Jumia Technologies AG (JMIA) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, thank you for standing by.

早安，女士們先生們，謝謝你們的支持。

Welcome to Jumia's results conference call for the fourth-quarter and full year 2023.

歡迎參加 Jumia 第四季和 2023 年全年業績電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

After management's prepared remarks, there will be a question-and-answer session.

管理階層準備好發言後，將舉行問答環節。

With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President of Finance and Operation.

今天與我們在一起的有 Jumia 首席執行官弗朗西斯·杜菲 (Francis Dufay)；財務和營運執行副總裁 Antoine Maillet-Mezeray。

We'll start by covering the Safe Harbor.

我們將從安全港開始。

We would like to remind you that our discussions today will include forward-looking statements.

我們想提醒您，我們今天的討論將包括前瞻性陳述。

Actual results may differ materially from those indicated in the forward-looking statements.

實際結果可能與前瞻性陳述中所示的結果有重大差異。

Moreover, these forward-looking statements may speak only to our expectations as of today.

此外，這些前瞻性陳述可能僅代表我們今天的預期。

We undertake no obligation to publicly update or revise these statements for a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today.

我們沒有義務公開更新或修改這些聲明，以討論可能導致實際結果與今天表達的前瞻性聲明不同的一些風險因素。

Please see the risk factors section of our annual report on Form 20-F, as published on May 16, 2023, as well as our other submissions with the SEC.

請參閱我們於 2023 年 5 月 16 日發布的 20-F 表格年度報告的風險因素部分，以及我們向 SEC 提交的其他資料。

In addition, on this call, we will refer to certain financial measures not reported in accordance with the IFRS.

此外，在本次電話會議中，我們將提及未依據國際財務報告準則報告的某些財務指標。

You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release, which is available on our investor relations website.

您可以在我們的收益新聞稿中找到這些非國際財務報告準則財務指標與相應國際財務報告準則財務指標的調節表，該新聞稿可在我們的投資者關係網站上找到。

With that, I will hand over Francis.

這樣我就可以把法蘭西斯交給他了。

Thank you, and welcome, everyone, and thanks for joining us today. 2023 has been a transformative year for Jumia.

謝謝大家，歡迎大家，謝謝你們今天加入我們。 2023 年對 Jumia 來說是變革的一年。

Upheavals on the global stage that had a significant impact on African economies and its people.

全球舞台的動盪對非洲經濟及其人民產生了重大影響。

Inflation rates and currency depreciations have led to scarcity of supply and adversely impacted the purchasing power of cost of consumers.

通貨膨脹率和貨幣貶值導致供應短缺，對消費者的購買力成本產生不利影響。

These have been very challenging times for tech and retail businesses across the whole continent.

對於整個非洲大陸的科技和零售企業來說，這是一個非常具有挑戰性的時期。

Against that unsettling backdrop, we embarked on a fundamental transformation of our company, in order to rapidly improve our financials and establish a stronger foundation for e-commerce business.

在這種令人不安的背景下，我們開始對公司進行根本轉型，以迅速改善我們的財務狀況，並為電子商務業務奠定更堅實的基礎。

This transformation, obviously, came with a painful short-term impact, as we discontinued activities with poor growth prospects, but expensive marketing practices, and a radically streamlined organization.

顯然，這種轉變帶來了痛苦的短期影響，因為我們停止了成長前景不佳、行銷手段昂貴、組織結構大幅精簡的活動。

This bold and early decisions have paid off in 2023, yet we still have some way to go.

這些大膽而早期的決定已在 2023 年獲得回報，但我們仍有很長的路要走。

We closed 2023 in a much stronger position looking at both financials and business fundamentals.

從財務和商業基本面來看，我們在 2023 年結束時處於更有利的地位。

Our adjusted EBITDA loss for the full year of '23 decreased to $58.2 million versus $182.1 million in '22, and steadily improving quarter after quarter.

我們 23 年全年的調整後 EBITDA 損失從 22 年的 1.821 億美元降至 5,820 萬美元，並且逐季穩步改善。

Our loss before tax from continuing operations for the full year of '23 decreased to $98.6 million from $206.2 million in '22.

我們 23 年全年持續經營業務的稅前虧損從 22 年的 2.062 億美元減少到 9,860 萬美元。

Most importantly, we saw a reduction in the pace of the decrease of our liquidity from $227.4 million in 2022 to[$160.9 million] in 2023, leaving us with a liquidity position of $120.6 million at the end of 2023.

最重要的是，我們看到流動性減少的速度從 2022 年的 2.274 億美元減少到 2023 年的[1.609 億美元]，到 2023 年底我們的流動性部位為 1.206 億美元。

Although GMV for the full year of '23 declined by 20% and orders by 22% year-over-year, we have undergone a deep transformation of the company.

雖然23年全年GMV年減了20%，訂單年減了22%，但我們公司已經進行了深度轉型。

We believe that this transformation will enable us to achieve growth again during 2024, with improved unit economics and lower cash utilization.

我們相信，這項轉型將使我們能夠在 2024 年再次成長，並提高單位經濟效益並降低現金利用率。

We believe that we can meet these goals in 2024, thanks to the lessons we learned in 2023, particularly in the two following areas: first, we have seen that efficiency and better unit economics do not come at the expense of future growth.

我們相信，由於我們在2023 年學到的經驗教訓，我們能夠在2024 年實現這些目標，特別是在以下兩個領域：首先，我們已經看到，效率和更好的單位經濟效益並不以犧牲未來成長為代價。

We believe that Jumia is now a much leaner, more agile, and more focused company.

我們相信 Jumia 現在是一家更精簡、更敏捷、更專注的公司。

We have reevaluated our portfolio and made tough decisions regarding business activities that did not bring the right value.

