Vodafone Group PLC (VOD) 2014 Q4 法說會逐字稿

Good morning.

早安.

Welcome.

歡迎。

Thank you for coming to our year-end presentation.

感謝您參加我們的年終演講。

I will follow the usual path.

我會走平常的路。

I will give you the highlight for the year; then, I will pass to Nick for the financial review; and then, I will cover the main six markets, and the progress, and the priorities for next year.

我將為您介紹今年的亮點；然後，我將交給 Nick 進行財務審查；然後我會介紹主要的六個市場，以及明年的進展和重點。

And then, of course, I will be joined by my colleagues for questions.

當然，然後我的同事也會跟我一起提問。

So, financial performance, first.

因此，首先是財務業績。

This has been a year of continued growth in emerging markets, and some stabilization in Europe.

今年是新興市場持續成長的一年，歐洲也出現了一定程度的穩定。

We returned with Group organic service revenue growth in the last quarter, after 10 quarters, albeit it a small one, plus 0.1%.

經過 10 個季度後，我們在上個季度實現了集團有機服務收入的成長，儘管成長幅度很小，但成長了 0.1%。

Europe organic service revenue, at minus 2.4%, is an improvement versus the previous quarter, essentially driven by commercial execution and some price stability; and, of course, data growth.

歐洲有機服務收入為-2.4%，較上一季度有所改善，主要是由商業執行和一定程度的價格穩定推動的；當然，還有數據成長。

AMAP continues to perform well, 6% growth.

AMAP 持續表現良好，成長 6%。

Here, the story is the usual story of customer growth on one side, but a very strong data performance on the other.

在這裡，一方面是客戶成長的常見故事，另一方面是非常強勁的數據表現。

And then, from a financial point of view, we are meeting our full-year guidance; GBP11.9 billion of EBITDA, and GBP1.1 billion of free cash flow.

然後，從財務角度來看，我們正在實現全年指導； EBITDA 119 億英鎊，自由現金流 11 億英鎊。

I will cover, in more detail, the strategic process -- progress in the year.

我將更詳細地介紹戰略進程——今年的進展。

Spring is on track.

春天已步入正軌。

We are at 62% of the mobile -- 63%, to be precise.

我們的行動市佔率為 62%，準確地說是 63%。

The European coverage is now already 72%.

目前歐洲的覆蓋率已經達到72%。

We are, today, the leading 4G operator in Europe.

如今，我們是歐洲領先的 4G 營運商。

20.2 million customers in 4G in 18 markets.

18 個市場的 2,020 萬 4G 客戶。

Data volumes continue to grow; actually, accelerates again at 80% growth.

數據量持續成長；事實上，再次以 80% 的速度加速成長。

In AMAP, 116 million data customers.

在高德地圖中，有1.16億數據客戶。

The Indian 3G coverage in the areas we are -- we -- in the urban areas that we targeted is now 90%.

印度 3G 在我們目標城市地區的覆蓋率現已達到 90%。

This is, of course, before the new frequencies will become available.

當然，這是在新頻率可用之前。

And, I have to say, we also have very strong momentum in unified communications with 11.3 million broadband homes in Europe, which makes us, depending whether you look at the markets we're in, or total, between the third and the fourth largest provider of broadband in Europe.

而且，我必須說，我們在統一通訊方面也有非常強勁的勢頭，歐洲有1130 萬個寬頻家庭，這使得我們在第三和第四大市場之間，這取決於你是否看我們所在的市場或總體市場。歐洲寬頻供應商。

Integration of Ono and KDG, Nick will talk about it, is on track.

小野和KDG的整合，尼克會談到，正在步入正軌。

The synergies are in line with expectations.

協同效應符合預期。

And finally, something we are happy about; enterprise, in the last quarter, is back to organic growth.

最後，我們感到高興的是；企業在上個季度恢復了有機成長。

Again, we have good performance, that I will cover later.

再說一次，我們有很好的表現，我稍後會介紹。

The most interesting element is the expansion of our IP-VPN presence to 62 countries internationally now, which is almost twice what it used to be.

最有趣的部分是我們的 IP-VPN 業務目前已擴展到全球 62 個國家，幾乎是以前的兩倍。

These are the highlights.

這些都是亮點。

Nick, over to you with the details.

尼克，詳細資料交給你了。

Thank you, Vittorio.

謝謝你，維托里奧。

Good morning.

早安.

Right, I will start with high-level financials.

是的，我將從高級財務數據開始。

First of all, Group service revenue for the year declined 1.2 -- 1.6%.

首先，集團服務收入全年下降1.2%至1.6%。

As Vittorio said, the good news was, quarter 4, after 10 quarters of decline we finally move back into positive territory, even though a very, very small 0.1%.

正如維托里奧所說，好消息是，第四季度，經過 10 個季度的下降，我們終於回到了正值區域，儘管增幅非常非常小，只有 0.1%。

Group EBITDA, just down under 7% for the year.

集團 EBITDA 全年略低於 7%。

That 7% is roughly GBP800 million absolute year-over-year decline.

這 7% 相當於絕對年減約 8 億英鎊。

Principally, in the first half GBP600 million, pretty much European direct margin decline, with a significant improvement in H2, given the stabilization of our revenue.

主要是，上半年，歐洲直接利潤率下降了 6 億英鎊，但考慮到我們收入的穩定，下半年有顯著改善。

Adjusted operating profit, at GBP3.5 billion, was down 24%, due to the lower EBITDA, but also the higher D&A, as a result of Spring and spectrum costs.

調整後營業利潤為 35 億英鎊，下降 24%，原因是 EBITDA 較低，但春季和頻譜成本導致 D&A 較高。

If we move on to adjusted EPS there is a slightly more detailed version sitting in the appendix, but I just wanted to touch on the key points.

如果我們繼續討論調整後的每股盈餘，附錄中有一個稍微更詳細的版本，但我只想談談關鍵點。

First of all, net financing costs, we had a mark-to-market loss of GBP134 million in the year, versus last year a gain of GBP118 million.

首先，在淨融資成本方面，我們今年以市值計算的虧損為 1.34 億英鎊，而去年則為獲利 1.18 億英鎊。

So, therefore, underlying, there was a decline of 6.8%, due to our lower average net debt position.

因此，由於我們的平均淨債務部位較低，因此根本上下降了 6.8%。

Tax expenses fell GBP360 million year over year.

稅務支出年減 3.6 億英鎊。

GBP100 million was provision releases, because we had successful settlements with a number of tax authorities around the world; and the remainder is lower Group profit.

1億英鎊是撥備釋放，因為我們與世界各地的許多稅務機關成功達成和解；其餘的是較低的集團利潤。

Adjusted effective tax rate of 29.4% was in line with expectation.

調整後有效稅率為29.4%，符合預期。

And you should expect a high 20%s in the medium term.

從中期來看，您應該預期 20% 的高成長率。

Non-controlling interest declined, due to lower operating profits in those respective businesses, such as Vodacom.

由於沃達康等相關業務的營業利潤下降，非控制權益下降。

And, as a result, EPS declined 28%.

結果，每股收益下降了 28%。

So, in light of progress versus our Spring plan, we're confirming our full-year dividend growth of 2%, with a final total year dividend of 11.22p.

因此，鑑於我們春季計劃的進展情況，我們確認全年股息增長 2%，最終年度股息總額為 11.22 便士。

Let's take a look at our service revenue by country.

讓我們按國家/地區查看我們的服務收入。

We've excluded MTRs, and the Group as a whole declined 0.8%.

我們排除了 MTR，該集團整體下跌 0.8%。

And, as you see on the right of the chart, most of the European countries were in decline.

而且，正如您在圖表右側看到的那樣，大多數歐洲國家都在衰退。

But I just want to draw your attention to the bottom part of the chart, the bar at the bottom.

但我只是想讓您注意圖表的底部，即底部的條形圖。

You see the progress made across the portfolio in the year, and you see that, by and large, most countries improved performance over the course of the year.

您將看到今年整個投資組合所取得的進展，並且您會發現，總的來說，大多數國家/地區在這一年中的表現都有所提高。

The one noticeable exception being Vodacom, which was under price pressure, both in South Africa and the international operations.

一個值得注意的例外是 Vodacom，該公司在南非和國際業務都面臨價格壓力。

Now, let's roll that on to quarter 4, and you see, basically, three factors.

現在，讓我們把它推到第四季度，你基本上會看到三個因素。

First of all, a number of countries that were growing, accelerating, more countries have moved into growth; and, as a whole, by and large, negative countries improving their position.

首先，有些國家正在成長、加速，更多的國家已經進入成長；整體而言，消極國家的地位有所提高。

And I was just saying to Philipp that, at this rate, we're going to have to find a different color for the European countries.

我只是對菲利普說，以這個速度，我們將不得不為歐洲國家找到不同的顏色。

Clearly, the notable exception is Germany.

顯然，值得注意的例外是德國。

Consumer mobile and DSL ARPUs remain under pressure, given the value players in the market, but also given the back-book pressure that we've had relative to pricing in the marketplace.

考慮到市場上的價值參與者，以及我們相對於市場定價所面臨的底帳壓力，消費者行動和 DSL ARPU 仍然面臨壓力。

Now, with service revenue stabilizing and moving back into growth, let's have a look at our EBITDA performance.

現在，隨著服務收入穩定並恢復成長，讓我們來看看我們的 EBITDA 表現。

What I've tried to do, to get an underlying picture for EBITDA, is put this on a constant exchange, and eliminate M&A.

為了獲得 EBITDA 的基本情況，我試圖做的就是將其放在不斷的交換中，並消除併購。

What you see is that H2 has stabilized against H1, and is down GBP200 million year over year; that GBP200 million, essentially, being the Spring investment in the second half of the year.

您看到的是，H2 相對於 H1 已經穩定下來，年減了 2 億英鎊；這2億英鎊，實質上是下半年的Spring投資。

On a regional level, H2 saw Europe moderating considerably.

從區域層級來看，下半年歐洲經濟大幅放緩。

So H2 for Europe was down GBP270 million year over year, playing against an H1 performance of down GBP700 million.

因此，下半年歐洲業務年減了 2.7 億英鎊，而上半年業績則較去年同期下降了 7 億英鎊。

And AMAP produced a growth of GBP130 million; slightly higher than the first half.

AMAP實現了1.3億英鎊的成長；略高於上半年。

Moving on to free cash flow, and the key drivers, capital expenditure, GBP9.2 billion, including GBP3 billion for Spring.

接下來是自由現金流，以及關鍵驅動因素，資本支出 92 億英鎊，其中包括 Spring 的 30 億英鎊。

Working capital had a slightly adverse significant variance of GBP2 billion year over year.

營運資金較去年同期略有不利顯著差異，達 20 億英鎊。

And that, essentially, came down to four factors.

從本質上講，這可以歸結為四個因素。

First of all, last year we had GBP300 million one-time benefit as we bought terminal vendors into our central procurement company.

首先，去年我們把終端供應商納入我們的中央採購公司，一次獲得了3億英鎊的收益。

And we got extended payment terms when we did that.

當我們這樣做時，我們得到了延長的付款條件。

Secondly, we had about GBP200 million of one-time payments this year.

其次，今年我們有大約2億英鎊的一次性付款。

They included the Phones 4u deferred payment unwind, and a Vodafone India payment to Indus for IRU.

其中包括 Phones 4u 延期付款解除，以及沃達豐印度公司向 Indus 支付 IRU 費用。

The third factor was GBP500 million central payment phasing.

第三個因素是5億英鎊的中央支付分階段。

Occasionally, we get good economic terms for doing early payments.

有時，我們透過提前付款可以獲得良好的經濟條件。

We took that in FY15, and also in FY13, but we didn't do any of that in FY14.

我們在 2015 財年和 2013 財年採取了這項做法，但在 2014 財年我們沒有這麼做。

And then finally, we have about GBP400 million to GBP500 million of working capital movements in any given day.

最後，我們在任何一天都有大約 4 億至 5 億英鎊的營運資金流動。

So, obviously, we get a degree of volatility.

因此，顯然，我們得到了一定程度的波動。

Moving on to net interest, it's fallen, mainly because of a one-time cost last year of GBP250 million in relation to the dollar debt restructuring we did post Verizon Wireless.

說到淨利息，它有所下降，主要是因為去年我們在 Verizon Wireless 後進行的美元債務重組中產生了 2.5 億英鎊的一次性成本。

Moving on to cash tax, so we've put Verizon Wireless down into the other line to show the underlying reduction year over year, and that's mainly driven by lower profits.

接下來是現金稅，因此我們將 Verizon Wireless 放在另一行中，以顯示同比的潛在減少，這主要是由於利潤下降所致。

But we did get the benefit of a number of lower non-routine payments and some timing benefits.

但我們確實受益於一些較低的非常規付款和一些時機優勢。

So you should look at that line as being a normalized level of about GBP1 billion, going forward.

因此，您應該將這條線視為未來 10 億英鎊左右的標準化水平。

Dividends received benefited from an abnormal high payment from Indus, and look at the FY14 as the normal run rate, going forward.

收到的股利受益於興業銀行異常高額的支付，並將 2014 財年視為正常運作率，展望未來。

Which takes our free cash flow to GBP1.1 billion, or GBP4 billion excluding Spring.

這使得我們的自由現金流達到 11 億英鎊，如果不包括 Spring，則達到 40 億英鎊。

I wanted to update you on my key priorities for FY15, which will remain my priorities for FY16: the delivery of integration synergies; Project Spring returns; and cost optimization.

我想向您介紹我 2015 財年的主要優先事項的最新情況，這仍然是我 2016 財年的優先事項：提供整合協同效應；春季項目回歸；和成本優化。

And I just wanted to give a brief update on each, in turn.

我只想依序簡要介紹一下每一項的最新情況。

Starting with KDG, we were very careful in the integration of KDG to make sure that we didn't lose momentum that they had in the marketplace.

從 KDG 開始，我們在整合 KDG 時非常小心，以確保我們不會失去他們在市場上的動力。

We're very pleased to say that KDG continues to accelerate.

我們很高興地說 KDG 繼續加速發展。

In the quarter, total revenues up 7.1% versus Q3 of 6.5%, with strong NGN net adds of 123,000.

本季總營收成長 7.1%，而第三季為 6.5%，NGN 淨增數量強勁，達到 123,000 戶。

Also, the KDG management took control of the DSL business of Vodafone, and we've seen good gross add traction and momentum.

此外，KDG 管理層控制了沃達豐的 DSL 業務，我們看到了良好的整體成長動能和動力。

And the migration to NGN products of our DSL is now hitting our target run rate, as of the year end.

截至年底，我們的 DSL 向 NGN 產品的遷移現已達到我們的目標運作率。

To maintain that commercial momentum, and also to deliver in the Spring program, we did make a decision to delay our technology integration by about four or five months.

為了保持這種商業勢頭，並在春季計劃中交付，我們確實決定將我們的技術整合推遲大約四到五個月。

But we're now ramping up, and this is a key priority for FY16.

但我們現在正在加大力度，這是 2016 財年的首要任務。

And finally, we will move to a single organization as of October, which is six months ahead of the original business plan.

最後，我們將從 10 月開始轉向單一組織，這比最初的業務計劃提前了六個月。

Moving to Ono, we stabilized revenue, excluding wholesale and the recent FTR reduction.

轉向小野，我們穩定了收入，不包括批發和最近 FTR 的減少。

But we're behind our expectations, and this is largely because of the very aggressive convergence pricing in the marketplace impacting our ARPU, though we are encouraged by some of the recent developments in pricing in the marketplace.

但我們落後於我們的預期，這主要是因為市場上非常激進的融合定價影響了我們的 ARPU，儘管市場定價的一些最新進展令我們感到鼓舞。

We're very pleased with our Spanish team's performance in terms of the integration plan, and they've accelerated a number of aspects of it.

我們對西班牙團隊在整合計畫方面的表現感到非常滿意，他們加速了整合計畫的許多方面。

They're now one organization, co-located on the Vodafone campus.

他們現在是一個組織，位於沃達豐園區內。

And I think there's three particular achievements that they've managed to do this year.

我認為他們今年取得了三項特別的成就。

The first is they renegotiated the MVNO contract with TEF.

首先是他們與 TEF 重新談判了 MVNO 合約。

We will be fully migrating the customer base across by June, which is broadly seven months ahead of the original business case.

我們將在 6 月之前完全遷移客戶群，這比最初的業務案例提前了大約七個月。

Secondly, they optimized the FTTH build program with Orange.

其次，他們與Orange一起優化了FTTH建造方案。

We've reduced the build, and also made sure it was complementary to the Ono footprint.

我們減少了構建，並確保它與 Ono 足跡互補。

And then finally, accelerated the cross-sell with 90,000 mobile and 45,000 fixed gross adds being sold into the respective bases.

最後，加速了交叉銷售，在各自的基地銷售了 90,000 台行動裝置和 45,000 台固定總銷量。

Second area was Project Spring.

第二個領域是春季專案。

I think we've made excellent progress on the program.

我認為我們在該計劃上取得了巨大進展。

As you see on the top-left chart, one of the key deliverables was to have a fully modernized cost-efficient mobile network with high capacity backhaul, single RAN.

正如您在左上圖表中看到的，關鍵交付成果之一是擁有一個完全現代化、經濟高效的行動網絡，具有高容量回程、單一 RAN。

And, as you see, we're at 73% and 68% of the build complete, respectively.

正如您所看到的，我們的建造分別完成了 73% 和 68%。

You see then, on to the top right hand, following is the rollout of 3G to emerging markets, and 4G across Europe.

然後您會看到，在右上角，接下來是向新興市場推出 3G，以及在整個歐洲推出 4G。

And you see that the program has now reached 56% at the midway point.

您會看到該程式現在已達到中點的 56%。

Bottom left, good progress on the NGN build.

左下角，NGN 建設進展順利。

We're now at 28 million homes passed with our own infrastructure, self-build of 3.2 million in the actual year.

我們現在有 2800 萬套房屋擁有我們自己的基礎設施，其中實際年份自建的房屋數量為 320 萬套。

And then finally, enterprise capability and geographical coverage has been expanded with IP-VPN to 62 countries.

最後，企業能力和地理覆蓋範圍已透過 IP-VPN 擴展到 62 個國家。

And we will be launching our MVNO in the US, as of October.

我們將於 10 月在美國推出我們的 MVNO。

Now those builds progress has had a strong impact on the customer experience.

現在，這些建置進度對客戶體驗產生了重大影響。

As you see on the top left-hand chart, you see dropped call rate has nearly achieved our targeted goal of 0.5% for Europe, and 1% for AMAP.

正如您在左上方圖表中看到的那樣，您可以看到呼叫掉線率幾乎達到了我們歐洲 0.5% 和 AMAP 1% 的目標。

Top right, you see the rollout progress.

右上角，您可以看到推出進度。

So, we're at 72% for 4G across Europe, and at 82% 3G, 4G for AMAP.

因此，整個歐洲的 4G 覆蓋率為 72%，AMAP 的 3G、4G 覆蓋率為 82%。

Bottom left, you see that 88% of the data sessions are now greater than 3 megabits per second.

左下角，您會看到 88% 的資料會話現在大於每秒 3 兆位元。

This is our definition, effectively, of high-definition video performance.

這實際上是我們對高清視訊性能的定義。

And then, right-hand bottom chart, you see the combination of coverage and consistent performance driving usage.

然後，在右下角的圖表中，您可以看到覆蓋範圍和一致的效能推動使用的結合。

And Vittorio will be expanding on this more in his presentation.

維托里奧將在他的演講中進一步闡述這一點。

The third area is fit for growth.

第三個領域是適合成長的領域。

So, this is the cost program that we initiated in the year.

這就是我們今年啟動的成本計畫。

What is different about this cost program?

此成本計劃有何不同？

We're taking the total costs of the business.

我們正在計算業務的總成本。

We're taking a three-year view within the business.

我們正在對業務進行三年的展望。

And we are making sure that, centrally coordinated, we're identifying key initiatives that run across the business to shape our business so that it's fit for growth for the future.

我們確保透過集中協調，確定貫穿整個業務的關鍵舉措，以塑造我們的業務，使其適合未來的成長。

As you see on the chart on the left-hand side, total cost base GBP30 billion.

正如您在左側圖表中看到的，總成本基礎為 300 億英鎊。

You see the makeup of that cost base.

您會看到該成本基礎的組成。

You see the next column being our three-year CAGR.

您會看到下一篇專欄是我們的三年複合年增長率。

And what you see, if we'd done a solid performance, reducing that total cost base by about 1% per annum.

正如您所看到的，如果我們表現出色，總成本每年可降低約 1%。

You'll see that we benefited, obviously, from interconnect cost lowering, but also done a solid job on the OpEx side, which is partially offset by direct costs increasing and customer costs increasing.

您會發現，我們顯然從互連成本降低中受益，而且在營運支出方面也做得很紮實，這部分被直接成本增加和客戶成本增加所抵消。

What you see in the FY15 performance, I would argue, is a slightly stronger performance.

我認為，你在 2015 財年的表現中看到的是稍強的表現。

Bear in mind, interconnect, with MTRs running their course, obviously, declining less.

請記住，互聯互通，隨著地鐵的運行，顯然下降較少。

But we've done a stronger performance, both in the customer cost area, where we have held our customer costs through some optimization of channels and commissions; and done a stronger job on the OpEx side, if we exclude the investments we've made from Spring.

但我們在客戶成本方面取得了更好的表現，我們透過一些管道和佣金的優化來控制客戶成本；如果我們排除 Spring 的投資，那麼我們在 OpEx 方面的表現會更好。

Now, as part of this exercise, we are doing a [80,000] benchmarking exercise.

現在，作為本次練習的一部分，我們正在進行 [80,000] 基準測試練習。

That came up with six areas where we felt there was greater opportunity.

我們認為有六個領域有更大的機會。

The first two are pretty obvious, and also commercially sensitive, so I'm not going to go through those.

前兩者非常明顯，而且也具有商業敏感性，所以我不打算詳細介紹這些。

But I thought I'd address the next four, and just show you the degree of ambition that we have in each.

但我想我應該談談接下來的四個問題，並向你們展示我們對每個問題的雄心勃勃的程度。

If we take supply chain first, you see on the chart that we have EUR20 billion moving through our central procurement function.

