Vodafone Group PLC (VOD) 2021 Q4 法說會逐字稿

Good morning. And welcome to our results presentation. You'll see on our website that you have the full detailed presentation and now we will go into Q&A. But before we do, I just thought I'd just take a couple of minutes to just go through the key highlights.

早上好。歡迎來到我們的結果展示。您將在我們的網站上看到完整的詳細演示文稿，現在我們將進入問答環節。但在我們這樣做之前，我只是想我只需花幾分鐘時間來了解一下關鍵亮點。

I'm pleased with our resilient performance in FY '21 despite a very challenging period for everyone. We met all of our guidance, generated EUR 5 billion of free cash flow pre spectrum and confirmed a stable dividend of EUR 0.09. We've delivered 10 consecutive quarters of lower churn and added over 1.4 million NGN fixed broadband customers this year, exiting this year with growth.

儘管對每個人來說都是一個非常具有挑戰性的時期，但我對我們在 21 財年的彈性表現感到滿意。我們達到了我們的所有指導，產生了 50 億歐元的自由現金流，並確認了 0.09 歐元的穩定股息。我們已經連續 10 個季度實現了較低的客戶流失率，今年新增了超過 140 萬的 NGN 固定寬帶用戶，今年以增長退出。

We've also continued to drive efficiencies and achieved our EUR 1.2 billion net OpEx savings target we established 3 years ago. And we're ahead of our plan on integrating Liberty assets and have successfully IPO-ed Vantage Towers. So I would say a strong delivery across our strategic priorities.

我們還繼續提高效率，實現了 3 年前製定的 12 億歐元淨運營支出節省目標。我們領先於整合 Liberty 資產的計劃，並成功完成了 IPO 的 Vantage Towers。因此，我想說的是我們的戰略重點的強大交付。

But the world has changed around us in many, many ways, positive, negatively. But for us, I think this is a really unique moment in time. The pandemic has effectively accelerated digitalization by 5 years. And in addition to that, you have the EU recovery funds that are going directly to digital, further accelerating these trends.

但是我們周圍的世界已經在很多方面發生了變化，積極的，消極的。但對我們來說，我認為這是一個非常獨特的時刻。大流行有效地將數字化加速了5年。除此之外，您還擁有直接用於數字化的歐盟復甦基金，進一步加速了這些趨勢。

I feel the hard work and the focus that we've had as a management team over the last 3 years has really positioned us to grab that opportunity and advance to the next phase of our strategy to ensure that we capture that demand. And our focus is being a new-generation connectivity and digital services provider.

我覺得我們作為一個管理團隊在過去 3 年中所做的辛勤工作和專注確實使我們能夠抓住這個機會並推進我們戰略的下一階段，以確保我們捕捉到這種需求。我們的重點是成為新一代連接和數字服務提供商。

Now today, for the first time, we've provided our mid-term ambition targets with a clear strategic focus on growth. So that's growth in service revenue, importantly in Europe as well as Africa, growth in EBITDA and free cash flow and growth in return in capital ultimately above WACC over the medium term.

今天，我們第一次為我們的中期雄心目標提供了明確的增長戰略重點。這就是服務收入的增長，重要的是在歐洲和非洲，EBITDA 和自由現金流的增長以及資本回報的增長最終在中期內高於 WACC。

We have a window of opportunity to deliver this growth and we're choosing to invest more. Whilst our incremental investment in 5G will continue to be funded through internal efficiencies, we do plan to step up investment in high-return opportunities, particularly Vodafone Business and Vantage Towers. Underpinning all of this is a firm commitment to our dividend.

我們有機會實現這種增長，我們選擇進行更多投資。雖然我們對 5G 的增量投資將繼續通過內部效率獲得資金，但我們確實計劃加大對高回報機會的投資，特別是 Vodafone Business 和 Vantage Towers。所有這一切的基礎是對我們股息的堅定承諾。

And with that, Margherita in Vodafone red colors and myself will take your questions.

有了這個，沃達丰紅色的瑪格麗特和我自己會回答你的問題。

Our first question comes from Jakob Bluestone at Crédit Suisse.

我們的第一個問題來自瑞士信貸的 Jakob Bluestone。

Maybe if I can just pick up on that final point around CapEx and investments. I guess, the CapEx is the main reason today that the free cash flow guidance is a bit below consensus. I think if we include the Vantage growth investments, your CapEx would be around 5% above consensus for FY '22. I was hoping you could maybe just expand a little bit on the CapEx.

也許如果我能了解關於資本支出和投資的最後一點。我想，資本支出是今天自由現金流指引略低於共識的主要原因。我認為，如果我們將 Vantage 增長投資包括在內，您的資本支出將比 22 財年的共識高出約 5%。我希望您可以稍微擴展一下資本支出。

Where is it going? If we look at FY '21, in particular, you had a sort of quarter increase in network coverage and capacity. Is that where the money is going? And if you can sort of explain a bit what is it that gives you the confidence that this will drive top line growth. And is this the peak of CapEx? Or will you see it continuing to rise from here?

它要去哪裡？如果我們特別看一下 21 財年，您的網絡覆蓋範圍和容量會增加四分之一。那是錢的去向嗎？如果你能稍微解釋一下，是什麼讓你相信這將推動收入增長。這是資本支出的頂峰嗎？或者你會看到它繼續從這裡上升嗎？

Well, Jakob, maybe Margherita, you want to go through where we're investing in the CapEx and then maybe I'll return to the important subject of growth.

好吧，Jakob，也許是 Margherita，你想了解一下我們投資資本支出的地方，然後也許我會回到增長這一重要主題。

Sure. Jakob, I will, for simplicity, bridge the CapEx between the pre-pandemic world to FY '20 and where we are planning to go post pandemic. And you have seen in my presentation a slide that was effectively doing the bridge to FY '22. So if you look at the increase between pre pandemic and post pandemic, the CapEx are going essentially into 2 different areas.

當然。 Jakob，為簡單起見，我將在大流行前世界與 20 財年以及大流行後計劃去的地方之間架起資本支出的橋樑。你已經在我的演示文稿中看到了一張幻燈片，它有效地為 22 財年搭建了橋樑。因此，如果您查看大流行前和大流行後之間的增長，資本支出基本上將進入兩個不同的領域。

The first one, which you mentioned, is network performance, it's connectivity. We have seen our customers' behaviors changing significantly this year. And it's a change that we now see as structural in a number of areas. I mentioned earlier in the presentation that fixed traffic is growing at a rate which is 50% higher today than it was before. So we are spending more to service our network performance, which in turn will support our commercial momentum at a point in time in which customers have never been as focused, I would say, on quality as they are today.

你提到的第一個是網絡性能，它是連接性。今年，我們看到客戶的行為發生了顯著變化。這是一種我們現在認為在許多領域具有結構性的變化。我之前在演示文稿中提到，固定流量的增長速度比以前高出 50%。因此，我們花費更多資金來服務我們的網絡性能，這反過來將支持我們在客戶從未像現在這樣專注於質量的時間點上的商業勢頭。

And if you look at the increase in CapEx, I would say about 1/3 goes into this network performance investment. The remaining 2/3 are going into new growth areas. The first 1/3 is going to be focused on digital platforms and services because we believe we have some really strong business cases to grow in those areas. And as Nick mentioned, with the support of the European recovery fund in the background, mostly see these in areas such as Vodafone Business, where we explained in the Capital Market Day that we have recently had what type of opportunities that we believe we have.

如果你看看資本支出的增長，我會說大約 1/3 用於網絡性能投資。剩下的 2/3 將進入新的增長領域。前 1/3 將專注於數字平台和服務，因為我們相信我們在這些領域有一些非常強大的商業案例可以發展。正如尼克所提到的，在歐洲復甦基金的背景下，主要在沃達丰業務等領域看到這些，我們在資本市場日解釋說，我們最近擁有我們認為我們擁有的類型的機會。

The second growth area, so the final 1/3 of the spend, is going into Vantage growth CapEx. And again, another area that as business is going to give us returns in excess of our cost of capital and therefore support our target to deliver returns above WACC in the mid-term. You also asked where are you spending in the networks? Is it capacity? You have seen a step-up in FY '21. As we move into FY '22, the capacity investment will go back down. But also, we will have an acceleration of the 5G investment that will sort of compensate for that. So that's why also in the mid-term, I see this third additional CapEx go into network performance.

第二個增長領域，即最後 1/3 的支出，將進入 Vantage 增長資本支出。再說一次，另一個業務領域將給我們帶來超過資本成本的回報，因此支持我們在中期實現高於 WACC 回報的目標。您還問過您在網絡上的支出在哪裡？是容量嗎？您在 21 財年看到了進步。隨著我們進入 22 財年，產能投資將回落。而且，我們將加速 5G 投資，這將在某種程度上彌補這一點。所以這也是為什麼在中期，我看到第三個額外的資本支出進入網絡性能。

And maybe just building on the growth and sort of confidence in growth, I think it's really important to understand, we are exiting in growth and actually, excluding roaming, quarter 4 is a 1.7% growth rate, which, of course, will come through as we move into quarter 1 and start lapping the roaming impact. So we have momentum, we are growing. This is not CapEx to create growth, it's CapEx to accelerate our growth profile.

也許只是建立在增長和對增長的信心之上，我認為理解這一點非常重要，我們正在退出增長，實際上，不包括漫遊，第 4 季度的增長率為 1.7%，這當然會實現當我們進入第 1 季度並開始體驗漫遊影響時。所以我們有動力，我們正在成長。這不是創造增長的資本支出，而是加速我們增長的資本支出。

And I look at it in three ways. First of all, Vodafone Business is about 30% of the group. Vodafone Business, excluding roaming, growing at, let's call it, around 2% and accelerating. I really think Vinod highlighted that we have a very unique position. It's really important to understand that there's only 2 players in the business segment in each of the market, us and the incumbent, and we are taking market share. And we're taking market share because we have a unique scale. We have unique scale in terms of footprint, in terms of platform, in terms of strategic partnerships.

