VEON Ltd (VEON) 2023 Q4 法說會逐字稿

Hi. Good afternoon, and good morning to everyone. Thank you for joining us today for VEON's fourth quarter results presentation for the period ending December 31, 2023. I'm Faisal Ghori, Head of Investor Relations. I'm pleased to be joined in the room today by Kaan Terzioglu, our Group CEO; along with Joop Brakenhoff, our Group CFO.

你好。大家下午好，早安。感謝您今天參加我們的 VEON 截至 2023 年 12 月 31 日的第四季業績發表會。我是投資者關係主管 Faisal Ghori。我很高興今天能與我們集團執行長 Kaan Terzioglu 一起參加會議。以及我們集團財務長喬普·布雷肯霍夫 (Joop Brakenhoff)。

Today's presentation will, as is usual, begin with the key highlights and business updates from Kaan following discussion of detailed financial results by Joop. We'll then hand it back to Kaan to discuss our outlook and priorities for 2024. We will then open up the line for Q&A.

今天的演講將像往常一樣，首先介紹 Kaan 的主要亮點和業務更新，然後討論 Joop 的詳細財務表現。然後我們會將其交還給 Kaan，討論我們 2024 年的展望和優先事項。然後我們將開通問答熱線。

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.

在開始之前，我想提醒您，我們在今天的演示中可能會做出前瞻性陳述，其中涉及一定的風險和不確定性。

These statements are relating partly to the company's anticipated performance and guidance for 2024, future market developments and trends, operational network developments and network investments, and the company's ability to realize its targets in commercial and strategic initiatives, including current and future transactions.

這些陳述部分涉及公司 2024 年的預期業績和指導、未來市場發展和趨勢、營運網路發展和網路投資，以及公司實現商業和策略計畫（包括當前和未來交易）目標的能力。

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 the 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有重大差異，包括公司 20-F 表格年度報告以及公司最近向 SEC 提交的其他公開文件中詳細說明的風險。

The earnings release and the earnings presentation, each of which include reconciliations of non-IFRS measures presented today, can be downloaded from our website.

收益發布和收益演示均包含今天提出的非國際財務報告準則措施的調節表，可從我們的網站下載。

We also note that today's presentation will include ratings from credit agencies. Our rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time.

我們還注意到，今天的演示將包括信用機構的評級。我們的評級並非購買、出售或持有證券的建議，並且可能隨時修改或撤銷。

With that, let me hand it over to Kaan.

那麼，讓我把它交給卡恩。

Thank you, Faisal. Good morning, good afternoon. Happy Nowruz, Ramadan Kareem to all. Thank you for joining our fourth quarter 2023 and full-year results webcast.

謝謝你，費薩爾。早安，下午好。祝大家諾魯孜節快樂，齋戒月快樂。感謝您參加我們的 2023 年第四季和全年業績網路廣播。

Before we get into the detail, allow me to turn and zoom out and refresh our memory. When Russia-Ukraine War started, we made a choice. We chose Ukraine.

在我們討論細節之前，請允許我轉動和縮小並刷新我們的記憶。當俄烏戰爭爆發時，我們做出了選擇。我們選擇了烏克蘭。

Our exit from Russia resulted as you can see in full-year results in a very different view on. We might be more compact in terms of balance sheet, half the size. But today, we are a much faster-growing company with a very healthy balance sheet.

正如您在全年業績中看到的那樣，我們退出俄羅斯的結果有很大不同。我們的資產負債表可能會更緊湊，規模縮小一半。但今天，我們是一家成長速度更快的公司，擁有非常健康的資產負債表。

We continued delivering strong results in Q4 2023. Normalized revenues were up 18% year-on-year and normalized EBITDA grew even faster at 25% year-on-year.

我們在 2023 年第四季持續取得強勁業績。標準化收入年增 18%，標準化 EBITDA 成長更快，年增 25%。

For the full year, we have 18% top-line growth, 20% EBITDA growth, and 53% free cash flow growth, taking the free cash flow yield of 24%. Such results makes us extremely satisfied. Our decentralized operational model with world-class governance allows us to build a leaner, faster, more profitable, and more cash generated company.

全年營收成長 18%，EBITDA 成長 20%，自由現金流成長 53%，自由現金流收益率為 24%。這樣的結果讓我們非常滿意。我們的去中心化營運模式和世界級的治理使我們能夠建立一個更精簡、更快、更有利潤、產生更多現金的公司。

Our local brands may be different, Jazz in Pakistan, Kyivstar in Ukraine, Banglalink in Bangladesh, Beeline in Uzbekistan and Kazakhstan. Names, brands may be different, but they all execute the same strategy, drive for the same targets, and they grow faster than their local competition.

我們當地的品牌可能不一樣，巴基斯坦的Jazz、烏克蘭的Kyivstar、孟加拉的Banglalink、烏茲別克和哈薩克的Beeline。名稱、品牌可能不同，但它們都執行相同的策略，追求相同的目標，並且比當地競爭對手成長得更快。

In the majority of our markets, we have the highest Net Promoter Scores, fastest broadband networks, and we are not only gaining market-share but also gaining wallet-share.

在我們的大多數市場中，我們擁有最高的淨推薦值、最快的寬頻網絡，我們不僅贏得了市場份額，而且贏得了錢包份額。

VEON today is resilient. It is strong. VEON is tough, which takes me to Kyivstar in Ukraine. I want to thank our CEO, Aleksandr Komarov, and his exceptional team. In the aftermath of the cybersecurity attack on December 12 on our network, thanks to their swift response, as of yesterday, we have surpassed the activity levels in terms of number of customers, data consumption, voice calls, roaming users, TV entertainment consumers as well as health services consumers, and we are even more than pre-attack levels.

今天的 VEON 具有彈性。它很強大。VEON 很難，這讓我去了烏克蘭的 Kyivstar。我要感謝我們的執行長亞歷山大·科馬羅夫 (Aleksandr Komarov) 和他出色的團隊。在12月12日我們的網路遭受網路安全攻擊後，由於他們的迅速反應，截至昨天，我們在客戶數量、數據消耗、語音通話、漫遊用戶、電視娛樂消費者方面均超過了活動水平，以及醫療服務消費者，我們的水平甚至超過了襲擊前的水平。

Moving on, let me also speak a little bit about our ongoing integration into capital markets. I'm happy to see that we are reintegrating to the capital markets community. Recently, we attended New Street Research, BCG Conference this past quarter, and we have also attended JPMorgan and EFG conferences in the past few weeks.

接下來，讓我也談談我們持續融入資本市場的情況。我很高興看到我們正在重新融入資本市場社區。最近，我們參加了上個季度的 New Street Research、BCG 會議，過去幾週我們也參加了摩根大通和 EFG 會議。

Currently, our securities are covered by Barclays, New Street Research, Enam, Telemar, and Imperial Capital. In the recent weeks, Standard & Poor's and Fitch issued their ratings about our company and MSCI rated us AA for ESG, putting us into the leaders category. If you haven't had a chance to communicate with you directly, please reach out to Faisal and our Investor Relations colleagues.

目前，我們的證券由巴克萊銀行、New Street Research、Enam、Telemar 和 Imperial Capital 承保。最近幾週，標準普爾和惠譽發布了對我們公司的評級，MSCI 對我們的 ESG 評級為 AA，使我們進入領導者類別。如果您沒有機會直接與您溝通，請聯絡費薩爾和我們投資者關係的同事。

I want to talk about AI for a moment. Not because everybody talks about it, not necessarily because I see AI as a tool to save costs, but because what matters. What matters is our customers. How can we make a doctor in Dhaka the best doctor? How can we make a teacher in Islamabad the best teacher? An auto-mechanic, a farmer, a small business owner, smarter and more efficient.

我想談談人工智慧。不是因為每個人都在談論它，也不一定是因為我將人工智慧視為節省成本的工具，而是因為它很重要。重要的是我們的客戶。我們怎樣才能讓達卡的醫生成為最好的醫生？我們怎樣才能讓伊斯蘭堡的老師成為最好的老師？汽車修理工、農民、小企業主，更聰明、更有效率。

We are excited to make this happen. This is what we call AI-1440, augmented intelligence in every single minute in a day. All our operating companies are working with the leading research institutions in their respective countries to develop small language models and job-specific language models.

我們很高興能夠實現這一目標。這就是我們所說的 AI-1440，一天中每一分鐘的增強智慧。我們所有的營運公司都與各自國家的領先研究機構合作開發小語言模型和特定工作語言模型。

We can create AI-based language-specific models in Punjabi, Urdu, Bengali, Kazakh, Uzbek, and in Ukrainian to respond to the needs in our markets with augmented intelligence.

