VEON Ltd (VEON) 2021 Q4 法說會逐字稿

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（技術難度）

results presentation for the period ended 31 December 2021. I'm Nik Kershaw, VEON's Group Director of Investor Relations. I'm pleased to be joined in the room today by Kaan Terzioglu, our Group CEO; as well as Serkan Okandan, our group CFO, and Alex Bolis, Head of Corporate Strategy as well as Investor Relations.

截至 2021 年 12 月 31 日期間的業績報告。我是 VEON 集團投資者關係總監 Nik Kershaw。我很高興今天有我們集團首席執行官 Kaan Terzioglu 加入會議室。以及我們的集團首席財務官 Serkan Okandan 和企業戰略與投資者關係主管 Alex Bolis。

Today's presentation will begin with an operational overview from Kaan, followed by a financial review from Serkan. Then Kaan will come back and close. As always, we will ensure that there is ample time for your questions, but we would ask that you save these for the end of the presentation.

今天的演講將從 Kaan 的運營概述開始，然後是 Serkan 的財務審查。然後Kaan會回來並關閉。與往常一樣，我們將確保有足夠的時間來回答您的問題，但我們會要求您將這些問題保存到演示文稿結束時。

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

在開始之前，我想提醒您，我們可能會在今天的演示中做出前瞻性陳述，其中涉及一定的風險和不確定性。這些陳述部分涉及公司的預期業績和運營指導、未來市場發展和趨勢、運營和網絡發展和網絡投資，以及公司實現其目標和商業和戰略舉措的能力，包括當前和未來的交易。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，包括公司年度報告 20-F 表格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。可以從我們的網站下載收益發布和演示文稿，其中每一個都包括今天提供的非國際財務報告準則財務指標的對賬。

With that, let me hand over to Kaan.

有了這個，讓我交給卡恩。

Thank you, Nik. Good morning to all, and welcome to the presentation of our fourth quarter and full year results for 2021. Before we start reviewing our performance, allow me to say a few words on the recent escalation of conflict between Russia and Ukraine, 2 out of the 9 markets we currently serve. It is heartbreaking and deeply unsettling to see 2 countries with such profound [times] of conflict. I would like to say that our thoughts and prayers are with everyone affected by the current situation. This is a very sad time for all and our top priority is the safety and security of our employees and their families. At the same time, our teams are making every effort to ensure service continuity as communication is even a more essential need than ever in these extreme situations.

謝謝你，尼克。大家早上好，歡迎來到我們 2021 年第四季度和全年業績的介紹。在我們開始審查我們的業績之前，請允許我就最近俄羅斯和烏克蘭之間的衝突升級說幾句話，其中 2我們目前服務的 9 個市場。看到兩個國家發生如此深刻的衝突，令人心碎和深感不安。我想說，我們的想法和祈禱與受當前局勢影響的每個人同在。這對所有人來說都是一個非常悲傷的時刻，我們的首要任務是確保員工及其家人的安全。與此同時，我們的團隊正在盡一切努力確保服務的連續性，因為在這些極端情況下，溝通比以往任何時候都更加重要。

With this on top of our minds, it is important to point out that our company is currently supported by a cash position of $2.3 billion, by a further USD 1.5 billion of undrawn committed bank lines. We will continue to ensure at all times an ample liquidity position to cover all the operational and financial requirements (inaudible).

考慮到這一點，重要的是要指出，我們公司目前有 23 億美元的現金頭寸和另外 15 億美元的未提取承諾銀行額度支持。我們將繼續確保始終有充足的流動性頭寸，以滿足所有運營和財務要求（聽不清）。

Let us now review 2021. This has been a strong year for VEON across our key markets and key market performance indicators. Group revenue grew 10.1% year-on-year on a local currency basis, closing above our high single-digit values. EBITDA was up 8.9% in local currency, supported by our focus on value and good cost control and above our minimum 8% guidance. CapEx intensity closed at 23.4 percentage points, within our guidance range and 1.2 percentage points lower than prior year. In reported currency, revenues were up 6.8% and EBITDA was up 5.7%, supported by our disciplined inflationary pricing and effective hedging policies. In terms of quarterly performance, we delivered now 3 quarters of double-digit revenue growth, closing Q4 at 11.1 percentage local currency growth in top line and 9.5 percentage [year-over-year]. In reported currency, this performance corresponds to 12.2% for revenues and 10.6% for EBITDA (inaudible). Importantly, our performance improved throughout the year, positioning us well for the medium term.

現在讓我們回顧一下 2021 年。對於 VEON 來說，在我們的主要市場和主要市場績效指標中，這是強勁的一年。以當地貨幣計算，集團收入同比增長 10.1%，收於我們的高個位數價值之上。在我們對價值和良好成本控制的關注以及高於我們最低 8% 的指導下，EBITDA 以當地貨幣計算增長了 8.9%。資本支出強度收於 23.4 個百分點，在我們的指導範圍內，比去年低 1.2 個百分點。以報告的貨幣計算，在我們嚴格的通脹定價和有效的對沖政策的支持下，收入增長了 6.8%，EBITDA 增長了 5.7%。就季度業績而言，我們現在實現了 3 個季度的兩位數收入增長，第四季度結束時，本幣收入增長 11.1%，[同比]增長 9.5%。以報告的貨幣計算，這一業績對應於收入的 12.2% 和 EBITDA 的 10.6%（聽不清）。重要的是，我們的業績在全年都有所改善，使我們在中期處於有利地位。

Moving on to Slide 6. The main driver of these results have been the progress in our digital operator strategy, enabled by our 4G investments and the expansion of digital services in adjacent markets. Over the past 12 months, our 4G users increased by 30%, reaching 97 million customers. We now serve nearly 1 out of 2 customers with 4G services, up from just below 40% 4G penetration of our subscriber base 1 year ago. Over the past 2 years, we have increased our 4G penetration from 28% of our subscriber base to 48%. This gives us confidence that we are on track towards our 70% 4G penetration aspiration in the medium term.

轉到幻燈片 6。這些結果的主要驅動力是我們數字運營商戰略的進展，這得益於我們的 4G 投資和相鄰市場數字服務的擴展。過去 12 個月，我們的 4G 用戶增長了 30%，達到 9700 萬客戶。我們現在為近二分之一的客戶提供 4G 服務，高於一年前我們用戶群的 4G 普及率略低於 40%。在過去的 2 年中，我們將 4G 滲透率從占用戶群的 28% 提高到 48%。這讓我們有信心在中期內實現 70% 的 4G 滲透率目標。

Our 1-month active Double and Multiplay 4G customers reached 61.3 million at the end of '21 with a growth rate of 32% year-on-year. In 2021, these customers generated nearly 60% of our subscriber revenues. In line with this, our combined data and digital revenues increased from 18.2% in local currency terms.

截至 21 年底，我們 1 個月活躍的 Double and Multiplay 4G 客戶達到 6130 萬，同比增長 32%。 2021 年，這些客戶產生了我們近 60% 的訂戶收入。與此一致，我們的綜合數據和數字收入以當地貨幣計算從 18.2% 增長。

Slide 7. Looking at the Q4 performance of each of our operations, you can see here the summaries. We reported encouraging results across all our operating companies. We reported solid top line performance in all the markets with double-digit local currency growth in 5 countries. EBITDA trends were also positive across all operations. Our group revenue growth was driven by all countries as each country reached a healthy growth momentum in '21. Most notably, in Russia, our turnaround made good progress. Let me now talk about this on the next slide.

幻燈片 7。查看我們每個業務的第四季度業績，您可以在此處查看摘要。我們報告了我們所有運營公司的令人鼓舞的結果。我們報告了所有市場的穩定收入表現，在 5 個國家實現了兩位數的本地貨幣增長。所有業務的 EBITDA 趨勢也是積極的。我們的集團收入增長受到所有國家/地區的推動，因為每個國家/地區在 21 年都達到了健康的增長勢頭。最值得注意的是，在俄羅斯，我們的轉型取得了良好進展。現在讓我在下一張幻燈片上討論這個問題。

In Q4, Beeline Russia recorded total revenue growth of 7.7%, service revenue growth of 6.6%, mobile service revenue growth of 6% and EBITDA growth of 4.3%. This means 4 consecutive quarters of total revenue growth and 3 consecutive quarters of growth in service revenues -- mobilized service revenues and EBITDA. What is more encouraging is the upward trajectory within the quarter. In the month of December, Beeline Russia's mobile service revenues were up 7.1% year-on-year. The operational foundation for this growth is our 4G user base, which grew to 25.5 million at the end of the quarter with a year-over-year growth rate of 13%. 4G users now account for 55% of our total customers in Russia, improving Net Promoter Scores, higher ARPU and lower churn. Our brand renewal, widening B2B portfolio, growth in digital services and strong partnerships have contributed to this performance.