我從三個方面來看待它。首先，沃達丰業務約佔集團的 30%。沃達丰業務，不包括漫遊，增長，我們稱之為，大約 2% 並且還在加速。我真的認為維諾德強調我們有一個非常獨特的位置。了解每個市場的業務部門只有 2 個參與者，我們和現任者，並且我們正在佔據市場份額，這一點非常重要。我們正在佔據市場份額，因為我們擁有獨特的規模。我們在足跡、平台、戰略合作夥伴關係方面具有獨特的規模。

We address all of the segments, from public, corporate, SME, SoHo. And now you're going to get the EU recovery funds being very targeted into SME digitalization and we are the SME champion. So I think that is a natural growth area plus public investments into e-government initiatives, smart cities and various others, e-health. And therefore, we can also play a significant role in that.

我們解決所有細分市場，從公共、企業、中小企業、SoHo。現在，歐盟復甦基金將非常有針對性地用於中小企業數字化，而我們是中小企業的冠軍。所以我認為這是一個自然增長的領域，加上對電子政務計劃、智慧城市和其他各種電子醫療的公共投資。因此，我們也可以在其中發揮重要作用。

Then you go into what is just over 50%, which is European consumer. We see that moving into growth. We see it moving into growth because we have effective second brand strategy in the value tier. In the main mid- to high end with the Vodafone brand, we have taken fixed share. We're driving unlimited and driving convergence and adding digital services on top. We're also looking to the U.K. change, which has moved to a CPI/RPI model. And we are taking that model and putting that condition into our contract through Europe to provide us optionality to move towards a more investment-led pricing model going forward.

然後你進入剛剛超過 50% 的部分，即歐洲消費者。我們看到這正在進入增長階段。我們認為它正在進入增長階段，因為我們在價值層擁有有效的第二品牌戰略。在以沃達丰品牌為主的中高端市場，我們佔據了固定份額。我們正在推動無限，推動融合，並在頂部添加數字服務。我們也在關注英國的變化，它已經轉向 CPI/RPI 模型。我們正在採用這種模式，並將這種條件納入我們通過歐洲的合同中，為我們提供選擇權，以朝著更加以投資為導向的定價模式邁進。

And then I take the last, let's call it, just over 15%, which is emerging consumer. And here, we are obviously going through the path of upgrading from 2G, 3G, 4G penetration. That moves ARPUs up through higher usage of data. And of course, we've got financial services, which is already over 10% of, well, digital services and financial services combined, over 10% of the service revenue of our emerging markets and growing in double digits, which we see as a really differentiated position versus other players in the market.

然後我選擇最後一個，我們稱之為，剛剛超過 15%，這是新興消費者。而在這裡，我們顯然正在經歷從2G、3G、4G滲透升級的路徑。這通過更高的數據使用率提高了 ARPU。當然，我們的金融服務已經占到數字服務和金融服務總和的 10% 以上，佔新興市場服務收入的 10% 以上，並且以兩位數的速度增長，我們認為這是與市場上的其他參與者真正不同的位置。

And then of course, you've got roaming, which we lapped, and then will start to contribute to growth. And I see that contributing over the next 2 to 3 years. And then finally, wholesale deals, like in Italy, that we've managed to secure. So we have many drivers of that top line growth that gives us confidence.

然後當然，你有漫遊，我們圈了，然後將開始為增長做出貢獻。我認為這會在未來 2 到 3 年內做出貢獻。最後是批發交易，比如在意大利，我們設法確保了這一點。因此，我們有許多推動收入增長的驅動因素，這給了我們信心。

Our next question comes from David Wright from Bank of America, Merrill Lynch.

我們的下一個問題來自美國銀行美林證券的大衛賴特。

I might just have to follow a little on Jakob there. So if we think about those moving parts, the Vantage growth CapEx on the BTS is obviously -- there's a hump to that. You've got the build of the towers maybe sort of coming through full year '24 -- full year '23/'24, but then that should slow. I guess, the question is then whether the digital services and platforms investment is a little more accelerated upfront.

我可能只需要關註一下那裡的 Jakob。因此，如果我們考慮這些移動部件，BTS 上的 Vantage 增長資本支出顯然是 - 有一個駝峰。塔樓的建造可能會在 24 年全年 - 23 年/24 年全年完成，但那應該會放緩。我想，問題是數字服務和平台的投資是否會提前一點加速。

Ultimately, the answer I'm trying to find is whether this kind of EUR 8 billion CapEx that seems to be broadly baked into the mid-term guidance is now the levels to run forward or whether there is a little bit of upfront investment in that, that we could see that CapEx level sort of dipping beyond that.

最終，我試圖找到的答案是，這種似乎被廣泛納入中期指導的 80 億歐元資本支出現在是否已達到預期水平，或者是否有一些前期投資，我們可以看到資本支出水平有所下降。

And I guess just the obvious follow-on, on your comment on the fixed line CapEx, that then is surely quite focused in Spain. And I'm still struggling to understand how Spain looks like it's going to meet your return on capital framework. And obviously, any comments on what may or may not have happened with MÁSMÓVIL would be super interesting.

我想這只是明顯的後續，關於你對固定線路資本支出的評論，那肯定是非常關注西班牙的。而且我仍在努力了解西班牙如何滿足您的資本回報率框架。顯然，任何關於 MÁSMÓVIL 可能發生或未發生的事情的評論都會非常有趣。

Well, maybe I'll cover the latter Spain points and you want to cover upfront?

好吧，也許我會涵蓋後者的西班牙積分，而您想預先涵蓋？

Sure. In terms of capital intensity and how we see this unfolding over time, as you have seen, we have been very specific on the expectation, as you mentioned, for FY '22. As we look to the mid-term, we have been giving you two important reference point, our expectation of EBITDA growth, mid-single-digit, and free cash flow growth, also mid-single-digit. We have not guided to a specific mid-term number of capital intensity or CapEx as such because we think it's important to retain a degree of flexibility in this equation. And this is very much linked to the part of the CapEx that we are investing into growth, growth CapEx for Vantage, which, of course, will be lumpy by nature, and also the growth opportunities in the digital services, which in turn will depend on our business cases.

當然。正如您所見，就資本密集度以及我們如何看待這種情況隨著時間的推移而展開而言，正如您所提到的，我們對 22 財年的預期非常具體。當我們展望中期時，我們一直在為您提供兩個重要的參考點，我們對 EBITDA 增長的預期（中個位數）和自由現金流增長（也是中個位數）。我們沒有指導具體的中期資本密集度或資本支出，因為我們認為在這個等式中保持一定程度的靈活性很重要。這與我們投資於增長的部分資本支出密切相關，Vantage 的增長資本支出，當然，本質上是不穩定的，以及數字服務的增長機會，這反過來將取決於關於我們的商業案例。

But if you want to sort of work out a little bit the financial equation in all this, if you look at the midpoint of mid-single-digit EBITDA growth and you bridge it to the free cash flow growth, you will realize that once you take into account tax, of course, as EBITDA growth, it will be taxed, and then also the gradual unwind of the working capital support that we have had in the year just gone, you will realize that actually the variability is quite limited. I think you also asked whether we expect then CapEx to decrease after the ambition period of the mid-term. And I think this gets us a long way away, I would say. So maybe what we can call out today is, yes, there could be scenarios going in this direction, I would say, mainly for two reasons.

但是，如果您想在這一切中稍微計算一下財務等式，如果您查看中個位數 EBITDA 增長的中點，並將其與自由現金流增長聯繫起來，您就會意識到，一旦您考慮到稅收，當然，隨著 EBITDA 的增長，它會被徵稅，然後我們在剛剛過去的一年中所擁有的營運資金支持的逐步解除，你會意識到實際上可變性是非常有限的。我想您還問過我們是否預計資本支出會在中期雄心期過後減少。我認為這讓我們走得很遠，我會說。所以也許我們今天可以說的是，是的，可能會有朝這個方向發展的情景，我想說，主要有兩個原因。

One is again the business cases of the growth. I mean, we will invest for as long as we see this significant opportunity. And as Nick mentioned, I think this is a really important point in time for that. So we will have to see in the long term what happens. And also in terms of technology cycles, I suppose at some point, we will move over the 5G cycle and we will need to see what's the next technology there. But again, it's a bit of a long way away. And I think it's worth noting that we have been, for the first time, detailing quite clearly what our overall midterm ambition is. And I think this gives you some pretty clear goalposts overall.

一是再次增長的業務案例。我的意思是，只要我們看到這個重要的機會，我們就會進行投資。正如尼克所說，我認為這是一個非常重要的時間點。因此，我們必須從長遠來看會發生什麼。而且在技術週期方面，我想在某個時候，我們將跨越 5G 週期，我們需要看看那裡的下一個技術是什麼。但同樣，它還有很長的路要走。我認為值得注意的是，我們第一次非常清楚地詳細說明了我們的總體中期目標是什麼。而且我認為這總體上為您提供了一些非常明確的目標。

Just maybe, David, just turning to Spain. I mean, look, I'm not going to engage in a narrative around market speculation. I don't think you would expect us to. What I would say is that we have made it very clear that we are always open to market consolidation that adds value for our shareholders. And we actively engage with players throughout the whole of Europe and our markets. What I would say is that, obviously, MÁSMÓVIL has gone for a, let's say, very logical, very safe option in terms of consolidation with another value player. I see that having moderate impacts on the marketplace.

只是也許，大衛，只是轉向西班牙。我的意思是，聽著，我不會圍繞市場投機進行敘述。我不認為你會期望我們這樣做。我想說的是，我們已經非常清楚地表明，我們始終對為股東增加價值的市場整合持開放態度。我們積極與整個歐洲和我們市場的參與者互動。我想說的是，很明顯，MÁSMÓVIL 已經選擇了一個非常合乎邏輯、非常安全的選擇，與另一位價值玩家合併。我看到這對市場產生了適度的影響。

I think for us, personally, we are very much focused on our organic strategy. And to your point about market WACC in Spain, we work very hard with the team in terms of always going through the local plan. And what I would say is it's a number of elements. First of all, we will be accelerating Vodafone Business. We see it as a huge opportunity with the EU recovery funds. Actually, Spain will be receiving the largest amount of EU recovery funds. You see that in one of the charts in the presentation. And that plays very much squarely into our advantages as a company.