我們可以用旁遮普語、烏爾都語、孟加拉語、哈薩克語、烏茲別克語和烏克蘭語創建基於人工智慧的特定語言模型，以增強智慧來回應我們市場的需求。

There is nothing artificial about AI. There is a way of using augmented intelligence purposefully. I cannot see a better value proposition than making our customers successful.

人工智慧沒有任何人工成分。有一種方法可以有目的地使用增強智能。我認為沒有比讓我們的客戶成功更好的價值主張了。

In the upcoming slides, I will outline the key achievements from the fourth quarter of 2023, followed by a detailed review of each country's operations and their ongoing implementations of VEON's digital operator strategy.

在接下來的幻燈片中，我將概述 2023 年第四季的主要成就，然後詳細回顧每個國家的營運情況及其對 VEON 數位營運商策略的持續實施。

Towards the end of my presentation, I will provide an in-depth update on these developments before handing it to Joop. What is VEON 2.0? You can see in the slide 5 key pillars. Pillar number one, achieving double-digit growth.

在我的演講即將結束時，我將在將其交給喬普之前提供有關這些進展的深入更新。什麼是VEON 2.0？您可以在幻燈片中看到 5 個關鍵支柱。第一支柱，實現兩位數成長。

Through diligent efforts and establishing a new growth baseline, we have demonstrated our capability and commitment to sustain double-digit growth trends.

透過努力和建立新的成長基線，我們展示了維持兩位數成長趨勢的能力和承諾。

We call it fair market growth in line with nominal GDP and growth in our markets. We have 520 million customers or potential customers and people living in our countries. Only 1 out of 2 have access to a proper robust broadband service.

我們稱之為與名目 GDP 和市場成長一致的公平市場成長。我們有 5.2 億客戶或潛在客戶和人民生活在我們的國家。只有二​​分之一的人能夠獲得適當且穩健的寬頻服務。

Only 2 out of 10 has an access to a proper financial service. We believe the organic growth potential in our markets will be exponentially increased as we tap into the adjacent markets such as financial services, entertainment, education and health care.

只有十分之二的人能夠獲得適當的金融服務。我們相信，隨著我們進入金融服務、娛樂、教育和醫療保健等鄰近市場，我們市場的有機成長潛力將呈指數級增長。

Pillar #2 expanding margins. Our growth trajectory will facilitate margin expansion, given operational leverage and enhanced cost management. As this year has demonstrated, we are very effective when it comes to cutting costs out of our HQ costs and also OpEx. Pillar #3, maintaining a robust balance sheet.

第二支柱擴大利潤。鑑於營運槓桿和增強的成本管理，我們的成長軌跡將促進利潤率擴張。正如今年所證明的那樣，我們在削減總部成本和營運支出方面非常有效。第三支柱，維持穩健的資產負債表。

Based on recent experiences, the importance of a solid balance sheet is very clear. We will continue to deleverage and optimize our capital structure. We no longer need excess cash for liquidity, and you will see us getting more effective in cash management, having an impact on interest expenses.

根據最近的經驗，穩健的資產負債表的重要性非常明顯。我們將繼續去槓桿、優化資本結構。我們不再需要多餘的現金來提供流動性，你會看到我們的現金管理變得更加有效，這對利息支出產生了影響。

Pillar #4, generating more cash. Growing revenue, cross management, less interest expense, will also be accelerated by moderation in investments. As we reach our 70% 4G penetration and already exceeded in some countries, you will see us moderating our investments.

第四支柱，產生更多現金。投資的節制也將加速收入成長、交叉管理、利息支出減少。當我們達到 70% 的 4G 滲透率（並且在某些國家已經超過）時，您將看到我們減少投資。

All these 3 elements, with the investments focus, will increase significantly our cash flow generation capability.

所有這三個要素，加上投資重點，將顯著提高我們的現金流量產生能力。

Pillar #5, advancing our digital operator vision. All the customers we have in the countries that we operate in, they deserve the services of any other developed markets. You will see us serving this unmet demand when it comes to entertainment, financial services, education, and health care.

第五支柱，推進我們的數位營運商願景。我們在營運所在國家/地區擁有的所有客戶都應該獲得任何其他已開發市場的服務。您將看到我們在娛樂、金融服務、教育和醫療保健方面滿足這一未滿足的需求。

And these will accelerate even the organic growth factors from 4G penetration, smartphone penetration, as well as the natural demographic flows.

這些甚至會加速 4G 普及率、智慧型手機普及率以及自然人口流動等自然成長因素。

On top of this, you will see us integrating augmented intelligence and capabilities to our services in all markets. Let's move to the next slide. During my presentation, I will concentrate on normalized constant currency growth rates, which more accurately reflects the true underlying growth trends and operational achievements across our operating companies.

除此之外，您將看到我們將增強的智慧和功能整合到我們在所有市場的服務中。讓我們轉到下一張投影片。在我的演講中，我將重點放在標準化的恆定貨幣成長率，它更準確地反映了我們營運公司的真實潛在成長趨勢和營運成就。

In 2023, we achieved growth of 18% year-on-year revenue in normal local currency terms. Service revenues rose at a similar rate, up 18%, again, in normalized local currency terms.

2023年，以正常當地貨幣計算，我們實現了年比18%的營收成長。服務收入以類似的速度成長，以標準化當地貨幣計算再次成長 18%。

Local currency normalized EBITDA expanded in 2023 at a rate of 20% year-on-year and is indicative of positive operating leverage and sound execution on cost management programs.

2023 年，本國貨幣正常化 EBITDA 年成長 20%，顯示積極的營運槓桿和成本管理計畫的良好執行。

The financial results for 2023 showcase our businesses inherent and robust capacity for generating strong free cash flow. Equity free cash flow increased 53% to $434 million. This results in a free cash flow yield plus interest expenses of 24% for VEON.

2023 年的財務表現展現了我們的企業固有且強大的產生強勁自由現金流的能力。股本自由現金流成長 53%，達到 4.34 億美元。這導致 VEON 的自由現金流收益率加上利息支出為 24%。

Our balance sheet remains strong with a cash position of $1.7 billion. Of this, $1.3 billion is held at headquarters level as of December 31.

我們的資產負債表依然強勁，現金部位為 17 億美元。截至 12 月 31 日，其中 13 億美元存放在總部。

Later in this presentation, Joop will provide an update of our pro-forma liquidity status, which takes into account the completion of our exit from Russia and early redemption of our '23 and '24 notes in October. Let me share the details of the one-off items that have impacted our performance of the Group for '23. Number one is tax-related one-offs in Pakistan and Uzbekistan.

稍後在本次演講中，喬普將提供我們預計流動性狀況的最新信息，其中考慮了我們退出俄羅斯的完成以及 10 月份提前贖回我們的 '23 和 '24 票據。讓我分享一下影響集團 23 年業績的一次性專案的詳細資訊。第一個是巴基斯坦和烏茲別克與稅收有關的一次性事件。

In 2022, we had some landmark court cases positive for us, resulting in a positive decision. Second, one-off expenditures in HQ, including our expenditures related to Russia exit; number 3, charitable donations in Ukraine and the cyberattack impact. You can see all the numbers related to those 3 elements up in the slides.

2022 年，我們遇到了一些對我們有利的具有里程碑意義的法庭案件，從而做出了積極的判決。第二，總部的一次性支出，包括我們退出俄羅斯的相關支出；第三，烏克蘭的慈善捐款和網路攻擊的影響。您可以在幻燈片中看到與這 3 個元素相關的所有數字。

After adjusting for these factors, VEON's organic like-for-like growth in '23 continues to lead the sector, showcasing an impressive year-on-year growth of 18% and 20% increase in EBITDA.

調整這些因素後，VEON 23 年的有機年成長持續引領產業，年成長 18%，EBITDA 成長 20%，令人印象深刻。

Taking this into account, Q4 2023 organic like-for-like growth at VEON, would be 18% growth in revenue and 25% growth in EBITDA. For the full year, revenue grew 18% and EBITDA grew 20%.

考慮到這一點，VEON 2023 年第四季的有機年成長將是營收成長 18%，EBITDA 成長 25%。全年營收成長 18%，EBITDA 成長 20%。

Let's move to the next slide. In fourth quarter, we once again achieved double-digit growth at 18%. Local currency normalized EBITDA on fourth quarter at 25%, which excludes one-off impacts that I have mentioned. In terms of reported dollars, we experienced a 1% increase in both total revenues and service revenues for the fourth quarter.

