Good morning, everyone. Welcome to Grameenphone's earnings disclosure for the second quarter of 2023. My name is Aleef, and 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. [Operator Instructions] In case you are unable to post your questions due to technical reasons, please send them to me by email or text. I will now welcome our CEO, Mr. Yasir Azman, to start our presentation.

Thank you, Aleef, and good morning, everyone. Thank you for joining us for our quarter 2 earnings call. I'm Yasir Azman, Chief Executive Officer of Grameenphone, and I would like to begin with some key industry updates. As reported by our regulators, until May this year, the telecommunications industry reported 185.1 million subscribers, increasing by 1.2 million subscribers from March 2023. And during the same period, mobile data users increased by 1.5 million and reaching to 115.6 million in May 2023. If I go to the highlights of the quarter, this quarter, Grameenphone has continued its growth momentum, riding on its network investment, innovation, digital adoption and execution excellence and showed improved financial performance amidst challenging macroeconomic situation. Inflation level in Bangladesh currently stands at the highest level in the last 11 years reported by Bangladesh Bank and directly impacting the overall spending capabilities of our customers. Bangladesh Bank in July announced a new monetary policy lifting the interest cap on bank loans and rising the repo rate by 50 basis points to control inflation. As of July, and in line with the IMF guidelines, Bangladesh's ForEx reserve stands $23.6 billion. The macroeconomic pressure from a depleting ForEx reserve continues, which also impacts on the LC openings in June being the lowest in 2023 with year-on-year fall of 27%. However, as I already highlighted, following growth momentum in the first quarter, Grameenphone is reporting improved performance driven by revenue and EBITDA in the second quarter of 2023. We continue to focus on enhancing our customers' experience through our network investment. At the same time, leading the market in launching industry-first initiatives and digital-centric, customer-focused solutions. With regards to dispute resolutions, Grameenphone and Large Taxpayer Unit, through alternative dispute resolution process, have settled all income tax dispute for the assessment year…

Thank you, Azman, and good morning, everyone. Let me start with a short overview of the key financial KPIs. Grameenphone continued its financial performance in Q2 with 9 consecutive quarters of growth in top line and EBITDA amidst rising inflation and other macroeconomic challenges. Fortifying deployment of new spectrum and site rollout to improve network experience along with increased customer-focused market activity resulted in a 5.3% year-on-year growth in subs and traffic revenue after 2.7% growth in the last quarter. Additionally, Grameenphone's continued drive for operational excellence, along with top line growth, resulted in a 5.7% year-on-year EBITDA growth in Q2 after 2.7% EBITDA growth in Q1, while maintaining a strong EBITDA margin amidst highest inflation in the last 11 years. With our continued investment momentum, GP's CapEx to sales ratio, excluding licenses and leases, for the quarter stood at 14.2%, which was 13.4% in the previous quarter based on a 4-quarter moving average. However, on a stand-alone basis, our CapEx to sales ratio for the quarter stood at 17.7%. EPS for the quarter stood at BDT 8.84, with a year-on-year growth of 29.7%. The EPS growth was positively impacted by one-off adjustments. Grameenphone subscriber growth momentum continued in Q2 with 1.1 million net adds during the quarter, though our sub losses during the [ same band ] period have not been fully recouped. In addition, after 3 quarters of degrowth, data users returned to growth momentum with 2.6 million data users added during the quarter. Our reported subscriber base at the end of the quarter stood at 81.3 million with a 1.4% growth from previous quarter and a minus 4% degrowth from last year, while the number of data users stood at 46.1 million with a quarter-on-quarter 6% growth and 0.2% (sic) [ minus 0.2% ] degrowth from last…

Thank you, Jens. To summarize, the second quarter of 2023 registered ongoing growth momentum in both revenue, which is at 5.6% level, and EBITDA, which is at 5.7%, driven by 10.6% ARPU growth, strong market execution, innovation and a strategic focus on network investment. Keeping the customer at the core of everything we do, we are enhancing customer value and strengthening as the #1 network. We have invested BDT 7.1 billion CapEx in the passing quarter. We continue to focus on looking towards the needs of our customers to focus digital-centric innovation and services driving growth momentum. More than 99% customer services can be fulfilled by the largest local app in the country. Digitalization of our customer interactions from MyGP and other digital channels has contributed both in efficiency and driving growth. We have had positive developments on dispute resolutions with our authorities, and those have already been highlighted by our Chief Financial Officer. I'll now hand back to Aleef for Q&A session. Thank you, everyone.

