Earnings Call: Q3 2020

Nov 27, 2020

Hi. Good afternoon, ladies and gentlemen. My name is, Claire Chin, Head of Investor Relations at Axiatea. Thank you for standing by, and welcome to Aziata's third quarter 2020 results briefing. Today, we have with us Hansuri Jhamaluddin Ibrahim as Yatta Group CEO Datto Isarden Idris, Deputy CEO Vivek Sood, CFO. As well as representatives from our operating companies. There will be a, presentation followed by a Q and a session. Lastly, 2 housekeeping reminders, you'll be on mute throughout the presentation. Also note that the call duration will be a maximum of 90 minutes. So without further ado, I'd like to hand the conference over to. Good afternoon to all. Thank you for joining us for our third quarter 2020 results. If I go can go straight to the first slide? Clicker. Alright. So, this is just a summary of our performance for the quarter you will see, and I'm sure you have seen the results that have been excellent water almost all around. All, all of course did pretty well in almost all measurements, if not all measurements, But of course, just trying to make sure that we give the right expectation, 4th quarter given the position of lockdown in, at least 2 or 3 countries. And also the heightened competition in Indonesia and the education previous that, as you know, the bid launch couple of months back. We might potentially have a soft spot 2020 just to balance the expectation. In September, by September, rather, revenue for all of course, except for end sale was higher than the pre lockdown level. Now just to be sure, the statement Excel did pretty well Q on Q, but we are talking about pre lockdown. We define it as January, February. So, yeah, last quarter, in fact, I'm going to show you again the, we show you the trajectory of the, revenue for each opco. And you could see that even by time, it was end of second quarter. The trajectory was already on the uptick. So all have been very, very encouraging. So, therefore, the the queue of your recovery has been a pretty good, and we are very happy about In terms of, margin, of course, we are very happy that our cost excellence programs, despite the reduction in the revenue, have resulted in a higher margin, and that is, something that we are happy about this quarter. That translates to a very strong free cash flow that grew 44.7 percent to 24,2,400,000,000. Of course, we we kind of tamper down the, the spend on CapEx because of the, trying to minimize the impact to our profit and to free cash flow without affecting our ability to compete. Let's talk about the 3 companies more specific. The circle grew very nicely, very healthy almost in fact, all measurements from subscriber perspective, 370,000 subscribers net adds for the quarter. Grew very nicely on the revenue, EBITDA, and even profit. In fact, quite significantly on a profit. So the there's been a very strong recovery for Circom. More importantly, as we kind of alluded to, it started towards the end of second the nice trajectory of Cellcom. Now XL never fails never failed to miss us. They had a very good first quarter, very good second quarter in continue to be good in the third quarter despite a heightened competition. However, in the fourth quarter, as you all know, the competition remains very stiff but, the pandemic, might be affecting us a bit and also the impact of the education, freebies or the that was launched by the government might have some impact yet to be seen, but so far so good. And so we have a nice, very strong recovery second quarter, but not good enough to be free lockdown. We are working very hard, and we are now finally utilizing the spectrum, but more more to be done to make sure that we are coming back, going back to the pre COVID period. Last but not least, while so far so good to get the expectation, correct, We believe that our revenue by end for the whole year, rather, will be a single, double, single digit or low single digit decline together with EBITDA. The reason, as I mentioned earlier, is related to, again, the pandemic. We were hoping that by fuck with the all clear, all all full blast. But of course, in, some countries, including measure, there's a bit of, the the spike in COVID and therefore some pre imposition of the lockdown and more so the impact to the businesses and the customers yet to be fully known. And last but not least, as mentioned earlier, with regards to, competition, we we know that there's a mark competition in, in Indonesia for the last, few months, been expected to continue till the end of the year. With that, a pass to, Vivek, our group CFO, to give you further elaboration on the results. Thank you, Danshi, and very good afternoon to all of you. If I can, talk about the reported numbers, quarter on quarter, as Sanjay said, it's been a strong recovery. After relatively, we with 5.5% growth in revenue around 10% growth in EBITDA and a very strong profit, improvement. On, on a year to date basis, we're still, marginally low on revenue, but flattish on the EBITDA. And that's to some extent reflective of our cost initiatives. And, Patami, in last quarter, was impacted partly by the restructuring program, which we did, which is around 77,000,000, and also the, partly impacted by the ForEx And also in last quarter, we had benefits of the, lease, of the, gain from the tower sale. So overall, the, numbers, on EBITDA look good. Revenue is kind of flattish, but quarter on quarter, see 5 and a half percent growth. Profits on a reported basis. It looks lower because last year, if you recall, we had gains coming from N1. Sale of anyone, divestments of some of the digital, businesses and also disposal of IDRI issues. If I go to the underlying performance, which is I think more relevant, to really look at the operational performance, again, strong quarter with 6% growth on revenue ex devices, EBITDA growth of 11.4% and, still marginally lower on a year to date basis, but flattish when it comes to the EBITDA development, on a year to date basis. Revenue impacted for on a year to date basis, mainly in two markets, which is Nepal, and, Malaysia. Nepal essentially, coming out of the fact that, 2 or 3 factors, which I will cover a little bit in, later. And Cellcom, mainly because of the 1st 2nd quarter impact, which was on account of the mandated free data. As well as, the impact of lockdown in the second quarter. But as I said, a strong recovery. Other businesses continue to do well even on a year to date basis despite a number of days of, curfew or locked on. Quarter on quarter, all of course have driven driven, good results. XL, flattish, mainly because of the increase competition and also some mandated, government run, program. If I go to EBITDA, I think a key highlight there is is, strong performance across operations, but mainly improvement in EBITDA margins coming from the continued, cost excellence program, which we've been running since 2017. If you recall, we had said 5,000,000,000 saving over 5 years. So we should be able to, complete that target by the end of this, year. And in this year so far, on CapEx, around 500,000,000 saving, and our picks around 400,000,000 saving. If you look back from 2017 onwards, our, adjusted, CapEx, EBITDA margin has grown by around four and a half person coming essentially of the, initiatives driven on the cost programming. Profit, a strong growth in profit compared to previous quarter. Year to date, we are still behind essentially because of the lower, quarter 2, mainly three factors One is the, increased depreciation mainly because we haven't really, cut down on the CapEx, to the extent impact on the, EBITDA development, and also the end cell contribution and the E2I program which we had run-in the in the second quarter of this year. Quarter on quarter, I think a strong performance, which which, you can see from the numbers. This is what the next slide is what, Toshi was alluding to, which is basically compares how how our revenue was pre locked on, which is an average of January February versus how it is, developed over until September. So most of the all the markets except Nepal is actually running now, above. The pre locked on level, though it's still, relatively below, the pre COVID, which is