讓我們轉到下一張投影片。第四季度，我們再次實現了18%的兩位數成長。第四季以當地貨幣計算的 EBITDA 正常值為 25%，其中不包括我提到的一次性影響。就報告的美元而言，我們第四季度的總收入和服務收入均成長了 1%。

Capital expenditures decreased 2% year-on-year, totaling EUR 258 million for the fourth quarter, and CapEx intensity on a 12-month basis has come in at 17.6%, in line with our guidance. Let's look at our portfolio country by country. In Ukraine, Kyivstar achieved a full year double-digit growth in local currency.

第四季資本支出年減 2%，總計 2.58 億歐元，12 個月資本支出強度為 17.6%，符合我們的指引。讓我們按國家來看看我們的投資組合。在烏克蘭，Kyivstar 以當地貨幣計算全年實現了兩位數成長。

This success reflects the team's dedication to keeping Ukraine and its citizens connected while also maintaining robust business performance. In our Central and South Asian markets, local currency service revenue growth of the year varied in between 14.6% in Bangladesh to 23.7% in Pakistan.

這一成功體現了該團隊致力於保持烏克蘭及其公民的聯繫，同時保持強勁的業務績效。在我們的中亞和南亞市場，本年度本幣服務收入成長介於孟加拉的14.6%和巴基斯坦的23.7%之間。

As for EBITDA performance, excluding Ukraine, we saw local currency EBITDA growth ranging from 14.8% in Uzbekistan to an impressive 30% in Kazakhstan, very balanced performance across our countries.

至於 EBITDA 表現，除烏克蘭外，我們看到本幣 EBITDA 成長幅度從烏茲別克的 14.8% 到哈薩克令人印象深刻的 30%，我們各國的表現非常平衡。

Looking specifically to Q4 in next page, you will see that year-on-year local currency service revenue growth range from 8.6% in Bangladesh to 28.5% in Uzbekistan. Again, from an EBITDA perspective, excluding Uzbekistan and Ukraine, local currency EBITDA grew at rates ranging from 23.3% in Pakistan to 30.1% in Kazakhstan, and EBITDA expansion is visible in all the markets.

具體看下一頁的第四季度，您會發現本地貨幣服務收入同比增長範圍從孟加拉國的 8.6% 到烏茲別克斯坦的 28.5%。同樣，從 EBITDA 角度來看，排除烏茲別克和烏克蘭，當地貨幣 EBITDA 成長率從巴基斯坦的 23.3% 到哈薩克的 30.1%，並且 EBITDA 擴張在所有市場都可見。

Slide 12 takes us a little bit back into the history. And you see how from 2020 to '23, the growth patterns of our different companies and on average, has varied and systematically now beating the inflation. Minus 2% decline in 2020 in local currencies expanded to 10% in '21, 13% to '22 and in '23, we have reached 18%.

投影片 12 讓我們回顧一下歷史。您會看到，從 2020 年到 23 年，我們不同公司的平均成長模式發生了變化，現在系統性地克服了通貨膨脹。2020 年以當地貨幣計算的負 2% 的跌幅在 21 年擴大至 10%，在 22 年擴大至 13%，在 23 年已達到 18%。

As the dotted line symbolizes inflation, you can see that this reflects a nominal GDP-aligned growth rate for our markets. Where is the growth coming from? Let's look into our 4G and Multiplay highlights. During the year, 4G users were up 11% to $94 million in Q4. 4G penetration rose 6-percentage points to 60%, bringing us ever closer to our group target of 70%.

由於虛線象徵著通貨膨脹，您可以看到這反映了我們市場的名目 GDP 成長率。成長從哪裡來？讓我們來看看 4G 和 Multiplay 的亮點。年內，第四季 4G 用戶成長 11%，達到 9,400 萬美元。4G 滲透率上升 6 個百分點，達到 60%，使我們更接近 70% 的集團目標。

We see compounding effect of 4G for all and digital operator strategies in our Multiplay segment. Expanding 4G access enables us to convert more single-player users to Multiplay subscribers.

我們看到 4G 對我們的 Multiplay 領域的所有人和數位營運商策略產生複合效應。擴大 4G 接入使我們能夠將更多單人遊戲用戶轉變為多人遊戲訂閱者。

Multiplay subscribers use both 4G connectivity and digital products, they spend more time on our applications. They stay longer with our services, churn less, and drive higher revenue generation.

Multiplay 用戶同時使用 4G 連接和數位產品，他們在我們的應用程式上花費更多時間。他們使用我們的服務的時間更長，流失更少，並帶來更高的收入。

In Q4, Multiplay segment revenue represented 33% of our group total revenues and grew 35% year-on-year. ARPU growth from different countries range from 5% to 25% year-on-year in local currency. Let's look into Kyivstar in more detail. Kyivstar achieved double-digit growth in both local currency revenue and service revenue for the entire year of 2023.

第四季度，Multiplay 業務收入佔集團總營收的 33%，年增 35%。以當地貨幣計算，不同國家的 ARPU 年成長幅度介於 5% 至 25% 之間。讓我們更詳細地了解 Kyivstar。Kyivstar 2023年全年本國貨幣收入和服務收入均達到兩位數成長。

This growth was bolstered by an uptick in 4G penetration and increasing customers opting for both Doubleplay and Multiplay services. VEON and Kyivstar are committed to supporting Ukraine, both in our everyday efforts to keep Ukraine and Ukrainians connected and with our long-term commitment to invest in rebuilding Ukraine's mobile telecoms infrastructure.

這一增長得益於 4G 滲透率的上升以及越來越多的客戶選擇 Doubleplay 和 Multiplay 服務。VEON 和 Kyivstar 致力於支持烏克蘭，無論是我們日常努力保持烏克蘭和烏克蘭人之間的聯繫，還是我們長期致力於投資重建烏克蘭的行動電信基礎設施。

In 2023, CapEx increased 7% year-on-year, and Kyivstar reconnected 190 communities to its 4G network in 2023. 15 of them were reconnected multiple times. Kyivstar has also made significant progress to ensure network resilience with power storage and generation capacities and capabilities installed across key sites.

2023年，資本支出年增7%，Kyivstar在2023年將190個社區重新連結到其4G網路。Kyivstar 在透過關鍵站點安裝的電力儲存和發電能力以及能力確保網路彈性方面也取得了重大進展。

As part of its 4G everywhere strategy, Kyivstar upgraded approximately 4,000 4G base stations, established 1,000 new 4G sites throughout '23, and upgraded many sites to battery power, which could last up to 72 hours in the middle of a war. Kyivstar continues to grow its 4G user base, reaching $14.3 million in fourth quarter, rising 60% of its customer base.

作為其4G 無所不在策略的一部分，Kyivstar 升級了大約4,000 個4G 基地台，在整個23 年建立了1,000 個新的4G 站點，並將許多站點升級為電池供電，在戰爭期間可持續使用長達72小時。Kyivstar 繼續擴大其 4G 用戶群，第四季達到 1,430 萬美元，客戶群成長了 60%。

Helsi is furthest along in terms of our digital healthcare offerings across our portfolio. It provides online consultations with medical professionals and is a vital part of Kyivstar's digital operator portfolio.

就我們整個產品組合中的數位醫療保健產品而言，Helsi 走得最遠。它為醫療專業人員提供線上諮詢，是 Kyivstar 數位營運商產品組合的重要組成部分。

Helsi Ukraine continues to power digital healthcare in Ukraine with more than 27 million registered patients, 10% year-on-year growth, having access to almost 1,600 active healthcare institutions, 37% year-on-year growth, and more than 37,000 specialists active on the platform, 20% year-on-year growth.

Helsi Ukraine 繼續為烏克蘭的數位醫療提供動力，擁有超過 2700 萬名註冊患者，年增 10%，可訪問近 1,600 個活躍的醫療機構，同比增長 37%，以及超過 37,000 名活躍專家平台上同比增長20% 。

Helsi mobile app downloads increased 43% year-on-year and reached $19 million in the fourth quarter helping our clients to book 2 million appointments through the platform during the reported fourth quarter, which is 39% more than the last year. Let me pause here for a second and share with you a few points regarding Ukraine.

Helsi 行動應用程式下載量年增 43%，第四季達到 1,900 萬美元，幫助我們的客戶在報告的第四季度透過該平台預訂了 200 萬次預約，比去年增加了 39%。讓我在這裡暫停一下，與大家分享一些有關烏克蘭的觀點。

We are fully committed to Ukraine. We stand with our choice. The Ukrainian people and their future is our future, our people. We are a vital provider of communication and that we play a critical role in ensuring digital services to the country.

我們完全致力於烏克蘭。我們堅持我們的選擇。烏克蘭人民和他們的未來就是我們的未來，我們的人民。我們是重要的通訊供應商，在確保國家數位服務方面發揮關鍵作用。

We remain actively engaged with Ukrainian officials, a delegation from VEON, including myself and Secretary Pompeo, visited Kia recently and we are in constant coordination with them to help ensure that Kyivstar continues to deliver vital communication services and addresses any possible concerns Ukrainian government made up.

