、信息娛樂和教育服務，幫助烏克蘭人繼續獲得基本服務。

In August 2022, Kyivstar announced an investment in Helsi Ukraine, the country's largest medical information system and a leading digital health care provider. With 23 million registered users, Helsi enables access to 1,600 public and private medical institutions, 49,000 doctors. Helsi reported nearly 1.6 million appointments booked and conducted through the platform in Q4 only.

2022 年 8 月，Kyivstar 宣布投資烏克蘭最大的醫療信息系統和領先的數字醫療保健提供商 Helsi Ukraine。 Helsi 擁有 2300 萬註冊用戶，可以訪問 1600 家公共和私人醫療機構，49000 名醫生。 Helsi 報告僅在第四季度就通過該平台進行了近 160 萬次預約。

Kyivstar TV, where generated educational content is also available, reached 1.1 million monthly active users end of December. With its connectivity and digital offers, Kyivstar retained its leading Net Promoter Score position with the Net Promoter Score position improving year-on-year in Q4 as well. Kyivstar also delivered another solid results with revenue growth of almost 9% year-on-year. Given the current operating environment, including increased energy tariffs, exceptional costs due to our support to employees, community and charity programs, the change in the profile of our revenues as well, EBITDA was down 7.3%.

Kyivstar TV 也提供生成的教育內容，截至 12 月底每月活躍用戶達到 110 萬。憑藉其連接性和數字產品，Kyivstar 保持了其領先的淨推薦值位置，淨推薦值排名在第四季度也同比有所提高。 Kyivstar 還取得了另一項穩健的業績，收入同比增長近 9%。考慮到當前的經營環境，包括能源關稅增加、由於我們對員工、社區和慈善計劃的支持而產生的額外成本，以及我們收入狀況的變化，EBITDA 下降了 7.3%。

On Slide 13, we will look at our performance in Pakistan where Jazz continues to gain market share, cementing its leadership position. Revenue growth was 24.3% year-on-year, including the positive one-off impact of a favorable decision from the Islamabad High Court on pending litigation allowing us to recognize revenues that were not properly recognized before. Normalized for this net recognition, total revenues were up 13.2% year-on-year and service revenues increased by 14% year-on-year. This was achieved despite the 5 percentage points increase in reporting tax and more than 40% reduction in mobile termination rates and all the other macroeconomic challenges.

在幻燈片 13 上，我們將查看我們在巴基斯坦的表現，Jazz 在那裡繼續獲得市場份額，鞏固其領導地位。收入同比增長 24.3%，其中包括伊斯蘭堡高等法院對未決訴訟作出有利決定的一次性積極影響，使我們能夠確認之前未正確確認的收入。將此淨確認標準化後，總收入同比增長 13.2%，服務收入同比增長 14%。儘管報告稅增加了 5 個百分點，移動終接率降低了 40% 以上，並且面臨所有其他宏觀經濟挑戰，但仍實現了這一目標。

Normalized EBITDA growth was 11.1%, a double-digit performance despite the increases in fuel and electricity, which were higher by around 71% and 53% year-on-year, respectively. The growth of Jazz was driven by a higher number of 4G users, which were up 18% year-on-year, representing 56% of the subscriber base. With a heightened focus on its digital operator strategy, Jazz saw a 41% year-on-year increase in Multiplay customers who now account for 24% of the subscriber base and 44% of subscriber revenues.

標準化 EBITDA 增長率為 11.1%，儘管燃料和電力的增長分別同比增長約 71% 和 53%，但仍是兩位數的表現。 Jazz 的增長受到更多 4G 用戶的推動，4G 用戶數量同比增長 18%，佔用戶群的 56%。由於更加關注其數字運營商戰略，Jazz 的 Multiplay 客戶同比增長了 41%，這些客戶現在佔用戶群的 24% 和用戶收入的 44%。

We continue to link the digital financial services in the country with JazzCash and Mobilink Microfinance Bank. JazzCash reached 16.4 million monthly active users, enabling 2.1 billion transactions in 2022.

我們繼續將國內的數字金融服務與 JazzCash 和 Mobilink 小額信貸銀行聯繫起來。 JazzCash 的月活躍用戶達到 1640 萬，到 2022 年實現了 21 億筆交易。

Mobilink Microfinance Bank, the youngest microfinance bank in Pakistan with the biggest customer base enabled it's 2.4 million clients to raise small business and other loans with a gross loan portfolio of PKR 46 billion. Every single day, we issued 40,000 microfinance loans to customers, which are up to PKR 10,000.

Mobilink Microfinance Bank 是巴基斯坦最年輕的小額信貸銀行，擁有最大的客戶群，使其 240 萬客戶能夠通過 460 億巴基斯坦盧比的總貸款組合籌集小企業和其他貸款。每天，我們都會向客戶發放 40,000 筆小額信貸，最高可達 10,000 巴基斯坦盧比。

For Tamasha, the leading entertainment platform of the country, monthly active users increased 4.3 million. In December, total watch time increased by an impressive 9-fold year-on-year. In February, the key clients with cricket back on small screens, we are back to more than 5 million monthly active users. Commercial users who are also Jazz connectivity users have ARPU levels that are 50% higher than the average Jazz ARPU.

對於國內領先的娛樂平台 Tamasha，月活躍用戶增加了 430 萬。 12 月，總觀看時長同比增長 9 倍，令人印象深刻。 2 月，板球的主要客戶在小屏幕上回歸，我們的月活躍用戶又回到了 500 萬以上。同時也是 Jazz 連接用戶的商業用戶的 ARPU 水平比平均 Jazz ARPU 高 50%。

Turning to Kazakhstan. Beeline Kazakhstan is now in its third year of market share gains, seventh quarter of above 20% top line revenue growth and remains the market leader in Net Promoter Score. 20% growth in total revenues if normalized for a change in accounting rules for revenue recognition of bundles would be actually 24.5% year-on-year with a service revenue growth of 25.3%. Adjusting for one-offs, Beeline Kazakhstan EBITDA grew by 17.3%.