我們重新評估了我們的投資組合，並對沒有帶來正確價值的業務活動做出了艱難的決定。

Recently, we discontinued our food delivery operations, as we concluded that the growth prospects did not justify the complexity created.

最近，我們停止了食品配送業務，因為我們得出的結論是，成長前景並不能證明所創造的複雜性是合理的。

We believe our focus and resources will be better invested in our physical goods business, where we see more opportunity for revenue growth and higher margins.

我們相信，我們的重點和資源將更好地投資於我們的實體商品業務，我們在該業務中看到了更多收入成長和更高利潤的機會。

We have achieved savings across the whole organization by shrinking general and administrative expense, as well as significantly improving operational efficiency.

透過縮減一般和管理費用以及顯著提高營運效率，我們在整個組織中實現了節省。

We believe that these changes are enabling better output and laying the foundation for growth in '24.

我們相信，這些變化將帶來更好的產出，並為 24 年的成長奠定基礎。

We experienced positive year-over-year growth in GMV of physical goods in five of our 11 operating countries over the full year of '23, accelerating over the second half, while significantly improving our unit economics.

2023 年全年，我們 11 個營運國家中的 5 個國家的實體商品 GMV 實現了同比正成長，下半年加速成長，同時顯著改善了我們的單位經濟效益。

Overall, year-over-year GMV growth trends are improving quarter after quarter, and we expect to be back to GMV and orders growth in 2024.

總體而言，GMV 年成長趨勢逐季改善，我們預計 2024 年將恢復 GMV 和訂單成長。

Second important lesson that we've learned, I think we have proved that we can grow without disproportionate marketing spend.

我們學到的第二個重要教訓是，我認為我們已經證明我們可以在沒有不成比例的行銷支出的情況下成長。

Based on our experience across 11 operating countries for over 10 years at Jumia, we believe that there is a lot of demand from African customers.

根據 Jumia 十多年來在 11 個營運國家的經驗，我們相信非洲客戶有大量需求。

However, this demand remains poorly served due to inconsistent supply and prices across different countries and cities.

然而，由於不同國家和城市的供應和價格不一致，這種需求仍然無法滿足。

Our mission at Jumia is to bridge this gap between brands and suppliers on one hand and customers on the other hand.

Jumia 的使命是一方面縮小品牌和供應商之間的差距，另一方面縮小客戶之間的差距。

We are committed to building better supply in our priority categories, which are phones, electronics, home and living, fashion and beauty, by working closely with local and international sellers and global brands.

我們致力於透過與本地和國際賣家以及全球品牌密切合作，在手機、電子產品、家居和生活、時尚和美容等優先類別中建立更好的供應。

Along with our strategic focus to improve supply in those priority categories, we have deliberately reduced our sales and advertising expenses by 68% in the full year of 2023 and gave customers incentives such as vouchers and free shipping.

除了改善這些優先類別的供應的策略重點外，我們還特意將 2023 年全年的銷售和廣告費用減少了 68%，並向客戶提供優惠券和免費送貨等激勵措施。

This strategy has come across as quite unusual, as many took for granted that growth in the e-commerce business is more or less a function of marketing costs.

這種策略顯得相當不尋常，因為許多人理所當然地認為電子商務業務的成長或多或少是行銷成本的函數。

We believe that 2023 results, and more specifically, the improvement over the latest quarters, have shown that our strategy to reduce marketing expenditure, while also pursuing top-line growth is working in our African markets.

我們相信，2023 年的業績，更具體地說，最近幾季的改善表明，我們減少行銷支出、同時追求營收成長的策略正在我們的非洲市場發揮作用。

Indeed, now looking at Q4 '23, after four consecutive quarters of consistently low marketing expenditure, we believe that we have proven our case.

事實上，現在看看 23 年第四季度，在連續四個季度行銷支出持續走低之後，我們相信我們已經證明了我們的觀點。

In addition to GMV growth in selected countries, we have successfully run our usual Black Friday promotional events, with very lean marketing budgets.

除了選定國家/地區的 GMV 成長之外，我們還以非常精簡的行銷預算成功舉辦了通常的黑色星期五促銷活動。

This led to a significant quarter-over-quarter uplifts in GMV orders and number of active customers.

這導致 GMV 訂單和活躍客戶數量較上季大幅成長。

GMV reached $233 million, down 8% year-over-year, but growing significantly on a constant currency basis by 21%.

GMV 達 2.33 億美元，年減 8%，但以固定匯率計算大幅成長 21%。

Similarly, revenue reached $59 million, down 2% year-over-year, but up 28% in constant currency.

同樣，營收達到 5,900 萬美元，年減 2%，但以固定匯率計算成長 28%。

On an important note, the sales trends were achieved, while reducing sales and advertising expenditure by 63% versus Q4 of '22.

重要的是，我們實現了銷售趨勢，同時與 22 年第四季相比，銷售和廣告支出減少了 63%。

Economics have shown further improvement in Q4, with loss before tax income from continuing operations down to $17.3 million, decreasing by 62% year-over-year and 66% on a constant currency basis.

第四季經濟狀況進一步改善，持續經營業務稅前收入虧損降至 1,730 萬美元，年減 62%，以固定匯率計算下降 66%。

The adjusted EBITDA loss was positively impacted by significant reduction in tax provisions in Q4.

調整後的 EBITDA 虧損受到第四季度稅收撥備大幅減少的正面影響。

Our liquidity position decreased by $27 million over Q4, compared to $57 million reduction in Q4 '22.

我們的流動性部位在第四季減少了 2,700 萬美元，而 2022 年第四季減少了 5,700 萬美元。

Q4 valuation includes a negative $3.2 million impact from foreign exchange only.

第四季估值僅包括外匯帶來的 320 萬美元的負面影響。

Continued improvement in growth trends quarter after quarter and '23, combined with further reduction in operational losses, give us confidence that our strategic choices are favoring us.

