Good day, ladies and gentlemen, welcome to the Vodacom Group Limited results conference call for the three months ending 31 December 2020. My apologies. Before I hand the call over to Shameel, I would ask that you refer to and familiarize yourself with Vodacom's forward-looking disclaimer. This is set out on page 15 of the trading update and can be located on www.vodacom.com. Alternatively, if you would like a copy of the trading update sent to you, please email investor relations at vodacomir@vodacom.co.za. All participants are currently in listen-only mode, there will be an opportunity to ask questions later during the conference. If you should need assistance during the call, please signal an operator by pressing star and then zero. Please also note that this event is being recorded. I would now like to turn the conference over to Shameel. Please go ahead, sir. Thank you, Chris. Good afternoon, everyone, and good morning to those joining the call from the U.S. I'm joined by Raisibe Morathi, our Group CFO, Mariam Cassim, our Group Chief of Financial and Digital Services, and JP Davids from our investor relations team. As this is our quarterly trading update, we will focus on revenue and key performance indicators only. As with prior quarterly results, Vodacom does not report on its performance, so we will not focus on our consolidated operations. Against an evolving economic and pandemic backdrop, our third quarter results confirmed the importance of all our core services and our accelerated evolution from a telecommunications to a technology company. We continue to expand our ecosystem of products across connectivity, digital, and financial services to deliver a 360-degree customer experience. We believe this ecosystem approach sets us up for long-term value creation. Also, we remain committed to assisting governments curb the spread of the pandemic, while at the same time focusing on the economic recovery in each of the markets where we operate. In the quarter, we delivered revenue growth of 6.4% and service revenue growth of 3.9%. Normalized growth, which adjusts for foreign exchange and M&A, was slightly higher at 6.7% for revenue and 4.2% for service revenue. This performance reflects improved growth from our international operations and sustained strong growth in South Africa. Pleasingly, the South African result is a function of multiple growth drivers, including our prepaid segment, Vodacom Business, financial services, and IoT. It's also important to note that our international markets, including Safaricom, are again charging for peer-to-peer and basic transactions. Looking at South Africa in a bit more detail. Service revenue increased 5.4%, underpinned by strong mobile customer revenue growth of 5.8%. The standout performance in mobile customer revenue was prepaid. Prepaid ARPU increased 9.3% to ZAR 59, supported by increased usage of our connectivity, financial, and digital services. The performance was also supported by the accessibility of airtime by our Airtime Advance product. In the quarter, we advanced airtime amounting to 40.2% of total prepaid recharges. Our contract segment posted a resilient performance, with revenue growing at 1.6% and customers up 1.9% to 6.2 million. The growth we reported in both mobile customer revenue and service revenue reflects our strategy to introduce one more service to customers. New revenue streams, which comprise financial and digital services, fixed, and IoT revenues were up 20.3% year-on-year. These revenue streams contributed 14.4% to service revenue from 12% a year ago. Financial services delivered another strong quarter. We recorded ZAR 619 million in revenue in the period, growing by 24.3%. This business is now delivering an annual revenue run rate of ZAR 2.5 billion. From a product perspective, we advanced ZAR 3.1 billion in airtime via the Airtime Advance platform to 10.7 million customers. Growth in the insurance space continues, with revenue increasing 13.5% and policies up 11.2% to almost 2.1 million. To provide some color on our financial service business, and in particular, our partnership with Alipay, Mariam Cassim, our Chief of Financial and Digital Services, will provide an update later on this call. Switching to Vodacom Business, the segment now accounts for 27.5% of service revenue and grew 6.1%. This performance was supported by fixed line, cloud, and hosting, and IoT revenue, all producing double-digit growth. We finalized an extended roaming agreement with Cell C related to its contract and mobile broadband customers. We expect this deal to be revenue accretive, and that we will be carrying around 40% of Cell C's total traffic. On the connectivity side, we increased home and business fiber customers to 110,000, up 113% year-on-year. The demand for mobile data continued in the quarter. Although the growth is strong, the trend normalizes lockdown