essentially the quarter, 3 quarter, 4 of last, year. If I go to the next slide, this basically reflects, kind of waterfall between, the year to date, last year, performing of 6 93. Versus the 544 this year, mainly, as I said earlier, coming out of the, the impact of, depreciation. And, below is, on a reported basis, essentially, impact is coming because of the gain we had this year on the between reported and underlying gain from the tower business, which we had. In, the first quarter of 2020. If I go to the next slide, I think, cash has been our focus, and reflected in the form of OFCF. But we also look at, not just OSF impacted because of the lease adjustments, which is, which is, as you know, from an IFRS 16 perspective, requires a different, treatment. But if you look at the adjusted to that, our cash development for the, three quarters has been around 1,200,000,000 versus the, around half a 1,000,000,000, which we had, last year, and largely coming out of, the, impact coming out of the, CapEx moderation, which we've done, this year as well as improvement of the the EBITDA and some of the markets. If I go to the next slide, this basically reflects a fairly strong balance sheet for the gross debt to EBITDA looks, elevated in quarter 3. That's mainly because we have after over 1,500,000,000, issuance, which you you recall was done in August, this year. We have that cash available, which is eventually being used for refinancing or settling some of the outstanding, debt We expect, around 7,000,000,000 cash to come down to around 5 point, around 6,000,000,000 by the end of, end of this year. With the 4,000,000,000 being spent on, paying off, some of the debts, mostly in the corporate center. But I think also, the the fact our balance sheet also reflects a fairly good a mix of local versus, foreign debt as well as, the fixed and maturity is not quite extended, by the time we pay off these debts, we would have a maturity of over 10 years, which provides us a fair predictable, the borrowing, and maturity profinder. If I go to the next slide, which is really around cell phone's performance, I think, strong quarter on quarter development, essentially coming out of the increase in a subscriber base. We saw around close to, prepaids price was increasing by, nearly 3 and a half, 1000, 333,350,000. And postpaid subscribers increasing by the balance to take it to 372,000 increase in subscriber base. And also, that's resulted in a 6% improvement on, revenue quarter, non quarter, but a strong development on the EBITDA side, Silicon continues to focus on their cost initiatives. And then that's resulted in in, in a strong, EBITDA development. But that said, we had one time, benefit coming out of, out of, the, some, some, adjustments provisions on account of, the, the reward program, which was available for the employees here. The free cash flow remains strong, for, for Cellcom. And, also, there's been a development positive development on these profit numbers. For the, quarter. XL continues to do well. The quarter's been flattish when it comes to, revenue, mainly because of the intensified competition, in the market, as you know, most of the players have actually now moved to the unlimited or large bucket, plans, and specifically the leader being quite active in 104 Cities. But year on year, year to date basis is still a strong performance from Excel, but much more on the profit side or the EBITDA development, which, even if you exclude the impact of the, the IFRS, we are looking at around 16% a year to date, improvement in EBITDA, and that's reflective in a strong cash flow generation. Part of that cash was also explained by the realization we got from the sale of towers earlier in the year. And also you're seeing, impact of those efforts in improvement in, the, profits, for Excel. Quickly on Encel. I think, there are 3 factors impacted, impacting Encel's performance. 1 is, lockdown. I think this is one market where we've seen much more frequent intervention, to restrain movement or have locked down, in that market. And given that this is essentially a a prepaid market, where large paper vouchers being distributed. The lockdown does impact our distribution. And also the fact that, a lot of, people from big cities have moved to the rural area, impact the, the overall consumption. In addition to that, we've seen doubling of the data consumption given this, the time. However, the absence of, technical spectrum for us, which we've been discussing with the government, constraints our, our network. And also there is a large, ISP market, which is providing the fixed at a very cheap prices given during the lockdown, people are more in house, the consumption for that debt if the additional debt goes into the, fixed operators. And these are the factors which have actually caused us to have a lower revenue this year, resulting in lower EBITDA and also, lower profits. However, the company's managed its, its, flow of CapEx well. To keep a free cash flow in in check. If I go to the next lane, I think Ruby continues to do extremely well. With now EBITDA margins touching 43.5 percent, on a year to date basis, and also on a year to date basis, while the revenue has been, fairly flattish, still better than what the market is delivering, given the current environment, continues to show extremely good numbers on EBITDA by keeping the cost virtually flat over the last, 3 to 4 years. Cash flows being, down because this year, if you recall, last year, we had challenges on getting approvals from the government to import. So this year has been, far more focused a roll out of the, of the network, and that's resulting in in, a lower cash than, last year. But but the business continues to do well when it comes to the, profits and continues to show profit quarter on quarter. Quickly touching upon some of the other businesses, dialogue remains resilient. And and it's seen a strong recovery in the quarter, on revenue. Are translating to strong EBITDA development in the quarter, by managing or curtailing some of these spends to drive, improvement in EBITDA, and also on cash flows. Profit during the quarter seen a significant improvement, coming from 2,300,000,000 in quarter 2 to around 4,800,000,000. Touching on smart. I think this business continues to do well for us. There continues to be, this market while has been least impacted, in terms of the lockdown, but does have high dependency on tourism as well as, the the Chinese, population, which has kind of moved back during this, period of time. However, business still does well on, on the overall management of costs resulting in strong EBITDA growth, on a year to date basis at 6.1% and on quarter on quarter at 7.3 percent and a strong cash flow generation, of, 8% improvement resulting in in a a strong, profitability, of of nearly 4.8 per person on a year to date basis. Just on boost, I think we've been, disclosing some information on our digital businesses. Boost continues to, utilize the current environment, where people are using online, and and wallets more often than they would have used. Otherwise, resulting in a strong, 1.8,1.8,1.8,1.8,1.8, ex growth on revenue, users, merchants, as well as, GTV. And we have now touched around 8,800,000 8,800,000 users, in boost with around 203,000, merchants Aspiracy, which is the, lending business, for us on microfinance, which uses the, Exadata digital and boost as a channel. We've done around 57,000,000, worth of, loans being granted, which is around 5000 700, loans, and it's been doing well, keeping its, delinquencies at a fairly manageable level. Ad tech business continues to have, year on year, growth in revenue. And keeping itself above water in terms of profitability and has acquired a fair amount of strategic, wins during the, during the quarter. And these businesses are one where we are looking at, external investors coming in. Some you are aware of already in the process, and some are being, where the discussions are going on. You don't co, business, from a from a overall year to date basis is still strong. However, given that a lot of MNOs, have slowed down new Tahoe acquisition during this period and also limitations on movement around this period of time, we've