Hi. Good morning, everyone. Thanks so much for taking time to come to our Full Year Results Presentation. My name's Nik Kershaw. I'm Head of Investor Relations for VEON. With me today in the room, we've got Ursula Burns, our CEO and Chairman, we've got Kaan Terzioğlu and Sergi, who are currently our Joint Chief Operating Officers, and Alex Kazbegi, who's our Chief Strategy Officer for the group. The presentation for today, really the format we're going to go through, we'll start with an overview both of our fourth quarter results and full year results that Ursula will do, followed by a brief discussion of our financial performance for the quarter from Alex. We'll turn our attention to the key themes across some of our bigger markets, and Kaan and Sergi will deal with that.
After that, Alex will come back, touch a little bit on the capital allocation and our dividend, and then back to Ursula for closing remarks. As always, we'll ensure that there's ample time at the end for questions. If we can save that just to the end of the presentation. Before getting started today, if you can all just take a moment and carefully read through the disclaimer. Just know very briefly, jokes aside, these statements relate in part to the company's anticipated performance and guidance for 2020, future market developments and trends, operational and network developments and network investments, and the company's ability to realize its targets and commercial and strategic initiatives, including current and future transactions.
Certain factors may cause actual results to differ materially from those in the forward-looking statements, including the risks detailed in the company's annual report on Form 20-F and other recent public filings made by the company and the SEC. The earnings release and earnings presentation, each of which include reconciliations for IFRS that we presented today, can be downloaded from our website. With that, I'm going to hand over to Ursula, and just as Ursula's walking up, I'd just like to say, this is going to be the last time that you're going to see Ursula on stage as our CEO. Thank you very much, Ursula, for everything you've done for the company over the last few years.
Thank you.
Thank you.
Good to see you guys again. It's Valentine's Day. You look not too thrilled to be here. Before getting started, I'd like to remind you of some of the announcements that we made earlier. Thank you, Nik, for introducing me. Thanks all of you for being in the room, and for people who are listening on the phone, thank you for being here as well. As I said, before I get too far into the numbers, I'd like to just make sure and to remind you that we announced today a significant transition. One is that I'll be stepping down as CEO, but more importantly, that Kaan and Sergi will be taking over as Co-CEOs of the company, and I'll remain as Chair.
This will be the first time that you see them on the stage in these roles, and I hope you spend some time asking them questions and getting to know them. I've known them now, collectively, for probably six or seven months. They've worked together for the last four months as co-CEOs, and I am very confident in their ability to run the company and to work together for good results. I'm happy that they're here. In addition, earlier today, we announced the transition of Vasyl Latsanych , who will step down as CEO of Russia in June of this year. Kaan will get into more details about what's happening in Russia and the structure that he's putting in Russia to make sure that we implement fully the already designed and started turnaround plan that we have in Russia.
Let me go deeper into the overview of our business. If you've been following us for a while, you'll know that this is a slide that we use to kind of foundation everyone into the business. It talks about our strategy, and it talks a little bit about the achievements that we have, in this case, for the full year 2019 and for the quarter. First, ours is a business that's positioned for growth in some of the industry's most dynamic markets, which collectively present us with exciting growth opportunities in both our core services but also in digital services and adjacent markets. In 2019, we accelerated our investment activities to ensure that we capture these opportunities through the expansion of our 4G networks, including in Russia, where we deployed more 4G base stations than any other operator during the course of the year.
You'll hear in the fourth quarter, we installed more 4G base stations than any other quarter in the year for ourselves as well. At the same time, we have strengthened our management structure to make sure that we can focus more locally and deeply on the markets that we are operating in and that we can actually execute foot on the growth themes closer to the markets. Here, we've put in place local boards. It's a big change for us. Local boards, which draw on the considerable talent pools that we have in the markets that we operate in, and we include independent directors into this local board structure to make sure that we stay close to the markets and close to the influences of those markets. We also appointed the CEOs, and these CEOs will divide their attentions amongst key market areas.
As I said earlier, I'm pretty sure that they'll be able to do that extremely well. Second, our group continued to enjoy really strong organic EBITDA growth in 2019. It's interesting, it's driven by what we called our growth markets of Pakistan, Uzbekistan, Ukraine, and Kazakhstan. It offset some of the weakness that we saw in Russia.
Those good operational performance, along with cost control, both at the headquarters, which we spoke about from the beginning of the year, but also throughout the operating companies, has allowed us to actually generate good EBITDA and also good equity free cash flow for 2019. Last thing, which is a big piece of news for us, something that we don't spend a lot of time talking to outside, but it's a big lightening of load for us, is that we were able to close down both the monitorship, the external monitorship, and the deferred prosecution agreement that were on VEON. We did that in fourth quarter of 2019. It's a really important certification and recognition that we are ready for the big time in the real world of managing our business in a very compliant way as we go forward.
As I tell my team, this is graduation, so we've graduated, now we have to do it by ourselves, and I'm pretty confident we'll able to do that. Third, 2019 saw us continue to simplify the corporate structure. When I first got here, we spent quite a bit of time in these meetings talking to you about GTH, the GTH story every quarter. Great news is that we were able to get through the MTO and GTH in 2019. That transaction allowed us to simplify the structure. It brings our shareholders closer to the returns and the dynamics of the markets of Algeria, Bangladesh, and Pakistan, which is all good for us, and also good for our shareholders. Also, in 2019, we were able to, along with Telenor, actually lighten the load of Telenor.
They sold out of their shares totally in a planned way, the way that they told us they were going to be able to do that. That allowed us to bring on new shareholders and increase our free float to 43.8%. I think the basic blocking and tackling portions of structure and operations, we were able to do very well in 2019. Fourth, we continue to enhance our capital structure. We issued about $1 billion, not about, it was $1 billion in senior unsecured notes. That allowed us to actually refinance some of our short-term debt and borrowings, helped us lower our debt cost, and just improve the process overall. We entered 2020 with a gearing ratio of 1.7x against our 2x target, so very well in range. We were able to actually design a strategy and implement a strategy that allowed us significantly more flexibility.
It's interesting when we look at our return on equity, it's not something that we speak about a lot, and we're going to talk about it a little bit more from now on. We are at 27% ROE, which for a market and an industry that's not really known for high returns, this is a very good return for a telco business. Our value proposition also extends to our dividend. This year, 2019, we'll release total of $0.28 per share, $0.28 per share of dividends, $0.15 in this quarter that we're announcing now. It's a very good dividend return, a very good dividend yield for our company. Good dividend year. Capital structure kind of finalized and settled down. A lot of the operational executional areas kind of laid well, and really good investment trends that you'll be able to see from both Kaan and Sergi.