我們仍然積極與烏克蘭官員接觸，包括我本人和蓬佩奧國務卿在內的VEON 代表團最近訪問了起亞，我們不斷與他們協調，以幫助確保Kyivstar 繼續提供重要的通信服務並解決烏克蘭政府提出的任何可能的擔憂。

Moving to Pakistan. Jazz, our operating company in Pakistan, accelerated its growth despite the challenging macroeconomic environment in 2023. Jazz's successful execution of the digital operator strategy helped drive '23 total revenue growth of 23% and EBITDA growth of 24%.

搬到巴基斯坦。儘管 2023 年宏觀經濟環境充滿挑戰，我們在巴基斯坦的營運公司 Jazz 仍加速成長。Jazz 數位營運商策略的成功執行有助於推動 23 年總收入成長 23%，EBITDA 成長 24%。

In Q4, 4G user base reached almost $44 million, a year-on-year increase of 6% and a penetration rate of 62% among customer base.

第四季，4G用戶規模接近4,400萬美元，較去年同期成長6%，客戶滲透率達62%。

We are enabling more and more users into multiplay users who account for 29% of operators' monthly active user base. With 3x, 2x the ARPU of voice-only users, Jazz's Multiplay customers generated 54% of operators' revenues in Consumer segment, which is up 10.5-percentage points compared to last year.

我們正在讓越來越多的用戶成為多人遊戲用戶，這些用戶佔營運商每月活躍用戶群的 29%。Jazz 的 Multiplay 客戶的 ARPU 是純語音用戶的 3 倍、2 倍，在消費者領域創造了營運商收入的 54%，比去年增長了 10.5 個百分點。

With JazzCash, Pakistan's most popular financial services app, and Tamasha, the country's leading video streaming application, Jazz is a perfect example of how our digital operator strategy is succeeding at creating growth.

憑藉巴基斯坦最受歡迎的金融服務應用程式 JazzCash 和全國領先的視訊串流應用程式 Tamasha，Jazz 是我們的數位營運商策略如何成功創造成長的完美範例。

JazzCash and Mobilink Bank continue to scale rapidly and profitably. Mobilink's gross loan portfolio expanded 28% year-on-year, while gross deposits rose an outstanding 188% year-on-year. Average loan size increased 31% at Mobilink Bank. Total financial revenues grew almost 82%, driven by a 39% increase in gross transaction value up to PKR 5.8 trillion.

JazzCash 和 Mobilink Bank 繼續快速擴張並獲利。Mobilink 的總貸款組合年增 28%，而總存款較去年同期成長 188%。Mobilink 銀行的平均貸款規模增加了 31%。總交易額成長 39%，達到 5.8 兆巴基斯坦盧比，推動金融總收入成長近 82%。

This corresponds almost to 7% of GDP of Pakistan. The high growth was supported by a continued expansion of our retail distribution network, reaching more than 240,000 active merchants, up 29%, optimizing our agent base with more than 118 active agents by the end of fourth quarter. Just as an example, on a single day of December 30, 2023, JazzCash and Mobilink Banks issued over 71,000 loans in 1 day.

這幾乎相當於巴基斯坦 GDP 的 7%。高成長得益於我們零售分銷網絡的持續擴張，截至第四季度末，活躍商戶數量超過 240,000 家，增長 29%，優化了我們的代理商基礎，活躍代理商數量超過 118 名。舉個例子，2023 年 12 月 30 日這一天，JazzCash 和 Mobilink 銀行在 1 天內發放了超過 71,000 筆貸款。

As of February, digital lending portfolio was 82% year-on-year growth. JazzCash had 16.2 million monthly active users and extended digital loans to 1.6 million customers, 35% year-on-year growth. Total revenues grew 82% and transaction volumes, 39%. We believe JazzCash is defining the mobile financial services in Pakistan.

截至2月份，數位借貸投資組合較去年同期成長82%。JazzCash 擁有 1,620 萬月活躍用戶，並向 160 萬客戶提供數位貸款，較去年同期成長 35%。總收入成長 82%，交易量成長 39%。我們相信 JazzCash 正在定義巴基斯坦的行動金融服務。

Let's look to Tamasha. In the fourth quarter, Tamasha, Pakistan's premier entertainment platform, witnessed its monthly active users climbed to 10.6 million, marking a 2.5-fold increase year-over-year. Furthermore, the platform showed its total number of sessions jumped fourfold from the previous year, reaching 555 million watch sessions.

讓我們看看塔瑪莎。第四季度，巴基斯坦首屈一指的娛樂平台Tamasha月活躍用戶數攀升至1,060萬，較去年同期成長2.5倍。此外，該平台的總觀看次數較去年增長了四倍，達到 5.55 億次觀看次數。

Tamasha is open to all mobile users with nearly half of its user base consisting of non-Jazz customers. At the same time, the Jazz customers that consume Tamasha have an ARPU of 3x higher than our single-play voice customers.

Tamasha 向所有行動用戶開放，其近一半的用戶群由非 Jazz 客戶組成。同時，使用 Tamasha 的 Jazz 客戶的 ARPU 比我們的單播放語音客戶高 3 倍。

By bringing original and exclusive content that is relevant to our customers in Pakistan, Jazz and Tamasha are able to drive more individuals to use data and more Multiplay offerings being consumed.

透過帶來與巴基斯坦客戶相關的原創和獨家內容，Jazz 和 Tamasha 能夠推動更多人使用數據和消費更多的 Multiplay 產品。

Moving on to Kazakhstan. Beeline Kazakhstan remains Pakistan's leading operator in terms of Net Promoter Score, and it continues to gain market share. Total revenues rose by 21% year-on-year. Service revenues grew 21% year-on-year, driven by growth in mobile business as well as other digital offerings and fixed-line offerings.

繼續前往哈薩克。就淨推薦值而言，Beeline Kazakhstan 仍然是巴基斯坦領先的營運商，並且不斷擴大市場份額。總營收年增21%。在行動業務以及其他數位產品和固網產品成長的推動下，服務收入較去年同期成長 21%。

EBITDA increased 30% year-on-year as higher ARPU, a growing customer base and rising consumption of data and digital services supported a solid top-line growth. Beeline Kazakhstan's strong performance to be driven by higher ARPU with consistent growth in the 4G user base converged fixed-mobile offers, specialized family packages, and consumption of data and digital services.

由於 ARPU 的提高、客戶群的擴大以及數據和數位服務消費的增加支持了營收的穩健成長，EBITDA 年成長 30%。Beeline Kazakhstan 的強勁業績得益於 ARPU 的提高以及 4G 用戶群融合固定行動服務、專業家庭套餐以及數據和數位服務消費的持續成長。

4G penetration stands at 73%, reflecting 4G users of 8.1 million. This is up 12% year-on-year. Multiplay users represent 42% of monthly active users, making Kazakhstan the most advanced in terms of our digital operator strategy.

4G滲透率為73%，4G用戶數為810萬。這一數字年增 12%。多人遊戲用戶佔每月活躍用戶的 42%，這使哈薩克成為我們數位營運商策略方面最先進的國家。

These customers consume Beeline Kazakhstan's digital services, such as BeeTV, our fintech platform simply, our music platform, hitter, and our digital-only operator, Izi.

這些客戶使用 Beeline Kazakhstan 的數位服務，例如 BeeTV、我們的金融科技平台、我們的音樂平台、hitter 以及我們的純數位營運商 Izi。

This 42% of active users generate 60% of subscriber revenues. In Kazakhstan, we have made $5.9 billion of investments with a CapEx intensity of 21.5% and despite the fact that we are deploying 4G and serving high robust 4.9G quality services against competition's 5G, we continue to gain market share.

這 42% 的活躍用戶創造了 60% 的訂戶收入。在哈薩克斯坦，我們已經進行了59 億美元的投資，資本支出強度為21.5%，儘管我們正在部署4G 並提供高穩健的4.9G 品質服務來對抗競爭對手的5G，但我們仍在繼續獲得市場份額。

Let me speak a little bit about Kazakhstan's first digital first operator, Izi. Izi is an entertainment platform open to everyone, and it has 455,000 monthly active users. This is 4.3x higher compared to last year.

讓我簡單介紹一下哈薩克第一家數位第一營運商Izi。Izi是一個向所有人開放的娛樂平台，每月活躍用戶為455,000人。比去年高出 4.3 倍。

Izi also provides telecommunication services and half of Izi's customers have opted also for the telecommunication services. Being an agnostic telecommunications players actually introduces an entertainment service to lifestyles of young generations with great success.