not seen that kind of growth in the number of towers, during the year. And also, this business has been kind of impacted by, by some of the write offs, on account of, back debts from some of our tier 2 customers in England, Cambodia, and, Cambodia and Pakistan. So that's that's good for me on the financials. I would hand over to Datto to talk about, Thanks, Vivek. Good afternoon, everybody. Well, as, country and Vivek had, explained, and, something we acknowledge the results for the, third quarter. It's very encouraging, very strong by, move standards. But directionally, we're giving this guidance of low single digit percentage that remains. Yeah. For revenue and EBITDA for 2020. And guidance for CapEx is likely to hit just below 6,000,000,000. In terms of the 4th quarter, of course, the opportunities, remain, we are hopeful that the collective initiative, which we launched in April, this year will bear fruits in the form of, a good, price book from the vendors, which we are currently negotiating. This cover, as you recall, the IT network and procurement aspects of the business as a collective. EDS and, you know, commoditization. If you remember, we mentioned, doing in passing that, we are currently evaluating 2 proposals from, financial investors. They are very keen to invest in you.co, and and be part of the trajectory of the expansion plans we have mapped out for Idoco. Likewise, ADS on top of the, grid Eastern, cap, investment of $70,000,000. We are current talks, both on, the digital financial services side as well as the, ad tech, digital advertising side of the business ADA. As, Vivek mentioned just now, there's a higher user engagement for boost and as proxy supported by the various government, this year in of these, consumers, and SMEs, this includes the digitization grant that Emtek, is, sorry, Emtek is, responsible for, each and I and Ethan Jonas, and he has also encouraged always the, awareness as well as use of, boost as a platform. Enterprise Growth Business is something that we are very focused on, the online education and work on all new norm, and certainly hope as well for our business. In terms of risk, as David said, just now, the COVID 19 lockdown impact from, the extended CMCO in the Malaysia curfew since Sri Lanka as well as the possible impact in terms of affordability of our consumers given the revised GDP forecast, in the various markets across our footprint. I think the, we are mindful of your concern of the, high level of, also or bad debts. Well, not so much bad debts, but probably a less, ability, in terms of prioritizing one's wallet. So, we folks with closures of businesses, and redundancies, this could have an impact on our, operations, in the months to come. Of course, intensifying competition in New Year, the incumbent, Telkom cell has launched an unlimited package as well recently, that will have an impact also on the competitiveness of the market. And and as I mentioned, again, the government led a CSR program for, high university students we'll, of course, get a, some pressure on our results. And sell the technical spectrum 900 Megahertz, the incumbent ISP, of of providing very, very affordable rates. Even before, the lockdown before COVID, you know, if if you're on the ground in the fall, after 7 PM, all the shops are closer once at home and on the net, and and therefore use hand, you know, the ISPs, broadband rather than as our subscription. So that that will prove to be a bit of a pressure on the end sales results. In terms of the provisions that may that has been made for e.com, by e.com, this relates to second tier customers, that, you know, has across the African countries, namely Pakistan and Cambodia. Next slide. So the key message that we'd like to articulate today, a strong tobacco resource, but potentially soft water so that, you know, we are managing the the looking at the 4th quarter results, looking at the performance in October and and and November. Now, of course, the changing consumer behavior will has led to acceleration that the subscription and data subscribers as well as usage. So that is, the good news. Of course, the encouraging, bottom water recovery is encouraging. As you've seen in the results, the impact of the lockdown sector revenue ex device grew by send them to that growth by the point 4 percent, although a year on year is very flattish, with our margin expansion driven by the cost excellence, some savings of 396,000,000. And, this, to to, hopefully, this is sustainable in in years to come. And in terms of operating cash flow, the CapEx moderation, has led to an OFCF growth of about 4.44.7% due to point 4,000,000,000. And of course, the strong recovery at Cellcom in terms of, subscribers, we managed to, bring in 374,000 new subscribers, both prepaid and postpaid. And that, is something that we are mindful of and and focusing on of course, compared to the same period last year that is still, below in terms of our number of subscribers, Excel, good performance, again, with the heightened competition. We are pursuing the ex Java strategy relentlessly. It quite clear that that's a a new, a great opportunity for, you know, for us, and Sel, David mentioned, and, the impact of the lockdown the ISP as well as, the current challenges in terms of, the spectrum constraint. And direct as I've said, the low single digit percentage decline revenue and EBITDA for 2020, the risks, COVID 19 related ones, lockdown impact, curfews in Sri Lanka. And, the additional concern is the economic situation in Sri Lanka, because of the, depreciation of the local currency and economic activities, that will have some impact on the on on dialogue. And as well, as I mentioned earlier, affordability impact, as a result, the revised GDP forecast across the markets. And lastly, the other factors, initial heightened competition, the, government CSR programs, as well as delays and so, spectrum and the provisions at edoco. As a last slide, this is open invitation to all of you, next week on December, Thursday. We'll be hosting our annual analyst and investor day. The agenda is, as what we've set on the screen. Right now, we are going to showcase a lot of topics that will be of interest to you. Number 4, especially digital telcos, gain us the new normal. Doctor Hans will showcase our efforts and in trying to position ourselves to take advantage of of the new way of life, new way of working life, a new way of, of doing things. It have the CEO of Cellcom will give a, a sneak preview of, the transmission work that that's currently ongoing. There's been a lot of interest, you know, with just the financial services. So Harry will map out the current efforts and the trajectory and we also wish to introduce, Adanda CEO, you know, the group, the new CEO of, you know, the group, to all of you to, for him to showcase, you know, of course, plans. And of course, topic number 11 should be some interest, to all of you, how we reposition repositioning ourselves to be a high dividend company. Now this is, as we've mentioned earlier, a change, you know, investor proposition the rationale and how we're going to do it, yeah, how we can make this happen in years to come. And there'll be, a topic, for Deepak Knight to cover, next Thursday. So I do hope that you can spare the time next Thursday to join us, on our annual investor day. So on that note. Thank you, for your attention. I hand it back to, plan. Thank you, Tata. Okay. So we're moving on to the q and a session. So it's the same drill as what we did, the last quarter. There will be two ways you can ask your question. Option 1 is if you ask the question verbally. So remember to raise your hand, in the option bar wait for your name to be called out. Remember to unmute yourself on your computer and you can follow-up with your question. After the discussion or your question, please remember to mute your computer again. The second option is via the, show conversation. So you can basically, type in your, question in the meeting chat room. Again, that's the little chat icon there. You click on it and, please, type in your, message or question there. And we will, address your questions accordingly. So, we can start now. Feel free to type in your questions