Turning to our results for the quarter, I'll do these pretty quickly because I don't want to be repetitive, I would say good, and good. Good quarter four. This portfolio really helped us. This was a quarter that showed what a portfolio can do for you. Weakness in Russia, offset by strength in our growth areas in our frontier markets, allowed us to actually report revenues that grew slightly at 0.2% to $2.3 billion. Good operational delivery in the frontier markets and in the growth markets, a really good plan for turnaround in Russia. I'm feeling confident there. You'll see Pakistan always kind of comes out looking a little bit strangely because of the Sumitomo effects, Pakistan had a outstanding year. Had a very strong year. Ukraine had a great year.
Kazakhstan and Uzbekistan had very good years as well. I'm also going to bring out Bangladesh, of all markets for me to talk about, but Bangladesh, it's a small market for us, a smaller market for us. We're positioned well, and our strategy for Bangladesh is good. In the past, it was a headwind for us, but now it's turning out to be a little bit of a tailwind, and we're pretty excited about some of the futures in Bangladesh as well. Growth was once again driven by mobile data usage. All of the trends there, it increased 17.7% for us, and it's all driven by 4G and new services that we provide to our clients. The success that we secured in managing our cost is evident in our EBITDA. We're at $935 million of EBITDA USD on a pre-IFRS basis, it's $808.
I'm not going to go through repeating pre-IFRS every time I have to say it, so you can look at it and see it yourself. This represents organic growth of about 12.5% or 30%. Finally, our group generated $1 billion in equity free cash f low, $1.36 billion of equity free cash flow, pre-IFRS. This includes the settlement that we got from Ericsson. Let me now talk a little bit about the full year numbers. Same, just good performance across the board. Good growth at the top line, reasonable growth at the top line, 3.4% to $8.9 billion. Very pleasing organic EBITDA, rose 9.6% to $4.2 billion. All driven by the same thing. Just good data usage, good uses of our services, and implementation of 4G and offering better services around the world to our clients. Equity free cash flow for the year, $1.36.
I told you this already, $350 million from Ericsson in the first half of the year. Cost is a big focus for us, at the headquarters, but in the countries as well, and it will continue to be. We still have a lot of tailwind in this area that we can continue to drive good EBITDA and good cash flow by managing our cost even better. Taken together, 27% ROE. Looking forward, we told you in 2019 that we were going to grow our revenue low single digits, we're going to grow our EBITDA mid single digits, and that we're going to deliver $1 billion. Check. 3.4% growth, 9.6% growth, and $1.004 billion in equity free cash flow. I think it was a solid year.
As we move forward into 2020, it's a new decade, and we just have to remind ourselves that we still have a lot of work to do and a lot of opportunities. Let me remind you of those opportunities. First, we're positioned for growth, and we have a diversified set of markets, most of them emerging markets. Very exciting demographic trends in those markets. We're positioned for strong organic growth. We're investing to get that growth. We're investing in networks. We're investing in people. We're investing in key services to make sure that we can grab hold of the opportunity in front of us. Second, our group has a solid track record of operational execution, and it's all built on maximizing growth and continuing to lower our cost.
Focus on the places that we can get leverage and lower the cost as much as possible, to be efficient, not to be cheap. Our biggest challenge in the near term is Russia, for sure. We've dived into Russia in unbelievable detail. Kaan will take you through it in more detail and show you some of it here. We have a strategy firmly in place that I think we can implement and take advantage of. You'll see throughout our organization, I talked about this when I first got up here a year ago, or a year and a half ago. We have 10 countries, and we have 10 great leaders.
We have 10 countries, and all the leaders are fit for purpose, and we are going to continue to make sure that they have the expertise from the center, the advice from the local advisors, and a set of market conditions that allow them to actually practice how good they are in front of their clients. I'm feeling really good about the leadership team out in the field. Third, we're committed to enhancing shareholder value through capital allocation, to actively managing this for us. This means that we're going to strengthen our balance sheet.
Debt markets, whenever they present us with an opportunity, we're going to take advantage of that opportunity, reduce our borrowing costs, optimize our fixed funding and our currencies to make sure that we are not overweighted or underweighted in any area, that we are really flexible and viable in that area, and I think Alex will get into a little bit of that for you. It also means that we have to continue to focus on our shareholders while balancing that focus through returning value to our shareholders with investing for the future. Finally, actively manage our portfolio. Ventures is going to start to become a bigger play for us. It doesn't mean we're going to take our eye off of the base infrastructure business that we have, but we have to actually put a little bit more weight onto ventures, and we'll be able to do that.
We have a great team, starting with Sergi, but he has a team that he's building under him in a country basis as well, that'll be able to take advantage of this opportunity that lays ahead of us in the venture space. Before we move, and I give it over to Alex, I just want to make sure I remind you of our 10 countries. As well as comprising about 10% of the world's population, it actually has an interesting World Bank statistic. We have six of the top seven highest unbanked nation percentage. This is a huge opportunity for one of our ventures business of mobile financial services. A lot of people turn away from this kind of a market. We run right into it.
It's a big opportunity for us, particularly in offering services that brings these populations closer to the quote unquote, "first world populations." It also enables us to empower them, as I said, to bring them up, and the gender mix also is helped here as well, as more women are unbanked than men. It's facing into all the positive trends that we're seeing in the world. On that note, let me hand it over to Alex Kazbegi. He'll take us through some of the detailed performance. You can come up.
Thank you, Ursula.
Welcome.
Good afternoon, everybody. Let me start with the first slide, which is to remind everybody of a vision for the group as a portfolio of diversified assets. We cluster this into three different clusters, the cornerstone, the growth engines, and the frontier markets. In the cornerstone, which is largely Russia, our main and bedrock of the business market, we had a challenging quarter. The fourth quarter was difficult as well, where we had the pricing, distribution, and network issues, which have been affecting our performance. We have been taking a very active look at the market, we are taking serious measures to turn it around. Kaan will discuss it in much more detail when he comes up here. What we have underperformed in Russia, we actually have outperformed in the other markets, namely in the growth engines. The growth engines, Pakistan and Ukraine, had an outstanding year.
