Kaspi.kz AO (KSPI) 2024 Q3 法說會逐字稿

Hello and welcome to the Kaspi.kz AO 3Q and 9M 2024 Financial results conference call. My name is Harry and I'll be your operator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end to ask a question during Q&A please use the raise hand button if you have joined via Zoom or dial star one. If you are joining over the phone, I would now like to turn the call over to David Ferguson at Casby to begin David. Please go ahead when you're ready.

您好，歡迎參加 Kaspi.kz AO 3Q 和 9M 2024 財務業績電話會議。我叫哈利，今天我將成為您的接線生。在通話的演示部分，所有線路都將靜音，最後有機會進行問答，在問答過程中提問，如果您是透過 Zoom 加入的，請使用舉手按鈕或撥打明星一號。如果您透過電話加入，我現在想將電話轉給卡斯比的大衛·弗格森，由大衛開始。準備好後請繼續。

Great. Thank you, Harry. Good afternoon. Good morning, everyone. Welcome to our third quarter, nine month, 2024 financial results. We'll also talk about our decision to acquire a controlling stake of Heps Barrada on the call. As usual is our CEO and founder, Mikheil Lomtadze, our co and Deputy CEO Tenge Mercedes and Deputy CEO Yuri Dko.

偉大的。謝謝你，哈利。午安.大家早安。歡迎閱讀我們 2024 年第三季九個月的財務表現。我們還將在電話會議上討論我們收購 Heps Barrada 控股權的決定。和往常一樣，我們的執行長兼創辦人 Mikheil Lomtadze、我們的聯合兼副執行長 Tenge Mercedes 和副執行長 Yuri Dko。

I'm David Ferguson. We'll talk you through the presentation. Mal through the strategic updates myself through the financials and Mal will talk again about the, the Heps Barrada transaction. So on that note, I'll hand over to Mikheil Lomtadze over to you.

我是大衛·弗格森。我們將透過演示向您介紹。Mal 透過財務狀況更新我自己的策略，Mal 將再次談論 Heps Barrada 交易。因此，關於這一點，我將把米哈伊爾·洛姆塔澤 (Mikheil Lomtadze) 交給你。

Hello, everyone. So, as as usual, we would like to start with an update for our three Q and nine month performance.

大家好。因此，像往常一樣，我們想先更新我們的三個季度和九個月的業績。

So as you can see, we have performed strongly in a, in a third queue.

正如您所看到的，我們在第三個隊列中表現強勁。

The, you know, the payments just continues growing nicely with the T PV 28% up in revenue '25 and that income 25% up year over year, the marketplace continues growing very strongly. If you remember, we have been emphasizing during the year that the change in the marketing campaigns, which is driven really by this broad arrangement, broad number of the services which need to feed the seasonality and things like that in our in our super app.

你知道，隨著 T PV 收入成長 28%，25 年營收年增 25%，付款持續良好成長，市場持續強勁成長。如果你還記得，我們​​在這一年中一直在強調行銷活動的變化，這實際上是由這種廣泛的安排、需要滿足季節性需求的大量服務以及我們的超級應用程式中的類似內容所驅動的。

So the marketing promotions have changed during the year. So the third queue, you know, will be a slower growth just because more marketing campaigns were in a in a second queue compared to last year but still a very strong growth, the revenue 43% up 14% net income up GM V '24 and fintech. If you remember, we also actually emphasized during previous calls that fintech will be, you know, catching up nicely in the second half of the year. So this is what you actually see the fintech CS P growth, 18% revenue '24 and net income now plus 15% year over year compared to 7% for the nine months. So that just tells you that, you know, second half for fintech is a, will be a strong, will be a strong half of this of the year and then consolidated the performance has been strong net income, 18% up and 28% of revenue.

因此，今年的營銷促銷活動發生了變化。所以，你知道，第三個隊列的成長速度會較慢，因為與去年相比，第二個隊列中有更多的行銷活動，但成長仍然非常強勁，收入成長43%，淨利潤成長14% GM V '24和金融科技。如果你還記得的話，我們其實在之前的電話會議中也強調過，金融科技將在今年下半年迎頭趕上。這就是你實際看到的金融科技 CS P 成長，24 年營收成長 18%，淨利現在年增 15%，而前九個月為 7%。所以這只是告訴你，你知道，金融科技的下半年將是一個強勁的下半年，然後綜合業績一直強勁，淨利潤增長 18％，增長 28％收入。

And we continue to have a extraordinary monthly actions for active consumer which drives our, our business in general. I would like to say that fourth quarter, usually like in any other retail and services oriented, you know, businesses and platforms is the strongest, strongest quarter of the year.

我們繼續為活躍消費者提供非凡的每月行動，這推動了我們的整體業務。我想說的是，第四季通常就像任何其他零售和服務導向的企業和平台一樣，是一年中最強勁的季度。

Next slide, please, because we have been you know, having sort of disordered a bit the the the growth of the marketplace due to the change in the in the marketing campaign. So it's better really to look at the nine and we are on a on a on a track to deliver 25% around 25% net income growth year over year. And you can see the performance is very strong and the marketplace is the one which is driving our performance. And you know, fintech, as you can see, this is what I've mentioned for 99 months is 7% net income growth. But actually for the third queue is a 15, which is again driven by a reduction of the of the interest rate, but also the the growth of the business itself.

請下一張投影片，因為您知道，由於行銷活動的變化，我們的市場成長有點混亂。因此，最好真正看看這九個國家，我們正走在實現 25% 左右的淨利潤同比增長 25% 的軌道上。您可以看到業績非常強勁，市場是推動我們業績的因素。你知道，金融科技，正如你所看到的，這就是我在 99 個月中提到的 7% 的淨利潤增長。但實際上第三個隊列是 15，這又是由利率降低以及業務本身的成長所推動的。

So we are having a very diversified profit, profits, and diversified businesses really which you know, connect merchants and the consumers. So as you can see, you know, here, 68% now is is delivered from the payments in the marketplace, which is again, those are the fastest growing services in, in, in, in the universe of our services in the super app. So, really excited to see that we have a very diversified profit sources and diversified businesses.

所以我們擁有非常多元化的利潤，你知道，利潤和多元化的業務確實將商家和消費者連結起來。正如您所看到的，您知道，現在 68% 是從市場支付中交付的，這又是我們超級應用程式服務領域中成長最快的服務。因此，很高興看到我們擁有非常多元化的利潤來源和多元化的業務。

E grocery will continue to grow. So it's continues a very strong performance. Just to remind, we're in the three cities and here, you know, we would say that's our focus, you know, as we've said during the year, because those three cities really are the largest in terms of the population and largest in terms of retail trade. So GD is 88% up year, over year 2.4 million purchases in the third queue. So active consumers are in access of 700,000 and average ticket is, is around 14,010 years. So it's really a very exciting business. And again, as you always see, we are focused on the execution, which is the key and, and our priority for this year is actually to continue scaling in those three cities. And it's incredible to be in a position when you actually have a service which, which is, you know, we believe is very high quality consumers like it. And actually we are satisfying consumer demand, which, which is a good place to be. And, and that's what will be our focus on is is, you know, scaling the efficiencies and dark stores in those three cities and then the more cities come next year, vacation packages.

電子雜貨將持續成長。所以它繼續保持著非常強勁的表現。只是提醒一下，我們在這三個城市，你知道，我們會說這是我們的重點，你知道，正如我們在這一年中所說的那樣，因為這三個城市確實是人口最多的城市，零售業規模最大。因此，GD 比去年同期成長了 88%，第三隊列中的購買量比去年同期增加了 240 萬次。因此，活躍消費者有 70 萬人，平均門票約為 14,010 年。所以這確實是一項非常令人興奮的業務。再次，如您所見，我們專注於執行，這是關鍵，而我們今年的首要任務實際上是繼續在這三個城市擴大規模。當你真正擁有一項我們相信非常高品質的消費者喜歡的服務時，這是令人難以置信的。事實上，我們正​​在滿足消費者的需求，這是一個很好的地方。而且，我們的重點是，你知道，擴大這三個城市的效率和暗店，然後明年會有更多的城市推出度假套餐。

Another testament of our pace of innovation. So if you remember we launched that service sort of last year. And, and now, you know, we have been generating n growth. So it's over 300% growth year, over year. It's a very good tech rate, good quality service. We have a very good feedback from our consumers, from the, from operating companies who we connect with our consumers as we organize the user experience on the, on the vacation packages. And we've served around 26,000 tourists in the third queue, also growth of 284%. So it's really just another service which we have, we have launched and we're very excited the way it's growth. But most importantly, when inspired by the feedback that consumers give us another service we just launched. Which is really cool service is that is a, is a gift certificate. It's actually fully online experience.

我們創新步伐的另一個證明。如果你還記得我們去年推出了這項服務的話。現在，你知道，我們一直在實現成長。所以每年的成長率都超過 300%。這是一個非常好的技術水平，優質的服務。我們從消費者、營運公司得到了非常好的回饋，當我們組織度假套餐的使用者體驗時，我們與消費者建立了聯繫。我們已經為第三隊列的大約 26,000 名遊客提供了服務，也成長了 284%。所以這實際上只是我們推出的另一項服務，我們對它的成長方式感到非常興奮。但最重要的是，當受到消費者回饋的啟發時，我們給了我們剛推出的另一項服務。真正很酷的服務是禮券。這實際上是完全在線的體驗。

When you can select design for the occasion, you can, you can actually select the amount to give, you can write a personal message. And the photo you have here, the this company is actually, you know, it's, it's like in a, it's basically a video of how when you're opening the envelope, which is really nice, cool and, and emotional. And you can also manage your gift cards from our mobile app. And you can, you can spend the, the, the you can spend the gift card once somebody you know, gives you a present, you can spend it on the on the Cish shop. We are, we're excited about this because it's another sort of layer of the shopping experience which we organized for our consumers. And we are, we're having a very positive feedback and we're following our consumers. And that's a good start of the range of the innovations which we believe we can develop around, around shopping, around gift cards.