in the meeting chat room or raise hand, and we will, address your questions accordingly. We'll give you a couple of minutes to a couple of seconds perhaps. So just a reminder, you can do that via, raise the hand function, which should be at the top, right hand side of your computer screen. To ask your questions verbally, or also click on the chat box function on the top right hand corner to type in your questions at the bottom right of your computer screen. Is that a question? Or oh, I see. Sorry. Yes. We do have, questions coming through. So the first question, come from a phone from a CINB. So we can, unmute your line for a phone from CINB. Please ask you. Your questions now. Hi. Good afternoon, and thank you for the opportunity and congrats on the good set of numbers for 3Q. 3, main questions from me. Number 1, on the government free education quota program in Indonesia, can you provide a bit more color on the revenue and earnings impact for Excel now that we are 2 months into the program? That's question number 1. Number 2 for Cellcom, what drove the big jump in prepaid subscribers Q on Q? And what proportion of the gross gross adds in the third quarter were coming from the prepaid unlimited plans. And for postpaid letters, from which ARPU segments were the subscribers coming in at, and, with the first increase in subs in five quarters, You think we have finally turned the corner here. What does in October November indicate you wanna ask? And, also on Telkom, what I'll do need to do to strengthen Cellcom, much of positionings and any visible gaps that you can see. And my question, regarding CapEx, you have optimized a survey this year. And as you mentioned earlier that, it has not affected the consumer experience. You think that this is sustainable or will we eventually exhaust, spare network capacity or lose competitiveness if we were to keep to this level of CapEx going forward? Yep. Those are my 3, main questions. Thank you. Thank you, Tom. On your 5th, your question on CapEx, is that the group, or are you talking about telecom? I'm talking about the group. Group. Okay. So, the first question you asked about on Indonesia, I I can get, booty from Indonesia to answer the question. Booty, you on the line? I see it. The c booty is the CFO you've seen the new CFO of Excel. Yeah. Thank you. Yeah. For being out to detail, I will give a bit highlight the program launched in the 2nd, in the last 2 weeks of the quarter on the 3rd quarter. And, what we, we're able to, try to catch up, getting, a quite number of subscriber. Until now, I I mean, until last month, we managed to generate it, around injected around 6,100,000 subscribers. And in terms of, the dollar impact, probably I could not disclose the detail, but, if you look at the news, you can calculate roughly how much the the contribution. But, however, don't forget to discount because the one that we can recognize is only the use portion. And, I think I think that's it. And pretty much is more on our, access brand, which is our youth segment. Our youth segment then that we are playing on on this, field. Hope that, answer your questions. Baburi, can I just follow-up quickly on what you said? Yeah. Is that going to be, revenue dilutions from this program going into the fourth quarter. And, also, would there be incurrence of higher costs, maybe from, same distribution or the need to pay, you know, your your dealer commissions and all that, for for the program. Yeah. So in terms of cost, not significant because it's pretty much the same, channel that we're using, the same, infrastructure that we're using, right, So it's more on the, revenue stream. The pressure on us is more on the ARPU. ARPU is the one that, we continue monitoring because, the through this, potential cannibalism in terms of ARPU for us because, the same customer who used to spend more. Now they, pretty much using their, quote offers from government before they start using their own. Okay. Thanks, buddy. Circom, is it, Jennifer? To answer the question, the 3 questions on Cellcom. Jen, please go ahead. I'm also here. Yes. Yeah. Okay. This is you. Yes. Thank you. Thank you for the question. Yes. We did have a search of customers in the in the quarter. A couple of factors but I think one of the main, factors, of course, are because of the the width of our network. By the main factors is, we introduce our product that is now, quite attractive and competitive, in the market. I think that's one that kind of, drove the demand higher But besides that, we have also done quite a lot of work in terms of strengthening our trade. A lot of the the the trait that were the trick practice how we look at the trade and our dealers, especially our our prepaid dealers. So this drove in terms of what we we're able to increase our gross ad and net ad in prepaid, over the third quarter yes, in terms of proportion, what is unlimited, yes, unlimited is one of the most attractive product out there. It is, form majority of our new ads. Okay. So, you know, your question around, postpaid. Yes, we have a a positive net adds for postpaid. After, you know, like you said, the 5th, quarter. So finally, I think, we do have, a product that we launch even before the MCO, early in the year, however, because of the MCO, we were not able to take full advantage of of of the product, post MCO. We're seeing that this product is doing quite well in the market, so we are quite happy with it though. It is still very early days. I'm gonna pass to Jen later in terms of, your question around, bad debt. But in what we are doing, quite a number of things to improve our positioning now in the market. I also have with me Alan Bunker, our new, chief commercial officer. We are doing quite a number of things, which I was allowing to to elaborate after this. Around, of course, strengthening of our network, around rebuilding our trade and also continue to introduce new competitive products. Maybe I'll pass to Jen to talk a bit about the the numbers. Hi. Jennifer here. I'll quickly, bring us through in terms of the bad debts. I think, you know, the previous bad debts that we see which is which was actually very high was mainly because of the, you know, the very aggressive device program that we had at till end of 2018. We are starting to see the, you know, we are starting to see with, you know, when we actually experienced about that, we actually put in a couple of, new roofs in place And with that, we're starting to see that the number has actually trend a lot more, reasonable number if you look at the Q3 number, it's at 0.7 percent of the total revenue. There's a quite a couple of things that we have actually imposed, in the last couple of quarters to actually bring down the number. 1 is that in terms of the credit checks that we have with the customer, we are, you know, in the past, we were a lot more liberal and a lot lot more lenient in terms of, the customer acquisition with devices. But with the new things that we actually put in place, like, say for instance, credit cards and credit checks, the number that that has actually trend a lot further down and it's a lot more sustainable at this current, point in time. On top of that, going forward, we are going to put in a few more, measures, not just to trim down in terms of the, bad debts, but also to encourage the new subscribers that's actually coming, to actually encourage the customers to come in with our device bundle. I hope that answered the question. I'll I'll pass it to Ellen. No. I I I can just echo with what Ethan He was saying regarding the, the unlimited and you're absolutely right. It's more than half of our cross set at the moments coming from unlimited And that in in line with what we're doing, expanding our trade with both new dealers and expanding our slow dealers being more active. And we have increase the number, quite a lot when it comes to active outlets who's selling our products. So a lot of good effort and a lot of for progress in the in the in the whole trade. Thank you. Okay. So, this question, home, I'll take the last question, which is on CapEx. CapEx this year is going to be expected to be below 6000000000 or on that level. This has been, on the basis of us, being extremely careful