Double-digit growth of the revenues. Very strong year in Kazakhstan and Uzbekistan. Here, the main growth is fueled by effectively data penetration and data growth. In the frontier markets, the performance was a bit more mixed. Here it is also dominated by countries like Bangladesh and Algeria. Nevertheless, they still contribute about 15% of our consolidated EBITDA. What we like in this market is the long-term optionality, which we see in those markets. To remind you why we are, so to say, in these markets. If you remember also, we are aligning our business in general between the connectivity, the new services, and the future assets. If you look at each of these vertical, each of them gives us very exciting opportunities to see delivering growth in the future.
For instance, on the connectivity side, we have 212 million subscribers worldwide, and only 137 of them are actually using data services. Ample opportunities to grow there. We are in the markets where the population is going to grow by 10% over the next decade. If you look at the demographic profile of that population, it's also very encouraging and very much supporting the, so to say, the growth of the digital prosperity in those markets. If you go into the new services, where the digital services is highly demanded, again, by the customers in our countries, here as well, we have only 34% average penetration across the group of the 4G devices. We only have 3.3 million TV users out of, again, 212 million subscribers altogether. The last vertical, which is the future assets. Here, specifically, we're looking at the financial services.
Again, financial services represent a very interesting vertical for us to grow. Pretty much in all the markets, we'll stop by about Pakistan, which we are specifically excited about. In general, again, here too, we have only 11% penetration of the mobile financial services through our subscriber base and about 7.3 million digital subscribers. Moving to more, if you wish, operational KPIs, and again, depicting exactly the same verticals. For instance, in the connectivity business, we grow very fast the self-care applications. Russia is the leader here. Beeline Russia now has more than 20% of their subscribers, which are using the self-care app. In the new services businesses content, also, as I said, 3.3 million monthly average users. Majority of them are in Russia. Again, a nice growth here from the Beeline Russia, where we saw an increase to 2.2 million subscribers on the Beeline TV.
The financial services here, again, the main component here of the growth comes from Pakistan, where, as I said, we're very excited to have this unique opportunity of having a JazzCash, which is one of the leading operator of the mobile financial services in the market, and they already have 7.3 digital wallets. Moving now to our financials. Also cover the annual financials. If you look at more detail in our fourth quarter numbers, the revenues on a reported basis were largely flat. You can see here that the biggest negative contributor to growth was Russia. This was offset quite nicely by our growth engines, also with Bangladesh. The two anomalies here, Pakistan and Uzbekistan, which actually shows here as a negative contribution.
In reality, because the countries have had introduction of the new taxes throughout the year, if you actually look at the like for like basis, then Pakistan would have shown a 14% growth, and Uzbekistan will show actually an 8% growth. A very strong growth generally, so to say, across the group. You can see that this is probably for the first time this year, we had a positive movement in FX, and FX actually contributed positive to our numbers. Lower side on EBITDA, the picture is very similar. Again, if you look at the Russia contribution to EBITDA, while it is negative, it is actually much smaller negative than the revenues, which means that actually on the margin side, Russia actually did quite well. What I want to highlight here is the corporate costs.
Those corporate costs in Q4 also have a severance provision of $55.5 million. Nevertheless, the corporate costs has had a positive contribution to our fourth quarter numbers. As a result of that, the overall organic EBITDA grew in the fourth quarter year-on-year by 12.5%. We saw in the same quarter a four percentage point expansion in EBITDA margin. If we look by product, the same chart by the product, you can see clearly that voice continues to decline, and it is offset by the data and the MFS growth. On the EBITDA side, you can see that the small fall in the service revenues have been more than offset by the cost reduction throughout the group. That comes both from the operating units as well as continuous reduction at the headquarters as well.
The net debt development, we're quite pleased that our net debt year-on-year from the Q4 2018 to Q4 2019, net debt to EBITDA didn't really change, 1.7x. Having said that, I have to say that if you adjust for Ericsson, which has been included in our EBITDA, the actual EBITDA would have been closer to 1.9 x net debt to EBITDA. If you look at our gross debt performance then here. We've been quite busy over the last four months. First, we raised about $700 million, 225 bonds in October, and that followed by another tranche of about $300 million, which we raised in January. Altogether, we raised about $1 billion of fresh debt. That's mostly to retire revolving credit facility and reduce the cost of borrowing altogether. The cost of borrowing indeed declined, however, quite marginally from 7.5% last year to 7.4% this year.
That is partially explained by the fact that in the meantime, our actual exposure to the ruble debt increased from 42% of total to actually 47% of total. Clearly, the ruble debt carries higher coupon. When you look at the weighted average numbers, they are a bit hiding the reality, if you wish. The maturity of our debt came down from about three to about 2.4. What is also good that the total cash and unused committed credit lines at the end of this quarter comprised actually $3.2 billion. Now, with that, I would like to invite Kaan to talk in more detail on our operating performance.
Alex, thank you very much. Hello. I would like to give a little bit more color about our operations in Russia and Kazakhstan, as Ursula and Alex mentioned. We announced today quite strong results compared to our guidance, exceeding and meeting those. We are not shy of also talking about some difficulties that we are facing. I want to give you a little bit more detail about our get well plan in Russia and how things are going. First of all, if I would present a chart like this with 6% growth over 2016 to 2019 in a developed market, it would have been a quite good picture. We don't benchmark ourselves in developed markets. For an emerging markets with 55 million customers we have, only 38% of them being a 4G subscriber.
We have a unique opportunity in Russia, which we felt like we have been delayed in grasping. As we said our Q3 results, our Russian operation has been underperforming based on our own expectations. There are clear issues. We have a network quality gap, which we have been addressing in the last six months, and which we will be completing our works for the next six months. Russia overall is a very inefficient market overall with distribution. We also suffer from the same issue. As you will see later on, our focus is first digital and optimizing our physical distribution network in a new business model perspective. Price, Russia has been marked with unlimited, undifferentiated offers for a very long time, in the past 18 months.
The good news is, market is rationalizing and getting rid of these type of unlimited, undifferentiated offers into much more reasonable, economically sensible offers. Naturally, all these impacts has been showed its effect in our latest Q4 results as well. We fell 3.3% year-over-year, and clearly we are looking for ways of turning this trend over the next couple of quarters. Our total decline in mobile services revenues has been 5.9%, and it's a combination of pricing as well as 1.1% decline in the subscriber base. Even strong, very strong business momentum on B2B business and home connectivity has done little to compensate this. No surprise that we are exactly focusing on these issues to turn our business back into the growth mode. Compared to a year ago, today we have 48% more base stations in Russia. We have been accelerating closing the gap.