逐季和 23 年成長趨勢的持續改善，加上營運損失的進一步減少，讓我們相信我們的策略選擇對我們有利。

Looking at '24, we are fully committed to further reducing cash utilization versus '23, while following our strategy of bringing our business back to top-line growth in both orders and GMV, excluding potential foreign exchange impact.

展望 24 年，與 23 年相比，我們完全致力於進一步減少現金利用率，同時遵循我們的策略，使我們的業務在訂單和 GMV 方面恢復到頂線成長，排除潛在的外匯影響。

To implement our strategy, we will continue to focus on our growth priorities in '24, which are consistent with our efforts in '23.

為了實施我們的策略，我們將繼續專注於 24 年的成長重點，這與我們 23 年的努力是一致的。

In particular, we believe that there is still a significant amount of untapped potential for growth in all of our priority categories over the next several years.

特別是，我們相信未來幾年我們所有優先類別仍有大量未開發的成長潛力。

By executing consistently over time, we believe that we will be able to unlock substantial amounts of value.

透過長期持續執行，我們相信我們將能夠釋放大量價值。

We see on the grounds that the macro situation in several of our African markets is starting to recover, and the latest IMF forecast confirmed improving GDP growth trends across our footprint in '24 and '25.

我們認為，我們幾個非洲市場的宏觀情況正在開始復甦，國際貨幣基金組織的最新預測證實了我們在 24 年和 25 年的 GDP 成長趨勢有所改善。

In this context, we are confident that Jumia has never been in a better position to capture the unique opportunity of e-commerce in Africa.

在此背景下，我們相信 Jumia 處於前所未有的有利位置，可以抓住非洲電子商務的獨特機會。

Moving on now, let's look into our usage trends in Q4 on page 6.

現在繼續，讓我們看看第 6 頁上的第四季度的使用趨勢。

Quarterly active customers reached 2.3 million, down compared to Q4 '22, but growing quarter over quarter by 16%.

季度活躍客戶數量達到 230 萬，比 22 年第四季有所下降，但季增 16%。

The company received a total $6.6 million orders in Q4 '23, which is down 4% compared to Q4 '22, but up by 17% compared to Q3 '23.

該公司在 23 年第 4 季收到的訂單總額為 660 萬美元，與 22 年第 4 季相比下降了 4%，但與 23 年第 3 季相比成長了 17%。

Quarter over quarter growth was driven by physical goods orders during our successful 2023 Black Friday campaign and [Zire] and the holiday period, while digital services remained stable quarter over quarter.

環比成長是由我們成功的 2023 年黑色星期五活動和 [Zire] 以及假期期間的實體訂單推動的，而數位服務則是環比保持​​穩定。

GMV reached $233 million, down by 8% year over year, but significantly increasing on a constant currency basis by 21% and growing by 42%, compared to the previous quarter.

GMV 達 2.33 億美元，年減 8%，但以固定匯率計算大幅成長 21%，季增 42%。

Year-over-year decrease in both quarterly active customers and orders is mostly driven by actions taken to improve our economics and refocus.

季度活躍客戶和訂單的同比下降主要是由於我們為改善經濟狀況和重新調整重點而採取的行動。

We moved away from the most unprofitable categories and some expensive consumer incentives such as free shipping, which would typically drive lots of low-value orders.

我們放棄了最無利可圖的類別和一些昂貴的消費者激勵措施，例如免費送貨，這通常會帶來大量低價值訂單。

This refocus has impacted usage, but it was the right thing to do since we want to drive profitable growth.

這種重新調整影響了使用量，但這是正確的做法，因為我們希望推動利潤成長。

Looking at GMV, the year-over-year decrease is primarily due to FX impacts, and we and we think our GMV growth in constant currency is an important measure of our performance.

從 GMV 來看，年減主要是由於匯率影響，我們認為以固定匯率計算的 GMV 成長是衡量我們績效的重要指標。

Looking at the evolution of usage over the last two quarters, we see very positive developments.

看看過去兩個季度的使用演變，我們看到了非常積極的發展。

The year-over-year growth rates in quarterly active customers, orders, and GMV have been consistently improving over the last two quarters, reflecting the impact of the actions taken to build what we believe to be the right long-term fundamentals of our business.

過去兩個季度，季度活躍客戶、訂單和 GMV 的同比增長率持續提高，反映了為建立我們認為正確的業務長期基本面而採取的行動的影響。

Q4 performance, in particular, provides an important data point for us.

尤其是第四季的表現，為我們提供了一個重要的數據點。

Past countries were growing the GMV year-over-year in physical goods, both in actual dollars and on a constant currency basis, for the second quarter in a row.

過去的國家的實體商品交易總額（GMV）連續第二季同比增長，無論是以實際美元還是按固定匯率計算。

These countries accounted for over half of our GMV from physical goods in Q4.

這些國家/地區占我們第四季實體商品 GMV 的一半以上。

Most importantly, we have delivered significant growth versus Q3 of '23 across all usage metrics, clearly showing our ability to drive sales uplifts, thanks to our new strategy.

最重要的是，與 23 年第三季相比，我們的所有使用指標均實現了顯著增長，這清楚地表明我們有能力推動銷售成長，這要歸功於我們的新策略。

We managed to run a successful end of the season with the much awaited Black Friday campaign and the ensuring Christmas season.

憑藉著期待已久的黑色星期五活動和確保的聖誕節，我們成功地結束了這個季節。

The sales uplifts achieved during Black Friday '23 is in line with past Black Friday events, proving that we can drive significant growth, thanks to better supply, while maintaining very conservative marketing expenditure.

23 年黑色星期五期間實現的銷售成長與過去的黑色星期五活動一致，證明我們可以透過更好的供應來推動顯著成長，同時保持非常保守的行銷支出。

It is improving through this trend through '23, combined with much healthier economy give us confidence for 2024.