on our CapEx spend and prioritization into 2020. And the businesses where there has been, lower CapEx is being essentially e.co, where there is, lesser number of orders on new towers, which I think should open up once, all these locked down, etcetera gets over, where MNO starts putting, new towers in place. It's all also, in in markets like Indonesia and Nepal, essentially because of, the lack of spectrum, that we we we couldn't really invest on the on the network. But, apart from that, think, going forward, we should be looking at, the CapEx intensity of around 20, three, twenty four person going down to 20% over the next 3 years, which is what we have been communicating, even in the past. But That said, we still see opportunities to grow in some of the markets. For example, we will continue to focus on investments ex Java. We will continue to focus selectively on investments in non CCD, in Bangladesh, which are the markets where we still see opportunities of, growth. So the level of CapEx would be, you know, still around 6, 6a half 1,000,000,000 coming down to the levels of around 20 percent of revenue over the next 2 to 3 years. Thanks, Fang. Does that answer your question's phone? Do you have any follow-up or, comments? Otherwise, we'll move on to the next question. Okay. So, Moving on to Alex. We have a question from a Alex Go from, and invest. Your line is now open. Please ask your question. Please remember to unmute yourself, Alex. Yeah. Thanks for opportunity, Claire. I got a number of questions, and thanks for the opportunity. The first thing is that you're guiding now for a potentially soft spot water after a strong third quarter. But, know, given the numbers that you have in 4 in October and now, is that the current situation? Do you see softness taking place under this third wave of, of, COVID 19? Or I or are you just being, cautious or being prudent in this case? Right? That's my first question. My second question is regarding cell contents. What are the, a bit more in-depth explanation on our telecoms numbers earlier, but, given the the rise in competition from almost everywhere, Do you see the kind of growth that you've experienced in these third quarters to begin tapering off? Maybe, in a fourth quarter or maybe early next year? And my third question is regarding ANSEL, where you have these spectrum constraints When do you expect the spectrum capacity issues to be resolved? You know, how are the negotiations going on with the regulators? And my first question is re yeah. Sorry. My first question is regarding Hello? My first question is regarding e dot Go ahead, Alex. Okay. My first question is regarding e.co. You've indicated monetization, plans could we, you know, have some idea what the kind of timeline that we're looking in? And are we also still looking at an IPO, or are you are we just looking best for more direct investors. Thanks, Alex. When do I get Inham, to answer the second question. And that is, I think we'll answer question number 1, number 3, number 4. Doctor. Hans is on the line. Please hit on. Yes. Thank you, Dansry. Thank you for the question, Alex. So I think we we all know the market is is highly competitive. And, whatever growth that we have seen is we've we've we've probably is not be, it's not going to be, exponentially growing continuously. So but what our objective is probably I would do the growth of a competition. I think what we the way that we're doing now, we're looking at, market by market, region by region, and how we manage, or compete rather in these micro markets and outdo the competition in each of the market. So you're also depending very much on how the market is going to be doing, but we think we will continue. We believe we can continue to be, continue to be competitive And as our trade is being strengthened as what Alan said earlier, we we hope we look forward or we think we believe that, actually, we can continue to outdo the competition. Okay. On the first question, on the fourth quarter, whether we've been cautious and conservative. Actually, a bit of that, but, Alex, in the text of what's going on. You know, with foreclosures and loss job losses, in Sri Lanka, we are challenged with, the introduction of mobile number portability, competition as well from the Sri Lanka Telecom. In Bangladesh, you know, grabbing phone is, the, you know, has a significant market presence. All in, all in all factors, they can the consideration. You know, we just feel we we our assessment that will be a soft quarter, you know, for the for the full year, well, for quarter will be soft so that the full year will be, you know, although it is much more, much better than what we expected earlier on, Yeah. Certainly, the additional, the the extended CMCO, Gulf Coast in Sri Lanka, Indonesia, and so on, taking all those consideration. We felt that down the 4th quarter will be, not as encouraging, not as strong as as the 3rd quarter. Now the end sales vision on the spectrum of the discussion. So with the, authorities ongoing, it's not just about the, the timing of the spectrum that's being, that's being ordered. It's also the rule of obligations that, will impinge on, you know, the viability, of the business. So we we are trying to see what we are in discussions with the authorities this, as you would expect, take a bit of time. We're working we're working very, very hard to try to make sure that, you know, the, spectrum is awarded on terms that, we can, make it work. It'll go monetization. Okay. There's 2 aspects to this. As you all know, there are Pito code, in its current form, is it's, has a lazy balance sheet, meaning it doesn't have too that much gearing. Annie has, something like 1,100,000,000 cash sitting in this balance sheet. Now based on the trajectory and the plans that we have, certainly, you know, we can go out there to gear up to read something like 1,000,000 US dollars were borrowings, before there is any concerns in terms of, the financial metrics, yeah, from 0.7 times, EBITDA. If we assume a three times, three and a half times, you can easily raise something like a $1,000,000,000. Now that's the first point. The second point is, as we mentioned before, we are currently evaluating, 2 proposals from financial investors who are interested to participate in the investment in the business of edo co as well as the trajectory. And, you know, if you think about it, it's it's very, very tangible because in in the, you know, everyone considers the telco sector to be resilient, to the pandemic or whatever is going on. I'm a bit cautious that were resilient. We are affected in terms of defaults, in terms of, you know, lesser customers and cover customers having to prioritize their wallet. But if you look at the telco base, the tower business, it's very much resilient because the MNOs also need, you know, we'll always need these towers, to make sure they provide the provide the service. Of course, E dot co as we alluded to has its own challenges in terms of deferral of, rollouts. In terms of the second tier customers, which we need to make some provisions for the third quarter. Yeah. So that process, in terms of evaluating the 2, the proposed financial investors are going on. Hopefully, we'll have some closure and in a position to make some announcement, before year end. I'm pretty, optimistic that we can do so, but then again, it depends the, final set of numbers after the DOD work that's ongoing as well as, negotiating the, definitive agreements. Now as an aside, you may be aware and have picked up the news, incJ, who, which has about 22% stake in e.co. There, there are a fund and they are in the process of also, exiting the business. That that's something we knew for some time back. And, we're trying to make sure that, the, the, the, the, the, the, shareholding is, very much intact in terms of, the capacity of the, shareholders moving forward to be able to fund, the monetization or the the expansion plans of E. O. Cool. Now IPO is always on the cards. So given the current circumstances, we where we are able to raise funding outside of the IPO, platform. You know, we don't we we we take the view that, we are that that that that's always on the table. And that's something that