Actually, as Ursula mentioned, we have been number one in terms of deploying networks in Russia this year in 4G. 86% of the population, up from 78% last year, is now covered with 4G. The business, the growth potential is clearly on the LTE customers. There is a clear differentiation of revenues per subscriber based on 2G, 3G and 4G, which is up to 2.8 x. As you can imagine, as we develop more customer base on LTE from 38% to 50% to 60%, we are going to see the impact of this important digitalization as well. Our motto, as I mentioned, is digital first. Our industry is blessed with every single customer with a smartphone having a shop in their pockets. We have to leverage this. Today, we have more than 10 million active users on our My Beeline application, which is 28% of our total base.
These customers are able to be enjoying a much easier way of dealing with their internet consumptions. We have to leave no customer behind and get this 28% to 100%. It's a very important step in terms of increasing our distribution efficiency in the market. Along these measures, we have also noted that we have to change our organization so that we can have a higher capacity to execute. Simplifying the organization, focusing on core functions, naming a Chief Customer Experience Officer to put the customer back onto the top table has been one of our priorities. As we announced yesterday, our general manager, Vasyl Latsanych, has decided to step down. During the period that we will be looking for a new leader in Russia, I will be taking over the executive powers as the Chairman of the local board of directors in Beeline Russia.
Vasyl will continue to support me as an advisor during the next six months. I really would like to underline, our most critical thing is to get our Net Promoter Scores back to the number 1 position, step by step, first in Moscow, then in the top 12 cities, and later on in the entire Russia. As I mentioned, this exercise has been going on for the last six months. We have already started seeing our results in terms of we catching up with investments, quality of our network improving, and also stabilization of the pricing in the marketplace. Russia, on the other side, is a prime market for growing ecosystem of new services. Just look at these three specific examples. 10.1 million active subscribers of My Beeline application means sales channels for cross revenues is implemented.
We have an opportunity to double, triple this number over the next two years, and our success will heavily depend on digitalization of our customer interface. Beeline TV has already reached 2.2 million monthly active users. On the mobile financial services, we have reached almost 5 million subscribers. All these things proves that if we are able to enhance our LTE base, subscriber base, we will be able to see the results of turning the business by the end of this year. Just to summarize the clear actions we are taking in Russia. Customer at the heart of our business. We will be focusing on 10 commandments for best customer service, and we will be known for it over the time that we will implement our changes. Improving network coverage is critical for our business.
We have a plan to improve and become the best network in Moscow, in top 12 cities over the next 12 months, and also start complete coverage of the metro in Moscow and St. Petersburg. Digital channels is the fundamental of our business and also is a way for us, stepping stone for developing into adjacent markets. We're going to be closing down our unprofitable stores, and this number will probably be reaching around 600 over the next couple of months. Enhancing the customer value proposition through segmented offers, but more importantly, growing the customer engagement in the new digital and adjacent markets will be our plans for improved performance. I would like to mention that our Q4 results in Russia has been kind of the end of the trend, which we will see growing over the next couple of quarters.
In Q4, we expect to be back on year-on-year growth terms. A little bit about Kazakhstan. This is the first quarter we are giving more light on Kazakhstan in terms of our disclosures. A beautiful market, moving from three player to two player environment, getting stability and also higher customer attention in the 4G markets. 41% of our customers are LTE customers, and this number has doubled over the last 12 months. As you can see, our convergent products, meaning that customers that are consuming voice and data, but minimum 1 more subscription-based service from us, the revenues from these type of customers have been up 76%, thanks to more TV subscribers, which increased 65%, and also financial services subscribers, which increased 117%. Our business here is also operating under the name Beeline, and it is one of the most successful operations in growing its subscriber base.
Our new brand called Easy, which is a digital-only brand, is a pure play case of how we can tackle customer acquisitions utilizing our digital channels. Beyond 4G, Kazakhstan is also the market where we are looking for 5G test bed. We have deployed one of the biggest territories, almost 13 sq km of area, lighting up with 5G for potential vertical-based solutions. In this environment, we have one gigabit per second of speeds tested successfully. As I mentioned, Kazakhstan is also an area where Sergi's and my efforts of building a next generation digital operator is tested and producing results. Let me now hand over to Sergi for a little bit more about Pakistan and Ukraine. Sergi?
Thank you, Kaan. This may be Ursula's last earnings call. It's my first earnings call, so bear with me because I'm not used to do this. I would like to talk first about Pakistan. You know Pakistan well. It's been one of our biggest and fastest-growing markets. This is true also for Q4, where we saw our revenues grew almost 16.1%, sorry, 14.1% if we exclude the impact of the new tax regime. The reality is that we are leaders also in 4G. Our network is the fastest and most reliable one, and this also translated in our user base, where we grew up to 61 million customers. We want to use this opportunity to extend our position there, and we see partnerships as a way to do it. An example is the one that we launched with KaiOS. You probably remember KaiOS.
It's popular because of their partnership in India with Reliance. What we did here is to bring these devices to a market which has 90 million 2G handsets, 90 million on a population of 200 million. We see this as a pocket of users that we are not serving today. The goal here is to provide a cheap but very powerful device so people that are not using 4G convert to 4G. The idea also here is to expand to verticals that today we're not covering, like our ecosystem, which probably you heard about. We talk about JazzCash in the past. We mentioned it before, JazzCash just passed actually 8 million wallets, which is a very nice growth there. We want also to complement this ecosystem with more apps. One of them is ZaITV.
ZaITV is the largest paid streaming app in Pakistan, and I would stress the paid component because it's a market which is not well-known for paid apps when it comes to TV consumption. We have more than 1 million monthly subscribers, 5,000 hours of content and live sports, like cricket, which is a main thing in Pakistan. We're going to continue to invest in that area to bring local content and make it a true Pakistani experience. The fact that the app has been downloaded 4 million times in the past few months reflects the interest and engagement that our users have with this type of product. The second app that I wanted to talk about today, it's the partnership that we launched with BIMA. It's a healthcare app.