如果我們先考慮供應鏈，您會在圖表中看到我們有 200 億歐元通過我們的中央採購職能。

That's about 70% of the relevant spend; and we're looking to take that up by the end of this coming year to 80%.

這大約佔相關支出的 70%；我們希望在今年年底將這一比例提高到 80%。

You see, in the process, that we've managed to bring the number of vendors that we have from 40,000 down to 14,000, as we consolidate.

您將看到，在此過程中，隨著我們的整合，我們已成功將供應商數量從 40,000 家減少到 14,000 家。

And this group have delivered consistently over many years a 10% reduction in total costs for us per annum.

多年來，該團隊始終如一地為我們實現了每年 10% 的總成本降低。

If you go over to the right-hand side, you see our shared service centers.

如果您走到右側，您會看到我們的共享服務中心。

As you see, FY15 we stood at 17,000 employees in our shared service centers; that is up 4,000 year over year.

如您所見，2015 財年，我們的共享服務中心有 17,000 名員工；比去年同期增加了 4,000 個。

You see it delivers to us a GBP300 million per annum saving, given labor arbitrage going offshore, and also cost efficiencies.

您會看到，考慮到離岸勞動力套利以及成本效率，它每年為我們節省 3 億英鎊。

We are targeting one-quarter of our employees by FY18 will be in shared service centers.

我們的目標是到 2018 財年四分之一的員工將在共享服務中心工作。

And I really want to stress the strategic advantage of shared service centers, because these are our employees in countries where we have operations and they have a passion for the service.

我真的想強調共享服務中心的策略優勢，因為這些是我們在我們開展業務的國家/地區的員工，他們對服務充滿熱情。

And when we monitor the NPS from our operations they are considerably higher than our outsource partners, so we really think they add significant advantage to our business.

當我們監控營運中的 NPS 時，它們比我們的外包合作夥伴要高得多，因此我們確實認為它們為我們的業務帶來了顯著的優勢。

Moving on to technology, we've done a lot in the network space.

轉向技術，我們在網路領域做了很多工作。

We've been doing a lot around rationalization, modernization.

我們圍繞著合理化、現代化做了很多工作。

Now, 70% of our sites are shared across our business.

現在，我們 70% 的網站在整個業務範圍內共享。

Where we see the opportunity is in IT.

我們看到機會就在 IT 領域。

If you take CapEx and OpEx, IT is roughly 5.5% of service revenue.

如果考慮資本支出和營運支出，IT 約佔服務收入的 5.5%。

We think we can drive that down to 3.5% to 4.5% through the transformation of our CRM billing estate; and also, project volume and scope with our outsource partners.

我們認為，透過 CRM 計費資產的轉型，我們可以將這一比例降低至 3.5% 至 4.5%；此外，我們與外包合作夥伴的專案數量和範圍。

On the right-hand side, you see that we're trying to balance both efficiency, but also a better customer experience, with penetration of digital service.

在右側，您可以看到我們正在努力透過數位服務的滲透來平衡效率和更好的客戶體驗。

And we believe we can drive our adoption of My Vodafone app to over 70% of European smartphones from the 25% today.

我們相信，我們可以將 My Vodafone 應用程式的採用率從目前的 25% 提高到 70% 以上的歐洲智慧型手機。

Standing back on the cost front, what I would say is we've got very hard targets, multi-year, on these initiatives, and it's part of how we will deliver a growth in our EBITDA going forward.

回到成本方面，我想說的是，我們在這些舉措上製定了非常嚴格的多年目標，這是我們未來實現 EBITDA 成長的一部分。

One topic that probably as an industry we don't talk too much about is spectrum, so I thought I would.

作為一個行業，我們可能不會談論太多的一個主題是頻譜，所以我想我會談論的。

Over the past five years, spectrum has been relatively heavy on us, and the industry.

在過去的五年裡，頻譜對我們和整個產業來說相對沉重。

We've averaged, over the past five years, around just over GBP2 billion per annum, if we include the recent India auction.

如果算上最近的印度拍賣，過去五年的平均每年約為 20 億英鎊。

We've obviously been renewing and extending 900 megahertz, 1800 megahertz; 4G in Europe; 3G in India.

我們顯然一直在更新和擴展900兆赫、1800兆赫；歐洲4G；印度的 3G。

FY16 largely completes the picture for our major markets.

2016 財年基本上完成了我們主要市場的情況。

We've got Germany; we've got Turkey; possibly, South Africa.

我們有德國；我們有土耳其；可能是南非。

Post-FY16, you see a lot lower level of spend going forward.

2016 財年之後，您將看到未來的支出水準大幅下降。

Yes, we've got some potential more 3G in India, a country that keeps on giving; and Italy, 900 megahertz, 1800 megahertz in FY19.

是的，我們在印度這個不斷奉獻的國家有更多 3G 的潛力；義大利，2019 財年為 900 兆赫、1800 兆赫。

Before then, 700 megahertz arise from FY20, onwards.

在此之前，從 2020 財年起將出現 700 兆赫。

On to the balance sheet, you see, in red, year-end net debt, GBP22.3 billion, with an average interest cost of 4.7%.

在資產負債表上，你可以看到，年末淨債務為紅色，為 223 億英鎊，平均利息成本為 4.7%。

To arrive at a pro forma for FY16, we obviously add the India spectrum that we secured, dividend, and then we have positive guidance free cash flow, gets you to circa around the GBP28 billion.

為了得出 2016 財年的預估，我們顯然會添加我們獲得的印度業務、股息，然後我們有積極的指導自由現金流，使您達到約 280 億英鎊左右。

This does not include the $5.2 billion of Verizon Wireless loan notes, and does not include the FY16 spectrum auctions I've just mentioned.

這還不包括 Verizon Wireless 的 52 億美元貸款票據，也不包括我剛才提到的 2016 財年頻譜拍賣。

We're very comfortable operating with a BBB+ rating, which is broadly 2 times to 2.5 times net debt-to-EBITDA.

我們對 BBB+ 評級非常滿意，評級大致為淨債務與 EBITDA 的 2 倍到 2.5 倍。

Moving into FY17, post-Spring, we return back to a capital intensity of 13% to 14%, and the free cash flow starts to de-lever the Company.

進入 2017 財年，春季過後，我們的資本密集度回到 13% 至 14%，自由現金流開始將公司去槓桿化。

Moving on to guidance, to help with the rationale, what the chart attempts to do is take a reported FY15 EBITDA.

接下來是指導，為了幫助說明原理，圖表嘗試做的是報告 2015 財年 EBITDA。

It then takes that and restates it to FY16 guidance FX.

然後將其重新表述為 2016 財年外匯指引。

We adjust for the recent India regulation changes; and some drag in terms of MVNOs; some minor M&A, gets you to GBP11.4 billion on a like-for-like basis, with the guidance for the year.

我們根據印度最近的監管變化進行調整； MVNO 方面也有一些拖累；根據今年的指導，一些小型併購可以使您在同類基礎上達到 114 億英鎊。

So, essentially, we are between 1% and 5% growth.

因此，從本質上講，我們的成長率在 1% 到 5% 之間。

Now, why the delta?

現在，為什麼是三角洲？

What are the key variables?

關鍵變數是什麼？

And I'll answer it, so that you don't have to ask me the question.

我會回答這個問題，這樣你就不必問我這個問題了。

One of them is India regulation and pricing.

其中之一是印度的監管和定價。

Of course, India is the world's master at coming up with new regulation by the month, so, of course, there is always a degree of variability there.

當然，印度是世界上按月制定新法規的大師，因此，當然，那裡總是存在一定程度的變化。

I would say you would also look at both the rate of recovery on ARPU, both in Germany and Spain as being a key variable within the range.

我想說，您也會將德國和西班牙的 ARPU 恢復率視為該範圍內的關鍵變數。

Finally, guiding on positive free cash flow and CapEx in the range of GBP8.5 billion to GBP9 billion for the second year of Spring.

最後，指導春季第二年的正自由現金流和資本支出在 85 億英鎊至 90 億英鎊範圍內。

Given our performance, the fact that we're tracking to our Spring plan, net debt in line with expectation, strong underlying free cash flow, it's the Board's intention to grow the dividend per share in FY16.

鑑於我們的業績、我們正在追蹤春季計畫、符合預期的淨債務、強勁的潛在自由現金流，董事會打算增加 2016 財年的每股股息。

To close, I think it's been a solid year of execution that returned Vodafone to growth.

最後，我認為這是堅實的執行力一年，使沃達豐恢復了成長。

Guidance has delivered, and we've made significant progress on our strategic priorities.

指導意見已經落實，我們在策略重點方面取得了重大進展。

Balance sheet remains strong, and in line with the Spring plan.

資產負債表依然強勁，符合春季計畫。

And we've got good underlying free cash flow, allowing us to grow the dividend per share.

我們擁有良好的基礎自由現金流，使我們能夠增加每股股息。

On that, I will hand back to Vittorio.

關於這一點，我將把問題交還給維托里奧。

Very good.

非常好。

Let's go through some comments about the main markets, and then talk more in general about the priorities for next year.

讓我們先回顧一下有關主要市場的一些評論，然後再大體上討論一下明年的優先事項。

First of all, Germany.

首先是德國。

In Germany, we saw a revenue service decline QonQ.

在德國，我們看到 QonQ 收入服務有所下降。

As Nick has already said, if you really look at the underlying performance, the previous quarter was a little bit helped by MVNO, carrier service revenues, and some MTR cuts.

正如 Nick 已經說過的，如果你真正專注於基本業績，你會發現上一季受到了 MVNO、營運商服務收入和一些 MTR 削減的幫助。

What you say is a constant minus 3% -- around minus 3% performance over the last three quarters.

你所說的是負 3% 的常數——過去三個季度的表現大約是負 3%。

Nick has already said, essentially, we are paying the cost of some back book repricing on both the mobile and the DSL base, probably, also a little bit less than satisfying commercial performance.

Nick 已經說過，本質上，我們正​​在支付行動和 DSL 基礎上的一些回書重新定價的成本，可能也比滿足商業性能要少一些。

Mobile contract net adds were up 137,000 in the quarter.

本季移動合約淨增加 137,000 份。

This is a slowdown versus the previous quarter.

與上一季相比，這一增速有所放緩。

This reflects the stronger emphasis that we are putting on branded connections and direct channels.

這反映出我們更加重視品牌連結和直接管道。

We have some positives there.

我們在那裡有一些積極的一面。

Churn is coming down 1.7 points to 14%.

客戶流失率下降 1.7 個百分點，降至 14%。

So there is improvement, but clearly there is also some drag from past pricing.

因此，情況有所改善，但顯然過去的定價也帶來了一些拖累。

On the other part of the bar, the blue bar instead, we have a very good performance.

在欄的另一部分，即藍色欄，我們有非常好的表現。

KDG, plus 7.1%; this is an acceleration.

KDG，加7.1%；這是一個加速。

We also added 123,000 net adds in the quarter, which is a very good performance in the German market.

我們本季也淨增加了 123,000 輛，這在德國市場是非常好的表現。

On the Vodafone fixed line side there was a little bit of a slowdown.

沃達豐固網方面的速度略有放緩。

Here, again, there was carrier service contribution in Q3.

第三季度，營運商服務再次做出了貢獻。

Nonetheless, our DSL performance is still negative, but much better than the previous quarter -- previous year; it was [47,000] negative versus [186,000] last year.

儘管如此，我們的 DSL 表現仍然為負，但比上一季（去年）好得多；與去年的[186,000]相比，數字為[47,000]。

So, some improvements.

所以，一些改進。

Probably, the speed of the improvement has to be accelerated in Germany.

也許，德國的改進速度還得加快。

In the meantime, Project Spring is progressing well.

同時，Spring 專案進展順利。

We said already that we have resolved the network issues of last year.

我們已經說過我們已經解決了去年的網路問題。

We are now co-leader in 4G coverage, 77%.

我們現在在 4G 覆蓋率方面處於並列領先地位，達到 77%。

And I have to say, as Nick already indicated, our performance on the voice front is also very good with 0.57% drop call rate, which is the lowest in Europe, and the lowest, historically, in Germany.

我必須說，正如 Nick 已經指出的那樣，我們在語音方面的表現也非常好，掉話率為 0.57%，這是歐洲最低的，也是德國歷史上最低的。

So recovery on track, and, actually, I would say, fully done now on the networks front.

因此，恢復已步入正軌，實際上，我想說，現在在網路方面已經完全完成。

Full-year margin, down 1.1 percentage point.

全年利潤率下降1.1個百分點。

It is improving in the second half.

下半年情況正在好轉。

There is a lapping effect, because last year in the second half we started investing more in commercial.

這是一個重疊效應，因為去年下半年我們開始增加商業投資。

Priorities.

優先事項。

Priorities, clearly, the priority number one is to improve the branded mobile mix and the ARPU.

優先事項 顯然，第一要務是改善品牌行動產品組合和 ARPU。

So it's the mobile Vodafone side that has to improve.

因此沃達豐的行動業務需要改進。

We want to accelerate also the VDSL part of the business.

我們也希望加速 VDSL 業務的發展。

The KDG part, the cable part is doing well, but we need to accelerate also the other part.

KDG部分、電纜部分做得很好，但我們還需要加速其他部分。

Continue to deliver, as Nick has described, the KDG synergies, and complete Spring.

正如尼克所描述的，繼續發揮 KDG 的協同作用，並完成春季賽。

But, on that one, I'm pretty confident that we are already in pretty good shape.

但是，在這一點上，我非常有信心我們已經處於良好的狀態。

UK.

英國。

Now, UK is second quarter of growth in a row, which is good.

現在，英國連續第二個季度實現成長，這很好。

This is clearly supported by 4G.

這顯然是4G支持的。

There's a lot of momentum in 4G.

4G 發展勢頭強勁。

We have 1.1% mobile service revenue growth in the UK.

我們在英國的行動服務收入成長了 1.1%。

As you can see from the bottom part of the chart, contract ARPU is up 9% (sic - see slide 25, "0.9%"), and contract service revenues are up 4.5%.

從圖表底部可以看出，合約 ARPU 成長了 9%（原文如此 - 請參閱投影片 25，「0.9%」），合約服務收入成長了 4.5%。

We have 3 million 4G customers.

我們有300萬4G客戶。

It's the highest-using market for data, and also the best market for content and integration of content with our own tariffs.

它是數據使用率最高的市場，也是內容以及內容與我們自己的資費整合的最佳市場。

The NPS is also very good.

NPS也非常好。

On the enterprise front, revenues were down 2%.

在企業方面，收入下降了 2%。

Essentially, we are still being dragged a bit by the fixed side.

本質上，我們仍然被固定的一面拖著。

The mobile side is doing well.

行動端表現不錯。

And Project Spring, here, again, has made a significant improvement.

Spring 專案在這裡再次取得了重大改進。

The 4G coverage that you see in the chart is 63%, but that's measured with the Vodafone statistics that are a little bit more restrictive, or more demanding than the OFCOM one.

您在圖表中看到的 4G 覆蓋率為 63%，但這是根據沃達豐統計數據衡量的，該統計數據比 OFCOM 的限制更嚴格，或者說要求更高。

In the OFCOM local UK comparison, that is more 71%.

在英國 OFCOM 當地的比較中，這一數字超過 71%。

And here, again, the drop call rate is -- has improved to 0.78%, which is not as good as Germany, but still a significant improvement.

同樣，這裡的掉話率已改善至 0.78%，雖然不如德國，但仍是一個顯著的改善。

We are reporting a 21.2% EBITDA.

我們的 EBITDA 率為 21.2%。

The underlying margin is not as good.

基礎利潤率沒那麼好。

There is some benefit from network settlements there, and the margin is more 19.6%.

那裡有一些網路結算的好處，利潤率在19.6%以上。

This is driven essentially by two things; the fixed margin issue that I described before; and also, some reallocation of international network costs that we used to have in other parts of Vodafone and, actually, they pertain more to the UK.

這主要是由兩件事驅動的；我之前描述的固定保證金問題；此外，我們曾經在沃達豐其他地區進行過一些國際網路成本的重新分配，實際上，它們更多地與英國有關。

Priorities.

優先事項。

Here, we need to maintain the great growth momentum in 4G, we need to continue to drive data monetization; roll out consumer broadband now in the summer, and TV later in the year; continue to strengthen our network and our service performance, as I said, we already improved, but we want to push it to real excellence; and finally, build moment back in enterprise.

這裡，我們需要保持4G的巨大成長勢頭，我們需要繼續推動數據貨幣化；現在在夏季推出消費者寬頻，並在今年稍後推出電視；繼續加強我們的網絡和我們的服務績效，正如我所說，我們已經有所改善，但我們希望將其推向真正的卓越；最後，在企業中重振旗鼓。

Third, India.

第三，印度。

India is a good story, continues to be a good story.

印度是一個好故事，而且仍然是一個好故事。

We have double-digit revenue growth.

我們的收入實現了兩位數的成長。

It looks a little bit lower than the previous quarter, but there is a 1.5 percentage impact of MTR cuts; on a yearly basis, that would be 5 points.

看起來比上一季下降了一點，但港鐵削減影響了1.5個百分點；按年計算，這將是 5 分。

Essentially, what is going on in India is the usual thing.

本質上，印度發生的事情是很平常的事。

Great growth of customers; 5.1 million customers.

客戶大幅成長； 510 萬客戶。

There is a little bit of voice decline in minutes of usage, but more stability in price.

使用分鐘數語音略有下降，但價格較穩定。

The voice decline in minutes of usage is essentially regional promotions that in some parts of the country are taking down the average.

語音使用分鐘數的下降本質上是區域促銷，該國某些地區的平均使用時間下降了。

But, essentially, the great story continues to be a great data story.

但從本質上講，偉大的故事仍然是偉大的數據故事。

Data revenue grew 62%, and volumes almost 80% in the country.

該國的數據收入成長了 62%，數據量增加了近 80%。

We have increased the number of active data users to 64 million; it's 23% growth.

我們將活躍數據用戶數增加至 6,400 萬；增長了 23%。

And we have 19 million 3G data users in India; the same number here last year I gave you was 7 million.

我們在印度有1900萬3G數據用戶；去年我給你們的數字是 700 萬。

So, it's really a fantastic story of data growth, with a lot of potential to grow.

所以，這確實是一個關於數據成長的奇妙故事，具有很大的成長潛力。

We also delivered Project Spring.

我們也交付了 Spring 專案。

Here, almost 13,000 sites built in a year, 1,000 shops.

在這裡，一年內建成了近 13,000 個站點、1,000 家商店。

So, I would say, India continues to deliver.

所以，我想說，印度繼續兌現承諾。

29% EBIT -- more than 29% actually, 29.6% EBITDA margin, growing versus last year, despite the Spring OpEx and the higher A&R, so a really good story.

29% 的 EBIT——實際上超過 29%，29.6% 的 EBITDA 利潤率，與去年相比有所增長，儘管 Spring OpEx 和 A&R 更高，所以這是一個非常好的故事。

Priorities for next year: continue to drive data; expand 3G, after having acquired the new frequencies; maintain the network differentiation to support voice; do a bit of segmentation, again, on a regional basis, geographical basis, and support with distribution in the different part of the country; and finally, scale up M-Pesa, which now has a full distribution network and needs to be exploited commercially.

明年的優先事項：繼續推動數據成長；獲得新頻率後擴展3G；保持網路差異化以支援語音；再次在區域、地理基礎上進行一些細分，並支援在全國不同地區進行分銷；最後，擴大 M-Pesa 的規模，它現在擁有完整的分銷網絡，需要商業開發。

Now, Italy.

現在，義大利。

Italy is an improving story, as you can see in the chart, and probably more improving also than competition.

正如您在圖表中看到的那樣，義大利正在不斷進步，而且可能比競爭對手的進步更大。

But it's still a challenged market.

但這仍然是一個充滿挑戰的市場。

As you can see, we have improvement, essentially driven by a better ARPU in prepaid.

正如您所看到的，我們取得了進步，這主要是由於預付費 ARPU 的提高所推動的。

There's stability quarter over quarter, and improvement versus last year, but we still have a customer base decline, despite the fact that we are MNP positive in the country.

季度比季度穩定，與去年相比有所改善，但我們的客戶群仍然下降，儘管我們在該國的 MNP 是積極的。

We have a very good performance in Italy in enterprise, and we have a very good performance in fixed.

我們在義大利的企業方面有非常好的表現，我們在固定方面也有非常好的表現。

You see the number of broadband net additions, the blue part of the chart, continuously ramping up over the quarters.

您可以看到寬頻淨新增數量（圖表的藍色部分）在各個季度持續增加。

However, it remains a fragile landscape.

然而，它仍然是一個脆弱的景觀。

I'm sure you'll have questions about Italy, but still 30% of the activity in Italy is below the line, and below the line is incredibly competitive, so it can easily tilt in all directions.

我相信你會對義大利產生疑問，但義大利仍有 30% 的活動在線上進行，而在線下的競爭非常激烈，因此很容易向各個方向傾斜。

We are convinced that we have made the right choices.

我們堅信我們做了正確的選擇。

We have a very good 4G base.

我們有很好的4G基礎。

We have 2.8 million customers, doubled in the market.

我們擁有 280 萬客戶，市場規模翻了一番。

And we have more than 80% 4G coverage.

我們的4G覆蓋率超過80%。

So, in Italy as well you start seeing the progress, the benefit of Spring.

因此，在義大利，您也開始看到春天的進步和好處。

Our fixed is going well; 6.8% growth in the country.

我們的固定工作進展順利；全國成長6.8%。

We have prepared 5,000 FTTC cabinets, which, if you add to the Metroweb homes that we can access through them, brings the total of the marketable homes to 1 million.

我們準備了5000個FTTC櫃子，如果加上我們可以透過它們訪問的Metroweb房屋，那麼可售房屋的總數將達到100萬套。

And, of course, we have projects to expand it.

當然，我們還有擴展它的項目。

EBITDA margin, also, the decline slowed down in the second half of the year.

EBITDA 利潤率下半年下降幅度也有所放緩。

This is mostly due to very good cost control.