轉向哈薩克斯坦。 Beeline 哈薩克斯坦現在已進入市場份額增長的第三個年頭，第七季度收入增長超過 20%，並且仍然是淨推薦值的市場領導者。如果針對捆綁收入確認會計規則的變化進行標準化，則總收入增長 20% 實際上同比增長 24.5%，服務收入增長 25.3%。經一次性調整後，Beeline 哈薩克斯坦 EBITDA 增長了 17.3%。

With 69% penetration of 4G users in its customer base, Kazakhstan is now almost at our target of 70% penetration. In Q4, growth in data and digital revenue was up 25.3%, driven by the high usage of digital applications and increase in the number of multiplay users. BeeTV entertainment platform reached 860,000 monthly active users with 61% growth year-on-year. It is available both on mobile devices and also as an IPTV offering in large and small screens.

憑藉 4G 用戶在其客戶群中 69% 的滲透率，哈薩克斯坦現在幾乎達到了我們 70% 滲透率的目標。在第四季度，數據和數字收入增長了 25.3%，這得益於數字應用的高使用率和多人遊戲用戶數量的增加。 BeeTV娛樂平台月活躍用戶達86萬，同比增長61%。它既可以在移動設備上使用，也可以作為大屏幕和小屏幕的 IPTV 提供。

Beeline Kazakhstan's digital first sub-brand Izi, reached 380,000 monthly-active users up by 6x year-on-year. 160,000 Izi customers are also subscribers of connectivity services with the (inaudible) or [admission]. Digital Services, [superpowers], as they are known in Kazakhstan to our customers, supported the ARPU growth of 10.7% year-on-year.

Beeline 哈薩克斯坦的數字第一子品牌 Izi，達到 380,000 月活躍用戶，同比增長 6 倍。 160,000 名 Izi 客戶也是具有（聽不清）或 [admission] 連接服務的訂戶。數字服務，[超級大國]，正如我們的客戶在哈薩克斯坦所熟知的那樣，支持了 ARPU 同比增長 10.7%。

Moving on to Bangladesh. Banglalink reported its third consecutive quarter of double-digit year-on-year growth at 16.9% in Q4 with the top line performance, which has accelerated throughout the year to 19% in December. With accelerated nationwide network investment, Banglalink continues to gain both revenue and subscriber market share. We expect this to continue in 2023 as we surpass 40 million customers benchmark.

繼續前往孟加拉國。 Banglalink 報告稱其第四季度連續第三個季度實現兩位數的同比增長，達到 16.9%，其營收表現在全年加速增長，12 月達到 19%。隨著全國網絡投資的加速，Banglalink 繼續獲得收入和用戶市場份額。隨著我們超過 4000 萬客戶基準，我們預計這種情況將在 2023 年繼續。

In the fourth quarter, revenue market share increased by 1.4 percentage points year-on-year, and revenue growth was twice as fast as the overall market. Banglalink took nearly 50% share of new subscribers and became the Net Promoter Score market leader in Q4 2022. The 4G subscriber base was up 34% year-on-year, reaching 16.1 million. Over the past 2 years, 4G penetration has nearly doubled from 24% to 43%.

四季度營收市場份額同比提升1.4個百分點，營收增速是整體市場的兩倍。 Banglalink 佔據了近 50% 的新用戶份額，並在 2022 年第四季度成為淨推薦值市場領導者。4G 用戶基數同比增長 34%，達到 1610 萬。在過去兩年中，4G 普及率幾乎翻了一番，從 24% 增至 43%。

Toffee is the #1 video platform in Bangladesh. In the fourth quarter, over 25 million users watched the World Cup on Toffee. It closed the quarter with 21.2 million monthly active users, a 3.3-fold growth year-on-year and with higher levels of engagement as the average daily active users increased by 5-folds year-on-year.

Toffee 是孟加拉國排名第一的視頻平台。第四季度，超過2500萬用戶在太妃糖上觀看了世界杯。它在本季度結束時擁有 2120 萬月活躍用戶，同比增長 3.3 倍，並且由於平均每日活躍用戶同比增長 5 倍，參與度更高。

Actually, every time Brazil or Argentina played in the World Cup, we reached more than 10 million concurrent users, supported by Edge services scale at Google Cloud, allowing us to monetize the advertising space on our platform.

實際上，每次巴西或阿根廷參加世界杯時，我們都會有超過 1000 萬並髮用戶，在 Google Cloud 的邊緣服務規模的支持下，我們可以通過平台上的廣告空間獲利。

70% of Toffee customers are not yet telecom consumers of Banglalink. New costs associated with nationwide 4G network rollouts and acquisition of new customers and with the minimum tax on gross revenue paid in Q4, EBITDA decreased 9.7% in Q4. In 2023, February year-to-date EBITDA is up 8.8%, which demonstrates the underlying trends.

70% 的 Toffee 客戶還不是 Banglalink 的電信消費者。與全國 4G 網絡推出和獲取新客戶相關的新成本以及第四季度支付的最低總收入稅，第四季度 EBITDA 下降了 9.7%。 2023 年 2 月至今的 EBITDA 增長了 8.8%，這表明了潛在趨勢。

Uzbekistan. Beeline Uzbekistan reported record high top line growth of 30% year-on-year in Q4 which is also its fourth consecutive quarter of growth above 20%. EBITDA increased 14.4%. With these results, Beeline Uzbekistan sustained its leading position in subscriber market share, gaining 1.9 percentage points of subscriber market share year-on-year. And Beeline continues to be the market leader in terms of Net Promoter Score in December 2022.