當你可以選擇適合場合的設計時，你可以，你實際上可以選擇捐贈的金額，你可以寫一條個人資訊。你這裡的照片，這家公司實際上，你知道，它就像一個，它基本上是一個視頻，展示你如何打開信封，這真的很好，很酷，而且很情緒化。您也可以透過我們的行動應用程式管理您的禮品卡。你可以，你可以消費，你可以消費禮品卡，一旦你認識的人給你禮物，你可以在 Cish 商店消費。我們對此感到興奮，因為這是我們為消費者組織的購物體驗的另一個層面。我們得到了非常積極的回饋，並且我們正在關注我們的消費者。這是一系列創新的良好開端，我們相信我們可以圍繞購物和禮品卡進行開發。

This is the first stage for us when the gift cards originated as a custom gift card. So it's really excited and we drive engagement, but also it will drive marketplace transactions. So very exciting product which consumers, you know, hopefully will love. We also launched another product which is business develop the deposit for merchants. So, again, you know, we have been really focused on the quality of the, of the product and the merchant experience. We launched it in in, in August. And actually from day one, we launched it, it had remarkable onboarding and engagement from the merchant.

這是我們禮品卡起源於客製化禮品卡的第一階段。所以這真的很令人興奮，我們推動了參與度，同時也將推動市場交易。這是非常令人興奮的產品，希望消費者會喜歡。我們也推出了另一個產品，就是為商家開發存款。所以，你知道，我們一直非常關注產品的品質和商家體驗。我們在八月推出了它。實際上，從我們推出它的第一天起，它就獲得了商家出色的歡迎和參與。

So we basically just like two months, you know, we've got you know, 69,000 merchants starting using the so sorry, the the 41,000 merchants, you know, using the product already. And it's a, it's a KZT69 billion deposit. So this is exciting product because that actually gives the value to the merchants. It fits their purpose of they are not cash rich. But the product is designed that, you know, you can actually see your interest rate like daily, basically how it's how the money value is increasing. And we believe that will drive the engagement with the merchants.

所以我們基本上只花了兩個月的時間，你知道，我們已經讓你知道，69,000 個商家開始使用，很抱歉，41,000 個商家，你知道，已經在使用該產品。這是 690 億堅戈的存款。所以這是令人興奮的產品，因為它實際上為商家帶來了價值。這符合他們的目的，因為他們現金並不豐富。但該產品的設計目的是，你知道，你實際上可以每天看到你的利率，基本上就是貨幣價值如何增加。我們相信這將推動與商家的互動。

And and our strategy historically has been always, you know, if, consumers or merchants, you design the services and the products which which they use to keep their money with you, then the spending of this money naturally flows from those from these behaviors. So we're really excited about this product and take up from the merchants is extremely impressive, you know, 41,000 merchants in just a couple of months and around KZT69 billion of deposits. And also obviously another source of the funding long term, but we're very excited about this product as well.

從歷史上看，我們的策略一直是，如果消費者或商家，你設計了他們用來將錢留在你身邊的服務和產品，那麼這筆錢的支出自然會來自這些行為。因此，我們對這款產品感到非常興奮，並且從商家那裡獲得的收入非常令人印象深刻，短短幾個月內就吸引了 41,000 個商戶，存款額約為 690 億堅戈。顯然，這也是長期資金的另一個來源，但我們也對這個產品感到非常興奮。

So David, I'm back to you for the sections of our platform performances, please.

大衛，我回來給你講我們平台表演的部分。

Yeah, sounds good. Thank you, Michael. So I'll talk you through the respective platform performance starting as always with payments platform.

是的，聽起來不錯。謝謝你，麥可。因此，我將一如既往地從支付平台開始向您介紹各個平台的效能。

So you can see here that in the third quarter, still very robust trends in terms of transaction volumes from payments of 38% year on year in the third quarter of 42% year on year for the nine months of the three platforms. Payments is the one that is, is less impacted by the timing of the different marketing events. Primarily Juma, strong transaction volumes have translated into strong TPV growth up 28% year on year in the third quarter, up 32% year on year for the nine months. As there has been a trend, we've consistently highlighted that the growth is core products. Casp pay, QR and CASP pay B two B payments. B two B remains the fastest growing component of TPV. And is now up to 5%. Take rate is broadly stable in the third quarter, 1.2% versus 1.18% in the third quarter. Sorry 1.18% in the third quarter of '24 versus 1.2 in the same period in 2023. So stable, albeit that can be pay and B two B are a slight drag at the margin on take rate. So the combination of strong volume trends, strong TPV trends with broadly stable tape rate translates into decent revenue growth of 25% year on year in the third quarter. A similar performance for the nine months of 24% as interest rates fall. That does mean lower revenue interest revenue on current account balances. And that's most relevant here when you're looking at the, the the nine month trend.

所以你可以在這裡看到，在第三季度，三個平台的支付交易量年增 38%，第三季年增 42%，趨勢仍然非常強勁。也就是說，付款受不同行銷活動的時間影響較小。主要是 Juma，強勁的交易量轉化為 TPV 強勁成長，第三季年增 28%，前 9 個月年增 32%。由於已經存在一種趨勢，我們一直強調成長是核心產品。Casp支付、QR和CASP支付B兩種B支付方式。B 二B 仍然是 TPV 成長最快的組成部分。現在已經達到5%了。第三季的使用率基本穩定，為 1.2%，而第三季為 1.18%。抱歉，2024 年第三季為 1.18%，而 2023 年同期為 1.2%。如此穩定，儘管可以支付和 B 兩個 B 稍微拖累了利潤率。因此，強勁的銷售趨勢、強勁的 TPV 趨勢與大體穩定的流片率相結合，轉化為第三季 25% 的可觀收入年增。隨著利率下降，前 9 個月的表現也類似，為 24%。這確實意味著經常帳餘額的利息收入減少。當您查看九個月趨勢時，這一點最為相關。

But with tight cost control. Strong top line is dropping through to the bottom line with almost identical bottom line growth at 25% and 24% respectively for the third quarter and nine months. At the net income level, looking forward for payments, robust consumer and merchant trends are expected to continue broadly stable take rate and given tight cost control payments remains on track for bottom line growth of 25% which is consistent with guidance throughout the year.

但嚴格控製成本。強勁的收入正在下降到淨利潤，第三季和九個月的淨利潤成長率幾乎相同，分別為 25% 和 24%。在淨收入水平上，展望支付，強勁的消費者和商家趨勢預計將繼續保持大體穩定的接受率，並且鑑於嚴格的成本控制，支付仍有望實現 25% 的底線增長，這與全年指導一致。

Moving on to marketplace platform, which is the fastest growing part of the business. Again, strong purchase trends up 45% year on year in the third quarter, up 39% for the nine months. Marketplace is the most impacted by Ju taking place in June versus July stronger purchase growth. However, in the third quarter, stronger versus the nine month trend just reflects the growing importance of a particularly groce rate which is high volume, low ticket size, looking at GM V growth, strong volume trends translate into decent GM V trends up 24% in the third quarter. So that is lower than the nine month run rate of plus 46%.

轉向市場平台，這是業務成長最快的部分。同樣，強勁的購買趨勢在第三季度同比增長了 45%，在過去 9 個月中增長了 39%。與 7 月相比，6 月 Ju 的購買成長更為強勁，對市場的影響最大。然而，在第三季度，與九個月的趨勢相比，強勁的趨勢只是反映出特別雜貨率的日益重要性，即高銷量、低門票規模，看看GM V 的增長，強勁的銷量趨勢轉化為不錯的GM V 趨勢成長24%在第三季。因此，這低於 9 個月的運行率 46%。

But as Michael said, that is something we flagged very clearly at the H one results in June, it reflects the timing of marketing campaigns and you should expect to see GM V growth accelerate in the fourth quarter. All attention now are all efforts now are on making Tumor in November as successful as possible. Take rate up year on year in both the third quarter and the nine month.

但正如邁克爾所說，這是我們在 6 月的 H one 結果中非常明確地標記的，它反映了行銷活動的時機，您應該期望看到 GM V 在第四季度加速成長。現在所有的注意力都集中在讓《Tumor》在 11 月盡可能地取得成功。第三季和前九個月的利率年比均有所上升。

And that reflects in part the, the, the success of value added services against something we've consistently flagged advertising and delivery which are contributing around 180 bits in total to the tape rate. E-commerce is now the fastest growing component of marketplace having just overtaken slightly M commerce in the GM V mix turning specifically to ecommerce. Here you see strong purchase trends of 132% in the third quarter. All the different components of e-commerce, general goods, ears and e grocery playing their part. But if you're looking at it at a purchase level, grocery is, is, is, is skewing the the the volume mix GM V still very low, robust up 71% in the third quarter, up 95% year on year for the the the nine month period. So e-commerce as a whole, delivering very, very strong growth in the business tape rates moving up marginally in the third quarter, more materially for the nine months. And again, that reflects the or or largely reflects the growing importance of advertising and delivering revenue.