這主要歸功於非常好的成本控制。

So, priorities for Italy: we need to increase the commercial momentum in prepaid (technical difficulty), ARPU stabilization has been good, we need to do a little bit better numbers in absolute; increase the 4G penetration now that we have this full very well working network there; ramp up the NGN net adds, we have the plan to go to 3 million marketable homes by next year; and further grow enterprise, which, as I said, is giving a lot of satisfactions in the country.

因此，義大利的優先事項是：我們需要增加預付費（技術難度）的商業動力，ARPU穩定良好，我們需要在絕對數字上做得更好一點；既然我們在那裡擁有完整、運作良好的網絡，那就提高 4G 的普及率；增加NGN網絡，我們計劃到明年達到300萬套可售房屋；並進一步發展企業，正如我所說，這給這個國家帶來了很多滿足感。

Vodacom, a few words.

沃達康，幾句話。

They announced yesterday, again, another strong improvement in Vodacom.

他們昨天再次宣布 Vodacom 的另一項重大改進。

They are at now minus 0.2%, which is 3.7 percentage points improvement.

目前為負 0.2%，提高了 3.7 個百分點。

This is driven essentially by South Africa.

這主要是由南非推動的。

South Africa went to minus 2%.

南非跌至-2%。

If you take out the MTR cut, actually, South Africa is growing 2%.

如果扣除 MTR 削減，南非實際上增加了 2%。

This is reflecting better prepaid ARPU, and a more stabilized environment in South Africa.

這反映了南非預付費 ARPU 的提高以及更穩定的環境。

There is a big re-pricing that, as you know, we are doing, and we have to go through in South Africa, and, I have to say, it has been executed really very well.

如你所知，我們正在進行大規模的重新定價，我們必須在南非進行，而且我必須說，它執行得非常好。

In the meantime, contract net adds up 13,000, 3%.

同時，合約淨額增加13,000份，成長3%。

But again, data accelerating; plus 25% of data revenues.

但同樣，數據正在加速成長；再加上 25% 的數據收入。

And, as you see in the chart, we have more and more better devices.

而且，正如您在圖表中看到的，我們擁有越來越多更好的設備。

South Africa is one of the places where we sell most of our Vodafone-branded devices and cheap affordable devices with good intelligent bundled pricing.

南非是我們銷售大部分沃達豐品牌設備和具有良好智慧捆綁定價的廉價設備的地方之一。

I will comment about on pricing later.

稍後我將評論定價。

Clearly, and indicating that even in prepaid markets, even in emerging markets, there is a very good potential to grow in terms of data.

顯然，這表明即使在預付費市場，即使在新興市場，數據也有很大的成長潛力。

The margin was down 1.2 points; but, in reality, after MTR it was only down 0.5 point.

利潤率下降1.2個百分點；但實際上，地鐵開通後僅下降了0.5個百分點。

So, I have to say, quite frankly, a pretty good job done by our colleagues.

所以，坦白說，我必須說，我們的同事做得非常好。

Our priorities for next year: maintain the data leadership.

我們明年的首要任務是：維持數據領先地位。

We need to clearly continue on Project Spring, continue the price transformation.

我們需要明確地延續 Spring 項目，繼續價格轉型。

It's been successful so far, but we need to complete it, of course.

到目前為止它是成功的，但我們當然需要完成它。

Develop enterprise, which is the next big opportunity in South Africa, and launch our FTTH commercial propositions in the areas where we have access to fiber.

發展企業，這是南非的下一個重大機遇，並在我們擁有光纖的地區推出我們的 FTTH 商業主張。

International, I won't spend much time, growing again 5%.

國際，我不會花太多時間，再成長5%。

There's a bit of lapping effect with Tanzania.

坦尚尼亞有一點研磨效應。

Growing customers.

不斷成長的客戶。

M-Pesa is the next thing.

M-Pesa 是下一個。

Is not, as I will say later, just a Tanzania thing, but we also are working in other markets.

正如我稍後會說的，這不僅僅是坦尚尼亞的事情，我們也在其他市場開展工作。

And finally, Spain.

最後是西班牙。

Spain, I have to say, graphically, there is an improvement; it's a small one, 1.1 points.

西班牙，我不得不說，從圖形上看，有進步；很小的一個，1.1分。

I have to say, Spain remains a difficult market from an ARPU perspective, both in mobile and in fixed, due to these converged offers that are in the market.

我必須說，從 ARPU 的角度來看，西班牙仍然是一個困難的市場，無論是行動還是固定，因為市場上有這些融合的產品。

There are some pricing positive signs in the market.

市場上出現了一些定價積極跡象。

We had a negative performance in contract net adds; 41,000.

我們的合約淨增加表現為負； 41,000。

This reflects our decision to reduce subsidies in February, a decision which has been followed by competitors, but only later.

這反映了我們在二月決定減少補貼，競爭對手也效仿了這個決定，但只是較晚。

And we already have better numbers for March, so we think it was the right decision.

我們已經有了更好的三月數據，所以我們認為這是正確的決定。

We have a very strong momentum in fixed line.

我們在固定線路方面有非常強勁的勢頭。

Fixed line grew by 4.5% ex-Ono.

固定電話成長 4.5%（不包括小野）。

And we have increased our fixed line base by 26,000.

我們的固定電話基數增加了 26,000 個。

We now cover 8.5 million households in the market; and this is, of course, Ono, plus the joint venture with Orange on FTTH.

我們現在涵蓋市場850萬戶家庭；當然，這就是小野，加上與 Orange 在 FTTH 領域的合資企業。

The Ono performance, as Nick has mentioned, is in line with plans.

正如尼克所提到的，小野的表現符合計畫。

We have service revenues of minus 2% because of ARPU pressure, but growth in customers.

由於 ARPU 壓力，我們的服務收入為負 2%，但客戶數量卻在增加。

And we also have -- we will migrate the Ono MVNO customers who used to be on, or are today, on Telefonica earlier than expected into our own network.

我們也將比預期更早將曾經或現在在 Telefonica 上的 Ono MVNO 客戶遷移到我們自己的網路中。

We launched, in April, Vodafone ONE.

我們在四月推出了沃達豐 ONE。

Vodafone ONE is the full integrated response to Fusion.

Vodafone ONE 是對 Fusion 的全面整合回應。

Early days to say how it goes, but indications are positive.

目前尚不清楚進展如何，但跡像是積極的。

In Spain, like in Italy, 2.9 million 4G customers; good coverage, slightly below 80%; and a very good performance from a network point of view.

與義大利一樣，西班牙也有 290 萬 4G 用戶；覆蓋率較好，略低於80%；從網路角度來看，效能非常好。

Priorities in Spain: we need to, of course, leverage now on the bundles to increase the value of the ARPU, and lift up ARPU; grow our market share in the unified communication; continue the integration of Ono and the work that we do with Orange to add the fiber homes to the general footprint; and continue to deliver on Spring.

西班牙的優先事項：當然，我們現在需要利用捆綁包來增加 ARPU 的價值，並提高 ARPU；提高我們在統一通訊領域的市場佔有率；繼續整合 Ono 以及我們與 Orange 所做的工作，將光纖家庭加入整體足跡；並繼續在春季交貨。

And, again, this is another country where I don't have particular concern that Spring will not deliver in a positive way.

再說一遍，在這個國家，我並不特別擔心 Spring 不會以積極的方式帶來成果。

So, if I conclude, the six countries, I would say, in four countries positive signs.

因此，如果我得出結論，這六個國家，我想說，有四個國家出現積極跡象。

In one country, I would say, which is Spain, okay signs, but still some room to grow, because we are still more negative as a market, not as a Company, in terms of recovery.

我想說，在一個國家，即西班牙，跡象還不錯，但仍有一些成長空間，因為在復甦方面，作為一個市場，而不是作為一家公司，我們仍然更加消極。

And in one market, Germany, we need to do better, but the market conditions are, quite frankly, not bad.

在德國這個市場，我們需要做得更好，但坦白說，市場狀況還不錯。

Now, priorities for next year, let me describe the priorities for next year essentially through four chapters, which are the first chapters of Spring.

現在，明年的優先事項，讓我主要透過四章來描述明年的優先事項，這是Spring的第一章。

And they all follow the market trends.

而且他們都緊跟市場趨勢。

What we are seeing in the market is clearly great acceleration of consumer demand for data in mature markets, and strong growth in emerging markets.

我們在市場上看到的顯然是成熟市場消費者對數據的需求大幅加速，以及新興市場的強勁成長。

This is addressed through the Spring network technology part.

這是透過Spring網路技術部分解決的。

We see an increasing shift towards unified communications, which is what we are addressing with our new capabilities that we have added, and we are adding in convergence.

我們看到越來越多的人轉向統一通信，這就是我們正在透過我們添加的新功能來解決的問題，我們正在增加融合。

And, I have to say, we see an accelerating demand in enterprise for international footprint and international services, which perfectly fit our focus on enterprise.

而且，我必須說，我們看到企業對國際足跡和國際服務的需求不斷增長，這完全符合我們對企業的關注。

And these are the three main chapters of Spring.

這就是Spring的三個主要章節。

There is a fourth one that we have added now, which is the commercial side of the story, the monetization side of the story.

我們現在添加了第四個，這是故事的商業方面，故事的貨幣化方面。

Of course, Spring is a great investment.

當然，Spring 是一項巨大的投資。

But we also want customers to [perceive] it and so we are putting more emphasis, and we will be putting more emphasis, on the customer side of the Spring investment to make sure that we monetize what we are spending.

但我們也希望客戶能夠[感知]這一點，因此我們將更加重視 Spring 投資的客戶方面，以確保我們將支出貨幣化。

Let me cover them one by one.

讓我一一介紹它們。

First of all, data and network technology, as I said, there is an acceleration of data.

首先是數據和網路技術，正如我所說，有一個數據的加速。

And Vodafone is today the leading operator in 4G in Europe.

沃達豐如今是歐洲 4G 領域的領先營運商。

We have in the world 20 million customers, or 18.4 million if you take out the dongles, so let's say 20 million devices, 18.4 million customers in the world using 4G.

我們在世界上有 2000 萬個客戶，如果你拿出加密狗的話，就有 1840 萬個客戶，所以假設世界上有 2000 萬台設備，有 1840 萬個客戶使用 4G。

We have quadrupled our 4G base.

我們的 4G 基數增加了四倍。

In Europe today, 30% of data is 4G.

如今在歐洲，30% 的數據是 4G。

Now, this is great, but this is only 13% of the customers.

現在，這很棒，但這只是 13% 的客戶。

So the potential, the opportunity to really expand our services, and, therefore, our revenues, is still largely untapped.

因此，真正擴大我們的服務以及我們的收入的潛力和機會仍然很大程度上尚未開發。

As you can see from the right-top graph, usage is going up 60% year over year.

從右上圖可以看出，使用量年增 60%。

It has increased throughout usage per customer to -- throughout the year to 750 megabits, average.

全年每位客戶的平均使用量已增加至 750 兆位元。

And this is a phenomenon which takes place both in emerging and in mature markets.

這種現像在新興市場和成熟市場都存在。

In every -- in both segments we see growth every quarter.

在每個細分市場中，我們每個季度都看到成長。

The shift from 3G to 4G, with the exception of Germany, where the increase is only 50%, is essentially a doubling.

從3G到4G的轉變，除了德國只有50%的增幅外，本質上是翻倍。

So when customers move from 3G to 4G, essentially, they double their use; exception, as I said, Germany.

因此，當客戶從 3G 轉向 4G 時，本質上他們的使用量會增加一倍；正如我所說，德國是個例外。

The driver of this is content and video.

其驅動力是內容和影片。

And, you remember, last year we said we would really bank on content and video.

而且，您還記得，去年我們說過我們將真正依靠內容和影片。

I would like to say that we could see everything coming.

我想說，我們可以預見一切即將發生。

Of course, we saw most of the things coming, we couldn't completely see it, but we were right.

當然，我們看到了大部分事情的發生，我們無法完全看到它，但我們是對的。

Everything that has happened this year indicates that content and video is the right strategy.

今年發生的一切都表明內容和影片是正確的策略。

We have sold 4.1 million bundles, available in 12 markets now, against [0.6 million].

我們已經售出了 410 萬個捆綁包，目前在 12 個市場上銷售，而同期為 [60 萬個]。

So 4.1 million customers buy service with us, which includes now content.

因此，有 410 萬客戶向我們購買服務，其中包括現在的內容。

Video usage is going up very fast.

影片使用量成長非常快。

As I said, we couldn't exactly imagine which services would include video in their capabilities, but it is clearly accelerating.

正如我所說，我們無法確切想像哪些服務將在其功能中包含視頻，但它顯然正在加速。

48% of data traffic today is video.

如今 48% 的數據流量是影片。

And the interesting part is the bottom part of this chart.

有趣的部分是該圖表的底部。

First of all, customers who buy one content, not necessarily use more only of that content, but they also use more of everything else.

首先，購買一種內容的客戶不一定只更多地使用該內容，但他們也更多地使用其他所有內容。

This is the example of the UK, where people buy Netflix, people buy Netflix and actually they do watch a lot of Netflix; but the same people also watch much more Facebook, YouTube, Chrome, and everything else.

這是英國的例子，人們購買Netflix，人們購買Netflix，實際上他們確實看了很多Netflix；但同樣的人也觀看更多的 Facebook、YouTube、Chrome 和其他所有內容。

So, it is a self-reinforcing mechanism.

所以，這是一個自我強化的機制。

And some of the new apps, or the more popular apps these days, Snapchat, Instagram, here are examples, not only are growing a lot, but they're also creating upload traffic, not just download traffic.

一些新的應用程序，或當今更流行的應用程序，例如 Snapchat、Instagram，它們不僅增長很多，而且還創造上傳流量，而不僅僅是下載流量。

And this is the new thing I was referring to: upload is becoming important.

這就是我提到的新事物：上傳變得越來越重要。

I couldn't believe my eyes when I heard the statistics from the UK.

當我聽到英國的統計數據時，我簡直不敢相信自己的眼睛。

In the UK, if you take all the messaging apps, so Facebook, WhatsApp, whatever, Google, whatever, 75% of the traffic today is Snapchat, which means that the upload and the different way of communicating is actually stimulating a lot of usage.

在英國，如果你考慮所有的訊息應用程序，例如 Facebook、WhatsApp、谷歌等，那麼今天 75% 的流量是 Snapchat，這意味著上傳和不同的通訊方式實際上刺激了很多使用。

Which is why we are convinced that this -- our strategy was right in going into bundling mobile and video.

這就是為什麼我們確信我們捆綁移動和視訊的策略是正確的。

And the result is shown on this picture, where we have today 54% of customers using data.

結果如下圖所示，目前有 54% 的客戶在使用數據。

First of all, this is again for me the good news, is the right part of the chart, because there is still 46% to go.

首先，這對我來說又是個好消息，是圖表的正確部分，因為還有 46% 的時間。

But 54% who use, one-quarter of these are already above 1 gigabit.

但 54% 的用戶中，四分之一已經超過 1 GB。

Last time, some investors told me , yes, yes, but this is the usual few people, so you are building a network for the few who over use.

上次，一些投資者告訴我，是的，是的，但這是通常的少數人，所以你正在為少數過度使用的人建立一個人脈。

So the right part of the chart is the answer to that; no, the median usage is also going up.

所以圖表的右側部分就是這個問題的答案；不，使用中位數也在上升。

So, yes, of course, the 25% use a lot, but there's also an increase in the median.

所以，是的，當然，25% 的人使用量很大，但中位數也有所增加。

And so, the combination of penetration and increased median usage will generate more revenue.

因此，滲透率和使用中位數的增加相結合將產生更多收入。

How we commercial -- how we monetize that?

我們如何商業化──如何貨幣化？

Through [other] pricing.

透過[其他]定價。

The example on the bottom is the UK one, where you add GBP5 per block and you get always more and more and more, which is a way to essentially increase ARPU in an efficient way; adding services, like roaming, adding content.

底部的例子是英國的，你每塊添加 5 英鎊，你得到的總是越來越多，這是一種從本質上有效提高 ARPU 的方法；新增服務，例如漫遊、新增內容。

And the quarter analysis now indicates a GBP1 to GBP1.25 per customer increase coming from all of this.

現在季度分析表明，所有這些措施使每位客戶的收入增加了 1 至 1.25 英鎊。

Now, this is good.

現在，這很好。

And this is clearly more of a mature market thing.

這顯然是一個成熟市場的事。

In emerging markets, also we are seeing improvement.

在新興市場，我們也看到了改善。

And, again, everything will be supported by better networks and stronger networks.

而且，一切都將得到更好、更強大的網路的支持。

Plus 22%, Nick said, increase in customers using data; 116 million active.

Nick 表示，使用數據的客戶數量增加了 22%； 1.16 億活躍用戶。

To me, again, the good news is that 64% of the customers still don't use, so this is 116 million out of 300 million, and we have an opportunity to really expand in an important way in emerging markets.

對我來說，好消息是 64% 的客戶仍然沒有使用，所以這是 3 億中的 1.16 億，我們有機會真正在新興市場進行重要的擴張。

The two examples on the chart I think are very telling.

我認為圖表上的兩個例子非常有說服力。

In South Africa, we have increased the data bundles sold in a year by 139%.

在南非，我們一年內銷售的資料包數量增加了 139%。

So, again, the proof that you can monetize data in emerging markets, it can be additive to voice.

因此，再次證明您可以在新興市場中將數據貨幣化，它可以作為語音的補充。

And if you compare, which, I declare, is not a completely perfect comparison, 2G to 3G Indian ARPU, and is not completely comparable because these are not exactly the same people, but again it gives you an idea, the potential is 3.6 times increase of ARPU.

如果你比較，我聲明，這不是一個完全完美的比較，2G 到 3G 印度 ARPU，並且不完全可比，因為這些人不完全相同，但它再次給你一個想法，潛力是 3.6 倍ARPU 的增加。

So, a 3G customer is worth 3.6 times more than a 2G one.

因此，一名 3G 客戶的價值是 2G 客戶的 3.6 倍。

Not all of them will be able to afford, but some of them, a vast number of them, should.

並非所有人都能負擔得起，但他們中的一些人、絕大多數人應該負擔得起。

This is, I think, very good.

我認為這非常好。

M-Pesa is the last part of the data story in emerging markets; 20 million customers; 273,000 sales agents.

M-Pesa 是新興市場數據故事的最後一部分； 2000萬客戶； 273,000 名銷售代理。

Yes, it's a great story in Kenya.

是的，這是肯亞的一個很棒的故事。

I will not bore you with Kenya, because we all talked about Kenya a lot.

我不會讓你對肯亞感到厭煩，因為我們都常常談論肯亞。

We are also successful in Tanzania.

我們在坦尚尼亞也取得了成功。

We are now in DRC; we are now in Mozambique; we are now also in South Africa.

我們現在在剛果民主共和國；我們現在在莫三比克；我們現在也在南非。

So, a good story on data, both mature and emerging markets, supported by investment in network, investment in 4G, essentially, in our markets, and in 3G in emerging markets, for the time being; and then, expansion when we get frequencies and everything else.

因此，無論是成熟市場還是新興市場，數據方面的故事都是一個好故事，在網路投資、4G 投資（本質上是我們的市場）和新興市場的 3G 投資的支持下，暫時是如此；然後，當我們獲得頻率和其他一切時，就會擴展。

Second pillar of -- and priority for next year, unified communications.

第二支柱－統一通信，也是明年的優先事項。

First of all, basic information, where does Vodafone play in this arena?

首先，基本訊息，沃達豐在這個舞台上玩什麼？

We play in the markets indicated in the chart, which is essentially most of the European market.

我們在圖表中所示的市場中進行交易，基本上是歐洲市場的大部分。

We cover today 28 million households directly, and another 22 million through incumbent's networks via wholesale, so 50 million homes are today marketable in Europe by Vodafone.

如今，我們直接覆蓋 2800 萬個家庭，另外 2200 萬個家庭透過現有網路透過批發方式覆蓋，因此沃達豐目前在歐洲銷售 5000 萬個家庭。

25% of our revenues in Europe today is already fixed revenue.

如今，我們在歐洲的收入中有 25% 已經是固定收入。

Again, the transformation of Vodafone into unified player is progressing well.

同樣，沃達豐向統一參與者的轉型進展順利。

We have 11.3 million broadband customers, 853,000 more than last year; 9.1 million TV; 5 million broadband NGN customers.

寬頻客戶達1,130萬戶，較去年增加85.3萬戶； 910萬電視； 500 萬寬頻 NGN 客戶。

What is our ambition?

我們的志向是什麼？

Our ambition and priority for next year is to become a unified communication provider.

我們明年的目標和首要任務是成為統一通訊提供者。

We have expansion plans.

我們有擴張計劃。

I don't want to go into details into the expansion plans country by country.

我不想逐國詳細介紹擴張計畫。

And here, I have to say, we have to be adaptive to the local conditions.

這裡我不得不說，我們要因地制宜。

So in some markets we are building fiber, and in some markets we are building fiber with an electricity company, like in Ireland.

因此，在某些市場，我們正在建造光纖，在某些市場，我們正在與電力公司合作建造光纖，例如在愛爾蘭。

In other markets, we are building it ourselves, maybe with Orange, who is a competitor.

在其他市場，我們正在自己建立它，也許與競爭對手 Orange 一起建造。

In other markets, we are doing FTTC, like in Italy.

在其他市場，我們正在做 FTTC，例如在義大利。

In other markets, we are sharing with Portugal Telecom, or we are doing our own build if the neighborhoods allow and the cost to connect is reasonable, like in Portugal.

在其他市場，我們正在與葡萄牙電信共享，或者如果社區允許且連接成本合理，我們正在進行自己的建設，例如在葡萄牙。

But essentially, we have a strategy to increase, as you can see, our marketable homes everywhere in Europe, and continue with the transformation of Vodafone from purely mobile into a UC player.

但本質上，我們有一項策略，如您所見，增加我們在歐洲各地的適銷對路房屋，並繼續將沃達豐從純粹的行動裝置轉變為統一通訊提供者。

We today have four countries where we have integrated offers: Spain, as I said; Germany, for a while; the Netherlands; and Portugal.

今天，我們在四個國家提供了整合服務：西班牙，正如我所說；德國，暫時；荷蘭人;和葡萄牙。

In the year, we will launch in four more markets: the UK is coming; Italy will be coming as well; Greece; and Ireland.