we could possibly pursue in 3 to 5 years' time. In other words, you know, especially given current market conditions, you know, that is not something that we want to pursue, especially when E.org can raise his own debt, to, fund, the expansion plan. I hope that answers all your questions, Alex. Yeah, do. But can I just pull up a question on, Ansell? Could you, how could you describe the issues that we are really facing with the authorities? Are are you still having this issues that you are linked with, the capital gains tax issue in a past. How would you describe your relationship with with the regulator I mean, like all regulators, you know, they, you you they are to say, always, trying to make sure that, it's a it's, they're able to to generate enough revenue for, the country, telcos, in the emerging markets, I've always, you know, been considered the tobacco companies of yesteryears. I mean, you see this, manifested in Bangladesh. For example, suddenly, the regulator introduced a tax on our revenue for example, last year. So so the it's a it's a it's a pretty, healthy discourse side. That's how this describe it. The capital gains tax issue, as you all know, the Supreme Court has already, decided we are in the process of arbitration beef, the government on the call, yeah, through the bilateral investment treaty. And that's ongoing. But that is also long drawn. That can be long drawn. On the ground, on the ground, I think the, government, the way we pitch the the, our business is that we are trying to provide connectivity for the people in Nepal, the consumers. But if if, if the government imposed conditions, for example, we talk about rollout obligations. If the condition is, nationwide, then that will certainly not make our business viable. So that's not something that we, we can accept without any, sort of, concessions you like. Yeah. Willow obligations, are common across all the countries. And, you know, there are ways of doing that. There could be over a period of time. Focus on certain cities and so on. So these are the, challenges that we face. Nothing new, actually, if you ask me, Alex. Okay. Thank you so much. Thanks, Alex. Thanks. Okay. Moving on, we have, questions from our prem from Macquarie. Your line is open now. Prem? Remember to press unmute on as well. Prab, can't hear you, Prabh? You you need to, un unmute click on the unmute button. You said he's hungry. Okay. Maybe we come back to you. Sorry about that. So the next in line is Arthur from a Citibank. So, please unmute your line and ask your questions, Arthur. Can you hear me? Yes. Yes. Here you go. Or the radio silence. Okay. Sorry. Some technical issues. Three questions, please. Firstly, on the risk factor, you mentioned bad debt provisions for EBA. So I'm just wondering if that can be clarified why would VDOTCO have, bad debt issues considering its future due nature? Second question I had was with regards to the digital services. You mentioned reduction in losses into this quarter. What's driving this swing quarter and quarter is sustainable, going forward? And last with regard to, government service. So this gender led program, as well as the 2021 budget how will that impact the company? What are your responsibilities on these programs? Thank you. What did you answer the question? Yeah. Thanks, Arthur, for the question on edo co. Edo co has got, essentially 2 types of customer, we call them tier 1 and tier 2. Now tier 1 are if you like, the Horeduz, the Aziatas, and the Telenos of the world. The, bad debts, provisions that we're making against, the tech the tier 2 customers. Yeah. These are not if you like, those names that I've mentioned. And specifically, these are kind of, operators in countries like Pakistan, and and Cambodia. Yeah. So in the case of Pakistan, the, obligations or rather the, operator 2nd tier, the tier 2 operator has not met, the payments that have been outstanding. So what we've decided to do is, make provisions, for the amount that they owed. And, you know, even took, quite drastic actions actually because the amount due has been for some time. So we've decided to even switch off and and dismantle the towers that were, you know, for for those, for that particular customer in Cambodia, the license of one operator has been revoked by the Cambodia government. And, this happened 2 months or 3 months ago. So given the circumstances in which that was done, we we've taken the more conservative view to make provisions, for the amount owing, by that operator. Now on ADS, what's driving lower losses I think, the the, like, all the startups, the mandate that was given to, to both the digital financial services and the digital ad tech has always been to, for them to turn around, for profit, in time to come. Now in the case of, ADA, the digit advertising, they turn profit, a small profit last year, you know, just above, just more a bit more than breakeven last year. So they're good to go. But on the DFS side, the e the the eep and general cost that, was neutralized with the, MD grant, for example. Yeah. So it wasn't, like, the first round where it tonight. Yeah. It was a complete, you know, it it affected the the the, bottom line. In quite a dramatic way. Of course, the marketing funds, we are much more, focused. I think, you know, you would have picked up the market as well. The other wallets are spending more than, than, than, boost. At the same time, we've also, able to negotiate, some rebates or lower, discounts from the merchants themselves. Yeah. So all in all, this is the general direction that we have given to the team. To to, to target towards, profitability in the near term. Oh, Ida, can you answer that question? Yes. That's great. Thank you. Thank you, Arthur. On gendeela, of course, Alkom is, fully participating in the gendela. It's part of our commitment to do our regulators, as part of the industry to support, the gender program. If if I may, there is a couple of areas that's that's we need to do. Number 1 is, of course, is the expansion of the network to cover, beyond what the industry has today to about 95 to 96 percent population coverage by the end of next year 2021 and also to improve the overall quality of experience to the to the customers. So this is something that, together as an industry, we're working on it with, the irregulate the OMCMC. One of the biggest, plan for gendela is the 3 gs shut down, which, is planning now towards the end 2021, which is has always been in our plan. The only difference here is we are accelerating it. Yeah. Even earlier to 2021, and we are doing it as an industry. So this is something that's not a surprise to us, but in a way to make it a lot more at than what we were bid. So we are working towards this, especially on migration of our customers, from the DG voice network to the VoLTE network and so on and so forth. What it does also, with the the general program, to make sure that we We're doing this in the most, efficient way. The industry is collaborating a lot more, a lot tighter. Especially in working out to roll out, in the zone 3 and so forth, for the more rural areas, especially in the manager, the Saba and Sarawa. Just to add on to what Adam said, as you all know, you know, the country, all the countries are set up equivalent of the USP in Malaysia. So for Malaysia, one formulation that is being discussed is how those funds can be utilized roll out the agenda, initiative, by the government. So as it is, there's nothing, of substance that we can share with, all of you. That's the work in progress. As Adam said, this is a industry wide, effort, to, you know, to be to to to to support. The general program. Hope that answered your question, Arthur? Yeah. Sorry. Just to clarify, on the budget for 2021, there was also this comment of 1,500,000,000 ringgit being taken on by the by the telcos in terms of subsidies. How how is that going to translate into Cellcom? Okay. Let me give you a little bit background on that. Today's a program that's being, has been, driven by, the government is to help in terms of penetration into the B40 segment, then this including, the government subsidized as needed by by the, especially for the youngsters and the students in the B Forty Segments and