Good morning, everyone. Welcome to Grameenphone's Earnings Disclosure for the First Quarter of 2022. My name is Naureen. I'm the Head of Investor Relations. With me today are our CEO, Mr. Yasir Azman; and our CFO, Mr. Jens Becker. Before we start, I would like to let you know that our financial results, our presentation and additional documents are available on our Investor Relations website. [Operator Instructions] In case you are unable to address your question in this session, please feel free to reach out to me after our session is over. With this, I would now like to welcome our CEO, Mr. Yasir Azman, to start his presentation.

Thank you, Ms. Naureen. Good morning, everyone. My name is Yasir Azman, and I am the CEO of Grameenphone. Thank you for joining us for our first quarter of the year 2022 results announcement this morning here in Dhaka. I would like to begin with some industry facts. As reported by our regulator, till February 2022, the telecommunication industry reported 182.92 million subscribers, increasing by 1.9 million subscribers from the end of 2021. Grameenphone maintained 46% of total mobile subs in the country. In the same period, mobile data users have increased by 1 million, reaching 224.85 million from the end of the year 2021. Let me start with some of the highlights of the quarter. The first quarter of 2022 has been monumental for Grameenphone, making several milestones. On 26th of March, as the country turned for 51, Grameenphone completed 25 years of operations in Bangladesh, making our contribution to empowering societies, at the same time commitment to continue playing our role as a digital connectivity player in Bangladesh. Also in the first quarter, the regulator held the country's largest spectrum auction in March, where Grameenphone participated and beat for the maximum allowable 60 megahertz of 2.6 gigahertz of spectrum. That was a milestone that has happened in Q1 already in 2021. We registered an improved growth momentum in our top line in the first quarter as a result of our segmented focus on our product portfolio, digitalization of our customer journeys that [ has ] fully supported the faster spectrum and site rollouts. Our top line growth momentum was aided by the growth from the data segment, which was actively driven by improved customer experience out of our investment in the network. With the intention of providing simplified and enriched offerings to our customers, we have actually revamped…

Thank you, Azman, and good morning to everybody. Let me start with a short overview of the financial performance of this quarter. In Q1 '22, Grameenphone delivered a further improved growth momentum in top line along with continued growth in EBITDA. Top line growth momentum was supported by our further deployment of spectrum, sites rollout and enhanced market activities. Grameenphone registered a 4.6% year-on-year growth in subs and traffic revenue in Q1 after 3.6% growth in Q4 last year. And EBITDA grew by plus 1.7% with the margin of 61.1%. GP continued its focused investment with the relentless efforts to give customers superior network experience. As a result, on 31st March '22, Grameenphone acquired the maximum allowable 60 megahertz additional spectrum in the 2,600 megahertz frequency band. In future, with this additional spectrum, Grameenphone will be able to further strengthen its customer experience and quality of service, contribute to Bangladesh digitalization while meeting the growing needs for a high-speed Internet in rural and urban areas. At the end of Q1 '22, GP's CapEx-to-sales ratio for the quarter stood at 12.1% based on a 4-quarter moving average. EPS for the quarter stood at BDT 6.0 with a 9.1% decrease from last year on a reported basis. The decrease in EPS was mainly contributed by one-off modernization costs in Q1 along with higher finance costs resulting from currency devaluation. Turning to the subscriber base. Amidst the number series shortage, Grameenphone managed to deliver growth in its sub base through base management. According to BTRC published information as of January '22, GP subscription market share stood at 45.9% while being 46.1% in Q4 '21. In addition, to counter the number series shortage, Grameenphone focused more on driving higher usage from the subscribers. As a result, substantial growth in data usage was observed from…

Thank you, Jens. We wrapped up the first quarter of 2022 with positive growth momentum and supported by our investment in network and growth in data segment. As the pandemic situation eases, we are also confident of macroeconomic development, while we remain wary of uncertainties arising from the global political situation. We really thank our regulator and the government for a successful closing of the country's largest spectrum auction, and we look forward to continuing our planned rollout and deployment to continue enhancing the digital adoption of Bangladesh. We'll continue to pursue our journey to our sustainable growth through modernization, evolving business models, competency deployment and creating partnerships that will help us to catch up to the constantly evolving connectivity needs of our customers in Bangladesh. Here, I'm handing back to Naureen for Q&A. Thank you, Naureen.

