Earnings Call: Q4 2020

Feb 22, 2021

Ladies and gentlemen, thank you for standing by. I'm Konstantinos, your Chorus Call operator. Welcome and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell's 4th Quarter and Full Year 2020 Financial Results Conference Call. Call. All participants will be in a listen only mode and the conference is being recorded. The presentation will be followed by a question and answer At this time, I would like to turn the conference over to Mr. Call, Aleister Daryagdi, Investor Relations and Corporate Finance Director. Please go ahead. Thank you, Konstantinos. Hello, everyone. Welcome to Turkcell's 4th quarter and full year 2020 results call. Today's speakers are our CEO, call. Mr. Muratakan and our CFO, Mr. Osman Yilmas. We have a brief presentation and afterwards we will be taking your questions. Before we kick off, I would like to kindly remind you to read the last page of this presentation for our safe harbor statement. Now I hand over to Mr. Ekan. Call. Thank you, Selda. Good morning and good afternoon. Welcome to Turkcell 4th quarter 2020 results call. Call. We have concluded the year marked by challenges and uncertainties resulting in permanent change in everyone's life. Call. Our results confirm that we have successfully weathered the storm. This was possible due to our diversified business model, fueled by our core competencies. Accordingly, we concluded the year conference. We are now on 15.8 percent revenue growth, generating TRY 19,100,000,000. With our 42.2 conference. We exceeded our guidance level. Overall, we generated TRY 3,400,000,000 free cash flow conference in 2020, mainly through strong operational performance. All this was possible on the back of solid growth conference. We are now on track to discuss our financial results. We are now on track to focus area. It's also worth to highlight that we exceeded our target of 1,000,000 net subscriber addition for 2020 conference. I am glad to see that the focus on our digital strategy is paying off, call, both for our results and for the benefit of our customers. Next slide. Let's take a closer look at our Q4 performance. With good execution of our customer centric strategy, We delivered our best quarterly revenue growth for the year 2020 at 17.8%. This call. Corresponds to revenue of TRY 7,900,000,000. EBITDA growth later was similar call, resulting in a 41.2 percent EBITDA margin. Our mobile subscriber base continued to grow in favor of conference call. We have seen solid momentum in our fiber business call with all time high net addition in a quarter with 65,000. Our digital channels gained wider use. This quarter over 14% of customer sales of Turkcell Turkey were generated through call, our website and digital operator application. Overall, we generated TRY780 1,000,000 free cash flow conference. Next slide. Call. I am glad to see that we delivered full year results that are in line with our initial guidance in February, call. As was the case with many companies, we had to revise our guidance in April call with a more cautious approach as the pandemic brought about significant uncertainties. Yet by November, we had call. Great visibility for the year end, revising our guidance upwards having displayed a healthy performance. Call. We all this performance to our diversified business model built on the where the future lies. Call. Our readiness to capture the rising demand for digital services, our ability to swiftly adapt conference call to changing dynamics guaranteed integral to this success. Next slide. Conference. Let's look at our operational performance. On the mobile front, in the Q4, postpaid subscriber rose by call. Yearly 1,600,000 additions marked the record level of past 11 years. Call. We continue to shift into a more valuable portfolio with 66% postpaid share, call, 4 points higher than the last year. Good momentum for our fixed wireless access product SuperVise has continued. Call. Accordingly, subscriber nearly doubled in a year to 591,000. Superbox call in the Q4. Excluding this, our churn rate has been nearly flat over the past 3 years conference at around 2.8%. Blended mobile ARPU rose to TRY 51.2 Turkish lira call. On an 11.3% increase with positive change in subscriber mix, upsell to higher tariffs and rising data and digital service usage. Moving to next slide. Conference. More time at home facilitated a good momentum for our fixed broadband business. Our fiber subscriber base grew by call. This 4th quarter performance marked a historic high. Including the net addition ADSL and cable, call. Our fixed broadband subscriber base expanded by 187,000 in 2020. The track was similar in our IPTV business. Our customer rose 150 comp, 871,000 again with a remarkable performance in the last quarter with 60,000 net addition. Call. Residential fiber ARPU growth was 8.6% in the 4th quarter, impacted partially by the conference call. Strong base effect in the same period of 2019. Average monthly fixed churn rate decreased to 1.6%. Call. Next slide. An update on data usage and 4.5gs subscription trends. Call. Average mobile data usage rose 44% in a year to 13 gigabyte per user. Call. The main driver were the rising share of 4.5 to users and SuperVOX subscriber. Call. Out of 31,800,000 customers signed up for foreign exchange services, 21,500,000 have conference. Call. As of year end, smartphone penetration was at 81% with 91% being pronounced g