restrictions were eased for most of the quarter. Data increased 43.2%, while usage per smart device grew 35% year-on-year to 2.1 GB per user. There are now 15.1 million 4G devices connected onto our network, an increase of 24% year-on-year. Our international operations delivered a notable sequential improvement in the quarter. Normalized service revenue declined 0.3% compared with the 5.2% decline in the first half of the financial year. This trend reflects some progress in economic and commercial activity levels and improved M-PESA growth. Data revenue growth was 6.6%, supported by network investment and targeted campaigns. Data customers net additions were 302,000 in the quarter to end on 20.7 million. This means that 52.6% of our international customers make use of data services. Data traffic in our internationals was up 52.2%, supported by focused data campaigns and our investment in networks and our strong CVM platform. M-PESA revenue growth improved meaningfully in the quarter as we sustained strong platform growth and improved monetization. Mozambique reinstated person-to-person fees from October with the DRC and Safaricom following in January. Active M-PESA customers increased by 7.7% to 16 million, representing 47% of our international customer base. M-PESA revenue grew 10.1%. On a normalized basis, M-PESA revenue was 7.8%, comparing favorably with the decline of 1.4% in the first half of the year as a result of the free person-to-person money transfers. M-PESA now represents 21.1% of our international service revenue. Including Safaricom, M-PESA now processes $24.2 billion in value per month, up 57.8% year on year. To give this value some context, Mynt in Philippines processed $20 billion over 12 months and recently raised funding at $1 billion valuation. Overall, our international operations contributed 28.2% to group service revenue. Before I conclude with comments on regulation, I will hand over to Mariam for an update on financial services and Alipay. Thanks, Shameel. Hello, everyone, and thank you for the opportunity to discuss some of Vodacom's most exciting growth initiatives. My name is Mariam Cassim, and I look after the group's financial and digital services. Before I jump into the Alipay partnership, I thought it would be useful to provide some context around our South African financial services business. First and foremost, it's important to note that our financial services business is a fully independent company and a wholly owned subsidiary of Vodacom South Africa. We have our own board of directors, own dedicated resources, and own CapEx. This is very important for a high-growth company such as ours, as the separate standalone structure allows us to be incredibly nimble in what we do and has contributed to us being quick to market with the delivery of new and often disruptive products and services, contributing to our ZAR 1.2 billion bottom line. We operate across four product lines, which includes payment, lending, insurance, and trade. The last of these is probably the least familiar to you. Our trading business consists of all of South Africa's major FMCG players, with over 4,500 small merchants and processes over ZAR 200 billion of transaction value per annum. Connectivity with merchants is an important part of our payment ecosystem approach, and our trading platform will form the basis for these interactions. We are also proud to share that we have officially launched our own physical point-of-sale Android devices into the market a few years ago. This represents the execution of the first part of our payment strategy, which was created just over two years ago and is a significant milestone for Vodacom as it starts to create a whole new revenue stream outside of just voice and data. We have signed just over 1,200 active merchants in the last few months since launch and currently process approximately ZAR 100 million of transaction value per month. Our Android point-of-sale device is amongst the first of its kind in the South African market and allows small merchants to do so much more than just processing card payments. Merchants can apply for a loan through the device, connect directly with FMCG suppliers, and soon will be able to vend prepaid airtime, electricity, and other products through the point-of-sale device. Our Airtime Advance product continues to grow as we continually enhance the credit scoring algorithm and ensure that it is available to customers at every single pain point of not having airtime or data. We now advance just over ZAR 1 billion of prepaid airtime per month, which equates to 40% of total prepaid airtime to approximately 11 million active customers. Our insurance business has also continued to grow despite the challenging COVID year, as we've seen a rise in our funeral insurance and med assist products. We still continue to enhance the product base by creating new