Thank you, everyone. We already have a few questions. So Jens, let me start with the first one: why did the number of active data customers decline from Q3 2021 base?

Yes. Here, we have a data sub degrowth Q4 '21, but it's flat in Q1 '22. The negative impact from the number series shortage we have and GP focused on increasing usage of the existing data users, I think I mentioned this in the speech already.

Okay. Moving on to the second question: why have the commission expenses increased year-on-year basis?

The commission, of course, increased to support the growth. You see a strong growth on the revenue. Economy is bouncing back after COVID, and GP is driving this growth while we improved all this network experience and competitive value propositions to its customers.

One more for you, Jens: have you charged depreciation of new spectrum in Q1 '22? Is this what drove to higher D&A expenses?

No. For the depreciation of the newly secured spectrum, which means which we have bought by the end of the quarter, this is not -- it's also not yet paid. On it, we still have to decide when to deploy it, and then depreciation will start once we have the assignment date of the new spectrum. The year-on-year higher depreciation that you saw in this quarter in Q1 is mainly for the capitalized spectrum that we bought last year in Q2 '21 and the addition of the lease ROU in 2022 with the further rollout.

Thank you, Jens. We will wait a few minutes for more questions to come in. Okay. We have received a number of questions. Let me start with one for Azman Bhai: what is your take on unlimited data plans as proposed by BTRC? Is it technologically and commercially viable for mobile operators?

I think we have worked with our regulators on this particular case, and we have now good understanding that what is basically good for the industry, our customers, as well as to take the regulator's concern. And we don't see any particular challenge in this regard after good work within the industry and regulator.

Thank you. I see another question that says: what caused decline in mobile subscriber and data subscriber base of the telecom industry in December and January? Actually, we do not have statistics here. In fact, on the BTRC side, it is a growth in telecom industry. So maybe if you could clarify your question a bit further, we can take it. We will now wait for some more questions. Okay. Jens, I have a question for you: what -- sorry, why is there no growth in data subscribers despite growth in mobile subscriber base of GP? Additionally, why data revenue of GP has been declining on a Q-o-Q basis? And why is there an increase in cost of material and traffic charges and sales and marketing commission expense?

Yes. I think, of course, one of the reasons is due to the number series shortage. But overall, we need to see this including the bundles. With bundles, there has been quarter-on-quarter growth. In data in Q1 '22, number of days is also lower, 92 days versus 90 days that we have. In terms of the cost and material traffic charges, they increased due to the increase in lease lines, so it means the bandwidth that we have and which we needed to increase to support the strong data volume growth. You might recall, as I've mentioned, the data usage per user has been increased by 76.8%, which is now 5.2 gigabyte per user. At the same time, data users has increased by 6.8%. So it's a strong growth in data demand. And this is why there is also an increase in bandwidth capacity.

Thank you, Jens and Azman Bhai. Let's wait 2 more minutes to see if there are any questions coming in. Jens, I have one final question for you: is it possible to provide a breakdown of bundles? How many minutes and how many gigabytes were sold in Q1 through bundles?

Yes, we can come back to this. We are anyhow working internally on how to make a better breakdown of this. At the moment, I can't disclose it -- or better, I can't break it fully down, but we'll come back to you.

Thank you. To everybody on the line, we will be here for 1 more minute. If you have any questions, please post them now. Thank you. Okay. I do not see any further questions, so thank you, everyone. It has been a pleasure taking the session with you today. If you do have questions that we were unable to answer, please reach out to me through e-mail or WhatsApp, whatever works for you. We will be taking meetings today. Unfortunately, due to Eid holidays, we will be returning second week of May for any meetings that you would require. Thank you, everyone. Stay safe. Happy Ramadan and Eid Mubarak in advance.

Thank you.

Eid Mubarak. Thank you.