compatible. Call. On a yearly basis, there were 2,300,000 net addition of 4.5 gs compatible smartphones. Next slide. Conference. This year confirmed the importance of telecom industry in our lives. Call. And our motto continue to be that we are here for our customer. Call. With this in mind, we address the changing customer needs via our offering with rich value proposition and innovative campaign. Call. Our well invested high quality network made it possible for us to meet the rising demand call also with the help of the smart capacity management. Further, our digital sales channels help us serve our customer call even under the pandemic restrictions. Overall, these key differentiated fundamental of our company conference. We have played an important role in widening the large gap in net promoter score even to the 2nd best. Call. Next slide. Let me further elaborate our digital channel strategy. Call. We have been determined to increase our sales through our digital channels even before the pandemic struck. Call. Indeed, the pandemic has provided a tailwind triggered a change in the customer behavior. Call. The number of visitors to our website reached 30,000,000 and there were 23,000,000 3 active user of our mobile application. The conversion rate doubled annually. Call. Accordingly, 14% of customer sale consumer sales of Turkcell Turkey was realized on these digital channels. Call. To leverage our expert capabilities in this arena, in December we launched Turkcell Passas, Turkish Tech and Electronic marketplace. At Turkcell Passaic, a wide range of electronic goods from smart device conference. New generation technologies are offered from several leading suppliers with Turkcell Assurance. Call. We plan to differentiate with a focus on customer experience, promising best after sales services. Call. Moving to next slide. The next three slides, we will discuss our strategic focus area. Conference. Firstly, our digital services. We have seen accelerated demand for our BIP application with rising concern conference. Our personal data security among the competition. BIP differentiates from peers acting on its data only call with the user's permission. Also data at BIIB is kept at our certified data centers in Turkey. Call. These facts have increased BIP's popularity not only in Turkey, but also in certain countries of high population like call. We plan to monetize this demand via collaboration with operators through BIP multi cloud, call, enabling them to integrate BIP so as to digitize their own customers. In addition, conference. We launched a complementary product for our communication portfolio called BeepBeat to meet video conferencing demand. Call. In our TV business, we are now focused on expanding our presence on large screen. With our partnership with TV producer and our TV plus ready products. This is one of our priorities for this year. Call. This year also marked as a milestone in our digital service strategy as we have established individual companies for Beep, Lifebox, call. This means management flexibility and marks a step towards considering strategic moves in the medium run. To sum up this year, the standalone revenue from digital services conference. Call. The next initiative is our digital business services. The revenue from digital business services rose conference. 30% year on year in 2020 to TRY 1,800,000,000. Call. The pandemic has clearly accelerate the utilization of the business world. We see a strong demand conference across the whole spectrum of corporates from the public sector to SMEs. We took conference call. The lead in corporate digital transformation by being awarded over 2,300 projects conference with a total contract value of TRY 1,000,000,000 in 2020. Of these, call. 420 were system integration project for which we provided end to end solutions. Call. We have a backlog in the amount of Nyn967,000,000 from the system integration projects call. Also this year, we increased the number of global vendor partnership to conference. On healthcare front, we have reached a bad capacity of over comp. 8,009 hospitals in total, continuing our market leadership of this sector. Conference. Next focus area is Tectin. The total Tectin business revenue corresponded to 3% of our consolidated revenue. At Paycell, we pursue new growth strategy, capturing the huge business potential call at both consumer and merchant fronts. For that, we take both step in 2020 introducing new offering for member, merchant and customer new offerings. Besides the popular mobile payment solution, ready to use limit conference and 24x7 money transfer were amongst the new initiatives over this platform. For merchant, call. We offer Paycer Android Post, a smart operating system enabling the process of collection, inventory tracking call and e invoice over a single platform. It offer cost advantages to merchants especially for SMEs. Going forward, we aim to diversify Paycell Services and focus on commercial enterprises via our post solution. Call. Next slide. Now let's take a look at our performance in the international markets. Call. The Turkcell International grew by 33% year on year basis in the 4th quarter, mainly on rising voice and data demand, call. Full year growth was at 27%. Last call. Ukraine revenue grew by 22.8% in local currency terms in the 4th quarter. Conference. This was mainly from subscriber base growth and the rise in voice and data despite