烏茲別克斯坦。 Beeline Uzbekistan 報告稱，第四季度收入同比增長 30%，創歷史新高，這也是其連續第四個季度增長超過 20%。 EBITDA 增長 14.4%。憑藉這些成績，Beeline Uzbekistan 繼續保持其在用戶市場份額方面的領先地位，用戶市場份額同比增長 1.9 個百分點。就 2022 年 12 月的淨推薦值而言，Beeline 繼續保持市場領先地位。

4G subscribers reached 5.5 million supported by the continued 4G rollouts and attractive digital operator offers. This represents 4G penetration of 66%, a 5 percentage point increase year-on-year. We are happy to see an 8.7% year-on-year increase in ARPU and a 42% year-on-year growth in data and digital revenues.

在 4G 持續推出和有吸引力的數字運營商優惠的支持下，4G 用戶達到 550 萬。這意味著 4G 普及率達到 66%，同比增長 5 個百分點。我們很高興看到 ARPU 同比增長 8.7%，數據和數字收入同比增長 42%。

Now let's take a look to some of our digital products in greater detail. Digital operator 1440 stands for being highly relevant to customers and the (inaudible) of the day. Our digital applications drive this engagement.

現在讓我們更詳細地了解一下我們的一些數字產品。數字運營商 1440 代表與客戶和當今（聽不清）高度相關。我們的數字應用程序推動了這種參與。

On the fintech side, JazzCash is the #1 fintech service in Pakistan, serving 16.4 million customers, partnering with 186,000 merchants up 42% year-on-year. The total number of transactions processed by JazzCash in 2022 reached 2.1 billion, 22% higher year-on-year. Gross transaction value for the last 12 months was close to PKR 4.2 trillion with 31% year-on-year growth. This transaction volume represents approximately 7% of Pakistan's GDP.

在金融科技方面，JazzCash 是巴基斯坦排名第一的金融科技服務，為 1640 萬客戶提供服務，與 186,000 家商家合作，同比增長 42%。 2022 年 JazzCash 處理的交易總數達到 21 億筆，同比增長 22%。過去 12 個月的總交易額接近 4.2 萬億巴基斯坦盧比，同比增長 31%。這一交易量約佔巴基斯坦 GDP 的 7%。

Jazz, JazzCash and Mobilink Microfinance Bank provides the best experience in digital banking from member loans to payments, debit card management to working services. From SME loans to QR-based collection systems.

Jazz、JazzCash 和 Mobilink Microfinance Bank 提供從會員貸款到支付、借記卡管理到工作服務的最佳數字銀行體驗。從中小企業貸款到基於二維碼的收款系統。

Beeline Kazakhstan, Simply, a digital-only neobank has 246,000 users in December 2022 and the total value of transactions lead to KZT 167 billion. Customers are enjoying the benefits of domestic and international and relicenses leads to their mobile phone numbers, overdraft offers in (inaudible) campaigns and payments for their online purchases. In 2022, Simply was named the best fintech app by [Liza] International in Kazakhstan.

Beeline 哈薩克斯坦，簡而言之，一家純數字新銀行在 2022 年 12 月擁有 246,000 名用戶，交易總額達到 1670 億堅戈。客戶正在享受國內和國際的好處，重新許可會導致他們的手機號碼、（聽不清）活動中的透支優惠以及在線購買的付款。 2022 年，Simply 被哈薩克斯坦 [Liza] International 評為最佳金融科技應用。

I have already expanded on our leadership in mobile entertainment, most notably in Pakistan with Tamasha and with Toffee in Bangladesh and with BeeTV in Kazakhstan. Let me pause here and hand the call over to Serkan to discuss our 2022 financial results in more detail. Serkan?

我已經擴大了我們在移動娛樂領域的領導地位，最引人注目的是在巴基斯坦與孟加拉國的 Tamasha 和 Toffee 以及哈薩克斯坦的 BeeTV。讓我在這裡暫停一下，將電話轉交給 Serkan，更詳細地討論我們 2022 年的財務業績。塞爾坎？

Thanks, Kaan. Good morning and good afternoon to all participants. On the following slides, I will elaborate on the financial highlights for our full year results in more detail. As Kaan mentioned already, the classification of the Russian operations as assets held for sale, and discontinued operations and we also reported financial performance, reduces the gross reported revenue and EBITDA in absolute terms.

謝謝，卡恩。各位與會者早上好，下午好。在接下來的幻燈片中，我將更詳細地闡述我們全年業績的財務亮點。正如 Kaan 已經提到的，將俄羅斯業務分類為持有待售資產、終止業務以及我們還報告了財務業績，從絕對意義上減少了報告總收入和 EBITDA。

For the full year 2022 we reported double-digit local currency growth in both revenues and EBITDA. Local currency service revenues were up 13.9% year-over-year, and local currency EBITDA was up by 12.6% year-over-year. For the full year CapEx was -- sorry, for the full year, CapEx was USD 823 million, up by 2.9% year-over-year. The higher reported EBITDA and stable CapEx compared to last year resulted in a [USD 746 million] unlevered free cash flow, whereas the FCF for the year was $142 million.

對於 2022 年全年，我們報告了收入和 EBITDA 的兩位數本地貨幣增長。本幣服務收入同比增長 13.9%，本幣 EBITDA 同比增長 12.6%。全年資本支出——抱歉，全年資本支出為 8.23 億美元，同比增長 2.9%。與去年相比，更高的報告 EBITDA 和穩定的資本支出導致 [7.46 億美元] 無槓桿自由現金流，而當年的 FCF 為 1.42 億美元。

Moving first to revenue on Slide 20. In 2022, we saw solid revenue performance across all of our markets. Kazakhstan, Uzbekistan, Kyrgyzstan, Bangladesh and Pakistan, all stood out with double-digit growth.