The product here allows you to have a tele-doctor, a telemedicine product, 24 hours available, where you can connect with a doctor anywhere in Pakistan. You can also order your prescriptions and get it delivered to your home with a reduced cost and the same quality of going a pharmacy. This is pretty relevant because Pakistan, as you know, it's a very rural area. It requires this type of services. We are very proud of these two. The idea here is to continue to build this ecosystem. People see value on being a Jazz customer. Not only for Jazz customers, the idea here is to also open it up to our customers that are not Jazz. The focus for this year, as we said before, is to continue this conversion of our user base to 4G.
We see it growing quite nicely, but we want to accelerate that part. We also want to accelerate the growth of our ecosystem. I mentioned three of the big apps, but there's also other areas that we are exploring there. Finally, double down with JazzCash so we can finally position it to growth. If I now move to Ukraine, this is another market where we enjoyed a lot of growth for the past years, and this is also true for this one, where we grew 16.1% our revenues. Also more importantly, the loyalty of our customers, it's been constant. We have the lowest churn in the market with 4.7%. The plan here is similar to Pakistan, continue to invest in the 4G rollout, build an ecosystem of apps, mainly financial services and content distribution, and finally, upgrade these consumers to 4G.
With that, I'll bring it to Alex.
Thank you.
Thank you.
Second try. Just a few words on the capital allocation and our priorities. Going back again to our triangle, which we introduced during the Capital Markets Day, and we discussed about the way how we look at our business, which is a interconnected businesses of connectivity, new services, and the future assets. With that also defines the way how we look at our investments and our priorities of investments. The first priority is into the connectivity, where the network, and especially improving the network in Russia, has the number one priority. Not only Russia. We will be investing also to expand and improve our general coverage and capacity and speeds in all the markets we operate, especially on the 4G side. The second priority is to ensure that we continue to grow our ecosystem of the new services.
That means investing more into digital and investing more into any kind of adjacent services which we see fit into our business. A number of them have been discussed by Kaan and by Sergi in their presentation. Third is the future assets, and here we have one specific opportunity, which is JazzCash. JazzCash has a fantastic franchise in Pakistan, and we believe that by putting the money now, we can grow this into almost a standalone business over time. I think the time for investment into JazzCash is now. The last but not least, future assets is something where we will take a more ad hoc decisions on a number of the projects which we will be reviewing, and we'll see how they fit and complement the overall group's ambition to continue and deliver the growth. The purpose of all these investments is to return to the growth.
Very simple. We want to grow. We want to do this by investing very specific areas. The long-term idea here, of course, is to create the long-term shareholder value. Talking about which, on the dividend side, the Board yesterday has approved the final dividend for the year. It is $0.15 a share, which brings the total dividend for the year to $0.28, and that's about 70% payout of the equity free cash flows after licenses. If you recall, we have defined our dividend policy as set at a minimum, paying out 50% of equity free cash flows after licenses, subject to gearing not going beyond 2x . We clearly show that we not only are capable, but we're willing to pay more than 50% if our situation provides this opportunity.
The last one would be to go to our guidance for 2020. Here we have the total revenues. We're looking at the low single-digit local currency growth. We're looking at mid single-digit local currency growth in EBITDA. This is very similar to actually what we had already for 2019. The last one, we're actually changing a bit, our guidance here. We used to guide on equity free cash flows. We think it's much more relevant to guide on operating CapEx to revenues. That will be somewhere between 21%-22%. I've also to say that over time, this number will clearly decline. With that, I would like to turn back to Ursula for closing remarks.
Stay up there, Alex, because you're going to come up soon anyway. Oh, no, I guess you can get down. Thank you. We're going to move into Q&A so our guys can come up, and we can start positioning the chairs while I'm closing. 2019, a pretty good year. Lots of changes inside the company. Obviously, leadership changes across the top of the group. A big change in Russia and a big focus on Russia, on making sure that we can really get all of the engines growing. We have to have growth engines growing. We have to get this core market growing and continuing to move the frontier markets along for us is a big deal. You saw the financial guidance, basically a mirror of this year, and I'm pretty confident that we can deliver that. As I said, returning Russia to growth is a key priority.
Services, provision through 4G, through a pickup of the population in using our services and delivering them, network capacity, just investing for the basic business is what we're going to do. We want that to parlay itself into growth. We talked about we no longer even spend a lot of time on the head office. It is the way it is. We continue to shrink the costs in the head office. More importantly, increase the focus to adding value to the field operations. We're going to invest to grow the future of the business and make sure that we do that while returning value to our shareholders. Look for them in 2020. I'll be sitting in the audience when that comes around. Thank you. Let's go into Q&A.
Is there anybody who's going to help us with this, or I'm going to do it myself? I'm fine with it. We got mics around, why don't you.
Alexander Vasyuk from Prosperity Capital Management. Just wanted to clarify on your dividend outlook and policy. It sounds as though you're not quite sure what's going to happen. You prefer to wait and see whether to maintain the dividend and so on. Maybe you can help us understand. Yet, if you look at your CapEx guidance, it doesn't seem as though you are going to increase your investment in absolute terms in 2020. Yet your leverage is still within your policy. What's your position on this capital allocation versus dividends? Why are you not so sure about your ability to maintain dividend at this point?
I'll have Alex start and then.
First of all, if you remember at the Capital Markets Day, when we introduced the new dividend policy, the whole idea of that dividend policy was to give us flexibility in order to choose. We don't want to miss on the opportunities which we see in the markets. The previous dividend policy was very restrictive in terms of what we committed, so to say, to pay. We thought that it would be much easier for us to maintain something where it is fairly clearly defined. It's at least 50% of the equity free cash flows after licenses, having the ability to redirect the funds to the projects which we find are interesting for us. Talking about the CapEx, actually CapEx is going to be in absolute terms higher this year.
There is absolutely no doubt about that. We have about three percentage points increase in the CapEx spending, if you look at the CapEx to revenue. There's clearly more investment going on, and as we defined, these investments are very targeted for the areas where we see either necessity to increase or we see the growth opportunities. That's why I highlighted the network, highlighted the Pakistan JazzCash, and highlighted any other, so to say, opportunities we might see in terms of providing the new digital services and so on and so forth. The last thing about maybe what you meant on dividend is that there will be only one payment of the dividend for this year, and we didn't want indeed to continue giving guidance for the future.
For the same reasons, we just want to keep the flexibility at the moment, which gives us the opportunity to make a bit more agile decisions about where to invest and how to grow.
Yeah, sorry, but it's a bit confusing. Your CapEx to revenue in 2019 is 23.1%, yeah, based on your press release, page 10. You're guiding to 21%?
Maybe that has something with the IFRS adjustments.
