VEON Ltd (VEON) 2024 Q2 法說會逐字稿

Hello, and welcome to VEON's Q2 2024 trading update call. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加 VEON 2024 年第二季交易更新電話會議。我們要求您保留所有問題，直到正式發言完成，屆時您將收到有關問答環節的指示。另外，提醒一下，今天正在錄製這場會議。如果您有任何異議，請此時斷開連接。

Faisal Ghori, you may begin.

費薩爾古里，你可以開始了。

Thank you. Good afternoon and good morning to everyone, and thank you for joining us today for VEON's second-quarter results presentation for the period ending June 30, 2024. I'm Faisal Ghori, Head of Investor Relations. I'm pleased to be joined by Kaan Terzioglu, our Group CEO, along with Joop Brakenhoff, our Group CFO.

謝謝。大家下午好，早安，感謝您今天參加我們的 VEON 截至 2024 年 6 月 30 日的第二季業績發布會。我是投資者關係主管 Faisal Ghori。我很高興集團執行長 Kaan Terzioglu 和集團財務長 Joop Brakenhoff 加入。

Today's presentation will begin with the key highlights and business updates from Kaan, followed by a discussion of detailed financial results from Joop. We'll then open up the line for Q&A.

今天的演講將從 Kaan 的主要亮點和業務更新開始，然後討論 Joop 的詳細財務表現。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. These statements relating partly to the company's anticipated performance and guidance for 2024, 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 incentives, including current and future contact.

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，這涉及一定的風險和不確定性。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、營運和網路發展以及網路投資，以及公司實現其目標以及商業和策略激勵措施的能力，包括當前和未來的聯繫。

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 and Form 20-F, and other recent public filings made by the company with the SEC. The trading update and presentation today, each of which includes a reconciliation of non-IFRS measures presented today, can be downloaded from our website.

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，包括公司年度報告和 20-F 表格以及公司最近向 SEC 提交的其他公開文件中詳細說明的風險。今天的交易更新和演示，其中每一個都包含今天提出的非國際財務報告準則措施的調節表，可以從我們的網站下載。

With that, let me hand it over to Kaan.

那麼，讓我把它交給卡恩。

Thank you, Faisal. Welcome, everyone. I appreciate you joining us today for our Q2 results for 2024. I am excited to highlight the robust growth in US dollar revenues. In the second quarter of 2024, we grew by 12.1% year on year in US dollars, marking a strong acceleration from the 6.6% growth recorded in Q1 and 1% in Q4 of 2024.

謝謝你，費薩爾。歡迎大家。感謝您今天加入我們，了解 2024 年第二季的業績。我很高興強調美元收入的強勁成長。2024年第二季度，以美元計算，年增12.1%，較2024年第一季的6.6%和第四季的1%大幅加速。

Group EBITDA recorded double-digit growth in dollars as well, increasing by 10.6% in Q2, demonstrating strong momentum compared to 0.2% in Q1. Please remind ourselves that as of this time last year, weighted average inflation rate across our markets was 17.4%. And in those days, underlying local currency growth of our business was around 18%. This year, weighted average, average inflation in the markets is around slightly less than 10%, and our trailing local currency growth rate averages around 16%.

以美元計算，集團 EBITDA 也錄得兩位數成長，第二季成長 10.6%，與第一季的 0.2% 相比，表現出強勁的勢頭。請提醒我們自己，截至去年這個時候，我們市場的加權平均通膨率為 17.4%。當時，我們業務的基礎本地貨幣成長率約為 18%。今年，市場加權平均平均通膨率略低於 10%，而我們的落後本地貨幣成長率平均約為 16%。

Now during my presentation, I will concentrate on local currency growth rates, which is more accurate reflection of the true underlying growth trends and operational achievements across our operating companies.

現在，在我的演講中，我將重點放在當地貨幣成長率，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 the Q2 2024, we achieved double-digit revenue growth of 15% year on year in local currency term. Service revenues rose at a similar rate, up 14.5% year on year on local currency. Local currency EBITDA grew 14% year on year. We ended the quarter with a cash position of $722 million, of which $375 million was held at headquarters level.

2024年第二季度，我們實現了以當地貨幣計算的年比15%的兩位數收入成長。服務收入也以類似的速度成長，以當地貨幣計算，年增 14.5%。以當地貨幣計算的 EBITDA 年成長 14%。本季結束時，我們的現金部位為 7.22 億美元，其中 3.75 億美元存放在總部。

As promised, gross debt has been reduced significantly, decreasing 23% year on year, demonstrating effective cash management. Capital expenditures increased 6% year on year, totaling $181 million for the second quarter. CapEx intensity on a 12-month basis came at 18%, which is lower by 1.6 percentage points.

依承諾，總負債大幅下降，年減23%，現金管理有效。第二季資本支出較去年同期成長6%，總計1.81億美元。12 個月資本支出強度為 18%，下降了 1.6 個百分點。

I will now provide a brief overview of our service revenue and EBITDA growth across the portfolio for Q2. In Ukraine, Kyivstar is back to single-digit high growth, both on local currency service revenue and EBITDA. Revenues grew 9.1% year on year. EBITDA grew 9.8% year on year in Q2. This reflects the team's dedication to keeping Ukraine and its citizens connected while also maintaining robust business performance.