這在一定程度上反映了增值服務的成功，而我們一直標記廣告和交付，這些服務總共為磁帶速率貢獻了大約 180 位。電子商務現在是市場中成長最快的組成部分，剛剛超過了專門轉向電子商務的 GM V 組合中的 M 商務。在這裡您可以看到第三季 132% 的強勁購買趨勢。電子商務的所有不同組成部分、普通商品、耳朵和電子雜貨都發揮著各自的作用。但如果你從購買層級來看，雜貨店的銷售組合 GM V 仍然非常低，第三季強勁成長 71%，年成長 95%九個月期間。因此，電子商務作為一個整體，在第三季的業務磁帶率中實現了非常非常強勁的成長，在這九個月中增幅更大。再說一次，這反映了或或很大程度上反映了廣告和提供收入日益增長的重要性。

Moving on to M commerce. M commerce is the part of marketplace that is most impacted by the timing of the June promotion, promotional events. That's probably less obvious at the purchase level of 12% for the third quarter of 10% for the nine months. But it is obvious that the sort of the ticket size level with GM V down 5% in the third quarter, but still up 18% in the fourth quarter with humor back in the fourth quarter. It's reasonable to expect a good end to the year from the M commerce proposition again, take rates in m commerce up marginally in the third quarter, more materially for the nine month period and then moving on to travel, travel just continues to deliver very, very good numbers as mal flagged in particular package holidays we launched just over a year ago. They are now becoming more material in the mix at just under 10% of of travels GM B growing very, very fast up over 300% in the third quarter.

轉向 M 商務。行動商務是受六月促銷、促銷活動影響最大的市場部分。如果第三季的購買水準為 12%，而這 9 個月的購買水準為 10%，那麼這一點可能不太明顯。但很明顯，GM V 第三季的門票規模水準下降了 5%，但第四季仍然成長了 18%，幽默感又回到了第四季。可以合理地期望移動商務再次為今年帶來良好的結果，移動商務的價格在第三季度小幅上升，在九個月期間更為重要，然後轉向旅行，旅行將繼續提供非常，正如馬爾在我們一年多前推出的特定套餐假期中標記的那樣，數字非常好。現在，它們在組合中的佔比越來越大，占到 GM B 出行的 10% 以下，並且在第三季度增長非常非常快，超過 300%。

And with a take rate of around 8% overall, not just growth enhancing for travel, but take rate enhancing for travel. And you see that in take rate expansion overall up to 4.5% in the third quarter and also up 30 bits to 4.5% for the nine month period. So travel continuing three years, post launch to continue to post very, very healthy growth numbers with GM V trends still strong but take rate up that translates into very fast marketplace, revenue growth ahead of GM V growth up 43% for the third quarter, up 76% for the nine months, slower growth in net income does reflect the changing mix. Namely one P, the growing contribution from ONE P which is primarily e grocery and to some extent ears. But overall for marketplace trends remain robust, we expect 65% revenue growth for the full year that is down from 70% originally guided for. And that just simply reflects that three P car sales are growing at a materially faster rate than one P car sales. And given that the growth is, is, is is coming from three P. There's really sort of no impact there on the profitability guidance which remains plus 40% for marketplace expect marketplace to see accelerating revenue growth and accelerating bottom line growth relative to the third quarter in the final quarter of the year. A strong finish is planned.

整體使用率約為 8%，這不僅促進了旅遊業的成長，而且提高了旅遊業的使用率。您可以看到，第三季的整體收視率擴張高達 4.5%，並且在 9 個月期間也上漲了 30 位，達到 4.5%。因此，旅行持續三年，推出後繼續發布非常非常健康的成長數字，GM V 趨勢仍然強勁，但佔用率上升，轉化為非常快的市場，第三季度收入增長超過 GM V 增長 43％，九個月增長了76%，淨利潤增長放緩確實反映了結構的變化。即one P，ONE P 的貢獻不斷增長，主要是電子雜貨，在某種程度上是耳朵。但總體而言，市場趨勢仍然強勁，我們預計全年營收成長 65%，低於最初指引的 70%。這僅反映出三輛 P 汽車銷量的成長速度明顯快於一輛 P 汽車銷量。鑑於成長是、是、來自三個 P。季度的季度。計劃有一個強有力的結束。

Then on fintech, fintech is the summit to a lesser extent affected by marketing and tumor. You see that in the context of lower origination or lower origination growth of 18% versus the nine month trend of up 34%. And so we're here to expect to see an accelerating growth in the fourth quarter of the year, the consumer and for that matter, the merchant environment remains stable and predictable and that's evidenced by repayment trends or conversion rate stable year on year at 2.1 times. It just illustrates the consumer and merchant is borrowing and repaying normally without any sort of material change buy now pay later, the biggest component of of, of TFE are still but merchant and micro financing growing very fast and now car financing growing very, very fast. Also since the second quarter, there's been a change in the trend ie loan portfolio growing faster than the deposit portfolio.

然後在金融科技上，金融科技是高峰會，受行銷和腫瘤影響較小。您可以看到，在起始量較低或起始成長率較低的情況下，成長率為 18%，而 9 個月的趨勢為成長 34%。因此，我們預計今年第四季消費者將加速成長，就此而言，商業環境保持穩定和可預測，還款趨勢或轉換率同比穩定在 2.1 就證明了這一點次。它只是說明消費者和商家正常藉貸和還款，沒有任何實質性變化，先買後付，TFE 的最大組成部分仍然是，但商家和小額融資增長非常快，現在汽車融資增長非常非常快。同樣自第二季以來，趨勢發生了變化，即貸款組合的成長快於存款組合。

You see that very clearly in both the third quarter and the nine months loan portfolio for the third quarter, up 39% year on year, deposits or savings or 25% year on year. And this is consistent with what we talked about in previous years. There's been a big focus on, on, on growing the deposit base that's not necessarily over and deposit based growth of 25% and 28% is still very strong. But you can see that the liquidity is being better utilized as evidenced by the loan to deposit ratio, moving up to 8% the yield on the lending, the gross yield or the pricing on the lending products is stable year on year in the third quarter and largely so for the nine month period as well, credit trends remain consistent and predictable. And that again just fits with the backdrop that I described consistently across all three of the platforms of a still healthy and consumer and merchant environment specifically to fintech that manifests itself in both the origination but also very strong collection trends.

從第三季和第三季的九個月貸款組合中可以清楚地看到這一點，年增 39%，存款或儲蓄年增 25%。這和我們前幾年講的內容是一致的。人們一直非常關注擴大存款基礎，但這不一定已經結束，25% 和 28% 的存款成長仍然非常強勁。但可以看到流動性得到了更好的利用，貸存比上升至8%，三季度貸款收益率或貸款產品定價同比穩定在這九個月期間，信貸趨勢基本上保持一致且可預測。這再次符合我在所有三個平台上一致描述的仍然健康的消費者和商業環境的背景，特別是金融科技，它既體現在起源上，也體現在非常強勁的收款趨勢上。

The result of that is stable, our cost of risk year on year in the third quarter, zero point 5%. And that again is actually consistent with what you've seen over the nine month period run rating around 2% for the full year.

結果是穩定的，第三季我們的風險成本較去年同期為零點5%。這實際上又與您在 9 個月期間看到的全年運行評級在 2% 左右的情況一致。

MP L. Trends also a stable year-to-date. Lower coverage reflects growth in the car loan product that is a collateralized product and requires therefore less provisioning. It also reflects just ongoing strong collection of NPLS that are on balance sheet. And as a result, more NPLS are being kept on balance sheet versus being written off. And more NPLS on balance sheet means lower provisioning again required expect this number to be the 91% number to be broadly stable to slightly higher for the '12 month period.

MP L. 年初至今的趨勢也很穩定。較低的覆蓋率反映了汽車貸款產品的成長，該產品是一種抵押產品，因此需要較少的撥備。它還反映了資產負債表上正在進行的大量 NPLS 收集。因此，更多的不良貸款被保留在資產負債表上，而不是被註銷。資產負債表上更多的 NPLS 意味著再次需要更低的撥備，預計這一數字將在 12 個月期間基本穩定到略高的 91%。

So fintech revenue growth on the back of origination TFB growth over the last '12 months remains robust of 24% for both periods. Third quarter than the nine months. What is clearly different in fintech is that in the third quarter for really the first time you've started to see bottom line growth accelerate up 15% for the third quarter versus up 7% for the nine month period. So that reflects funding costs are coming down. We lowered our deposit rate at the end of February, we talked about taking a full '12 months for that benefit to work its way through the P&L combined with the increase in the loan to deposit ratio. You see fintech profitability step up in the third quarter and it would be a reasonable assumption and implied by the guidance to see fintech profitability step up again in the fourth quarter and into 2025. So for fintech overall, we continue to expect revenue growth around 20% to the for the full year.

因此，在過去 12 個月的創始 TFB 成長的支持下，金融科技收入成長在這兩個時期都維持了 24% 的強勁成長。第三季高於九個月。金融科技領域明顯不同的是，在第三季度，你第一次真正開始看到第三季的利潤成長加速了 15%，而前九個月期間成長了 7%。這反映出融資成本正在下降。我們在 2 月底降低了存款利率，我們討論了需要整整 12 個月的時間才能讓這種好處在損益表上發揮作用，同時提高貸存比。您會看到金融科技獲利能力在第三季有所上升，這是一個合理的假設，指導意見也暗示金融科技獲利能力在第四季和 2025 年再次上升。因此，對於金融科技整體而言，我們繼續預期全年營收將成長 20% 左右。

Indicative of strong consumer demand, stable economic backdrop and broadly stable yield over the course of the year. But with lower funding costs translating into accelerating revenue growth, you see a dramatically stronger performance in the second half of the year versus the the the first half of the year. And for the full year, we expect fintech profitability up 15% less is up 7% in the nine month period.

