Good morning, everyone. Welcome to the Grameenphone's earnings disclosure for the fourth quarter of 2022. My name is Naureen, I'm the Head of Investor Relations. And with me today are our CEO, Mr. Yasir Azman; and our CFO, Mr. Jens Becker. Please note that the presentation we are sharing today, financial statements, along with additional documents are available on our Investor Relations website. You can start posting your questions. We will address them at the end of our presentation. In case you're unable to post your questions due to any technical reasons, please send me an e-mail or text. I will now welcome our CEO, Mr. Yasir Azman, to start our presentation.

Thank you, Naureen, and good morning, everyone. My name is Yasir Azman, and I am the CEO of Grameenphone. Thank you for joining us for our fourth quarter results announcement for the passing year 2022. I would like to begin with some of the industry facts. As reported by the -- our regulator. Until November, the telecommunication industry reported 180.87 million subscribers, which is a decline by 0.6 million subscribers from August 2022. During the same period, the mobile data users have decreased by 1.3 million. That is reaching to 113.4 million in November [Audio Gap] Some of the highlights of the quarter and the year in 2022 is -- this is a milestone year for Grameenphone. We have reached to 25th year of service to customers and empowering societies in Bangladesh. And in this year, we also participated in the country's largest spectrum auction in March, where Grameenphone secured the maximum allowable 60 megahertz of 2.3 gigahertz spectrum. However, 2022 brought its fair share of challenges, which we'll discuss shortly. Grameenphone continued to deliver top line growth supported by investment in network, strengthened market execution and benefits of organization modernization journey that we have embarked on for the past few years. As a result, with the dedication of the entire team, we showed resilience in overcoming the various external hurdles we faced during the year and remained committed to our priority, improving experience for our customers and creating value for our shareholders. With advanced digital capabilities, we drove innovation in our business and customer engagement. We improved customer experience with partnership and collaboration with Google and Facebook as well as partnerships with a2i and bKash, which is the largest MFS service provider in Bangladesh. In 2022, we have also faced several challenges. During the first half, we dealt with…

Thank you, Azman, and good morning to everybody. Let me start with the short overview of the key KPIs. Grameenphone continued to deliver a solid financial performance in Q4 with 7 consecutive quarters of growth in top line and EBITDA amidst the SIM sales ban and the challenging macroeconomic and business environment during the second half of the year. Our top line and EBITDA growth momentum was supported by the acquisition deployment of the new spectrum as Azman mentioned before, our sites rollout, price optimization and customer-centric activity along with improved operational cost efficiency. We registered a year-on-year growth of 4.1% in subscription and traffic revenue against 3.6% growth in last year's Q4, while year-on-year EBITDA growth was 8.2% against 2.6% growth in last year's Q4. In Q4 '22, EBITDA growth was positively impacted by a one-off gain resulting in an EBITDA margin of 65.2% with 2.9 percentage points margin improvement from last year. During the quarter, Grameenphone increased its investment momentum to deploy the mentioned 60 megahertz additional spectrum acquired in Q1 of 2022 in the 2,600 megahertz spend, along with our continued network expansion and our modernization initiatives to improve customer experience. With the continuous investment effort at the end of Q4, GP's CapEx to sales ratio for the quarter stood at 11.5% based on the 4-quarter moving average while on a stand-alone basis for the quarter, CapEx to sales ratio for the -- stood at 13.3%. However, despite solid growth in top line and EBITDA, Grameenphone registered a year-on-year degrowth in EPS. The degrowth in EPS, earnings per shares, mainly resulted from taking provision for regulatory dispute following relevant International Financial Reporting Standards based on the available information of the verbal judgment in court proceedings. Upon receiving the written judgment, Grameenphone will take the necessary steps subject…

Thank you, Jens. The first 9 months of 2022 registered momentum, as you highlighted, with increasing trend driven by higher usage and revenue and a strong market execution and strategic focus on network investment to improve our customer experience. We have obviously faced external challenges from the macroeconomic climate and regulatory environment, which have dampened our top line performance. However, with a strong teamwork, Grameenphone remains committed to delivering value for our customers and shareholders. And we continue our investment to develop even a stronger network, innovation and modernization initiatives that will help us to cater to the constantly evolving connectivity needs of our customers, both in consumer and business segments. I will stop here, and I will hand back to Naureen for a Q&A session. Thank you.

We will wait a few minutes for questions to start coming in. Jens, I have a question for you. This is from IDLC. Why did your earnings crash in the last quarter?

Okay. So let me take that. So despite that you have seen, we have a solid growth in top line and EBITDA, we have registered a year-on-year degrowth in EPS. The degrowth in EPS is mainly due to the event on 10th January '23, as Azman has mentioned, the Honorable Appellate division, the AD Court, has verbally pronounced the judgment of the 2G license renewal dispute, is allowing the appeal of Grameenphone and allowing the appeals of the national of revenue NBR which means that value-added tax will be applicable for payments to Bangladesh Telecommunication Regulatory Commission, BTRC. In addition to the principal, and Grameenphone will not get rebate for the set input VAT. Based on the verbal judgment, the necessary provisions has been made following the relevant International Financial Reporting Standards. And upon receiving written judgment, Grameenphone will take necessary steps subject to the further assessment, including for the relevant parts of the BTRC audit demand, which consists this issue, and details are disclosed in Note 45C in our financial statements. Besides this, the NPAT growth further was impacted by the currency devaluation and higher depreciation.

As I have a follow-up to this question. Is it? Or will there be more provision to come on this topic?

Yes. It has mainly increased for the provision of the regulatory disputes. And we have to see now how the written judgment, that word pronunciation has no explanation. So we need to wait for the written judgment to assess this further. Too early to say now. For these topics on the provisions, just to add you also, we have some more details on the financial statements in Note 21.

Thank you, Jens. We will wait a few more minutes for any further questions to come in. I understand everybody is asking us the same question, so we should have answered everyone on the same go. And I have a follow-up question to the provision. Can we share the exact amount?

As mentioned before, we have the more details 45C and 21.

We have another question. Any impact of inflation on telecom usage?

No, obviously, the, that's what we said on the macroeconomic -- tense macroeconomic situation. Of course, there's inflation. And of course, we also see that spending of consumers gets impacted by it. But you see that we also had good -- in our usage, a good pattern out of it. So on telecom's usage, there will be impact, there is an impact, but as you can see, we have overall growth and also we are able to monetize on the ARPU.

Jens, we have a final question. Why is the FX loss substantially higher in Q4, even though depreciation mostly happened in Q2 and Q3? What is the major source?

Yes. Let me answer. I think, I'm not sure if I fully understand the question, but for the FX loss, actually, this is a year comparison not quarter-on-quarter, I understand. But any help for the depreciation, we started with the acquired spectrum, the capitalization. So this is why there's a higher depreciation. And of course, the BDT devaluation year-on-year resulted in the higher FX loss.

Thank you, everyone. I do not see any further questions. But in case we have missed your question today, please feel free to get in touch with me. Thank you Azman bhai and Jens, Have a good day.