Good morning, everyone. Welcome to Grameenphone's Earnings Disclosure for the First Quarter of 2023. My name is Aleef Pasha, and I am the Head of Investor Relations. And with me today here are our CEO, Mr. Yasir Azman; and our CFO, Mr. Jens Becker. Please note that the presentation we are sharing, financial statements, along with additional documents are available on our Investor Relations website. You can start posting questions, and we shall address them at the end of the presentation. In case you are unable to post your questions due to technical reasons, please send me an e-mail or a text and we shall address them. I will now welcome our CEO, Mr. Yasir Azman, to start our presentation.

Thank you, Mr. Aleef Amir Pasha, and good morning, everyone. Thank you for joining us for our quarter 1 2023 earnings call. I'm Yasir Azman, and I'm the CEO of Grameenphone. I'm very proud to share that Grameenphone had a good start to the year, and we continue to deliver on our commitment to our customers and shareholders. I would like to begin with some industry updates and key trends shaping the industry. As reported by our regulator, till March 2023, the telecommunications industry reported 183.9 million subscribers, increasing by 3.7 million subscribers from December 2022. During the same period, mobile data users increased by 1.5 million, reaching to [ 113.1 million ] in March 2023. Let me take you through the highlights of the quarter 1. As I mentioned, quarter 1, Grameenphone had a good start to the new year. However, this is a quarter also with several macroeconomic challenges, and a bit of highlight on those; inflation level in Bangladesh continues to increase, reaching 9.3% in March, which was reported by Bangladesh Bank, directly impacting the spending capabilities of our customers and lowering their disposable income. The macro economy was under pressure on the back of an increasing and high U.S. dollar rate and depleting foreign exchange reserves. At the same time, electricity prices have increased in 3 tranches during the quarter by 5% each time. However, despite those macroeconomic challenges, we remain committed to further strengthen the #1 network position in Bangladesh with continuous investment, resulting in improved connectivity and mobile experience for our customers. Stepping into 2023, we leave a milestone year behind with Grameenphone celebrating its 25 years of service to its customers and empowering societies in Bangladesh. We continue to focus on diversifying our revenue portfolio by creating new streams at the same time,…

Thank you, Azman, and good morning to everybody. So let me start with a short overview of the key KPIs. Grameenphone continued to deliver a solid financial performance in Q1, with 8 consecutive quarters of growth in top line and EBITDA, amidst increasing challenges from inflation, hike in energy prices and diminishing foreign exchange reserves. Growth in top line, supported by continued investment efforts to strengthen our network experience through expansion and deployment of new spectrum, resulted in improved connectivity experience for our customers. Besides, GP also continued to maintain growth in EBITDA with a strong margin, despite increased cost pressure from the current macroeconomic situation, supported by the relentless efforts to explore efficiency and become a modern and lean organization. Grameenphone registered 2.7% year-on-year growth in subs and traffic revenue for the quarter, while efficient cost management led to maintain an EBITDA margin of 61%. With the continued investment momentum, GP's CapEx to sales ratio, excluding license and lease for the quarter, stood at 13.4%, which was 11.5% in the previous quarter, based on the fourth quarter moving average. On the other hand, on a standalone basis, the CapEx to sales ratio for the quarter stood at 18.5%, which was 13.3% in the previous quarter. EPS for the quarter stood at BDT 5.77 with year-on-year degrowth of 3.7%, mainly due to higher depreciation and amortization, as well as finance costs. Starting with details on subscribers; our subscriber base returned to growth momentum after the withdrawal of the SIM sale restrictions at the beginning of Q1. Our sub base at the end of the quarter stood at 80.1 million, with a 1.3% growth from previous quarter and still 4.3% degrowth from last year, while the number of data users decreased by 2.4% year-on-year, reaching 43.5 million. Despite of having a…

Thank you, Jens. In summary, the first quarter of 2023 registered ongoing growth momentum in both revenue and EBITDA, driven by higher ARPU market execution and a strategic focus on investment, to enhance customer experience. We continue to focus on looking towards the needs of our customers through innovation in products and services using advanced capabilities and partnerships, and building future fit competences. We remain within a challenging macroeconomic environment, with rising inflation, adverse foreign currency movements and increasing energy prices, which impact the purchasing power of our customers and dampen our top and bottom lines. However, with a strong teamwork, Grameenphone remains committed to delivering value for our customers and shareholders through continued investment and modernizing our different value chain partners and touchpoints that will help us to cater to the constantly evolving connectivity needs of our customers in an efficient and profitable manner. I will now hand back to Ali for Q&A. Thank you, everyone.

Thank you, Azman Bhai. We will now just wait a minute for the questions to come in. I already have some questions that have come in. So the first one is for you, Jens, why is profit lower from last year?

Yes. I think I touched this already in the presentation, but the year-on-year net profit growth or negative growth was impacted by the higher depreciation, resulting from the spectrum acquisition in last year and the impact of new site rollouts and higher finance costs.

Okay. Then we have another one. This one is for Azman Bhai, which Azman Bhai actually already covered. So the question is, are there any updates to the adjustment on 2G case?

There is no -- actually any further update regarding 2G case in this quarter. We're waiting for the written judgment, as I mentioned during my presentation.

One final question for Jens. We have resumed SIM sales, but why is sub base lower from last year?

Yes. The sub base growth was impacted by the SIM sale restrictions during the second half of last year. After withdrawal of the SIM sale restrictions, GP added 1 million subscribers during the quarter, since the beginning of the year. However, currently, we're focusing more on enhancing the value proposition for our customers and strengthening the network position. But anyhow, lower compared to last year, is because last year, in the first half, we still had no SIM sales then, this all came in the second half. And since the withdrawal, we have added 1 million subscribers.

Thank you, Jens. There are no further questions. Please feel free to reach out to me later, if required by e-mail or text. Thank you, Azman Bhai and Jens, and goodbye.

Thank you, everyone.

Thank you.