首先來看幻燈片 20 上的收入。2022 年，我們在所有市場上都看到了穩健的收入表現。哈薩克斯坦、烏茲別克斯坦、吉爾吉斯斯坦、孟加拉國和巴基斯坦均以兩位數的增長脫穎而出。

In Ukraine, we achieved 8.2% year-over-year revenue growth despite the challenging operating environment. This is a testament to our (inaudible). In Pakistan, revenues were up by 14.3% year-over-year. This strong revenue growth in Pakistan comes despite the negative impacts of changes in taxation legislation and the reduction in mobile termination rates. Pakistan revenues were positively impacted by a favorable decision from the Islamabad High Court on a pending litigation as a result of which a related provision on revenue and EBITDA was reversed.

在烏克蘭，儘管運營環境充滿挑戰，我們的收入仍實現了 8.2% 的同比增長。這是對我們（聽不清）的證明。在巴基斯坦，收入同比增長 14.3%。儘管稅收立法的變化和移動終端費率的降低帶來了負面影響，但巴基斯坦的收入仍實現了強勁增長。巴基斯坦的收入受到伊斯蘭堡高等法院對未決訴訟的有利決定的積極影響，因此與收入和 EBITDA 相關的準備金被撤銷。

The overall revenue performance for the year was supported by strong 4G adoption, a continued increase in usage of our digital services and various pricing initiatives. This strong performance has continued into 2023 with year-to-date February local currency revenues up by 15.2% year-over-year.

強勁的 4G 採用率、我們數字服務使用率的持續增長以及各種定價舉措為本年度的整體收入表現提供了支持。這種強勁表現一直持續到 2023 年，年初至今的 2 月當地貨幣收入同比增長 15.2%。

We also saw good momentum across most of our markets in terms of underlying EBITDA, which I will cover on the next slide.

在基本 EBITDA 方面，我們也看到了我們大多數市場的良好勢頭，我將在下一張幻燈片中介紹這一點。

Moving on to Slide 21, which looks at our EBITDA performance in greater detail. Local currency EBITDA was up by 12.6% year-over-year, which is a strong result considering the headwinds we faced in 2022. Although this was impacted by a number of one-offs which Kaan has already covered in his section, the underlying performance remains strong. And adjusting for these one-offs, normalized local currency EBITDA would be up by 6.7% year-over-year, which is still a very solid result.

轉到幻燈片 21，它更詳細地介紹了我們的 EBITDA 表現。本幣 EBITDA 同比增長 12.6%，考慮到我們在 2022 年面臨的逆風，這是一個很好的結果。儘管這受到卡恩在他的部分中已經提到的一些一次性因素的影響，但基本表現依然堅強。調整這些一次性因素後，標準化本幣 EBITDA 將同比增長 6.7%，這仍然是一個非常穩健的結果。

Energy costs increased across the group by around 30% year-over-year, which is a significant increase for this expense line negatively impacting the EBITDA margin. We remain focused on implementing some cost efficiency measures across the group.

整個集團的能源成本同比增長約 30%，這對該支出項目來說是一個顯著增長，對 EBITDA 利潤率產生了負面影響。我們仍然專注於在整個集團內實施一些成本效益措施。

Project Optimum delivered a $95 million savings in '22 with cost intensity improving by 2.5 percentage points year-over-year in local currency. This strong operational performance has also continued in '23 and year-to-date February, local currency EBITDA was up by 11.8% year-over-year.

Project Optimum 在 22 年節省了 9500 萬美元，成本強度按當地貨幣計算同比降低 2.5 個百分點。這種強勁的運營業績在 2023 年和今年 2 月也持續存在，本幣 EBITDA 同比增長 11.8%。

Turning now to Slide 22. I will cover some important balance sheet metrics. Our total cash provision stands at $3 billion and $2.5 billion held at the headquarters level. This is held in both U.S. dollars and euros and highlights the group's continued strong liquidity position. The material decrease in gross debt and net debt was largely attributed to the classification of Russian operations as assets held for sale as well as to the quarter-over-quarter depreciation of the Russian ruble against U.S. dollars, resulting in lower reported currency level of bank loans denominated in rubles.

現在轉到幻燈片 22。我將介紹一些重要的資產負債表指標。我們的現金撥備總額為 30 億美元，總部一級持有 25 億美元。這是以美元和歐元持有的，凸顯了該集團持續強勁的流動性狀況。總債務和淨債務的大幅下降主要歸因於將俄羅斯業務分類為持有待售資產以及俄羅斯盧布對美元的季度環比貶值，導致報告的銀行貨幣水平較低以盧布計價的貸款。

As we have reported, the Scheme of Arrangement was approved by the U.K. courts and an amendment to the notes will become effective upon receipt of the license -- of final licenses. We expect to receive all these licenses very shortly.

正如我們所報導的那樣，協議安排已獲得英國法院的批准，對票據的修訂將在收到最終許可後生效。我們希望很快收到所有這些許可證。

Moving now to Slide 23, which shows our debt and liquidity positions in more detail. As I said earlier, the significant decrease in debt was primarily impacted by classification of Russian operations that held for sale. Our gross debt including leases, decreased to $7.5 billion with a total cash position of $3 billion. As I previously mentioned, $2.5 million of total cash is at the HQ level.

現在轉到幻燈片 23，它更詳細地顯示了我們的債務和流動性頭寸。正如我之前所說，債務的大幅減少主要受到持有待售的俄羅斯業務分類的影響。我們的總債務（包括租賃）減少到 75 億美元，總現金頭寸為 30 億美元。正如我之前提到的，總現金中有 250 萬美元在總部層面。

While we are aware of the negative implications of carrying such a large cash balance, we believe this is reasonable and justified considering the current situation in the market. Our net debt currency stands at $3.7 billion, excluding leases, plus $800 million in capitalized business.