今年，我們將在另外四個市場推出：英國即將推出；義大利也會來；希臘;和愛爾蘭。

So, in eight of our markets, this year we will have quadruple play integrated offers.

因此，今年我們將在八個市場提供四網合一的綜合服務。

And, again, this will continue to push in the direction of being a full service provider into the homes.

而且，這將繼續推動成為家庭全方位服務提供者的方向。

Moving to the offices, third priority for next year, enterprise.

明年的第三個優先事項是企業搬遷到辦公室。

Enterprise, again, is a good story from Vodafone.

Enterprise 再次是沃達豐的一個好故事。

We have GBP10.5 billion in revenues from them; it's 27% of the Group's service revenue.

我們從他們那裡獲得了 105 億英鎊的收入；佔集團服務收入的27%。

It's essentially an 80% Europe, 20% non-Europe story.

這本質上是一個 80% 歐洲、20% 非歐洲的故事。

And it's a story that we have built, thanks to Spring, leveraging on the brand, on one hand; and leveraging on the presence, a very efficient presence build by Nick Jeffery and his team, across different markets, which we have really expanded in a massive way this year.

一方面，感謝 Spring，我們利用品牌打造了這個故事；另一方面，並利用 Nick Jeffery 和他的團隊在不同市場建立的非常高效的存在，今年我們確實大規模擴展了這個市場。

We have added this year 28 countries in terms of IP-VPN presence.

今年我們增加了 28 個國家的 IP-VPN 服務。

We now can be in 62 countries.

我們現在可以在 62 個國家/地區開展業務。

We have 256 POPs around the world, plus 76.

我們在全球擁有 256 個 POP，另外還有 76 個。

And we can serve, machine-to-machine and One Net, in 10 to 30 countries, depending on the product.

我們可以在 10 到 30 個國家/地區提供機器對機器和 One Net 服務，具體取決於產品。

We also opened four new data centers, two in Europe and two in Africa, to serve our customers with cloud and hosting services.

我們還開設了四個新的資料中心，兩個在歐洲，兩個在非洲，為我們的客戶提供雲端和託管服務。

The result is that we are back to growth in the fourth quarter in enterprise.

結果是我們的企業在第四季度恢復了成長。

It's [1.4%] growth.

這是[1.4%]的成長。

It's growth that is coming mostly from the new and the more Vodafone-typical areas.

它的增長主要來自新的和更典型的沃達豐地區。

First of all, Vodafone global enterprise, 1.8% growth, which is, of course, very good.

首先，沃達豐全球企業，成長1.8%，這當然非常好。

But it's also very good that the total contract value is going up 14%, and the length of contract is also extended by two [months].

但也很好，合約總價值增加了14%，合約期限也延長了兩個月。

And this is a very important point.

這是非常重要的一點。

I meet a lot of companies, of corporates, and they give us the credit that we are the essentially only very credible international provider for enterprise services.

我遇到了很多公司，他們相信我們是唯一一家非常可靠的國際企業服務提供者。

Interestingly enough, more than half, around half of the new propositions have fixed-line components in it.

有趣的是，超過一半、大約一半的新提案都包含固網組件。

So, it's not just that we are serving whatever, Netflix and TV into individuals, but we are also coming into convergence from the other end, from the big names, and we have indicated some there.

因此，我們不僅向個人提供Netflix和電視等服務，而且我們還從另一端、從大牌公司開始走向融合，我們已經在那裡指出了一些。

Plus 25% growth in machine-to-machine.

再加上機器對機器的成長 25%。

Connections are up 33%.

連接數增加了 33%。

It's a small, but becoming more relevant, business.

這是一個規模雖小但變得越來越重要的業務。

We are now, I think, in the range of EUR0.5 billion, probably, in terms of size, or a little bit less, but growing very nicely.

我認為，就規模而言，我們現在的規模可能在 5 億歐元左右，或稍微少一點，但成長非常好。

We are clearly betting on automotive.

我們顯然押注於汽車業。

The integration of Cobra is going very well and it has been rebranded Vodafone Automotive.

Cobra 的整合進展順利，現已更名為 Vodafone Automotive。

And finally, cloud and hosting, smaller business, 11% growth; launched services in Germany; opened new data centers.

最後，雲端和託管，規模較小的業務，成長 11%；在德國推出服務；開設新的數據中心。

Again, back to growth.

再次，回歸成長。

Not a huge business, but a business which is very integral to what we want to achieve in enterprise in the future.

這不是一項龐大的業務，但卻是我們未來想要在企業中實現的目標不可或缺的業務。

So, this is the third area of investment for next year.

因此，這是明年的第三個投資領域。

The fourth one is really the commercial experience of the customer.

第四個是真正的客戶的商業體驗。

Now, this is, of course, in terms of money, smaller than the rest; but I think in terms of importance, it's much bigger.

當然，就金錢而言，這比其他的少。但我認為就重要性而言，它要重要得多。

We really need to change the perception, and we are changing the perception, of the customers.

我們確實需要改變客戶的看法，而且我們正在改變客戶的看法。

We are halfway through.

我們已經完成一半了。

This is the year when I want to make the difference.

今年是我想要做出改變的一年。

First of all, on retail, we have transformed 3,500 retail shops.

首先在零售方面，我們改造了3500家零售店。

We will continue the transformation.

我們將繼續轉型。

The results are pretty good.

結果相當不錯。

We have a very good increase in sales in the new shops across all categories.

我們所有類別的新商店的銷售額都有很大的成長。

This is important because, yes, it's not only a productivity thing; it also allows to rationalize the others, i.e., reduce the margin of shops, and reduce the cost, back to the topic that Nick was raising, of distribution through improved productivity of the high end, and the highly invested shops.

這很重要，因為，是的，這不僅關係到生產力，還關係到生產力。它還可以使其他方面合理化，即減少商店的利潤，並降低成本，回到尼克提出的主題，透過提高高端和高投資商店的生產力來降低分銷成本。

But also, most important, the customers are happy with higher NPS.

但最重要的是，客戶對更高的 NPS 感到滿意。

Second area of investment is, clearly, also the digital.

顯然，第二個投資領域也是數位領域。

Digital is going to be the core.

數位化將成為核心。

12.5 million My Vodafone app users.

1,250 萬「我的沃達豐」應用程式用戶。

We are going to enrich the app in a massive way, use it much more as a video, as a TV in your hands, and as a contact mechanism also to reduce the cost and the [context] that we have in the real world.

我們將大規模地豐富該應用程序，將其更多地用作視頻、手中的電視以及聯繫機制，以降低成本和我們在現實世界中擁有的[上下文]。

We already have today more than six average [contacts] per month through it.

如今，我們透過它每月平均[聯繫]已經超過六次。

I think we can improve that.

我認為我們可以改進這一點。

But, most importantly, we need to improve the number of people that use it.

但最重要的是，我們需要增加使用它的人數。

And the results are in the bottom part of the chart.

結果位於圖表的底部。

If you look at the NPS leadership, we now have recovered NPS leadership in four out of six of the large OpCos.

如果你看看 NPS 的領導地位，我們現在已經在六家大型營運公司中的四家中恢復了 NPS 的領導地位。

I will not tell you about the small ones, where we already have it.

我不會告訴你關於小東西的事，我們已經有了。

And in the two where we have not recovered yet, it's still not worsening.

在我們尚未恢復的兩個地區，情況仍然沒有惡化。

So I would say, the picture, from a customer-perception point of view, has improved in the year.

所以我想說，從客戶感知的角度來看，今年的情況有所改善。

It has improved more, which is why we have increased this year the weight in our incentives, starting from [mine].

它已經改善了更多，這就是為什麼我們今年從[我的]開始增加了激勵措施的權重。

Customers' statistics/metrics, like churn, like ARPU, like NPS, like brand consideration will be weighted 40% in our annual reward system from everybody, from me down, because we need to make sure that the money that we are spending, which is a lot of money, on Spring actually gets appreciated and recognized by the customers in their service; in their opinions; and, of course, also in their behaviors through churn and ARPU.

客戶的統計數據/指標，如客戶流失率、ARPU、NPS、品牌考慮度，將在我們的年度獎勵系統中從我到下的每個人中佔40% 的權重，因為我們需要確保我們所花的錢，是很多錢，Spring在服務上確實得到了客戶的讚賞和認可；他們的意見；當然，也包括他們的客戶流失率和 ARPU 行為。

So, four areas of focus in the year: data technology; mobile, 4G and 3G; unified communications; enterprise and customer experience.

因此，今年有四個重點領域：數據技術；移動、4G 和 3G；統一通訊；企業和客戶體驗。

In summary, to wrap up both my presentation and Nick's presentation, I would say it's been a year of progress.

總之，為了總結我的演講和尼克的演講，我想說這是進步的一年。

We need now to increase commercial momentum in 4G, and in NGN, both our own and the one that we resell; complete project Spring, I'm confident that it will be completed probably by the end of the financial year, or around there.

我們現在需要增加 4G 和 NGN 的商業動力，無論是我們自己的還是我們轉售的；完成 Spring 項目，我相信它可能會在本財政年度結束時或附近完成。

We have got a good performance in unified communications, enterprise, emerging markets.

我們在統一通訊、企業、新興市場都有不錯的表現。

The focus for this year will be launching our unified communication products, including TV, in the consumer space, and continuing the international expansion of enterprise.

今年的重點將是在消費領域推出包括電視在內的統一通訊產品，並繼續企業的國際擴張。

We returned to growth in Q4.

我們在第四季度恢復了成長。

As Nick said, our ambition now is to return to EBITDA growth, not just to service growth, which I think is what shareholders care about.

正如尼克所說，我們現在的目標是回歸 EBITDA 成長，而不僅僅是服務成長，我認為這是股東關心的。

And deliver the cost synergies of the acquisition is very important.

而實現收購的成本綜效非常重要。

We had some good competitive performance in many markets, but not in all markets, I have to say.

我必須說，我們在許多市場都取得了良好的競爭表現，但並非在所有市場。

I really want all markets to show good competitive performance, especially the big six.

我真的希望所有市場都能展現出良好的競爭表現，尤其是六大市場。

And we confirmed our guidance and the dividend increase, 2%.

我們確認了我們的指導方針，股息增加了 2%。

We want to continue to confirm to meet guidance, and to continue to increase dividends.

我們希望繼續確認符合指引，並繼續增加股利。

Thank you very much for your attention.

非常感謝您的關注。

Nick and Steve can join me now for questions.

尼克和史蒂夫現在可以和我一起提問。

We also have in the audience Serpil, Paolo.

觀眾席上還有塞爾皮爾、保羅。

Nick and I would like to take this opportunity to introduce Johan.

尼克和我想藉此機會介紹約翰。

Johan, you don't need to stand up, because you are so tall that (laughter) -- actually, taller than me, that's not very respectful (laughter).

約翰，你不需要站起來，因為你太高了（笑聲）——實際上，比我高，這不是很尊重（笑聲）。

Johan has joined us.

約翰加入了我們。

He is the new CTO, and will take over from Steve at the end of July, and he's already in a kind of overlapping period to get up to speed.

他是新 CTO，將於 7 月底接替 Steve，他已經處於一種重疊時期來加快步伐。

Steven Hurst, HSBC.

史蒂文‧赫斯特，匯豐銀行。

My question's really about Germany.

我的問題其實是關於德國的。

Do you accept that this market is absolutely your key barometer, as it were?

您是否承認這個市場絕對是您的關鍵晴雨表？

You've got consolidation that has happened, you've got relatively benign macro trends, and you've got your rivals who are posting better figures, and yet it seems to me that you're lagging rather badly here.

你已經發生了整合，你有相對良性的宏觀趨勢，你的競爭對手也發布了更好的數據，但在我看來，你在這裡嚴重落後。

Should we be making a comparison with the Australian experience, where the difficulties you had with your network caused years of underperformance?

我們是否應該與澳洲的經驗進行比較，您的人脈遇到的困難導致多年表現不佳？

Or is that taking an excessively bearish perspective?

或者這是否採取了過度悲觀的觀點？

I think, Steven, you are completely -- no, I cannot say that.

我認為，史蒂文，你完全——不，我不能這麼說。

You are (laughter) -- I don't know what you are comparing.

你是（笑聲）——我不知道你在比較什麼。

Let's be very, very practical.

讓我們變得非常非常實際。

First of all, Germany, you're right, is a good market, and is an important market for us.

首先，德國，你說得對，是一個很好的市場，對我們來說也是一個重要的市場。

And it is our most important market, so it is -- in many ways, it's also a very indicative market of the trends of the industry, and in that sense we are positive.

這是我們最重要的市場，所以從很多方面來說，它也是一個非常具有行業趨勢指示性的市場，從這個意義上說，我們是積極的。

Our performance in Germany is not satisfactory for us, but is not coming from the network.

我們在德國的表現並不能讓我們滿意，但這並不是來自於網路。

I [can] guarantee to you the network in Germany works, the performance is much better.

我可以向您保證德國的網路可以正常工作，效能要好得多。

We had a hiccup, which we have fixed by now, and we will continue to fix and improve.

我們遇到了一個小問題，現在已經解決了，我們將繼續解決和改進。

It's not even remotely comparable to the Australia [experience].

它與澳洲[經驗]根本無法相提並論。

Spectrum of availability is different; our network presence is different; the fixed line is different; the backbone is different.

可用性範圍不同；我們的網路存在是不同的；固定線路不同；骨幹不一樣。

Technically, it's a completely different thing.

從技術上講，這是完全不同的事情。

As I said we have, Nick said, a re-pricing issue, which, again, was not the issue in Australia.

尼克說，正如我所說，我們遇到了重新定價問題，但這並不是澳洲的問題。

We have re-pricing issue.

我們有重新定價的問題。

We have to re-price this, and this is biting.

我們必須重新定價，這很痛。

If I have to be transparent, we needed to focus earlier on branded connection, Vodacom branded connection, as opposed to wholesaler and service providers, and on the direct channel.

如果我必須保持透明的話，我們需要儘早關注品牌連接、Vodacom 品牌連接，而不是批發商和服務提供者以及直接管道。

It has taken a little bit of time.

這花了一點時間。

We have done a lot of stuff.

我們做了很多事。

Clearly, this network thing has created a bit of distraction.

顯然，網路事物造成了一些幹擾。

Clearly, KDG is doing very well, on the other hand.

顯然，另一方面，KDG 做得非常好。

So, if you take a holistic German view, actually, we have not lost market share, if you put together Vodafone and KDG.

所以，如果你從德國的整體角度來看，實際上，如果你把沃達豐和 KDG 放在一起，我們並沒有失去市場份額。

But I'm not in denial; I'm saying on the mobile condition we need to do a little bit better.

但我並不否認；我是說在移動條件上我們需要做得更好一點。

But I wouldn't put Australia next to Germany, please.

但我不會把澳洲放在德國旁邊。

No ,sure.

不確定。

But what I'm worried about is, is that still casting a shadow over the performance of the operations?

但我擔心的是，這是否仍然讓營運績效蒙上陰影？

It just seems to be -- what was it?

看起來只是——那是什麼？

Really, you're saying it's purely commercial, at this stage?

真的，你是說現階段這純粹是商業性的？

I am saying it's commercial.

我說的是商業化。

I'm saying it's commercial, and it is already in the right direction.

我說它是商業化的，而且已經朝著正確的方向發展了。

If anything, it's a matter of speed.

如果有的話，那就是速度問題。

For me, it's more speed than anything else.

對我來說，速度比其他任何東西都快。

We're doing the right things; we need to increase the speed, and the intensity.

我們正在做正確的事；我們需要提高速度和強度。

Simon Weeden, Citigroup.

西蒙威登，花旗集團。

Moving smoothly on to another question on Germany, slightly rephrased.

順利地轉向另一個關於德國的問題，稍微改了一下。

Actually, I wanted to ask about Germany and Ireland.

其實我想問一下德國和愛爾蘭的情況。

Ireland seems to have deteriorated quite a bit during the year.

愛爾蘭這一年的情況似乎惡化了不少。

Germany, as Steven was saying, is underperforming the peer group.

正如史蒂文所說，德國的表現落後於其他國家。

I'm puzzled as to why they don't have the same re-pricing issue that you have.

我很困惑為什麼他們沒有像你一樣的重新定價問題。

I guess, the question to me is we would expect to see some passive benefits from consolidation.

我想，對我來說，問題是我們期望看到整合帶來的一些被動好處。

Both Germany and Ireland have seen consolidation.

德國和愛爾蘭都出現了整合。

Only two other network competitors -- well, operator/competitors in both.

只有另外兩個網路競爭對手——好吧，兩者都是運營商/競爭對手。

Is this what passive benefits looks like, or is that still to come?

這就是被動收益的樣子嗎？或者這種情況還會出現嗎？

Is this what Project Spring benefits look like, or are they still to come as well?

這就是 Project Spring 的福利嗎？還是還會有這樣的福利？

That's on the Germany and Ireland question.

這是關於德國和愛爾蘭問題。

Then, on Project Spring, I wonder if, since you've discussed and been prepared to float the idea of a possibility of a smaller scale Project Summer, at some later point, should we now be thinking that actually it's going to be much more about trying to make the Project Spring investment work better, and Project Summer is maybe Project Autumn, some further way down the line, if it was ever needed at all?

然後，關於春季項目，我想知道，既然您已經討論並準備好在稍後的某個時候提出較小規模的夏季項目的可能性，我們現在是否應該認為實際上它會更多關於試圖讓春季專案投資發揮更好的作用，而夏季專案可能就是秋季項目，如果有必要的話，再往下走一些？

Nick?

缺口？

Maybe, Philipp does Ireland.

也許，菲利普就是愛爾蘭。

But in terms of Germany, just clarification point, optically, it looks like a deterioration.

但就德國而言，只是澄清一點，從表面上看，它看起來像是在惡化。

But I think as Vittorio covered, in Q3, when, you remember, we came out with our results we said it was a particularly strong wholesale and carrier quarter, and basically if you stripped out the abnormal performance there's about a 1.8 percentage points on quarter 3. Then you had an MTR adjustment in quarter 4, that's 0.2 negative.

但我認為，正如Vittorio 所說，在第三季度，你記得，當我們公佈業績時，我們說這是一個特別強勁的批發和運營商季度，基本上，如果剔除異常表現，季度增長約為1.8個百分點3.然後你在第四季進行了MTR調整，即0.2負值。

Broadly, we've been consistently sort of negative [3].

總的來說，我們一直持消極態度[3]。

The point about the back book is just to say our ARPUs were higher in mobile in the Germany marketplace, and, therefore, addressing the current market pricing, we've had to move down further.

關於後面的書的要點只是說我們的 ARPU 在德國市場的行動領域更高，因此，為了解決當前的市場定價，我們不得不進一步降低。

So you're seeing within our consumer contract, or contract ARPU, is down about 6%.

因此，您會看到我們的消費者合約或合約 ARPU 下降了約 6%。

I'd argue, on net ad performance we've been doing well; it's just that ARPU back-book pressure that we're facing in Germany, at which point, throughout next year we'll still have a bit of that quarter 1 and quarter 2, but then you're going to see an improvement in the second half.

我認為，在淨廣告表現方面，我們一直做得很好；這只是我們在德國面臨的 ARPU 背書壓力，此時，整個明年我們仍然會遇到第一季和第二季的一些情況，但隨後您會看到下半場。

I'd say that on Germany.

我會這麼說德國。

I don't know if you want to -- and then, I'll come back to Spring?

我不知道你是否願意──然後，我會回到Spring？

Yes, maybe just to add on Germany, the key issue is, ARPU, we have taken necessary measures, expecting H2 to see some improvements.

是的，也許只是補充德國，關鍵問題是ARPU，我們已經採取了必要的措施，預計H2會看到一些改善。

On Ireland, it's really two factors.

對於愛爾蘭來說，這實際上有兩個因素。

One factor is we had the year before a big MTR settlement, which is obviously going positively into last year, and is a drag now on the year-over-year comparison, which is coming through.

一個因素是我們在去年達成了一項大型地鐵結算，這顯然對去年有正面影響，但現在卻拖累了正在經歷的同比比較。

And we had also, from a business point of view, were under attack in prepaid area, where we lost some share, which has been fixed in the meantime with a new lineup which is in the market, and is doing quite well.

從業務角度來看，我們在預付費領域也受到了攻擊，失去了一些份額，但與此同時，市場上的新產品陣容已經修復了這一問題，並且表現相當不錯。

So I think, going forward, I'm quite positive on the Irish market.

所以我認為，展望未來，我對愛爾蘭市場相當樂觀。

Sorry, just in terms of Spring, and then returning to the capital intensity of 13% to 14%, I'd make a couple of observations.

抱歉，僅就春季而言，然後回到 13% 至 14% 的資本密集度，我會發表一些觀察結果。

We are building a fully modernized, efficient mobile network post-Spring that has been sized for high data growth going forward, both on the, you can talk about it more, backbone and backhaul.

我們正在建立一個完全現代化、高效的春季後行動網絡，其規模已針對未來的高數據成長進行了調整，無論是在骨幹網還是回程網，您可以更多地談論這一點。

When you're looking at 13% to 14%, what you have to say is within that number, broadly speaking, the mobile is about 12%.

當你看到 13% 到 14% 的時候，你要說的是在這個數字之內，一般來說，行動裝置大約是 12%。

So we've returned to about 12%, which was higher than our normal mobile spends, even though we've done all the work we've done in Spring.

因此，我們已經恢復到 12% 左右，這高於我們正常的行動支出，儘管我們已經完成了春季所做的所有工作。

That fit sits around about 18%, which, I would argue, is in line with most cable companies.

這個比例約為 18%，我認為這與大多數有線電視公司的情況一致。

I think it's appropriately positioned for what we need to do, going forward.

我認為它適合我們未來需要做的事情。

Akhil Dattani, JPMorgan.

阿基爾達塔尼，摩根大通。

Just a couple of quick follow ups.

只需幾個快速跟進。

Firstly, if I start on Germany, again, if you don't mind, on Germany, if I look at the KPIs that you've reported, it does look now that your year-over-year ARPU trend has stabilized this quarter.