我認為就我們個人而言，我們非常關注我們的有機戰略。至於你關於西班牙市場 WACC 的觀點，我們與團隊一起努力工作，始終貫徹當地計劃。我要說的是它有很多元素。首先，我們將加速沃達丰業務。我們認為這是歐盟復甦基金的巨大機遇。實際上，西班牙將獲得最多的歐盟復甦資金。您可以在演示文稿的一張圖表中看到這一點。這在很大程度上體現了我們作為一家公司的優勢。

I would say we've got a very effective dual brand strategy in consumer. Lowi has been very effective at the low end. And what we've done at the higher end with the Vodafone brand is really drive unlimited into the base and in commitment into the base and convergence. So I mean, we have a very resilient position. I think that's showing in our commercial performance. I'd say the other added extras that we've been working on is engagement with government. I went to see the president, the economy minister, very good meeting. They really understand the criticality and importance of our sector and our business. And they've been very proactive in terms of coming up with initiatives.

我想說我們在消費者方面有一個非常有效的雙品牌戰略。 Lowi在低端非常有效。我們在更高端的 Vodafone 品牌所做的確實是無限制地進入基地，並承諾進入基地和融合。所以我的意思是，我們有一個非常有彈性的位置。我認為這在我們的商業表現中有所體現。我想說我們一直在努力的其他附加功能是與政府合作。我去看了總統，經濟部長，非常好的會面。他們真正了解我們的行業和業務的重要性和重要性。他們在提出倡議方面非常積極主動。

You will have heard discussions around extending spectrum from 20 years to 40 years, also some tax concessions to support the sector. So I think these are really positive moves to improve returns. And that was my point to the president, "We need to improve returns for the sector. You need our services to be competitive as a country." And then finally, what I'd say is network sharing. We've yet to see the benefits of network sharing. We continue to look at ways we can share more and accelerate our digital capabilities so that we drive more efficiencies in channel mix and various other things.

您將聽到有關將頻譜從 20 年延長至 40 年的討論，以及一些支持該行業的稅收優惠。所以我認為這些都是提高回報率的真正積極舉措。這就是我對總統的看法，“我們需要提高該行業的回報。你需要我們的服務作為一個國家具有競爭力。”最後，我要說的是網絡共享。我們還沒有看到網絡共享的好處。我們將繼續尋找可以分享更多內容並加速我們的數字能力的方法，以便我們在渠道組合和其他各種方面提高效率。

And just maybe, David, coming back to a point you made, just to reposition, you said we may invest significantly more into Spain on the back of this additional envelope. And I think it's important to point out that's not the case. Our capital allocation is clearly a process very much driven forensically by returns. And the majority of the additional investment is essentially going to two areas.

大衛，也許回到你剛才提出的觀點，只是為了重新定位，你說我們可能會在這個額外的信封的背面對西班牙進行更多的投資。我認為重要的是要指出事實並非如此。我們的資本分配顯然是一個非常受回報驅動的過程。大部分額外投資基本上都流向了兩個領域。

One is Germany, as it should, of course. And then the other for platforms and, of course, for Vantage is central activities. You will have seen that we have recently changed our operating model in technology to have a single team driving Europe technology. And we want to make sure that this new development, these new investments, are done once for the benefits of all the markets. So I just wanted to point out, it's really Germany and central development.

一個是德國，當然應該如此。然後是平台，當然還有 Vantage 的另一個是中心活動。你會看到我們最近改變了我們在技術方面的運營模式，讓一個團隊來推動歐洲技術。我們希望確保這種新的發展，這些新的投資，為了所有市場的利益而一次性完成。所以我只想指出，這真的是德國和中央發展。

That's super clear. Maybe Nick, just one follow-on, just on the return on capital profile of Spain. I mean, you've kind of been lagging sort of 2, 3 years since you really made ROCE a kind of a core hurdle for these regions. Do you think Spain is a cost of capital-plus business on a 2-year view, if you kind of put in a 5-year envelope around this kind of return on capital ambition? Is Spain there? Or do you need to -- does it need some kind of additional restructuring, do you think, to make it great?

這超級清楚。也許尼克，只是一個後續，只是關於西班牙的資本回報率。我的意思是，自從你真正讓 ROCE 成為這些地區的核心障礙以來，你已經有點落後了 2、3 年。如果你把這種資本回報率的目標放在一個 5 年的信封裡，你認為西班牙是一個 2 年的資本加成企業嗎？西班牙在嗎？或者你是否需要——你認為它是否需要某種額外的重組才能讓它變得更好？

I think it needs three things. It needed, first of all, digital acceleration. We're going to get that post pandemic. So we've revised our plans in terms of the pace at which we're moving on digital. It needed network sharing and deeper sharing and we're engaged on that. And the third, it needed a little bit more support from the government and funding, and we're getting both of those things. So what I'd say is we're tracking well for the plan.

我認為它需要三件事。首先，它需要數字加速。我們將得到那個後大流行。因此，我們根據我們在數字化方面的發展速度修改了我們的計劃。它需要網絡共享和更深入的共享，我們正在致力於此。第三，它需要政府和資金的更多支持，我們正在得到這兩方面的支持。所以我想說的是，我們正在很好地跟踪計劃。

Our next question comes from James Ratzer at New Street.

我們的下一個問題來自 New Street 的 James Ratzer。

Great. So two questions, please. The first one was just regarding your medium-term growth ambition mid-single-digit and tying that in with the accelerated investment you're making at the moment. I mean, I think your guidance for this year would imply around 3% to 5% organic EBITDA growth. So to hit mid-single-digit growth and tying in with the incremental investment you're making, is it fair to assume you're baking in EBITDA growth beyond FY '22 going above 5% to start seeing the return from these new investments that you're making?

偉大的。請教兩個問題。第一個只是關於你的中期增長目標是中個位數，並將其與你目前正在進行的加速投資聯繫起來。我的意思是，我認為您對今年的指導將意味著有機 EBITDA 增長約 3% 至 5%。因此，為了實現中個位數的增長並與您正在進行的增量投資相匹配，假設您在 22 財年之後的 EBITDA 增長超過 5% 以開始看到這些新投資的回報是否公平？你在做什麼？

And then secondly, just on a point of detail around the Vantage growth CapEx for this year that you're taking out of the free cash flow guidance, I mean, I'm thinking that should be around EUR 200 million. Could you just give us some steer if you think that's a sensible number for this year? And could you explain to us what's the logic for taking out the build-to-suit CapEx out of the free cash flow guidance? Given Vantage, I think, is doing all of its build-to-suit for Vodafone, I would have thought you'd have been making that investment anyway, whether Vantage had been an independent company or not. So just needed to understand the logic for stripping that out of the official free cash flow guidance.

其次，關於今年 Vantage 增長資本支出的一個細節，你從自由現金流指導中剔除，我的意思是，我認為應該在 2 億歐元左右。如果您認為今年的數字是合理的，您能給我們一些指導嗎？您能否向我們解釋從自由現金流指導中剔除量身定制的資本支出的邏輯是什麼？我認為，鑑於 Vantage 正在為 Vodafone 量身定制所有產品，我會認為無論如何你都會進行這項投資，無論 Vantage 是否是一家獨立公司。因此，只需要了解將其從官方自由現金流指導中剔除的邏輯即可。

James, I'll let Margherita handle your three-part question.

詹姆斯，我會讓瑪格麗特處理你的三部分問題。

So if we start from maybe the last question. And actually, thank you for asking about this today because I think it's an important point. It's a change of perimeter on our free cash flow guidance, so it's helpful that we have a full discussion. First of all, the reason why we are doing this is because clearly, we now have a tower company in our mix. And we need to adopt the standards of the sector of the tower companies. Because the growth CapEx are, by nature, lumpy in the towers world and we can add new opportunities of build-to-suits or ground lease buyout programs, clearly this will vary over time. And in that sense, it is appropriate to give a guidance before this variability. Now I'm specifying guidance or ambition in this case before Vantage growth CapEx. Because clearly, as we will publish our results in actuals, you will always find our free cash flow net of everything to the bottom line, so clearly full transparency there. But we want the flexibility for Vantage Towers to invest when the good business cases come up essentially.

因此，如果我們從最後一個問題開始。實際上，感謝您今天提出這個問題，因為我認為這很重要。這是我們自由現金流指導範圍的變化，因此我們進行全面討論會很有幫助。首先，我們這樣做的原因顯然是因為我們現在有一家鐵塔公司。我們需要採用鐵塔公司部門的標準。因為資本支出的增長本質上在塔樓世界中是不穩定的，我們可以添加新的建造套裝或地面租賃收購計劃的機會，顯然這會隨著時間而變化。從這個意義上說，在這種可變性之前給出指導是合適的。現在，我在 Vantage 增長資本支出之前在這種情況下指定指導或目標。因為很明顯，當我們將公佈我們的實際結果時，你總是會發現我們的自由現金流淨值是所有東西的底線，所以那裡顯然是完全透明的。但我們希望 Vantage Towers 在良好的商業案例出現時能夠靈活地進行投資。

You also asked about why do you include build-to-suit in the growth CapEx, given it's mostly dedicated to Vodafone, again following industry practice, what is in and what isn't in the growth CapEx. First of all, what is not is the ongoing maintenance CapEx of Vantage expects those to be fully embedded in our guidance and in our targets. What is out is again it's project activities. And typically, it's build-to-suit and ground lease buyout and lease renegotiations, see, these as the sort of three big buckets. And if you think about it, as I think I already mentioned previously, when Vantage will make its investment choices, it will prioritize areas where Vodafone would have behaved differently. I think it's perfectly clear when we talk about ground lease buyouts, we would never have prioritized this in our CapEx envelope.