Thank you, Azman Bhai. We will wait for a few minutes now for the questions to start coming in, I believe which they have. So we can start first with Jens. So Jens, from where did such a big tax addition come back from? Or where did we get such a big tax addition from?

Yes. Let me answer this. This amount includes -- or this includes the amounts arising from the settlement of disputes and completion of assessment. And I think if you look into the financial statements, you will find disclosure note 29.1 for more details.

Thank you. We have another question for you, Jens. What was the total settled amount for 2 litigations? And how did you incorporate them in financial reporting?

Yes. I assume that this refers -- 2 litigation means 2G litigation, I assume. So during the quarter, Grameenphone saw the positive development on the resolution of our legacy dispute, and it settled all the income tax dispute well until 2018 through alternative dispute solution and paid BDT 7.8 billion to NBR. And in addition, GP has already paid BDT 9.9 billion with regards to the written judgment for 2G. And for the accounting topics, you see it, please, in the note 20.1 and 35b.

Thank you. Azman Bhai, this one is for you. What is causing active data users degrowth?

Okay. Actually, Grameenphone subscriber growth momentum, which has continued in Q2, as we already mentioned, with 1.1 million subscriber additions during the quarter. However, the sub losses during the [ same band ] period have not been yet fully recouped. After 3 quarters of degrowth, data users now returned to growth momentum with 2.6 million data users added during the quarter, which is a significant progress. Thank you.

Thank you, Azman Bhai. Jens, we have some more for you. So what are the updates on other legal issues?

Yes. Except as disclosed in note 35 of the interim financials, there has been no significant development of the events disclosed in the financial statements for the year ended 31st December 2022. So no further significant developments on the other topics.

Thank you. Jens, we have one more for you. We see no declaration of interim dividend, which is an exception of GP's usual norm. What are the reasons?

Yes, I think I mentioned it in the speech already, but let me reiterate. During the quarter, Grameenphone saw the positive developments on the resolution of our legacy disputes. And with this, we have settled all the income tax disputes until 2018 through alternative dispute resolution and paid BDT 7.8 billion to NBR. In addition, GP has already paid BDT 9.9 billion with regards to the written judgment for 2G. And with this, as mentioned before, our contribution to the national exchequer in the first half equals 91% of total revenue. And we are, additionally, also in constructive dialogue with BTRC for the remaining settlement where as of today, it's an unknown outcome. So despite these positive developments on dispute resolution, those topics together, the BDT 17.7 billion payment strains our cash position as it comes on top to our regular payments. And in light of these additional payments and the uncertainties around the final settlements, we are not recommending interim dividend for the first half.

Thank you, Jens. We have some more for you. So what is the current total amount of contingent liabilities net of all these payments?

I think you can find our Grameenphone's contingency in the annual financial statements of the year 2022 and as well in the interim financials of the year for the first half of this year.

Thank you. Another one for you. Could you please explain the BDT 4 billion provision under finance expenses and BDT 6.4 billion provision reversal under income taxes? What are their sources?

Yes. GP has taken the provision for regulatory disputes based on the available information of the outcome of court proceedings mentioned in disclosure note 28.1. And the tax, as I mentioned before, includes amounts arising from the settlement of disputes and completion of assessment. And again, this -- with more details in disclosure note 29.1.

Perfect. So that's all the question and answers that I can see until now. Why don't we give it a couple of minutes and see if any more questions come in. Okay. So I think that concludes it. If there are any more questions that may have been unanswered or you have any further questions, please reach out to me, and then we will take that forward. So there are no further questions. And thank you very much, Azman Bhai and Jens, and thank you all for joining. Goodbye.