第四季度，Beeline Russia 的總收入增長 7.7%，服務收入增長 6.6%，移動服務收入增長 6%，EBITDA 增長 4.3%。這意味著連續 4 個季度的總收入增長和連續 3 個季度的服務收入增長——動員服務收入和 EBITDA。更令人鼓舞的是本季度的上升軌跡。 12 月份，Beeline 俄羅斯的移動服務收入同比增長 7.1%。這一增長的運營基礎是我們的 4G 用戶群，該用戶群在本季度末增長至 2550 萬，同比增長 13%。 4G 用戶現在占我們俄羅斯總客戶的 55%，提高了淨推薦值、更高的 ARPU 和更低的客戶流失率。我們的品牌更新、不斷擴大的 B2B 產品組合、數字服務的增長以及強大的合作夥伴關係為這一業績做出了貢獻。

With these results, we consolidated our position as a strong #3 player in the market. Let's continue with Ukraine. Over the past few years, Kyivstar delivered consistent growth quarter after quarter, and the final quarter of 2021 was no exception. We reported 12.5% growth in revenues, 8.7% in EBITDA in Q4. For the full year, revenues increased 14.3% and EBITDA is up 13.1%. This financial performance has been supported by the consistent price in 4G penetration across our base. We added 2.8 million 4G subscribers year-on-year and nearly 5 million over the past 2 years corresponding to 68% growth since the end of 2019.

憑藉這些結果，我們鞏固了我們作為市場第三強者的地位。讓我們繼續烏克蘭。在過去的幾年裡，基輔星實現了一個季度一個季度的持續增長，2021 年的最後一個季度也不例外。我們報告第四季度收入增長 12.5%，EBITDA 增長 8.7%。全年收入增長 14.3%，EBITDA 增長 13.1%。這一財務業績得到了我們基地 4G 普及率一致價格的支持。我們的 4G 用戶同比增加了 280 萬，過去兩年增加了近 500 萬，自 2019 年底以來增長了 68%。

In 2021, we added 3,400 4G sites to our network, enabling the growth of 4G customers and executing our strategy of 4G for all, not 5G for few. Kyivstar has strong profitability, infrastructure leadership, growing convergent services and a very strong brand. And it has been recognized as the best employer of Ukraine. I would like to again thank all our employees there for their exceptional team strength and dedication in these highly challenging times. God be with you.

2021 年，我們在網絡中增加了 3,400 個 4G 站點，促進了 4G 客戶的增長，並執行了我們的 4G 人人共享戰略，而不是少數人的 5G 戰略。 Kyivstar 擁有強大的盈利能力、領先的基礎設施、不斷增長的融合服務和非常強大的品牌。它被公認為烏克蘭的最佳雇主。我要再次感謝我們所有的員工在這個充滿挑戰的時代表現出非凡的團隊實力和奉獻精神。上帝與你同在。

On Slide 10, we look to Pakistan. Jazz grew 13.7% in revenue and 14.8% in EBITDA. These results were enabled by a 40% increase in our 4G subscribers. 4G penetration has now reached 48% in our customer base. Our digital services are another important contributor to customer loyalty, engagement and value generation. Our fintech service, JazzCash continued to grow in 2021 and reached 15.2 million monthly active users, up 25% year-on-year. The ARPU of JazzCash customers who also use JazzCash is higher than the ARPU of an average Jazz user by more than 40%. Our entertainment application, Tamasha was launched in October in 2021, building on Jazz TV and offering TV streaming and video-on-demand services. Tamasha's multi-active users reached 1.2 million at the end of the year with 72% growth over Jazz TV users by the end of 2020. In Q4, total watch time of Tamasha users was 4x the total watch time of Jazz TV users in 2020. As we flagged during the recent Investor Day in December last year, Pakistan is a land of digital opportunities.

在幻燈片 10 上，我們將目光投向了巴基斯坦。 Jazz 的收入增長了 13.7%，EBITDA 增長了 14.8%。這些結果是由於我們的 4G 用戶增加了 40%。 4G 在我們客戶群中的滲透率現已達到 48%。我們的數字服務是客戶忠誠度、參與度和價值創造的另一個重要貢獻者。我們的金融科技服務 JazzCash 在 2021 年繼續增長，每月活躍用戶達到 1520 萬，同比增長 25%。也使用 JazzCash 的 JazzCash 客戶的 ARPU 比普通 Jazz 用戶的 ARPU 高 40% 以上。我們的娛樂應用程序 Tamasha 於 2021 年 10 月推出，以 Jazz TV 為基礎，提供電視流媒體和視頻點播服務。 Tamasha 的多活躍用戶在年底達到 120 萬，到 2020 年底比 Jazz TV 用戶增長 72%。第四季度，Tamasha 用戶的總觀看時長是 2020 年 Jazz TV 用戶總觀看時長的 4 倍。正如我們在去年 12 月最近的投資者日所指出的那樣，巴基斯坦是一片充滿數字機遇的土地。

Next slide, Kazakhstan. Following the unrest in January, we were glad to see the quick return to stability in the country. The recently held Foreign Investors' Council meeting, chaired by President Tokayev, demonstrated the government's commitment to maintaining a reliable, predictable and fair environment for investors. Our industry can contribute significantly to the sustainable growth of Kazakhstan through digital fusion and Beeline Kazakhstan continued to work in this direction in Q4. Our mobile and fixed network expansion continued at a steady pace, including rural areas. We connected 644 remote communities across Kazakhstan, improving the livelihoods of more than 800,000 people. What is particularly important is that the progress on this coverage in cooperation with our competitors sharing our network infrastructure as we connect remote settlements.

下一張幻燈片，哈薩克斯坦。在一月份的動蕩之後，我們很高興看到該國迅速恢復穩定。最近舉行的由託卡耶夫總統主持的外國投資者委員會會議表明政府致力於為投資者維持一個可靠、可預測和公平的環境。我們的行業可以通過數字融合為哈薩克斯坦的可持續增長做出重大貢獻，Beeline 哈薩克斯坦在第四季度繼續朝著這個方向努力。我們的移動和固定網絡繼續穩步擴張，包括農村地區。我們連接了哈薩克斯坦 644 個偏遠社區，改善了 800,000 多人的生計。特別重要的是，當我們連接遠程定居點時，與我們的競爭對手共享我們的網絡基礎設施，在這一覆蓋方面取得的進展。

Together, we can use resources responsibly and efficiently, while reducing the combined carbon footprint for our industry. The digital services that we are building on top of this connectivity layer support bridging the digital devices in Kazakhstan. With a strong focus on 4G and digital services, our revenues in Q4 were up 21.1% and 22.6% for the full year. We have now reached 64% penetration of our 4G subscribers in our customer base with a growth rate of 21% year-on-year for 2021. Our digital-only second brand, Izi, is gaining traction through gamification and music streaming, proposing unprecedented offerings on the market for local and roaming services. BeeTV is evolving into a multi-platform video on-demand application supporting a last choice of entertainment functions. It has reached nearly 400,000 monthly active users, up by 48% year-on-year with ARPU more than 50% higher than the average subscriber.

我們可以一起負責任、高效地使用資源，同時減少我們行業的總碳足跡。我們在此連接層之上構建的數字服務支持橋接哈薩克斯坦的數字設備。憑藉對 4G 和數字服務的高度關注，我們第四季度的收入同比增長 21.1% 和 22.6%。我們的 4G 用戶在我們的客戶群中的滲透率現已達到 64%，到 2021 年同比增長率為 21%。我們的純數字第二品牌 Izi 通過遊戲化和音樂流媒體獲得了牽引力，提出了前所未有的建議市場上提供本地和漫遊服務的產品。 BeeTV 正在發展成為支持最後選擇的娛樂功能的多平台視頻點播應用程序。它的月活躍用戶已達到近 40 萬，同比增長 48%，ARPU 比普通用戶高出 50% 以上。

Bangladesh on next slide. While accelerating its shift to 4G and data, Banglalink recorded a revenue of 8.3% year-on-year growth in the quarter. Its 4G subscriber base was up by 50%, and data revenues grew by 24%. Our entertainment platform, Toffee, now has 6.4 million monthly active users, an increase of 2.6x year-on-year, while maintaining high engagement levels in terms of watch time. 70% of Toffee users are non-Banglalink subscribers, which makes Toffee a clear example of how our all-access digital service strategy is working in Bangladesh. Given the supportive macroeconomic and population dynamics, we strongly believe in the digital growth of this company. As part of our 2022/'24 plan, we intend to increase our 4G population coverage from 70% to 95% moving into [a national offering]. This will enable the growth of our market share from its current level, about 18%, to our fair share of spectrum, which is in low to mid-20s.