首先，如果我從德國開始，如果您不介意的話，在德國，如果我看一下您報告的 KPI，現在看起來您的 ARPU 趨勢在本季度已經穩定下來。

I guess, just to Philipp's point about the H2 improving message, should we now think about the back book having been largely re-priced?

我想，就菲利普關於 H2 改善資訊的觀點而言，我們現在是否應該考慮舊書已在很大程度上重新定價？

Is there more headwinds?

還有更多阻力嗎？

Just how do you think about that H2 outlook?

您如何看待下半年的前景？

Secondly, on unified communications, Vittorio, you mentioned how pretty much all your major markets now have been addressed on that front.

其次，關於統一通信，Vittorio，您提到現在幾乎所有主要市場都已在這方面解決。

I guess, one of the interesting things we've seen this year is some of the fixed-line only players moving into mobile through acquiring assets, so shifting away from the historical MVNO-type strategy.

我想，我們今年看到的有趣的事情之一是一些僅固網的玩家透過收購資產進入行動領域，從而擺脫了歷史上的 MVNO 類型策略。

Just interested to get your perspective on what you think's been the catalyst to force them to go infrastructure based, whether you think this will become a broader trend going forward?

只是想了解您對迫使他們轉向基於基礎設施的催化劑的看法，您認為這是否會成為未來更廣泛的趨勢？

Then, very last question is just, looking at your organic service revenue trends versus your organic total revenue trends, historically, they were very closely aligned the last couple of quarters, total revenue is growing a lot faster than service.

然後，最後一個問題是，看看你的有機服務收入趨勢與你的有機總收入趨勢，從歷史上看，它們在過去幾個季度非常接近，總收入的增長速度比服務快得多。

What I would just trying to understand is, is that just high handset sales and that's it?

我只是想了解的是，這只是手機銷量高而已嗎？

Or is it a lot driven by this leasing change?

或者說這在很大程度上是由租賃變化推動的？

If it is leasing, how should we really be looking at things?

如果是租賃，我們該如何看待？

Should we be focusing more on total versus service?

我們應該更多地關注整體而不是服務嗎？

Or how would you really think about the message there?

或者你會如何看待那裡的資訊？

Thanks.

謝謝。

I'm happy to pass the first and the last question to Nick, especially the last.

我很高興將第一個問題和最後一個問題傳遞給尼克，尤其是最後一個問題。

I'll take the strategic on unified.

我會採取統一的戰略。

The quick answer to the German one, I think I covered it, which is to say I don't think you'll see a quarter-over-quarter improvement in service revenue profile for Germany in Q1.

對德國問題的快速回答，我想我已經涵蓋了，也就是說，我認為第一季德國的服務收入狀況不會出現季度環比的改善。

But from that point onwards, you should see a steady improvement as we lap on the book.

但從那時起，當我們閱讀這本書時，你應該會看到穩定的進步。

On the third point, which is, yes, you get a degree of handset sales.

關於第三點，是的，你可以獲得一定程度的手機銷售量。

South African can spike up sometimes in terms of total sales versus service revenue.

南非的總銷售額與服務收入有時會飆升。

The handset financing we're doing is predominantly in Spain.

我們正在進行的手機融資主要在西班牙。

In November, we moved in line with the rest of the market in terms of our commercial model.

11月份，我們在商業模式方面與市場其他公司保持一致。

That had an impact in terms of Spain in the second half in terms of EBITDA of a positive of around GBP100 million.

這對西班牙下半年的 EBITDA 產生了約 1 億英鎊的正面影響。

Obviously, as we role forward -- and there is a little bit in Germany, but nowhere near the same order of magnitude, and we've been doing it for quite a while.

顯然，當我們向前邁進時——德國也有一點，但遠遠沒有達到同樣的數量級，而且我們已經這樣做了很長一段時間了。

I would say that when you look into next year, therefore, there is a drag effect that we get from handset financing in terms of our service revenues of broadly GBP160 million.

因此，我想說，當你展望明年時，我們的手機融資會對我們約 1.6 億英鎊的服務收入產生拖累效應。

On the strategic question, what is happening on the fixed side, are they changing their mind after BT, and Belgium, and everything else, it's a question for them, essentially.

在戰略問題上，固定方面正在發生什麼，在英國電信、比利時和其他一切之後他們是否改變了主意，這本質上是他們的問題。

But my interpretation is that, as we said many times, you should never exaggerate one side of the argument, so mobile is good, fixed is good, mobile is bad, fixed is bad.

但我的解釋是，正如我們多次說過的，你永遠不應該誇大論點的某一方面，所以移動是好的，固定是好的，移動是壞的，固定是壞的。

The reality is that convergence is a fact of life.

現實是，融合是生活中的事實。

There are cost savings, and there are opportunities to deploy services and to manage customer experiences, which are clearly better when you control assets.

可以節省成本，並且有機會部署服務和管理客戶體驗，當您控制資產時，這顯然會更好。

It goes without saying that many of the complaints, or the litigious positions that we are taking with incumbents is when the incumbents make our life miserable because they don't like us to basically compete with them.

不言而喻，我們對現任者採取的許多抱怨或訴訟立場都是在現任者讓我們的生活變得悲慘的時候發生的，因為他們根本不喜歡我們與他們競爭。

As much as we try to buy either the cable, or build the fiber, or control the customer experience on the total side, I imagine that they have exactly the same issue on the other side.

儘管我們試圖購買電纜，或建造光纖，或從整體上控制客戶體驗，但我想他們在另一方面也有完全相同的問題。

And since this is justified by important cost synergies, I predict that this is a trend.

由於重要的成本協同效應證明這是合理的，因此我預測這是一種趨勢。

And probably not just for Europe.

可能不只是歐洲。

It is a trend that has started in Europe, but I hear that even in other markets now people start thinking about what the future will look like.

這是在歐洲開始的趨勢，但我聽說即使在其他市場，現在人們也開始思考未來會是什麼樣子。

And, again, this makes more interesting the whole landscape, because there's more combinations possible.

而且，這又讓整個景觀變得更加有趣，因為有更多的組合可能。

Two questions, if I may.

如果可以的話，有兩個問題。

The first is just around your margin ambition.

第一個是圍繞你的利潤目標。

It was great to see some more clarity on the ongoing opportunity on OpEx.

很高興看到營運支出的持續機會更加清晰。

We just saw Numericable in France, which owns about one-third of homes with a fiber network and a national mobile footprint, guiding for mid-40s EBITDA margins with pretty similar footprint.

我們剛剛在法國看到 Numericable，該公司擁有大約三分之一的家庭擁有光纖網路和全國行動覆蓋範圍，指導 40 多歲中期的 EBITDA 利潤率與覆蓋範圍非常相似。

Obviously, in Germany and Spain, where you have a similar mix of assets, your current margins are more in the high 20s, low 30s.

顯然，在德國和西班牙，資產組合相似，目前的利潤率更多在 20 多歲，低 30 多歲。

Is there a step change possible in industry cost structure that companies like Numericable are discovering?

Numericable 等公司發現的產業成本結構是否可能發生階躍變化？

And should you even be raising your ambition further on longer-term costs?

您是否應該進一步提高長期成本的目標？

The second one was really around Group structure.

第二個其實是圍繞著集團結構。

I just get the sense, when you look at enterprise, there's real synergy to being global.

我的感覺是，當你觀察企業時，你會發現全球化確實有協同作用。

I wondered, if you were to break up the Group in some way, how big would the [dissynergies] on revenue and costs be?

我想知道，如果你以某種方式拆分集團，收入和成本的[不協同]會有多大？

Well, both questions for me.

好吧，這兩個問題都對我來說。

Second one is I'm not considering breaking up the Group.

第二個是我不考慮解散集團。

I think enterprise would definitely suffer.

我認為企業肯定會受到影響。

Can you manage it in other ways?

可以透過其他方式來管理嗎？

Listen, historically, all the telcos in the world have tried to do alliances to serve international customers.

聽著，從歷史上看，世界上所有的電信公司都曾嘗試建立聯盟來服務國際客戶。

I can tell you, it's very hard.

我可以告訴你，這非常難。

It's very hard.

這很難。

Even us, we have our own 60-something countries, plus we have the partner markets, and it's difficult to coordinate through partners and [something].

即使是我們，我們也有自己的60多個國家，再加上我們有合作夥伴市場，並且很難透過合作夥伴和[某事]進行協調。

I think, Nick and I myself sometimes get involved into, we should call this guy, who's a partner there, because he's not delivering, what happening in the larger accounts.

我認為，尼克和我自己有時會捲入其中，我們應該給這個人打電話，他是那裡的合夥人，因為他沒有交付大客戶中發生的事情。

It's complicated to do it not controlling your own people and your own offers.

如果不控制自己的員工和自己的報價，做到這一點很複雜。

It would be a dissynergy, clearly.

顯然，這將是一種不協同作用。

And the other dissynergy could be purchasing.

另一個不協同效應可能是採購。

Of course, there are other ways that you can deal with it, but, again, same story.

當然，還有其他方法可以處理它，但同樣的情況。

So we are not considering it now.

所以我們現在不考慮。

The [dragging] question is very, very interesting.

[拖曳]這個問題非常非常有趣。

I can tell you, all the CEOs of the telcos in Europe, we are scratching our head, and we are thinking about it and we are talking and meeting.

我可以告訴你，歐洲所有電信公司的首席執行官，我們都在撓頭，我們正在思考這個問題，我們正在交談和開會。

I have three -- I have very [open] position on this.

我有三個觀點──我對此持非常[開放]的立場。

First, it is true that we need to rethink as operators, continuously, the way we run our business.

首先，作為營運商，我們確實需要不斷地重新思考我們經營業務的方式。

We are doing it.

我們正在這樣做。

We will be doing.

我們將會做。

We continuously will be doing.

我們將繼續做下去。

And it is true that we need to take some different approach to costs, which I think Nick is leading, and is leading in an effective way.

確實，我們需要對成本採取一些不同的方法，我認為尼克在這方面處於領先地位，並且正在以有效的方式領先。

We are seeing also, our emerging markets, how they manage things, sometimes differently, and, again, this is progressively coming into it.

我們也看到，我們的新興市場，他們如何管理事物，有時是不同的，而且，這也正在逐步進入其中。

Second, however, it also depends a lot on which business you want to serve and for how long.

然而，其次，這在很大程度上取決於您想要服務的企業以及服務時間。

There could be areas where excessive reduction of redundancies and robustness, and so on, enterprise is one, but not just one, overtime can create, clearly, problems.

可能存在過度減少冗餘和穩健性的領域，企業是其中之一，但不僅僅是一個，加班顯然會產生問題。

So it depends on your time horizon.

所以這取決於你的時間範圍。

If your time horizon is three or four years, maybe it works; if it's 10, maybe it doesn't and then you end up underinvested.

如果你的時間範圍是三、四年，也許它有效；如果是 10，也許不會，然後你就會投資不足。

There are other companies, and I don't want to name them, that three or four years ago they were mentioned as the great cash flow generators and dah, dah, dah, and they had eventually to sell assets to remain in the business.

還有其他公司，我不想說出他們的名字，三、四年前，他們被提到是偉大的現金流發生器，噠噠，他們最終不得不出售資產以繼續經營。

So we have to be consistent with our long-term orientation, but not in denial.

所以我們必須堅持我們的長期方向，但不能否認。

The third thing is we have to learn, and to be open to look at what they're doing, if it is significantly different.

第三件事是我們必須學習，並以開放的態度看待他們正在做的事情，如果它們有顯著的差異。

We have sometimes interesting, because SFR is a partner market with us, so we are exchanging ideas.

我們有時很有趣，因為SFR是我們的合作夥伴市場，所以我們正在交換想法。

And it's interesting that they remain a partner market with us, so we must be buying at good prices, right.

有趣的是，他們仍然是我們的合作夥伴市場，所以我們必須以優惠的價格購買，對吧。

Andrew Beale, Arete Research.

安德魯比爾，Arete 研究中心。

I just wanted to dig into the EBITDA guidance for this year.

我只是想深入了解今年的 EBITDA 指引。

Nick, obviously, gave us that waterfall chart, which said [GBP100 million] to [GBP500 million] of organic improvement.

顯然，尼克給了我們瀑布圖，其中顯示了[1億英鎊]到[5億英鎊]的有機改進。

I just wondered if we could just dig in below the surface and look at some buckets, maybe on a qualitative basis, rather than actual numbers.

我只是想知道我們是否可以深入研究一些問題，也許是在定性的基礎上，而不是實際的數字上。

First of all, revenues, you've got a mix of growing and declining businesses.

首先，在收入方面，業務既有成長的，也有下降的。

Are you expecting a net drag in gross margin -- or gross profit terms from revenues still again this year, or is that neutral to positive now?

您預計今年毛利率或收入毛利潤是否會再次受到淨拖累，或者現在是中性到正值？

Secondly, in terms of net cost reduction, what is that year over year?

其次，就淨成本降低而言，年比是多少？

What are you expecting?

你在期待什麼？

Thirdly, in terms of the Spring OpEx, is that still a significant year-over-year drag?

第三，就春季營運​​支出而言，這仍然是一個重大的同比拖累嗎？

The other one, I guess, the handset financing.

我猜另一個是手機融資。

What EBITDA boost are you expecting from that shift to handset financing in the coming year?

您預計明年向手機融資的轉變會帶來多少 EBITDA 提升？

And finally, I guess the delta is going to be commercial spending.

最後，我猜三角洲將是商業支出。

Is that going to be up significantly?

會大幅上漲嗎？

Well, I won't complete the full spreadsheet on the stage, but what I would say is that clearly we're back into top-line growth and we would expect that momentum to continue.

好吧，我不會在台上完成完整的電子表格，但我想說的是，顯然我們又回到了營收成長狀態，我們預計這種勢頭將繼續下去。

I would point to quarter 1, quarter 2 as having a number of effects that will mean that the quarter-over-quarter improvement will not be as great as experienced in quarter 4, because we're lapping on the India price increases that we did; we're lapping on the Italy price increases that we did.

我認為第一季和第二季會產生許多影響，這意味著季度環比的改善不會像第四季度那樣大，因為我們正在利用印度的價格上漲;我們對義大利的漲價表示滿意。

So I'd see it slightly moderated in the first two quarters, before then slightly reaccelerating in the second half.

因此，我認為它在前兩個季度略有放緩，然後在下半年略有加速。

Obviously, that then impacts gross margin, so it's a flow-through effect.

顯然，這會影響毛利率，因此這是一種流通效應。

I'd say handset financing is actually a negative on the EBITDA next year, within the number.

我想說的是，手機融資實際上對明年的 EBITDA 產生負面影響。

That's a negative of about GBP100 million drag upon EBITDA.

這對 EBITDA 造成約 1 億英鎊的負面影響。

And I would say that OpEx, we're working very hard.

我想說的是，在營運支出方面，我們工作非常努力。

If you stood back and looked at it on a regional basis, I talked about the second half of Europe being down GBP270 million, and we would expect that to be moderated in the first half of the year, and then AMAP continuing to perform at similar levels.

如果你退後一步，從地區角度來看，我談到歐洲下半年下降了 2.7 億英鎊，我們預計這一情況將在今年上半年有所緩解，然後 AMAP 的表現將繼續保持類似水平。

H1 of this year, they were up GBP100 million EBITDA, second half up GBP130 million; I'm expecting a similar type performance in the first half.

今年上半年，他們的EBITDA成長了1億英鎊，下半年成長了1.3億英鎊；我預計上半場會有類似的表現。

That's about as much as the spreadsheet I'm willing to go to.

這與我願意查看的電子表格差不多。

James Britton, Nomura.

詹姆斯·布里頓，野村證券。

I've got one question on MVNOs, and another one on handset costs.

我有一個關於 MVNO 的問題，還有一個關於手機成本的問題。

Firstly, on MVNOs, you've been very disciplined on 4G access for MVNOs.

首先，在 MVNO 方面，你們對 MVNO 的 4G 接入非常嚴格。

Are you a little concerned that other operators aren't following your lead in quite such a disciplined way?

您是否有點擔心其他操作員沒有以如此有紀律的方式跟隨您的領導？

I guess, specifically, I'm thinking about the recent launch in the UK, which suggests that the cost of capacity available is actually still quite a lot lower than retail prices in the market.

我想，具體來說，我正在考慮最近在英國推出的產品，這表明可用容量的成本實際上仍然比市場上的零售價格低很多。

Second one, on unit handset costs, are you expecting much inflation in unit costs this year as the handset vendors manage their exposure to the weaker euro?

第二個問題，關於單位手機成本，您是否預計今年單位成本會大幅上漲，因為手機供應商要控制歐元疲軟的風險？

If so, do you see that as an opportunity to re-price and squeeze gross margin higher?

如果是這樣，您是否認為這是重新定價並提高毛利率的機會？

Or do you see it as a challenge, really, to capture your share for higher network service?

或者，您真的認為爭奪更高網路服務的份額是一個挑戰嗎？

Okay, let me pass the second question to Paolo, who has time to think, while I reply to the first one.

好吧，讓我把第二個問題轉給保羅，他有時間思考，而我則回答第一個問題。

Listen, on MVNOs let me reiterate two things that I strongly, strongly, strongly believe.

聽著，關於 MVNO，讓我重申兩件我堅信的事。

First, MVNOs are not necessarily bad, as long as you price intelligently to them, which does not mean overprice; it means price intelligently, which means not allowed to use your own network capacity as a marketing tool to acquire customers, and then when they do something else at corporate level.

首先，MVNO不一定是壞的，只要你給他們定價明智，這並不意味著定價過高；這意味著智慧定價，這意味著不允許使用自己的網路容量作為行銷工具來獲取客戶，然後當他們在公司層級做其他事情時。

Which is, again, a different version of the same game of service providers, and all these things.

這又是服務提供者同一個遊戲的不同版本，以及所有這些事情。

So, we have been disciplined.

所以，我們一直受到紀律處分。

We are gaining some 4G MVNOs things.

我們正在獲得一些 4G MVNO 的東西。

I believe two, probably, in the word; one, yes, I don't think is announced.

我大概相信這個字中的兩個：一，是的，我認為還沒有宣布。

We don't know.

我們不知道。

We'll see.

我們拭目以待。

But again, it has to be in mutual interest.

但同樣，它必須符合共同利益。

And I'm saying this to say we're not structurally thinking it's bad; we think it's bad when it's done as a bulk deal.

我這麼說是想說我們並沒有從結構上認為它是壞事；而是說我們認為它是壞事。我們認為如果是大宗交易的話，這很糟糕。

And a bulk deal is dangerous, because bulk capacity gets sold, or actually mis-sold, very often.

大宗交易是危險的，因為大宗產能經常被出售，或者實際上被錯誤出售。

So, that's the first point.

所以，這是第一點。

Second point, how will we react if there is a third player, which could by in UK, in Italy, in Spain, so on, who decides to be more liberal.

第二點，如果有第三個參與者（可能是在英國、義大利、西班牙等）決定更自由，我們會如何反應。

In the end you have to make a decision.

最後你必須做出決定。

If you are convinced that you have a good network, good service -- and that's why we introduced the fourth element, which was the strong commercial and customer management, customer experience thing.

如果你確信你擁有良好的網路、良好的服務——這就是我們引入第四個要素的原因，即強大的商業和客戶管理、客戶體驗。

If you are convinced that you have a good one, and that your network is good, and that your service is good, and you're able to bundle content in an intelligent way, you should not be worried if somebody else gives it away for nothing, or for a low thing, in the end this will not hurt them more than it hurts you.

如果您確信自己擁有一個好的內容，並且您的網絡很好，您的服務很好，並且您能夠以智能的方式捆綁內容，那麼您就不必擔心是否有人將其贈送給他人沒什麼，或者是一件卑微的事情，最終這對他們的傷害不會比對你的傷害更大。

And I think, over time, this will be very apparent and very evident in some of our competitors.

我認為，隨著時間的推移，這一點在我們的一些競爭對手身上將會非常明顯。

If the market completely commoditizes then, of course, we will have to change our views.

如果市場完全商品化，那麼我們當然必須改變我們的觀點。

But our current structure is not to go for the commoditization, to go for an intelligent pricing of data, eventually working also with MVNOs, if they are willing to accept our pricing philosophy.

但我們目前的結構並不是追求商品化，而是追求數據的智慧定價，最終也與 MVNO 合作，如果他們願意接受我們的定價理念的話。

Actually, there was a second question on --

事實上，還有第二個問題——

Sorry, Paolo, yes.

抱歉，保羅，是的。

We don't see any major shift, driven by currencies here.

我們沒有看到任何由貨幣推動的重大轉變。

The key point is that there is a mix effect.

關鍵是有混合效應。

And you have the high-end new models, for example, the new iPhone, or now the Galaxy, coming out and trying to again pull up the margins for them, and this is a normal dynamic, and us doing a little bit the opposite in the lower end of the market with our Vodafone-branded devices, both in Europe on 4G and 3G in emerging markets, to try and drive down the accessibility for 3G and 4G for our customers.

你有高端新型號，例如，新的iPhone，或者現在的Galaxy，出來並試圖再次拉高它們的利潤率，這是正常的動態，而我們的做法有點相反我們在歐洲的4G 和新興市場的3G市場上使用沃達豐品牌的設備，在低階市場上嘗試降低客戶對3G 和4G 的存取能力。

And that's a mix effect, more than a currency effect.

這是一種混合效應，而不僅僅是貨幣效應。

I think what is really important that you know and understand is that more and more we're looking at the business, regardless on how then we do the bundle price, as a separate business in between what we get for our services and how much we get, we charge the customer, for cost of the device.

我認為您知道和理解的真正重要的是，我們越來越多地關注這項業務，無論我們如何執行捆綁價格，將其作為一項獨立的業務，介於我們獲得的服務和我們獲得的費用之間。得到，我們向客戶收取設備成本。

And that's actually the way we look at the business now and we run the business.

這實際上就是我們現在看待業務和經營業務的方式。

Every month, for example, we look at the net revenues, the net margins that we bring into the Company with the new acquisitions net of subsidy.

例如，我們每個月都會查看淨收入，即扣除補貼後新收購為公司帶來的淨利潤。

Therefore, this dynamic is more and more something that we pass to the market and we manage separately.

因此，這種動態越來越多地被我們傳遞給市場並單獨管理。

Can you share with us whether that net number is actually tracking the service revenue growth number?