the decline in roaming business. Call. LifeSci Ukraine registered a full year operational net income for the first time. Call. Life Belarus registered 11.5 percent revenue growth with the rising voice, data and handset sales revenue. Call. Live is the 1st and only company to offer digital remote subscription in Belarus. Introduced in the 3rd quarter, Such subscription have reached 9% of the total. Next slide. Call. We have also strengthened our sustainability credential this year through important initiatives. I will discuss a few here. Call. According to the results for our carbon disclosure project, we are the industrial leader in Turkey. Conference. We reflect our preference by securing a green loan amounting to €50,000,000 conference. We reaffirm our commitment call by announcing the Turkcell environmental policy as well as our human rights policy and domestic violence procedures. Conference. On the governance side, we put into practice the integrated value creation committee and sustainability committee conference. These committees are responsible for determining medium to long term action plans conference and overseeing their efficient implementation. Last but not least comes to the extent of having almost finalized conference call. This reporting model enables us to present the environmental, call. I would like to say a few words about our focus on e mobility. At Turkcell, we continuously invest in future technologies call to grow our business. In this regard, opportunities that the air mobility arena offers are so immense. Conference. Our Investment in Turkcell Electrical Vehicle Initiative is a solid step towards realizing this potential. Conference. This investment offer several opportunities including integration of smart living solution into the mobility ecosystem, conference call. Turkcell will now only contribute to realizing Tok's ambition of being relevant to the 70% of Turkey's and Europe's car market with its product portfolio by 2,030, but also aim to be among the leading m Mobility players conference. Call. Initially, our focus is on charging infrastructure. AI based in car solution conference call and integration of our digital services into vehicle software, NEX. We believe that This EV initiatives has the potential to be value accretive for Turkcell Group through value creation arising from synergies. Before I end my presentation with our guidance, I would like to share call. Some insight into our top agenda task in 2021. In our core business as the integrated telecom player, call. We will further grow our subscriber base by adding another 1,000,000 of subscribers. We will be more active in fixed broadband conference where we aim to increase home pass with fiber by another $500,000 We will do more ambition on our digital platforms call and offer further customized value proposition supported by the use of artificial intelligence. Call. In digital services as well as growing the paid user base of existing portfolio, call. We will be more vocal in gaming business. Further, we believe we can do more by pursuing more B2B collaborations call as well as taking deep into the next level. In digital business services, we will further increase our Competency to strengthen our position as a digital transformation partner of cooperation. We trust that conference. We can become the leader in information technology services market by the end of 2021. Conference. In Techween, we will pursue dual growth strategy. We will expand service portfolio with wealth management solution, call. Finance sales will also grow through a more diverse portfolio with new products as well as new customer segments such as residential, call. InsurTech is call. Next slide. This is my last slide. I want to share our full year guidance for 2021. Call. Obviously, uncertainty continues as to when the pandemic environment will end. Call. We have built our business plan assuming a gradual normalization in the second half. Call. Expecting another year of subscriber and ARPU growth and the rising contribution of our focus areas, We targeted top line growth within the range of 14% to 16%. With that, We aim to generate around TRY 14,000,000,000 EBITDA maintaining our effective cost management. Call. Conference. Call. I now give the floor to our CFO Osman. Hope you see all stay safe. Thank you very much, Murat. Now let's take a closer look into our financials. Our performance in the Q4 has been robust and this brought to full year revenue and profitability levels above our initial guidance. We recorded a TRY 7,900,000 top line with an increase of 17.8% year on year in this quarter. Call. Full year growth was 15.8% on the back of our diversified business model, suggesting resilience and flexibility in addition to the contribution from ever increasing data demand. Our EBITDA reached TRY 3,200,000,000 on a 17.8% increase with a 41.2% margin. Call. The bottom line rose to TRY 1,300,000,000 due to strong operations and effective financial risk management. Call. Excluding the one off items in relation to LifeSalle Ukraine's deferred tax income of TRY 690,000,000 and provision for legal cases, call. Organic net income was around TRY 1,000,000,000. For the year 2020, our net income reached TRY 4,000,000,000 at a 39% growth comp. We concluded the year with an operational CapEx to sales ratio of around 18.5%, in line with our guidance. Next call. In the Q4, group revenues rose an