Izi 也提供電信服務，Izi 的一半客戶也選擇了電信服務。作為不可知論者的電信運營商實際上為年輕一代的生活方式引入了娛樂服務，並取得了巨大成功。

Monthly active mobile customers of Izi increased 59% to 219,000 and Izi users enjoy the digital experience of the entertainment super app with an ARPU of 1,800, which is 4.4x higher compared to the ARPU of Izi customers who do not use our telecom services.

Izi 的每月活躍行動客戶增加了 59% 至 219,000 名，Izi 用戶享受娛樂超級應用程式的數位體驗，ARPU 為 1,800，比不使用我們電信服務的 Izi 客戶的 ARPU 高出 4.4 倍。

Banglalink revenues rose 14%. This performance was driven by a balanced expansion in both customer base and average revenues.

Banglalink 營收成長 14%。這一業績是由客戶群和平均收入的平衡擴張所推動的。

Driven by the uptake of digital services, the Multiplay customer base grew 9% year-on-year, supporting a 60% increase in Multiplay revenues, reaching 34% of total revenue generation potential. Growing market share and ongoing investment in the Banglalink network drove EBITDA up 18% year-on-year, expanding the margin.

在數位服務普及的推動下，Multiplay 客戶群年增 9%，支援 Multiplay 營收成長 60%，達到總創收潛力的 34%。不斷增長的市場份額和對 Banglalink 網路的持續投資推動 EBITDA 同比增長 18%，從而擴大了利潤率。

Banglalink's strong focus on cost control and inflationary pricing helped deliver these impressive results, even when electricity and fuel costs continue to rise in multiple times. Banglalink's 4G users increased by 7 percentage points year-on-year to reach 20.1 million. This represents now 50% of the total subscriber base. Over the last 4 years, we have quadrupled this percentage of penetration.

即使電力和燃料成本持續多次上漲，Banglalink 對成本控制和通貨膨脹定價的高度重視也幫助實現了這些令人印象深刻的業績。Banglalink的4G用戶較去年成長7個百分點，達到2010萬。目前，這佔總訂戶基數的 50%。在過去 4 年裡，我們的滲透率增加了四倍。

Last but not least, the sale of 1/3 of our tower portfolio was another key highlight for Q4. Expect us to continue delivering on unlocking greater value from our portfolio, both physical and digital assets.

最後但並非最不重要的一點是，出售 1/3 的塔樓投資組合是第四季的另一個重要亮點。期望我們繼續從我們的投資組合（包括實體資產和數位資產）中釋放更大的價值。

Toffee is another application that I would like you to remember. Toffee is part of Banglalink's digital operator offerings and the country's leading entertainment platform and OTT streaming platform.

Toffee 是我希望您記住的另一個應用程式。Toffee 是 Banglalink 數位營運商產品和全國領先的娛樂平台和 OTT 串流平台的一部分。

Toffee continues to maintain a healthy user base with monthly active users reaching 8 million. Again, Toffee is available to all mobile customers in the country, and currently, 65% of Toffee users are not Banglalink telecom customers. The total number of sessions watched now is at 152 million, and this is actually 9% sequentially more than Q4 of this year.

太妃糖持續保持健康的用戶基礎，每月活躍用戶達到 800 萬。同樣，Toffee 可供該國所有行動客戶使用，目前，65% 的 Toffee 用戶不是 Banglalink 電信客戶。目前觀看的總觀看次數為 1.52 億，實際上比今年第四季環比成長了 9%。

Banglalink customers who use Toffee generate 3x the ARPU of single-play voice customers, and this is the power of digital offerings. Turning now to Uzbekistan. With the full year 2023, Uzbekistan achieved a 23% year-on-year local currency top-line growth. This performance was driven by a combination of expansion both in ARPU as well as the customer base.

使用 Toffee 的 Banglalink 客戶產生的 ARPU 是單播放語音客戶的 3 倍，這就是數位產品的力量。現在轉向烏茲別克。2023年全年，烏茲別克以本國貨幣計算的營收年增23%。這項業績是由 ARPU 和客戶群擴張共同推動的。

There are double-digit increases in 4G users and data usage. Beeline Uzbekistan now exceeds 70% 4G penetration target with 73% of the customer base using 4G data. 4G user base reached 6.2 million users this quarter, an 11% year-on-year increase.

4G 用戶和數據使用量出現兩位數增長。Beeline 烏茲別克現已超過 70% 的 4G 滲透率目標，73% 的客戶群使用 4G 數據。本季4G用戶數達620萬，較去年同期成長11%。

Let me move to our flywheel of DO1440 digital services. I'm glad to see that our total monthly active users of digital services has reached 98.5 million with an increase of 29% year-on-year.

讓我談談 DO1440 數位服務的飛輪。我很高興地看到，我們的數位服務月活躍用戶總數已達到9,850萬，較去年同期成長29%。

Among these users, 20.1 million is never become a user of a telecom service and potential customers for us to gain. I'm also extremely happy to see on our fintech environment, our year-on-year gross transaction values increased 11% to reach USD24 billion. And this 11% year-on-year growth in U.S. dollars is equivalent to 44% year-on-year growth in local currency.

在這些用戶中，有2,010萬從未成為電信業務的用戶，也是我們獲得的潛在客戶。我也非常高興地看到，在我們的金融科技環境下，我們的總交易額年增了 11%，達到 240 億美元。而這11%的美元年增率相當於當地貨幣年增44%。

We see higher usage levels, we see higher generation of revenues as we deploy these digital services. Crystalizing the value of our infrastructure is one of our priorities. So far, you have seen a couple of transactions which has allowed us to unlock value from our balance sheet.

當我們部署這些數位服務時，我們看到了更高的使用水準和更高的收入。體現我們基礎設施的價值是我們的首要任務之一。到目前為止，您已經看到了幾筆交易，這些交易使我們能夠從資產負債表中釋放價值。

Beyond information and telecommunications infrastructure sales, we are also looking for our noncore business disposals in the countries that we operate. And especially for our digital assets from fintech to entertainment platforms, we are looking for strategic partners as we also consider public offerings of our operators in local and international markets.

除了資訊和電信基礎設施銷售之外，我們還在我們經營所在的國家尋求非核心業務處置。特別是對於從金融科技到娛樂平台的數位資產，我們正在尋找戰略合作夥伴，因為我們也考慮營運商在本地和國際市場的公開發行。

I would like to stop here and give the floor to Joop to give you a little bit more color of our financial performance. Joop?

我想在此停下來，請喬普發言，讓您對我們的財務表現有更多的了解。喬普？

Thanks, Kaan. I'm pleased to present some of our key revenue milestones for the full year and the fourth quarter. This year marked yet another period of double-digit year-on-year growth in local currency revenues across all 6 of our markets.

謝謝，卡恩。我很高興介紹我們全年和第四季的一些關鍵收入里程碑。今年是我們所有 6 個市場的本幣收入再次實現兩位數年增長的時期。

Total revenue in local currency increased by 80% year-on-year with service revenue also rising by 18% year-on-year.

以當地貨幣計算的總收入年增80%，服務收入也較去年同期成長18%。

Despite these strong growth figures, our reported service revenue in dollar terms showed a slight decrease of 1% year-on-year on a reported basis. This was largely due to local currency depreciation in several of our key markets, especially in Pakistan, Bangladesh, Uzbekistan, and Ukraine.

儘管成長數據強勁，但我們報告的以美元計算的服務收入比去年同期小幅下降 1%。這主要是由於我們幾個主要市場的當地貨幣貶值，特別是巴基斯坦、孟加拉、烏茲別克和烏克蘭。

The driving forces behind our revenue growth include gains in market share and the expansion of our digital platforms across all operations, coupled with the implementation of disciplined influencing pricing strategies.

我們收入成長背後的驅動力包括市場份額的成長和我們在所有業務中數位平台的擴展，以及嚴格影響定價策略的實施。

On the next page, I will elaborate on our EBITDA and EBITDA margin. In full year 2023, VEON experienced a 20% year-on-year increase in local currency normalized EBITDA with our normalized EBITDA margin improving by 0.8 percentage points to 46.2%.

在下一頁，我將詳細介紹我們的 EBITDA 和 EBITDA 利潤率。2023 年全年，VEON 的本國貨幣標準化 EBITDA 年成長 20%，標準化 EBITDA 利潤率提高 0.8 個百分點，達到 46.2%。

It's crucial to recognize that our EBITDA growth was influenced by extraordinary one-off events in Kazakhstan, Pakistan, Ukraine, and Uzbekistan throughout full-year term 2023.