and innovative products in this space. Then, of course, we have the landmark Alipay partnership. Our partnership with Alipay will add new dimensions to our financial services proposition, and in particular, VodaPay, which will become our single lifestyle super app. We are actively working on three streams to get this done, namely the customer journey, merchant signups, and our financial services infrastructure. To deliver on each of these elements, we've hired more than 100 software engineers into Vodacom Financial Services. Critically, our Alipay partnership provides us with a wealth of insight and precedent on how to get this development done successfully. We look forward to taking you through more of the detail closer to our launch date. I will be on the call to handle any further questions which you may have in this regard. Thanks. Back to you, Shameel. Thank you, Mariam. To conclude our quarterly update, I would like to give a brief update on the spectrum process in South Africa. In December, subsequent to ICASA's invitations to apply for spectrum, the regulator received a court application filed by Telkom. The Telkom filing comprised three parts, with Part B seeking to stop ICASA from assessing or adjudicating applications received for both the high-demand spectrum and the WOAN ITAs. Telkom has requested a hearing, which is expected from the 9th of February 2021, so in a couple of weeks' time. In addition to Telkom's filing, MTN and free-to-air broadcaster, e.tv, have also lodged court filings in respect of the auction. We see the assignment of spectrum as instrumental in extending coverage, improving quality of service, and lowering the cost to communicate in South Africa. To this end, in December, Vodacom submitted an application in response to the exclusive use ITA. Five other local telcos, including Telkom and MTN, also submitted applications. We believe that any further delays to the auction process will likely have a negative impact on consumers. As such, we remain supportive of the auction proceeding by the 31st of March 2021. In addition to participating in ICASA's high-demand spectrum auction, our ongoing COVID-19 response and ensuring that we continue to invest significantly in our network to accommodate rapid shifts in the customer behavior is a key strategic priority for the Group in the next quarter. To further enhance customer experience, we invested ZAR 3.4 billion in our network across the group in the quarter, including expansion of 4G coverage, speed, and capacity. In South Africa alone, we invested ZAR 2.6 billion to support data demand and shifts in customer patterns. This concludes my comments, and Raisibe, Mariam, and I are now ready for any questions. Our first question is from Preshendran Odayar of Nedbank. Please go ahead. Hi, everyone. Firstly, congratulations on the quarterly trading update. I've got three quick questions, if I may. Firstly, I just want to know, in South Africa, your active data customers went down in the period. If you can give me some details or color on why that happened. It wasn't much. It was, I think, 1.8% down. The second question is around Cell C. I remember at your interim results, you mentioned to us that the Cell C roaming was mainly for 2G and that was coming to an end, and it was, I think, around ZAR 40 million that you were getting from Cell C on that roaming agreement. Can you give us any indication of how this new roaming agreement on its contract and broadband subscribers are going to affect your other service revenue line? I know you mentioned just earlier that you're going to plan to cover about 40% of Cell C's traffic. I just want to know if you can give us some numbers or some color on what that impact will be. Just the last one, please, if I can, on Tanzania, can you give us an update on the unregistered SIMs over there and how many are still impacted? Thanks very much. Let me start off with the SA active data customers. I think what is important this year, just to understand, is that we've been trying, and you'll know we've had this conversation for a while now, but effectively what we've been trying to do is step down the amount of gross adds on prepaid, and so that we could ensure that we could stop the washing machine effect. Obviously, when you add customers, at the same time, you're also adding more data customers. Just to give you a sense of what was happening and what's happening now. Last year, this quarter, just as a comparison, we added 13.5 million new gross adds on prepaid. Yeah. Of which 500,000 was the real number of net adds during the quarter. What we've done is taken a deliberate move to reduce the amount of gross adds, and we've reduced the gross adds this year for the same quarter, is 11.5 million customers that we've added, and that's because we've improved the quality and brought down the gross adds on purpose. The net adds have