到 23 年，這一趨勢正在改善，再加上更健康的經濟，讓我們對 2024 年充滿信心。

Indeed, many strategic choices made in '23 will remain at the top of our agenda for '24, as we see them delivering more impact every quarter.

事實上，23 年做出的許多策略選擇仍將是我們 24 年議程的首要任務，因為我們看到它們每季都會產生更大的影響。

We're not planning a major strategic pivot, as we will mostly focus on executing consistently things that we know are working.

我們沒有規劃重大的策略支點，因為我們將主要專注於持續執行我們知道有效的事情。

The main highlight the main of our '24 strategy will be the following: our primary focus is to execute our growth strategy and achieve healthy growth for the business, building better supply in our priority categories, improving marketing efficiency, and reaching out to customers in secondary cities are the fundamental areas we will remain focused on.

我們'24策略的主要亮點如下：我們的首要重點是執行我們的成長策略並實現業務的健康成長，在我們的優先類別中建立更好的供應，提高行銷效率，並接觸到客戶二線城市是我們繼續關注的基礎領域。

These require consistent, strong execution over time.

這些都需要長期一致、強而有力的執行。

We will also have a special focus on our two biggest potential markets, Nigeria and Egypt, where we believe that we are well positioned for growth in '24.

我們也將特別關注尼日利亞和埃及這兩個最大的潛在市場，我們相信我們在這兩個市場已經做好了 24 年成長的準備。

We made a few management changes in '23 in those countries, and we are now fully reorganizing supply chain operations in both countries to become more efficient in our logistics and to be able to reach out to more customers.

我們在 23 年在這些國家進行了一些管理變革，現在我們正在全面重組這兩個國家的供應鏈運營，以提高我們的物流效率並能夠接觸到更多客戶。

For example, we are still moving warehouses in both countries.

例如，我們仍在兩國轉移倉庫。

On the growth side, we have the same focus on supply in priority categories in Nigeria and Egypt, as we have elsewhere, with strong commitment from brands, local distributors and international sellers.

在成長方面，我們與其他地方一樣，同樣注重尼日利亞和埃及優先類別的供應，並得到品牌、當地經銷商和國際賣家的堅定承諾。

Despite macroeconomic challenges in 2023 and 2024, we believe that Nigeria and Egypt still presents massive opportunities for e-commerce and Jumia in Africa due to very large consumer demand.

儘管2023年和2024年將面臨宏觀經濟挑戰，但我們相信尼日利亞和埃及由於巨大的消費者需求，仍然為非洲的電子商務和Jumia提供了巨大的機會。

Let's now take a quick look at macroeconomic trends across our footprint.

現在讓我們快速瀏覽一下我們足跡中的宏觀經濟趨勢。

As explains over the past quarters, macroeconomic trends remain challenging across Africa.

正如過去幾季所解釋的那樣，整個非洲的宏觀經濟趨勢仍然充滿挑戰。

However, we are increasingly confident now in our ability to operate, grow, and reduce losses even in challenging environments.

然而，我們現在對即使在充滿挑戰的環境中運作、成長和減少損失的能力也越來越有信心。

I shared three months ago the example of Ghana, with one of the highest inflation rates across the continent, where we are now growing double digits year-over-year in both orders and GMV in Q4 '24.

三個月前我分享了加納的例子，加納是非洲大陸通貨膨脹率最高的國家之一，目前我們在 2024 年第四季的訂單和 GMV 都實現了兩位數的年增長。

Looking at 2024, we're starting to see signs of stabilization and recovery in several markets.

展望 2024 年，我們開始在多個市場看到穩定和復甦的跡象。

This should, over time, make it easier for Jumia to source goods and should improve our customers' purchasing power.

隨著時間的推移，這將使 Jumia 更容易採購商品，並提高客戶的購買力。

For example, in Nigeria, the government took a number of bold decisions over the past months on critical topics such as exchange rates and some subsidies, that are expected to be net positive for the economy in the medium term.

例如，在奈及利亞，政府在過去幾個月就匯率和一些補貼等關鍵問題做出了一系列大膽決定，預計這些決定將在中期對經濟產生淨正面影響。

The IMS forecast an improvement in GDP in Nigeria in 2024, from 2.8% GDP growth in '23 to 3% in '24.

IMS 預測 2024 年尼日利亞 GDP 將有所改善，從 23 年的 2.8% 成長到 24 年的 3%。

Looking at the whole supply in Africa, the IMF is forecasting an acceleration from 3.3% to 3.8% GDP growth in 2024.

縱觀非洲的整體供應，國際貨幣基金組織預測 2024 年 GDP 成長將從 3.3% 加速至 3.8%。

Let's now look at our progress in building stronger priority categories in physical goods on page 7.

現在讓我們來看看第 7 頁我們在建立更強大的實體商品優先類別方面取得的進展。

We have identified priority categories, in which we want to succeed and become the top choice for consumers across our markets: phones, electronics, home and living, fashion and beauty.

我們已經確定了優先類別，我們希望在這些類別中取得成功並成為整個市場消費者的首選：手機、電子產品、家居和生活、時尚和美容。

These categories were selected back in late '22, based on simple criteria: relevance to our consumers and market size ability for Jumia to supply based on our experience across the 11 countries and expected profitability of each segment, especially taking into consideration challenges in logistics.

這些類別是在22 年末根據簡單的標準選擇的：與我們的消費者的相關性以及Jumia 根據我們在11 個國家/地區的經驗以及每個細分市場的預期盈利能力提供的市場規模能力，特別是考慮到物流方面的挑戰。

This exercise led to the deprioritization of some categories such as groceries, where sourcing is complex and economics are very challenging for e-commerce.

這種做法導致雜貨等某些類別的優先順序降低，這些類別的採購很複雜，而且對電子商務來說經濟性非常具有挑戰性。

Our focus in 2023 was on developing a better supply chain across these categories using the most relevant methods in each market.