我現在將簡要概述第二季我們的服務收入和整個投資組合的 EBITDA 成長。在烏克蘭，Kyivstar 在當地貨幣服務收入和 EBITDA 方面都恢復了個位數的高成長。營收年增9.1%。第二季 EBITDA 較去年同期成長 9.8%。這反映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。

In our Central and South Asian markets, local currency revenue growth for the year remained robust, specifically in larger markets. Pakistan grew service revenue 22.8% year on year, and Kazakhstan grew service revenues 18.9% year on year.

在我們的中亞和南亞市場，本年度的本幣收入成長依然強勁，特別是在較大的市場。巴基斯坦服務收入年增22.8%，哈薩克服務收入較去年同期成長18.9%。

For smaller markets, revenue growth ranged from 4.6% in Bangladesh to 12.2% in Uzbekistan. As for EBITDA performance wise, we saw local currency EBITDA growth ranging from 4.6% in Uzbekistan to an impressive 20% year on year in Pakistan and Kazakhstan.

對於較小的市場，營收成長範圍從孟加拉的 4.6% 到烏茲別克的 12.2%。至於 EBITDA 表現，我們看到烏茲別克的本幣 EBITDA 成長率為 4.6%，巴基斯坦和哈薩克的年成長率高達 20%，令人印象深刻。

Let me highlight some of our 4G and multiplay key performance indicators. We added 10 million 4G customers year on year and grew multiplay customers 6 million. Our digital customers increased to 111 million, growing 47% year on year. 4G penetration among our subscribers rose 6 percentage points to 63%, bringing us closer to our group target of 70%.

讓我重點介紹一下我們的一些 4G 和多重播放關鍵績效指標。4G 客戶較去年增加 1,000 萬戶，多人業務較去年同期增加 600 萬戶。我們的數位客戶增至1.11億，年增47%。我們的用戶中的 4G 滲透率上升了 6 個百分點，達到 63%，使我們更接近 70% 的集團目標。

We see compounding effect of our 4G for all and digital operator strategies in our multiplay segment. Expanding 4G access enables us to convert more single-play to multiplay subscribers, who use both connectivity and our digital services. They spend more time with us, they churn less, and they drive higher revenue generation.

我們看到了我們的 4G 和數位營運商策略在我們的多重業務領域的複合效應。擴大 4G 接入使我們能夠將更多單播用戶轉變為多播用戶，他們同時使用連接和我們的數位服務。他們花更多的時間與我們在一起，減少流失，並帶來更高的收入。

In Q2, multiplay segment revenue represented 50% of our consumer revenues. Growth in multiplay revenue was 36% year on year in local currency terms. I want to share with you on a one-off basis a cohort analysis based on our multiplay customer segments.

第二季度，多人遊戲部門收入占我們消費者收入的 50%。以當地貨幣計算，多人遊戲收入較去年同期成長 36%。我想一次與您分享一項基於我們多重客戶細分的群組分析。

Our digital services have two important vectors of growth. Firstly, it is about our connectivity business growing faster due to greater customer data consumption, improved retention, and ARPU expansion. On this chart, what we are presenting is the impact of tenure of a customer staying as a multiplay customer.

我們的數位服務有兩個重要的成長載體。首先，由於客戶資料消耗增加、保留率提高以及 ARPU 擴張，我們的連接業務成長更快。在此圖表中，我們展示的是客戶作為多重客戶的保有權的影響。

Not that only a multiplay customer consumes more, churns less, and spends more money with us, but as the multiplay customer stays longer with us, their revenue potential further increases. This is a cohort analysis done as of May, and I think it reflects very well the successful multiplay strategy we are driving to grow our business and ARPU levels.

不僅是多人遊戲客戶在我們這裡消費更多、流失更少、花更多錢，而且隨著多人遊戲客戶在我們這裡停留的時間更長，他們的收入潛力進一步增加。這是截至 5 月完成的群組分析，我認為它很好地反映了我們為提高業務和 ARPU 水平而推動的成功的多人遊戲策略。

Now the second vector of the growth from our digital operator strategy is actually direct digital revenues. I know you have been asking this question for a very long time. What is your digital service revenues directly? Here is the answer to that. Starting from this quarter, we will be disclosing this information on a routine basis.

現在，我們數位營運商策略的第二個成長向量實際上是直接數位收入。我知道你問這個問題已經很久了。您的數位服務直接收入是多少？這是這個問題的答案。從本季開始，我們將定期披露這些資訊。

10% of our revenues in the first half of 2024 came from direct digital revenues. Digital services such as financial services, entertainment, education, healthcare, our super apps in different countries do not only engage with customers at a deeper level and generating more revenues, but they also create direct digital service revenues, such as loans granted or interest income received or subscriber revenues to specific content or advertising revenues driven by our OTT platforms.

2024 年上半年，我們的收入中有 10% 來自直接數位收入。金融服務、娛樂、教育、醫療保健等數位服務，我們在不同國家的超級應用程式不僅可以更深層次地與客戶互動並產生更多收入，而且還可以創造直接的數位服務收入，例如發放的貸款或利息收入由我們的 OTT 平台驅動的特定內容或廣告收入所獲得的或訂戶收入。

All those revenues in Q2 reached $108 million, for the first half reached $199 million, and now representing more than 10% of our total revenues. A year ago, this percentage was only 5%. In Q2, direct digital revenues increased by 83%, which is 10% of our business. Diversification into multiple digital verticals allows us to serve unmet market needs and expand our customer base, reducing dependency on a single segment.