您能否與我們分享這個淨值是否真正追蹤了服務收入的成長數字？

Or is it slightly below, because handset costs are going higher?

還是因為手機成本上漲而略低？

If you are saying are handset costs going up and are we having to take that hit, the answer is no.

如果你說手機成本正在上漲，我們是否必須承受這項打擊，那麼答案是否定的。

The answer is no.

答案是不行。

Paulo is saying, we try to be neutral to that.

保羅說，我們盡量對此保持中立。

And regardless of whether we have a model in the market which is split handset, whatever installment, the philosophy we're trying to drive is, we don't make money on the handset; what we make is the difference between what we get and the handset cost.

無論我們市場上是否有分離式手機型號，無論分期付款，我們試圖推動的理念都是，我們不靠手機賺錢；我們只靠手機賺錢。我們賺的就是我們得到的和手機成本之間的差額。

First of all, on Project Spring, I guess, a question for Steve, so great coverage at London Bridge in the evenings, not so great in Gatwick.

首先，關於春季項目，我想，這是一個要問史蒂夫的問題，倫敦橋晚上的報道非常好，而蓋特威克機場的報道就不那麼好了。

That's the first part of the question.

這是問題的第一部分。

But when exactly does Project Spring end?

但是 Spring 專案到底什麼時候結束呢？

I think Vittorio said around March 2016, is it before or after?

我記得維托里奧在 2016 年 3 月左右說過，是之前還是之後？

It depends on the country.

這取決於國家。

I guess there's a concern out there that Project Spring will leak into FY17, so that's really the question.

我猜有人擔心 Spring 專案會滲透到 2017 財年，所以這確實是個問題。

Does it end in March 2016, or will it continue a little bit further than that?

它會在 2016 年 3 月結束嗎？還是會持續得更久？

And then, within that, I notice some of the data session numbers that you give have improved a little in Spain, some of them haven't.

然後，其中，我注意到您提供的一些數據會話數字在西班牙有所改善，其中一些則沒有。

I'm just interested also into what the dynamics are of how that data session, more than 3 megabits per second figure, which is quite important for video, what's driving the quarter-on-quarter development?

我只是對數據會話的動態情況感興趣，每秒超過 3 兆比特的數字，這對於視訊非常重要，是什麼推動了季度環比的發展？

Do you want me to take all of those?

你想讓我拿走所有這些嗎？

Yes.

是的。

First of all, Project Spring will, as Vittorio said, country by country.

首先，正如維托里奧所說，Spring 計畫將逐國進行。

Some countries will actually finish early.

有些國家實際上會提前結束。

Two countries, I think will just edge over.

我認為這兩個國家將會逐漸接近。

Germany will edge over for 4G coverage.

德國在 4G 覆蓋範圍方面將領先。

A choice we put more into voice and fixed for a period, but that's all within our own plan.

我們在一段時間內投入了更多的聲音並固定了一個選擇，但這一切都在我們自己的計劃之內。

The only country that will edge beyond this is UK, where it's been more challenging than others to deploy fast.

唯一能夠超越這一點的國家是英國，該國的快速部署比其他國家更具挑戰性。

But we're catching up, as you can see by the stats.

但正如你從統計數據中看到的那樣，我們正在迎頭趕上。

To your very point, what's the second or the remaining part of Spring, I would say it's the simple focus on complete the data coverage, 3G in a lot of emerging markets, and 4G in Europe.

就你的觀點而言，春季的第二個或剩餘部分是什麼，我想說的是，重點是完成數據覆蓋，許多新興市場的 3G 和歐洲的 4G。

Very clear, very simple, and focused; and complete the voice holes, which are more prevalent in the UK than anywhere else.

非常清晰、非常簡單、重點突出；並填補語音漏洞，這在英國比其他任何地方都更普遍。

In the rest of Europe, it's largely, in the map, three r's, road, rail, and rural, and completing those irritating pockets, filling them in so as we get the contiguous service.

在歐洲其他地區，主要是在地圖上，三個R，公路，鐵路和農村，並完成那些令人惱火的口袋，將它們填滿，以便我們獲得連續的服務。

UK is dramatically improving.

英國正在顯著改善。

And we're focusing very hard to fill those holes in, as you are starting to notice, which is on the positive side, I hope, one by one as we go through there.

正如你們開始注意到的那樣，我們正在非常努力地集中精力填補這些漏洞，我希望，在我們經歷這些漏洞的過程中，這是積極的一面。

So that's very good.

所以這非常好。

In terms of the 3 megabit consistency, driven largely by getting footprint coverage consistent and with the associated backhaul, and it's a simple coverage map.

就 3 兆位元一致性而言，主要是透過使足跡覆蓋範圍保持一致以及相關的回程來驅動的，這是一個簡單的覆蓋圖。

You have to get, for 4G, the 800 megahertz out there to get it consistent.

對於 4G，您必須獲得 800 兆赫的頻率才能保持一致。

We can put performance on top of that, if we want to get the peak speeds up, which a lot of the journalists talk about, of course.

當然，如果我們想提高峰值速度，我們可以將效能放在首位，這是許多記者談論的。

But more important for us is getting that base level of high-definition video, the most challenging application, to cover consistent everywhere.

但對我們來說更重要的是讓高清影片（最具挑戰性的應用程式）達到基本水平，以覆蓋各處。

And that's our goal of getting to -- you can see for the larger markets, Spain up into the mid-80s now.

這就是我們的目標——你可以看到更大的市場，例如現在到 80 年代中期的西班牙。

All the markets will be beyond 90, before we finish this.

在我們完成此任務之前，所有市場都將超過 90。

But is there a reason why Italy and Spain show improvement, where Germany and the UK don't?

但義大利和西班牙表現出進步，而德國和英國卻沒有進步，這是否有原因呢？

I guess, you answered the UK to a degree, but what's the problem?

我想，你在某種程度上回答了英國，但問題是什麼？

It's just percentage of coverage, as the coverage goes up.

這只是覆蓋率的百分比，隨著覆蓋率的增加。

You [picked] the most difficult place to intervene.

你[選擇了]最難介入的地方。

And can I have just one cost question?

我可以只問一個費用問題嗎？

Nick mentioned the (inaudible) driven work, IT going down from 5.5% to 3.5%, I think you said.

尼克提到了（聽不清楚）驅動的工作，IT 從 5.5% 下降到 3.5%，我想你也說過。

3.5% to 4.5%, yes.

3.5% 到 4.5%，是的。

Okay, so that could be uptake GBP100 million of savings.

好的，這樣就可以節省 1 億英鎊。

Could you give us a timescale?

您能給我們一個時間表嗎？

I might have missed it.

我可能錯過了。

Three to five years.

三到五年。

Okay.

好的。

Thanks very much.

非常感謝。

David Wright, Bank of America Merrill Lynch.

大衛賴特，美銀美林。

I had a couple of questions, please.

我有幾個問題，請問。

The first one, just on the CapEx, 13% to 14%, you mention the 12% to 18%.

第一個，就資本支出而言，13% 到 14%，你提到了 12% 到 18%。

If I just run the back of the envelope and do 18 fixed at 25% of service revenues and the 12% at the remainder I get exactly 13.5%, so I get that one 100%.

如果我只是簡單地把 18 項固定為服務收入的 25%，其餘部分固定為 12%，我就得到了 13.5%，所以我得到了 100%。

But what .

但什麼。

[Well done].

[做得好]。

Nick, you can figure it out.

尼克，你能想出來的。

But if I adopt my advanced math, it suggests that you run over 14% when you get to one-third fixed sales, which is probably not too far away in your ambitions, I would have thought.

但如果我採用我的高級數學，這表明當你達到三分之一的固定銷售額時，你的業績會超過 14%，我想，這可能離你的目標並不遙遠。

My question is as the fixed starts going up does that CapEx reach 14% quite quickly?

我的問題是，隨著固定資產開始上升，資本支出是否很快就會達到 14%？

Then, if I could ask a second question a little bit independently, please, just on India.

那麼，如果我可以獨立地問第二個問題，那就是關於印度的問題。

One of the EBITDA range drivers that you've given is Indian pricing.

您給出的 EBITDA 範圍驅動因素之一是印度定價。

We have some commentary from both Bharti and Idea that they've actually started becoming more competitive again in mid to low end earlier in their full-year transcripts; I wondered if you had noticed that, and were reacting to that.

我們從 Bharti 和 Idea 獲得了一些評論，他們實際上在全年成績單的早些時候開始在中低端市場再次變得更具競爭力；我想知道你是否注意到了這一點，並對此做出了反應。

Serpil, you take the India question.

塞爾皮爾，你回答印度問題。

Nick?

缺口？

Yes, I think just a couple of points on the 13%, 14%, again.

是的，我想再強調一下 13%、14% 的幾點。

13%, 14% is our central case that delivers GBP1 billion incremental free cash flow by year five.

13%、14% 是我們的核心案例，到第五年將增加 10 億英鎊的自由現金流。

Clearly, if we have markets that are over performing, and, let's say, it's fixed success CapEx, then, obviously, that proportion would go up.

顯然，如果我們的市場表現出色，並且，比方說，它是固定成功的資本支出，那麼，顯然，這個比例將會上升。

So I think depending on how you're arriving at your numbers depends on what movement we would see, but it would be success-based CapEx.

所以我認為，這取決於你如何得出你的數字，這取決於我們會看到什麼變化，但這將是基於成功的資本支出。

Serpil, India?

印度塞爾皮爾？

On India, our basic growth story is coming from customer growth, on one side, and on data growth, on the other side.

在印度，我們的基本成長故事一方面來自客戶成長，另一方面來自數據成長。

Market has been quite saturated in terms of price increase capability this year, and we do expect that this will continue for next year.

今年市場的漲價能力已經相當飽和，我們預計這種情況將持續到明年。

So, basically, our growth is coming from more on data this year, and that's our projection for next year as well.

因此，基本上，我們的成長來自今年更多的數據，這也是我們對明年的預測。

You have to realize that in India this is a circle-by-circle strategy.

你必須意識到，在印度，這是一個循環策略。

In some circles we are the leaders, in some circles we are the challengers, so there is mix effect.

在某些圈子裡我們是領導者，在某些圈子裡我們是挑戰者，所以有混合效應。

And so it's a really a regional play, and we are very carefully monitoring that.

所以這確實是一場區域性的比賽，我們正在非常仔細地監控。

Polo Tang, UBS.

唐波羅，瑞銀。

Just have two questions.

只是有兩個問題。

Firstly, what are your thoughts in terms of the acquisition of BASE by Liberty Global?

首先，您對Liberty Global收購BASE有何看法？

And do you think potentially Liberty Global should look at acquiring you, rather than the other way around?

您認為 Liberty Global 是否應該考慮收購您，而不是相反？

Second question is really just for some more color in terms of Germany, just a generic question in terms of how you're seeing the competition behave and respond in the current market environment.

第二個問題其實只是為了對德國進行更多的描述，只是一個關於您如何看待競爭對手在當前市場環境中的行為和反應的一般性問題。

And specifically, in terms of MagentaEINS, the converged bundle from DT, any impact on Vodafone?

具體來說，就 DT 的融合捆綁包 MagentaEINS 而言，對沃達豐有何影響？

Thanks.

謝謝。

Yes, Polo, let me tell you, first of all, a question whether Liberty should acquire us, I think it's a question for Mike, not for me.

是的，波羅，讓我告訴你，首先，自由是否應該收購我們的問題，我認為這是麥克的問題，而不是我的問題。

I can give you a big price, if you want, but really it's not a question for me.

如果你願意的話，我可以給你一個很大的價格，但這對我來說真的不是問題。

We always look at assets.

我們總是專注於資產。

We always look at opportunities to integrate.

我們總是尋找整合的機會。

And again, back to the question on putting things together, it's a matter of synergies, and it's a matter of convergence relative to the market needs.

再次回到整合問題，這是一個綜效的問題，也是相對於市場需求的趨同問題。

Some markets are already showing needs, other markets are not, and you have to judge whether the price reflects both, or not.

有些市場已經顯示出需求，而有些市場則還沒有，你必須判斷價格是否反映了這兩種需求。

So, that's the only answer I can give, apart from the joke.

所以，除了開玩笑之外，這是我能給的唯一答案。

On color about Germany, I would say it's a good market.

關於德國的色彩，我想說這是一個很好的市場。

We are seeing positive signs of competition.

我們看到了積極的競爭跡象。

If anything, there's a little bit - I hope I'm not paranoid, but I'm paid to be paranoid.

如果有什麼不同的話，那就是有一點——我希望我沒有偏執，但我是被雇來偏執的。

I see Drillisch, and the interaction between Drillisch and [one on one], potentially dangerous because they can come, they came with this too low offer, Philip one is 19, and the other one is, I don't know, in the mid-teens, which can drag a little bit down.

我看到 Drillisch 以及 Drillisch 和[一對一]之間的互動，有潛在的危險，因為他們可以來，他們的報價太低了，Philip 一個是 19 歲，另一個是，我不知道，在十幾歲左右，這可能會稍微拖慢一點。

When I met investors six months ago I said, I remember very neatly, I had a chart and I said I don't think the problem is the behavior of the big players; the problem is if these, again, back to the MVNO question, deals allow people to go really a little bit crazy to get market share then the reaction from the others becomes more unpredictable.

六個月前，當我見到投資人時，我說，我記得很清楚，我有一張圖表，我說我不認為問題在於大公司的行為；我認為問題在於大公司的行為。問題是，如果這些再次回到 MVNO 問題，交易讓人們真的有點瘋狂地獲得市場份額，那麼其他人的反應就會變得更加不可預測。

But, in general, it's a good market.

但總的來說，這是一個很好的市場。

So we keep the eyes on the low end, but, in general, the behavior is positive.

因此，我們將注意力集中在低端，但總的來說，這種行為是積極的。

MagentaEINS is priced intelligently, is a good pricing.

MagentaEINS 的定價很明智，是一個很好的定價。

I think they have moved a lot of customers into it, rather than acquired.

我認為他們已經吸引了很多客戶，而不是獲得了客戶。

But, again, it's something that I see, in the end, as positive.

但最終，我認為這是正面的。

I cannot say we have seen an impact from it, because I think it was more of a customer base thing.

我不能說我們已經看到了它的影響，因為我認為這更多的是客戶群的問題。

But it will have an impact and, therefore, we will have to respond and have our own products in that space.

但這會產生影響，因此我們必須做出回應並在該領域擁有自己的產品。

Philipp, any further [comment you follow]?

菲利普，還有什麼嗎[您關注的評論]？

Yes, maybe just to add to MagentaEINS, I think overall we have not seen an impact on our base.

是的，也許只是補充一下 MagentaEINS，我認為總的來說，我們還沒有看到對我們的基礎產生影響。

We are focused very much now on cross-selling cable, in particular, into our mobile base.

我們現在非常關注交叉銷售電纜，特別是我們的行動基礎。

We have so far about 255,000 customers who are on our bundled product.

到目前為止，我們有大約 255,000 名客戶使用我們的捆綁產品。

Deutsche, I think, is in 475,000 so far.

我認為德意志銀行到目前為止已達到 475,000 家。

And we are ramping up the activities also here to drive up cross-sell in to our fixed-line base with mobile.

我們也在加強這裡的活動，以推動我們的固定電話基地與行動電話的交叉銷售。

John Karidis, Stifel.

約翰·卡里迪斯，斯蒂菲爾。

I'm basically after some more color on two issues; handset financing and fixed line in wholesale access.

我基本上希望在兩個問題上有更多的色彩；手機融資和固定電話批發接入。

On handset financing, could I ask Nick maybe to repeat what he said about the number of benefits in H2?

關於手機融資，我可以請尼克重複他所說的下半年的福利數量嗎？

And can I ask you to give us a few-second tutorial on this?

我可以請你給我們一個關於這個的幾秒鐘的教學嗎？

Is it a bit like what we see in the States, whereby you recognize the full retail value of the handset at sale and there's also no handset subsidy?

這是否有點像我們在美國看到的情況，即您在銷售時承認手機的全部零售價值，也沒有手機補貼？

And then, in terms of wholesale access, could you please, Vittorio, talk about -- I guess, talk a little bit more about the you see the challenges, if you like, of that, specifically in Germany, Italy, and Spain?

然後，在批發准入方面，維托里奧，您能否談談——我想，如果您願意的話，可以多談談您所看到的挑戰，特別是在德國、意大利和西班牙？

I think the short answer to handset financing is just second half worth around GBP120 million; GBP100 million of it in Spain, so Spain is the major market where we've made the model shift.

我認為手機融資的簡短答案是下半年價值約 1.2 億英鎊；其中1億英鎊在西班牙，所以西班牙是我們進行模式轉變的主要市場。

In what, EBITDA?

EBITDA 是什麼？

Yes, in EBITDA.

是的，在 EBITDA 中。

And for Spain, it's effectively a split model where we're recognizing the margin of the handset sale upfront, so just pure sale, and then, basically, we're spreading the cost of the handset, rather than booking the full cost of the subsidy in the month we acquire customer.

對於西班牙來說，這實際上是一種拆分模式，我們預先認識到手機銷售的利潤，因此只是純粹的銷售，然後，基本上，我們正​​在分攤手機的成本，而不是預訂手機的全部成本我們獲得客戶當月的補助。

So that's why you get the EBITDA benefit in the year you're doing it; and then you get the unwind effect in the subsequent years, which is why it's a drag next fiscal year.

這就是您在從事該業務的當年獲得 EBITDA 收益的原因；然後你會在接下來的幾年中得到放鬆效應，這就是為什麼它會拖累下一個財年。

Let me comment on it, and then I move to the wholesale question.

讓我對此發表評論，然後我轉向批發問題。

I have to tell you, honestly, John, I don't know what it is.

我必須告訴你，老實說，約翰，我不知道那是什麼。

I look -- as Paolo said before, I look at net now.

我看——正如保羅之前所說，我現在看網路。

Because the way I think, with this industry has been this concept of subsidy, which a bit of a strange concept.

因為我覺得，這個產業一直有補貼這個概念，這有點奇怪的概念。

The reality is customers give me money, and I give money to Tim Cook, or to Jay Lee, or to whoever, and I should look at the net, because all these different models will reflect different market conditions.

現實是顧客給我錢，我把錢給蒂姆·庫克，或者傑伊·李，或者任何人，我應該看看網絡，因為所有這些不同的模型都會反映不同的市場狀況。

In some markets, it's financing; in some markets it's split; in some markets it's below EBITDA, and some competitors also account in funny ways.

在某些市場，它是融資；在某些市場，它是融資。在某些市場，它是分開的；在某些市場，它低於 EBITDA，而且一些競爭對手的會計方式也很有趣。

At the end of the day, my simplistic view is cash is cash.

歸根究底，我的簡單觀點是現金就是現金。

You look at what the customers give you, and I take -- when I go into the shops, which I do often into the markets, any market, I take the price and multiply times 24.

你看看顧客給你什麼，我就拿走——當我走進商店時，我經常這樣做，進入市場，任何市場，我拿走價格並乘以 24。

I take away the cost of the handset, and that's my money; the rest is something that I pass to somebody else.

我去掉手機的成本，那就是我的錢；剩下的就是我傳遞給別人的東西。

How it is accounted for, I'm very glad I have Nick next to me, because the creativity of accountants is fantastic (laughter).

如何核算，我很高興尼克在我身邊，因為會計師的創造力太棒了（笑聲）。

But it's important that we get [this], because it's the net that matters.

但重要的是我們明白這一點，因為重要的是網路。

People pay for -- and we also need customers to understand that when they say, I'm giving to Vodafone GBP43, you're not giving to Vodafone GBP43, you're giving to us GBP20; GBP23 go to [Coppertina].

人們付費——我們還需要客戶明白，當他們說「我給沃達豐 43 英鎊」時，你不是給沃達豐 43 英鎊，而是給我們 20 英鎊； 23英鎊前往[Coppertina]。

So please be thankful to me for whatever, the extra gig that I give you.

所以請感謝我為你提供的額外工作。

And this is more of philosophical point.

這更多的是哲學觀點。

Wholesale, different situation and different markets.

批發，情況不同，市場不同。

Our position, and this is the position on which, as I said, we are increasing a little bit our competitive position, is that we want access to wholesale, because we all know that it's impossible to cover all the areas; we want it at a decent price; and we want it at good operating conditions.

我們的立場，正如我所說，我們正在提高一點我們的競爭地位，我們希望獲得批發機會，因為我們都知道不可能涵蓋所有領域；我們希望它的價格合理；我們希望它處於良好的運作條件。

And the good operating conditions are almost as important, if not more important, than [the recent] price.

良好的營運狀況幾乎與[最近的]價格同樣重要，甚至更重要。

I got some statistics yesterday from my colleagues, the Head of the [Cantors] in Europe, which in some countries are frankly horrendous.

昨天我從歐洲[Cantors]的同事那裡得到了一些統計數據，坦白說，在某些國家，這些數據是可怕的。

We have some cases where there are 60% turned down to our request.

在某些情況下，有 60% 的人拒絕了我們的要求。

Now, you cannot possibly think that six customers out of 10 that we are trying to get are technically non-good.

現在，您不可能認為我們試圖獲得的 10 個客戶中有 6 個在技術上是不好的。

We get, in another country, 200-and-something hours for a technical intervention, a fault repair.

在另一個國家，我們有 200 多個小時的時間進行技術幹預、故障修復。

Now, if you are at home and you wait for 200 hours, I can tell you.

現在，如果你在家等了200個小時，我可以告訴你。

And so on all these things we are going to become very -- and I've already gone to Brussels myself showing the papers and saying, this is the next thing.

因此，在所有這些事情上，我們將變得非常 - 我已經親自前往布魯塞爾展示文件並說，這是下一件事。

Now, having said that, not everybody is the same.

話雖如此，並不是每個人都是一樣的。

There are more moderate positions, and more, I would say, cooperative positions in Europe.

我想說，歐洲有更溫和的立場，也有更多合作的立場。

So you refer explicitly to Germany, Italy, and Spain.

所以你明確提到了德國、義大利和西班牙。

I would say it's the right order; Germany, Italy, and Spain.

我想說這是正確的順序；德國、義大利和西班牙。

In Germany, we have a constructive dialog with Deutsche.