您還詢問了為什麼要在增長資本支出中包括定制，因為它主要致力於沃達丰，再次遵循行業慣例，增長資本支出中有什麼，什麼沒有。首先，不是 Vantage 的持續維護資本支出預計這些將完全嵌入我們的指導和目標中。出來的又是它的項目活動。通常，它是量身定制和地面租賃買斷和租賃重新談判，看，這些是三大類。如果你想一想，正如我之前已經提到的那樣，當 Vantage 做出投資選擇時，它將優先考慮沃達丰表現不同的領域。我認為當我們談論土地租賃買斷時，這非常清楚，我們永遠不會在我們的資本支出信封中優先考慮這一點。

But also when you think about coverage investments and the build that Vantage is now doing for Vodafone, in the pre-Vantage world, we would have chosen a different type of mix on delivery of the coverage expansion, which would not be just build new sites but would also, of course, include, and I think you have seen us doing that, include third-party sites and leases, so a very different approach now that Vantage is there. And I think you will also see it when you look at FY '21, where Vantage started operating but still didn't accelerate and the growth CapEx with similar definition were effectively immaterial in FY '21. But we see this as clearly positive, and we want to -- Vantage to invest because it allows us to take a greater share of industry value going forward. So we want to take that opportunity.

但是，當您考慮到覆蓋投資和 Vantage 現在為 Vodafone 所做的構建時，在 Vantage 之前的世界中，我們會在提供覆蓋擴展時選擇不同類型的組合，而不僅僅是構建新站點但當然，也包括，我想你已經看到我們這樣做了，包括第三方網站和租約，所以現在有 Vantage 是一種非常不同的方法。而且我認為，當您查看 21 財年時，您也會看到它，Vantage 開始運營但仍未加速，具有類似定義的增長資本支出在 21 財年實際上並不重要。但我們認為這顯然是積極的，我們希望 - Vantage 進行投資，因為它使我們能夠在未來獲得更大的行業價值份額。所以我們想抓住這個機會。

And I think you said what number should we expect. Here, maybe two reference points. At the Capital Market Day, Vinod, I think, showed a very clear slide on the plans that he was foreseeing on build-to-suit, GLBO and the like. And I think if you take the numbers in that slide in aggregate, you come to a conclusion of around EUR 300 million per year of run rate. Please keep in mind that on top of that, we have given Vantage the ability to, within its leverage, have another EUR 1 billion of additional investment port that can be either dedicated to inorganic, so M&A, but equally could go, if the right opportunities come up, for build-to-suits for many other operators to go towards organic. Of course, this will be phased over time.

我想你說過我們應該期待什麼數字。在這裡，也許有兩個參考點。我認為，在資本市場日，維諾德在他所預見的定制、GLBO 等計劃上表現出了非常明顯的下滑。而且我認為，如果您匯總該幻燈片中的數字，您會得出每年運行率約為 3 億歐元的結論。請記住，除此之外，我們還讓 Vantage 能夠在其影響力範圍內再獲得 10 億歐元的額外投資端口，該端口可以專門用於無機、併購，但如果合適的話，同樣可以進行機會來了，為許多其他運營商量身打造有機產品。當然，這將隨著時間的推移而分階段進行。

Going back to your previous question then, I think it was around how do we read the mid-term a mid-single-digit EBITDA phasing. On the first year, where we have the traditional guidance, actually the growth rates are slightly higher than the one you mentioned. The lower end of the range is 3%, the higher end of the range is above 5%. It's around 5.5% if you work out the math. So I would say we are getting clearly into the trajectory. How you read the trajectory is we're not giving annual guidance with this mid-term ambition. We are rather setting, if you want, the view you should have if you come to mid-term and look back, and you look back at what has been the average over the years. And there will be some years which will be a little bit higher, some years maybe a little bit lower. I think we have already given quite a lot of visibility in these numbers around how we see the trajectory unfolding.

回到你之前的問題，我認為這是關於我們如何閱讀中期一個中個位數的 EBITDA 階段。在我們有傳統指導的第一年，實際上增長率略高於你提到的那個。範圍的下限為 3%，範圍的上限高於 5%。如果你算一下，它大約是 5.5%。所以我想說我們正在清楚地進入軌跡。您如何閱讀軌跡是我們沒有提供具有這種中期雄心的年度指導。如果你願意，我們會設置你應該擁有的觀點，如果你來到中期並回顧過去，你會回顧這些年來的平均水平。有些年份會高一點，有些年份可能會低一點。我認為我們已經在這些數字中提供了很多關於我們如何看待軌跡展開的可見性。

Do you think that's just going to be, given the new investments you're making, you'd have, I mean, high levels of confidence we could hopefully get up towards the higher end of that range over the medium term?

你認為這只是，考慮到你正在進行的新投資，我的意思是，你會有很高的信心，我們有希望在中期上升到該範圍的高端？

I think, actually, you're right. I wasn't sort of completing your question. I think in terms of phasing, you were right when you were explaining how you imagine in terms of sequence in the sense that we are growing to invest to grow in a way in our plan. So we have high confidence on the short-term growth because it's happening now on the back of the execution of the strategy. And we will use some of this growth to invest as we have just described. And in turn, these investments will drive further growth, which, of course, will come in 2, 3 years' time, depending on the type of business cases.

我認為，事實上，你是對的。我沒有完成你的問題。我認為就分階段而言，當您解釋您如何按照順序進行想像時，您是對的，因為我們正在投資以按照我們的計劃進行增長。因此，我們對短期增長充滿信心，因為它現在正在執行戰略的背後發生。正如我們剛剛描述的那樣，我們將利用其中的一些增長進行投資。反過來，這些投資將推動進一步的增長，當然，這將在 2、3 年後實現，具體取決於業務案例的類型。

Our next question comes from Sam McHugh from Exane.

我們的下一個問題來自 Exane 的 Sam McHugh。

Two questions, sorry. One is very short. Just on tax, I don't know if you are planning to make use of these goodwill amortization schemes in Italy and whether -- what you're assuming for cash tax in FY '22 and then maybe next year as well. And then secondly, just big picture on Vantage. Now the IPO is done, I think investors generally don't like free cash flow definitions ex this and ex that.

兩個問題，不好意思。一個很短。就稅收而言，我不知道您是否打算在意大利使用這些商譽攤銷計劃，以及您是否在 22 財年以及明年可能會假設現金稅。其次，只是 Vantage 上的大圖。現在 IPO 已經完成，我認為投資者通常不喜歡自由現金流的定義。

And people are a bit skeptical about looking through the growth CapEx. How do you feel about being the majority owner still of Vantage? It does feel like deconsolidating it, it could be more levered, you wouldn't have to recognize the growth CapEx. Has your views changed at all in the last 6 months around that?

人們對查看增長的資本支出持懷疑態度。作為 Vantage 的大股東，您感覺如何？它確實感覺像是拆散它，它可以更有槓桿作用，你不必承認資本支出的增長。在過去的 6 個月裡，您的觀點是否發生了變化？

Can I take the tax first?

我可以先報稅嗎？

Yes, take that.

是的，拿那個。

So in terms of Italy, yes, there is an opportunity to effectively, for tax reason, restart depreciations of assets which have been fully amortized already. And we are looking into it. The only thing I would say at this stage is, in the context of the group tax bill, don't see this as very material as an opportunity. I think the best way to look at our CapEx projection -- sorry, tax projection is, start from this year, you have seen EUR 1 billion of cash tax in our free cash flow and see this as growing over time together with our EBITDA growth. We've been quite specific in the press release in terms of our expectation on effective tax rates. And we see this in the sort of high 20s going forward. So I think you can easily do the math from there.

因此，就意大利而言，是的，出於稅收原因，有機會有效地重啟已經完全攤銷的資產折舊。我們正在調查它。在這個階段我唯一想說的是，在團體稅收法案的背景下，不要把這看作是一個非常重要的機會。我認為查看我們的資本支出預測的最佳方式 - 抱歉，稅收預測是，從今年開始，您已經在我們的自由現金流中看到了 10 億歐元的現金稅，並且隨著我們的 EBITDA 增長而隨著時間的推移而增長.就我們對有效稅率的預期而言，我們在新聞稿中非常具體。我們在未來的 20 多歲時看到了這一點。所以我認為你可以很容易地從那裡做數學。

Vantage Towers, I think, it's a short answer really. Look, whether it's control or co-control, like we have down in Italy or what we've done in Spain, we see the towers and Vantage Towers has been an important strategic asset for us, mainly because of two things. I would say, look, this is still a fairly immature market in terms of towers, mainly owned by other operators. Of course, that will change over time.

我認為，Vantage Towers 確實是一個簡短的答案。看，無論是控制還是共同控制，就像我們在意大利或我們在西班牙所做的那樣，我們看到塔樓和 Vantage Towers 對我們來說是一項重要的戰略資產，主要是因為兩件事。我想說，你看，這在塔方面仍然是一個相當不成熟的市場，主要由其他運營商擁有。當然，這會隨著時間而改變。

And then the second thing is obviously technology visibility past 5G, we would like a little bit of clarity. Again, that's a matter of time. So what I would say is, look, we're focused on ensuring we don't miss any growth opportunities for Vantage Towers. We're firmly behind them. I don't think we're constraining at all. And therefore, I think we have the right balance.

然後第二件事顯然是 5G 之後的技術可見性，我們希望稍微清楚一點。同樣，這是時間問題。所以我想說的是，看，我們專注於確保我們不會錯過 Vantage Towers 的任何增長機會。我們堅定地支持他們。我認為我們根本沒有限制。因此，我認為我們有適當的平衡。

And it's because we see the opportunity of these business cases, which will deliver good returns, that we are doing what we are doing in terms of obviously guidance and mid-term ambition.

正是因為我們看到了這些商業案例的機會，這將帶來良好的回報，所以我們正在做我們正在做的事情，顯然是指導和中期目標。

Our next question comes from Robert Grindle at Deutsche Bank.