the family. The telcos as an industry will support, and we provide a different kind of, either subsidy or Hey, Dan. We can't hear you. Yeah. Can't hear you. Can't hear me. Can you start again as an industry? Let me start from the beginning in the in the budget. Can you hear me now? Yeah. Yeah. Yeah. Okay. So in the budget, the government put together a plan or program to assist the people to segment. Yeah. Especially, it's making, affordable devices available before the families, especially for the with the children and schooling. To help with the learning from home. As an industry, we are supporting these initiatives because, we have the distribution to help reach to these families, through by giving out some, for the assistance either in a kind of service in kind, in terms of capacity, or as well as in terms of some, device subsidy if if necessary. But predominantly for Cellcom, we are looking at how we can complement, the existing subsidies given by the government with our services to help these families. I think that just to add to what Adam said, the government is giving the telcos the latitude of how, best it can be implemented. You know, for example, in the early days of that one gig per day, free data, there was no restrictions whatsoever. So later on in that program, you know, telcos were able to, tweak it so that access is only to the, sort of, more informative educational of, you know, access. So so I think, it's a balance of what the telcos are trying to do in support of the government's initiative, to help the B40, segment of the, community. But I think the guidance or the, the assurance we can give is that the government's also sensitive to, the, viability and profitability of of the telcos. Thanks, Arthur. Understood. Thank you very much. Thank you. Thanks, Alfred. Okay. We'll circle back to a plan from Macquarie. Your line is now on. Hopefully, we can hear you this time. Yep. Yeah, I won't get into the details. Anyway, thank you for the opportunity and congratulations and a good set of numbers. My focus is largely on Cellcom. First of all, specifically for Alan. Sorry to put you on the spot, but what do you think has been wrong at cell phone? And what needs to be done? I mean, you've done a good job so far, but I believe you only came into Malaysia recently, what have you seen on the ground and what do you think needs to be shaken up even more to deliver better performance. Right? And do you think that whatever you do could is it a response from your cop from the peers, which could then cause the industry to go into a tailspin mode. So how do you balance that growth versus, the potential destruction of the entire market? And secondly, for, you know, we were talking about voltage and fiberizations, etcetera, with regards to Jendella. Could you give us some color as to how far we've got with actual fabarization where we need to get to what it's gonna cost. And with Voci, you know, I do understand that there's a certain amount of CapEx that needs to go into it. And could there be any further asset write downs as a result of all of that? Okay. Thank you, Brent. So, Alan? Yes. Thanks, Brent. Thank you for your questions. This could be a very, very long answer. Right? I'll try to turn a little bit, try to do a little bit of focus, right, because I think I think because one of the main work when I came into Circum was focused. Right? And the first thing I did was looking at the last 4 or 5 quarters and was very clear. There was a lack of says stories within Silicom, and there was not a lot of energy in Silicom that you could actually pinpoint some of the big wins. So I said, okay, let's focus on a couple of things to make sure that we at least get some And I was looking at the market situation seeing that we are not very competitive or we worry about not very competitive in the market. Actually, our ARPU was a certain level above our peers. And I know that we have a premium network set up, but we could allow ourselves to be a little more competitive in the market. I said to the guys, guys, the first thing we need to do is number 1, we need to we need to acquire process. We need to abuse up coming into cell company. And by doing that, we need to be very granular in our coach in the market, looking at all the drivers that drives the cross set. Meaning, they look at the retailer, look at the dealers, are they active, are they not active, etcetera. Look at the advocacy, have the best storytelling, be close to them, etcetera. So we have done all that for the last 4, 5 months. And now looking into all the, what's it called, the service that we'll be doing regarding advocacy visibility, brand tracker, Facebook, staff when it comes across, we are number 1 now. So we are the most preferred brand slash product in the market at the moment. So that's a huge achievement. So it's about being focused and simplicity and get some energy back to the to the field force. So that's the first thing. Now you're also asking, what about the peers in the market that they react? For sure, they will react. And we are also reacting. That is a never ending story. But I think when we capture the customer coming into our base, then we need to have a none second to none CLM. Meaning, we need to upsell. We need to cross sell to our customer and that has to be supported by a very, what's it called? It's a sophisticated analytics team to make sure that we can actually deliver that. So if you can grab the customer, intro based, then I'm sure working with the CLM, and this is the gate to get more up here, upsetting crossings with these guys. But yes, I cannot, I cannot expect they will not, come back in the market, especially if you see teachers not come in yet, So there will be some adjustment. But again, I don't I don't think that's gonna be a big mess. I just think we need to be better to monetization our customer in the future. So that was a short answer. Thank you, Frank, for the question. Thanks, Alan. Oh, hi, Fran. How are you? Thanks for the. I'm good. Thanks for the for the question. Yes, there's a part of the biggest part of the Genela, the treaty shut down, which needs then we need to one is migrate our voice traffic from the current 3 g to, to voltage. And we are in progress on that, actually. The network as far as the network is concerned, we have all the ready for both, except for licenses that we need to to invest in as the number of customers is is growing. So we have planned for that. In terms of, fiberization, we're talking about our sites, fiberization. Today, we have about, 1 third of of our size, fiberized to the size itself. And then another 40 or percent of our size is actually about one hop to fiber. We hope to we look forward to actually increase this 33% to reach around 50% within the next, 12 to 18 months, so that we can support the the the higher QE that's expected, by the gendela as well as to improve our overall overall plan, in terms of the SF write down, etcetera. Maybe maybe I'll I will leave it to, a Vivek to maybe to pick this one up. I mean, there's no there's no write off as such, but the fact is that across markets, not just telecom, across markets with the change in dynamics, which is happening at this point in time, we are seeing a early, shutdown of 3 g network because we do need, to refund the spectrum for the 4 g requirement. And that's more a technology driven initiative. That may, may result in, acceleration or early shut down consequently right off of, the, the, some of the 3 g network. But that's, that's going to be, operating income opco by opco evaluated. And on cash. And and this would obviously be a non cash. And obviously, we will look at it from a business case standpoint, not just from a accounting perspective, there there is a positive effect of, early shutdown of the net button. Thanks for that. Vivek, maybe if if I could just, throw in one more especially with regards to depreciation. This quarter, we saw quite a big drop off in your depreciation expense. Was there anything one off fish in that, or it's just because we've cut down on CapEx? Yeah. I mean, I I it's it's mean it's on account of come down on CapEx. So there's no one off, in the deposition this year, at this quarter, Okay. Thank