I think that should be including IFRS.
Okay. pre-IFRS, it's 19.6.
Correct. 19.6, right?
That's why I'm saying three percentage points above what we did before.
Right. Okay. You're also targeting some revenue increase, so it's not really like a step up in CapEx, right?
Well, it's not a significant investment because, we're also not feeling that we need to make a significant investment. We identified the areas where there's extra CapEx required, and we're directing it that way.
Okay. What is the risk that you might want to reconsider your CapEx level for 2020?
Higher or lower? I think we're pretty disciplined, and have been over the years, not only this year, over the quarters and over the years in CapEx. I think that the outlook that we have now.
Maybe also it would not be right to compare when we talk about an increase from 2019 to 2020, because in 2019, we have already taken actions to increase our actual CapEx. If you look to the trend in 2017, 2018, this is actually really the level that we need to see the CapEx investments.
That's why we're also saying that after this year, we will see this trending down rather than trending up.
Okay. Thank you.
If you just take the 22% of revenues versus 2019, and the revenue growth was flat, that would imply 15% more CapEx. If your revenue's growing, that we've guided for growing revenue, that in fact implies that CapEx is growing north of 15% year-on-year. Effectively, our guidance is for our CapEx to grow between 15%-20% year-on-year. That is quite a big step up in CapEx.
Matthew Scolari from EXOR. I have a question on Russia. I'd like to understand better the issue of the network quality. Can you maybe explain in more detail, what the issues are and what actions you plan to take to fix them? A timetable as well, if possible, thanks.
Sure. Russia being 50% of our business, Moscow is almost 50% of that. Moscow experienced over the last two years, a significant swap of the network from one platform to the other. I have to admit that our execution of that swap has not been up to the standards that we would like to see. The good side of the issue is we know exactly what the issues are, and we have put remedies already in place to improve the quality of our network. We will not only improve the current quality of the network, we will enhance our network coverage in Moscow and Oblast of Moscow, as well as covering the metro. We have already started covering the metro with Wi-Fi, so our customers are actually now enjoying connectivity also in the metro and the stations and the tunnels.
Over time, we will also deploy the metro as well. It will take a little bit longer, one year, to complete the LTE deployment there. We have identified the pain points which was affecting our customers, and we are addressing those one by one. Now, Moscow will be followed by St. Petersburg and the top 11 cities on top of that, and we are progressing with the overall rollout. We are currently at 86% of LTE coverage in Russia, and expect this to reach towards the 90-ish by the end of the year as well.
We do expect to start to see a positive impact towards the end of the year. Some of this will take time. Next question. Do we have some on the line? To operator, please cue the questions on the conference line. Can you hold on, sir? We have to turn up the volume a bit.
Operator, are there any questions in the conference call, please?
While they're getting their act together, any questions on the floor? We'll take one more here.
Hello. Question comes from the line of Alexander Vengranovich from Renaissance Capital. Please ask your question.
Yes, good afternoon. Two questions from my side. The first one is on your listing structure. Do you have any specific plans to change it this year? Are you comfortable with your Amsterdam and U.S. listing, which you have right now? Do you plan to have any measures to implement to change this or to make the listing structure more attractive for your investors and potentially get some inclusion in the relevant indices? That will be interesting. Just a second question is more like a matter of interest. Do you have any disruptions in any of the markets where you operate with regards to the supply of the smartphones because of the Chinese virus outbreak? Thank you.
Why doesn't Alex take the listing and Kaan?
Yeah, Alexander, I'll take the first one. The question definitely is close to our hearts. We understand the issue. We've been looking at various potential, so to say, opportunities, but we haven't made yet any final decision. I think that it will be fair to say that once the final decision is made, we will of course communicate back to the markets. We are very much aware of that opportunity for us.
Alex, can you communicate the timing? Maybe when you be ready to communicate the decision whether you're going to change the recent structure or not?
I think we'll communicate when we are ready to communicate.
We're not ready to do that now, but I think Alex's answer was pretty comprehensive.
With regard to the supply chain, especially about smartphones, there is no doubt that the supply chain is impacted. However, the current impact is limited to improving of the stock turn rates. I'm actually happy that that market gets rehabilitated in most of our operations.
Thank you.
Operator, tell us when the phone line is ready, but in the meantime, we'll stay in the room.
Hi, this is Delia from CT. Quick question, well, actually two. Could you give us a bit more insight on the decision to structure the management the way you did and why you decided to split the markets the way you did? Why not, for example, growth and frontier? Is there any synergies in doing Russian CIS and then the Asia and Middle East together? Second question is on your targets for asset optimization or portfolio optimization rather. Maybe if you could give us update where you see opportunities and whether they are long-term or medium-term or short-term.
First, just to clarify or make clear the split in the markets. These two individuals will co-lead this business. There's not one guy runs Russia, the other guy runs. They are either chairs or deputy chairs or what do you call them?
Deputy chairs of each of the markets. It's not like he just does Russia, he just does Pakistan. There's going to be co-leadership. They have a different set of intense skills in certain areas, and that what we want to do, we've picked markets that need those intense skills to align with the individual. Pakistan is clearly a market that's operating very well and will hum on the venture space and on the growth space. That's the only split. There was no trying to put it together in any kind of scientific way other than where they like to travel. Let's think about it that way, but it's not really that scientific. I expect them both, I and the board expects them both to co-manage the markets and to bring whatever skills they can to each of the locations. Your second question was about?
Portfolio optimization.
Right. Portfolio optimization, I'll have Alex take that one.
All right. If I may interrupt to complement Ursula's answer. Russia, for me, is one of the markets where I expect to see most of digital. I'm not sharing that particular board, but the time that I spend and the focus is definitely probably the biggest one among of Pakistan and Ukraine. The idea here is to leverage the best of both sides, and definitely when there's something about network optimization, Kaan is better positioned than myself, and the other way around. When there's something about digital, I will chime in.
The reason why we did the Co-CEOs, that was the first part of your question. There's a lot of ways to run a business, a lot of ways to structure it. We actually had the opportunity to get, because Kaan was on our board for how many months before?
Yeah, four months.
Four months before. We had the opportunity to get two leaders in, and I think it's a great opportunity for me to try. We went to the board and said, "Yeah, how about this? We can bring this in." It's 10 markets. They're very different. They are moving very fast, and they're large. All of them, both of them have a set of core connectivity intensity that we have to focus on and a set of new services and new offers. What generally happens in these kind of situations is that you double down on one or the other, not both.