顯示全年消費需求強勁、經濟背景穩定、收益率基本穩定。但隨著較低的融資成本轉化為加速的收入成長，您會看到下半年的業績比上半年顯著增強。就全年而言，我們預計金融科技獲利能力將成長 15%，而前 9 個月的獲利能力將成長 7%。

That is the the the consolidated performance. I won't sort of repeat really what I've just said previously, I think the divisional explanations speak for themselves. Dividend of 850. Kazakh Tenge declared the pet ads for the period subject to shareholder approval. And here is the guidance again. I won't sort of reiterate repeat what I've already said. But the quarter, the fourth quarter has started well with a healthy and predictable consumer and merchant environment. Number one and accelerating top line growth in both marketplace and fintech accelerating top line and bottom line.

這就是綜合績效。我不會重複我之前所說的內容，我認為部門的解釋是不言而喻的。股息850。哈薩克堅戈宣布該期間的寵物廣告須經股東批准。這是再次的指導。我不會再重複我已經說過的話。但第四季開局良好，消費者和商業環境健康且可預測。第一，市場和金融科技加速營收成長，加速營收和利潤。

We're very much on track for consolidated net income growth of around 25% year on year, which is consistent with guidance throughout the year probably just worth adding the point here that as is customary, we'll talk about guidance for 2025 at our full year results update at the end of February next year. So sort of preempt that question. It's too early for us to, to, to make any commentary around next year's guidance. And that is consistent again with how we've always approached things. So just please keep that in mind on that note, I'll hand back to Michael to talk about the Heps C Barrada transaction. Thank you.

我們非常有望實現同比 25% 左右的綜合淨利潤增長，這與全年指導一致，可能值得在這裡補充一點，按照慣例，我們將在我們的 2025 年會議上討論 2025 年的指導。於明年二月底更新。所以先回答這個問題。現在對我們來說對明年的指導做出任何評論還為時過早。這再次與我們一貫的處理方式保持一致。所以請記住這一點，我將回到邁克爾談論 Heps C Barrada 交易。謝謝。

Thank you, David. So we're, we're extremely excited to to with the perhaps other transaction. And also, you know, Turkey as a as as a, you, we believe very attractive market for us. I mean, if you look at that, we have said previously that we're looking forward to be a company which is serving, you know, 100 million people market. And, and therefore we have been, you know, working on the, on this for quite some time.

謝謝你，大衛。因此，我們對另一筆交易感到非常興奮。而且，您知道，土耳其作為一個作為一個，我們相信對我們來說非常有吸引力的市場。我的意思是，如果你看看這一點，我們之前就說過，我們期待成為一家服務 1 億人口市場的公司。因此，你知道，我們已經為此努力了相當長一段時間。

The Turkey itself is, is very exciting market for us. 85 million people, a very large retail market. And e-comm penetration is 16.3%. And there is the same way in Kazakhstan that is a long way to go in and growth going forward and GDP growth is, is at very healthy levels. So the, and there is actually a lot of, you know, common, common between you know, Kazakhstan and, and the Turkey, for example, Turkey is just to give you one example, is the most favored destination for tourism from, from Kazakhstan.

土耳其本身對我們來說是一個非常令人興奮的市場。 8500萬人，一個非常大的零售市場。電子商務滲透率為16.3%。哈薩克也有同樣的情況，還有很長的路要走，未來的成長和 GDP 成長都處於非常健康的水平。So the, and there is actually a lot of, you know, common, common between you know, Kazakhstan and, and the Turkey, for example, Turkey is just to give you one example, is the most favored destination for tourism from, from哈薩克.

We, we like the company again, as we've mentioned, many times, we are really looking for the most important with the companies. And, and you know, in this case, founders which have shared the same vision of building the companies, which care about the consumers, care about the merchants and, and are not focused just on the growth at all costs. And you know, if you would compare Heps business with, with CP I mean, in general, it's a cost in the ecommerce side only it's comparable in size with '12 million consumers and the GM V growth at the healthy levels and 100,000 merchants compared to CSPS 64,000.

我們，我們再次喜歡這家公司，正如我們多次提到的，我們確實在尋找與公司最重要的人。而且，你知道，在這種情況下，創辦人有著共同的願景，就是建立公司，關心消費者，關心商家，並且不僅僅專注於不惜一切代價實現成長。你知道，如果你將Heps 業務與CP 進行比較，我的意思是，一般來說，這是電子商務方面的成本，只是其規模與「1200 萬消費者和GM V 的健康增長水平以及10 萬商家相比」相當。至 CSPS 64,000。

But what is the most important is really the, you know, cultural fit as, as a, as a, as a company was built by Hansa de Doga that is focused on the, on the quality and, and, and the shares, the views with us, you know, you know, that CPI for us, the most important is actually the quality of services we develop and how we fulfill our mission of improving people's lives. And we do find a lot of similarities. But the one thing I would like to mention expecting still a lot of questions that we, you know, we we know that, you know, quite often companies would take a, would make an acquisition and they will, you know, made all sorts of immediate promises. And in our case, we have been different in both in our business and also in our statements, we, we, we believe that you know, we'll work hard.

但最重要的是，你知道，文化契合，作為一家由 Hansa de Doga 建立的公司，專注於品質和股票，跟我們的看法，你知道，你知道，CPI對我們來說，最重要的實際上是我們開發的服務品質以及我們如何履行我們改善人民生活的使命。我們確實發現了很多相似之處。但我想提一件事，期待仍然有很多問題，我們，你知道，我們知道，你知道，公司經常會進行收購，他們會，你知道，進行各種收購立即的承諾。就我們而言，我們在業務和聲明方面都有所不同，我們，我們，我們相信你知道，我們會努力工作。

We take a long term view of the, of the business and we're excited about the country and, and hopefully in our technology and experience will help us to, you know, bring even more innovation and, and, and combined with Heps Burra, we will be able to do a remarkable things and, and continue delivering on the mission of improving, you know, people's lives and merchants and the consumers and the ones that have followed us for, you know, five years, you know, you are all, we know that, you know, you know, that we are all about execution really and and therefore, don't expect from us a lot of promises and because we believe that you know, results should speak for themselves and that would be the same approach we'll take here. But, you know, we believe we clearly are excited about this opportunity and the fit between the companies next slide, please.

我們對業務有長遠的看法，我們對這個國家感到興奮，希望我們的技術和經驗能夠幫助我們帶來更多的創新，並且與 Heps Burra 相結合，我們將能夠做一些了不起的事情，並繼續履行改善人們的生活、商家、消費者以及那些跟隨我們五年的人們的使命。我們相信你知道，結果應該不言自明，這將與我們在這裡採用的方法相同。但是，您知道，我們相信我們顯然對這個機會以及下一張投影片中公司之間的契合感到興奮。

So as you can see, this is sort of more kind of summary again. So we we, we, we like the market. We like the fact that the market is under penetrated and again, I would like to make the point that you don't feel you don't, you don't see us like, you know, we're focused on the quality of the product and we're focused on the quality of the merchants.

正如您所看到的，這又是一種更典型的總結。所以我們我們我們喜歡這個市場。我們喜歡市場滲透不足的事實，我想再次強調一點，您不覺得自己不喜歡，您不認為我們喜歡，您知道，我們專注於產品的品質產品，我們注重商家的品質。

We're, we're not, you know, anticipating asking questions, you know, number one or number two, whatever it is, this is, you know, the numbers is a result of our strategy. Our most important priority is always to, you know, have disproportionate care from the consumers and the merchants. And we really like that is the strong cultural fit. The way that the founders, Sanad and the management team, you know, have been building the business is, is, is, is really a strong fit and, and that makes us to believe that there is a quite a strong fit with the caspio net promoter score is is really high.

我們不是，你知道，期待提出問題，你知道，第一或第二，無論是什麼，你知道，這些數字是我們策略的結果。您知道，我們最重要的優先事項始終是獲得消費者和商家的不成比例的關心。我們真的很喜歡這個強烈的文化契合度。您知道，創辦人、Sanad 和管理團隊一直以來建立業務的方式確實非常契合，這讓我們相信與 caspio 非常契合淨推薦值真的很高。

EBITA is companies EBITA positive, which means the company has not been growing at all costs and, and, and really was focused on delivering the value to the consumers and merchants. So we are again excited about our business and the things that we could actually do and and make this good company even better. But we clearly are in, we believe we are a very good starting point. Transaction is still subject to regulatory approvals. So therefore, you know that there is a there is a important process. So at the moment, we've signed definite agreements but we will be going through the regulatory approvals in order to, you know, close the transaction, David anything you want to add or anything to add.?

EBITA 是公司 EBITA 為正值的公司，這意味著該公司並未不惜一切代價實現成長，並且真正專注於為消費者和商家提供價值。因此，我們再次對我們的業務和我們實際可以做的事情感到興奮，並使這家優秀的公司變得更好。但我們顯然已經進入了，我們相信我們是一個非常好的起點。交易仍有待監管部門批准。因此，你知道有一個重要的過程。所以目前，我們已經簽署了明確的協議，但我們將獲得監管部門的批准，以便，你知道，完成交易，大衛，你想添加的任何內容或任何要添加的內容。

No, I think that is a good summary. Maybe I'll just preempt what I think will be the sort of the, the first question on Heps C with regard to a tender offer. So as Michael said, we're, we're looking forward to closing this transaction in the first quarter of 2025. This transaction as announced last week does not trigger a tender offer. There have been no discussions with Heps E's remaining shareholders around such an offer.