下一張幻燈片上的孟加拉國。在加速向 4G 和數據轉移的同時，Banglalink 本季度收入同比增長 8.3%。其 4G 用戶群增長了 50%，數據收入增長了 24%。我們的娛樂平台 Toffee 目前每月有 640 萬活躍用戶，同比增長 2.6 倍，同時在觀看時長方面保持較高的參與度。 70% 的 Toffee 用戶是非 Banglalink 訂戶，這使 Toffee 成為我們全方位數字服務戰略在孟加拉國發揮作用的一個明顯例子。鑑於支持性的宏觀經濟和人口動態，我們堅信這家公司的數字化增長。作為我們 2022/'24 計劃的一部分，我們打算將我們的 4G 人口覆蓋率從 70% 提高到 95%，從而進入 [國家產品]。這將使我們的市場份額從目前的 18% 左右增長到我們在 20 年代中期到 20 年代中期的公平份額。

Finally, let me turn to our other markets, which are summarized here on Slide 13. In Q4, Uzbekistan recorded its second quarter of double-digit growth with a year-on-year growth rate of 10.7%. The turnaround in this country is remarkable. Georgia, which bounced back very strongly from the heavy impact of COVID, reported its third consecutive quarter of double-digit growth, with 11.1% growth in Georgia. Kyrgyzstan grew 8.2% in Q4, joining other operations in their solid revenue growth performance. Our 4G subscriber base in Uzbekistan, Georgia, and Kyrgyzstan continued to increase at high teen rates with even higher year-on-year growth in Double and Multiplay users. I would like to congratulate all 3 of our CEOs who are appointed to their positions in 2021 and their leadership teams for the successful turnaround in these countries.

最後，讓我談談我們在幻燈片 13 上總結的其他市場。在第四季度，烏茲別克斯坦第二季度實現了兩位數的增長，同比增長率為 10.7%。這個國家的轉變是顯著的。佐治亞州從 COVID 的嚴重影響中強勁反彈，報告其連續第三個季度實現兩位數增長，佐治亞州增長 11.1%。吉爾吉斯斯坦在第四季度增長了 8.2%，與其他業務一起實現了穩健的收入增長表現。我們在烏茲別克斯坦、格魯吉亞和吉爾吉斯斯坦的 4G 用戶群繼續以青少年的高速增長，Double 和 Multiplay 用戶的同比增長甚至更高。我要祝賀我們 3 位在 2021 年就任的首席執行官及其領導團隊在這些國家/地區的成功轉型。

As far as Algeria stands, we remind you that the [good] exercise procedure is progressing according to shareholder agreements.

就阿爾及利亞而言，我們提醒您，[良好] 行使程序正在根據股東協議進行。

On Slide 14, let me give you further flavor on the progress of our digital operator strategy, which underpins the success stories across the business. As of the end of 2021, Doubleplay and Multiplay 4G subscribers made up 34% of our customer base. In Q4, these subscribers generated 62% of our revenue, which compares to 53% in 2020. This revenue upside is the consequence of greater engagement and value generation capacity of these customers. Our Doubleplay 4G users generated more than 3x the ARPU of the Singleplay voice users. And if they also use at least 1 of our digital services, the ARPU multiple grows about 4x. These are also reflected in the slide.

在幻燈片 14 上，讓我進一步了解我們的數字運營商戰略的進展情況，該戰略支撐著整個企業的成功故事。截至 2021 年底，Doubleplay 和 Multiplay 4G 用戶占我們客戶群的 34%。在第四季度，這些訂戶產生了我們收入的 62%，而 2020 年為 53%。這種收入增長是這些客戶參與度和價值創造能力提高的結果。我們的 Doubleplay 4G 用戶產生的 ARPU 是 Singleplay 語音用戶的 3 倍以上。如果他們還使用我們的至少一項數字服務，ARPU 倍數將增長約 4 倍。這些也反映在幻燈片中。

Churn rate nearly halts for Doubleplay 4G users versus a Singleplay voice and goes down to 1/3 if they are a Multiplay user. Let's now take a more granular look into some of our digital products.

與 Singleplay 語音相比，Doubleplay 4G 用戶的流失率幾乎停止，如果他們是 Multiplay 用戶，流失率下降到 1/3。現在讓我們更詳細地了解我們的一些數字產品。

Slide 15 is a snapshot of some of our main digital products and partnerships, which are key enablers of our digital operator strategy. We have provided details on many of these services and products elsewhere in the presentation to allow me to expand on high-level trends. This was a request from all of yourselves during the last quarter. The fintech applications in Pakistan, Russia, Ukraine generated an ARPU uplift of 40% to 60% versus total customer bases in their respective markets. For television and video ads in more digitally mature markets like Russia and Ukraine, the ARPU uplift was around 70%, while Toffee users in Bangladesh and Tamasha users in Pakistan generate around 2.5x the ARPU of the total base.

幻燈片 15 是我們一些主要數字產品和合作夥伴的快照，它們是我們數字運營商戰略的關鍵推動力。我們在演示文稿的其他地方提供了許多這些服務和產品的詳細信息，以便我擴展高級趨勢。這是上個季度你們所有人提出的要求。與各自市場的總客戶群相比，巴基斯坦、俄羅斯、烏克蘭的金融科技應用產生了 40% 至 60% 的 ARPU 提升。對於俄羅斯和烏克蘭等數字更成熟的市場的電視和視頻廣告，ARPU 提升了約 70%，而孟加拉國的太妃糖用戶和巴基斯坦的 Tamasha 用戶產生的 ARPU 約為總基數的 2.5 倍。

Finally, our self-care applications continue to be the gateways to digital engagements. Across the group, the number of monthly active users of our self-care applications grew 26% year-on-year, reaching 32 million. This is an area that will be our focus in 2022 as the usage of our self-care applications also drive up ARPU and reduce churn. A wide portfolio of digital applications contributes to the engagement of our customer base. As you know, several of these products, including JazzCash and Toffee are in our special focus of as high value, high potential assets under the ventures pillar of our strategy. Khairil Abdullah will be joining our leadership team as of tomorrow, with a focus to further build and monetize these outstanding assets and is following our call today. Welcome, Khairil, to the team.

最後，我們的自我保健應用程序繼續成為數字參與的門戶。在整個集團中，我們的自助應用程序的月活躍用戶數量同比增長 26%，達到 3200 萬。這是我們在 2022 年關注的一個領域，因為我們的自助應用程序的使用也提高了 ARPU 並減少了客戶流失。廣泛的數字應用程序組合有助於我們客戶群的參與。如您所知，其中一些產品，包括 JazzCash 和 Toffee，是我們特別關注的高價值、高潛力資產，屬於我們戰略的風險投資支柱。 Khairil Abdullah 將於明天加入我們的領導團隊，專注於進一步建立和貨幣化這些優秀資產，並遵循我們今天的號召。歡迎，Khairil，加入團隊。

I would like now to hand the call over to Serkan to discuss our financial results in more detail. Serkan?

我現在想將電話轉給 Serkan，以更詳細地討論我們的財務業績。塞爾坎？

Thanks, Kaan. Good morning and good afternoon to all participants. In the coming slides, I will elaborate on our financial results for the fourth quarter and full year in more detail. Let me first focus on the key numbers summarized here on Slide 17. 2021 has been a strong year for the group across all the key financial metrics, and this positions us well for the coming years. There were some one-off items in the year, and these are, as always, set out in the earnings release. But of more significance in Q4 '21, we concluded the sale of our tower assets in Russia, which added USD 225 million to full year net profits, and after accounting for the increase in these liabilities, group net debt decreased by USD 131 million. For full year 2021, revenue rose by 10.1% year-over-year in local currency terms and 6.8% on a reported basis, accelerating as we move through it. Full year group EBITDA increased by 8.9% in local currency terms and by 5.7% on a reported basis. They know -- to note that in the fourth quarter, local currency EBITDA was higher by a solid 9.5% versus last year.