我們 2023 年的重點是使用每個市場最相關的方法在這些類別中開發更好的供應鏈。

Our main topics of attention, as explained last quarter, our seller experience improvements, better planning with key partners, more partnership with international brands such as StarLink, and better collaboration with our sellers based in China.

正如上季所解釋的，我們關注的主要主題是我們的賣家體驗改進、與主要合作夥伴更好的規劃、與 StarLink 等國際品牌的更多合作，以及與中國賣家更好的合作。

In the last quarter of '23, we also captured a number of opportunities to import directly from key international brands in Home and Living and electronics, mainly in Egypt, but also in Morocco.

在 2023 年最後一個季度，我們也抓住了許多直接從家居和生活及電子產品領域的主要國際品牌進口的機會，主要是在埃及，但也在摩洛哥。

This gave us an edge in supply and pricing for B2C consumers, as well as the opportunity to make corporate sales to distributors and smaller retailers.

這使我們在 B2C 消費者的供應和定價方面具有優勢，並有機會向分銷商和小型零售商進行企業銷售。

We are seeing the impact of these actions, with a significant shift in our category mix over the course of 2023.

我們正在看到這些行動的影響，我們的品類組合將在 2023 年發生重大變化。

The share of GMV from home and living and electronics has significantly increased.

家居及電子產品的 GMV 佔比顯著增加。

This is the result of clear focus, consistent execution, and strong relationships with both international brands and local distributors.

這是明確的重點、一致的執行以及與國際品牌和當地經銷商的牢固關係的結果。

Fashion and beauty categories account for over half of our items sold and are instrumental in driving more frequent usage with healthy margins.

時尚和美容品類占我們銷售商品的一半以上，有助於推動更頻繁的使用，並獲得可觀的利潤。

We believe that there is still significant upside potential in improving supply, mainly from China, a premier global, as well as from Intel from several international fashion brands sending it across Africa with Jumia.

我們認為，改善供應仍存在巨大的上行潛力，主要來自全球領先的中國，以及來自多個國際時尚品牌的英特爾與 Jumia 一起將其發送到非洲各地。

The shift in mix has led to an increase in average order value from $40.6 in Q4 '22 to $45.5 in Q4 '23.

組合的轉變導致平均訂單價值從 22 年第 4 季的 40.6 美元增加到 23 年第 4 季的 45.5 美元。

Although we do not set specific AOV targets, this increase is helping us to generate a greater profit per order after logistics.

儘管我們沒有設定具體的 AOV 目標，但這種成長正在幫助我們在物流後為每個訂單創造更大的利潤。

We're happy to see the early impact of our actions on supply.

我們很高興看到我們的行動對供應的早期影響。

The priorities set for '23 to improve our value proposition in priority categories will remain at the top of the agenda for 2024 as well.

為 '23 設定的優先事項，以改善我們在優先類別中的價值主張，也將仍然是 2024 年議程的首要內容。

Moving on to marketing efficiency now on page 8, improvement of our value propositions in particular, thanks to progress made with respect to our supply chain allows us to drive growth in more healthy ways, especially on the marketing side.

現在轉到第 8 頁的行銷效率，特別是我們價值主張的改進，這要歸功於我們供應鏈方面取得的進展，使我們能夠以更健康的方式推動成長，尤其是在行銷方面。

As explained in previous calls, we have made significant changes in the way we use marketing at Jumia.

如同先前電話所解釋的，我們對 Jumia 的行銷方式進行了重大改變。

Back in December '22, we decided to reduce sharply our expenditure in marketing and the various consumer incentives such as free shipping.

早在 22 年 12 月，我們就決定大幅減少行銷支出以及免費送貨等各種消費者激勵措施。

This decision might have come across a very unusual in the e-commerce industry and many believed that we would start hitting the pain later in '23 when the delayed impact of high marketing spend in '22 would fade away.

這項決定在電子商務行業可能是非常不尋常的，許多人認為我們將在 23 年晚些時候開始遭受痛苦，屆時 22 年高行銷支出的延遲影響將會消失。

However, after four full quarters of greatly reduced marketing expenditure, the picture is becoming quite clear.

然而，在行銷支出大幅減少四個季度之後，情況正變得相當清晰。

First, the repurchase rate of new customers and physical goods has increased, despite reduced amounts of consumer incentives.

首先，儘管消費者激勵措施減少，但新客戶和實體商品的複購率增加。

And this is very important, because consumer incentives such as vouchers and free shipping, used to be used a lot to stimulate more frequent purchases.

這非常重要，因為優惠券和免費送貨等消費者激勵措施過去經常被用來刺激更頻繁的購買。

The 30 days repurchase rate of our Q4 '23 cohorts of new customers across all categories has increased by one percentage point compared to the same cohort of '22.

與 22 年第四季相比，我們所有類別的 23 年第 4 季新客戶群的 30 天復購率增加了 1 個百分點。

Even better, the 90 days repurchase rate for our cohort of Q3 '23 for new customers, across all categories has increased by three percentage points compared to the same cohort of 2022.

更好的是，與 2022 年同期相比，我們 23 年第 3 季所有類別的新客戶群的 90 天復購率都增加了 3 個百分點。

While in Q4 '22, 43% of our orders benefited from consumer incentives, manufacturers, free shipping or direct price subsidies, only 28% benefited from such schemes in Q4 '23.

在 22 年第 4 季度，我們 43% 的訂單受益於消費者激勵措施、製造商、免費送貨或直接價格補貼，而在 23 年第 4 季度，只有 28% 的訂單受益於此類計劃。

Second, our share of visits, from what we call free channels on physical goods, has consistently increased reaching 49% in Q4 '23.

其次，我們所謂的實體商品免費管道的訪問量份額持續成長，在 2023 年第 4 季達到 49%。

This is for Q1 and Q4 '22.