雖然我們知道持有如此大量現金餘額的負面影響，但考慮到目前的市場情況，我們認為這是合理且合理的。我們的淨債務貨幣為 37 億美元，不包括租賃，外加 8 億美元的資本化業務。

Moving on now to Slide 24 which summarizes the debt and liquidity of our operations in Russia. At the end of the year 2022, the business recorded gross debt of $3.2 billion. The sale of Russia is expected to be concluded at an enterprise value of around $5 billion based on 31st December ForEx rates.

現在轉到幻燈片 24，它總結了我們在俄羅斯業務的債務和流動性。到 2022 年底，該公司的總債務為 32 億美元。根據 12 月 31 日的外匯匯率，俄羅斯的出售預計將以約 50 億美元的企業價值完成。

Moving to Slide 25. Here we outline the group's debt maturity. As we can see from this chart, we have a favorable maturity schedule for the near term with $1.4 billion of debt maturing in December 2023. Meanwhile, the RCF can be rolled each period until final maturities in '24 and '25. You may also see on the left-hand side of the slide, our current cash position of $3 billion.

轉到幻燈片 25。這裡我們概述了該集團的債務期限。正如我們從這張圖表中看到的那樣，我們有一個有利的短期到期時間表，14 億美元的債務將於 2023 年 12 月到期。同時，RCF 可以在每個時期滾動，直到 24 年和 25 年最終到期。您還可以在幻燈片的左側看到我們當前的現金頭寸為 30 億美元。

Implementation of the scheme of arrangement regarding '23 bonds, the maturities on $1.2 billion VEON holding's bonds will be extended from February and April '23, to October and December '23 once all the relevant licenses are obtained.

實施'23債券安排計劃，一旦獲得所有相關許可證，VEON Holdings 12億美元債券的到期日將從23年2月和4月延長至23年10月和12月。

I would also note once again that we continue to meet all our legal obligations for all interest and principal payments due on our debt in a timely manner. Let me now hand the end back over to Kaan for '23 guidance and closing remarks.

我還要再次指出，我們將繼續履行我們所有的法律義務，及時支付我們債務的所有利息和本金。現在讓我將結尾交還給 Kaan，以獲得 23 年的指導和結束語。

Thank you, Serkan. Let me give a quick recap of our guidance for 2023. Our 2023 local currency guidance for both revenue and EBITDA is 10% to 14% growth. VEON's 2023 outlook for the group CapEx intensity will be in the range of 18% to 20%. With our February to-date results ending at 15.2% year-on-year for revenue and 11.8% of EBITDA, we have an encouraging start to the year.

謝謝你，塞爾坎。讓我快速回顧一下我們對 2023 年的指導。我們 2023 年的收入和 EBITDA 本地貨幣指導是增長 10% 到 14%。 VEON 2023 年集團資本支出強度的前景將在 18% 至 20% 之間。我們 2 月至今的結果是收入同比增長 15.2%，EBITDA 為 11.8%，今年開局令人鼓舞。

With this, we are returning to provide guidance, and I'm pleased to note that this guidance is in line with the growth ambitions we have stated in our Capital Markets Day back in December 2021. In other words, we are picking up where we have left off.

有了這個，我們將返回提供指導，我很高興地註意到，該指導符合我們在 2021 年 12 月資本市場日宣布的增長目標。換句話說，我們正在恢復我們的目標已經離開了。

Let me also talk about our achievements of 2022 priorities and where we stand. Last year, we talked about our priorities as protecting our people and supporting our employees, and this was our #1 priority and continues to be so. Connectivity is a fundamental in humanitarian needs and we are providers of an essential service. We operated with this awareness in 2022 and this service continuity will remain to be a top priority in '23.

我還要談談我們在 2022 年優先事項方面取得的成就以及我們的立場。去年，我們談到了我們的優先事項是保護我們的員工和支持我們的員工，這是我們的第一要務，並將繼續如此。連通性是人道主義需求的基礎，我們是基本服務的提供者。我們在 2022 年以這種意識運營，這種服務連續性仍將是 23 年的重中之重。

Throughout this challenging year, we're protecting the good standing of our company, maintaining appropriate liquidity and capital structures have been a top priority, and I'm happy to say that we have successfully delivered on this. We promise to continue to drive growth with 4G and digital operator focus and have ended the year delivering on these promises as we elaborated in greater detail earlier on this call.

在這個充滿挑戰的一年裡，我們一直在保護公司的良好信譽，保持適當的流動性和資本結構是重中之重，我很高興地說我們已經成功地做到了這一點。我們承諾將繼續以 4G 和數字運營商為重點推動增長，並在今年結束時兌現了這些承諾，正如我們在本次電話會議早些時候更詳細地闡述的那樣。

In 2022, maintaining a disciplined approach to our portfolio is a must. We concentrated in larger markets conducive to digital operator value generation and have successfully divested Algeria and Georgia operations.

到 2022 年，必須對我們的投資組合保持嚴謹的態度。我們專注於有利於數字運營商價值創造的更大市場，並成功剝離了阿爾及利亞和格魯吉亞的業務。

Now, moving on to 2023. Let me set our priorities for this year as well. One, concluding the sale of Russia business as an optimal solution for all stakeholders remains to be a top priority for our team over the next few months. Two, we will continue to focus on optimizing our capital structure, including finalization of the scheme of arrangements and look to regain access to debt capital markets.

現在，進入 2023 年。讓我也為今年設定我們的優先事項。第一，將出售俄羅斯業務作為所有利益相關者的最佳解決方案，仍然是我們團隊未來幾個月的首要任務。第二，我們將繼續專注於優化我們的資本結構，包括最終確定安排方案，並尋求重新進入債務資本市場。

Three, we will seize the emerging markets growth opportunity, delivering best-in-class connectivity and digital services to our markets with our digital operator 1440 strategy.

第三，我們將抓住新興市場的增長機會，通過我們的數字運營商 1440 戰略為我們的市場提供一流的連接和數字服務。

Four, we will remain focused on active portfolio management and the pursuit of opportunities to realize the value of our infrastructure assets.