謝謝，卡恩。祝所有參與者早上好，下午好。在接下來的幻燈片中，我將更詳細地闡述我們第四季度和全年的財務業績。讓我首先關注幻燈片 17 中總結的關鍵數字。2021 年對集團的所有關鍵財務指標來說都是強勁的一年，這使我們在未來幾年處於有利地位。這一年有一些一次性項目，這些項目一如既往地列在收益發布中。但更重要的是，在 21 年第四季度，我們完成了俄羅斯鐵塔資產的出售，為全年淨利潤增加了 2.25 億美元，在計入這些負債的增加後，集團淨債務減少了 1.31 億美元。對於 2021 年全年，以當地貨幣計算的收入同比增長 10.1%，按報告的基礎上增長 6.8%，隨著我們的發展而加速。按當地貨幣計算，全年集團 EBITDA 增長 8.9%，報告基礎上增長 5.7%。他們知道——要注意的是，在第四季度，當地貨幣 EBITDA 比去年高出 9.5%。

The group also reported USD 801 million in net profit versus a net loss of $315 million in 2020. Our CapEx was directionally flat year-over-year. What we saw were 1.2 percentage points decline in the CapEx intensity ratio to 23.4% as revenue continued to increase. Finally, on this slide, equity free cash flow was USD 341 million for the year, higher by 38% year-over-year.

該集團還報告了 8.01 億美元的淨利潤，而 2020 年的淨虧損為 3.15 億美元。我們的資本支出與去年同期持平。隨著收入的持續增長，我們看到資本支出強度比率下降 1.2 個百分點至 23.4%。最後，在這張幻燈片上，本年度的股本自由現金流為 3.41 億美元，同比增長 38%。

Moving now to Q4 performance and looking at revenue in more detail on Slide 18. The quarter was strong across all our markets, with particularly high growth rates in Kazakhstan, Pakistan, Ukraine, Georgia and Uzbekistan, all delivering double-digit revenue growth. Also noteworthy is the encouraging performance from Russia where positive momentum has continued. Once again, this performance was supported by a strong 4G adoption and customer growth with a further increase in data usage. These mirror the increase in demand we are seeing for our growing range of digital services.

現在轉到第四季度的業績，並在幻燈片 18 上更詳細地查看收入。該季度在我們所有的市場上都表現強勁，哈薩克斯坦、巴基斯坦、烏克蘭、格魯吉亞和烏茲別克斯坦的增長率特別高，所有市場都實現了兩位數的收入增長。同樣值得注意的是俄羅斯的令人鼓舞的表現，積極的勢頭仍在繼續。再一次，這一業績得到了強勁的 4G 採用和客戶增長以及數據使用量進一步增加的支持。這些反映了我們看到的對我們不斷增長的數字服務範圍的需求增長。

Moving to Slide 19, which sets out our EBITDA performance in greater detail. We recorded a particularly strong EBITDA performance in the quarter and after normalizing for the gain in Kazakhstan Q4 last year related to the government grant on radio frequencies, our group locally currency EBITDA was up by 11% year-over-year. We reported double-digit EBITDA growth in 5 of our operating countries, and in Russia, we reported EBITDA higher by 4.3% year-over-year, the best quarterly performance we have seen in more than 15 quarters for our operations in Russia. Also particularly noteworthy was the turnaround we had seen in Uzbekistan. After weak performances for a number of years, over the first 6 months, the business has delivered a superb turnaround and EBITDA in Q4 was significantly higher by 35.7% year-over-year. Over the medium term, a key element of our EBITDA improvement will be the expected contribution from Project Optimum.

轉到幻燈片 19，它更詳細地列出了我們的 EBITDA 表現。我們在本季度錄得特別強勁的 EBITDA 表現，在將去年哈薩克斯坦第四季度與政府無線電頻率補助相關的收益正常化後，我們集團的本幣 EBITDA 同比增長 11%。我們在 5 個運營國家報告了兩位數的 EBITDA 增長，在俄羅斯，我們報告的 EBITDA 同比增長了 4.3%，這是我們在俄羅斯的業務在超過 15 個季度中看到的最好的季度業績。同樣特別值得注意的是我們在烏茲別克斯坦看到的轉變。經過多年的疲軟表現後，在前 6 個月，該業務實現了極好的轉機，第四季度的 EBITDA 同比顯著提高了 35.7%。從中期來看，我們 EBITDA 改進的一個關鍵因素將是 Project Optimum 的預期貢獻。

On Slide 20, I would like to remind you again about Project Optimum in more details. To reiterate our ambition here, we aim to achieve a 1 percentage point improvement in group EBITDA margin each year over the next 3 years, which represents around USD 250 million run rate cost reduction in group by the end of 2024. While we initiated Project Optimum during '21, the first full year benefits will be in 2022. Our continued success in reducing our corporate overhead also made a positive contribution to group profitability this year. HQ corporate overhead costs further declined by 17% year-over-year.

在幻燈片 20 上，我想再次提醒您有關 Project Optimum 的更多詳細信息。在此重申我們的雄心壯志，我們的目標是在未來 3 年內每年將集團 EBITDA 利潤率提高 1 個百分點，這意味著到 2024 年底集團將減少約 2.5 億美元的運營成本。雖然我們啟動了 Project Optimum在 21 年期間，第一個全年福利將在 2022 年發布。我們在降低企業管理費用方面的持續成功也為今年的集團盈利做出了積極貢獻。總部企業管理費用同比進一步下降 17%。

Moving to Slide 21 on CapEx. 4G network group investments further progressed during the quarter. While CapEx in the quarter was lower year-over-year, this was largely impacted by the larger CapEx deployment in the early part of the year. Full year CapEx of USD 1.8 billion was largely flat, although we saw CapEx intensity decline to 23.4%, within our guided range of 22% to 24% as we reported higher revenues. As we saw in previous quarters, Russia was again the primary focus of this investment, accounting for just over 50% of our CapEx spend in the quarter. Continued investments in our digital capabilities and services remained a key strategic focus throughout the quarter and helped us to grow our digital users significantly.

移動到關於資本支出的幻燈片 21。 4G 網絡集團投資在本季度進一步取得進展。儘管本季度的資本支出同比下降，但這在很大程度上受到了年初較大的資本支出部署的影響。全年 18 億美元的資本支出基本持平，儘管我們看到資本支出強度下降至 23.4%，在我們報告的收入增加的 22% 至 24% 的指導範圍內。正如我們在前幾個季度看到的那樣，俄羅斯再次成為這項投資的主要焦點，占我們本季度資本支出的 50% 以上。對我們的數字能力和服務的持續投資仍然是整個季度的關鍵戰略重點，並幫助我們顯著增加了我們的數字用戶。

Turning now to group debt on Slide 22. At the group level, while gross debt increased quarter-on-quarter, net debt was largely stable at USD 8.1 billion. The key factor to note here was the higher level of cash, which increased to USD 2.3 billion at year-end. I would also like to note that net debt, excluding these liabilities, decreased to USD 5.4 billion. Our cash and committed undrawn credit facilities totaled USD 3.7 billion and highlights the strong liquidity position of the group. Our leverage ratio was 2.4x to 4x and is in line with our internal level of comfort, although higher than the limit of 2.4x given our dividend policy. We concluded RUB 90 billion of funding in December, which allowed us to keep the average tenor of our funding at 3.3 years. However, global trend of interest rates resulted in a 100 basis point year-over-year rise in our average cost of debt to 6.9%.

現在轉向幻燈片 22 上的集團債務。在集團層面，雖然總債務環比增加，但淨債務基本穩定在 81 億美元。這裡要注意的關鍵因素是較高的現金水平，到年底增加到 23 億美元。我還想指出，不包括這些負債的淨債務減少到 54 億美元。我們的現金和承諾的未提取信貸額度總計 37 億美元，凸顯了集團強大的流動性狀況。我們的槓桿比率為 2.4 倍至 4 倍，符合我們的內部舒適度，儘管鑑於我們的股息政策高於 2.4 倍的限制。我們在 12 月完成了 900 億盧布的融資，這使我們能夠將融資的平均期限保持在 3.3 年。然而，全球利率趨勢導致我們的平均債務成本同比上升 100 個基點至 6.9%。

Moving to equity free cash flow on Slide 23. The group reported USD 421 million equity free cash flow for the year and $334 million after license payments. This reflects our strong EBITDA performance throughout the year, together with stable CapEx. As we look forward over the next few years, we expect to see continued local EBITDA with stable to declining CapEx levels, which should support free cash flow generation in the coming years.