至關重要的是要認識到，我們的 EBITDA 成長受到哈薩克、巴基斯坦、烏克蘭和烏茲別克在 2023 年全年異常事件的影響。

By making adjustments for these one-off occurrences, we gain a clear view of VEON's operational progress and profitability and lower currency over the last 12 months, providing a more accurate measure of our financial health and efficiency.

透過對這些一次性事件進行調整，我們可以清楚地了解 VEON 的營運進度和獲利能力以及過去 12 個月的匯率走低，從而更準確地衡量我們的財務狀況和效率。

For the recent quarter, we've achieved substantial year-on-year growth in local currency revenues across our 6 markets, with total revenue growing 80% year-on-year cumulating in reported revenue of $953 million.

最近一個季度，我們在 6 個市場的本地貨幣收入年增率大幅成長，總營收年增 80%，累計報告營收達 9.53 億美元。

Our reported currency revenue has shown modest growth with a 1% rise year-on-year. As mentioned prior, this figure is influenced by notable depreciation in local currencies within our markets, mostly significant in Pakistan, Bangladesh, Uzbekistan, and Ukraine.

我們報告的貨幣收入呈現溫和成長，年增 1%。如前所述，這個數字受到我們市場內當地貨幣顯著貶值的影響，尤其是在巴基斯坦、孟加拉、烏茲別克和烏克蘭。

The surge in revenue is attributable to an increase in our market share and the broadening of our digital platforms throughout all operations in conjunction with the implementation of methodical inflation-adjusted pricing strategies.

收入的激增歸因於我們的市場份額的增加和我們在所有業務中數位平台的擴大，以及有條不紊的通膨調整定價策略的實施。

On a quarterly basis, VEON's local currency normalized EBITDA increased 25% year-on-year, complemented by a notable rise in our EBITDA margin of 2.5-percentage points to 44.4%. However, it's crucial to acknowledge that our EBITDA growth has been influenced by extraordinary onetime events, as mentioned.

以季度計算，VEON 的本國貨幣正常化 EBITDA 年成長 25%，同時我們的 EBITDA 利潤率也顯著上升 2.5 個百分點，達到 44.4%。然而，重要的是要承認我們的 EBITDA 成長受到了非凡的一次性事件的影響，如上所述。

Once these one-time factors are accounted for, the fourth quarter of 2023 reviews strong cost management and the positive impact of operating leverage. These elements have been pivotal in creating a fundamentally higher margin profile for VEON position over the last year.

一旦考慮到這些一次性因素，2023 年第四季將回顧強烈的成本管理和營運槓桿的正面影響。這些因素對於去年 VEON 部位創造更高的利潤率至關重要。

Shifting focus to key balance sheet figures. I will now detail out our debt and liquidity status. As we close Q4, the group maintained a strong liquidity position, evidenced by a total cash reserve of $1.7 billion, which excludes our banking activities in Pakistan.

將焦點轉向關鍵的資產負債表資料。我現在將詳細說明我們的債務和流動性狀況。截至第四季末，該集團保持了強勁的流動性狀況，現金儲備總額為 17 億美元，其中不包括我們在巴基斯坦的銀行活動。

Of this amount, a substantial $1.3 billion is held at our headquarters. At the operating level, each of VEON's entities remains self-sustaining in terms of financing.

其中，有 13 億美元存放在我們的總部。在營運層面，VEON 的每個實體在融資方面都保持自我維持。

In a strategic move this September, VEON undertook the complete advanced redemption of notes, settle mature in December 2023 and June 2024. This proactive measure has led to a significant decrease in our reported gross debt figures. And as Kaan mentioned, we can also not share that we have secured BB- credit ratings from both Fitch and S&P.

在今年 9 月的一項策略性舉措中，VEON 進行了全部票據提前贖回，並於 2023 年 12 月和 2024 年 6 月到期。這項積極措施導致我們報告的總債務數字大幅下降。正如卡恩所提到的，我們也不能透露我們已獲得惠譽和標準普爾的 BB- 信用評級。

As many of you are aware, we exited Russia in October 2023. As a result, the month and the quarter were marked by several transactions that materially influence the group's financial position. As a result of the exit, our gross debt has substantially decreased and now stands at $3.7 billion from $6.7 billion from nearly a year ago.

正如你們許多人所知，我們在 2023 年 10 月退出俄羅斯。因此，本月和季度發生了幾項對集團財務狀況產生重大影響的交易。由於退出，我們的總債務大幅下降，從近一年前的 67 億美元降至現在的 37 億美元。

Similarly, our net debt and net leverage ratio has significantly improved, going from a net leverage ratio of 2.76x a year ago to 1.42x. Let me now speak about the accounting impact of our exit from Russia.

同樣，我們的淨債務和淨槓桿率也顯著改善，從一年前的2.76倍淨槓桿率升至1.42倍。現在讓我談談我們退出俄羅斯對會計的影響。

As a result of our exit, we will incur a noncash cumulative currency translation loss of $2.8 billion, which accumulated in equity through other comprehensive income and are recycled through the consolidated income statement on the date of the disposal.

由於我們的退出，我們將產生 28 億美元的非現金累積貨幣換算損失，該損失透過其他綜合收益累積在權益中，並在出售之日透過合併損益表循環。

As mentioned, a noncash and no impact on equity. Despite this, it's important to recognize that our continuing operations have reported a profit of $384 million for full year 2023, which translates to a price-to-earnings ratio at VEON 4.6x.

如前所述，這是非現金，對股權沒有影響。儘管如此，重要的是要認識到，我們的持續經營業務在 2023 年全年實現了 3.84 億美元的利潤，這意味著 VEON 的本益比為 4.6 倍。

In other words, our continued operations are profitably growing. Our overall equity for VEON is projected to rise by $300 million for full year 2023.

換句話說，我們的持續營運正在獲利成長。預計 2023 年全年我們對 VEON 的總股本將增加 3 億美元。

Taking into account the significant events and on a pro-forma basis, VEON's net debt stands at $2 billion, a marked decrease from the $5.1 billion of net debt report 12 months ago. It's noted that $1.6 billion of the net debt is attributed to the HQ level.

考慮到重大事件並按預計計算，VEON 的淨債務為 20 億美元，較 12 個月前的 51 億美元淨債務報告顯著下降。值得注意的是，16 億美元的淨債務屬於總部層級。

Our cash reserves remain healthy at $1.7 billion with $1.3 billion of this liquidity being retained at the S&P level.

我們的現金儲備保持在 17 億美元的健康水平，其中 13 億美元的流動性保留在標準普爾水平。

Moving to our debt profile stands now. Our debt profile has improved substantially. We have successfully restructured our debt to extend major maturities to 2025, providing the company with greater financial flexibility. By the end of the fourth quarter, VEON's $400 million in debt due within the upcoming 12 months.

現在轉向我們的債務狀況。我們的債務狀況已大幅改善。我們已成功重組債務，將主要期限延長至 2025 年，為公司提供了更大的財務靈活性。截至第四季末，VEON 的 4 億美元債務將在未來 12 個月內到期。

As of October 2023, the debt settlement show in 2025 totals $1.64 billion. It's significant to note that additional debt repayments are poised to not only diminish VEON's overall gross debt levels and upcoming maturities but will also lower the absolute cost of debt services.

截至2023年10月，2025年債務清償總額達16.4億美元。值得注意的是，額外的債務償還不僅會降低 VEON 的整體總債務水準和即將到期的債務，而且還會降低償債的絕對成本。

Furthermore, there's $810 million currently outstanding under the revolving credit facility, which provides us with the option to roll over the amount into the final due dates in 2024 and '25, thereby enhancing our liquidity management and long-term financial strategy. Let me outline some of the changes to our cost of debt and average debt maturity.

此外，循環信貸額度目前尚未償還 8.1 億美元，這使我們可以選擇將這筆金額展期至 2024 年和 25 年的最終到期日，從而加強我們的流動性管理和長期財務策略。讓我概述一下我們的債務成本和平均債務期限的一些變化。

The cost of borrowing first quarter of 2022 has been impacted by 3 key factors: Emerging markets frontier rates is the first one, higher interest rates on floating dollars and Pakistan rupee debt.

2022 年第一季的借貸成本受到 3 個關鍵因素的影響：第一個是新興市場前沿利率，浮動美元和巴基斯坦盧比債務利率上升。

The second factor was early redemptions. The early redemption of VEON bonds maturing in December 2023 and June 2024 have also had an impact on borrowing costs due to these bonds falling relatively lower coupons versus the average cost of debt and the acquisition of VEON Holdings bonds by PJSC VimpelCom.