第四，我們將繼續專注於積極的投資組合管理和尋求實現基礎設施資產價值的機會。

Five, lastly but importantly, we are focused on unlocking further value for our shareholders, exploring and planning for local leasing opportunities and returning value to shareholders.

五，最後但重要的是，我們專注於為股東釋放更多價值，探索和規劃本地租賃機會並為股東回報價值。

Let me once again reiterate my thanks to our employees and especially Serkan, who helped us successfully navigate some challenging times as our Group Chief Financial Officer. As a friend and a colleague, I look forward to working with him in your advisory role, Serkan.

讓我再次感謝我們的員工，尤其是 Serkan，是他作為集團首席財務官幫助我們成功度過了一些充滿挑戰的時期。作為朋友和同事，我期待著與他一起擔任顧問，Serkan。

And once again, welcome to our new Chief Financial Officer, Joop to the role. We look forward to working with you in this new capacity, and I have no doubts that you will carry VEON's financial management to even greater heights. With that, I would like to thank you for your attention, and I will hand over to Nik so that we can move on to the Q&A session.

再次歡迎我們的新任首席財務官 Joop 擔任這一職務。我們期待以新的身份與您合作，我堅信您將帶領 VEON 的財務管理更上一層樓。至此，我要感謝您的關注，我將交給 Nik，以便我們可以繼續進行問答環節。

(Operator Instructions) There have been a number of questions that have come through. And let me start, Kaan, actually, with the first question for you. Can you maybe just talk a little bit about your guidance again. We obviously saw you had a very strong start to the year in January and February. I do think this is the right sort of guidance at this stage.

（操作員說明）已經提出了許多問題。讓我開始，Kaan，實際上，首先要問你第一個問題。你能再談談你的指導嗎？我們顯然看到您在 1 月和 2 月的年度開局非常強勁。我確實認為這是現階段的正確指導。

And yes, I wanted to start our guidance where we really left back in December 2021 as we shared our aspirations with our investors that our company is able to sustain an average 10% to 14% cumulative average growth rate. And I think it's prudent to start with this guidance given the complexity we have in many of the macroeconomic situations. But I'm encouraged with the strong start for the year, as you said.

是的，我想在 2021 年 12 月真正離開的地方開始我們的指導，因為我們與投資者分享了我們的願望，即我們公司能夠維持平均 10% 至 14% 的累計平均增長率。鑑於我們在許多宏觀經濟形勢下的複雜性，我認為從這一指導開始是明智的。但正如你所說，我對今年的強勁開局感到鼓舞。

Thanks, Kaan. Serkan, this a question for you, when do you expect the scheme to become effective and maybe some comments on the timing of the licenses and also particularly around the amendments becoming effective as well.

謝謝，卡恩。 Serkan，這是問你的問題，你預計該計劃何時生效，也許還有一些關於許可時間的評論，尤其是圍繞修正案生效的評論。

Thank you, Nik. As you know, this scheme has become effective from first of January, when the U.K. court approved the scheme. We anticipate to receive the related licenses from related authorities. Once we receive all the licenses or we receive the confirmation that there is no need for a license, the amendments will also be effective. In the meantime, we are hedging the tensile period. If we cannot receive all the licenses until May 2nd, this scheme will go away. However, we consider that this will be a very unlikely scenario.

謝謝你，尼克。如您所知，該計劃已於 1 月 1 日生效，當時英國法院批准了該計劃。我們預期會收到有關當局頒發的相關牌照。一旦我們收到所有許可證或我們收到不需要許可證的確認，修訂也將生效。與此同時，我們正在對沖緊張期。如果我們在 5 月 2 日之前無法收到所有許可證，則該計劃將消失。但是，我們認為這種情況極不可能發生。

Thank you, Serkan. Kaan, back to you. Maybe comment on the status of the tower transaction across some of our markets.

謝謝你，塞爾坎。卡恩，回到你身邊。也許對我們某些市場的塔式交易狀態發表評論。

Sure. We are committed to our strategy of being an asset-light operator, and we will be focused on looking for monetization of our tower assets. This is not as a matter of a need for cash generation. Actually, we are disciplined in terms of having clear demarcation lines for different type of business models. Power operations, infrastructure operations are fundamentally different. And today's realities are putting telecom operators in a position to delay themselves. No operator is rich and luxurious enough to have exclusive networks.

當然。我們致力於成為輕資產運營商的戰略，我們將專注於尋求鐵塔資產的貨幣化。這與產生現金的需求無關。實際上，我們對不同類型的商業模式有明確的分界線。電力運營、基礎設施運營是根本不同的。而今天的現實讓電信運營商不得不拖延時間。沒有一家運營商足夠富有和奢侈到擁有獨家網絡的地步。

Towers in the hands of capable independent tower operators represent a much bigger value and operational efficiency. This is why we will continue on our journey for modernizing our towers. This includes Pakistan, Bangladesh, Kazakhstan and Uzbekistan operations and we already have also a power company in Ukraine, and we are looking forward to peace and the next monetization opportunity there.

有能力的獨立塔運營商手中的塔代表著更大的價值和運營效率。這就是為什麼我們將繼續我們的塔樓現代化之旅。這包括巴基斯坦、孟加拉國、哈薩克斯坦和烏茲別克斯坦的業務，我們已經在烏克蘭擁有一家電力公司，我們期待那裡的和平和下一個貨幣化機會。

Thanks, Kaan. And Kaan, question for you. Can you comment a little bit about the current operating environment in Pakistan, particularly given the current macro and geopolitical challenges that we always hear about.