轉向幻燈片 23 上的股權自由現金流。該集團報告該年度的股權自由現金流為 4.21 億美元，許可支付後為 3.34 億美元。這反映了我們全年強勁的 EBITDA 表現以及穩定的資本支出。正如我們對未來幾年的展望，我們預計本地 EBITDA 將持續，資本支出水平穩定至下降，這將支持未來幾年自由現金流的產生。

This brings us to Slide 24, which summarizes our performance versus guidance. As Kaan has already covered, our '21 results were better or in line with our guidance on all metrics. Looking now to the year ahead, given the current context around Russia and Ukraine, which together account for around 65% of our group revenues, we are not at this stage providing any guidance for the full year 2022. With regards to dividends, our policy remains unchanged. This is at least 50% equity free cash flow or after-license payments, while at the same time ensuring group leverage does not exceed 2.4x. As our leverage ratio is 2.4x to 4x at the end of '21, we continue to focus on strengthening our balance sheet and concentrate on financial resources to further debt reduction in the coming quarters and creating dividend capacity for the future.

這將我們帶到幻燈片 24，它總結了我們的表現與指導。正如 Kaan 已經報導的那樣，我們 '21 的結果更好或符合我們對所有指標的指導。現在展望未來一年，鑑於俄羅斯和烏克蘭目前的情況，它們合計占我們集團收入的 65% 左右，我們現階段沒有為 2022 年全年提供任何指導。關於股息，我們的政策保持不變。這至少是 50% 的股權自由現金流或許可後付款，同時確保集團槓桿不超過 2.4 倍。由於我們的槓桿率在 21 年底為 2.4 倍至 4 倍，我們將繼續專注於加強我們的資產負債表並專注於財務資源，以在未來幾個季度進一步減少債務並為未來創造股息能力。

With that, let me hand over to Kaan for some closing remarks, before we turn the floor over to your questions.

有了這個，在我們將發言權交給你的問題之前，讓我請 Kaan 做一些結束語。

Thank you, Serkan. Let me now on Slide 26 give you a reminder of what priorities we had in 2021 at the start of the year and the related achievements. I'm pleased to report that every one of these 7 points has been executed from 4G network rollout targets to Russia going back to growth and double-digit growth in Ukraine, Pakistan and Kazakhstan building digital scale through targeted verticals, optimizing capital structure, streamlining our portfolio and focus on cost efficiencies and creating tower business units and crystallizing the value.

謝謝你，塞爾坎。現在讓我在幻燈片 26 上提醒您，我們在 2021 年初有哪些優先事項以及相關成就。我很高興地報告，從 4G 網絡部署目標到俄羅斯恢復增長並在烏克蘭、巴基斯坦和哈薩克斯坦實現兩位數增長，這 7 點中的每一個都已執行，通過有針對性的垂直領域建立數字規模，優化資本結構，精簡我們的產品組合併專注於成本效率和創建塔式業務單元並實現價值。

In terms of the operational foundations of our business, we have every reason to be confident in the capacity of our group and the business potential. We look forward to continuing our strong execution in 2022. Serkan mentioned, given the current macro ambiguities in 2 of our largest operations, like the [freeze in motion]

就我們業務的運營基礎而言，我們完全有理由對我們集團的能力和業務潛力充滿信心。我們期待在 2022 年繼續強有力的執行。Serkan 提到，鑑於目前我們最大的兩項業務中的宏觀模糊不清，例如 [freeze in motion]

(technical difficulty)

（技術難度）

therefore, we will not be sharing any guidance at this stage.

因此，我們不會在現階段分享任何指導。

With that, I would like to thank you for your attention and turn the call over to the operator for questions. Operator?

有了這個，我要感謝您的關注，並將電話轉給接線員提問。操作員？

Can you hear me?

你能聽到我嗎？

Yes, I can hear you well.

是的，我能很好地聽到你的聲音。

I was just wondering just sort of more general question, I guess, around capital allocation in the current environment. Obviously, you've got a lot of challenges in a couple of your markets. How do you balance between investing in the network, but at the same time, keeping your leverage in check, obviously, with the currency moving against you and with dollar on your -- dollar debt on your balance sheet. I'd just be interested to hear sort of big picture thoughts about how you sort of develop your strategy for capital allocation.

我只是想知道一個更普遍的問題，我猜是關於當前環境下的資本配置。顯然，您在幾個市場中遇到了很多挑戰。您如何在投資網絡之間取得平衡，但同時又要控制您的槓桿率，顯然，貨幣對您不利，而美元在您的資產負債表上的美元債務。我只是有興趣聽聽關於您如何制定資本配置策略的總體思路。

And then just in terms of your Russian -- I've seen your Russian company accounts for the 9-month period, you hadn't paid a dividend up to HQ. I was wondering if there had been a dividend paid subsequent to the 9-month period over the last quarter? And if so, could you sort of give an indication as to how much that is and how much cash you actually have at HQ at the moment?

然後就你的俄語而言——我已經看到你的俄羅斯公司在 9 個月期間的賬目，直到總部你還沒有支付股息。我想知道在上個季度的 9 個月期間之後是否支付了股息？如果是這樣，您能否說明一下您目前在總部實際擁有多少現金以及多少現金？

And then final questions -- final question, if I can. Just in terms of the equipment suppliers who your key vendors at the moment in, I guess, Russia and Ukraine would be key and how do you get access to that equipment? How do you pay for that equipment? Any sort of context you can give around those challenges. Obviously, it's a very fluid situation, so I appreciate that. But if you could give any comments around that, that would be helpful.

然後是最後一個問題——如果可以的話，最後一個問題。就設備供應商而言，您目前的主要供應商，我猜俄羅斯和烏克蘭將是關鍵，您如何獲得這些設備？你如何支付這些設備的費用？您可以針對這些挑戰提供任何類型的背景信息。顯然，這是一個非常不穩定的情況，所以我很感激。但是，如果您可以對此發表任何評論，那將很有幫助。

Thank you, Alastair. Alastair, as you can imagine, we have a capital allocation methodology based on reflecting the potential in the countries, cost of capital as well as return on investment on specific projects which we [would have] systematically applied. Having said that, it's one of the reasons why we did not provide the guidance. It's obviously change of the dynamics which will require us to adjust the investments that we will be making in our business in line with the progression of the current macroeconomic situations. So I would like to keep in mind that our disciplined policy of making sure that we create cash and continue to control our cash balances, will be of high priority over the next couple of months.

謝謝你，阿拉斯泰爾。 Alastair，您可以想像，我們的資本分配方法基於反映各國的潛力、資本成本以及我們 [將] 系統應用的特定項目的投資回報。話雖如此，這也是我們沒有提供指導的原因之一。顯然，動態的變化將要求我們根據當前宏觀經濟形勢的發展調整我們將在業務中進行的投資。因此，我想記住，我們確保創造現金並繼續控制現金餘額的嚴格政策將在接下來的幾個月中成為重中之重。

And just a couple of things regarding -- because you asked capital allocation in relation to the impact on leverage, as you have seen from the presentation, 50% -- roughly 50% of the leverage is in U.S. dollar and 40%, around 40%, 41% is in ruble. So in case of any depreciation in the local currencies, in this case, ruble, that will impact our leverage positively because our debt in ruble will be at a lower amount in U.S. dollars. That will be a positive impact.

只有幾件事 - 因為您詢問了與槓桿影響相關的資本分配，正如您從演示文稿中看到的那樣，50% - 大約 50% 的槓桿是美元，40% 大約是 40 %, 41% 是盧布。因此，如果當地貨幣（在這種情況下為盧布）貶值，這將對我們的槓桿產生積極影響，因為我們以盧布計價的債務將以美元計價的金額較低。這將是一個積極的影響。

Move back and move to question number two. You asked about the cash position of the group. We have roughly $2.3 billion cash out of which $1.6 billion in HQ and almost 100% of the cash is in hard currency, mainly U.S. dollar and all the cash is in Europe -- European or U.S. banks. So they are fully accessible to HQ, all USD 1.6 billion. And on top of that, we have a bond maturity, which will be due tomorrow. And for that -- and the amount is USD 417 million plus accrued interest, which will get around USD 430 million. In order to keep our cash reserves intact for the future on loans, we decided to utilize the RCF that we have in place, which is a committed facility and hopefully, we will fund the repayment of the bond tomorrow through using the RCF facility, which will leave us, again, $1.6 billion cash available at HQ for the future needs.