第二個因素是提前贖回。於2023 年12 月和2024 年6 月到期的VEON 債券的提前贖回也對借貸成本產生了影響，因為這些債券的票面利率相對於平均債務成本相對較低，而且PJSC VimpelCom 收購了VEON Holdings 債券。

Number 3, a higher proportion of OpCo debt. One should note that we now have a greater proportion of higher rate OpCo debt, the lower rate dollar debt in our gross debt mix is the effect of increasing blended cost of debt. Our average debt maturity, excluding the RCF, stands at 2.9 years.

第三，OpCo 債務比例較高。應該指出的是，我們現在擁有更大比例的高利率 OpCo 債務，在我們的總債務組合中，較低利率的美元債務是債務混合成本增加的影響。我們的平均債務期限（不包括 RCF）為 2.9 年。

Now, I will hand over to Kaan.

現在，我將把任務交給卡恩。

Thank you, Joop. Let me look into 2024 outlook. A year ago, when we provided our guidance for 2023, we have indicated that the 2023 was up for a year for 10% to 14% growth in top-line and EBITDA.

謝謝你，喬普。讓我展望一下 2024 年的前景。一年前，當我們提供 2023 年指引時，我們表示 2023 年營收和 EBITDA 成長 10% 至 14%。

Over the years, over the months, we have increased our guidance, and we actually increased the guidance in Q3 to 18% to 20% growth for revenues and EBITDA.

多年來，幾個月來，我們提高了指導，實際上，我們將第三季的指導提高到營收和 EBITDA 成長 18% 至 20%。

We finished the 2023 with 18% growth of top-line and 20% growth in EBITDA. Looking to the trends of the first 2 months, we are cautiously optimistic that the momentum of growth continues. And we are setting a guidance for 2024 for 16% to 18% growth of top-line and 18% to 20% growth in EBITDA.

2023 年，我們的營收成長了 18%，EBITDA 成長了 20%。展望前兩個月的趨勢，我們對成長動能持續持謹慎樂觀態度。我們正在製定 2024 年營收成長 16% 至 18% 和 EBITDA 成長 18% 至 20% 的指導方針。

We expect our 12-month CapEx intensity to be in between 18% to 19%. We believe that as we execute our digital operator strategy and improve our 4G penetration in all the markets, this momentum will enable us to achieve these results.

我們預計 12 個月的資本支出強度將在 18% 至 19% 之間。我們相信，隨著我們執行數位營運商策略並提高我們在所有市場的 4G 滲透率，這種勢頭將使我們能夠取得這些成果。

Thank you very much. I will stop here and open for discussions and questions. Thank you.

非常感謝。我將在此停止並開放討論和提問。謝謝。

Our first question comes from Rahul Shah from Enam Telemark. In which markets are you seeing the scope for the biggest revenue uplift from the digital strategy?

我們的第一個問題來自 Enam Telemark 的 Rahul Shah。您認為數位化策略在哪些市場的營收成長幅度最大？

During my presentation, I have mentioned that the most advanced digital operator execution engine in our market is Kazakhstan. And we actually see here 73% 4G penetration, and we generate almost 60% of our revenues from customers who consume also our digital services.

在我的演講中，我提到我們市場上最先進的數位營運商執行引擎是哈薩克。實際上，我們在這裡看到 73% 的 4G 滲透率，我們近 60% 的收入來自也使用我們數位服務的客戶。

This is followed by actually a very strong performance from Pakistan, Uzbekistan, and Bangladesh.

其次是巴基斯坦、烏茲別克和孟加拉的表現非常強勁。

Second question also from Rahul. Regarding asset disposals, do you have any visibility or scale location timeline? What are you facing the biggest challenges to upstreaming profits or asset sale proceeds?

第二個問題也來自拉胡爾。關於資產處置，您是否有任何可見性或規模位置時間表？您在上游利潤或資產出售收益方面面臨的最大挑戰是什麼？

In all the markets that we operated, we do have independent tower companies currently owned by us, and we are actually able to execute processes for transacting on either partially or fully on these tower companies. I do expect over the 18 months, these projects to deliver fruits.

在我們經營的所有市場中，我們目前擁有獨立的鐵塔公司，並且我們實際上能夠執行部分或全部在這些鐵塔公司上進行交易的流程。我確實希望這些項目在 18 個月內能夠取得成果。

This year, we have finished in 2023 with 1/3 of our towers in Bangladesh, and that will probably be the earliest ones that we will come back to the market again. Now, disposal of assets is one thing that we create value from our balance sheet, but I also see our growing digital services as an attraction for international investors for actually taking strategic positions as well.

今年，我們在 2023 年完成了孟加拉 1/3 的塔樓建設，這可能是我們最早再次重返市場的塔樓。現在，資產處置是我們從資產負債表中創造價值的一件事，但我也認為我們不斷增長的數位服務對國際投資者來說也具有吸引力，他們實際上也採取了戰略立場。

Entertainment services like Tamasha and Toffee in Pakistan and Bangladesh; fintech services like Simply in Kazakhstan; or JazzCash in Pakistan, are also examples of potential value creation for us.

巴基斯坦和孟加拉的 Tamasha 和 Toffee 等娛樂服務；哈薩克的 Simply 等金融科技服務；或巴基斯坦的 JazzCash 也是為我們創造潛在價值的例子。

The next question is also from Rahul. Your guidance implies a slight uptick in CapEx intensity this year. Where will this extra investment be focused and why the shift and approach?

下一個問題也來自拉胡爾。您的指導意味著今年資本支出強度略有上升。這筆額外投資將集中在哪裡？

Last year, we actually were 1-percentage point below where we wanted to be, and this was due to the basically import controls that Pakistan has put in place.

去年，我們實際上比我們想要的水平低了 1 個百分點，這是由於巴基斯坦實施了基本的進口管制。

So, as that's actually disappears, we do expect our normal path, which we started, as you know, about 3 years ago from 22%, and now we are down to 19%, 18%. Last year was actually a 1-percentage point less than what we wanted to do in terms of investments. This is actually where we should be.

因此，隨著這種情況實際上消失，我們確實期望我們的正常道路，如你所知，大約 3 年前我們從 22% 開始，現在我們下降到 19%、18%。去年的投資實際上比我們想要的少了 1 個百分點。這實際上就是我們應該在的地方。

Okay. I'm going to switch to some of our kind of retail investors. Are there any plans to award shareholders with the dividend?

好的。我將轉向我們這種散戶。是否有計劃向股東派發股利？

At this stage, we believe it's too early to come to that conclusion, and we will keep everybody posted on that.

在現階段，我們認為得出這個結論還為時過早，我們將隨時向大家通報這一情況。

The next question is also from our retail platform. Are there any updates on the application that was submitted in Bangladesh for the digital banking license?

下一個問題也是來自我們的零售平台。在孟加拉國提交的數位銀行牌照申請有任何更新嗎？

We are still in the process of talking with the authorities in terms of the digital banking license, and there has not been any news on that.

我們仍在與當局就數位銀行牌照事宜進行談判，目前還沒有任何消息。

The next questions come from Stella Cridge from Barclays. Can you talk about how discussions around refinancing options have been progressing? How are you thinking about addressing the 2025 bonds?

接下來的問題來自巴克萊銀行的斯特拉·克里奇。您能談談有關再融資方案的討論進度如何嗎？您如何考慮解決 2025 年債券問題？

Well, I will also ask Joop to chip in on this one. But for 2025 bonds, we believe that we are on track for normal maturity of those bonds. Any comments, Joop, you would like to add?

好吧，我也會請喬普幫忙解決這個問題。但對於 2025 年債券，我們相信這些債券預計將正常到期。喬普，您有什麼意見想補充嗎？

I think what is important is that Ukraine rating back and is now putting in place all the building blocks to address those maturities as we near those maturities, which for the (inaudible) are more than a year wasted.

我認為重要的是，烏克蘭重新評級，並且在我們接近這些到期日時，現在正在落實所有的構建模組來解決這些到期日問題，（聽不清楚）這已經浪費了一年多的時間。

There's another question. Can we just comment about in greater detail about which subsidiaries are you able to upstream?

還有一個問題。我們能否更詳細地評論一下您能夠向上游提供哪些子公司？

We do not have it currently, except for Ukraine, which is under Marshall Law any subsidiary with limitations of upstreaming.

我們目前沒有，除了烏克蘭，根據馬歇爾法，烏克蘭是任何上游限制的子公司。

Could you comment more about your engagement in Ukraine?

您能否對您在烏克蘭的活動發表更多評論？

Sure. Our team in Ukraine is doing a heroic job in terms of keeping our network up and running. As I mentioned to you, not only that we are deploying new sites, we are multiple times deploying the same sites again and again to keep the network connected.

當然。我們在烏克蘭的團隊在保持網路正常運作方面做得非常出色。正如我向您提到的，我們不僅部署新站點，而且一次又一次部署相同的站點以保持網路連線。

In the meantime, we do have a very functional open dialogue with the Ukrainian authorities to make sure that this service levels and support for the country continues.