我們的下一個問題來自德意志銀行的 Robert Grindle。

In your presentation, Nick mentioned shareholder returns are a key focus on your next strategy phase. Are you thinking about the bottom of your leverage range as to be when to start talking about raising the dividend? And second question is Airtel Mobile Commerce did an interesting deal with Mastercard, which put a big value on their African payments business. Could you look at doing something similar with M-Pesa?

在您的演講中，尼克提到股東回報是您下一個戰略階段的重點。您是否正在考慮何時開始談論提高股息的槓桿範圍的底部？第二個問題是 Airtel Mobile Commerce 與 Mastercard 達成了一項有趣的交易，這為他們的非洲支付業務帶來了巨大的價值。你能考慮用 M-Pesa 做類似的事情嗎？

Can you cover the first and I'll cover the latter?

你能介紹第一個，我會介紹後者嗎？

I take the first? Yes. In terms of relationship between leverage and dividend, I would look first at the near term. And in the near term, you will see us very focused on deleveraging. As you know, it's 1 of our 3 capital allocation priorities. And the ambition we have illustrated today is supporting this evolution through growth. You have seen us maintaining leverage stable at 2.8x net debt to EBITDA in FY '21. Clearly, we have had the COVID drag and the currency drag from COVID affecting our EBITDA. But we have been able to maintain the leverage ratio stable.

我拿第一個？是的。就槓桿和股息之間的關係而言，我會先看近期。在短期內，你會看到我們非常專注於去槓桿化。如您所知，這是我們的 3 個資本配置優先事項之一。我們今天展示的雄心壯志是通過增長來支持這種演變。您已經看到我們在 21 財年將槓桿率穩定在 2.8 倍的淨債務對 EBITDA。顯然，我們已經受到 COVID 的拖累和 COVID 的貨幣拖累影響了我們的 EBITDA。但我們一直能夠保持槓桿率穩定。

And looking forward, we see opportunities to deleverage through growth as we deliver on the mid-single-digit EBITDA growth ambition. This will be the near-term priority in terms of dividend distribution. So you should expect it as EUR 0.09 in the near term. As we move beyond this phase and, to your point, we progress on the deleveraging, then of course, we will reconsider our dividend distribution again in the context of our capital allocation priorities, invest in infrastructure, deleverage and deliver attractive returns to shareholders.

展望未來，隨著我們實現中個位數的 EBITDA 增長目標，我們看到了通過增長去槓桿化的機會。這將是股息分配方面的近期優先事項。所以你應該預計它在短期內為 0.09 歐元。隨著我們越過這一階段，就您而言，我們在去槓桿方面取得了進展，當然，我們將根據我們的資本分配優先事項重新考慮我們的股息分配，投資於基礎設施，去槓桿化並為股東提供有吸引力的回報。

Yes. I think in terms of mobile money or fintech in Africa, I think you're right to point out, it's a huge opportunity. We believed in this for now a good 10-plus years. And we are a clear #1 in the African market. We have a base if you can include all of our markets on mobile money of over 60 million active customers. So we're about 3x the size of Airtel. What I would say is that we are absolutely focusing on investment in the platform. So that's the M-Pesa platform.

是的。我認為就非洲的移動貨幣或金融科技而言，我認為您指出是正確的，這是一個巨大的機會。我們相信這一點已經過去了 10 多年。我們是非洲市場的第一名。如果您可以將我們所有的移動貨幣市場包括在超過 6000 萬活躍客戶中，我們就有了基礎。所以我們的規模大約是 Airtel 的 3 倍。我想說的是，我們絕對專注於對平台的投資。這就是 M-Pesa 平台。

But how the M-Pesa platform evolves from what I would say is a feature phone world into a smartphone world, and what that's going to involve is mini apps. So a mini app would deal with, for instance, loans or insurance. So in other words, how do we build additional financial services. And you're going to see from Vodacom the launch of VodaPay as a brand in South Africa. And ultimately, we want to evolve a super app strategy, and I will leave Shameel to talk about that in a little bit more.

但是 M-Pesa 平台如何從我所說的功能手機世界演變為智能手機世界，而這將涉及到迷你應用程序。因此，迷你應用程序將處理例如貸款或保險。換句話說，我們如何建立額外的金融服務。您將從 Vodacom 看到 VodaPay 作為一個品牌在南非的推出。最終，我們想要發展一個超級應用戰略，我將離開 Shameel 再談一點。

So as a priority, with scaled priority investment, unconstrained at the moment, we are separating those assets out into separate legal entities because we think that the business will grow at a significant pace. But at this point in time, we are funding that expansion of the business. Clearly, there's intrinsic benefits between the fintech and the telecom business because things like distribution, churn, et cetera. But look, let's see how it evolves over the coming years, super exciting space.

因此，作為一項優先事項，目前不受限制地擴大優先投資，我們將這些資產分成單獨的法人實體，因為我們認為業務將以顯著的速度增長。但在這個時間點，我們正在為業務擴展提供資金。顯然，金融科技和電信業務之間存在內在利益，因為分銷、客戶流失等。但是看，讓我們看看它在未來幾年是如何發展的，超級令人興奮的空間。

Our next question comes from Carl Murdock-Smith at Berenberg.

我們的下一個問題來自 Berenberg 的 Carl Murdock-Smith。

I just wanted to give you a bit more chance to talk again about the social contract, particularly with regards to the U.K. spectrum auction, which yielded very good results largely due to your decision that you were comfortable with [3 sub-gig] or 1-gig spectrum. Can you talk through your approach to that auction and spectrum more broadly and the thought process that caused you to take your foot off the gas so early within the auction process?

我只是想給你更多機會再次談論社會契約，特別是關於英國頻譜拍賣，它產生了非常好的結果，主要是因為你決定你對 [3 sub-gig] 或 1 感到滿意-演出頻譜。您能否更廣泛地談談您對拍賣和頻譜的方法，以及導致您在拍賣過程中這麼早放棄油門的思考過程？

Yes. Carl, I would explain it, if you don't mind, slightly differently to that strategy. Because actually, you have to back up what was nearly 18 months, 2 years of a process. Originally, when that auction was designed, it was going to be bundles of spectrum. So you were going to have the low band bundled with the higher band, so the 700 with the 3.5. And it would have come with coverage obligations. So for us, that was an artificial construct that would have driven up the auction pricing and the capital commitment for us and was not optimal for the industry.

是的。卡爾，如果你不介意的話，我會解釋一下，與該策略略有不同。因為實際上，您必須備份將近 18 個月、2 年的過程。最初，在設計拍賣時，它將是頻譜捆綁。所以你要把低頻段和高頻段捆綁在一起，所以 700 和 3.5。它會附帶承保義務。所以對我們來說，這是一個人為的結構，會推高拍賣價格和我們的資本承諾，對行業來說並不是最優的。

So what we did, we did actually show leadership here. We went to the rest of the industry and we said, "Look, really, what we want is the bands to be auctioned separately. But we understand what the government want from a policy perspective, which is coverage. So why don't we come together and offer proactively coverage? And if we offer the coverage, what we're asking in return was to separate the bands out and drop the coverage obligations against the bands."

所以我們所做的，我們確實在這裡展示了領導力。我們去了其他行業，我們說，“看，真的，我們想要的是單獨拍賣的樂隊。但我們從政策的角度理解政府想要什麼，那就是覆蓋面。所以我們為什麼不聚在一起主動提供覆蓋？如果我們提供覆蓋，我們要求的回報是將頻段分開並放棄對頻段的覆蓋義務。

We engaged with Ofcom on that basis and the industry and everyone was supportive And I think that's what the perfect social contract is, where you're saying is, "I understand as a sector, you, government, your policies. But I think this is a way of achieving the goal in a more efficient way for the industry and allowing us to optimize and improve our returns." And so as a result of that, they were de-aggregated, we could bid on individual bands. We already had a lot of low band, between 800 and 900, we didn't need the 700. If it had been combined together, we would have had to bid for the 700, which would have been suboptimal. So really, what we did was we optimized our ability to go into auction and get exactly what we wanted.

我們在此基礎上與 Ofcom 接觸，整個行業和每個人都支持我認為這就是完美的社會契約，你說的是，“我理解作為一個部門，你，政府，你的政策。但我認為這是一種以更有效的方式實現行業目標的方式，並允許我們優化和提高我們的回報。”因此，它們被分解，我們可以對單個頻段進行競標。我們已經有很多低頻段，在 800 到 900 之間，我們不需要 700。如果將它們組合在一起，我們將不得不競標 700，這將是次優的。所以說真的，我們所做的是優化了我們進入拍賣的能力並得到我們想要的東西。

So now we have the second-largest spectrum holding in the country, both high and low band. We'll launch 5G on 900 very effectively. And at the same time, it meant that the auction didn't get overheated. So I think that's a really good outcome. I could also say Greece has been a really great outcome. Netherlands has been a good outcome. Hungary has been a good -- there's only one country this year that I've been unhappy with and that's Portugal, round 515 or whatever it is. Of course, it's still about half of the European benchmark on pricing. But frankly, I have not been happy with the construct. I've expressed that before. But generally, every other European country is heading in a good direction in its conversation with the industry.

所以現在我們擁有全國第二大頻譜，包括高頻段和低頻段。我們將非常有效地在 900 上推出 5G。同時，這也意味著拍賣沒有過熱。所以我認為這是一個非常好的結果。我也可以說希臘是一個非常好的結果。荷蘭取得了不錯的成績。匈牙利一直很好——今年只有一個國家讓我不滿意，那就是葡萄牙，第 515 輪或其他任何國家。當然，它仍然是歐洲定價基準的一半左右。但坦率地說，我對這個結構並不滿意。我之前已經表達過。但總的來說，所有其他歐洲國家在與該行業的對話中都朝著好的方向發展。

Our next question comes from Nick Delfas at Redburn.