向後移動並轉到第二個問題。您詢問了集團的現金狀況。我們有大約 23 億美元的現金，其中 16 億美元在總部，幾乎 100% 的現金是硬通貨，主要是美元，所有現金都在歐洲——歐洲或美國的銀行。因此，總部完全可以訪問它們，全部為 16 億美元。最重要的是，我們有一個債券到期，明天到期。為此 - 金額為 4.17 億美元加上應計利息，將獲得約 4.3 億美元。為了在未來的貸款中保持我們的現金儲備完好無損，我們決定利用我們現有的 RCF，這是一項承諾的工具，希望我們明天將通過使用 RCF 工具為債券的償還提供資金，這將再次為我們在總部留下 16 億美元的現金，以滿足未來的需求。

Yes, regarding the supplies and the payment terms, of course, for the big vendors, we have specific agreements per -- as to each country. There are different tenors. But as you can guess, we are -- we keep negotiating with our key vendors to get favorable payment terms. As I said, it's first on vendor to vendor, country to country, but we are effectively negotiating and discussing with our vendors as a long-term strategic partner with them to prolong the payment terms to our key vendors.

是的，關於供應和付款條件，當然，對於大供應商，我們對每個國家都有具體的協議。有不同的男高音。但正如你可以猜到的，我們一直在與我們的主要供應商談判以獲得優惠的付款條件。正如我所說，這首先是供應商對供應商，國家對國家，但我們正在與我們的供應商進行有效的談判和討論，作為與他們的長期戰略合作夥伴，以延長對我們主要供應商的付款期限。

And Alastair, as second nature, our current capital structure is a major enabler for us. Being a group allows us to allocate capital effectively and raise that (inaudible) competitive rates and access to markets and these [regimens] are most valuable, especially in unpleasant situations like (inaudible).

而阿拉斯泰爾，作為第二天性，我們目前的資本結構是我們的主要推動力。作為一個團體，我們可以有效地分配資本並提高（聽不清）有競爭力的利率和市場准入，這些 [方案] 是最有價值的，尤其是在（聽不清）等不愉快的情況下。

I have a couple, sorry about that. The first one, I just wanted to understand if the SWIFT issue prevents you from today making payments or sourcing equipment in the Ukraine or Russia? That's one.

我有一對，對不起。第一個，我只是想了解 SWIFT 問題是否會阻止您今天在烏克蘭或俄羅斯進行付款或採購設備？那是一個。

Second, I just wanted to get back to the Algeria put option. Do you have any update on the timing? And can you please guide us to what magnitude of cash inflow do you expect?

其次，我只是想回到阿爾及利亞看跌期權。你對時間有任何更新嗎？您能否指導我們了解您期望的現金流入量是多少？

Third question would be on the Russian debt. What percentage of it is floating rate? And if there's a significant percentage in floating rate, how fast does it adjust to the kind of short-term rates because they've been increased to 20% in Russia?

第三個問題是關於俄羅斯的債務。其中百分之幾是浮動利率？如果浮動利率的比例很大，它對短期利率的調整速度有多快，因為在俄羅斯已經提高到 20%？

And then the last question, in which country is most of your cash held?

然後是最後一個問題，您的大部分現金存放在哪個國家？

Thank you, Cesar. Serkan, go ahead.

謝謝你，塞薩爾。塞爾坎，繼續。

Okay. And so Cesar, I think you have multiple questions. Okay. If I miss anything, please let me know. I think first question was about SWIFT and the potential impact on us regarding payments and sourcing equipment. It is to my knowledge just before -- until the start of this meeting, SWIFT is still functioning. So actually, we have multiple bank accounts in multiple banks, and those banks are having -- we have bank accounts in multiple banks in ruble, Euro, U.S. dollar and in the different currencies. So we have alternative routes to move the cash in and out of countries. So as you know, in Ukraine, there is captive controls in place imposed by the Central Bank of Ukraine. So there is no cash outflow in U.S. dollar or Euro out of Ukraine. That's the only control that we have at -- or (inaudible) that we have for the moment. But as I said, we have different bank accounts in different jurisdictions, in different, different currencies. So we are in discussions with our relationship banks from different countries how we can mitigate any kind of SWIFT -- changes in the SWIFT regulation. But so far, it's functioning.

好的。 Cesar，我認為你有多個問題。好的。如果我錯過了什麼，請告訴我。我認為第一個問題是關於 SWIFT 以及在支付和採購設備方面對我們的潛在影響。據我所知，在本次會議開始之前，SWIFT 仍在運行。所以實際上，我們在多家銀行擁有多個銀行賬戶，而這些銀行正在擁有——我們在多家銀行擁有盧布、歐元、美元和不同貨幣的銀行賬戶。因此，我們有替代路線將現金進出國家/地區。如您所知，在烏克蘭，烏克蘭中央銀行實施了專屬控制。因此，烏克蘭沒有美元或歐元的現金流出。這是我們目前擁有的唯一控制——或（聽不清）。但正如我所說，我們在不同的司法管轄區有不同的銀行賬戶，使用不同的貨幣。因此，我們正在與來自不同國家的關係銀行討論如何減輕任何類型的 SWIFT——SWIFT 監管的變化。但到目前為止，它正在發揮作用。

I'm skipping Algeria, probably Kaan will comment on that. Regarding debt, in Russian, in ruble debt. In ruble, we have bank loans and also bond. As you know, all the bonds that in ruble, they are all in fixed rates, so we are fine. Regarding the bank loans, we have a mixture of floating and fixed interest rates. And basically, we have none there is -- which are [pure] Russian banks. At the moment, a majority of the debt -- bank debt are floating, majority only -- if you only look at the bank debt. But if you combine all the debt, including the bond, the majority of the debt is fixed rate. And as you mentioned, the Central Bank of Russia increased benchmark interest to 20% today. Effective [date] for that increased rate will be by the end of March at different, different rates depending on our agreements with the banks. So the impact on the interest will start to kick in after April, after Q2. Maybe I should pause at this moment without going into more detail.

我將跳過阿爾及利亞，可能 Kaan 會對此發表評論。關於債務，在俄羅斯，盧布債務。以盧布計，我們有銀行貸款和債券。如你所知，所有以盧布計價的債券都是固定利率的，所以我們很好。關於銀行貸款，我們混合了浮動和固定利率。基本上，我們沒有——它們是[純]俄羅斯銀行。目前，如果你只看銀行債務，大部分債務——銀行債務是浮動的，只有大多數。但是，如果將所有債務（包括債券）結合起來，大部分債務都是固定利率的。正如你所提到的，俄羅斯中央銀行今天將基準利率提高到 20%。上調利率的生效 [日期] 將在 3 月底之前根據我們與銀行的協議以不同的利率進行。因此，對利息的影響將在四月之後，第二季度之後開始發揮作用。也許我應該在這一刻停下來而不做更多的細節。

Thank you, Serkan. And Cesar, with regard to your Algeria question, all procedures connected to the exercise of our put option in Algeria are being performed by both parties in accordance with our shareholders agreement. As a matter of fact, as we speak, the process is further progressing. And with slight delays, everything is on the right track, and I will be actually visiting Algeria over the next couple of weeks. We'll go back through the process and make sure it is on track as well. I won't be able to give you more color at this stage considering the (inaudible) questions.

謝謝你，塞爾坎。 Cesar，關於你的阿爾及利亞問題，與我們在阿爾及利亞行使看跌期權有關的所有程序均由雙方根據我們的股東協議執行。事實上，正如我們所說，這一進程正在進一步推進。稍有延誤，一切都在正確的軌道上，我將在接下來的幾週內真正訪問阿爾及利亞。我們將回顧整個過程並確保它也走上正軌。考慮到（聽不清）問題，現階段我無法為您提供更多色彩。

Cesar, Nik just reminded me that you also asked where is our cash? HQ cash is in Europe.