不，我認為這是一個很好的總結。也許我會先提出我認為關於 Heps C 的有關要約收購的第一個問題。正如麥可所說，我們期待在 2025 年第一季完成這筆交易。上週宣布的這項交易並未觸發要約收購。目前尚未與 Heps E 的剩餘股東就此類要約進行討論。

We know that both companies will continue to maintain their distinct brands and operating structure. And at this stage, our, focus is on closing the transaction as quickly and as smoothly as announced, there's probably not much more we can add beyond beyond that.

我們知道兩家公司將繼續保持各自獨特的品牌和營運結構。在這個階段，我們的重點是像宣布的那樣快速、順利地完成交易，除此之外我們可能沒有什麼可以添加的了。

So on that note, Harry, let's open the call up to investors, please.

因此，哈利，請讓我們向投資者開放電話會議。

Certainly, thank you. If you would like to ask a question and you have joined us via Zoom, please use the raise hand button on your Zoom toolbar. And if you're dialing in over the phone today, please dial star followed by one to enter the queue for questions.

當然可以，謝謝。如果您想提問並且您已透過 Zoom 加入我們，請使用 Zoom 工具列上的舉手按鈕。如果您今天透過電話撥入，請先撥星號，然後撥一進入問題佇列。

When preparing to ask you a question. Please ensure that your phone is unmuted locally and we'll pause here briefly just as questions are registered.

準備問你問題的時候。請確保您的手機在本地已取消靜音，我們將在登記問題時在此短暫暫停。

Our first question today is from the line of Darren Pellet of Wolf research. Darren. Please go ahead. Your line is now open guys.

我們今天的第一個問題來自沃爾夫研究中心的達倫佩萊 (Darren Pellet)。達倫.請繼續。你們的線路現在已經開通了，夥計們。

Thanks and Congratulations on the deal.

感謝並祝賀這筆交易。

I think you might be on mute. We can't hear you.

我想你可能處於靜音狀態。我們聽不到你的聲音。

Can you guys hear me

你們聽得到我說話嗎

Now,

現在，

David? Can you hear me?

大衛？你聽得到我嗎？

Still? Can't hear you?

仍然？聽不到你說話嗎？

And if Darren comes back, we'll, we'll, we'll return to him later.

如果達倫回來，我們會，我們會，我們稍後會回到他身邊。

Hello, Harry.

你好，哈利。

Hello, Sorry. Yeah. Hi, Gabo. We can hear you. Sorry. Do you want to go ahead with your, your your question? Thank you.

你好，抱歉。是的。嗨，加博。我們能聽到你的聲音。對不起。你想繼續你的問題嗎？謝謝。

This is Gabor from autonomous a few questions. First one on the Hep C Burra acquisition. Can you give us some flavor on what you think you can add to the to the Heps Burra franchise? I think you allowed to technology being one of them, but I would be interested to hear your thoughts in a, in a bit more detail, please.

這是 Gabor 來自自主的幾個問題。第一篇關於 Hep C Burra 收購。您能為我們介紹一下您認為可以為 Heps Burra 特許經營權添加哪些內容嗎？我認為您允許技術成為其中之一，但我有興趣聽聽您的想法，請更詳細地講一下。

You highlighted that Heps Burra has not been, is this profitable but fair to say that not as profitable as is this something you would expect to, be able to change over the coming period or is this something which is specific to the current stage, current high growth stage? In, in Turkish ecommerce and the competitive situation?

您強調說，赫普斯·布拉(Heps Burra) 還沒有實現盈利，但可以公平地說，盈利能力不如您所期望的那樣，能夠在未來一段時間內改變，或者這是當前階段特有的、目前的情況。土耳其電子商務的競爭狀況如何？

Third question would be just for the time of the acquisition. So by the time of the, by the time the full payment has been made, are you expecting to suspend dividends?

第三個問題僅針對收購時間。那麼，到了全額付款的時候，您是否期望暫停股利？

And, and then an unrelated question with regards to, with regard, with regards to the allegations around the former shareholder. I wonder what kind of reassurance do you think you could offer on the, on the KYC processes CPI has implemented? Thank you.

然後是一個不相關的問題，關於前股東的指控。我想知道您認為您可以對 CPI 實施的 KYC 流程提供什麼樣的保證？謝謝。

All right, Gabor. Thanks for your question. I think Miguel, I will take the questions on Heps C Barrada.

好吧，加博。謝謝你的提問。我認為 Miguel，我將回答有關 Heps C Barrada 的問題。

I just comment to your last question. I mean, I think we have already commented in detail to, to, to, to this question. We've talked about being in full compliance with all local and international sanctions, rules and regulations.

我只是評論你的最後一個問題。我的意思是，我認為我們已經對這個問題進行了詳細的評論。我們已經談到要完全遵守所有當地和國際制裁、規則和法規。

You may have also seen that the regulator in Kaspi.kz commented publicly on Kaspi.kz CS transparency and particularly with regard to sanctions its efforts to work within the rules of the law.

您可能還看到 Kaspi.kz 的監管機構公開評論了 Kaspi.kz CS 透明度，特別是製裁其在法律規則範圍內開展工作的努力。

And that is exactly the same with regard to local regulations and laws around money laundering, we're in full compliance with all applicable laws and regulations and there's absolutely nothing to suggest to the, country keep in mind in this business is probably sort of unique relative to other companies that you look at the vast majority of the transactions are between Casby, consumers and Casby merchants and there are no sort of third parties in in between, in most most cases.

這與有關洗錢的當地法規和法律完全相同，我們完全遵守所有適用的法律和法規，絕對沒有任何建議，請記住，這項業務的國家/地區可能是獨一無二的相對於您看到的其他公司，絕大多數交易是在Casby、消費者和Casby 商家之間進行的，在大多數情況下，中間不存在任何第三方。

And that's quite unusual to have that level of visibility on the full sort of flow of the money between usually the the the consumer merchant, a fully identified consumer, a fully identified merchant that's not necessarily the price in financial services or payments, but beyond our sort of in most companies, but beyond our sort of commentary, there's really little more we can add on this subject.

對於通常是消費者商家、完全識別的消費者、完全識別的商家之間的資金流動具有這種程度的可見性是很不尋常的，這不一定是金融服務或支付的價格，但超出了我們的範圍。

So I'll hand over to Mikheil.

所以我將把工作交給米哈伊爾。

Yes, Gabor. Thank you for asking questions. I mean, in general, I would say that you know, again, you're not going to hear from us, you know, promises projections targets because that's something which you know, we will address in the, in the, in the due course. And again, we prefer the results to speak for ourselves. I think what is important to focus on is the kind of, you know, DNA or the culture which businesses have developed and, you know, we have experienced across many different services.

是的，加博。感謝您提出問題。我的意思是，總的來說，我想說，你知道，你不會再收到我們的消息，你知道，承諾預測目標，因為這是你知道的事情，我們將在適當的時候解決這個問題。再說一次，我們更喜歡用結果來說話。我認為重要的是要關注企業所發展的 DNA 或文化，以及我們在許多不同服務中所經歷的。

But the bottom line is we are the company which is developing the wide range of services around the merchants and around the consumers. And we're driven by their needs and ability to develop such a high quality services has been the most important competitive advantage we had. Again, we don't have a target in terms of market shares.

但最重要的是，我們是一家圍繞商家和消費者開發廣泛服務的公司。我們以他們的需求為動力，開發如此高品質的服務的能力一直是我們擁有的最重要的競爭優勢。同樣，我們沒有市場佔有率的目標。

We don't have targets in, in terms of the, you know, the the the vast majority of our, of our team, in terms of the financial targets, we really have our focus on the quality of the service and how we can excite consumers and merchants and what we, you know, are excited about is that, you know, Heps Guada has been built as a company with this type of, you know, views and divisions and the values and principles and you know, we have been, yeah, we've been really excited and proud and honored to meet the, the founder Hanzade and we believe that the opportunity which will give us an ability to jointly continue innovating and, and exciting merchants and the consumers.

就財務目標而言，我們團隊的絕大多數人都沒有目標，我們真正關注的是服務品質以及我們如何能夠讓消費者和商家興奮不已，讓我們興奮的是，Heps Guada 是一家擁有這種觀點、分歧、價值觀和原則的公司，你知道，我們有是的，我們非常興奮、自豪和榮幸地見到創始人Hanzade，我們相信這個機會將使我們有能力共同繼續創新，並讓商家和消費者興奮不已。

Anything else just becomes really the result of what We, as David mentioned again, we are, you know, he will remain on its own standing as the brand as the company organizational structure. And we, you know, hopefully with sharing between the two companies, we can just, we can just have pace of innovation at the rate which you know, will excite the merchants and consumers.

其他任何事情都會真正成為我們的結果，正如大衛再次提到的那樣，我們，你知道，他將保持自己作為品牌和公司組織結構的地位。你知道，我們希望透過兩家公司之間的共享，我們可以，我們可以以你知道的速度進行創新，這會讓商家和消費者感到興奮。

But the foundation we have, you know, we believe it's very exciting because the foundation is clearly whether we share the same sort of values and the company has been built by visionary founder, you know, the quality of the services and, and the net promoter score is is is high. So yeah, so that's basically what excites us. Anything else. Timing of acquisition you have in our release, the profitability, the starting point is very strong

但我們擁有的基礎，你知道，我們相信這是非常令人興奮的，因為基礎顯然是我們是否擁有相同的價值觀，並且公司是由有遠見的創始人建立的，你知道，服務品質和網絡啟動子評分很高。是的，這基本上就是讓我們興奮的地方。還要別的嗎。我們發布的收購時機，獲利能力，起點都很強

And, and the rest, you know, we just keep working hard

而且，其餘的，你知道，我們只是繼續努力

And thank you and just on the dividend.