謝謝，卡恩。卡恩，你的問題。您能否評論一下巴基斯坦當前的運營環境，特別是考慮到我們經常聽到的當前宏觀和地緣政治挑戰。

Pakistan is going through a tough macroeconomic challenge, and we are well aware of that. We believe that the situation and the times are challenging. The strongest players with a healthy operation becomes even more important for the market. We are closely watching the macroeconomic situation and the foreign currency account deficits and taking the necessary measures to make sure that our values are not eroded by the inflation. And our teams are focusing on making sure that our customers are provided with high-quality services and with the right prices.

巴基斯坦正在經歷嚴峻的宏觀經濟挑戰，我們很清楚這一點。我們認為，形勢和時代都充滿挑戰。實力強、運營穩健的企業，在市場中顯得尤為重要。我們正在密切關注宏觀經濟形勢和外匯賬戶赤字，並採取必要措施確保我們的價值觀不被通貨膨脹侵蝕。我們的團隊專注於確保為我們的客戶提供高質量的服務和合適的價格。

Thanks, Kaan. Serkan, just to you, what will happen to the remaining bonds on completion of the Russian operations transaction and bonds that are still remaining and maybe still outstanding to the Russian business.

謝謝，卡恩。 Serkan，就你而言，俄羅斯業務交易完成後剩餘的債券以及俄羅斯企業仍未償還的債券將如何處理。

Annual bonds and bank loans at the level of (inaudible). We service (inaudible) at closing and annual bonds issued or bank loans raised by VEON Holdings B.V. will remain as VEON Holdings B.V. debt. And after the closing of Russian transaction, we will review VEON's longer-term capital structure in more detail and once we have a better visibility about access to capital markets after the closing.

（聽不清）水平的年度債券和銀行貸款。我們在收盤時（聽不清）提供服務（聽不清），VEON Holdings B.V. 發行的年度債券或籌集的銀行貸款仍將作為 VEON Holdings B.V. 債務。在俄羅斯交易結束後，我們將更詳細地審查 VEON 的長期資本結構，一旦我們對交易結束後進入資本市場有了更好的了解。

Okay. I guess then, sort of linked to that question, have you had any discussions here to the rate -- with rating agencies around that?

好的。那麼我想，與那個問題有點相關，你有沒有在這裡與評級機構就利率進行過任何討論？

Well, we have not started a formal discussion with the rating agencies yet, but we anticipate to have better visibility about the capacity to go back to the markets after closing the Russian transaction.

好吧，我們還沒有開始與評級機構進行正式討論，但我們預計在完成俄羅斯交易後能夠更好地了解重返市場的能力。

Okay. Kaan, back to you. Could you maybe update us on your -- are you making to talk about the basin subsidiary (inaudible) potential timing, maybe give some comments on that.

好的。卡恩，回到你身邊。你能否向我們更新你的 - 你是否正在談論盆地子公司（聽不清）的潛在時間，也許對此發表一些評論。

Sure. All companies in the respective countries, Jazz in Pakistan, Banglalink Bangladesh, Beeline in Kazakhstan and Uzbekistan, they're among the largest enterprises in these countries and they are blue-chip brands. As we see these countries building their capital markets infrastructure, we play, this is an important role and opportunity for us also to consider local meetings to tap into local investor base, which is growing in a fundamental way. So these will be the kinds and preparation that we will do this year, and we will, of course, keep investors posted on the developments.

當然。各個國家的所有公司，巴基斯坦的Jazz，孟加拉的Banglalink，哈薩克斯坦的Beeline，烏茲別克斯坦的，都是這些國家最大的企業，都是藍籌品牌。當我們看到這些國家正在建設他們的資本市場基礎設施時，我們扮演的角色和機會對我們來說也是一個重要的角色和機會，我們也可以考慮在當地舉行會議，以利用當地投資者基礎，而當地投資者基礎正在以根本性的方式增長。因此，這些將是我們今年要做的準備工作，當然，我們也會讓投資者了解事態發展。

Thank you. Serkan, can you talk about once the Russia transaction is completed how will that impact VEON's liquidity and debt position?

謝謝。 Serkan，你能否談談一旦俄羅斯交易完成，這將如何影響 VEON 的流動性和債務狀況？

Sure. Under the agreement with the buyers, the total consideration for the second debt offering is RUB 130 billion and based on the December fixed rate this represents around USD 1.8 billion. And it is expected that the total consideration will be paid by the buyers by taking on and discharging certain VEON Holdings debt by [the stockholders]. And if we take into consideration this $1.8 billion, plus around USD 3.2 billion that's including capital leases and (inaudible) balance sheet, we are talking about around USD 5 billion that should be discharged from the VEON Holdings consolidated balance sheet, which is a quite material amount for VEON.

當然。根據與買家的協議，第二次債券發行的總對價為 1300 億盧布，根據 12 月的固定利率計算，這約為 18 億美元。預計總對價將由買方通過承擔和清償 [股東] 的某些 VEON Holdings 債務來支付。如果我們考慮到這 18 億美元，加上大約 32 億美元，其中包括資本租賃和（聽不清）資產負債表，我們正在談論應該從 VEON Holdings 合併資產負債表中釋放的大約 50 億美元，這是一個相當VEON 的材料量。

And so a second stab at you -- I mean, would you consider buying back your long indentured bonds given the current pricing and our liquidity position?

所以第二次刺你——我的意思是，鑑於當前的定價和我們的流動性狀況，你會考慮回購你的長期契約債券嗎？

And while I mentioned in the presentation, currently, we are focusing to ensure that we keep a strong liquidity. And as I said, we are keeping around USD 2.5 billion liquidity at the HQ level. However, having said that, we are currently evaluating various options around our long-term capital structure.

雖然我在演講中提到，目前，我們正在集中精力確保我們保持強勁的流動性。正如我所說，我們在總部層面保留了大約 25 億美元的流動資金。然而，話雖如此，我們目前正在圍繞我們的長期資本結構評估各種選擇。

Thank you. Kaan, maybe could you just please comment on our ability to increase price, particularly considering the current inflation levels and some of the challenging macro environment in some of our markets.