第二季的所有收入達到 1.08 億美元，上半年達到 1.99 億美元，目前占我們總收入的 10% 以上。一年前，這一比例僅 5%。第二季度，直接數位收入成長了 83%，占我們業務的 10%。多元化進入多個數位垂直領域使我們能夠滿足未滿足的市場需求並擴大我們的客戶群，減少對單一細分市場的依賴。

Our investments in enterprise digital services such as AdTech, cloud services, and software development are paying off, positioning us to seize new opportunities. Looking forward, we are committed to enhancing our digital offerings and expanding our presence in these key verticals, driving growth and delivering value to our stakeholders.

我們在廣告技術、雲端服務和軟體開發等企業數位服務方面的投資正在取得回報，使我們能夠抓住新的機會。展望未來，我們致力於增強我們的數位產品並擴大我們在這些關鍵垂直領域的業務，推動成長並為利害關係人創造價值。

Let's go over country by country. Let me start with Kyivstar in Ukraine. I am pleased to report that Kyivstar has come back even stronger after the recent cyberattack in terms of customer retention, activity, and consumption levels. Revenues for Kyivstar increased 9.5% year on year in local currency, with services revenues growing 9.1% and EBITDA by 9.8%. Direct digital revenues reached 2% of total revenues, growing 76%.

讓我們逐一國家進行考察。讓我從烏克蘭的 Kyivstar 開始。我很高興地報告，在最近的網路攻擊之後，Kyivstar 在客戶保留率、活動和消費水平方面變得更加強勁。Kyivstar 的營收以當地貨幣計算年增 9.5%，其中服務收入成長 9.1%，EBITDA 成長 9.8%。直接數位收入佔總收入的 2%，成長 76%。

We continue to advance and maintain our market leadership. We have boosted our CapEx by 63% year on year to ensure network resilience with power storage and generation capacities installed across key sites. This investment underscores our commitment to network resilience, including deploying over 2,300 generators and 115,000 four-hour duration batteries at base stations to ensure continuous service during blackouts. Additionally, this year, we plan to deploy another 850 industrial generators and 62,000 batteries.

我們繼續推進並保持我們的市場領先地位。我們的資本支出年增了 63%，透過在關鍵站點安裝的電力儲存和發電能力來確保網路彈性。這項投資強調了我們對網路彈性的承諾，包括在基地台部署超過 2,300 台發電機和 115,000 個可持續四小時的電池，以確保停電期間的持續服務。此外，今年我們計劃再部署 850 台工業發電機和 62,000 個電池。

In Ukraine, we have the single largest healthcare platform. Helsi is the 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. With more than 28 million registered patients, up 11% year on year, relative to the population of 38 million of Ukraine, we have 74% of the population registered as patients.

在烏克蘭，我們擁有最大的醫療保健平台。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。登記患者超過2800萬，年增11%，相對於烏克蘭3800萬人口，我們有74%的人口登記為患者。

Helsi has access to 1,600 healthcare institutions, up 2% year on year, and more than 38,000 specialists active on the platform, up 12.5% year on year. In Q2 2024, Helsi platform facilitated 2.3 million appointments through the platform with a 28% increase from the previous year. We have recently launched our subscription service for advanced diagnosis and well-being services. It is already up with 22,000 subscribers and demonstrating a great potential of the platform.

Helsi 已接入 1,600 家醫療機構，年增 2%，平台上活躍的專家超過 38,000 名，較去年同期成長 12.5%。2024年第二季度，Helsi平台透過該平台促成了230萬次預約，比前一年成長了28%。我們最近推出了高級診斷和健康服務的訂閱服務。它已經擁有 22,000 名訂閱者，展示了該平台的巨大潛力。

Moving to Pakistan, Jazz continues its strong growth trajectory with revenue growth of 24% year on year and EBITDA growth of 20%. Pakistan is furthest along with its digital operator journey with direct digital revenues now reaching 22% of total service revenues, nearly doubling year over year.

轉向巴基斯坦，Jazz 繼續保持強勁的成長軌跡，營收年增 24%，EBITDA 成長 20%。巴基斯坦在數位營運商之路上走得最遠，直接數位收入現已達到總服務收入的 22%，比去年同期幾乎翻倍。

One out of three customers today are multiplay in Pakistan, and they generate 3.2x the ARPU. Jazz's multiplay customers generated 40% its consumer revenue. As a result of higher data consumption per subscriber and strong financial services growth, which further enhances our retention capabilities, ARPU expanded by 30%.

如今，巴基斯坦有三分之一的客戶進行多人遊戲，他們產生的 ARPU 是原來的 3.2 倍。Jazz 的多人遊戲客戶創造了其 40% 的消費者收入。由於每用戶資料消耗的增加和金融服務的強勁成長，進一步增強了我們的保留能力，ARPU 成長了 30%。

The 4G base reached 47.3 million, increasing 11% year over year and reaching 66% penetration. CapEx is up 42% year on year as we continue to expand and upgrade our 4G network in accordance with our 4G for all strategy. These efforts are previously delayed given macroeconomic constraints of last year's, which are now all out of our sight.