you very much. Thanks, Javier. Thanks, Brent. Thanks, Brent. Alright. Moving on, we have, questions from the line of, Ranjan from, JP Morgan. Please go ahead, Ranjan. Hi. Sorry. I'm gonna ask. I hope you can hear me. Yeah. This is Lounder Ranjan. You sure. A little around there might help. Hi. Is better now? Maybe slightly. Go ahead. Okay. So, I have three questions, and thank you so much for taking the time. Firstly, on your cost optimization plans, you had previously shared a 5,000,000 ringgit, plan between 2017 to 2021. If you can share what the progress is and if you have new targets in place. The second question is on, the Omnibus law. In Indonesia, the draft regulations are out, which talks about spectrum retention of post M and A. How do you think, since you have spoken about consolidation in the past, how do you think this impacts the industry going forward? And last question is on the third quarter. The big jumps in EBITDA in Selcon and And, sir, are there any one offs that we should be aware of? Thank you. Thanks, Ranjan. Vivek, on a second, first question. And, yeah. So so let me take, and then the first one. So just to get ready, maybe, would you just get ready for the second question? And, you know, on the well, Jen, on the 3rd question. Jen, and maybe I can take one and start with this. And also, on cost optimization, Ranjan, I mean, in 2017, we said we will take out 5,000,000,000, which was kind of distributed equally between CapEx OpEx, from a savings standpoint. So we're kind of completing that 5,000,000,000 journey by the end of this year. Around 40% of the savings are in OpEx and around 60% would be on the, CapEx. So OpEx obviously goes down straight into the, profit line, but, we've also been simultaneously investing to the growth in some of the markets. Yeah. Going forward, we do not have any target in place, but the efforts are more coming out of the collective brain initiative, which is really getting, in a way, brains across the entire group on IT network and procurement, with procurement more, centralized as a, like, Sierra procurement center. To drive the efficiencies on the cost. And the ultimate objective is for us to achieve a targeted 10¢ has cost for GB by 2024. So we'll explain that more in the investor day how we intend to drive that. Because what we've seen in 5,000,000,000, while the number sounds extremely good and attractive to follow but it does not really translate into the cost for GB also does not translate into the margins for data. So our focus now is how do we work on different initiatives to gradually improve our data margin because by 2024, we expect nearly 90 to 95% of the traffic in the form of data. What do you answer, Prashant 3, yourself? Question 3 on the EBITDA, jump, I think, one item, which would be a one off, I would say, is really not one off. Is is, there is, a reversal in the provisions relating to the, reward program which we have. For a on an annual, target achievement. Now given that this here has been an exceptional year where the, where the gap between the target and what we are likely to end up the year with, there was this excess, provision available, which has been reversed, which on account of, short term incentives, available to the employees. So that's not necessarily a one off. It's more linked to the performance as such. So but that's something which has come in quarter 3. Apart from that, I think the big game has come out of the bad debt improvement, this year. Some of it relates to the, losses which we have provided for in quarter 2, where we've been able to recover those, losses, to a very effective, collection program, during the quarter. So these are the two items other than that, in in case of Cellcom, there's nothing else, which is, which is in the nature of one off. And so Improvement is essentially coming out of the, growth, quarter on quarter, on the top line. So nothing Nothing as such exceptional. And obviously, given that, there has been shift, to some extent, on the digital, recharges in that market given because of the lockdown, etcetera, there has been lower sales and marketing spend, in the, in the quarter. And also some curtailment of some of the overheads, in that market, but those are those are not one off in nature. Yeah. Rajan, thanks for the questions. You're right. This, Omni Baslow came as a good surprise to the industry. Not only on the spectrum as you know, because this law pretty much make things even more clearer for us, as the player in the industry, not only spectrum sharing, but also the the the the law allow us to, do, not only retention, but also spectrum sharing. So it's not only past, M and A. You can, return the the spectrum, but also you can share the spectrum amongst the player. So with that, the option is not on the M and A. For us, it become, more options now. Not only M and A, but we can also do spectrum, sharing between between, you know, between, players. Also, the infrastructure sharing also a light a lot by by this low. The price, floor and the price ceiling will be there. So it's pretty much very, very positive low for for telco industry. So whether we're going to do M and A or we do something else, that's going to be, something that we continue exploring So now for us, the option is more, and it's just a matter of, time, where are we going to, go within those options available, Ryan? Thanks for the question. Hope that address. Ranjan, maybe I can add to what, Boudi responded. As you know, the Omnibus law was issued or, by the government in Russia with the main objective of attracting our FDIs. Now as you would appreciate, this, the beginning if you like of, that effort, what is happening right now and possibly in the next couple of months is the operationalizing of the various, of the vice law, say the various provisions. So in other words, the various Ministries are engaging with the, operators, in the telco industry, for example, tel, Excel, endocet, Hodge, everyone's providing the inputs as to, you know, the the the, if, like, the various aspects of the, the specifics, if you like, of the of of the law that the government is trying to, introduce. So in other words, I would exercise a bit of caution, in terms of what we can do in terms of M and A, spectrum sharing, and so on. But, hopefully, in the spirit trying to attract FTIs. Hopefully, that that will, manifest in in, you know, in the way that we expect it to. Thanks, Raja. Thank you so much. Thanks. Do we actually have a follow-up question from, Arthur. He sent it via email. Basically, he wants to, Arthur, from, city. So basically to clarify, were the provisions for e.co already done, or this is yet to be done? It's already done, I'll just add to that, while these are done, but there is still, you know, certain, poor tire tier 2, operators, we, where we are, monitoring it closely in terms of, potential, risk we've got exposed. But at this point, then nothing that we The ones that we did was, in addition to the Pakistani, secondary operator, after that, that one, long overdue, if you like. It's beyond, you know, beyond 6 months sort of, debt that's, debt was due. And that led us to the, drastic of, well, dismantling and turning off the towers. So, yeah. Thank you, Hanta. Okay. If last call for any further questions, whether, verbally or in the chat room, Otherwise, I don't see any more questions, and we can, proceed with closing from time stream. Okay. Yep. Alright. Thank you very much, for everyone for joining the tech for the 2020 results. This has been the easiest I, our discussion if you ever had my, career. 1, because we have 2 results. 2nd, my job is just to pass the question to everybody else. So that I don't have to answer any questions. Jokesite, thank you very much for all. This is my last phase. The, IR discussion or presentation or conference that we, have a good day with you. Oh, not really. Sorry. Not realistically. I forgot that we will have one more for results, the last one, but we will have, I hope to see of you, virtually during the next, analyst or the next meeting, which is the, agenda analyst day. So with that, thank you very for all the questions. Thank you very much for participating in this call. Thank you. Thank you.