What I think we can do for the next couple of years, for the foreseeable future, is run this doubling down on both, where we have a guy who can think about this, while the other person is thinking about that, but they have to work closely together because they can only coexist. I think it's just a good way to do it when you have the talent that we have.
If you look around, the other telcos, they try to do some real split. They have to deal with this type of dilemmas. Either you focus on doubling down on connectivity or trying to become digital. What we try to do with this is have two people, so this way we don't become kind of schizophrenic and we can complement each other in these two areas.
Actually, what makes me excited about this joint leadership is we set the tone at the top to every local operation that it takes digital and also the telco capabilities to work together. telcos are big, slow animals. They can crowd out digital very fast. I think by setting the tone at our level, we will make sure that this is a joint teamwork and the next generation telco will be about actually different skill sets working together.
Alex.
Yeah, I don't know what you mean by optimizing. We're not looking to optimize, we're looking to maximize. Maximize the returns. If your question is about do we look at any M&A possibilities. Well, the honest answer is that we always do, but we cannot disclose those things. One thing which you know, we are in the process of at least selling Armenia, and there was news about that. There's a process, there's regulated approvals which are still pending. There's one thing which I can comment on, but in general, our Capital Markets Day, we showed that returns on invested capital in majority of our markets are actually significantly above weighted average cost of capital. If anything, what we're looking at is that where and how can we enhance those returns rather than optimize in the sense of trimming down anything. That's not the agenda.
Why don't we try a phone call question now?
Yes, operator, can we take another call?
Your next question comes line of Ivan Kim from Xtellus Capital. Please ask your question.
Hi. I have a couple of questions, please. Firstly, for how long CapEx will have to stay high in Russia. If you could give us some color on what happens beyond 2020. What's the Yarovaya CapEx in 2020, please? Secondly, your above EBITDA costs in Russia, if we exclude all the one-offs, went down about 10% in the fourth quarter. I'm just wondering what's being cut so aggressively. That's question number 2. Question number 3, I understand it might be very hard to comment on that, but any color you can give on the mobile service revenue expectations for Russia in 2020 would be very helpful, because I think you previously said that you expect the turnaround to happen about mid-year. We should see some better numbers in the second half 2020. Is that still the case?
Should we assume kind of flattish service revenue or further revenue losses? Thank you.
Yeah. Ivan, with less than 40% penetration of LTE in our customer base, it clearly shows that we are still in the ramping up phase of deployment of LTE networks in Russia. You should expect this trend to continue until we hit 70% on that metric. It's going to probably take over 18 months or so to reach that position. When I look to our trending upwards, you will see earliest Q4 us getting positive trend in terms of showing mid-single digit growth year-on-year in Russia in service revenues. Of course, it will not bring the total year to a positive trend. We will still be low single digit decline for the entire of the year, this year.
A question on CapEx.
CapEx is concurrent to what Kaan said. If we need to invest more, we will of course do. We have a program, as Kaan said, it's probably going to last for about 18 months, so there will be a tail maybe in 2021. In terms of the Yarovaya Law you ask, 2020 will be the last year of the Yarovaya Law. Clearly you are looking then for 2021, the CapEx intensity to decline. What we gave the guidance in terms of 21%, 22% vis-a-vis 19.6%, this is like for like, because clearly there was in 2019 an element where we invested into Yarovaya Law as well.
I think we got all your questions. We have two more on the call. Why don't I get through one more of those and then we'll come back to the room. Operator?
Your next question comes from the line of Rahul Bhat from JPMorgan. Please ask your question.
Hi, guys. Thank you very much for the call. Can I just ask on your debt refinancing plans, it seems like you got around $3.7 billion of debt coming due in the next 2 years. How much of that are you looking to refinance or are you thinking of paying that down and using uncommitted facilities? The second one is in terms of the mix of your debt. Now, post derivatives, you've got around 50% of debt in RUB. Is that the right mix that you're looking at, or do you want to raise more local currency debt and reduce USD debt further? Thank you.
Well, the reduction of the dollar debt generally would be the purpose, of course. Question is that, ideally what we would like to do is to swap the debt into the other currencies than ruble. If you recall, 43% of our EBITDA comes from Russia. Clearly having 47% of the gross debt exposure to ruble is actually matching that exposure quite well. Question becomes what is the possibilities really to swap or raise the debt locally? In many countries, this is just not feasible. In terms of refinancing or retiring the debt, I would say refinancing will be the priority, but we cannot give you, of course, any guidance in terms of how and when it's going to happen, but refinancing will be the route which we'll be looking through.
Thank you.
Understood. Thank you.
In the room? In the room? If not, we have one more on the phone. Why don't we take that and be ready in the room for the next question. Operator?
Your next question comes the line of Igor Gurevich from Vneshtorgbank. Please ask your question.
Yes, thank you very much. This is Igor Gurevich from Vneshtorgbank. I have three questions. One is in relation to your decision to pay dividends once a year. Could you please clarify what's the thinking behind that? Because if we look at your peers in Russia, they're clearly paying twice a year, and this looks like something that may reduce the appeal of this stock to the investors. That's number one. Number two, a year ago when at a similar call, you were providing guidance that you would expect sustainable running rate of the pre-cash flow, pre-licenses at about $800 per year. Does this guidance still hold? Is this something that you still expect going forward?
Question number three, looking at your chart, at the slide number 31, when you show the license spending at about $300 a year this year, could you give us some indications of what would be the sustainable average level of license spending going forward a year? Thank you.
Yeah. The question about the dividend paid once, never say never. I think that what we are just saying is that for this year there will be one payment. That's the decision of the board, and as you know, the dividends are the prerogative of the board decision. Come next February or March, board can make a different decision. I would probably stop there. Secondly, the second way of answering the same question is that, because you mentioned there, does that decrease the appeal for the stock? Let me put it this way: did the 12% yield increase the appeal of the stock? Maybe that's another way of looking at it.
I'm not saying that we will be reducing the dividend going forward, but this is also the way how we can say that we need flexibility, we want to grow, and I think growth is the main thing which hopefully all of you are looking from us to deliver. Second question was on page 31. License
Sustainable free cash flow in the future. A year ago, you were showing level of approximately $800 million a year. Renew license.