4G基數達4730萬戶，較去年成長11%，滲透率達66%。隨著我們根據4G全民策略不斷擴展和升級我們的4G網絡，資本支出較去年同期成長42%。由於去年宏觀經濟的限制，這些努力之前被推遲了，但現在這些都已經脫離了我們的視線。

Let me focus a little bit about our financial services business. JazzCash and Mobilink Bank continue to grow profitably. Mobilink's gross loan portfolio expanded 11%. Total financial revenues grew 78% year on year with a 52% increase in gross transaction values. Our total gross transaction value now reaches USD26.5 billion, almost 8% of GDP.

讓我重點談談我們的金融服務業務。JazzCash 和 Mobilink Bank 的獲利持續成長。Mobilink 的總貸款組合擴大了 11%。金融總收入年增78%，交易總額成長52%。我們的總交易金額現已達到 265 億美元，幾乎佔 GDP 的 8%。

The high growth was supported by continued expansion of our retail distribution network now reaching more than 380,000 agents and merchants. We are now issuing more than 100,000 micro loans every single day, reaching 18 million customers. These figures underscore the robust demand and trust in our financial services, demonstrating JazzCash's strong position in the market and its vital role in facilitating financial inclusion.

高成長得益於我們零售分銷網絡的持續擴張，目前已擁有超過 38 萬名代理商和商家。目前，我們每天發放小額貸款超過10萬筆，涵蓋1,800萬名客戶。這些數字強調了對我們金融服務的強勁需求和信任，證明了 JazzCash 在市場中的強大地位及其在促進金融包容性方面的重要作用。

Let's have a look at Tamasha, our entertainment platform. In the second quarter, Tamasha grew its subscriber base 4.2x to 18 million. Thanks to ICC cricket tournaments, user sessions increased 2.8x and reached 293 million sessions. Tamasha, with its 18 million user base, generated USD4.5 million of advertising revenue. Due to Tamasha's extensive reach and high engagement, leading brands in Pakistan are increasingly partnering with Tamasha for their advertising strategies.

讓我們看看我們的娛樂平台 Tamasha。第二季度，Tamasha 的用戶數量增加了 4.2 倍，達到 1,800 萬。由於 ICC 板球錦標賽，用戶會話數增加了 2.8 倍，達到 2.93 億次。Tamasha 擁有 1,800 萬用戶群，創造了 450 萬美元的廣告收入。由於 Tamasha 的廣泛影響力和高參與度，巴基斯坦的領先品牌越來越多地與 Tamasha 合作制定廣告策略。

Over the past year, Tamasha has attracted over 50 international and local advertisers, positioning it as a top choice for brand partnership in the country's local OTT space and media markets. Tamasha is accessible to all mobile users, with 51% of its user base consisting of non-Jazz customers. This makes us a platform of choice for advertisers. Jazz customers who watch Tamasha have an ARPU that is 3.4x higher than our average single-play voice customer.

去年，Tamasha 吸引了 50 多家國際和本地廣告商，將其定位為該國本地 OTT 空間和媒體市場品牌合作的首選。Tamasha 可供所有行動用戶使用，其中 51% 的用戶群由非 Jazz 客戶組成。這使我們成為廣告商的首選平台。觀看 Tamasha 的 Jazz 客戶的 ARPU 比我們平均單播放語音客戶高 3.4 倍。

Moving on to Kazakhstan, Beeline Kazakhstan is the most advanced digital operator in our portfolio. Total revenues and service revenues rose 19% year on year, and EBITDA increased by 20% as higher ARPU, a growing customer base, and rising consumption of data and digital services supporting our solid top line year-on- year growth and margin expansion.

接下來是哈薩克斯坦，Beeline Kazakhstan 是我們產品組合中最先進的數位營運商。總收入和服務收入年增 19%，EBITDA 成長 20%，原因是 ARPU 提高、客戶群不斷擴大以及數據和數位服務消費的增加支持我們穩健的營收年增率和利潤率擴張。

Digital direct revenue now makes up 10% of total revenues in Beeline Kazakhstan and grew 100% year on year. 4G penetration stands at 76%, the most advanced, reflecting 4G users of 8.7 million, up 16% year on year. Multiplay customers reached 3.8 million, an increase of 10% year on year, approaching nearly half of our 4G users.

目前，數位直接收入佔 Beeline Kazakhstan 總收入的 10%，並且年增 100%。4G滲透率達76%，排名第一，4G用戶數達870萬，較去年同期成長16%。Multiplay客戶達到380萬，年成長10%，接近4G用戶的一半。

These customers, again, consume our digital services such as BeeTV, Simply, IZI, Hitter, and they accounted for 63% of our consumer revenues this quarter. CapEx for the quarter amounted to KZT8.6 billion, an increase of 19% year on year. Beeline Kazakhstan's CapEx budget is allocated to the 250-plus communities project, which aims to expand 4G network coverage, particularly in remote areas and rural areas, enhancing connectivity and supporting community development.