gone up to 1.45 million net adds during the quarter. I think what's important is the factor of these higher gross adds would have given rise to basically a bigger number of active data customers, because especially during the December period, and then they always fall off January, February, March. Now we have a more robust piece. Am I worried about it? No, because I think it's effect of the reduction or 15% reduction in the number of inflow on prepaid, which is resulting in a better net add quality. On Cell C roaming, what's interesting is that the Cell C roaming agreement came to an end in November. They continued to use post-November, but that was more on a month-to-month basis on the current roaming agreement. On 1st of February, the full new roaming arrangement kicks in. Without giving exact numbers, let's just say it's in excess of ZAR 1 billion net. That's the benefit of the new Cell C roaming agreement. We're quite pleased it's a new long-term arrangement and effectively will see us providing both roaming to them, but also services to them. Services in the form of where we have a separate entity that will look after things like, basically, some of the services on their postpaid base for them, like credit vetting. Oh, thanks. Very clear. On the Tanzania matter, as we indicated in our half year that 2.9 million customers were initially deactivated. We still expected that a further roughly around 1.8 million customers could be deactivated. That number is now roughly around 1.1 million. We expected or we were notified that those deactivations will take place in December, fortunately, that did not happen. It is still likely that somewhere during the course of quarter four, we could see this deactivation of the 1.1 million customers. Raisibe, can you give a revenue impact of those 1.1 million that still could be disconnected? It's about TZS 3 billion a month. Yeah. Tanzanian. Tanzania. Sorry. Tanzanian shilling. No problem. Thanks, JP. Thanks, Raisibe. Thanks very much, Shameel. Appreciate it. Thank you. The next question is from John Kim of UBS. Please go ahead. Hi, everyone. I'd like to ask a couple questions about the South African business. Can you give us some color on price elasticity post the CompCom price cuts? From memory, I believe Vodacom proactively cut prices 15% before the 30% mandated. I'm just trying to pin down the timing of that. Thank you. Remember the price cuts, the first price cuts were 1st of April 2020. To be honest, you saw the result that came through in the first half. Let's say COVID helped to achieve the elasticity very quickly. Although we had something like a 34% price drop on some of the monthly data bundles. Basically all of it was offset by volume growth during COVID. We had no issues and still delivered a strong result. I always said that we should have had a negative first half. Essentially you saw the numbers more than 5.5% growth for the first half, so very strong results in the first half. I think it was nicely offset by the COVID results. We have a further price drop of 15% on the same monthly bundles that will take effect from 1st of April 2021. There again, we are quite comfortable that we will more than likely be able to offset it with enough elasticity, to more than cover for that price decrease. Okay. Helpful. Is there any updates or traction on development of the WOAN? Has RFPs have been submitted or adjudicated? On the WOAN? WOAN. Okay. Remember, this is all now caught up in this debacle of Telkom, right? Effectively, remember, what's supposed to happen is there's supposed to be an auction of the spectrum that's supposed to take place, or that's planned to take place on the 31st of March. Following that, there will be a process to allocate spectrum to the WOAN. I think where we are currently is a good position, which has come out in the ITA, which is about equal amount of spectrum being envisaged for the larger operators and the WOAN. I think that's a good place to land. Of course, we're not happy with all the requirements of the ITA, but I think all in all, on balance, if the auction goes ahead, it'll be okay. There is certain things that are confusing still in the ITA, and that's why you're seeing the MTN challenge coming through. I think ICASA hasn't managed to respond properly to some of the questions or have been vague in their responses. We took the view that it will be sorted out in the auction once the auctioneer has been appointed, and the rules will be clearer. I think MTN decided to take a more stronger view and actually challenge, specifically the opt-in rounds of the auction. The WOAN will take, once it's licensed, of course, there's a separate licensing process, and then it will have its obligations and so on and so on. We comfortable that the balance between us and the WOAN will be fine. If the WOAN wants to really create a use case that will be successful, it