incremental TRY 1,200,000,000. Call. Of this increase, TRY 1,000,000,000 comes from Turkcell Turkey, thanks to a larger postpaid subscriber base, higher growth in corporate segment and strong data demands. Higher equipment revenues backed by sales through the digital channel and corporate projects were the other catalysts of growth. International revenues increased by 33.2 percent to TRY 750,000,000 mainly with the contribution of our Ukrainian operations and the positive impact conference. For the full year, group revenues rose 15.8% year on year to TRY 21,900,000,000. Looking at the details, Turkcell revenues increased by 17.1%, contributing TRY 3,700,000,000. Call. International subsidies contributed TRY 540,000,000. Consumer Finance revenues contracted by TRY 3 company. TRY 33,000,000 given the decline in its loan portfolio. Excluding consumer finance and our sports betting business that we exited last year, Group revenue yearly growth would have been around 18.4% in 2020. Next slide. Call. In the Q4, EBITDA rose 17.8 percent year on year to TRY 3,200,000,000, thanks to strong revenue increase and lower G and A expenses. Call. Increasing low margin equipment sales led to a flat margin on a yearly basis. For the full year, EBITDA increased by 17.7 percent to TRY 12,300,000,000 with a margin of 42.2%. The EBITDA margin saw a 0.8% improvement. Call. The factors contributing to this increase are as follows: 2 percentage improvement in OpEx with lower overhead costs, travel and marketed expenses call. 0.2 percentage point improvement in doubtful receivables against 1.5 percentage point decline in gross margin impacted by the rising cost of goods sold mainly due to higher costs of new growth business. Turkcell International also contributed positively to the group with a 0.9 point component in its EBITDA margin. EBIT rose 17% year on year to TRY 6,300,000,000 with a margin of 21.6%. Call. Next slide. Now more details on our free cash flow generation. On this slide, you will clearly note the positive trend and strengthening of our cash flow generation over the years. In 2020, we registered TRY 3,400,000,000 free cash flow mainly on the back of rising EBITDA generation. Strong operational performance was the key driver of this success, conference. While the decline in consumer loan portfolio also contributed on a working capital in a yearly basis. Call. The major items of the TRY 3,400,000,000 of cash flow increase includes, EBITDA of TRY 12,300,000,000, Acquisition of tangible and intangible assets of TRY 7,300,000,000, change in working capital of positive TRY 300,000,000 comp, payment of lease liabilities around TRY 1,300,000,000 call. Our aim is to continue free cash flow generation in this year as well. Next slide. Call. Now some highlights from our balance sheet and leverage. As at the end of 2020, our call. Total cash position decreased to TRY 11,900,000 from TRY 13,500,000 in Q3 and due to Mainly dividend payment of TRY 800,000,000 and currency appreciation. In Q4, 6% decline in dollar TRY conference. The 1.3% decline in euro TRY led to around TRY 500,000,000 in our total cash position. Conference. As of 2020 year end, group net debt was around TRY 9,700,000,000 with a 0.8x leverage ratio. Call. Excluding the Taxim business, this was at 0.7 times the same level as the previous quarter and the lowest in the sector. Next slide. Call. Let me provide you some color on foreign currency risk management and our liquidity strength. Call. Our balance sheet remains robust with some $1,600,000,000 equivalent cash in hand with a long FX position of $132,000,000 call. We continue to hold the bulk of our cash in hard currency as a natural hedging tool. This is sufficient to cover our repayments until 2025. Call. In addition, we have secured committed lines of around $700,000,000 in total in this year, conference, which may be utilized in euro, dollar or RMB over the next 3 years. With hedging instruments in place, the share of FX debt declined from 78% to 43% as of the year end. Our average debt maturity is around 4 years. Next slide. Call. Now let's take a closer look at our taxing company's performance and first with consumer finance business, Financet. Call. In the Q4, financials revenue declined by 28.1 percent to TRY 145 1,000,000 on a shrinking loan portfolio. Call. EBITDA fell 23.8 percent to TRY96 1,000,000. The EBITDA margin was up almost 4% year on year, call. In 2020, the challenging environment led to fluctuations in the cost of risk ratio, call, although it ultimately declined to a normalized level of 2.4%. For the full year, net income increased by about 29% to comp TR 241,000,000, thanks to recovery on cost of risk and lower expenditures on the back of process improvements. Next slide. Call. Paycell's remarkable performance has continued in Q4, monetizing the rising preference for e commerce and cashless payment methods. 