這些客戶再次消費我們的數位服務，如 BeeTV、Simply、IZI、Hitter，他們佔本季消費者收入的 63%。本季資本支出達 86 億堅戈，較去年同期成長 19%。Beeline 哈薩克的資本支出預算分配給了 250 多個社區項目，該項目旨在擴大 4G 網路覆蓋範圍，特別是在偏遠地區和農村地區，增強連結性並支持社區發展。

I want to mention IZI, a unique product, a youth-focused mobile entertainment operator in Kazakhstan. As a pioneering application with the highest net promoter score and record-level mobile number portability, IZI is a digital-only operator disguised as an entertainment platform.

我想提一下IZI，這是一款獨特的產品，是哈薩克一家專注於年輕人的行動娛樂營運商。作為擁有最高淨推薦值和創紀錄行動號碼可攜性的開創性應用，IZI 是一家偽裝成娛樂平台的純數位營運商。

Its user base increased 52% year on year, reaching almost 600,000. Half of its customers are not Beeline customers. IZI customers, who also choose IZI for their connectivity services, rose 50% year on year, reached almost 300,000. And IZI's ARPU is 1.9x higher than our average ARPU for Beeline.

其用戶基數較去年同期成長52%，達到近60萬。它的一半客戶不是 Beeline 客戶。同樣選擇 IZI 連線服務的 IZI 客戶年增 50%，達到近 30 萬。IZI 的 ARPU 比 Beeline 的平均 ARPU 高 1.9 倍。

Let me begin for Bangladesh our thoughts and prayers with the people that have suffered over the last 10 days. Almost 300 people passed away during the uprising. I'm very glad to see that our company and Bangladesh as a country continues to be resilient. Our commitment to Bangladesh is unwavering. We are committed to serving the people of Bangladesh and ensuring they remain connected to each other and the rest of the world.

首先，我要向孟加拉國過去 10 天遭受苦難的人民表達我們的思念和祈禱。起義期間有近300人死亡。我很高興看到我們的公司和孟加拉作為一個國家繼續保持彈性。我們對孟加拉的承諾堅定不移。我們致力於為孟加拉國人民服務，確保他們彼此之間以及與世界其他地區保持聯繫。

I'm also glad to see that an interim government is in place, and it is led by someone who is very familiar with the business environment, expectations of international investors, and also our industry. While in the short term, we have suffered due to network outages and blockages, almost $10 million revenue losses, we believe the future of Bangladesh is bright.

我也很高興看到臨時政府已經成立，其領導者非常熟悉商業環境、國際投資者的期望以及我們的產業。雖然短期內我們因網路中斷和堵塞而遭受了近 1000 萬美元的收入損失，但我們相信孟加拉的未來是光明的。

Banglalink revenues rose 4% in Q2, and this performance was driven by an expansion in both its local customer base by 6% and driven by uptake of digital services. 4G users increased 18% year on year in Q2 in Bangladesh. Our Q2 results compared with the competition shows that for the first half, Banglalink remains to be the fastest-growing telecom operator.

Banglalink 第二季度營收成長 4%，這項業績的推動因素包括本地客戶群擴大 6% 以及數位服務的採用。孟加拉第二季4G用戶較去年同期成長18%。我們第二季的業績與競爭對手相比表明，上半年，Banglalink 仍然是成長最快的電信營運商。

The multiplay customer base grew 8% year on year, supporting an 18% increase in revenue. Digital revenues saw a significant increase, reaching almost BDT251 million, representing 2% of total revenue, up from virtually zero in previous years. Reported EBITDA increased by 3% year over year, despite a one-off regulatory charge relating to tower sales proceeds.

多人遊戲客戶群年增 8%，帶動收入成長 18%。數位收入大幅成長，達到近 2.51 億孟加拉塔卡，佔總收入的 2%，而前幾年幾乎為零。儘管存在與鐵塔銷售收益相關的一次性監管費用，但報告的 EBITDA 仍較去年同期成長 3%。

Rising electricity tariffs and expenses from network expansion are still an important burden, which is expected to lessen over time. Banglalink's capital expenditures was $2.4 billion, a 41% year-on-year decline. This is just reflecting the completion of our 4G network rollout during 2022 and 2023.

不斷上漲的電價和網路擴張帶來的費用仍然是一個重要的負擔，預計隨著時間的推移，這種負擔將會減輕。Banglalink的資本支出為24億美元，較去年同期下降41%。這僅反映了我們在 2022 年和 2023 年完成 4G 網路部署。

Over the last 18 months, the network footprint has grown 50% with more than 15,000 sites now actively providing high-speed 4G connectivity across the country. This will continue to allow us to provide the best service to existing and new customers. Toffee is our leading Bangladeshi mobile entertainment platform, very similar to Tamasha.

在過去 18 個月中，網路覆蓋範圍增加了 50%，目前有超過 15,000 個站點在全國範圍內積極提供高速 4G 連線。這將使我們能夠繼續為現有和新客戶提供最好的服務。Toffee 是我們領先的孟加拉國行動娛樂平台，與 Tamasha 非常相似。

Toffee continues to maintain a healthy user base, with monthly active users reaching 12.3 million in the second quarter, up 37%. Toffee is available to all mobile customers in the country, and currently, 76% of Toffee users are not Banglalink customers. The total number of sessions watched by users reached 86 million in the quarter.