在德國，我們與德意志銀行進行了建設性對話。

It's not perfect, we are not completely in alignment with them.

它並不完美，我們並不完全與他們保持一致。

Again, a lot of discussions.

再次，有很多討論。

We are trying to improve our access to the contingent model.

我們正在努力改善對應急模型的存取。

There's a big discussion about vectoring.

關於向量化有很多討論。

They want to do this 500 meters vectoring, which has some competitive implications.

他們想要進行 500 公尺向量引導，這具有一定的競爭意義。

But we are positively engaged.

但我們正在積極參與。

The Italian discussion is polluted by the Metroweb saga, which is a nice attempt to slow down and reduce competition.

義大利的討論受到 Metroweb 傳奇的污染，這是減緩和減少競爭的一個很好的嘗試。

Of course, we will not play that game.

當然，我們不會玩那個遊戲。

Spain is probably the most difficult environment where we had to go together with Orange, and we will share our joint capability, because not only on the fiber front, but also on the content front, Telefonica is closing up the fortress, again.

西班牙可能是我們不得不與Orange合作的最困難的環境，我們將分享我們的聯合能力，因為不僅在光纖方面，而且在內容方面，Telefonica正在再次關閉堡壘。

And content is going to be the next one.

內容將是下一個。

Guy Peddy, Macquarie.

蓋伊·佩迪，麥格理。

Just a sort of slightly big picture question.

只是一個稍微大一點的問題。

You spent vast amounts of money on M&A in Spain and Germany; you've also spent a lot of money on Project Spring.

你們在西班牙和德國的併購上花費了大量資金；你在 Spring 專案上也花了很多錢。

But in both of those markets you have a competitor that in Telefonica is closing shop, or in Deutsche Telekom is just clearly executing materially better.

但在這兩個市場中，都有一個競爭對手，西班牙電信正在關閉商店，或者德國電信顯然執行得更好。

Do you think that throws into jeopardy your strategy of trying to be a big, one equal?

您是否認為這會讓您試圖成為一個平等的大公司的策略陷入危險？

Can you actually get there?

你真的能到達那裡嗎？

The way I'm thinking about this is if you price closely off the incumbent, don't you give the consumer even more reason to actually go and take the incumbent's services?

我思考這個問題的方式是，如果你的定價與現有服務的價格非常接近，你是否會給消費者更多的理由去真正接受現有服務的服務？

So, have you thought about actually saying, you know what, it's not working in those markets, we can't compete with the incumbent, we need to start running those assets more for cash now, and actually, therefore, moderate your long-term expectations?

所以，你有沒有想過實際上說，你知道嗎，它在這些市場上不起作用，我們無法與現有企業競爭，我們現在需要開始更多地以現金來運營這些資產，因此，實際上，要調整你的長期-任期期望？

No, again, it's a bit like the previous question, I have to push back a bit on this.

不，這有點像上一個問題，我必須對此進行反駁。

I don't think that it's correct what you're saying, that it's not working.

我不認為你所說的是正確的，它不起作用。

It's true that you say in Germany they're executing better in mobile.

確實，您說德國在行動領域的表現更好。

But if you look at our total share, in Germany, actually, we are stable.

但如果你看看我們在德國的總份額，實際上，我們是穩定的。

So I would say our strategy is working.

所以我想說我們的策略正在發揮作用。

Our big strategy at a higher level is working in Germany.

我們更高層次的大戰略是在德國開展工作。

Again, I'm not in denial, and I'm not hiding behind anything, and saying there are elements of our execution which I would like to see in a faster implementation mode.

再說一次，我沒有否認，也沒有隱藏在任何事情後面，並說我們的執行中有一些元素我希望在更快的實施模式中看到。

But I don't think that's true.

但我不認為這是真的。

If I look at Spain, in Spain, if I look at the last quarter, honestly, of all the players who are the ones who have lost less revenue versus the previous quarter, and in the previous quarter we were not the worst, again, in the previous quarter we are not the worse; in the previous quarter, we are at not the worst.

如果我看看西班牙，在西班牙，如果我看看上個季度，老實說，在所有與上一季度相比收入損失較少的玩家中，在上一季度我們又不是最差的，上一季度我們並沒有表現得更差；上一季度，我們還不是最差的。

So you take the quarter-on-quarter evolution of our revenues in Spain, is actually not the worst.

所以你看一下我們在西班牙的收入的季度環比演變，實際上並不是最糟糕的。

Now, the worst is depending on the quarter somebody else.

現在，最糟糕的情況取決於其他人的季度。

It doesn't seem to me that it is not working.

在我看來，它似乎不起作用。

It just seems to me that some -- for market conditions, ARPU has been taken in Germany to levels which are not constructive.

在我看來，就市場條件而言，德國的 ARPU 已經達到了不具建設性的水平。

Now, good news, there have been pricing moves in Germany recently.

現在，好消息是，德國最近出現了價格變動。

We have made some moves.

我們已經採取了一些行動。

Others made other moves.

其他人也採取了其他行動。

We see where it goes.

我們看到它去了哪裡。

Consolidation is taking place.

整合正在發生。

I don't think that it is a case that you can say it's not working.

我不認為這是一個你可以說它不起作用的情況。

It is challenging, from an industry profitable perspective, I agree with you, but I wouldn't say that it is not working.

從行業盈利的角度來看，這是具有挑戰性的，我同意你的觀點，但我不會說它不起作用。

At least, it's not what the numbers indicate.

至少，數字並非如此。

Robert, Deutsche Bank.

羅伯特，德意志銀行。

In the UK, you said convergence is a fact of life, but not really for your UK consumer customers.

在英國，您說融合是生活的事實，但對您的英國消費者客戶來說卻並非如此。

Are you going a bit more slowly with your fixed broadband approach in the UK?

您在英國的固定寬頻方法是否進展緩慢一些？

And is that because of caution about the changing regulatory environment, or even opportunity due to the changing regulatory environment?

這是因為對不斷變化的監管環境的謹慎，還是因為監管環境變化帶來的機會？

Secondly, it's back to Germany, I'm afraid.

其次，恐怕又要回到德國了。

That graph showing the Germans don't use as much as other Europeans when they go to 4G, are you seeing signs that Germans are more price sensitive on data, or even low users of data, just as they were for voice?

這張圖表顯示德國人在使用 4G 時使用的數據量不如其他歐洲人，您是否看到跡象表明德國人對數據價格更加敏感，甚至數據用戶很少，就像他們對語音一樣？

Yes, Robert, let me go -- start with the second question.

是的，羅伯特，讓我開始——從第二個問題開始。

It's one of those things that I've been scratching my head for 15 years, and I came to the conclusion that we are different.

這是我 15 年來一直摸不著頭腦的事情之一，我得出的結論是我們是不同的。

And why do Germans write letters and don't call, call centers, I don't know, but that's the reality.

為什麼德國人寫信而不打電話給呼叫中心，我不知道，但這就是現實。

Why do Germans use less minutes of usage?

為什麼德國人的使用時間較少？

I'm talking about the old thing?

我說的是舊事嗎？

I don't know, cultural, the way they [commute or] organize, I don't know.

我不知道，文化，他們[通勤或]組織的方式，我不知道。

And it seems to be the case with data.

數據似乎也是如此。

Maybe you can help me on this one.

也許你可以在這件事上幫助我。

I tried to look into the transcripts of my competitors' calls when they talk about data and content.

當我的競爭對手談論數據和內容時，我試圖查看他們的通話記錄。

It seems that content in Germany was a bit less also for others.

對其他國家來說，德國的內容似乎也較少。

I don't think Netflix is a big success in Germany with anybody.

我不認為 Netflix 在德國取得了任何人的巨大成功。

I don't know.

我不知道。

There could be [something], or it could be that maybe we need to improve our marketing capability.

可能是[某事]，也可能是我們需要提高我們的行銷能力。

Again, back to the previous question, I think we need to learn and not be in denial on anything.

再次回到上一個問題，我認為我們需要學習，而不是否認任何事情。

But my sense is that there is something a little bit more quiet, more conservative.

但我的感覺是，有一些更安靜、更保守的東西。

I remember, SMS, in my old days, when I was sending SMS like crazy in Italy, I was wondering why it's not the case in Germany.

我記得短信，以前，當我在意大利瘋狂地發送短信時，我想知道為什麼在德國卻不是這樣。

There is something probably in the consumer which is marginally different.

消費者可能有些東西略有不同。

But we are watching, and if you can prove me that there are opportunities by listening to competitors or doing something, very happy to consider.

但我們正在觀察，如果你能透過聽取競爭對手的意見或做一些事情來向我證明有機會，非常樂意考慮。

On UK, the other way round; we are more determined to go into broadband, and we are more determined to go into TV and content.

在英國，則相反；我們更加堅定地進軍寬頻，更加堅定地進軍電視和內容。

We will -- as I said, we have confirmed today that we are launching our broadband offer over the summer, and we are launching our TV offer later in the year.

正如我所說，我們今天已經確認，我們將在夏季推出寬頻服務，並在今年稍後推出電視服務。

And it will be a modern cloud-based appealing TV offer, which, of course, our competitors will fight against and will try to limit our commercial reach, but hence my comment about regulatory conditions.

這將是一個基於雲端的現代有吸引力的電視產品，當然，我們的競爭對手會反對並試圖限制我們的商業範圍，但因此我對監管條件發表評論。

But it's very important that this market continues to be as competitive as it has been in the past.

但非常重要的是，這個市場繼續像過去一樣競爭。

Maurice, Barclays.

莫里斯，巴克萊。

A question on M&A.

關於併購的問題。

You talked about [high EBITDA] price, ARPU recovery in Germany later in the year, you mentioned some of the pricing increases in Spain.

您談到了今年稍後德國的[高 EBITDA] 價格、每用戶平均收入 (ARPU) 復甦，您提到了西班牙的一些定價上漲。

Do you think too much ARPU repair might put off some of the recent spate of consolidation we've seen, so the [helpful forward] of the consolidation?

您是否認為過多的 ARPU 修復可能會推遲我們最近看到的一些整合，因此整合的[有幫助的進展]？

If you read some of the comments from Commissioner Vestager, etc., they seem to be quite hawkish on price increases.

如果你讀過維斯塔格委員等人的一些評論，你會發現他們對漲價的態度似乎相當強硬。

Or perhaps put the other way, do you think we should be thinking less around price increases and more about ARPU growth?

或者換句話說，您認為我們是否應該少考慮價格上漲，多考慮 ARPU 成長？

And do you think some of the regulators can differentiate on them?

您認為有些監管機構可以區分它們嗎？

Both.

兩個都。

Both, that's your super-good point.

兩者都是，這是你的超級優點。

First of all, what I said to Commissioner Vestager is it's not about price increase, it's about return on capital.

首先，我對維斯塔格委員說的是，這不是價格上漲的問題，而是資本報酬率的問題。

Consolidation is good, because shrinks the capital base.

整合是好事，因為可以縮小資本基礎。

So same money produced by the market, you increase the return on capital; is not about increasing prices.

因此，市場產生的同樣的錢，你可以增加資本報酬率；不是為了提高價格。

And second, if you think about what we just discussed, we are saying that customers are using 50% more data, all.

其次，如果您考慮我們剛才討論的內容，我們會發現客戶使用的資料量增加了 50%。

Germans are actually using only 50% more data; the others are using 80%, 100% more for marginal, positive ARPU increases.

德國人實際上僅使用了 50% 的數據；其他人則將 80%、100% 以上用於邊際、積極的 ARPU 成長。

So prices, defined as unit prices, are actually going down.

因此，價格（定義為單價）實際上正在下降。

Spending is going up, because people use it much more.

支出正在增加，因為人們更多地使用它。

But I think this is the type of speech, the narrative that we need to use with the commissioners.

但我認為這就是我們需要與委員一起使用的演講類型和敘述方式。

And they need to accept it because this is -- you just saw the numbers.

他們需要接受它，因為這是——你剛剛看到了數字。

This is the true representation of what's happening.

這是正在發生的事情的真實反映。

Ottavio Adorisio, Societe Generale.

奧塔維奧·阿多里西奧，法國興業銀行。

A couple of questions.

有幾個問題。

The first one is on Ono.

第一個是小野。

It looks that this quarter -- or this year had an EBITDA decline of in excess of 20%.

看起來本季或今年的 EBITDA 下降超過 20%。

I believe that some of it is probably integration costs.

我相信其中一些可能是整合成本。

If you can just say how much of this was accounted and what was the organic growth, considering that you were looking for stable for this year.

考慮到您今年正在尋找穩定的成長，您可以簡單地說一下其中佔了多少以及有機成長是多少。

The second one is that on integration costs you booked around [GBP360 million] for this year; that is a more than 50% increase from last year.

第二個問題是，今年您預訂的整合成本約為[3.6億英鎊]；比去年增加了 50% 以上。

I reckon that as, again, Ono has contributed.

我認為小野再次做出了貢獻。

So if you can tell us for next year how much you would expect in terms of restructuring and integration costs, whatever you want to call it.

因此，如果您能告訴我們明年您預計的重組和整合成本是多少，無論您如何稱呼它。

And the third is it's basically a sum up or follow up from many questions you received on fixed CapEx.

第三，它基本上是您收到的有關固定資本支出的許多問題的總結或後續。

Now, on the chart you show in terms of your unified communications strategy you have quite good trends.

現在，在您根據統一通訊策略顯示的圖表中，您有很好的趨勢。

But undeniably, you lag well behind the integrated incumbent in terms of NGN marketable homes.

但不可否認的是，在 NGN 適銷住宅方面，你們遠遠落後於綜合現有企業。

Now, a follow-up from the answer you gave to a previous questions when you benchmarked three different markets in Europe and you say that Germany's actually the best vis a vis Italy and Spain in terms of wholesale access conditions.

現在，您對歐洲三個不同市場進行基準測試時給出的先前問題的答案的後續內容，您說德國實際上在批發准入條件方面相對於意大利和西班牙來說是最好的。

Now, looking at your pricing strategy in Germany, and you have a big difference between the pricing you offer for quad play in the cable areas, KDG, and where you actually have to access Deutsche Telekom network, and therefore, you have to rely on that leasing strategy.

現在，看看您在德國的定價策略，您在有線區域、KDG 提供的四播放定價與您實際必須訪問德國電信網路的區域之間存在很大差異，因此，您必須依賴該租賃策略。

So I assume that, as you said, it's all down to net; because you have to recover the cost, you're actually pricing it can be higher.

所以我認為，正如你所說，這一切都取決於網路；因為你必須收回成本，所以你實際上定價可能會更高。

My question to you is that has all the integrated operators over the last 1.5 years have been stepping up the CapEx and they're actually increasing their coverage?

我向您提出的問題是，過去 1.5 年裡所有綜合運營商是否都在加大資本支出，並且實際上正在擴大覆蓋範圍？

Therefore, you will be facing a significant bigger battle in terms of with your bundle in areas where you don't have cables that are limited to parts of Germany and parts of Spain.

因此，在沒有電纜的地區，您將面臨一場更大的戰鬥，僅限於德國部分地區和西班牙部分地區。

Are you going to, basically, waiting for wholesale pricing to come down at some stage?

基本上，您是否會等待批發價格在某個階段下降？

Or you will be more willing to actually invest on the CapEx, therefore, to be more aggressive with your NGN rollout?

或者您會更願意實際投資資本支出，從而更積極地部署 NGN？

Thanks.

謝謝。

So you take the Ono questions, and then Philipp and I will get the second part, which is more strategic question.

所以你回答小野的問題，然後菲利普和我將回答第二部分，這是更具策略性的問題。

Yes.

是的。

In terms of the organic EBITDA excluding restructuring, I suggest you see me afterwards.

至於不包括重組的有機 EBITDA，我建議你稍後再來看我。

And I have a number, I just want to verify.

我有一個號碼，我只是想驗證一下。

On restructuring, yes, in cash terms it was GBP336 million this year, plays against last year of about GBP210 million.

在重組方面，是的，以現金計算，今年為 3.36 億英鎊，而去年約為 2.1 億英鎊。

Look, we don't guide on restructuring costs going forward, but something along those lines again for next year.

看，我們不會指導未來的重組成本，但明年會再次遵循這些方針。

Yes, on the second part of the question, first of all, I don't recognize some of the statements behind your question, so maybe, Philippe, you can comment about the cable, no cable thing.

是的，關於問題的第二部分，首先，我不認識你的問題背後的一些陳述，所以也許，菲利普，你可以評論電纜，而不是電纜的事情。

But let me say the broader question.

但讓我說一個更廣泛的問題。

The broader question is the fixed incumbents are expanding their coverage.

更廣泛的問題是固定的現任者正在擴大他們的覆蓋範圍。

What are you going to do?

你會怎樣做？

Are you going to use their own products, not making money or making little money, or are you going -- is this going to drive further build on our set?

你會使用他們自己的產品，不賺錢或賺很少的錢，還是你會——這會推動我們的產品進一步發展嗎？

And the answer will be it depends.

答案取決於情況。

At the end of the day, if I'm using somebody else's network I'm saving CapEx and they're putting the CapEx down.

歸根結底，如果我使用其他人的網絡，我可以節省資本支出，而他們則可以降低資本支出。

Yes, I have lower margin, but I have also lower capital invested.

是的，我的利潤率較低，但我的投資資本也較低。

If I have opportunity, as I said before, take the example of Portugal, of building at relatively low cost, I would be building.

正如我之前所說，如果我有機會以葡萄牙為例，以相對較低的成本進行建設，我就會建造。

If I have the opportunity, see Ono, see KDG, to buy a cable network at a value where I can see the synergies justify the cost, I will buy.

如果我有機會，請見小野，請見 KDG，以我能看到協同效應證明成本合理的價格購買有線網絡，我就會購買。

And if I don't, I will just use the wholesale network, and, hence, I will be very committed in getting good price and good access conditions.

如果我不這樣做，我將只使用批發網絡，因此，我將非常致力於獲得良好的價格和良好的准入條件。

But I don't see that as a strategic problem, if you want.

但如果你願意的話，我不認為這是一個戰略問題。

I see that as, as I always said, a make versus buy decision that we have to do country by country.

正如我常說的，我認為這是我們必須逐一國家做出的自製還是外購決定。

And, to be honest, it changes over time.

而且，老實說，它會隨著時間的推移而改變。

Because from time to time, incumbents change their mind, and I can mention several examples.

因為現任者有時會改變主意，我可以舉幾個例子。

I can mention Portugal, for example, and they say, you know what, return on capital in those areas are not very good, come on board with me.

例如，我可以提到葡萄牙，他們說，你知道嗎，這些地區的資本回報率不是很好，跟我一起。

And Italy, in theory, should be another case.

理論上，義大利應該是另一個例子。

So far it's not, but it will probably become a similar case.

目前還沒有，但很可能會成為類似的情況。

So it's not an impediment.

所以這不是一個障礙。

It will change a lot the amount of capital versus the return, but in the end the return on capital will be the important metric.

這將極大地改變資本數量與回報的關係，但最終資本回報率將成為重要的衡量標準。

On the split, cable, non-cable, Philipp?

關於分裂，有線，非有線，菲利普？

Maybe just to explain, as a mobile player we are national, and as a cable player we are regional, so we are always faced with the situation that we need to have a national proposition.

也許只是為了解釋一下，作為移動玩家，我們是全國性的，而作為有線玩家，我們是區域性的，所以我們總是面臨著需要有全國性主張的情況。

Now, if you take the example in Germany, and I'm more than happy to share the details, if you want, a bit later, all the pricing of cable and copper are 100% aligned.

現在，如果你以德國為例，我非常樂意分享詳細信息，如果你願意的話，稍後，所有電纜和銅纜的定價都 100% 一致。

So it's -- and the general strategy we have is we're more or less trying to sell at the same price point a faster speed on cable than on copper, because cable as a product is superior and allows us to move away customers from buying copper.

所以，我們的整體策略是，我們或多或少地試圖以相同的價格點銷售比銅纜更快的速度，因為電纜作為一種產品是優越的，可以讓我們吸引客戶購買銅。

Where we don't have a copper -- don't have a cable product, we are obviously then a bit more moderate there.

在我們沒有銅線、沒有電纜產品的地方，我們顯然會更溫和一些。

But we are on exactly the same price level across the board.

但我們的物價水平完全一樣。

So you basically confirm that you have the same pricing for the bundle you have on the KDG areas vis a vis --?

所以你基本上確認了你在 KDG 區域的捆綁包的定價與 - 是相同的嗎？

Yes.

是的。

Because I checked it out, it looked to be the case when I went in to the website.

因為我查了一下，進去網站的時候好像是這樣的。

Yes.

是的。

No, sure, sure, same.

不，當然，當然，一樣。

And I can, more than happily, share that.

我非常高興地可以分享這一點。

Okay, thanks.

好的謝謝。

Emmet Kelly, Morgan Stanley.

埃米特凱利，摩根士丹利。

Just two questions, please.

請教你兩個問題。

Firstly, a question for Nick.

首先，問尼克一個問題。

Nick, could you just comment a little bit on the UK EBITDA margin and the reallocation of costs; where those costs were beforehand, and what the outlook is for that in the future?

尼克，您能簡單評論一下英國的 EBITDA 利潤率和成本的重新分配嗎？這些成本之前在哪裡？未來的前景如何？

The second question, Vittorio, is on the Italian market, which hasn't been discussed very much this morning.

第二個問題，Vittorio，是關於義大利市場的，今天早上還沒有太多討論。

I guess, in the past you've made super-duper profits in Italy, if we go back 10 years, and obviously the market's been pretty beaten up over the last six or seven years, in particular.

我想，如果我們回到 10 年前，過去你在義大利已經獲得了超級利潤，而且顯然市場在過去的六、七年裡受到了相當大的打擊。

Where do you see Vodafone Italy in a year's time?

您認為沃達豐義大利一年後會在哪裡​​？

It looks like maybe the pieces are coming together there.

看起來這些碎片可能正在整合在一起。

It's one market where you've really ramped up your LTE coverage very, very quickly over the last 12 months.

在過去 12 個月裡，您確實以非常非常快的速度擴大了 LTE 覆蓋範圍。

There's no cable in that market; there's limited fiber as well.

那個市場沒有電纜；纖維也有限。

It's the opposite of Germany as well insofar as you've got very high historic MOU, and also SMS.