塞薩爾，尼克剛剛提醒我，你還問我們的現金在哪裡？總部現金在歐洲。

And I know many of you have lots of questions around sanctions, so let me go through it here upfront with what I can say in this specific area. We are continuously monitoring the sanctions regulations, which are being issued by various jurisdictions in order to make sure we are complying with them. And I would like to also highlight that at the shareholder level, VEON is a public company with no controlling shareholders. So we do not expect any flow of sanction is coming from any of these issues as well. But this is a fluid situation. So we will be continuously monitoring and of course, keeping, if necessary, the public informed about it as well.

我知道你們中的許多人對製裁有很多疑問，所以讓我先在這裡先談談我在這個特定領域能說的話。我們一直在監控各個司法管轄區頒布的製裁規定，以確保我們遵守這些規定。我還想強調，在股東層面，VEON 是一家沒有控股股東的上市公司。因此，我們預計這些問題中的任何一個都不會產生任何制裁。但這是一個不穩定的情況。因此，我們將持續監控，當然，如有必要，也會向公眾通報情況。

The next question is from Nicolas.

下一個問題來自尼古拉斯。

Just one quick question on your ability to get cash out of Russia with current sanctions that is being imposed on Russia because obviously, almost 50% of our revenues are coming from Russia.

只是一個簡單的問題，關於您在當前對俄羅斯實施制裁的情況下從俄羅斯獲取現金的能力，因為很明顯，我們近 50% 的收入來自俄羅斯。

So Nicolas, in Russia, we are -- we have been already in an investment cycle. So the upstreaming of cash from Russia has not been a priority for us on this particular note, but Serkan, please.

所以尼古拉斯，在俄羅斯，我們 - 我們已經處於投資週期中。因此，在此特別說明中，來自俄羅斯的現金上游並不是我們的優先事項，但請塞爾坎。

Yes, in our plans for this year, there is no projected plan to cash upstreaming from Russia. We only have some intercompany loans between HQ and Russia. Apart from that, there is no dividend upstreaming assumed in our plans, conversions.

是的，在我們今年的計劃中，沒有計劃從俄羅斯上游兌現。我們在總部和俄羅斯之間只有一些公司間貸款。除此之外，我們的計劃和轉換中沒有假設股息上游。

The next question is from [Tammy Lloyd].

下一個問題來自 [Tammy Lloyd]。

I also have a couple if that's okay. You recently announced that you've taken out loans with Russian banks which are now sanctioned. Can you talk a little bit about what might happen with these loans and your ability to keep borrowing in Russia?

如果可以的話，我也有一對。您最近宣布您已向俄羅斯銀行貸款，這些銀行現已受到製裁。你能談談這些貸款可能會發生什麼以及你在俄羅斯繼續借款的能力嗎？

The second thing is, can you just remind us, following on from the Russian cash flow about cash flow from the other operations for the full year? And what your expectations are to be able to get cash out of your other operations? And just alluding to the comment earlier that you don't expect the shareholder to be an issue. Is that because LetterOne owns less than 50% of VEON and the rest is owned and [in standing] with an independent board?

第二件事是，你能否提醒我們，繼俄羅斯現金流之後，其他業務全年的現金流？您希望能夠從其他業務中獲得現金嗎？並且只是暗指之前的評論，即您不希望股東成為問題。那是因為 LetterOne 擁有 VEON 不到 50% 的股份，而其餘的股份則由獨立董事會擁有並[站立]？

Let me start with the last question, and then I will give it over to Serkan. As you have rightly summarized, we don't have a controlling shareholder, and we have an independent board in place. So that's basically (inaudible).

讓我從最後一個問題開始，然後我將它交給 Serkan。正如您正確總結的那樣，我們沒有控股股東，我們有一個獨立的董事會。所以這基本上是（聽不清）。

If you allow me, I want to give you a little bit detail so that, that can shed also some light about Cesar's question on how floating interest rates will impact our overall cost of debt. So currently, we have, as I said, bonds in ruble. So they are not impacted from the sanctions, so they will be still in place. We have loans from 3 Russian banks amounting to RUB 120 billion. Depending on what rate you use, it's around USD 1.5 billion before today's depreciation in the currency. So these banks are Sberbank, VTB and Alfa-Bank. The way that we read the sanctions that is as of today, we can borrow cash from 2 out of 3 banks that I just named.

如果你允許我，我想給你一些細節，這樣，這也可以闡明塞薩爾關於浮動利率將如何影響我們的整體債務成本的問題。所以目前，正如我所說，我們有盧布債券。因此，它們不會受到製裁的影響，因此它們將仍然存在。我們從 3 家俄羅斯銀行獲得了總計 1200 億盧布的貸款。根據您使用的匯率，在今天的貨幣貶值之前約為 15 億美元。所以這些銀行是 Sberbank、VTB 和 Alfa-Bank。按照我們今天閱讀制裁的方式，我們可以從我剛剛提到的 3 家銀行中的 2 家借錢。

For the VTB Bank, our loans from VTB Bank is amounting RUB 30 billion, which we have refinancing in February this year, after the year end. And most probably, that amount should be repaid to VTB within the deadline put as per these sanctions, which will be probably before end of March. So that's RUB 120 billion. So after repaying VTB by the end of March as per the sanctions regulation, our exposure or our borrowing from 2 Russian banks will be RUB 90 billion, and most of it will be floating. However, I want to link this to Cesar's question. Assuming that we will repay VTB RUB 30 billion by the end of March, our cost of debt, which is currently 6.9% overall group cost of debt, after this 20% revised interest rate in Russia, this cost of debt will only increase to 7.5%. So the immediate impact on our cost of debt will be 60 bps roughly, which will start to be impacting us starting from April this year because there will be a gradual transition to the new interest rates. That would be my answer for the one -- for the first question.

對於 VTB 銀行，我們從 VTB 銀行獲得的貸款總額為 300 億盧布，我們在今年 2 月在年底後進行了再融資。最有可能的是，這筆款項應該在根據這些制裁規定的最後期限內償還給 VTB，這可能是在 3 月底之前。所以這是1200億盧布。因此，在根據制裁規定在 3 月底之前償還 VTB 後，我們的風險敞口或我們從 2 家俄羅斯銀行的借款將達到 900 億盧布，其中大部分將是浮動的。但是，我想將此與 Cesar 的問題聯繫起來。假設我們將在 3 月底之前償還 VTB 300 億盧布，我們的債務成本，目前是集團整體債務成本的 6.9%，在俄羅斯調整 20% 的利率之後，這個債務成本只會增加到 7.5 %。因此，對我們的債務成本的直接影響將大致為 60 個基點，這將從今年 4 月開始對我們產生影響，因為將逐步過渡到新利率。這就是我對第一個問題的回答。

Regarding the second. As I mentioned, Russia is within itself cash flow sufficient. We are not expecting any cash upstreaming from Russia as in dividends. Apart from Russia, we don't see any issue in upstreaming cash in, for example, Kazakhstan, Pakistan and other countries that we are operating. So the only question mark is Ukraine and we need to wait and see what's going to happen in Ukraine. But as I said at the beginning, we have $1.6 billion cash at HQ. And we want to keep this as our cash flow for the future.

關於第二個。正如我所提到的，俄羅斯本身的現金流充足。我們預計不會像股息那樣從俄羅斯上游獲得任何現金。除俄羅斯外，我們認為上游現金沒有任何問題，例如哈薩克斯坦、巴基斯坦和我們經營的其他國家。所以唯一的問號是烏克蘭，我們需要拭目以待，看看烏克蘭會發生什麼。但正如我一開始所說，我們在總部有 16 億美元的現金。我們希望將其作為我們未來的現金流。

And maybe just to be very clear, we were not planning to upstream cash from Russia and we will (inaudible).

也許只是很清楚，我們不打算從俄羅斯上游現金，我們會（聽不清）。

Yes, that's correct.

對，那是正確的。

Our next question is from Ivan Kim.

我們的下一個問題來自 Ivan Kim。

Can I just follow up on this time line or no cash upstream from Russia? Is it just for this year? Or it's also kind of longer-term plan, so concern is '23 as well? My second question on Pakistani spectrum. I just wanted to make sure that you're going to go with a scheme where you pay 50% upfront and then you delay another 50% into installments over 5 years? And then lastly, on dividends. So just based on the -- the way you formulated it in the press release, do I understand correctly that you wouldn't have paid a dividend regardless the war and what's going on right now based on your leverage being above 2.4x?