太妃糖持續保持健康的用戶基礎，第二季每月活躍用戶達到 1,230 萬，成長 37%。Toffee 可供全國所有行動客戶使用，目前 76% 的 Toffee 用戶不是 Banglalink 客戶。本季用戶觀看總會話數達到8600萬。

Banglalink customers who use Toffee generate 2.8x ARPU of a single-play voice customer. It continues to illustrate the great potential of this digital service. As the limitations on broadcasting of live TV are removed, we expect growth to accelerate over the next 12 months.

使用 Toffee 的 Banglalink 客戶產生的 ARPU 是單次播放語音客戶的 2.8 倍。它繼續說明了這種數位服務的巨大潛力。隨著直播電視廣播的限制被取消，我們預計未來 12 個月成長將加速。

Turning to Uzbekistan, Beeline Uzbekistan achieved 13% year-on-year local currency top-line growth. This performance was driven by 4G subscriber growth and higher demand for Beeline's data and digital services. This supports the ARPU growth of 17% year on year. Beeline Uzbekistan now exceeds our 70% 4G penetration target with 74% of the customer base consuming 4G data.

轉向烏茲別克斯坦，Beeline 烏茲別克以當地貨幣計算的營收年增 13%。這一業績是由 4G 用戶成長以及對 Beeline 數據和數位服務的更高需求推動的。這支撐了ARPU年比17%的成長。Beeline 烏茲別克現已超過我們 70% 的 4G 滲透率目標，74% 的客戶群使用 4G 數據。

The 4G user base reached 6 million users during the quarter, a 1% year-on-year increase. EBITDA for Beeline decreased by 6%, primarily due to higher energy costs and investments in network expansion as expected. The deadline was also impacted by increased investments in our AdTech business and higher license and frequency costs.

本季4G用戶數達600萬，較去年同期成長1%。Beeline 的 EBITDA 下降了 6%，主要是由於能源成本上升以及預期的網路擴張投資。截止日期也受到我們對廣告科技業務的投資增加以及許可和頻率成本上升的影響。

Excluding these impacts, organic EBITDA growth would have been positive. CapEx reached UZS212 billion, a reduction of 35% year over year. This decrease follows an extensive network investment period focusing on enhancing 4G coverage and improving network quality across Uzbekistan.

排除這些影響，有機 EBITDA 成長將是正面的。資本支出達 2,120 億烏茲別克斯坦，較去年同期下降 35%。這一下降是在烏茲別克進行了廣泛的網路投資之後，重點是增強 4G 覆蓋範圍和提高網路品質。

Let me mention also about our second brand, OQ, which means transparency in Uzbek language. We continue to expand our DO1440 digital operator portfolio. And in Uzbekistan, we have launched OQ as the Uzbekistan's only digital-first operator. OQ has quickly become a popular choice with monthly active users reaching 133,000 in a very short timeframe, and most of these users being non-Beeline customers. I'm very glad to see the activity levels in terms of daily activities, especially among the youth population.

我還要提一下我們的第二個品牌，OQ，烏茲別克語的意思是透明。我們繼續擴大 DO1440 數位操作員產品組合。在烏茲別克斯坦，我們推出了 OQ，作為烏茲別克斯坦唯一的數位優先營運商。OQ 迅速成為熱門選擇，每月活躍用戶在很短的時間內達到 133,000 名，其中大多數用戶是非 Beeline 客戶。我很高興看到日常活動的活動水平，尤其是年輕人口的活動水平。

Looking to our total DO1440 platform, as I mentioned, almost 111 million customers are utilizing these services, whether it be in entertainment, in financial services, health, learning, communication, and enterprise services, as well as our super apps.

看看我們的整個 DO1440 平台，正如我所提到的，近 1.11 億客戶正在使用這些服務，無論是娛樂、金融服務、健康、學習、通訊和企業服務，以及我們的超級應用程式。

These services do not only improve our ARPUs and reduce our churn to drive our telecom revenues, they also now create direct digital revenues reaching 10% of our revenues. And I think this is the time that we need to reflect and on one side take the milestone as a success but also set ourselves new targets.

這些服務不僅提高了我們的 ARPU 並減少了客戶流失，從而推動了我們的電信收入，現在還創造了我們收入 10% 的直接數位收入。我認為現在是我們需要反思的時候了，一方面將這一里程碑視為成功，另一方面也為自己設定了新的目標。

I want to talk about augmented intelligence for a moment. How can we make a doctor in Dhaka the best doctor? A teacher in Islamabad the best teacher? An auto mechanic, a farmer, a small business owner smarter, more efficient? We are excited to make this happen. This is what we call Augmented Intelligence 1440. AI1440, augmented intelligence for every single minute of the day. And our intention is to be the number-one augmented intelligence partner in the markets for our customers.