will provide the operators. Remember, the WOAN doesn't sell directly to the market. It will provide the operators with a rural coverage piece where there'll be much bigger uptake of their services than there would be in the cities. Okay. Helpful. Thank you. Thank you. Ladies and gentlemen, just again, if you wish to ask a question, please press star and then one. The next question is from Jonathan Kennedy-Good of JP Morgan. Please go ahead. Afternoon. Perhaps a question for Mariam on Airtime Advance. Just wanted to get a sense of where exactly those figures are recorded. Are they recorded in the prepaid customer revenue line, boosting that growth there? In terms of 40% of Airtime being now driven through Airtime Advance, is it still the case that you lose some of the commission through the physical distribution channels, or are you seeing an increased take-up of electronic top-up to pay back the Airtime Advance? Secondly, just a follow-up on prepaid growth. Can you give us some color as to what revenue growth is looking like now in the fourth quarter? Obviously you had a very strong third quarter, and just trying to understand exactly how COVID grants, et cetera, and the increased economic activity, transportation, alcohol share may affect this kind of growth rate going forward. Thanks, Jonathan. To your first question, yes, it is reflected in the line item prepaid customer revenue. That's where the Airtime Advance revenue is reflected. To your second question, in terms of the saving of the distribution cost, there isn't an exact saving, as customers would still need to recharge through their normal channels, there is still a distribution fee payable for that. What we do have is, we have a platform admin fee that is charged to customers who take an advance, which equates to about 9%-10% of the value of the advance. We're actually a lot more profitable than the distribution fee that's paid. Regarding, hi, Jonathan. Regarding the outlook for fourth quarter, obviously, we're not at liberty to be able to give you full details on that, but the alcohol ban has been helpful from here until yesterday because obviously things have changed a bit, and there's still uncertainty around whether the social grant of ZAR 350 will be extended or not. At this stage, the official position from government was that it will end in January, and there are obviously some noises relating to what transpired in the ANC conference, but that has not been validated by government in terms of extending the ZAR 350 per month. For that, we think the outlook for fourth quarter is looking positive, but obviously, it had some boosted with the alcohol ban, which has now ended. Thank you. If I may just ask Shameel one question on the spectrum licensing process. Is it feasible, or is it likely that these various challenges by Telkom, MTN, et cetera, would delay the spectrum auction process, or do you have any views on that, or not in particular? Look, I think there's always that risk. I think the reality is, the chairman of ICASA put it quite nicely today where he said that Telkom essentially is looking at its own self-interest. Basically trying to scupper the auction process to its own benefit. I think that's the truth. I think Telkom's told you guys often enough that they want to delay the spectrum allocation. One would've thought that it would've been better this time around, because I think what they're doing by delaying it is actually creating a rod for their own back, because they do need access to the lower band spectrum, and so on. It's not surprising that they're trying to delay the auction process. I think MTN's been clear that their intention is not to delay it, but rather for clarity on this one particular area, which is the opt-in rounds. Yes, there's a risk that it gets delayed. It depends when it goes into court processes, but it's a little bit more unpredictable. It depends how the court sees it. Of course, from a public interest perspective, any further delays is a problem, and government, of course, are not happy with any delays also on the spectrum auction because it's one of their priorities, and frankly speaking, they need the money as well. I think it'll be very disappointing, but yes, there is a risk that it gets delayed. Great. Thank you. Thank you. The next question is from Myuran Rajaratnam of MIBFA. Please go ahead. Hi, guys. Thanks for the opportunity to ask questions. My first one is for Mariam, actually. Thank you for the additional color on the Airtime Advance product. It seems like a very useful and profitable arm of the prepaid segment. My question is twofold there. You've got about 10 million customers there. I'm trying to understand the behaviors of this particular group of customers. Which bearer do they use to access Airtime Advance predominantly? Is it SMS? Is it USSD, or is it actually the data bearer? I'm sorry, I don't