我可以在這條時間線上跟進，還是從俄羅斯上游沒有現金？只是今年嗎？或者這也是一種長期計劃，所以23年也是如此？我關於巴基斯坦頻譜的第二個問題。我只是想確保您將採用一個預付 50% 的計劃，然後再延遲 50% 分期付款 5 年？最後，關於股息。因此，僅根據您在新聞稿中的表述方式，我是否正確理解，無論戰爭如何，基於您的槓桿率高於 2.4 倍，您不會支付股息嗎？

Let me start with Pakistan, then I will continue. Unlike the last license renewal, this time, actually, the license renewal process is very predictable. And as is expected, we'll be paying 50% cash by the end of July and the rest will be over years. And this is in line with our plans and predictions. There won't be any surprises this time.

讓我從巴基斯坦開始，然後我會繼續。與上次的許可證更新不同，這次的許可證更新過程實際上是非常可預測的。正如預期的那樣，我們將在 7 月底之前支付 50% 的現金，其餘的將持續數年。這符合我們的計劃和預測。這次不會有什麼意外。

For your first question, I think it is too early to comment on '23 cash upstreaming. So -- which I cannot answer to that one with precise guidance. For the dividend, regarding the year 2021, your understanding is correct. We are not going to pay dividend for '21, of course, subject to Board and AGM approval.

對於您的第一個問題，我認為現在評論 '23 現金上游化還為時過早。所以——我無法用精確的指導來回答這個問題。對於股息，關於2021年，你的理解是正確的。當然，在董事會和年度股東大會批准的情況下，我們不會為 21 年支付股息。

Can I have, then, have just with another question. So on towers, do you plan still any tower sales in Pakistan or Bangladesh given the macro and world higher rates?

那麼，我可以有另一個問題。那麼關於鐵塔，鑑於宏觀和世界更高的利率，您是否還計劃在巴基斯坦或孟加拉國進行鐵塔銷售？

So we believe our asset value crystallization intent is still valid. We are working actually on Bangladesh, Pakistan and Kazakhstan in terms of taking these assets into the market. We will probably be slower with our intent in Ukraine, but our project of crystallizing the value and monetizing of assets and delayering our telecom operations is still valid.

所以我們認為我們的資產價值結晶意圖仍然有效。在將這些資產推向市場方面，我們實際上正在與孟加拉國、巴基斯坦和哈薩克斯坦合作。我們在烏克蘭的意圖可能會慢一些，但我們的資產價值和貨幣化以及推遲電信業務的項目仍然有效。

Next question comes from Stella Cridge.

下一個問題來自 Stella Cridge。

I had 2 follow-up questions on the financing side, if you don't mind. So firstly, could you just perhaps give us a bit more specific information on how much you've been able to upstream from Pakistan over the past year and whether you've been able to get anything from Bangladesh?

如果你不介意的話，我在融資方面有 2 個後續問題。首先，您能否給我們提供一些更具體的信息，說明您在過去一年中從巴基斯坦上游獲得了多少，以及您是否能夠從孟加拉國獲得任何東西？

And just in terms of the Pakistan macro situation, would you expect to be able to upstream in 2022?

而就巴基斯坦宏觀形勢而言，您預計2022年能夠上游嗎？

The second question was, I noticed your earlier comment about planning to draw on the RCF to pay the bond that's due tomorrow. And can I just confirm, do you need to get any approvals today to draw on that RCF or are you pretty confident that, that's 100% available to you to make that payment tomorrow?

第二個問題是，我注意到您之前關於計劃利用 RCF 支付明天到期的債券的評論。我可以確認一下，您是否需要今天獲得任何批准才能使用該 RCF，或者您是否非常有信心，您明天可以 100% 地支付這筆款項？

Bangladesh, we are not upstreaming dividends from Bangladesh for the moment because we are in the investment phase. And for Pakistan, our company there is distributing dividend as 100% of net profit available. So we haven't seen any problem in upstreaming cash out of Pakistan during the last couple of years, and we don't expect any problem in it this year as well.

孟加拉，我們暫時沒有從孟加拉派發股息，因為我們正處於投資階段。而對於巴基斯坦，我們公司按可用淨利潤的 100% 分配股息。因此，在過去幾年中，我們沒有看到從巴基斯坦向上游提款的任何問題，我們預計今年也不會出現任何問題。

Regarding the amount of the dividend upstreaming, as I mentioned, once we close the numbers in Pakistan, probably to the 100% of net profit available for the shareholders. RCF drawdown. Of course, we have initiated the drawdown request. It was end of last week. And we haven't faced any issue up to now. But of course, I can only confirm that we utilize the RCF and I see (inaudible).

關於上游股息的金額，正如我所提到的，一旦我們關閉巴基斯坦的數字，可能會達到股東可獲得的淨利潤的 100%。 RCF 回撤。當然，我們已經發起了提款請求。這是上週末。到目前為止，我們還沒有遇到任何問題。但當然，我只能確認我們使用了 RCF 並且我看到了（聽不清）。

And if it's possible to ask one follow-up. I appreciate your earlier comment about there being no controlling shareholder in VEON. But I guess I could say there's perhaps still some concerns in the market about the combined shareholding across both entities. We've obviously seen some comments from the EU over the weekend about potential sanctions on 2 partners at LetterOne. And would you be able to give us any more color on the breakdown of shareholdings at the LetterOne level so that the market could assess the risk for VEON?

如果有可能問一個後續。感謝您之前關於 VEON 沒有控股股東的評論。但我想我可以說市場上可能仍然存在一些關於兩個實體的合併股權的擔憂。我們顯然在周末看到了歐盟關於對 LetterOne 的 2 個合作夥伴的潛在製裁的一些評論。您能否為我們提供更多關於 LetterOne 級別股權細分的信息，以便市場評估 VEON 的風險？

I think really, as the situation evolves, we need to be a little bit patient in terms of making any speculations around this topic. So I will ask your permission to wait for a while so that we see everything, and we will be back to you.

我認為真的，隨著情況的發展，我們需要對圍繞這個話題進行任何猜測有一點耐心。因此，我會請求您允許稍等片刻，以便我們看到所有內容，然後我們會回复您。

The last question is from [Antonia Draghici].

最後一個問題來自 [Antonia Draghici]。

I hope you can hear me. I have 2 questions. You mentioned that the cash holdings that you have are in Europe. Would you mention -- would you mind sharing which countries and which banks those accounts are with? And also which banks are behind the RCF that you are drawing to pay the bond tomorrow?

我希望你能聽到我的聲音。我有 2 個問題。你提到你持有的現金在歐洲。你會提到 - 你介意分享這些賬戶所在的國家和銀行嗎？還有哪些銀行支持您明天支付債券的 RCF？

Unfortunately, I cannot answer neither questions, but meanwhile I can try to answer a little bit in overall. First of all, we have multiple banks, around 6 to 10 banks, all are in Europe, European countries. All I can say, in EU countries and some of them are in the U.K. So without naming the banks. Regarding RCF funds, again, we have 10 RCF funds. They are from U.S., EU, U.K. and Asia. We don't, again, name banks, but we have 10 banks across the globe.

不幸的是，我不能回答這兩個問題，但同時我可以嘗試整體回答一點。首先，我們有多家銀行，大約6到10家銀行，都在歐洲，歐洲國家。我只能說，在歐盟國家，其中一些在英國，所以沒有命名銀行。關於 RCF 基金，我們有 10 個 RCF 基金。他們來自美國、歐盟、英國和亞洲。我們沒有再次命名銀行，但我們在全球擁有 10 家銀行。

But just in terms of the banks in Europe that you have the account, are any of them, some of the Russian banks and local subsidiaries that potentially are under sanctions?

但僅就您擁有該賬戶的歐洲銀行而言，它們中的任何一家是可能受到製裁的一些俄羅斯銀行和當地子公司嗎？

For the cash that we are keeping -- our cash that we are keeping, there is no Russian bank.

對於我們保留的現金——我們保留的現金，沒有俄羅斯銀行。

I want to thank you, all of yourselves, again. And looking forward to talk with you in the next quarter. Thank you very much, and we will close the call here today. Thank you.

我要再次感謝你們所有人。並期待在下個季度與您交談。非常感謝，今天我們將在此結束通話。謝謝你。

Bye everyone.

回見了各位。