3 months active users of Paycell, hugely popular for its convenience and secure payment infrastructure reached TRY 4,700,000. Call. Generating revenues of TRY80 1,000,000 in the 4th quarter, Paycell ended the year at TRY285 1,000,000 on a 13% annual growth rate. With 62% growth, the non group revenue share reached 66% in total. Pescel EBITDA margin was at 52% in 2020. Call. The largest revenue generator mobile payment business more than doubled in volume in the 4th quarter. Call. The number of active Paycell cards doubled to 473,000. Accordingly, transaction volume tripled. Call. Ready to use limit service has gained traction. Our customers have made purchases by transferring their mobile payment limits to their Paycell card. Call. On the merchant side, Paycell POS is set to grow over the coming periods. Merchants will benefit from cost advantage and efficiency by means of managing process call. Thank you. Thank you. Thank you. Thank you. Next slide. Call. I would like to end my presentation by recalling our approach to value creation at group level. Call. As our results have shown, our business model plays out well under different macroeconomic cycles. This diversified business model comp. Built on growing individual businesses today not only generates a strong free cash flow, but also unleash a strong potential for actions towards unlocking the hidden values. Call. These businesses have the potential to generate their own funding for future growth. For now, we see our fiber business, our payment service business and our tower business as likely candidates to take under spotlight for strategic actions as we have already mentioned at our Capital Markets Day in London conference in 2019. Super Online is a unique diversified fiber company suggesting strong growth potential. Call. Given its size and potential, it stands out as the most likely candidate for an equity capital markets action as long as the market conditions remain favorable. Call. We will keep the market informed on developments in this regard in a timely manner. Conference. This concludes my presentation. We are ready for your questions. Thank you very much. Ladies and gentlemen, at this time, we'll begin the question and answer session. Call. The first question is from the line of Gabor Cek Andrey with UBS. Please go ahead. Call. Hello and thank you for taking my questions and congratulations on a strong year. I have a question around CapEx mainly and probably going into fiber. But so you are guiding for an increased CapEx sales call. Can you just break down for us a bit what part of that is driven by the fiber plan call. To pass another 500,000 homes, what part of that would be driven by some of the ICT initiatives that you've been highlighting over the past couple of quarters? Call. And then on fiber itself, is this an indication of you going into call. Regulatory means, so is this the kind of new normal for Turkcell growing house homes passed over the next couple of years? Call. Andre, thank you. Thank you very much. For the CapEx side, conference. We continue the strong demand for our data and digital services. This is conference call, driven by the increasing number of data consumption of foreign and house to users. We will continue to provide high speed and quality household Internet services over SuperBox in 2021, call, which is very appreciated by our customers. Please note that Superbox service lead to additional conference. We will also invest into our 4.5 gs network in Ukraine, call. While expanding our network deployment in Belarus. Furthermore, fiber penetration in Turkey is still low call. Compared to other developed markets, majority of the broadband connection in the country are based on ADSL technology. Call. That is copper. It is not sufficient to meet the quality connection needs of customers, especially in the pandemic area. Conference. As we believe that there is additional need for fiber investment and we will increase our fiber footprint in 2021 conference by 500,000 home passes. Meanwhile, as you mentioned for the ICT investment, we'll Continue to invest our data center investment in 2021. But this is for the CapEx and the CapEx portfolios. Call. Regarding fiber footprint, Akshi, this is instead of calling them inorganic, they would call it organic approach. Call. So obviously joint fiber investment is important for Turkey to be able to reach conference. While this joint fiber company is going to establish, we would like to invest in our fiber area. And this is going to be organically. And obviously, what you say, this is new normal for Turkcell. Call. We want to continue adding more home fans year over year, especially next maybe conference. Thank you very much. And can you maybe just elaborate a bit conference. The half a million, what kind of homes are these? Are they untapped entirely currently? Or are they where there are some kind of networks already in place? Call. Will you be fighting for market share in these areas and is 500,000 per year the kind of run rate that we should be expecting over the next 4 years as you say? Call. Yes. First of all, we would like to expect 500,000 run rate. If we achieve more than 500,000, conference. It's very welcome. Regarding what kind of home pass, there are 3 type of home pass. One of them, the existing zone that we invest, This is expansion for the existing zones we already deployed. There will be New total of the new greenfield areas also possible, but probably at least half of them will come from existing zone. Call. Maybe 1 third of them will come from the new greenfield area and the other will be call. Using new technologies, which we call e HomePass, conference. We have fiber at the base station level, I mean mobile base station. We can expand this through call. If I would like to give you some more breakdown into our CapEx, probably 35% of call. Then we'll go to the fiber, 5% for the data center, 50% for the mobile and 10% other. Call. That's