use it myself, so I don't know. I'm asking that. The second bit is the churn of this 10 million group of people different to the general churn in the prepaid segment? I've got the follow-up as well. Thanks, Myuran, for your question. The first question in terms of which channel, maybe I can convert you into an Airtime Advance customer. Yeah, we find the USSD channel being the predominant channel. More than 95% of our Airtime Advances are taken through USSD, which is really a very convenient channel for our customers to transact through. We've just launched it on the MyVodacom app, and we've seen a significant growth through the MyVodacom app, but we're still yet to get to the USSD numbers from a channel point of view. We offer advances for ZAR 3, ZAR 5, ZAR 10, ZAR 20, depending on the credit scoring of the customer. What has worked very well for us is we've started to introduce, or rather we introduced about one year ago, data advances. This makes it a whole lot easier for a customer to just take an advance in one easy step instead of having to take an Airtime Advance and then purchase data. We've now launched data advances, and we're starting to launch different bundle advances as well. More and more, we're finding it's all about the customer experience, and it's all about decreasing the number of clicks that you can create to get a customer to take advantage of your product. From a churn point of view, we definitely find through the various analyses that we've done, that the cohort of customers that actually use Airtime Advance have lower churn, also Airtime Advance has been seen to increase the average ARPU of a customer. Our bad debt write-off still sits at less than 0.5%, which is completely unbelievable for a product of this nature, given that our average advance is around ZAR 7, so real nano lending or nano credit type product. Yeah, we definitely find that it helps with churn, and it helps with ARPU as well. Maybe just an interesting point for you to note, at Vodacom, on a daily basis, we have something called a failed transaction event. This is every time a customer tries to do something, either send an SMS or make a call and they run out of airtime, there's a ping that goes to the network, which is termed a failed transaction event. What we've done is we've now incorporated Airtime Advance into each one of those instances. Every time a customer tries to do something and they don't have airtime, if they're a provisioned customer on the base for Airtime Advance, we push them an Airtime Advance or a reminder that they can take an advance. Again, this has seen a significant increase in the use of the product. I hope that answers the question. Wonderful. Thank you so much. The second question is on the South African CapEx. In the first half, I think CapEx grew 5%, and service revenue growth was about the same. In this quarter, I see service revenue growth is still mid-single digits, but CapEx grew even quarter on quarter or year on year about 12%, 13%. You did say you have reasons to do that, and you explained a few. Is the Cell C transaction part of this growth in CapEx, or is it something worth worrying about? I mean, if your CapEx is growing a lot faster than revenue. Just some thoughts on that, please, Shameel. I have another question. Okay. Just to be clear, the CapEx spend for the year will be lower than the CapEx spend for last year in South Africa, okay. In total. Don't put too much focus on the quarterly pieces. We have front-ended a lot of the CapEx into Q1, Q2, Q3, so you will see the further step down in Q4. Essentially, in totality, the CapEx spend will be slightly less than it was this past financial year, or let's say, in the 2020 financial year for South Africa. Perfect. That explains it well. The last one is MTN sort of in terms of Cell C revenue recognition. At the moment, they're using a cash-based recognition of revenue rather than the usual accounting way. Given that the contract and broadband subscribers are going to be starting to roam on you very soon, what's your plan for revenue recognition of Cell C? I think the revenue recognition will be normal. The way the deal is constructed, let's just say, without giving too much details and secrets away, let's just say it's in a much better form where we get the money, and that we will be able to ensure that we get paid for the services. I'll leave it at that. We're going to leave it there. Okay. Thank you so much, guys. Great job. Ciao. Thank you. The next question is from Slava Degtyarev of Goldman Sachs. Please go ahead. Yes, thank you very much for the call. When would you expect your super-app to roll out in South Africa, basically to have a material contribution towards the bottom line? How should we think about the impact on financials? Is it more about the additional revenue streams or lower churn? Basically, if you can assess the margin