謝謝。 Kaan，也許你能評論一下我們提高價格的能力，特別是考慮到當前的通貨膨脹水平和我們一些市場中一些具有挑戰性的宏觀環境。

It is really very critical for us to be able to, in a disciplined way, increase our prices in line with the inflation as the inflation rate gets higher and we have successfully done that this year, and we have proven that we are able to move our prices in line with the value that we deliver to customers. We see ourselves in a good position, considering that we are among the lowest ARPU level countries in telecom sector. And this actually gives us room to improve our pricing as we enrich our offers and provide more relevant digital services to customers bundled with our offers.

隨著通貨膨脹率的上升，我們能夠以有紀律的方式根據通貨膨脹率提高價格，這對我們來說非常重要，今年我們已經成功地做到了這一點，並且我們已經證明我們能夠採取行動我們的價格與我們提供給客戶的價值一致。考慮到我們是電信行業 ARPU 水平最低的國家之一，我們認為自己處於有利地位。這實際上給了我們提高定價的空間，因為我們豐富了我們的產品，並為與我們的產品捆綁在一起的客戶提供更多相關的數字服務。

Serkan, could you give any comments on some of the ongoing cost initiatives in our cost initiative program?

Serkan，您能否對我們的成本計劃中的一些正在進行的成本計劃提出任何意見？

Yes, sure. As I mentioned in the presentation, we will keep very focused on implementing the cost initiatives across the board. In serving customers, we delivered around $95 million of savings in 2022. And we expect that this kind of savings will continue in '23 and also in the upcoming years as well. And understandably, we incurred some one-off costs, extraordinary costs in '22, which will gradually reduce in '23 and the next year as well.

是的，當然。正如我在演示文稿中提到的，我們將非常專注於全面實施成本計劃。在為客戶提供服務方面，我們在 2022 年節省了約 9500 萬美元。我們預計這種節省將在 23 年以及未來幾年繼續。可以理解的是，我們在 22 年產生了一些一次性成本，非常成本，這些成本將在 23 年和明年逐漸減少。

And Serkan, an important question has actually come through from a number of people now is obviously given what's going on in the banking environment. Can you comment on which institutions are holding our cash and in what form our cash is held at the moment?

Serkan，現在很多人實際上已經提出了一個重要問題，顯然是考慮到銀行環境中正在發生的事情。您能否評論一下哪些機構持有我們的現金以及目前我們的現金以何種形式持有？

Unfortunately, I cannot name the institutions. All I can say is all are kept in Tier 1 international banks in the U.S. and Europe and also our cash is fully held in U.S. dollars and euros. And we do not have any cash in bonds because they are all invested in demand deposits plus by money market funds.

不幸的是，我不能說出這些機構的名字。我能說的是，我們的現金全部存放在美國和歐洲的一級國際銀行，而且我們的現金全部以美元和歐元持有。而且我們沒有任何債券現金，因為它們全部投資於活期存款加上貨幣市場基金。

Thank you, Serkan. Kaan, can you maybe just give us a bit about the timing on when you expect the Russian transaction to close and just an update on the process and what is still needed there.

謝謝你，塞爾坎。 Kaan，你能否告訴我們一些關於你預計俄羅斯交易何時結束的時間，以及流程的最新情況以及那裡仍然需要什麼。

As we have announced on February 7, we have received the approval of the transaction by the Russian regulators, actually, the approval was given to the buyers so that they can start the process. And as we have earlier stated, we expect this transaction to be closing after the necessary procedures on or before June 1.

正如我們在 2 月 7 日宣布的那樣，我們已收到俄羅斯監管機構對交易的批准，實際上，批准已授予買家，以便他們可以啟動流程。正如我們之前所說，我們預計該交易將在 6 月 1 日或之前完成必要程序後完成。

And then Kaan, let's start with you, the turnaround in Bangladesh has been very, very strong. Can you just comment around this and what's driven this very strong turnaround, one?

然後 Kaan，讓我們從你開始，孟加拉國的轉變非常非常強勁。你能就此發表評論嗎？是什麼推動了這一非常強勁的轉變？

What we have seen in Bangladesh is actually almost like a Blue Motion market opportunity. And this is why we decided to improve our regional network to nationwide deployment and together with our digital operator strategy, the introduction of new digital services like education, health care, but most importantly, healthy on the entertainment side, we really made an improvement in the way our Net Promoter Scores work and availability of our services also improved.

我們在孟加拉國看到的幾乎就像是 Blue Motion 的市場機會。這就是為什麼我們決定將我們的區域網絡改進為全國部署，並結合我們的數字運營商戰略，引入新的數字服務，如教育、醫療保健，但最重要的是，在娛樂方面的健康，我們確實在我們的淨推薦值的工作方式和我們服務的可用性也得到了改善。

Most importantly, for the 6 consecutive quarters, Banglalink network has been voted as the fastest network in the country. And as I mentioned, during the last quarter, we almost acquired 50% of the new customers in the entire country. All these things is a combination of well planned investments, brilliant execution by the local leadership team and also excellent innovation on our product portfolio.

最重要的是，Banglalink 網絡連續 6 個季度被評為全國最快的網絡。正如我提到的，在上個季度，我們幾乎獲得了全國 50% 的新客戶。所有這些都是精心計劃的投資、當地領導團隊的出色執行以及我們產品組合的出色創新的結合。

That's great. I think that's all we have time for from a question perspective. There are 1 or 2 outstanding questions that have come through, and I'll get back to those individually. I just want to thank everyone for dialing in. I appreciate your attendance on the call. (inaudible) thank you very much.

那太棒了。從問題的角度來看，我認為這就是我們的全部時間。有 1 或 2 個懸而未決的問題已經解決，我將逐一回复。我只想感謝大家的撥入。感謝您出席電話會議。 （聽不清）非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。