謝謝你，只是關於股息。

Well, we have mentioned also in our press release that we are intending to, to close the transaction with the cash from earnings and cash on hand, which you know, there are things which, which you know, there are things which we generate as a company. But also we have received the investment credit rating in September. So again, there are no discussions you know, or negotiations regarding the capital debt markets at this stage.

嗯，我們在新聞稿中也提到，我們打算用收益現金和手頭現金來完成交易，你知道，有些東西，你知道，有些東西是我們產生的一家公司。而且我們在九月還獲得了投資信用評級。再說一遍，現階段沒有關於資本債務市場的討論或協商。

But the fact that we have investment great credit rating, I think it's quite encouraging and you know, cost as a company is debt free, which is a very good position and strong position to be in. So we might explore the debt capital markets just because it's nice to have in the in the structure of the of the capital structure, the type of instruments. But again, no specific discussions, you know, no negotiations on that capital markets have been in place is just we have investment credit rating that we obtain in September.

但事實上，我們擁有良好的投資信用評級，我認為這是相當令人鼓舞的，而且你知道，作為一家公司的成本是無債務的，這是一個非常好的地位和強大的地位。因此，我們可能會探索債務資本市場，因為它很好地存在於資本結構的結構中，即工具類型中。但同樣，沒有具體的討論，你知道，沒有就資本市場進行任何談判，只是我們有 9 月獲得的投資信用評級。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Our next question today is from the line of Soomit datta with New street Research, Soomit. You're with New Street Research. Please go ahead. Your line will be open now if you'd like to unmute locally and proceed with your question.

謝謝。今天我們的下一個問題來自 Soomit datta 和 New street Research, Soomit。你是新街研究公司的。請繼續。如果您想在本地取消靜音並繼續回答您的問題，您的線路現在將開放。

Yeah, hi there. Hopefully you can hear me. Thanks very much and congratulations on the, on the deal or, you know, when it closes, maybe just a couple on that, please. One.

是的，你好。希望你能聽到我的聲音。非常感謝並祝賀這筆交易，或者，你知道，當交易結束時，也許只是一些。一。

Could you, maybe I appreciate you can't give and, and are not looking to give forward comments, but could you give maybe a quick state of play as to how the market looks today on the, on the Ecommerce side in Turkey was reading around a little bit to try and play catch up and I see team who's in the market and there's a strong number one player just to maybe get a sense as to how you see the, the positioning of that business today would be would be super helpful.

您能否，也許我很感激您不能給出，並且不想發表前瞻性評論，但是您能否快速介紹一下土耳其電子商務方面今天的市場狀況？有一個強大的頭號玩家，也許只是為了了解您如何看待，今天該業務的定位將非常有幫助。

Secondly, please, what does this imply for any future? M&A I, I think we are awaiting maybe a little bit of news flow on Uzbekistan and the network's interest there. But aside from these two things, is that kind of it for M&A for the foreseeable future? And maybe if I, if I dare ask just a follow up on the dividend, if that's okay, would you anticipate paying a dividend for the fourth quarter? before the, before the transaction closes. Thank you very much.

其次，請問這對未來意味著什麼？併購我認為我們正在等待有關烏茲別克斯坦的一些新聞流以及網絡對那裡的興趣。但除了這兩件事之外，在可預見的未來，併購是否會如此？也許如果我敢問股息的後續情況，如果可以的話，您會預計支付第四季度的股息嗎？前，交易結束前。非常感謝。

All right. So maybe I'll just try on the dividend question and then hand over to Mikheil to talk about the sort of broader market. So, I think the message is relatively clear. Well, number one, we paid the dividend or, we've announced an intention to pay the dividend for the third quarter. So I think number two, the assumption you could make is that the next call on cash generated in the fourth quarter or, and, or between now and the transaction closing is to fund the transaction. And you can draw your own conclusion on, that with regard to sort of the potential to pay dividends.

好的。所以也許我會嘗試討論股息問題，然後交給米哈伊爾談論更廣闊的市場。所以，我認為這個訊息是比較明確的。嗯，第一，我們支付了股息，或者我們已經宣布打算支付第三季的股息。因此，我認為第二，您可以做出的假設是，下一次調用第四季度或從現在到交易結束之間產生的現金是為交易提供資金。關於支付股利的潛力，您可以得出自己的結論。

But again, to Michael's point, whilst there's nothing to communicate with certainty to today, that investment grade rating for CAS BKZ is a good thing to have. It gives us medium term financial flexibility to do various things, whether that be investment, pay dividends, buy back stock or whatever else might be on the agenda. But clearly, it's always good to have optionality. And increasingly it looks like we may have scope in that regard, but near term first priority is to get this transaction closed. First call on cloud cash is closing this transaction

但同樣，就邁克爾的觀點而言，雖然目前還沒有什麼可以確定的訊息，但 CAS BKZ 的投資等級評級是一件好事。它為我們提供了中期財務靈活性，可以做各種事情，無論是投資、支付股息、回購股票或議程上可能發生的其他事情。但顯然，有選擇權總是好的。看起來我們在這方面可能有更大的空間，但近期的首要任務是完成交易。首次致電雲端現金將結束這筆交易

In the market structure. You know, I think, you know, pretty much really sort of the same view. We're not when we're going into the services and different services in in our home market, which is Kazakhstan. And now, you know, sort of heps burrata developing further in, in, in Turkey again, subject to closing all of that, you know, the what will be our priority is again the quality of the services we develop.

在市場結構上。你知道，我想，你知道，幾乎是同樣的觀點。當我們進入我們的國內市場（哈薩克）的服務和不同服務時，我們就不是這樣的。現在，你知道，heps burrata 再次在土耳其進一步發展，但要關閉所有這些，你知道，我們的首要任務再次是我們開發的服務品質。

We're not the t we're not, we don't have a target. We want to be one and number one, but we want to be number one in the leader, you know, hopefully we, that's what, what we are, you know, have been sort of we believe have been experienced in is being number one in consumer quality and number one in merchant. So that has been our priority with our, with our products. And therefore, you know, with the structure, I think there is a lot of public available information.

我們不是我們不是的，我們沒有目標。我們想成為第一，但我們想成為領導者中的第一，你知道，希望我們就是這樣，我們是什麼，你知道，我們相信我們已經經歷過成為第一消費者品質第一，商家第一。因此，這一直是我們產品的首要任務。因此，你知道，透過這個結構，我認為有很多公開可用的資訊。

I think that, you know, Heps is publicly listed company. So there is quite a lot of information about the Turkey, the structure of the market in general looks attractive to us both in terms of the size, but also in terms of the penetration of e-commerce, for example, and some other indicators. But that I would really, you would, I will leave you guys with the, you know, you are much better qualified to, you know, dissect the market and make the conclusions.

我認為，你知道，Heps 是一家上市公司。因此，關於土耳其的資訊相當多，整體市場結構對我們來說很有吸引力，無論是在規模方面，還是在電子商務的滲透率和其他一些指標方面。但我真的會，你們會，我會給你們留下，你們知道，你們更有資格剖析市場並得出結論。

We know, we believe that Heps, Pepsi Burra is clearly having the same, you know, DNA that we can, we can build from together with between the two companies in terms of the other M&A again, we never speculate, you know, there has been, you know, has been a lot of, you know, work that is going on on Uzbekistan itself. We're we, we basically are waiting for the requirements to the, you know, to the acquirer to be announced and published. So that's pretty much you know what we can say about the, the letter of interest which we've supplied for the privatization of one of the two payment networks. And you know, we're just waiting for the criteria to acquire to be to be published and announced.

我們知道，我們相信 Heps 和百事可樂 Burra 顯然擁有相同的 DNA，我們可以在兩家公司之間再次進行其他併購，我們從不猜測，你知道，那裡你知道，烏茲別克本身正在進行大量工作。我們基本上是在等待收購方的要求被宣布和公佈。因此，您幾乎知道我們可以對我們為兩個支付網路之一的私有化提供的意向書說些什麼。你知道，我們只是在等待收購標準的發布和宣布。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. Our next question will be from the line of Darren Pellet of Wolf Research. Darren. Your line is open if you'd like to proceed with your question now.

謝謝。我們的下一個問題將來自 Wolf Research 的 Darren Pellet。達倫.如果您現在想繼續提問，您的熱線已接通。

Yeah, thanks.

是的，謝謝。

Can you guys hear me now?

你們現在聽得到我說話嗎？

Yeah, we can hear you, Darren.

是的，我們聽得到你的聲音，達倫。

You guys hear me now.

你們現在聽我說。

Yes, we can hear you. Can you hear us?

是的，我們能聽到你的聲音。你聽得到我們說話嗎？

Okay. There must be some problem with Darren Harry. So let's

好的。達倫哈利肯定有什麼問題。那麼讓我們

Let's my apologies. Yes, let's move on my apologies there. So our next question will be from the line of James Friedman of Susquehanna .James, your line is open, please unmute locally and proceed.

