Murat Erkan : First of all, regarding the price increase and the competition follow-up, so far, we increased — as a market leader, we increased our price based on inflation. And it seems our competition also following up us. On the fixed line side, it is really difficult to see or foresee what’s going to happen, but we see some movement on the fixed side, which is good for us, so we can increase our prices. For the mobile side, I think as the leading operator in the mobile, our priority in a high inflation environment is to adjust our price in a timely manner. So we’re going to continue what we did so far and follow the inflation. The other question was regarding a strategic perspective of Türk Telekom, Turkcell controlled by Wealth Fund.
So I think for the 5G, everybody is expecting for next year, the license not this year. So we’ll see what’s going to happen. But Wealth Fund has, I believe, 22 companies underneath. So for the licensing side, I mean, we’re competing in telecom. So Wealth Fund is a strategic investor for both parties. I don’t see any issue on this side for the — as I said, for the 5G, we expect 2024 as a licensing or spectrum tender as well.
Operator: The next question is from the line of Demirak Kayahan with AK Investment. .
Kayahan Demirak : I have a couple of them. The first one, I mean, did you cancel any other price increases this year in formulating the guidance? Or otherwise asking this, when should we expect I mean another price increases given the direction of your cost inflation? That’d be my first question.
Murat Erkan : Okay. For this question. I mean, we just increased our prices. We’re going to follow the inflation. But my feeling is by the end of the year, one more price increase we can expect. But obviously, there’s price increase for the next year, not this year — not this year numbers or revenues, anything. But we — I think we can expect price increase for last quarter in Q4.
Kayahan Demirak : And would it be possible to give any direction in terms of the expected CapEx intensity for the next year? I mean, would it be — in your view, would it be — should we expect something lower than this year, or a bit higher given the expansion plans, maintenance?
Murat Erkan : Yes. To be honest, it is very difficult to see for next year CapEx guidance. But obviously, our aim is decreasing our CapEx ratio — sales CapEx ratio. So my expectation would be little lower, but not too much on this side. But it’s too early to say because we don’t know the FX, because our CapEx — 75% of our CapEx depends on foreign exchange. So it is really difficult to forecast for next year CapEx. And macro conditions also is going to give us sometimes hard time, sometimes good time. So we’ll see. But it is too early to say anything about 2024.
Kayahan Demirak : Okay. Okay. And the final question from the — I have for international operations. I mean the numbers in Ukraine is looking quite strong, given the difficult operating environment. There’s, I mean, decent growth in USD terms, margins are going up. Should we expect this to continue going forward, how do you see the situation over there?
Murat Erkan : Obviously, you’re asking a difficult question because Ukraine is under war. So based on existing behaviors, I mean, we will see a successful operation over there. But this is — sometimes it’s really difficult to speak while ongoing war is happening over there. So we are happy about Ukraine lifecell performance. Things getting easier but it doesn’t mean like before the war. As everybody knows that Ukraine had around 8 million to maybe 10 million people move out from Ukraine. So this makes — are they going to come back or not? We’ll see. So it is really difficult to forecast for next year or coming years. But so far, we are good. If things stable, we’re going to continue as good as today, but it is under war. So it’s difficult to comment on this.