這與德國正好相反，因為你們擁有非常高的歷史諒解備忘錄和簡訊。

Are these all positive indicators you think for LTE in Italy in the future?

您認為這些都是義大利未來 LTE 的正面指標嗎？

And how does that market work in terms of handset subsidies, going forward?

未來該市場在手機補貼上將如何運作？

Is that a bit of a deal breaker for LTE take-up, do you think, given that it's a market where customers traditionally purchase their own handset?

考慮到傳統上客戶會購買自己的手機，您認為這對 LTE 的普及是否有點不利？

Thank you.

謝謝。

The quick answer on the UK is Project Spring was us expanding our enterprise footprint, capabilities, products, and services.

關於英國的快速答案是 Spring 專案是我們擴大我們的企業足跡、能力、產品和服務。

And we took the opportunity, as we were expanding and making investments, to sit back and say how did we want to allocate some of these costs across the Group.

當我們擴張和進行投資時，我們抓住了這個機會，坐下來思考我們希望如何在整個集團內分配其中一些成本。

And, of course, if you it on something like enterprise service revenue, the UK is a very big enterprise business and, therefore, it attracted about GBP100 million more in terms of its allocation.

當然，如果你考慮企業服務收入之類的東西，英國是一個非常大的企業業務，因此，它在分配方面吸引了大約 1 億英鎊。

So, these aren't necessarily incremental costs to the Group; it was just an allocation key that disproportionally hit the UK business.

因此，這些不一定是集團的增加成本；這只是一個分配關鍵，對英國企業造成了不成比例的打擊。

If we exclude this, and exclude the settlements made, which were positive, you'll get into a flat EBITDA margin for the UK.

如果我們排除這一點，並排除所達成的和解協議（這是積極的），那麼英國的 EBITDA 利潤率將持平。

Yes, question on Italy, and where is Italy going, and especially where is Vodafone Italy going, two different questions.

是的，關於義大利的問題，以及義大利要去哪裡，特別是沃達豐義大利要去哪裡，這是兩個不同的問題。

Where is Vodafone -- where is Italy going?

沃達豐在哪裡──義大利要去哪裡？

I have to tell you, this is the pricing table of Italy.

我必須告訴你，這是義大利的物價表。

The specific thing that is not in any other pricing table is that we have a distinction between above the line and below the line.

任何其他定價表中都沒有的具體事項是，我們對線上方和線下方進行了區分。

And below the line, we have a EUR5 offer from one player, which compares to a EUR15 above the line from the two leaders, us and Telecom Italia.

在線下，我們有一位參與者提供了 5 歐元的報價，而在線上的兩家領先公司（美國和義大利電信）的報價為 15 歐元。

This is the essence of my comment.

這就是我評論的本質。

It is a market which is showing signs of improvement.

這是一個正在顯示出改善跡象的市場。

But until you have in the markets offers below the line which are so distant from the above one, of course, it's unstable, because you don't know whether it's tuned up or down, and you don't know about the credibility of your advertising.

但是，除非您的市場報價與上述報價相差甚遠，否則它是不穩定的，因為您不知道它是調高還是調低，也不知道您的報價的可信度。廣告。

So it is essential that this situation, at some point, gets reduced.

因此，有必要在某個時候減少這種情況。

I'm happy with the recent performance.

我對最近的表現很滿意。

The trend is one of the best that we have in Vodafone.

這種趨勢是沃達豐最好的趨勢之一。

And the job that our colleagues have done on cost has been also very good.

我們的同事在成本方面所做的工作也非常好。

There is this instability that stays there.

這種不穩定一直存在。

So trends are good, usage is good, low pricing, great 4G, data usage is also good, and we have a much better performance than, at least in the last quarter, our competitors.

因此，趨勢良好，使用情況良好，價格低廉，4G 性能良好，數據使用情況也良好，而且我們的表現比我們的競爭對手（至少在上個季度）要好得多。

But it's still a negative with a big ticking thing which is there.

但這仍然是一個負面因素，因為那裡有一個巨大的滴答作響的東西。

And everything goes back to the question of consolidation, Wind and Hutch., and the whole thing that it's another saga that we have been discussing for many times.

一切都回到了合併問題，Wind 和 Hutch，以及整個事情，這是我們已經討論過很多次的另一個傳奇故事。

In terms of Vodafone Italy, I am positive.

對於義大利沃達豐，我持樂觀態度。

We have positive growth in fixed line, positive growth in enterprise.

我們固網業務正成長，企業業務正成長。

I have to say, also in broadband we have taken a number, which is not huge but is better than most other players in the market.

我必須說，在寬頻領域我們也取得了一定的成績，雖然不是很大，但比市場上大多數其他參與者要好。

And we are ramping up our coverage from 1 million marketable homes to 3 million.

我們正在將覆蓋範圍從 100 萬套可售房屋擴大到 300 萬套。

If, on top of that, we can find a good agreement with Telecom Italia on this Metroweb saga then return on capital, not necessarily the margins, return on capital could go up pretty quickly.

除此之外，如果我們能夠與義大利電信就 Metroweb 傳奇達成良好協議，那麼資本回報率（不一定是利潤率）可能會很快上升。

Because Italy, given the nature of the market, and there's no cable, subsidies are limited, and continue to be limited, can become, again, a very high return on capital market.

因為義大利，考慮到市場的性質，並且沒有電纜，補貼是有限的，並且繼續受到限制，可以再次成為非常高的資本市場回報。

I don't think the EBITDA margins will go back to where they were, but if we are rational in capital allocation in Italy it could be a good story.

我認為 EBITDA 利潤率不會回到原來的水平，但如果我們在義大利的資本配置上保持理性，這可能是一個好故事。

Could I just do one [Bill], which is, don't forget, at quarter 1, quarter 2 last year we did several price increases, so we start lapping on those.

我可以做一個[法案]，也就是說，不要忘記，去年第一季、第二季我們進行了幾次價格上漲，所以我們開始關注這些價格。

The progress on quarter over quarter will be pretty minimal over the next two quarters, before then starting to improve again for all the underlying things that Vittorio said.

在接下來的兩個季度中，季度環比的進展將非常小，然後維托里奧所說的所有基本問題將再次開始改善。

James Ratzer, New Street Research.

詹姆斯·拉澤，新街研究。

I had two questions, please.

我有兩個問題，請問。

The first one was just regarding your message about increasing commercial activity in the market.

第一個問題只是關於您關於增加市場商業活動的資訊。

It seems like you're giving a signal you want to increase that to start seeing the benefit, or allowing customers to see the benefit, of Project Spring.

看起來您正在發出一個信號，您希望增加該信號，以開始看到 Spring 專案的好處，或讓客戶看到 Spring 專案的好處。

But it seems like your competitors are also hearing that message as well.

但你的競爭對手似乎也聽到了這個訊息。

We've seen Deutsche Telekom increase their own SACs; TI saying they don't want to give up customers.

我們已經看到德國電信增加了自己的 SAC； TI表示他們不想放棄客戶。

It seems like Bharti and Idea are giving quite bullish revenue growth guidance for this year.

Bharti 和 Idea 似乎對今年的營收成長給出了相當樂觀的指導。

How should we, as analysts, be sitting here in a year's time, measure whether that commercial push has been a success?

一年後，身為分析師，我們該如何衡量這項商業推動是否成功？

Should we be looking --?

我們應該尋找──？

ARPU.

ARPU。

ARPU?

ARPU？

So we shouldn't be measuring whether you think it's service revenue market share, or contract net adds; we should be looking more at the ARPU metric?

因此，我們不應該衡量您認為是服務收入市場份額還是合約淨增加；我們應該更關注 ARPU 指標嗎？

Yes, you guys have a difficult job because you hear all these stories and they all individually make sense, and then you put them together and you say they cannot all be winning and all doing the same thing, right.

是的，你們的工作很困難，因為你們聽到所有這些故事，它們各自都有道理，然後你把它們放在一起，你會說他們不可能都贏並且都做同樣的事情，對吧。

But the reality is if we manage to really change the perception or the value of data, which I think we are, because I hear more from customers, more positive and more -- higher willingness to spend for data, and we can go into this more expansionary phase, in the end it should ARPU.

但現實是，如果我們能夠真正改變數據的看法或價值，我認為我們確實做到了，因為我從客戶那裡聽到了更多、更積極、更願意為數據支出的意願，我們可以深入研究這個問題更擴張階段，到底應該ARPU。

It should not be price per gig, or whatever, it should be ARPU.

它不應該是每場演出的價格，或其他什麼，而應該是 ARPU。

Then, some people will focus more on subs, and other people more on service revenues, and other people.

然後，有些人會更專注於訂閱者，其他人會更專注於服務收入，還有其他人。

But at the end of the day, I prefer --look at the UK, for example.

但歸根究底，我更喜歡──以英國為例。

In the UK, we are doing marginally better than even the bigger competitor.

在英國，我們的表現甚至比更大的競爭對手還要好。

I think it's about smart pricing.

我認為這與明智的定價有關。

I think it's about the service that you get.

我認為這與您獲得的服務有關。

I think it's about content that we are bundling together.

我認為這與我們捆綁在一起的內容有關。

That is a positive story.

這是一個正面的故事。

Now, probably, EE will have another positive story.

現在，EE 可能會有另一個積極的故事。

They would tell you, well, I'm not doing exactly the same things but I am doing this.

他們會告訴你，好吧，我沒有做完全相同的事情，但我正在做這個。

Fine.

美好的。

It's conducive to a better environment.

有利於營造更好的環境。

I'm a little bit less optimistic when I hear again sheer customer accounts, or things like that, because it's very easy in our business to inflate customer accounts just by buying growth.

當我再次聽到純粹的客戶帳戶或類似的事情時，我有點不太樂觀，因為在我們的業務中，僅​​僅透過購買成長來增加客戶帳戶是很容易的。

But I would say ARPU, I would say stability and enrichment of price plans is the right way to go in most markets.

但我會說 ARPU，我會說價格計劃的穩定性和豐富性是大多數市場的正確方法。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Now, the second question I had, I don't know how much you can comment on this, but I'll ask nonetheless, just regarding M&A.

現在，我的第二個問題，我不知道你對此有何評論，但我還是會問，只是關於併購。

There's obviously been a lot of speculation in the marketplace around Liberty Global, so I was wondering if you could say whether, a, have you had any discussions with Liberty Global about any kind of potential deal?

顯然，市場上圍繞 Liberty Global 有很多猜測，所以我想知道您是否可以說，您是否與 Liberty Global 就任何潛在交易進行過討論？

And if the answer to that is no, are you tempted to pick up the phone to Mike Fries and see if a deal can be done?

如果答案是否定的，您是否想拿起電話給邁克·弗里斯看看是否可以達成協議？

It seems like most people think there are significant synergies that could be unlocked from such a transaction.

似乎大多數人都認為這樣的交易可以釋放顯著的綜效。

I don't think I have to look at my scripted answers to tell you that I don't comment on what I have done, or what I will do, unless there is something that we need to report about.

我認為我不必查看我的腳本答案來告訴您我不會評論我所做的事情或我將要做的事情，除非有一些我們需要報告的事情。

And if I have not made those comments, it means that there is nothing that I have to report about.

如果我沒有發表這些評論，那就意味著我沒有什麼需要報告的。

In practical terms, we look at assets, we look at countries, and if we find things that make sense, whether it's Liberty, or Hellas Online, or whatever, we look and consider.

實際上，我們會專注於資產，專注於國家，如果我們發現有意義的東西，無論是 Liberty、Hellas Online 還是其他什麼，我們都會進行觀察和考慮。

And if there aren't, we continue with our organic strategy, and we continue with our own Spring investment, and our own commercial [plans].

如果沒有，我們將繼續我們的有機策略，我們繼續我們自己的 Spring 投資，以及我們自己的商業[計劃]。

So, that's the only thing I can say.

所以，這是我唯一能說的。

Mark Wade, Rogge.

馬克韋德、羅格。

Just an extension of that last one.

只是最後一個的延伸。

As we look at the UK, obviously, BTEE, next year you're looking to expand.

當我們看看英國時，很明顯，BTEE，明年您將尋求擴張。

To what extent do you feel under some degree of urgency in terms of your -- how you're going to build out your UK plan?

對於如何制定你的英國計劃，你在多大程度上感到緊迫？

Would you like to get a bit of a front step ahead of that, ahead of BTEE?

您想在 BTEE 之前先行一步嗎？

Obviously, we look at Virgin Media.

顯然，我們關注的是維珍媒體。

Just away from price, operationally, what is the head start you want to get there?

除了價格之外，在營運方面，您想要實現的領先優勢是什麼？

And what and what are the benefits of, say, a transaction with Virgin Media operationally?

比如說，與 Virgin Media 的交易在營運上有什麼好處？

Or can you achieve it purely through organic?

或者你可以純粹透過有機的方式來實現它嗎？

Yes, it's a smart way to re-ask the same question.

是的，這是重新提出相同問題的明智方法。

Let me answer instead a different question, which you didn't ask, which is a question about the UK.

讓我回答一個你沒有問過的不同問題，這是一個關於英國的問題。

First of all, how urgent and how pressed do we feel/do I feel?

首先，我們/我感覺有多緊迫和壓力？

I'm paid to be paranoid, and I'm paid to be -- to feel the urgency.

我被付錢是為了變得偏執，我被付錢是為了感受到緊迫感。

So the answer is I do feel the urgency.

所以答案是我確實感到緊迫。

I am a bit frustrated of the slow and difficult environment for installing equipment in this country.

我對這個國家安裝設備的緩慢和困難的環境感到有點沮喪。

But my colleagues are working hard, and we have improved, as we showed today, the numbers, not as much as Italy, but eventually we will get there.

但我的同事們正在努力工作，正如我們今天所展示的那樣，我們在數字上有所改善，雖然不如義大利那麼多，但最終我們會實現這一目標。

I have -- we have pushed, and Philipp has pushed a lot, to get a broadened offer which can be marketable this summer, and to have a TV offer which is marketable before the end of the year, because I do feel that it is essential to have the whole set of products and services that customers might ask.

我已經——我們已經推動了，菲利普已經推動了很多，以獲得一個可以在今年夏天上市的更廣泛的報價，並在今年年底之前獲得一個可以上市的電視報價，因為我確實覺得它是擁有客戶可能要求的整套產品和服務至關重要。

What I don't feel pressured is, for the time being, to decide, from a pricing perspective, do I want to be completely disruptive; do I want to be moderately disruptive; or do I want to be just another player.

目前，我不覺得有壓力的是，從定價的角度來決定我是否想要完全顛覆；我是否想造成一定程度的破壞？或者我想成為另一個玩家嗎？

That will depend a lot also on what other competitors do, because I'm not the biggest player in the market.

這在很大程度上也取決於其他競爭對手的做法，因為我不是市場上最大的參與者。

So, pressure to deliver, a lot; pressure to disrupt, we will decide.

所以，交付的壓力很大；壓力擾亂，我們將決定。

We will decide, depending on --

我們將根據——

One comment on BTEE, which you kind of implied; it's a deal that has to go through with remedies and with mitigations, otherwise, it's better for it not to go through.

關於 BTEE 的一則評論，你有點暗示了；這是一項必須透過補救措施和緩解措施來達成的協議，否則，最好不要通過。

EE cannot keep the network-sharing agreement with 3. If they keep it, they would have, between 3, O2, and EE, a disproportionate dominant share of the UK mobile traffic.

EE 無法保留與 3 的網路共享協議。如果保留該協議，他們將在 3、O2 和 EE 之間佔據英國移動流量的不成比例的主導份額。

From a regulatory point of view, that should not be allowed, and cannot be allowed.

從監管的角度來看，這是不應該允許的，也是不能允許的。

So they have to give up on that one, otherwise the deal should not go through.

所以他們必須放棄這一點，否則這筆交易就不會成功。

They have to give up some spectrum, because you cannot allow somebody who controls all the fixed lines in the country and the majority of the links to also have 60% of the 4G-ready frequencies.

他們必須放棄一些頻譜，因為你不能允許控制該國所有固定線路和大多數鏈路的人也擁有 60% 的 4G 就緒頻率。

And they have to give a decent fair access to fiber, ideally, with a split of open reach, in practice, probably with strong remedies.

他們必須提供公平的光纖存取機會，理想情況下，開放範圍的劃分，在實踐中，可能需要採取強有力的補救措施。

So, I don't give it for granted that it will go through easily and without landscape changes.

因此，我並不認為它會很容易地通過並且不會發生景觀變化。

If it goes through, I could even support with the right conditions.

如果成功的話，我甚至可以在適當的條件下提供支持。

It is not that we are going to be completely on the side.

這並不是說我們會完全站在一邊。

Yes, there is a much bigger competitor, but we cannot allow to go through without appropriate measures.

是的，有一個更大的競爭對手，但如果沒有採取適當的措施，我們就不能允許它過去。

Jerry Dellis, Jefferies.

傑瑞戴利斯，傑弗里斯。

I've got two questions, please.

我有兩個問題，請教。

Firstly, around content, given the fortress rebuilding activities of Telefonica, and BT, and others using exclusive content to differentiate their service propositions, could there ever be a situation in which maybe on a market-by-market basis Vodafone would consider procuring content directly?

首先，圍繞內容，考慮到 Telefonica、BT 和其他公司利用獨家內容來區分其服務主張的堡壘重建活動，沃達豐是否會根據每個市場的情況考慮直接採購內容？

Or is there enough runway in your current strategy around using wholesale bundles?

或者您目前的策略中是否有足夠的空間來使用批發捆綁？

Then, secondly, a question on wholesale competitors in the mobile arena.

其次，關於行動領域批發競爭對手的問題。

Liberty Global seems to be indicating that European anti-trust remedies offer them interesting access to European mobile.

Liberty Global 似乎表明，歐洲的反壟斷補救措施為他們提供了進入歐洲行動市場的有趣途徑。

TalkTalk last week was suggesting that they can be highly disruptive using a network of 4G femtocells, backed up by a national roaming agreement.

TalkTalk 上週表示，他們可以使用由國家漫遊協議支援的 4G femtocell 網路來實現高度顛覆。

In general, do you think there are conditions now where wholesale competitors in the mobile arena might be capable of being more disruptive in future?

總的來說，您認為現在行動領域的批發競爭對手是否有能力在未來更具顛覆性？

Is that realistic?

這現實嗎？

Is that something you're concerned about?

這是你關心的事嗎？

No, less than in the past, to be honest.

不，老實說，比過去少了。

The whole story of WiFi, femto, hybrid networks, mixed networks, mashed [networks], whatever you call them, it seems to me it's losing traction, rather than getting traction.

WiFi、femto、混合網路、混合網路、混合網路的整個故事，無論你怎麼稱呼它們，在我看來，它正在失去吸引力，而不是獲得吸引力。

Because it's very complicated, and it doesn't deliver a predictable customer experience, and you rely on too many pieces.

因為它非常複雜，並且無法提供可預測的客戶體驗，而且您依賴太多的部分。

As I said in my early answer to Akhil, I think even Liberty is going in a bit of a different direction.

正如我在早期對 Akhil 的回答中所說，我認為即使是 Liberty 也在朝著不同的方向發展。

With all due respect, if you are TalkTalk you have to say that, and you have to say I'm going to be disruptive in mobile.

恕我直言，如果你是 TalkTalk，你必須這麼說，你必須說我將在行動領域帶來顛覆性的改變。

But I think that the worst thing for them is if somebody is disruptive on fixed, because then it's 100% of what they do.

但我認為對他們來說最糟糕的事情是如果有人破壞固定的，因為那麼這就是他們所做的 100% 的事情。

So, I don't think I am more worried.

所以，我不認為我更擔心。

Having said that, yes, in some countries, in some occasions there will be a player who will get very good conditions.

話雖如此，是的，在某些國家、某些場合，會有一名球員獲得非常好的條件。

I mentioned before the Drillisch case.

我之前提到過Drillisch 案。

I remember -- and, again, some of you remember that I said openly that when the German remedies were out I said I don't think it's going to be such a good thing in the long-term because Drillisch could at some point play a more negative role.

我記得——而且，你們中的一些人還記得，我公開說過，當德國的補救措施出台時，我說我認為從長遠來看這不會是一件好事，因為德里利施可能會在某個時候發揮作用扮演更負面的角色。

Now, it has not happened yet, but it could happen.

現在，這還沒有發生，但它可能會發生。

So, we keep our eyes on it, because we have to keep our eyes on it, but I wouldn't say directionally I'm more concerned today than six months ago.

所以，我們會密切關注它，因為我們必須密切關注它，但我不會直接說我今天比六個月前更擔心。

I wouldn't.

我不會。

Content?

內容？

Content.

內容。

Can we procure, Paolo, directly content?

保羅，我們可以直接獲得內容嗎？

I would say it's early for us.

我想說這對我們來說還早。

In some markets, we are starting to think about it.

在一些市場，我們開始考慮這個問題。

It depends a lot also on the regulators.

這在很大程度上也取決於監管機構。

The Spanish regulator has come with a strange thing, that 50% of the channels should be made available at a reasonable price without saying what is reasonable.

西班牙監管機構來了一個奇怪的事情，50%的頻道應該以合理的價格提供，而不說什麼是合理的。

So if the regulators want to have open access to content then there's no need to go and push up the prices.

因此，如果監管機構希望開放內容存取權限，那麼就沒有必要推高價格。

If at some point this becomes a -- BT itself is buying content and de facto not really giving it to everybody.

如果在某個時候這變成了——英國電信本身正在購買內容，但實際上並沒有真正將其提供給每個人。

We have to see whether this becomes a delicate key success factor for winning customers.

我們必須看看這是否成為贏得客戶的微妙關鍵成功因素。

If it does, we will consider it.

如果是的話，我們會考慮的。

But we are still in the building of our base and getting into the big [schemes].

但我們仍在建造我們的基地並進入大型[計劃]。

It's early.

現在還早。

Anybody with a last question?

有人還有最後一個問題嗎？

No?

不？

In which case, I thank you.

在這種情況下，我謝謝你。

And I hope next time we see you it's not only about revenue growth, but also EBITDA growth.

我希望下次我們見到您時，不僅涉及收入成長，還涉及 EBITDA 成長。