讓我們道歉吧。是的，讓我們繼續我的道歉。所以我們的下一個問題將來自薩斯奎哈納的詹姆斯·弗里德曼.James，您的線路已接通，請在本地取消靜音並繼續。

Hi, good evening. Good, good morning everyone. So and congratulations on these results. I wanted to ask about how you're thinking about take rate for the remainder of the year. The reason I asked is correct me if I'm wrong, but it seems like the outsized growth in ecommerce in the third quarter because e-commerce has such a high take rate was a creative to the consolidated take grade for the third quarter. I think you're anticipating m commerce.

嗨，晚上好。大家早安。祝賀這些結果。我想問一下您對今年剩餘時間的採取率有何看法。我問的原因是如果我錯了，請糾正我，但第三季電子商務的大幅成長似乎是因為電子商務的採用率如此之高，這對於第三季的綜合採用等級來說是一個創意。我認為您正在期待電子商務。

you know, improving sequentially maybe as a percentage. So any high level thoughts on the components of take rate would be helpful.

你知道，可能會以百分比的形式連續改善。因此，任何關於採用率組成部分的高層次思考都會有所幫助。

Mikheil Do you want to take that?

米哈伊爾 你想接受這個嗎？

Yeah, I mean, sure. I mean, in general, I would say that our take rate is driven, you know, you know, quite substantially by valuated services which is delivered in advertising. So they are about 1.8% of our GM D. So again, our take rate is not the result of you know, repricing the seller fees or anything like that. But I mean, it goes back again to my point that we're, you know, we're focused on delivering the value and the value. Now we're delivering to the merchants, not only through ability to sell through our platforms, but actually ability to sort of deliver and deliver with, you know, multiple delivery choice and also launched an advertising campaign. So that's basically the import, the, the drivers of the take rate, the one thing which you also should keep in mind while we have, you know, also explained before that actually, the e-commerce, you know, payments, e-commerce and then e-commerce those, this is sort of the the journey of the merchants with us. And and therefore the e-commerce now is also growth is driven by the fact that the more merchants are onboarding to our services from, from m commerce.

是的，我的意思是，當然。我的意思是，總的來說，我想說我們的接受率在很大程度上是由廣告中提供的有價值的服務所驅動的。所以它們大約是我們 GM D 的 1.8%。但我的意思是，這又回到了我的觀點，我們，你知道，我們專注於提供價值和價值。現在，我們不僅透過我們的平台進行銷售，而且實際上能夠透過多種交付選項進行交付和交付，並且還發起了廣告活動。因此，這基本上是進口率的驅動因素，您也應該記住這一點，而我們之前也解釋過，實際上，電子商務，您知道，支付，電子商務商業，然後是電子商務，這就是我們商人的旅程。因此，現在電子商務的成長也是由越來越多的商家從行動商務開始使用我們的服務這一事實所推動的。

So eventually we believe that, you know, e-commerce will be the suit of the services for merchants in, in an offline environment, but digitalizing their in store experience and then services industry which we're currently working on. And then e-commerce will be everything that we can deliver. And again, the take rate is is growing by the fact that we are delivering the advertising and delivery services and work and some other services that we work on for the merchants. The one important number to not a number but approach from us. To keep in mind, you will not see like incredible how should I say too high of a expansion of the take rate, take rate has been expanding because the verticals we have been adding, you know, for example, jewelry is five take grade than than electronics. But we don't believe into over monetizing merchants.

因此，最終我們相信，電子商務將適合在線下環境中為商家提供的服務，但將他們的店內體驗數位化，然後是我們目前正在研究的服務業。然後電子商務將成為我們所能提供的一切。而且，由於我們正在為商家提供廣告和送貨服務以及工作和其他一些服務，因此採用率正在不斷增長。一個重要的數字不是一個數字，而是來自我們的方法。請記住，您不會看到令人難以置信的情況，我該怎麼說採取率的擴張太高了，採取率一直在擴大，因為我們一直在添加垂直行業，例如，珠寶是五個採取等級比電子產品。但我們不相信商家過度貨幣化。

You're not going to see from us, you know, whatever 15 16 17% average take rate in our marketplace. This is not something which we intend to do. We you will see expression of the take rate mostly by the fact that we are delivering added value services to the merchants, which for us is important because we don't want to over monetize merchants and we are supporting the merchants to grow. And if the merchants are growing and successfully, this is how you know, this is a measurement of our success because we are, you know, getting paid basically from every successful transaction really. So from that perspective is Expo is important, important to keep in mind the way we approach and take rate.

你知道，你不會從我們這裡看到我們市場上 15 16 17% 的平均接受率。這不是我們打算做的事情。我們會看到採用率的表現主要是透過我們為商家提供增值服務這一事實，這對我們來說很重要，因為我們不想讓商家過度貨幣化，我們正在支持商家成長。如果商家正在成長並取得成功，這就是你知道的，這是衡量我們成功的標準，因為你知道，我們基本上從每筆成功的交易中獲得報酬。因此，從這個角度來看，世博會很重要，重要的是要記住我們的方法和採取的方式。

Got it. And then if I could just follow up Mikheil with regard to the gift card initiative on page 8, I know these gift cards are very popular in certain, I'm trying to read up on and they're very popular in certain markets. You know, and have been in the developed markets at times too. So how should we be thinking about the, the, the strategic relevance of gift card, the seasonality of gift card? Because I would imagine it's quite seasonal. Any way to unpack the significance of gift card would be helpful. Thank you.

知道了。然後，如果我能就第 8 頁上的禮品卡倡議跟進 Mikheil，我知道這些禮品卡在某些市場非常受歡迎，我正在努力閱讀，它們在某些市場非常受歡迎。你知道，有時也進入過已開發市場。那麼我們該如何考慮禮品卡的策略相關性、禮品卡的季節性呢？因為我想這是相當季節性的。任何揭示禮品卡重要性的方法都會有所幫助。謝謝。

Yeah, thank you. That's, that's a good question at the moment. I would say that we are just launching this exciting service to have the consumers get engaged. And, and that's basically a gift card on our own shopping on our own, you know, marketplace e-commerce platform. So that would be sort of for us, the, the, the important strategic priority. It will basically helpful to driving the, the, the GM D itself.

是的，謝謝。也就是說，目前這是一個好問題。我想說，我們推出這項令人興奮的服務只是為了讓消費者參與其中。而且，這基本上是我們在我們自己的市場電子商務平台上購物的禮品卡。因此，這對我們來說是重要的戰略重點。它基本上有助於駕駛 GM D 本身。

The one huge difference which you should keep in mind is basically that our gift cards have no exploration date. So in other markets, gift cards, the way that people actually make money is counterintuitive people make from the consumer perspective, you make money because you forget about your gift card. So somebody makes money because you forget spending your gift card.

您應該記住的一個巨大區別基本上是我們的禮品卡沒有探索日期。所以在其他市場，禮品卡，人們實際賺錢的方式是違反直覺的，從消費者的角度來看，你賺錢是因為你忘了你的禮品卡。所以有人賺錢是因為你忘記花你的禮品卡。

And this is exactly what we are not doing. So it has no expiration date. It will be in our, we believe it will be driving the GV growth and the consumer engagement, especially in different verticals. And at the moment, that is as much as I can say, but as we progress with the new services, we'll launch around gift cards, we'll be reporting over time and, and I think this will be quite exciting, sort of quite exciting suit of the services around the gift card. But at the moment, it's really growth of the G&D when the consumers are engaged and of course, you know, beautiful design which makes consumers really happy and excited about it.

而這正是我們沒有做的。所以它沒有有效期限。我們相信它將推動 GV 成長和消費者參與度，特別是在不同的垂直領域。目前，我只能說這麼多，但隨著新服務的進展，我們將圍繞禮品卡推出，我們將隨著時間的推移進行報告，我認為這將非常令人興奮，排序圍繞禮品卡的一系列令人興奮的服務。但目前，當消費者參與時，這才是捷德真正的成長，當然，你知道，漂亮的設計讓消費者真正感到高興和興奮。

But, you know, that's for us, it's really a medium term, I would say go with the gift cards and we'll be, we'll be explaining to you some of the impacts in economics as we, as we move forward with the service.

但是，你知道，這對我們來說，這確實是一個中期，我會說，使用禮品卡，我們將向您解釋一些對經濟的影響，因為我們，隨著我們前進服務。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. And our next question today is from the line of Reggie Smith with jpmorgan Reggie. Please go ahead. Your line is now open.

謝謝。今天我們的下一個問題來自雷吉史密斯和摩根大通雷吉。請繼續。您的線路現已開通。

Hey, good afternoon. Thank you for taking the question and congrats on the deal as well. I appreciate you guys don't want to give financial guidance and I totally get that. I was just curious, maybe you could put a little more meat on the bone around.

嘿，下午好。感謝您提出問題，也恭喜這筆交易。我很感激你們不想提供財務指導，我完全理解這一點。我只是好奇，也許你可以在骨頭上多放一點肉。

Just your approach to integrating an acquisition and kind of growing a business. This is a little larger than I would have expected in terms of the size of the company you're buying. And it sounds like there are a lot of parallels, but like where, where might there be gaps that cats be can, can, can make two plus two something more than than four as it relates to to let me have a follow up. Thank you.

這只是您整合收購和發展業務的方法。就您要購買的公司的規模而言，這比我預期的要大一些。聽起來有很多相似之處，但是就像貓可以、可以、可以使二加二大於四一樣，在哪裡、哪裡可能存在差距，因為這與讓我進行跟進有關。謝謝。

I mean, in terms of the, in terms of your question, again, I think, you know, probably looking at our track record and the, and the history of of innovation and you know, how we actually are working through different services that have, you know, number one priority, which is be a very high quality. So that's what you would expect from us.