我想談談增強智能。我們怎樣才能讓達卡的醫生成為最好的醫生？伊斯蘭堡的老師是最好的老師嗎？汽車修理工、農民、小企業主是否更聰明、更有效率？我們很高興能夠實現這一目標。這就是我們所說的增強智能1440。AI1440，每天每一分鐘的增強智能。我們的目標是成為客戶市場上排名第一的增強智慧合作夥伴。

All our OpCos are working with the leading research institutions in their respective countries to develop small language models and job-specific language models. We can create augmented intelligence-based language-specific models in Punjabi, Urdu, Bengali, Kazakh, Uzbek, and Ukrainian to respond to the needs in our markets that are unmet.

我們所有的 OpCo 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。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增強智慧的特定語言模型，以回應市場中未滿足的需求。

There is nothing artificial about AI. There is a way of using augmented intelligence purposefully. I cannot see a better value proposition than offering our customers a better version, a better skilled, a better-equipped version of themselves.

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。我認為沒有比為我們的客戶提供更好的版本、更高的技能、更好的裝備更好的價值主張了。

With that, I will hand it to Joop.

這樣，我就把它交給喬普。

Thanks, Kaan. For the recent quarter, we have achieved double-digit year-on-year growth in local currency revenues across our six markets, with total revenue growing 15.1% year on year and service revenue growing at 14.5% year on year. Our reported revenue on a dollar basis increased 12.1% year on year. This performance is despite the cyberattack impact in Ukraine.

謝謝，卡恩。最近一個季度，我們在六個市場的本國貨幣營收年均實現兩位數成長，總營收年增15.1%，服務營收年增14.5%。我們報告的收入以美元計算年增 12.1%。儘管烏克蘭受到網路攻擊的影響，但仍取得了這樣的表現。

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 inflationary pricing strategies. We are also seeing positive macroeconomic tailwinds in some of our markets, which is assisting in our growth.

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，以及嚴格的通貨膨脹定價策略的實施。我們也看到一些市場出現積極的宏觀經濟順風，這有助於我們的成長。

Turning our attention to our EBITDA and EBITDA margin, group EBITDA increased by 13.9% year on year in local currency terms, reaching $459 million and by 10.6% in reported currency. Our EBITDA margin stood at 44.7%, a slight decrease of 0.6 percentage points. This strong performance was driven by higher 4G penetration and the adoption of digital services across all operations.

將我們的注意力轉向 EBITDA 和 EBITDA 利潤率，集團 EBITDA 按當地貨幣計算同比增長 13.9%，達到 4.59 億美元，按報告貨幣計算增長 10.6%。我們的 EBITDA 利潤率為 44.7%，小幅下降 0.6 個百分點。這種強勁的業績得益於更高的 4G 滲透率以及所有營運部門採用數位服務。

Pakistan and Kazakhstan were notable contributors with significant EBITDA growth of 20% in both markets in local currency terms. However, we faced some challenges in Bangladesh, Uzbekistan, and Kyrgyzstan, impacting our overall margin.

巴基斯坦和哈薩克是顯著的貢獻者，以當地貨幣計算，這兩個市場的 EBITDA 均大幅成長了 20%。然而，我們在孟加拉、烏茲別克和吉爾吉斯面臨一些挑戰，影響了我們的整體利潤率。

Shifting focus to key balance sheet figures and especially our debt and liquidity status, as we closed the quarter, the group maintained a healthy liquidity position with a cash reserve of $722 million, a 40% year-on-year growth. Of this amount, $375 million is held at our headquarters. In the first half of 2024, net dividends upstream from OpCos amounted to $280 million, strengthening our financial position.

當我們將注意力轉向關鍵的資產負債表數據，特別是我們的債務和流動性狀況時，截至本季度結束時，該集團保持了健康的流動性狀況，現金儲備為7.22 億美元，同比增長40 %。其中 3.75 億美元存放在我們的總部。2024 年上半年，OpCos 上游的淨股利達 2.8 億美元，增強了我們的財務狀況。

Turning now to our debt profile, our average cost of debt now is a little bit less than 10% and reflects the blended rate of borrowing in our market currencies. Pakistani rupee debt remains the highest cost and is about 27% of total group debt, excluding leases.

現在轉向我們的債務狀況，我們現在的平均債務成本略低於 10%，反映了以我們市場貨幣計的混合借款利率。巴基斯坦盧比債務仍然是成本最高的，約佔集團總債務（不包括租賃）的 27%。

Interest costs over the period have increased due to the additional rupee and taka debt, the early redemption of ruble bonds, and the economic cancellation of PJSC-VimpelCom-held bonds, which had lower average interest rates. Our average debt maturity is at 2.8 years, 3.4 years if we include our lease liabilities.

由於盧比和塔卡債務增加、盧布債券提前贖回以及 PJSC-VimpelCom 持有的平均利率較低的債券被經濟取消，這一時期的利息成本有所增加。我們的平均債務期限為 2.8 年，如果包括租賃負債則為 3.4 年。

Turning to our debt maturity schedule, we have no material maturities anymore in 2024, only smaller maturities at our operating subsidiaries. At HQ, the nearest maturity is in April 2025.

談到我們的債務到期時間表，我們在 2024 年不再有重大到期日，只有我們的營運子公司的到期日較小。在總部，最近的到期日是 2025 年 4 月。

Let me hand it back to Kaan.

讓我把它還給卡恩。

Thank you, Joop. Let me close by reiterating our guidance for 2024. In order to make a like-for-like comparison, we need to consider the impact of the Ukraine cyberattack, which was around $46 million in revenue and $47 million in EBITDA.