我們的下一個問題來自 Redburn 的 Nick Delfas。

Two questions, please. The first one is on Net Promoter Scores and customer engagement. So you haven't been publishing those recently. And obviously, the KPIs in Q4 were a little bit on the weak side. So could you talk to us a little bit about how you're seeing customers and their having looked at the Vodafone brand? And the second question I had was thinking about other ways for you to spend CapEx. What about out-of-area spending in Germany to extend your network into new areas? Is that something you've been thinking about or something you might do with a partner?

請教兩個問題。第一個是關於淨推薦值和客戶參與度。所以你最近沒有發布這些。顯然，第四季度的 KPI 有點偏弱。那麼，您能否與我們談談您如何看待客戶以及他們對 Vodafone 品牌的看法？我的第二個問題是考慮其他方式讓您花費資本支出。在德國將您的網絡擴展到新地區的地區外支出如何？這是您一直在考慮的事情還是您可能與合作夥伴一起做的事情？

Yes. Thanks, Nick. What I would say is in terms of NPS, actually what we are increasingly doing is NPS has got a lot more sophisticated now. There's relationship NPS for large corporates. We're doing journey NPS, which I'm really excited about. So NPS can be a sort of moment-in-time or a point-in-time questionnaire whereas now journey NPS is measuring end-to-end journey of a customer. So I would say the reason why we don't report because we have lots of definitions that we're trying to target different outcomes.

是的。謝謝，尼克。我想說的是就 NPS 而言，實際上我們越來越多地做的是 NPS 現在變得更加複雜。大型企業有關係 NPS。我們正在做 NPS 之旅，我對此感到非常興奮。因此，NPS 可以是一種時間點或時間點問卷，而現在旅程 NPS 正在衡量客戶的端到端旅程。所以我想說我們不報告的原因是因為我們有很多定義，我們試圖針對不同的結果。

If I was aggregating a picture, what I would say is Vodafone Business NPS, really good performance, strong across the board. I think people have really seen us really help in the pandemic. We were proactive, supportive and available with great products, so really good. I'd say our second brand NPSs are really competing very strongly across the board. The Vodafone NPS for consumer, I'd say, stepped up on the pandemic, has been a bit flattish over the rest of the year. Obviously, we continue to work. I wouldn't say it's either positive or negative. I'd just say it was in a solid position.

如果我匯總一張圖片，我會說是 Vodafone Business NPS，性能非常好，全面強勁。我認為人們真的看到我們真的在大流行中提供了幫助。我們積極主動，支持並提供出色的產品，非常好。我想說我們的第二品牌 NPS 確實在全面競爭中非常激烈。我想說，針對消費者的沃達丰 NPS 加強了大流行，在今年剩餘時間裡一直有點平淡。顯然，我們繼續工作。我不會說它是積極的還是消極的。我只想說它處於穩固的位置。

If I stand back -- so I would say the one thing I would point to is we're also doing now reputational indexes to understand how the wider stakeholder community view Vodafone, and that has positively lifted throughout the year because of the way we dealt with the crisis and the way we've lent into our social contract with society. So I would say positive trajectory on the brand. And of course, we did Together We Can, I think you see it here, I think, again resonated well tonality-wise with the mood of people.

如果我退後一步 - 所以我想說的一件事是，我們現在也在做聲譽指數，以了解更廣泛的利益相關者社區如何看待沃達丰，並且由於我們的交易方式，這一點在全年都得到了積極的提升危機和我們藉給我們與社會的社會契約的方式。所以我會說品牌的積極軌跡。當然，我們做了 Together We Can，我想你在這裡看到了，我想，再次在音調方面與人們的情緒產生了很好的共鳴。

I'd say in terms of Germany and CapEx, we are looking off-footprint at various opportunities, whether that's, as I said before, consortiums is something that we look at across the board, generally. Can we join consortiums that are doing fiber builds? Obviously, that can either be as a strong anchor customer or it can be as an investor. And we are very open to those different models, and we are having various discussions.

我想說的是，就德國和資本支出而言，我們正在尋找各種機會，無論是，正如我之前所說，財團是我們全面考慮的東西。我們可以加入進行光纖構建的聯盟嗎？顯然，這可以是強大的錨定客戶，也可以是投資者。我們對這些不同的模式非常開放，我們正在進行各種討論。

Our next question comes from Georgios at Citigroup.

我們的下一個問題來自花旗集團的 Georgios。

It's on Germany. There are a lot of developments in the market with some changes in the (inaudible) and also ramping-up of fiber deployment. So my question has two parts. The first one is there will be some headwinds from these changes. So if you can talk us through what other things and actions you are taking to offset those in the coming years?

是在德國。市場上有很多發展，隨著（聽不清）的一些變化以及光纖部署的增加。所以我的問題有兩個部分。第一個是這些變化會帶來一些不利因素。所以，如果你能告訴我們你在未來幾年採取了哪些其他的事情和行動來抵消這些？

And then the second element is you're probably the -- you're the only player that's both an infrastructure owner and occasionally a reseller of Deutsche Telekom's fiber. So I'm interested to hear your views about the commitment model that Deutsche Telekom has put forward and whether you believe it balances the protections to infrastructure ownership in the way the wholesale rates are designed.

然後第二個因素是你可能是——你是唯一一個既是基礎設施所有者，又是德國電信光纖經銷商的玩家。因此，我很想听聽您對德國電信提出的承諾模型的看法，以及您是否認為它在批發費率的設計方式中平衡了對基礎設施所有權的保護。

Well, maybe you want to deal with the second part? Just standing back in terms of the actions we're taking, I mean, clearly the priority for us was always to turbocharge our network. So we have now got Gigabit networks of 22 million households, over 90% of our footprint. It's really important to understand that, that is fiber. It's like a hybrid fiber network. It's getting closer and closer in terms of fiber builds as we do [node splitting] within the network. So I'd say increase in performance.

好吧，也許你想處理第二部分？就我們正在採取的行動而言，我的意思是，顯然我們的首要任務始終是增強我們的網絡。因此，我們現在擁有 2200 萬個家庭的千兆網絡，占我們足蹟的 90% 以上。理解這一點非常重要，那就是纖維。這就像一個混合光纖網絡。隨著我們在網絡中進行[節點拆分]，就光纖構建而言，它越來越接近。所以我會說性能的提高。

We've also got a development road map. The next step for us is high split DOCSIS 3.1. High split delivers a 1-gig upload speed, 3-gig down. So we have a good path to that. And of course, then you've got DOCSIS 4.0 after that. So I'd say we've got a really strong road map in terms of increasing speeds on what is already a very differentiated network. And as I said to Nick's question, outside our cable footprint, we're open to consortiums, either as a customer or as an investor to accelerate fiber builds.

我們還制定了發展路線圖。我們的下一步是高拆分 DOCSIS 3.1。高拆分提供 1-gig 的上傳速度，3-gig 的下載速度。所以我們有一個很好的途徑。當然，在那之後你就有了 DOCSIS 4.0。所以我想說，我們已經有了一個非常強大的路線圖，可以提高已經非常差異化的網絡的速度。正如我對尼克的問題所說的那樣，在我們的電纜足蹟之外，我們對財團開放，無論是作為客戶還是作為投資者來加速光纖建設。

I'd say on top of that, we're also working on strengthening our TV proposition. You know we inherited Unity's TV -- premium TV proposition, which was a bit weak. We've now harmonized our proposition. We've launched Apple TV. We've launched Vodafone TV. So I think we've got a good road map for the rest of the year coming through in terms of what we can offer on the TV front. And of course, we continue to offer a lead in mobile. So when you bring it all together, I think, again great rational market, best economy in Europe, increasingly government funding and support in the industry, and we have a really differentiated business.

我想說最重要的是，我們還在努力加強我們的電視主張。你知道我們繼承了 Unity 的電視 - 高級電視的主張，這有點弱。我們現在已經協調了我們的提議。我們推出了 Apple TV。我們推出了沃達丰電視。所以我認為我們在今年剩下的時間裡有一個很好的路線圖，就我們可以在電視方面提供什麼而言。當然，我們將繼續在移動領域保持領先地位。因此，當你把這一切結合在一起時，我認為，再次是偉大的理性市場、歐洲最好的經濟體、越來越多的政府資金和行業支持，我們擁有真正差異化的業務。

On the contingent model, Georgios, I wouldn't say this is a particularly -- a particular focus. I think it's -- it's a model we are familiar with and which was fully expected from a wholesale perspective. Clearly, our focus today is in penetrating our own infrastructure. We have added 1 percentage point of penetration of cable in the last year. And we are eagerly waiting for the lockdown to ease in Germany to accelerate our growth there. As you know, we have put in place a number of measures specifically in terms of integration of the Unitymedia footprint that we couldn't see the impact of because of the lockdown. But we look forward to an acceleration in penetration, together with something I'm really happy about, which is the value we are getting. It's not just about volume. It's really about value.

關於或有模型，Georgios，我不會說這是一個特別的 - 一個特別的焦點。我認為這是 - 這是我們熟悉的模型，從批發的角度來看是完全可以預期的。顯然，我們今天的重點是滲透我們自己的基礎設施。去年我們增加了 1 個百分點的電纜滲透率。我們急切地等待德國解除封鎖，以加速我們在那裡的增長。如您所知，我們已經採取了一些措施，特別是在整合 Unitymedia 足跡方面，我們無法看到由於鎖定而產生的影響。但我們期待著滲透的加速，以及我非常高興的事情，這就是我們正在獲得的價值。這不僅僅是關於音量。這真的是關於價值。

You may have noticed in our results today that our ARPU growth in cable in Germany as it's 4.5% in Q4. And this is really driven by our approach to drive the mix of value in terms of speed tiering. We have been very successful in doing so. We have half of the base already today, which is a 250 megabit per second or above. And we have just hit actually 1 million customer on gigabit speed. And this is what -- it's the mix that is driving our ARPU. So the story for us of, I would say, fixed broadband in Germany is really penetration of our own infrastructure with the best possible value mix.