Yeah, correct. We don't guide any more on that metric. By the way, if you recall, that one was based on the FX rates, which were fixed in February 2019. If I go back also on your question about the licenses, the $300 million which we put there on the chart is basically $225 million, which is a deposit which we had to put against the pending court case for the license in Pakistan. If you remember, the outstanding number was $450, and we had to deposit $225 in order to then challenge the decision in the court. That includes that number. The run rate, if you wish, more normalized rate or what we usually pay for the frequencies, for the licenses without any license renewals, tend to be somewhere between $75 million-$200 million a year
Hopefully, the license renewals, you cannot avoid those. What should we put in the numbers going forward, approximately, as an annual spending?
Igor, that's why we said that when we looked at our dividend policy, that's why we linked it to the equity free cash flows after licenses, because indeed without licenses we cannot conduct the business. That's a natural part of what we would be paying for to continue being a going concern. In terms of the renewals, you could probably look through any kind of disclosures and see where the next renewals are coming from. I don't think there's much of a secret of that. However, in terms of the timing of those payments, that's where the difficulty lies. As we said, for instance, the Pakistan license on Warid, which is the one which has been now disputed in the courts, has been due to renew in May of last year, and is actually still not settled.
It's very difficult for us to give you a better guidance on those numbers.
Maybe I want to answer a question which is not asked.
Just one clarification. If we set apart the Pakistan story, with regards to 2020 only, what kind of significant payments you expect this year apart from Pakistan?
You talking about the license payments?
Yes.
I don't recall we have any other significant payments due in 2020.
Okay. Thank you very much.
Nor do I. That means we don't recall. There's none.
An answer which is not asked yet, but I want to share with you considering the interest in Russian market. You have felt the confidence in our business in Russia, but I would like to explain why I am also bullish in Russia overall. The regulatory environment changing in Russia, putting more data sovereignty principles, is actually a very positive thing, I believe, for the local development of the digital economy. If you look back 10 years ago and compare a market like India and China, and compare the impact of data sovereignty in the Indian digital marketplace in terms of development of new enterprises, new investments, and development of the overall economy, it has been phenomenal. While India still stays as a software maintenance hub, actually China is a digital economy tycoon.
I believe the actions taken in Russia in terms of data sovereignty, Russia’s data staying in data, being processed by Russian technology companies, gives us, as a telecom operator, unique opportunities. It’s up to us to grasp them. I think this is one area that I would like you to keep in mind looking to the Russian technology and telecoms market.
Thank you for that. We have another question on the line from Bank of America. Let me take that one and then we can take the in-the-room question.
Your question comes the line of Evgeny Aganov. Please ask your question.
One is, you've just recently canceled unlimited data plans in Russia in the beginning of February. What would be incremental impact it might have on the path towards returning to revenue growth? The second one is can you please update us on the $300 million option for the 50% stake in Pakistan, and if its implementation might also potentially impact your division decisions? Thank you.
Okay. With regard to the unlimited plans, as you know, we have repriced them. Actually, we have physically taken them off the market. They are only available based on special request, and actually they are priced in the right and fair way moving onwards. Overall in Russia, if you look to the market, I would expect a normalization and increase of the prices, and this has already taken place by all the movements of the players, considering the higher costs of Yarovaya type of project. I think pricing normalization is in place, and elimination of the unlimited undifferentiated tariffs is also going away.
Now, with regard to the option price, it's actually disclosed. The book value, carrying value of that price is about $340 million. We have no visibility on the actions of our minority shareholder in Pakistan. We actually have good relations with them. We are, of course, evaluating the pros and cons of that option, which indeed comes due sometime in the middle of the summer, but we have no other comments to make at the moment. Indeed, as it's a discretionary spend, potentially, and may not be triggered even by us, that clearly keeps us, so to say, gives us additional cushion to keep it in mind when we're thinking about the dividend policy and the payouts this year.
Thank you.
We have a question in.
Thanks. Just had three questions. One follow-up on the unlimited plans in Russia. You mentioned that you are repricing. Just wanted to clarify, are you repricing the archive tariffs as well? With regards to closing tariffs, they're closed to new customers taking the tariff. Just wanted to check what I understand correct.
We have a phased execution of repricing the existing tariffs as well. In the first phase, about 1/3 of our customers will be impacted, and it will be a second phase later on coming around April.
Thanks. Two questions. One is on one of your frontier markets, Bangladesh. Whether you see opportunity increasing there with the difficulties of the larger player, that is related to the taxes.
Can you repeat the question?
Yeah. The second question is on Bangladesh, whether you see any change in opportunities as the larger player is having difficulties. Third question is on JazzCash, if you could share some financial metrics, maybe contribution to revenue or which transactions are the most popular or what transaction makes any impact.
On Bangladesh, we are really bullish, not because our competitors are facing headwinds, it's because of the market. If you look at the numbers, it's one of the biggest and growing markets when it comes to young population, so smartphone penetration is escalating. We see opportunities in connectivity, but we see a lot of opportunities outside connectivity. That's how we are approaching it. I think that government, it's been quite open in that regard, and it's building on what Kaan said. It's one of these countries that we believe that data has to reside in the country, and we are well prepared to serve that opportunity. Going back to Pakistan and JazzCash, we don't talk, and quite honestly, I don't focus on the contribution yet of the users. We are focusing on growing. That's where we spend most of the time.
As we said, it's crossing the 8 million wallets at this point, which is a very nice organic growth, I would say. We are planning this year to accelerate and double down on this growth. That's how we see these type of products. It's a wallet product, so basically it's P2P, bill payment, and even micro loan, which is something that we are very proud with the top transactions in terms of volume. We're going to expand beyond that. I think this is just the way to provide immediate value to customers. Based on what we have also on Jazz, we see a lot of products on the financial ecosystem to provide to our users in the near future. We're going to expand it.
It's interesting, Sergi said that we don't focus on the financial metrics yet, but we focus on growing. This is something that this split allows us to do, even though Kaan is very experienced in this area as well. In a telco provider in general, they focus on financial metrics very early, and they don't always look as great as you would want them to, and you make some really bad short-term decisions when you do that. We have been taught not only by Sergi and Kaan, but also by our board, that we have the absolute digital experts on our board who say, basically, focus on growth, grabbing share of the users and share the population, and then perfect your engine. That's the way that these businesses outside of telco operate, and that's what we're going to keep looking at.
I think we're down to the last question. Good.
No more.
No more questions. I can take one more in the room, but if not, well done. Thank you very much for asking us.
Thank you.
Good. Thank you.
Thank you.
Thank you.