這是 22 年第一季和第四季的數據。

Three channels include customer relationship management, search, engine optimization, and direct traffic.

三個管道包括客戶關係管理、搜尋、引擎優化和直接流量。

This is the result of several quarters of focus on better CRM and SEO execution.

這是幾季專注於更好的 CRM 和 SEO 執行的結果。

And finally, we have secured significant savings.

最後，我們節省了大量資金。

Sales and advertising expenses expense, so it decreased from $16.8 million in Q4 '22 to $6.2 million in Q4 '23, and consumer incentives decrease from $5.3 million to $2.5 million.

銷售和廣告費用支出，因此從 22 年第 4 季的 1,680 萬美元減少到 23 年第 4 季的 620 萬美元，消費者激勵措施從 530 萬美元減少到 250 萬美元。

Most importantly, overall usage trends kept on improving, while we maintained low level of marketing expenditure.

最重要的是，整體使用趨勢持續改善，同時我們維持較低的行銷支出水準。

We expect to continue on the same path in 2024 and reap the benefits of consistent execution on assortments and efficient marketing channels.

我們預計 2024 年將繼續走同樣的道路，並獲得一致執行品種和高效行銷管道的好處。

Let's now look at recent developments on JumiaPay on page 9.

現在讓我們來看看第 9 頁 JumiaPay 的最新動態。

As explained previously, we have decided to focus primarily on making JumiaPay effective enabler of our e-commerce business.

如前所述，我們決定主要專注於使 JumiaPay 成為我們電子商務業務的有效推動者。

We are working towards this objective in several ways: first, we are integrating more relevant payment methods for customers to complete their orders on Jumia platforms, and continuously improving user experience.

我們正在透過多種方式來實現這一目標：首先，我們正在整合更多相關的付款方式，以便客戶在Jumia平台上完成訂單，並持續改善用戶體驗。

For example, we work on reducing the number of steps to validate the payment, reducing processing time, and increasing success rates.

例如，我們致力於減少驗證付款的步驟、減少處理時間並提高成功率。

Second, we are rolling out JumiaPay on delivery.

其次，我們正在推出 JumiaPay 送貨上門服務。

This feature allows customers to pay digitally upon delivery of the order, thus reducing the need for cash.

此功能允許客戶在訂單交付時進行數位支付，從而減少對現金的需求。

After successful implementation in Kenya, we are rolling out in Nigeria, where we believe that over 50% of transactions could become cashless by the end of the year.

在肯亞成功實施後，我們正在尼日利亞推廣，我們相信到今年年底，當地超過 50% 的交易將實現無現金化。

These are developments with far-reaching consequences, helping us to simplify our operations by reducing the amount of cash that we have to manage.

這些發展具有深遠的影響，幫助我們透過減少必須管理的現金量來簡化我們的營運。

And third, we are developing what we call Buy Now, Pay Later solutions, in partnership with third-party credit providers to support purchases on our platform.

第三，我們正在與第三方信貸提供者合作開發所謂的「立即購買，稍後付款」解決方案，以支持在我們的平台上進行購買。

Through JumiaPay, our customers can access consumer finance options offered by third-party partners who are responsible for credit underwriting and loan disbursements.

透過 JumiaPay，我們的客戶可以獲得由負責信貸承銷和貸款支付的第三方合作夥伴提供的消費金融選項。

Such payment methods are already easily available in Egypt and we believe that there is great potential across Sub-Saharan Africa to boost categories, with high value items such as phones and large appliances.

這種支付方式在埃及已經很容易使用，我們相信整個撒哈拉以南非洲地區有巨大的潛力來增加手機和大型家電等高價值商品的類別。

As a result, we have seen constant progress in the share of physical goods transaction status for JumiaPay, from 18.8% in Q4 '22 to 27.7% in Q4 '23.

因此，我們看到 JumiaPay 的實體商品交易狀態份額不斷進步，從 22 年第 4 季的 18.8% 上升到 23 年第 4 季的 27.7%。

We see this evolution as an indicator of the progress made in developing better payment experience for customers.

我們將這種演變視為在為客戶開發更好的支付體驗方面取得進展的一個指標。

Total originated transactions increased year-over-year by 41% in Q4 '23, driven by an increase in orders on the JumiaPay app, thanks to some promotional activities.

由於一些促銷活動，JumiaPay 應用程式上的訂單增加，23 年第 4 季的總發起交易量年增 41%。

JumiaPay TPV is down 10% year-over-year and up 32% on a constant currency basis, reflecting valuations in Nigeria and Egypt.

JumiaPay TPV 年減 10%，以固定匯率計算成長 32%，反映了奈及利亞和埃及的估值。

I will now hand over to Antoine, who will walk you through our financials.

現在我將把時間交給安托萬，他將向您介紹我們的財務狀況。

Thanks, Francis; hello, everyone.

謝謝，法蘭西斯；大家好。

Let's start with a review of our top-line performance.

讓我們先回顧一下我們的營收表現。

Revenue breakdown, revenue reached $59.4 million in Q4 '23, down 2% year-on-year and up 28% on a constant currency basis.

營收細分，23 年第 4 季營收達 5,940 萬美元，年減 2%，以固定匯率計算成長 28%。

Revenue from first-party sales was $26.1 million, up 16% year-on-year and 44% on a constant currency basis.

第一方銷售收入為 2,610 萬美元，年增 16%，以固定匯率計算成長 44%。

Market-based revenue reached $32.9 million in Q4 '23, down 10% year-on-year, and up 22% on a constant currency basis.

2023 年第 4 季基於市場的營收達到 3,290 萬美元，年減 10%，以固定匯率計算成長 22%。

While foreign exchange effects were a significant headwind to revenue performance, we experienced growth in commissions within our marketplace revenue and in first-party sales, driven by growth in corporate sales to local and regional retailers, distributors, and other corporate buyers in selected countries, primarily Egypt.