同時，我們確實與烏克蘭當局進行了非常有效的公開對話，以確保繼續提供這種服務水準和對該國的支持。

Another question from the chat is, can you comment regarding your views on kind of FX and FX risk going forward?

聊天中的另一個問題是，您能否評論一下您對未來外匯和外匯風險類型的看法？

Look, if I look at the last 4 years, we had the era of COVID and later war and if I look back also in the last 2 years, one of the biggest, I think, impact that emerging markets have experienced was increase of the interest rates from almost 0 to 5.25%.

看，如果我回顧過去 4 年，我們經歷了新冠疫情和後來的戰爭時代，如果我也回顧一下過去 2 年，我認為新興市場經歷的最大影響之一是利率幾乎從0%到5.25%。

This is a financial equivalent of a nuclear bomb in emerging markets. I'm very happy to see that with regard to this type of a turbulence, despite the fact that we had significant devaluations, our U.S. dollar reported numbers were only down 2%, actually 1.5%.

這在金融上相當於新興市場的核彈。我很高興看到，對於這種動盪，儘管我們的貨幣大幅貶值，但我們的美元報告數字僅下降了2%，實際上是1.5%。

I do expect that in the next year, the stabilization on the interest rates and potentially moderation of the interest expenses. And this is probably be an era of more stability in the emerging market economies.

我確實預計明年利率會趨於穩定，利息支出可能會放緩。這可能是新興市場經濟體更穩定的時代。

The next question also comes from Stella Cridge. Can you comment about your kind of auditor situation and kind of its resolution?

下一個問題也來自斯特拉·克里奇。您能否評論一下您的審計師情況及其解決方案？

Yes. Joop, I'll pass it to you.

是的。喬普，我把它傳給你。

Thanks, Kaan. Yes. After the sale of the Russia operations in October 2023, it was clear that the market really open for ourselves. We've seen that analysts are supporting us. We've seen the rating agencies starting again and also our discussions with the auditors started again.

謝謝，卡恩。是的。2023 年 10 月出售俄羅斯業務後，很明顯，市場確實對我們開放了。我們看到分析師正在支持我們。我們看到評級機構重新開始，我們與審計師的討論也重新開始。

As a result, we have engaged with auditor for 2023, but, of course, late in the process. And therefore, also, our filing will be late, but the auditor has started. So it's positive news.

因此，我們已與 2023 年的審計師進行了接觸，但當然是在這個過程的後期。因此，我們的備案也會遲到，但審計員已經開始了。所以這是一個積極的消息。

The next question comes from Michele Tamara from Helikon. Can you provide guidance on HQ costs in 2024 and beyond?

下一個問題來自 Helikon 的 Michele Tamara。您能否提供 2024 年及以後總部成本的指導？

Hi, Michele. Thanks for the question. Actually, in 2023, we made a massive reorganization at the HQ, which allowed us to save almost 55% of our run rate.

嗨，米歇爾。謝謝你的提問。事實上，2023 年，我們對總部進行了大規模重組，這使我們節省了近 55% 的運作率。

Now, we have reduced it to the level of $75 million a year. And I do expect that optimization of our costs, of course, will continue as we normalize our operations. But HQ has contributed a lot to this year's margin expansion, and we have completed the successful transformation last year.

現在，我們已將其減少到每年 7500 萬美元的水平。當然，我確實希望隨著我們的營運正常化，我們的成本優化將會繼續下去。但總部對今年利潤率的擴張做出了巨大貢獻，我們去年就完成了成功的轉型。

The next question is also from Stella Cridge from Barclays. What are the sovereign bonds that you referred to in the presentation? What country do they relate to? Is $150 million nominal value or market value?

下一個問題也來自巴克萊銀行的斯特拉·克里奇。您在簡報中提到的主權債券有哪些？它們與哪個國家有關？1.5億美元是名目價值還是市場價值？

We do keep some of our cash balances in Ukraine in U.S.-denominated sovereign funds, and I think we are referring to that amount.

我們確實將烏克蘭的一些現金餘額保留在以美國計價的主權基金中，我認為我們指的是這個數字。

Can you comment regarding JazzCash in Pakistan in terms of revenue and asset size to the company?

您能否對巴基斯坦 JazzCash 公司的收入和資產規模發表評論？

Of course, JazzCash is a private entity within our operation. But if I look to its run rate growth, we have almost $100 million of revenue run rate. It is EBITDA positive, cash flow positive, and growing almost at 82% year-on-year with a very healthy unit economic cost.

當然，JazzCash 是我們營運中的私人實體。但如果我看看它的運行率成長，我們的營收運行率接近 1 億美元。EBITDA 為正，現金流為正，年成長近 82%，單位經濟成本非常健康。

I believe this is going to be one of the driving factors of our business growth in Pakistan. If I look to overall Pakistan operations, almost 15% of our revenues today are generated through non-telecom assets and a massive portion of that comes from JazzCash and Mobilink Bank and Financial Services.

我相信這將成為我們在巴基斯坦業務成長的驅動因素之一。如果我看看巴基斯坦的整體業務，我們今天幾乎 15% 的收入是透過非電信資產產生的，其中很大一部分來自 JazzCash 和 Mobilink 銀行和金融服務。

The next question is from Rahul Shah. Now that you have a bond rating, will you be looking to extend your debt maturity profile?

下一個問題來自拉胡爾·沙阿。現在您已經有了債券評級，您會考慮延長您的債務期限嗎？

We are looking for expanding our debt maturity profile. But my #1 priority of achieving this is actually through the tower sales in local markets with long-term lease contracts other than anything else.

我們正在尋求擴大我們的債務期限。但實現這一目標的首要任務實際上是透過當地市場的塔樓銷售以及長期租賃合約。

That will allow us to basically deleverage the company at the headquarters, get rid of hard currency debt, and turn it into local currency long-term lease commitments.

這將使我們能夠從根本上對總部的公司進行去槓桿化，擺脫硬通貨債務，並將其轉化為當地貨幣的長期租賃承諾。

The next question is also from Michele. Any relevant license payments do you expect in 2024 and beyond?

下一個問題也來自米歇爾。您預計 2024 年及以後會收到任何相關授權費用嗎？

There is no renewals coming up except for a renewal in Kyrgyzstan, which is immaterial in total picture.

除了吉爾吉斯的續約之外，沒有續約，這在整體情況上並不重要。

The next question is from Dmitry Ivanov. How do you plan to utilize the expected tower sale proceeds? Do you plan to finance local operations from the sales proceeds or upstream to the holding level?

下一個問題來自德米特里·伊凡諾夫。您打算如何利用預期的塔樓銷售收益？您是否計劃從銷售收入或上游到控股層面為當地營運提供資金？

So, as I mentioned, from my perspective, tower transactions is a very effective way of refinancing, hard currency top-line debt with local currency, long-term debt. And this is our primary objective. And, of course, we will use this also to further deleverage the company.

因此，正如我所提到的，從我的角度來看，塔式交易是一種非常有效的再融資方式，以本國貨幣進行硬通貨頂線債務、長期債務。這是我們的首要目標。當然，我們也將利用這一點來進一步降低公司的槓桿率。

There is also as a second follow-up question regarding your debt profile, do you plan to reduce it? And if yes, what is a comfortable amount of debt at the holding level for you?

還有關於您的債務狀況的第二個後續問題，您打算減少債務嗎？如果是的話，對於您來說，持有水平的債務金額是多少？

Joop, please also chip in. But the way I see it today, our leverage ratio is 1.43. If you exclude the long-term leases and 1.83 if you include them. And ideally, we would like to be somewhere in between 1 and 1.5 during this period, right?

喬普，也請幫忙。但我今天看到的，我們的槓桿率為 1.43。如果排除長期租賃，則為 1.83（如果包括長期租賃）。理想情況下，我們希望在此期間處於 1 到 1.5 之間，對吧？

Yes. And especially, we want to deleverage, of course, the group and especially deleverage HQ and then leverage (inaudible). And as I mentioned in the presentation, the bid, of course, result to higher interest rates. And therefore, we are a little bit conservative on that 1 to 1.5x.

是的。當然，我們特別希望將集團去槓桿化，特別是對總部進行去槓桿化，然後再利用（聽不清楚）。正如我在演講中提到的，出價當然會導致更高的利率。因此，我們對 1 到 1.5 倍有點保守。

Thank you very much for being with us. I see that we have almost 100 people online, my greatest respect, and looking forward to talking to you soon. Thank you very much.

非常感謝您與我們同在。我看到我們有近 100 人在線，這是我最崇高的敬意，並期待很快與您交談。非常感謝。