very clear. Thank you very much. Call. The next question is from the line of Mishra Nikhil with HSBC. Please go ahead. Call. Yes. Thank you for the presentation. A couple of questions. First is on your call. The tech and device e commerce platform, massage. So can you give us what are your ambitions regarding call. And how big do you see it becoming, let's say, in the next 3, 4 years? And secondly, Again on asset monetization, apart from the 3 key areas you mentioned like Global Towers, BSL and Super Online, call. Which other areas do you see in the future? Which other assets do you see yourself monetizing in future? Call. Okay. First of all, regarding our e commerce platform, we would like to establish marketplace For electronic and technology market specifically, because this is where we have expertise, where our customer technology and IoT area of marketplace. Call. This is how big obviously during the pandemic we see strong demand and increase. Call. We were planning to have 12% total sales of consumer will come from digital side. Call. What we see that it's already reached 14% end of 2020. So we're going to revisit our targets. Call. So we want to go as much as we can. And in this aspect, I think sky is the limit. We'll push more on the e commerce platform on the marketplace side. For the asset monetization, obviously, Super Online, conference. We already declared that a couple of years ago what we can do, but there are other potential. So call. As I said before, we have a diversified business model comparing operation, call. We believe that the growth business in our portfolio had the potential to finance conference. In this context, we may consider strategic option including capital market action as well as private equity. Call. For now, we see our fiber business, our payment services business, FinTech and tower business conference. As likely candidates for such a strategic action. In your question, the payment services is probably the next one call for this candidly. We will keep the market informed on development in this regard in timely manner. And we also see that the we established companies from digital services. Call. So these companies are also potential for the further possibilities conference. But these are more long run things. Okay. Thank you. And any time line for these particular these three asset monetization call. Is there any timeline for this? I mean the timeline is not definite yet because conference. With the management, with the Board, Board of Directors will come with the right time. Obviously, market condition is Strongly depend on this timing. So we'll see. But we want to see something in this year. Call. Thank you. We're going to by the way, we're going to get ready anyway. So but it depends on market condition as well. Call. Call. The next question is from the line of Kennedi Goode Jonathan with JPMorgan. Please go ahead. Call. Good afternoon. Three questions from me, if I may. Could you comment on potential impacts of Turk sales call. Continued upsell opportunities on Turkish ARPU growth, obviously, very strong ARPU growth last year. Just trying to understand if As economy is opening up, we could see or expect ARPU growth ahead of inflation again. Call. And then second of all, could you comment on how much CapEx is required to support super online as it stands at the moment? Call. And then finally, perhaps, if you could comment on some of the developments in the prepaid pricing markets and how that is developing from a competitive perspective. Call. Okay. Thank you very much. For the first question, as you know, inflationary pricing is a call. Our price action are reflected in pricing with a lag due to the contracted nature of our business. We expect our ARPU growth to be in reasonable range call. And as everybody knows, inflation is the trend of decreasing mode. So while the inflation is in decreasing mode, it's really difficult to increase the pricing level. Call. But we would like to be in line with plus or minus a couple of percentage around is the upcoming quarter. So conference. We don't want to be above the inflation, too much above the inflation or too much below the inflation. So we're going to stick comp. And our upsell performance was remarkable conference. So far, we had the right action on rising the price with customized offer using our analytical capabilities. Call. This resulted in a solid ARPU growth in prepaid segment in the 4th quarter as well. Call. It is also worth noting that disconnection of inactive prepaid lines had a positive impact on prepaid ARPU growth. Conference. So there are demands, especially when the economy gets better. Call. It creates opportunity to increase upsell and other things as well. So regarding Super Online, call. How much CapEx is required is 35% of the total CapEx in 2021 will be made to support Our Spromine fiber business in total CapEx. So I believe I already responded regarding prepaid pricing market and shaping competitive In a first question level, so for the market size, everybody, all the competitors are focusing on postpaid market call. And clearly shows that we are the winner of postpaid markets so far and we would like to keep this going. Call. Thank you. Conference. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Turkcell Management for any closing comments. Thank you. Well, thank you. Thank you, everyone. This is the end of our call. Thank you