雖然外匯影響對收入表現構成重大阻力，但由於企業對選定國家/地區的本地和區域零售商、分銷​​商和其他企業買家的銷售增長，我們的市場收入和第一方銷售中的佣金有所增長，主要是埃及。

Turning now to gross profit.

現在轉向毛利。

Gross profit reached $37.1 million in Q4 '23, down 1% year-on-year and up 36% on a constant currency basis.

23 年第 4 季毛利達 3,710 萬美元，年減 1%，以固定匯率計算成長 36%。

Gross profit as a percentage of GMV reached 16%, compared to 15% in Q4 '22, supported by improved margins and reduced spending on consumer as incentives and promotions.

毛利佔 GMV 的百分比達到 16%，而 22 年第四季為 15%，這得益於利潤率的提高以及作為激勵和促銷手段的消費者支出的減少。

Let's now move to costs where we continue making significant progress.

現在讓我們轉向我們繼續取得重大進展的成本。

Fulfilment expense amounted to $11.7 million, down 37% year-on-year and 16% on a constant currency basis.

履行費用為 1,170 萬美元，年減 37%，以固定匯率計算下降 16%。

Fulfilment expense per order, excluding JumiaPay app orders, which do not cater logistics cost, decreased by 26% year-on-year from USD3.2 in Q4 '22, $2.3 in Q4 '23, reflecting a decrease of 2% on a constant currency basis.

每筆訂單的配送費用（不包括不考慮物流成本的JumiaPay 應用訂單）年減26%，較2022 年第4 季的3.2 美元、23 年第4 季的2.3 美元下降了26%，較上年同期下降2%貨幣基礎。

As a percentage of GMV, fulfilment expense improved from 7.4% to 5%.

履約費用佔 GMV 的百分比從 7.4% 提高到 5%。

This consistent improvement reaffirms the significance of our ongoing logistics transformation, as we continue to build upon the success of our logistics optimization initiatives.

這種持續的改進再次證明了我們正在進行的物流轉型的重要性，因為我們將繼續在物流優化計劃的成功基礎上再接再厲。

This includes a higher share of pickup station deliveries, which increased from 37% of shipped physical goods orders in Q4 '22 to 48% in Q4 '23.

這包括更高的提貨站交付份額，從 22 年第 4 季已發貨實體訂單的 37% 增加到 23 年第 4 季的 48%。

We persist in our strategic expansion of the pickup station network to penetrate under that areas of the market in a cost-effective manner.

我們堅持策略性擴張皮卡站網絡，以具成本效益的方式滲透到該市場領域。

We've expanded our footprint beyond main cities, enhanced warehousing staff productivity, reduced packaging costs along with many other initiatives.

我們已將業務範圍擴展到主要城市之外，提高了倉儲員工的工作效率，並降低了包裝成本以及許多其他措施。

This improvements in efficiency illustrate our ability to capture savings across our logistics chain, while strategically expanding our logistics footprint outside of the main cities and improving our customer experience.

這種效率的提高表明我們有能力在整個物流鏈中節省成本，同時策略性地將我們的物流足跡擴展到主要城市之外並改善我們的客戶體驗。

Sales and advertising expense amounted to $6.2 million in Q4 '23, down 63% year-on-year and 49% on a constant currency basis, as we continue bringing discipline to our marketing expenditure.

隨著我們繼續嚴格行銷支出，2023 年第 4 季的銷售和廣告費用達到 620 萬美元，年減 63%，以固定匯率計算下降 49%。

We see a clear improvement in our marketing efficiency ratios, with sales and marketing and advertising expense per order decreasing by 61% from $2.4 million in Q4 '22 to $900,000 in Q4 '23.

我們看到我們的行銷效率有了明顯的提高，每個訂單的銷售和行銷以及廣告費用從 22 年第 4 季的 240 萬美元下降到 23 年第 4 季的 90 萬美元，下降了 61%。

As a percentage of GMV, sales and advertising expense reached 2.7% in Q4 '23, which is almost a 400-basis-point improvement year-on-year.

23 年第 4 季度，銷售和廣告費用佔 GMV 的百分比達到 2.7%，比去年同期提高了近 400 個基點。

This reduction in sales and advertising expense reflect our strategy to build a stronger customer value proposition, that emphasize better supply of physical goods and geographical reach over coast key market campaigns and promotions.

銷售和廣告費用的減少反映了我們建立更強大的客戶價值主張的策略，該策略強調更好地供應實體商品以及沿海主要市場活動和促銷活動的地理覆蓋範圍。

We believe that this is the most relevant and viable approach to our African markets.

我們相信，這是對我們非洲市場最相關、最可行的方法。

We have already experienced positive developments across our markets, where physical goods GMV is growing year-on-year for two consecutive quarter, despite significantly reduced marketing expenditures.

我們的各個市場已經取得了積極的發展，儘管行銷支出大幅減少，但實體商品 GMV 連續兩個季度同比增長。

Moving on to technology and content, tech and content expense reached $9.9 million in Q4 '23, down 28% year-on-year, both as reported and on a constant currency basis.

接下來是技術和內容，23 年第 4 季的技術和內容支出達到 990 萬美元，以報告和固定匯率計算，年減 28%。

While we have meaningfully reduced costs in the last year, we remain committed to driving further savings in the future.

儘管我們去年大幅降低了成本，但我們仍致力於在未來進一步節省成本。

Our efforts to rationalize infrastructure and software costs and staff structure are ongoing and we see additional opportunities for efficiency.

我們正在努力合理化基礎設施和軟體成本以及員工結構，我們看到了更多提高效率的機會。

These include locating an increased share of our developers and tech personnel in Africa closer to our customers and sellers.