您可能已經在我們今天的結果中註意到，我們在德國有線電視的 ARPU 增長在第四季度為 4.5%。這實際上是由我們在速度分層方面推動價值組合的方法推動的。我們在這方面非常成功。我們今天已經有一半的基礎，即每秒 250 兆位或更高。而且我們剛剛以千兆速度達到了 100 萬客戶。這就是 - 它是推動我們 ARPU 的組合。所以對我們來說，我想說的是，德國固定寬帶的故事實際上是我們自己的基礎設施以最佳價值組合滲透。

The next question comes from Polo Tang at UBS.

下一個問題來自瑞銀的 Polo Tang。

I've actually got two quick ones. First one is can you remind us what the key triggers are for your LTIP going forward? And have they been changed, given that you've got new medium-term guidance? And the second question is when you look at your portfolio, what are your latest thoughts on your 50% stake in VodafoneZiggo? And do you think you have sufficient scale in Ireland?

我實際上有兩個快速的。第一個問題是您能否提醒我們您的 LTIP 未來的關鍵觸發因素是什麼？鑑於您有新的中期指導，它們是否已更改？第二個問題是，當您查看您的投資組合時，您對持有 VodafoneZiggo 50% 股份的最新想法是什麼？你認為你在愛爾蘭有足夠的規模嗎？

Well, two fast answers to your two fast questions. First of all, in terms of our LTIP, essentially it's the same component, same contract. So it's a cumulative free cash flow over the 3-year period and TSR measure. So you won't see any change in the construct or weighting. I would say, secondly, in terms of portfolio, look, VodafoneZiggo, really good market, really good business. I think that their performance relative to others in the marketplace continues to do well, so we're really pleased. As they advance the upgrade of their network, they're about 40% through DOCSIS 3.1 on the network. They'll complete that by 2022, high convergence mix and importantly, stable leverage and then bring in dividends, excess cash back to shareholders. So look, we really love the business. We think it's a good partnership with Liberty and a good financial model for us.

好吧，兩個快速回答你的兩個快速問題。首先，就我們的 LTIP 而言，本質上它是相同的組件，相同的合約。因此，它是 3 年期間的累積自由現金流和 TSR 衡量標準。所以你不會看到結構或權重有任何變化。其次，我想說的是，就投資組合而言，看，VodafoneZiggo，非常好的市場，非常好的業務。我認為他們在市場上相對於其他人的表現繼續表現良好，所以我們真的很高興。隨著他們推進網絡升級，他們大約有 40% 是通過網絡上的 DOCSIS 3.1。他們將在 2022 年完成這一目標，實現高度融合，重要的是，穩定的槓桿率，然後為股東帶來股息和超額現金。所以看，我們真的很喜歡這項業務。我們認為這是與 Liberty 的良好合作夥伴關係，也是我們良好的財務模式。

And then Ireland?

然後是愛爾蘭？

Sorry, Ireland.

對不起，愛爾蘭。

Yes. And then would you have sufficient scale in Ireland?

是的。然後你會在愛爾蘭有足夠的規模嗎？

We're the #1 operator in Ireland. So on revenue market share, we're #1. Of course, SIRO is something we've been building out on fixed and we have to look at whether we want to extend that. There's also wholesale opportunities on fixed as well. So we're engaged with the various players. So my view is we've got real momentum. I mean, Ireland had a challenging period with second brands being launched into the market. We launched our second brand. And immediately, the response was pricing moved up on second brands, which is a healthy development, I would say.

我們是愛爾蘭排名第一的運營商。因此，在收入市場份額方面，我們排名第一。當然，SIRO 是我們一直在構建的東西，我們必須考慮是否要擴展它。也有固定的批發機會。所以我們正在與不同的玩家進行接觸。所以我的觀點是我們有真正的動力。我的意思是，愛爾蘭經歷了一個充滿挑戰的時期，第二個品牌被推向市場。我們推出了第二個品牌。立即，反應是第二品牌的價格上漲，這是一個健康的發展，我會說。

Our next question comes from Andrew Lee from Goldman Sachs.

我們的下一個問題來自高盛的 Andrew Lee。

I had two questions. The first, we've obviously got the CapEx outlook as a context. But you're also guiding to revenue growth in Europe for the first time that certainly I can remember. I'm just wondering if you could talk a bit more about the opportunity from network investment-linked pricing with a note maybe or not to the inflation-linked pricing in the U.K. and whether there's scope for that elsewhere.

我有兩個問題。首先，我們顯然將資本支出前景作為背景。但我當然記得，你也是第一次指導歐洲的收入增長。我只是想知道你是否可以更多地談談網絡投資相關定價的機會，可能會或不關注英國的通脹相關定價，以及其他地方是否有這種機會。

And then the second question, just had a bit of from certainly the investors that have been around for a while today on CapEx, is I know that your -- it's basically about your outlook or confidence in your outlook on CapEx or visibility. I know there's some success-based element to the CapEx in your forecast. But how much confidence can you give investors that covered you through the spring investment cycle that the risk of having to pay more CapEx to achieve the same growth outlook is limited?

然後第二個問題，只是從今天已經存在一段時間的資本支出的投資者那裡得到了一些信息，我知道你的 - 這基本上是關於你的前景或對你對資本支出或知名度前景的信心。我知道在您的預測中，資本支出有一些基於成功的元素。但是，您可以讓在春季投資週期中為您提供保障的投資者有多大信心，即必須支付更多資本支出以實現相同增長前景的風險是有限的？

Maybe I handle the first and you handle the second. I think just on pricing, I think the important thing here is it goes a little bit back to the social contract. We're engaging with governments to say, "Look, you want to accelerate connectivity and high-speed connectivity in the country. You understand why it's so critical, given the pandemic and everything that went on, that it's core to the competitiveness of the country going forward. If you need that and you need more investment, like we're trying to do, then we need the right policies, and part of that is to say that we need to be able to charge appropriate pricing as an industry."

也許我處理第一個，你處理第二個。我認為僅在定價方面，我認為這裡重要的是它有點回到社會契約。我們正在與政府接觸說，“看，你想加速該國的連接和高速連接。你明白為什麼它如此重要，鑑於大流行和發生的一切，它是核心競爭力的核心如果你需要這個並且你需要更多的投資，就像我們正在努力做的那樣，那麼我們需要正確的政策，其中一部分是說我們需要能夠作為一個行業收取適當的定價。 "

So this is really us taking a step. And I think in the U.K., when the incumbent steps forward, like they did in the U.K., to say, "Look, we want to invest, but we need to earn the right returns," that we can then start to have a conversation with policymakers and regulators to say this is a constructive way to move forward. And so I think it's landed well in the U.K. I think customers have also appreciated it. They want high-quality connectivity. And they understand now that pricing in our industry has been deflationary for so long, it is good pricing.

所以這真的是我們邁出了一步。我認為在英國，當現任者像他們在英國那樣站出來說，“看，我們想投資，但我們需要獲得正確的回報”時，我們就可以開始對話了政策制定者和監管機構表示這是一種建設性的前進方式。所以我認為它在英國很受歡迎。我認為客戶也很欣賞它。他們想要高質量的連接。他們現在明白，我們行業的定價已經通縮了很長時間，這是一個很好的定價。

You get a lot of value for money compared to any other industry. So I think it's about the service that's being provided now going forward. And so what we've said is,"Okay, given that, why don't we go through all of our contracts throughout the rest of Europe and put that provision in the contracts," which then provides us the optionality to go that route. Obviously, it depends on the competitive environment and responses. But we think that the industry really should reflect on this moment as an opportunity to go in this direction.

與任何其他行業相比，您可以獲得很多物有所值。所以我認為這是關於現在提供的服務。所以我們說的是，“好吧，既然如此，我們為什麼不檢查整個歐洲其他地區的所有合同，並將該條款寫入合同”，這為我們提供了走這條路的選擇權.顯然，這取決於競爭環境和反應。但我們認為，業界確實應該將這一刻視為朝這個方向發展的機會。

And on the CapEx point, let me say that this is really very, very different from spring. We are not talking about an exceptional program to establish a different positioning in terms of network leadership. We are very, very happy about our current position as one of the quality networks in Europe. The reason why we are investing more, as I was saying in the beginning, is to respond to the changes that we have seen in our environment and to take the opportunities that we have from that. You have heard me say that 2/3 of the extra spend is all about opportunities around business cases that deliver strong returns.

在資本支出方面，讓我說這與春天非常非常不同。我們不是在談論一個在網絡領導力方面建立不同定位的特殊計劃。我們對我們目前作為歐洲優質網絡之一的地位感到非常非常高興。正如我一開始所說，我們加大投資的原因是為了應對我們在環境中看到的變化，並抓住我們從中獲得的機會。你聽說過我說，額外支出的 2/3 都是關於帶來豐厚回報的商業案例的機會。

And therefore, as such, clearly, we also have optionality. It's again the equation of we grow, we invest part of this growth in order to accelerate future growth. So we clearly have optionality around that and are firmly positioned around the capital allocation framework that we discussed already a year ago, which is invest in our infrastructure, delever and deliver attractive returns for shareholders. So you will always see us taking the opportunities of growth as the option to accelerate growth, very, very different set of circumstances.

因此，顯然，我們也有選擇權。這又是我們成長的方程式，我們投資了部分成長以加速未來的成長。因此，我們顯然對此有選擇權，並且堅定地圍繞我們一年前討論過的資本分配框架進行定位，即投資我們的基礎設施、去槓桿化並為股東提供有吸引力的回報。因此，您將始終看到我們將增長機會作為加速增長的選擇，這是非常非常不同的情況。

The next question comes from Maurice Patrick from Barclays.

下一個問題來自巴克萊銀行的莫里斯·帕特里克。

Just a question on just maximizing returns from your existing assets in Germany. I mean, if I'm not wrong, you have one of the lower in-footprint market shares in cable in Europe in Germany. And looking at the numbers, it seems like operational momentum is slowing, such as if you look at broadband net adds on cable ex migration, [that bit halved] in the last 12 months.