impact for the group over time, that would also be helpful. Secondly, Shameel, if you can comment on the competitive trends in South African mobile market over the last few months and year to date. Thank you. Hi, Claire. Thanks for your questions. I'll take the first two and Shameel the last one. Just on the potential timing, we're still very much on track to meet our initial promise, which was a pilot closed user group launch in around April, May of the new platform. We'll be launching within very small user testing groups to really just ensure that the product's working. We have a zero tolerance approach in terms of customer experience on this product, and so we'd rather take a little bit of extra time focusing on testing and ensuring that it's really what we want to take to market. Hopefully, once everything goes according to plan, we look to then launch into the market shortly thereafter. In terms of revenue streams, I must just share that the intention of this product is a pure platform economic model to start with. Initially, for the first 12 months, I'd say our real focus is going to be on driving downloads and active users to the super-app. The idea is that you're wanting to create as many users as possible, and you want to get the frequency of visits up to the app, before you can actually start monetizing the customer. The monetization opportunity obviously comes from the fact that we own the payment platform that is ingrained into the super-app. Every single payment that happens through the super-app on any of the mini programs, as we like to call them, will go through the Vodacom payment gateway. Vodacom monetizes on the payment fee. We also have different margin arrangements with all the different merchants who will be coming onto the super app in terms of monetization when a purchase is made on their platform through VodaPay. Lastly, we'll be launching a stored value capability as well. Here the monetization opportunities will be very similar to how we monetize in our M-PESA business. Shameel. Yeah. The competitive landscape. On the competitive landscape, what we've seen is, on the one side, more reasonability in terms of competitiveness, the normal competitiveness being there between us, Telkom, and MTN. We've seen Telkom bypass Cell C and move into third spot as the third biggest operator in the country. Telkom definitely over-performing. Cell C, under the circumstances, keeping its head above water, is probably fair. Of course, us and MTN, the normal fighting as such. A lot more reasonability from Telkom in this last quarter, but also during the year. Of course, here and there will always be one or two offers, which I call kind of draw cards. I think those will continue, but I think the price gap between us and Telkom and us and Cell C is narrowed completely, and of course, the gap between us and MTN is very small now. Okay. Thank you very much. Thank you. The next question is from Patsy David of All Weather Capital. Please go ahead. Hi. Good afternoon, Shameel and team. Shameel, on the Telkom and ICASA problem, Telkom's reason, one of the reasons for the legal action is that ICASA can't auction spectrum that it does not currently have. What's Vodacom's thinking around that? Do you get a promise that you're going to get the spectrum when it's released? Do you pay for it upfront? What's your thinking around that please? Look, to be honest with you, we have seen in other markets, when I was in Spain as an example, the spectrum was auctioned in advance and a definitive date was set for when the spectrum would be available. I think as long as there's a timescale and a timeline of when it will happen by, I think that's the important part for us. That gives us the ability to build out, grow, get the thing done, and so on. Like I say, ideally, you want to pay for it when you get it, right? In the interest of moving forward, it's been 16 years since we last did spectrum. I think these are nuances that you can live with, is the way I would put it. You want my honest view? I think Telkom is just using it as an excuse in terms of trying to find reasons why to hold up the spectrum auction, which I think is quite damaging for the industry in totality, including for themselves. I think the logic, in my view, is fundamentally flawed. Just a second question, a follow-up on the MTN legal action. I know that what you said, that you will have taken a different view. If I heard right, you said that you believe that once ICASA gets the auction platform, things will work out. How close are you to that? Isn't it a bit late for them not to have that platform yet, because this must be done by the end of March, right? Look, I think MTN's review on the other end has merit, because ICASA hasn't provided certain clarities. That, of course, has been requested on some of the opt-in rounds. Our hope was that it can be sorted out during the