其中包括增加我們在非洲的開發人員和技術人員的比例，使其更靠近我們的客戶和賣家。

Technology is a core part of our DNA, and we remain committed to developing better products and features to improve the experience of all participants on all platforms.

科技是我們 DNA 的核心部分，我們仍然致力於開發更好的產品和功能，以改善所有平台上所有參與者的體驗。

G&A expense, excluding share-based compensation, reached $12.3 million in Q4 '23, down 62% year-on-year and 54% on a constant currency basis.

2023 年第 4 季度，不包括股權激勵的一般管理費用達到 1,230 萬美元，年減 62%，以固定匯率計算下降 54%。

This decrease was primarily driven by a significant reduction in tax provision, including a $9 million beneficial impact from the provision release during the quarter.

這一下降主要是由於稅收撥備的大幅減少，包括本季撥備釋放帶來的 900 萬美元的有益影響。

The staff costs within our G&A expense, excluding share-based compensation expense, decreased by 17% year-on-year, as we captured further efficiency gains through the organizational changes that have been implemented.

我們的一般管理費用（不包括股權激勵費用）中的員工成本比去年同期下降了 17%，因為我們透過已實施的組織變革進一步提高了效率。

Moving on to the balance sheet and cash flow items.

接下來是資產負債表和現金流量項目。

Capex in Q4 '23 was $800,000, as we remain committed to an asset-light model.

23 年第 4 季的資本支出為 80 萬美元，因為我們仍然致力於輕資產模式。

Our liquidity position reached $120.6 million, comprised of $35.5 million in cash and cash equivalents, and $85.1 million in term deposits and other financial assets.

我們的流動性部位達到 1.206 億美元，其中包括 3,550 萬美元的現金和現金等價物，以及 8,510 萬美元的定期存款和其他金融資產。

Our liquidity position in Q3 '23 amounted to $147.4 million, which marks a decrease of $26.8 million in Q4 '23, compared to a decrease of $57.3 million in Q4 '22 and a decrease of $18.9 million in Q3 '23.

我們在23 年第三季的流動性部位為1.474 億美元，這標誌著23 年第四季減少了2,680 萬美元，而22 年第四季減少了5,730 萬美元，23 年第三季減少了1890萬美元。

Our liquidity position at the end of '22 was $297.4 million, which marks a decrease of $106.9 million in 2023, compared to a decrease of $285.4 million in '22.

截至 22 年底，我們的流動性部位為 2.974 億美元，到 2023 年減少了 1.069 億美元，而 2022 年則減少了 2.854 億美元。

The reduction in the base of the decrease of our liquidity illustrates our efforts to preserve our available cash resources.

我們流動性減少基數的減少表明我們為保存可用現金資源所做的努力。

Foreign exchange has been a significant headwind to our liquidity position, contributing to a negative impact of $3.2 million in Q4 '23, compared to a negative impact of $2.1 million in Q4 '22.

外匯一直是我們流動性部位的重大阻力，在 23 年第四季造成了 320 萬美元的負面影響，而在 22 年第四季造成了 210 萬美元的負面影響。

The negative impact of foreign exchange movements on our reported liquidity position amounted to $18.2 million in '23 compared to $8.8 million in '22.

外匯變動對我們報告的流動性部位的負面影響在 23 年達到 1820 萬美元，而在 22 年為 880 萬美元。

And net cash flow used in operating activities reached $10.3 million in Q4 '23, down by 18% compared to the same period in '22.

2023 年第 4 季度，經營活動使用的淨現金流量達到 1,030 萬美元，較 2022 年同期下降 18%。

I now hand over to Francis, who will walk you through our guidance.

我現在將任務交給法蘭西斯，他將引導您完成我們的指導。

Thanks, Antoine.

謝謝，安托萬。

Considering the strong progress made over the latest quarters, we are committed to reducing our losses and accelerating our progress towards cash efficiency and profitable growth.

考慮到最近幾季的強勁進展，我們致力於減少損失並加速實現現金效率和獲利成長。

Looking at 2024, first, we aim to further reduce our cash utilization compared to 2023.

展望2024年，首先，我們的目標是與2023年相比進一步減少現金利用率。

Second, based on the positive impact of our growth strategy, we project an increase in both orders and gross merchandise value GMV in 2024, excluding potential foreign exchange impact.

其次，基於我們成長策略的正面影響，我們預期 2024 年訂單和商品總價值 GMV 都會成長，排除潛在的外匯影響。

In a nutshell, our medium-term strategy remains focused on getting to the appropriate cost base, with a view to breakeven with top-line growth that we can attain.

簡而言之，我們的中期策略仍然專注於達到適當的成本基礎，以期透過我們能夠實現的營收成長來實現收支平衡。

Top-line growth will come from building a stronger value proposition and will not happen at the expense of efficiency.

營收成長將來自於建立更強大的價值主張，並且不會以犧牲效率為代價。

We believe that our strategy is the most relevant for our markets, and that's consistent and quick execution is critical.

我們相信我們的策略與我們的市場最相關，而一致和快速的執行至關重要。

More than ever, we believe that we are well positioned to capture the opportunity of e-commerce and the African continent in a profitable manner.

我們比以往任何時候都更加相信，我們有能力以盈利的方式抓住電子商務和非洲大陸的機會。

With that, we're ready questions.

這樣，我們就準備好問題了。

(Operator Instructions) Okay.

（操作員指示）好的。

We don't appear to have any questions in the queue.

隊列中似乎沒有任何問題。

I can now hand back over to Francis and Antoine for any closing comments.

我現在可以將結束意見交還給弗朗西斯和安托萬。

I think we're done.

我想我們已經完成了。

Thank you, everyone, for attending.

謝謝大家的出席。

Thank you very much, everybody.

非常感謝大家。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your phone lines at this time and have a wonderful day.

此時您可以斷開電話線並度過美好的一天。

Thank you for your participation.

感謝您的參與。