只是一個關於最大化您在德國現有資產的回報的問題。我的意思是，如果我沒記錯的話，您在德國的歐洲電纜市場佔有率較低的市場份額之一。從這些數字來看，運營勢頭似乎正在放緩，例如，如果你看一下寬帶網絡在過去 12 個月中增加了有線電視遷移，[那一點減半]。

I mean, Deutsche has talked a bit about improved momentum because of the IP migration. And maybe some thoughts in terms of why that sort of ex migration momentum is slowing. And does that impact your thoughts towards wholesale for the platform? I know you've got a wholesale deal with Telefónica. But is your attitude towards wholesale shifting?

我的意思是，德意志銀行已經談到了由於 IP 遷移而帶來的改善勢頭。也許還有一些關於為什麼這種前移民勢頭正在放緩的想法。這會影響你對平台批發的想法嗎？我知道你和西班牙電信有批發交易。但是您對批發的態度是否正在轉變？

Well, Maurice, I think the simple answer is that we've had a bit of an exceptional year with the pandemic and a very exceptional lockdown situation. And of course, we are the challenger in the market. And therefore, we need retail presence to keep the engine of growth going. So we're very much looking for retail opening back up again in Germany and regaining the sort of momentum and numbers we were doing before.

好吧，莫里斯，我認為簡單的答案是，在大流行和非常特殊的封鎖情況下，我們度過了一段特殊的一年。當然，我們是市場上的挑戰者。因此，我們需要零售業務來保持增長引擎的運轉。因此，我們非常期待在德國重新開放零售業，並恢復我們之前的勢頭和數量。

Clearly, lockdowns and shut retail favors incumbents as a more natural thing. And I think you've seen that from other players in Germany as well. I would say, in terms of wholesale provision, we've just launched TEF. They have yet to really get going because of the lockdown. So we look forward to them contributing. Clearly, this is always something that is open to us. And clearly, we will always assess the opportunity.

顯然，封鎖和關閉零售有利於現有企業，這是一件更自然的事情。我想你也從德國的其他球員身上看到了這一點。我想說，就批發供應而言，我們剛剛推出了 TEF。由於封鎖，他們還沒有真正開始行動。因此，我們期待他們做出貢獻。顯然，這總是對我們開放的。顯然，我們將始終評估機會。

Our final question today comes from Akhil Dattani from JPMorgan.

我們今天的最後一個問題來自摩根大通的 Akhil Dattani。

So two, please, for me as well. First is on the return on capital, if you could maybe just disclose for us what the return on capital in the financial year just concluded was. And I guess, the question more broadly to that is, given the construct of what you're talking about, which is mid-single-digit EBITDA growth but spending a bit more on CapEx, how do we think about your ability to get return on capital above WACC, which is obviously ultimately what you're guiding to? So if you can maybe talk us through those levers, and I'm sure there's some P&L versus cash flow elements to that as well.

所以，請給我兩個。首先是資本回報率，如果你能告訴我們剛剛結束的財政年度的資本回報率是多少。而且我想，更廣泛的問題是，考慮到您所談論的結構，即中等個位數的 EBITDA 增長，但在資本支出上花費更多，我們如何看待您獲得回報的能力在 WACC 之上的資本上，這顯然是你最終要引導的？因此，如果您可以通過這些槓桿與我們交談，我相信這也有一些損益與現金流的因素。

And then the second piece is just you talked to, Nick, earlier about potentially being interested in buying stakes or partnerships with incumbents on infrastructure or even other partners. Can you just help us understand what the merits of that might be? Because in a lot of cases, that doesn't give you preferential wholesale terms. So it could create a lot of long-term value on the infrastructure asset. But it wouldn't necessarily change your wholesale economics. So if you could maybe just talk to us a little bit about what the thought process as to why you might want to do those sorts of deals, that would be interesting as well.

然後第二部分就是你剛才談到的，尼克，他可能有興趣購買股權或與現有基礎設施甚至其他合作夥伴建立合作夥伴關係。你能幫助我們了解這可能是什麼優點嗎？因為在很多情況下，這並沒有給你優惠的批發條款。因此，它可以為基礎設施資產創造大量長期價值。但它不一定會改變你的批發經濟。所以，如果你可以和我們談談你為什麼想做這類交易的思考過程，那也會很有趣。

Yes. Akhil, maybe I'd just cover the last one first and then you go -- so the reason why you would entertain them is, number one, these consortiums, there's lots of conversations. But are they getting traction? Are they getting built? We act as a huge brand to actually get penetration behind these builds. So what it does is it gives confidence to investors to say this particular consortium is likely to earn the right type of returns, is likely to be successful.

是的。 Akhil，也許我會先介紹最後一個，然後你就走了——所以你要招待他們的原因是，第一，這些財團，有很多對話。但他們得到牽引力了嗎？他們正在建造嗎？我們作為一個巨大的品牌來真正滲透到這些構建背後。所以它的作用是讓投資者有信心說這個特定的財團可能會獲得正確類型的回報，很可能會成功。

So that's why I talk about an anchor tenant or an anchor customer. We don't have to invest in this. If there's enough infra funds coming in and they just want us as an anchor customer to drive the penetration, we're very happy to do that because we want penetration outside of our cable footprint obviously to get higher performance, connectivity. So I agree with you. If we can go that route, we will go that route.

所以這就是我談論主力租戶或主力客戶的原因。我們不必為此投資。如果有足夠的基礎設施資金進入，他們只是希望我們作為錨定客戶來推動滲透，我們很高興這樣做，因為我們顯然希望在我們的電纜足蹟之外進行滲透，以獲得更高的性能和連接性。所以我同意你的看法。如果我們能走那條路，我們就會走那條路。

We did CityFibre on that basis as an example in the U.K. I'm just saying there may be examples where people would like us to invest something, yes? And we would be happy to do that if it meant that a consortium got off the ground. So I'd say just as an anchor customer first and then potential to invest if it got consortiums off the ground.

作為英國的一個例子，我們在此基礎上做了 CityFibre。我只是說可能會有人們希望我們投資一些東西的例子，是嗎？如果這意味著一個財團成立，我們將很樂意這樣做。所以我會說，首先是作為一個錨定客戶，然後如果它讓財團啟動，就有可能進行投資。

On return on capital, first of all, on actuals, the results we have published today have pretax-controlled return on capital of 5.5% and post tax at 3.9%, so clearly, obviously still very much below cost of capital. In terms of dynamics, in the last year, if I take the pretax-controlled, we went down around 80 basis points, 6.3% to 5.5%. And essentially, what has happened is pandemic, no growth in EBIT and therefore changes of perimeter really affecting us. And this was the first 12 months in which we consolidated Liberty in full as well as we moved some assets into INWIT, which is obviously not in the control perimeter so that explains the trend.

關於資本回報率，首先，從實際來看，我們今天公佈的結果是稅前控制的資本回報率為 5.5%，稅後為 3.9%，如此明顯，顯然仍遠低於資本成本。在動態方面，去年，如果我採取稅前控制，我們下跌了大約 80 個基點，從 6.3% 到 5.5%。本質上，發生的事情是大流行，息稅前利潤沒有增長，因此周界的變化確實影響了我們。這是我們完全整合 Liberty 以及將一些資產轉移到 INWIT 的前 12 個月，這顯然不在控制範圍內，因此可以解釋這種趨勢。

Looking forward, our mid-term ambition has really been built around return on capital and the need and the possibility now to deliver return on capital above WACC. And we see really significant opportunities ahead of us. I think we see the opportunity of really material step changes in this year-on-year trend. I would say for four reasons: so first of all, service revenue growth, clearly, in Europe as well as in Africa; accompanied, number two, by continued to work on our digital transformation and cost efficiency. And you can see clearly from our mid-term ambition that we are talking about margin expansion on the back of that. So these are the first two points.

展望未來，我們的中期目標實際上是圍繞資本回報率以及現在實現高於 WACC 的資本回報率的需求和可能性而建立的。我們看到了擺在我們面前的真正重大機遇。我認為我們看到了在這一同比趨勢中真正發生重大變化的機會。我會說四個原因：首先，服務收入增長，顯然，在歐洲和非洲；其次，繼續致力於我們的數字化轉型和成本效率。您可以從我們的中期雄心中清楚地看到，我們正在談論在此基礎上擴大利潤率。所以這是前兩點。

But then importantly, third point is really this new investment profile. We are really, how can I say, obsessed internally in finding opportunities of business cases that give us a leg-up in terms of returns. And this is where the 2/3 of new CapEx investment we are talking about are coming from, so really support from the capital allocation. And finally, a bit more technically maybe, we are also replacing in our financials the old 3G amortization with the new 5G license amortization, and we will get a little bit of benefit from that. But really, significant opportunity, plan built around returns and not just at total level, but as usual, you hear us saying this a lot, also at individual market level with a lot of focus by market and by initiative to drive that, this is really our key objective.

但重要的是，第三點確實是這種新的投資組合。我們真的，怎麼說呢，在內部痴迷於尋找商業案例的機會，讓我們在回報方面取得優勢。這就是我們正在談論的 2/3 新資本支出投資的來源，因此真正得到資本配置的支持。最後，從技術上講，也許我們也在用新的 5G 許可證攤銷取代舊的 3G 攤銷，我們將從中獲得一點好處。但實際上，重要的機會，計劃建立在回報之上，不僅在總體層面，而且像往常一樣，你聽到我們說了很多，也在個別市場層面，有很多市場關注並主動推動這一點，這是真的是我們的主要目標。

And on that, can I say thanks very much, always thoughtful questions? Thank you for taking the time invested in us to understand our direction as we're really reinforcing that we are growing, we're taking the opportunity on that growth to invest to grow faster. And I look forward, along with Margherita, to seeing all our investors over the next couple of weeks. Take care. Bye.

對此，我可以說非常感謝，總是深思熟慮的問題嗎？感謝您花時間在我們身上了解我們的方向，因為我們確實在強化我們正在成長，我們正在利用這種增長的機會進行投資以更快地增長。我期待著與瑪格麗特一起在接下來的幾週內見到我們所有的投資者。小心。再見。

Thank you.

謝謝你。