謝謝你，喬普。最後，我要重申我們對 2024 年的指引。為了進行同類比較，我們需要考慮烏克蘭網路攻擊的影響，造成約 4,600 萬美元的收入和 4,700 萬美元的 EBITDA。

Our normalized growth rates for both revenue and EBITDA are 16% in local currency. I would like to reiterate our guidance for 2024 as 16% to 18% revenue growth, 18% to 20% EBITDA growth, and 18% to 19% CapEx intensity.

以當地貨幣計算，我們的營收和 EBITDA 的正常成長率均為 16%。我想重申我們對 2024 年的指導，即營收成長 16% 至 18%、EBITDA 成長 18% 至 20%、資本支出強度 18% 至 19%。

Let's open for Q&A, Faisal.

讓我們開始問答吧，費薩爾。

(Operator Instructions) Luc Roberts, Barclays.

（操作員指示）Luc Roberts，巴克萊銀行。

Hi. Thank you for the presentation. First of all, thanks for disclosing the upstreaming figure from the OpCos. I was wondering if you'd be able to give us an approximate breakdown of that by country. Thank you.

你好。謝謝您的介紹。首先，感謝您揭露 OpCo 的上游資料。我想知道您是否能為我們提供按國家/地區劃分的大致細分情況。謝謝。

Luc, thanks a lot for this question. I will not ask Joop to answer that because we specifically don't want to do that. The governments around the world are not very happy to hear those, so let's stick to that.

盧克，非常感謝你提出這個問題。我不會要求喬普回答這個問題，因為我們特別不想這麼做。世界各國政府都不太高興聽到這些，所以讓我們堅持下去。

Sure. Okay, thanks. And then maybe just on Bangladesh then. You stated in the presentation you expect a $10 million revenue impact. I was just wondering if you could give us any other color on other impacts for Q3. And then longer term, any thoughts on the implications for VEON from the current transition? Thank you.

當然。好的，謝謝。然後也許就在孟加拉。您在簡報中表示預計會產生 1000 萬美元的收入影響。我只是想知道您是否可以就第三季的其他影響向我們提供任何其他顏色。從長遠來看，您對當前轉型對 VEON 的影響有什麼想法嗎？謝謝。

First of all, since the elections early in February, we had an increased level of tension, network blockages due to different reasons, which later on resulted in banning of linear TV broadcasting over Toffee. So there was an ongoing issue that was getting a little bit of a burden on our revenues.

首先，自二月初選舉以來，我們的緊張局勢加劇，由於各種原因導致網路堵塞，後來導致太妃糖線性電視廣播被禁止。因此，存在一個持續存在的問題，對我們的收入造成了一些負擔。

But definitely, in the last 15 days, the protests led into violent clashes. And almost 10 days, we were not allowed to provide any internet service in the country. Now with the interim government, it is open. We are providing full services in the country. And what we see is our business operations and the volumes are even at record level in all fronts, including voice, data, and entertainment services perspective.

但毫無疑問，在過去 15 天裡，抗議活動演變成了暴力衝突。近10天以來，我們不被允許在該國提供任何網路服務。現在有了臨時政府，一切都開放了。我們在國內提供全方位服務。我們看到的是我們的業務運營和所有方面的交易量都達到了創紀錄的水平，包括語音、數據和娛樂服務。

As I mentioned, the leader of the interim government is someone very respectable in international environment. He is someone who also knows very well the expectations of international investors and who is familiar with our industry overall. So I do think that this unlocks the power of Bangladesh as a very resilient country, and it also unlocks the growth potentials for us in a new liberal economic model.

正如我所提到的，臨時政府的領導人是在國際環境中非常受人尊敬的人。他也非常了解國際投資者的期望，並且熟悉我們整個產業。因此，我確實認為，這釋放了孟加拉作為一個非常有彈性的國家的力量，也釋放了我們在新的自由經濟模式中的成長潛力。

Great, thanks a lot. I'll leave it there.

太好了，非常感謝。我會把它留在那裡。

Thank you.

謝謝。

(Operator Instructions) We have no further questions at this time. I will hand it back to Faisal Ghori for closing remarks.

（操作員說明）目前我們沒有其他問題。我將把它交還給費薩爾·古里 (Faisal Ghori) 作結束語。

Thank you, Laura. We have one question from Rumen Ivanov from Verition Fund. What are your plans to repay the 2025 maturities?

謝謝你，勞拉。Verition Fund 的 Rumen Ivanov 向我們提出了一個問題。您計劃如何償還 2025 年到期的債務？

To pay them. Yes, we are well funded for that. Thank you for asking.

付錢給他們。是的，我們為此有充足的資金。謝謝你的詢問。

Laura, do we have any other questions on the line?

蘿拉，我們還有其他問題嗎？

No further questions on the line.

沒有其他問題。

Okay. Maybe we'll just wait another minute.

好的。也許我們再等一分鐘。

(Operator Instructions)

（操作員說明）

Thank you, Laura.

謝謝你，勞拉。

Thank you, Laura. Thanks, everyone, for participating.

謝謝你，勞拉。謝謝大家的參與。

Thank you very much.

非常感謝。