issuing of the auction rules and appointment of the auctioneer and so on. That's still our hope. Of course, if it doesn't happen, that always gives us the opportunity to challenge it. We'd be paying a very careful watch on the MTN process. Because we share the one concern specifically that MTN has raised. We're still hopeful that ICASA will sort that out in the auction rules. We keep our powder dry to see when and if ICASA does issue those rules and clarifications. Thank you. Thank you. The next question is from Ziyad Joosub of Nedbank. Please go ahead. Hi, everyone. Thank you for the questions. Just one from my side, please. On the IoT business, the business seems like it's becoming pretty big. It looks like it's added around 0.65% to service revenue growth. I noticed that your revenue for IoT connection increased year-on-year by 17%. I was just wondering, is that all driven by volume per connection, and is that the sort of volume growth you are seeing per IoT connection annually? Just to double-check, IoT revenue is captured in other service revenue, right? Thanks very much. It is captured in other service revenue. I think on the IoT growth, what's happening is that we're seeing a big growth in our take-up of IoT services, both locally and internationally. Remember, IoT.nxt is a South African subsidiary, but we're now selling our services as far in the field as California. We've had some really nice uptake of the platform by Vodafone U.K., Vodafone Netherlands, Vodafone Germany. It's being embedded more and more into the Vodacom Group. Of course, not all that revenue is flowing yet, but I think it's a very credible story. Locally, what's happening is that basically what we are seeing is that the growth in the number of SIMs. Remember, I think our IoT play, in general, is quite strong because we've got the GDSP platform, which allows us to put SIM cards into anything, basically, across networks. It allows us to locally, internationally, you'll always have connectivity is what the GDSP platform basically drives. That's growing quite nicely, but also us putting sensors onto different things through IoT.nxt is also growing quite nicely. I think the partnership of IoT.nxt through Vodacom has given it a lot of credence and credibility. I expect that business to keep growing, and the IoT business to become a more meaningful numbers as we go forward. Thanks very much, Shameel. Just to follow up, Ziyad, yes, IoT is in other service revenues. Thanks, JP. Thanks a lot. Thank you. The next question is from Vikhyat Sharma of RMB Morgan Stanley. Please go ahead. Hi, guys. Yeah, I just want to ask more in terms of acquisitions. There has been news around that Vodafone is looking to sell its Ghanaian operation, which you kind of manage. I don't know if you've got any thoughts on it. Would you be interested in something like that? The focus is still more on acquiring something on the fiber space? Thank you. Yeah. Just to be clear, on Ghana, we have indicated previously that we are not looking at Ghana, and it's not part of our plans to acquire Ghana. We will continue to manage it on Vodacom's behalf. The fiber plans remain a priority for us. Of course, Ethiopia, yeah, through Safaricom. Thanks. Thank you. Sir, we have no further questions. I don't know if there's been enough, maybe just one or two comments on Ethiopia. We've basically put together a very strong consortium, okay, which we're quite pleased about. Effectively, we have the Voda consortium, as we call it, will have 57%, okay? The economic interest will be 51% Safaricom, 5.7% Vodacom, and of course, first right of refusals on the other shares from the other investors. Sumitomo, which is the huge Japanese conglomerate, very credible, at 25%. CDC, which is the U.K. Sovereign investment fund, at 10%. We have reserved 8% for the IFC to join. We feel that this is a very, very strong consortium, and therefore, we will be putting our best foot forward on it. We've also managed to get some very good terms on non-recourse debt funding. You would have seen announcements from the DFC, and the DFC and IFC both have offered us funding, so at very low rates, but also non-recourse. We're quite pleased about it. We have support from multiple governments that include the U.S., U.K., South Africa, Kenya, Japan, the European Union, and so on. Thank you, sir. We have no further questions in the queue. Okay. Thank you for joining us on the call. In closing, we're encouraged by the positive results out of South Africa and the improved trends in our international operations during this period. This remains consistent with our outlook provided in our interim results, and we're keeping an eye on which of these trends and behaviors remain permanent. Thank you to everyone for joining us. Thank you, sir. Ladies and gentlemen, that then concludes this conference, and you may now disconnect your lines.