我的意思是，就你的問題而言，我想，你知道，可能看看我們的業績記錄和創新歷史，你知道，我們實際上是如何透過不同的服務來工作的你知道，第一要務就是要有非常高的品質。這就是您對我們的期望。

Now, in terms of the, you know, forward-looking statements, the projections or anything like that, you know, again, we are, you know, would like the results to speak for themselves. I think that the bottom line is still, you know, conclusion is very important that there are quite interesting aspects between those two companies which are very similar, right? So, and the, and the fact that the company is, is being focused on sustainable growth and being, you know, ebita positive, it's a testament to the current shareholders to the founder and the management team because there are a lot of companies which finance the growth at the expense of the shareholders and, and, and in, in case of Heps Burrata, this was one of the attractions for us. So again, this is it's, a strong, it's a strong company in e-commerce segment.

現在，就前瞻性陳述、預測或類似內容而言，我們再次希望結果能說明一切。我認為底線仍然是，你知道，結論非常重要，這兩家公司之間有非常有趣的方面，非常相似，對吧？因此，事實上，該公司正在專注於永續成長，稅前折舊攤提前利潤為正值，這是對創辦人和管理團隊現有股東的證明，因為有很多公司以犧牲股東利益為代價來為成長提供資金，並且，對於Heps Burrata 來說，這對我們來說是吸引力之一。再說一遍，這是一家在電子商務領域非常強大的公司。

It's, it has a good brand, it values the consumer's opinion and, and what KIC can really bring is just more experience, more technology from, from us. As you know, we have quite, you know, much wider range of the services in our, in our mobile app. So I think there are, there are a lot of exciting, you know, knowledge and technology that we can, we can really share between the two companies and again, cost itself has a lot to learn from Heps Gatta because Heps Gatta is specialized on e-commerce, which is the largest part of its business. And you know, hopefully following closing the transaction, you know, I can't really wait when the two teams can share the knowledge. I think there will be when you're asking the question.

它有一個好的品牌，它重視消費者的意見，而KIC真正能帶來的只是我們更多的經驗、更多的技術。如您所知，我們的行動應用程式提供了相當廣泛的服務。所以我認為，有很多令人興奮的知識和技術，我們可以在兩家公司之間真正共享，而且成本本身有很多值得向 Heps Gatta 學習的地方，因為 Heps Gatta 專注於電子商務，這是其業務的最大組成部分。你知道，希望交易完成後，我真的等不及兩個團隊可以分享知識了。我想當你問這個問題的時候就會有。

One plus one is three. I think that needs to be plus one plus one plus +'13 in terms of us, you know, and the teams sort of working together and, and, and continue launching the innovative services and learning from each other. And that would be our most important priority once we achieve that everything else is just a result of our joint work. So, you know, we're waiting for, for transaction to close. And I, you know, I can't really wait when the guys will be able to talk to each other. I think it will be incredible. In my opinion, it will be a very exciting cooperation between like minded management teams.

一加一等於三。我認為就我們而言，這需要加一加一加+'13，你知道，我們的團隊需要共同努力，並且繼續推出創新服務並相互學習。一旦我們認識到其他一切都是我們共同努力的結果，這將是我們最重要的優先事項。所以，你知道，我們正在等待交易結束。我，你知道，我真的等不及這些傢伙能夠互相交談了。我認為這將是令人難以置信的。我認為，志同道合的管理團隊之間的合作將是一次非常令人興奮的合作。

That makes a lot of sense. I don't know if you can share at this point, like what products specifically where you see an opportunity. And then I had a question on, on Zoom. Have you guys announced or decide how many Zoom events there will be in 2025?

這很有意義。我不知道你現在是否可以分享一下，例如你在哪些產品上看到了機會。然後我在 Zoom 上有一個問題。你們宣布或決定 2025 年將舉辦多少場 Zoom 活動了嗎？

And just generally speaking, like how, how quickly is that that business growing? I don't know if there's a way you guys can kind of triangulate that in terms of penetration within your base and spend like how fast is is za growing on a on a kind of like for like basis?

一般來說，例如該業務的成長速度如何？我不知道你們是否有一種方法可以對你們基地的滲透率進行三角測量，並像 za 在類似的基礎上增長的速度有多快？

Thank you.

謝謝。

Okay. Well, I mean, from our next year basically will be quite comparable to this year. So the main thing, what happened in 2024 is that David, can we move this this slide? So it's not confusing to the Yeah, thanks. So basically, we the what what actually happened during this year is that seasonality of the, of the campaigns? And you know, marketing has followed the consumer and the merchant demand.

好的。嗯，我的意思是，從明年開始，基本上將與今年相當。所以最重要的是，2024 年發生的事情是 David，我們可以移動這張投影片嗎？所以這不會讓你感到困惑，是的，謝謝。所以基本上，我們今年實際發生的事情是活動的季節性？你知道，行銷遵循消費者和商家的需求。

Again, we are quite unique, right? We believe we're quite unique company compared to many others. So we have a wide range of different industries, services, verticals, and each of those verticals have their own seasonality. So this is what happened this year. So basically, we, we followed our merchants and we followed our consumers and we've taken on board their feedback and, and therefore we are running, you know, roughly quarterly. We roughly quarterly marketing promotional campaigns.

再說一遍，我們很獨特，對吧？我們相信，與許多其他公司相比，我們是非常獨特的公司。因此，我們擁有廣泛的不同行業、服務、垂直行業，每個垂直行業都有自己的季節性。這就是今年發生的事情。所以基本上，我們追蹤我們的商家，我們追蹤我們的消費者，我們接受了他們的回饋，因此我們大約每季運行一次。我們大約每季進行一次行銷促銷活動。

The biggest campaigns in, in general, you know, I would say the biggest campaigns are, you know, the, theJuma in the first queueJuma in a second queue back to school, which is happening in August, sort of September and the New year and sorry,Juma in the fourth Q. So that's basically the promotional campaigns you had this year and we believe that we can have the same sort of seasonality for next year. So the next year will be quite comparable to 2024.

一般來說，最大的活動，你知道，我想說最大的活動是，你知道，第一隊列中的朱馬返回學校的第二隊列中的朱馬，這發生在八月，大約是九月和新年抱歉，第四個問題中的 Juma。所以明年將與 2024 年相當。

And we're, just, you know, trying to explain this year because, you know, between 2nd, second Q and the third queue, that is a big distortion on the GM V. But next year, we'll have pretty much the same strategy as this year.

我們只是，你知道，試圖解釋今年，因為，你知道，在第二個、第二個 Q 和第三個隊列之間，這是 GM V 的一個很大的扭曲。但明年，我們將採取與今年幾乎相同的策略。

Got it, I guess, is there a way to, to frame how quickly that that event is growing? Like is it, is it faster than the corporate average, slower. Just curious about penetration and, and the opportunity there with Juma.

明白了，我想，有沒有辦法來確定該事件的成長速度？就像是這樣，比企業平均是快還是慢。只是對滲透和 Juma 的機會感到好奇。

No, no, it's, I mean, again, it's a promotional campaign, right? So what actually happens is as you become bigger and as you have the the the range of the services through the season nowadays, so you just have less dependence on one specific campaign, right? So it's actually a very good news because then, you know, basically we have more you know, from, from your perspective, guys, you know, this year, next year, there will be a more predictability, you know, in terms of planning our, our, you know, quarterly, quarterly growth and we'll give you a bit updates here and there.

不，不，我的意思是，這是一場促銷活動，對吧？因此，實際發生的情況是，隨著您變得更大，並且您現在擁有整個季節的服務範圍，因此您對某個特定活動的依賴就會減少，對吧？所以這實際上是一個非常好的消息，因為基本上我們有更多的了解，從你們的角度來看，夥計們，你們知道，今年、明年，將會有更多的可預測性，你們知道，在規劃我們的，我們的，你知道的，季度增長，我們會在這裡和那裡給你一些更新。

But in general, it's, it's almost, we started history was we started with one zoom, which was, you know, big event in a year. Then we moved to two zoom, then we had three and now we have different campaigns through the year just because initially we started from electronics and now we are in pretty much everything including the travel. So, so therefore, you know, now you you have really much more manageable seasonality for the for this year and the next year.

但總的來說，我們幾乎是從一次變焦開始的，這是一年中的大事件。然後我們轉向兩個變焦，然後我們有了三個，現在我們全年都有不同的活動，只是因為最初我們從電子產品開始，現在我們幾乎涉足所有領域，包括旅行。所以，所以，你知道，現在你今年和明年的季節性確實更容易管理。

So Juma is again, promotional campaigns like Amazon Prime, you know, single days in China, you know, Black Friday and things like that. It's just in Kazakhstan, that is pretty much Juma , there is no Black Friday, there is no, is basically you know, us sort of running the campaigns for our merchants and the consumers.

所以 Juma 又是促銷活動，像是亞馬遜 Prime，你知道，在中國的單日活動，你知道，黑色星期五等等。就在哈薩克，那幾乎就是朱馬，沒有黑色星期五，沒有，基本上你知道，我們為我們的商人和消費者開展活動。

Okay.

好的。

Any more questions?

還有其他問題嗎？

Thank you. Yes. Our next question is from the line of Mikhail Butkov of Goldman Sachs. Please go ahead, Michael. Your line is open. You may need to unmute locally.

謝謝。是的。我們的下一個問題來自高盛的米哈伊爾·布特科夫。請繼續，邁克爾。您的線路已開通。您可能需要在本地取消靜音。

Take Mikhail Bokoff, your line is now open if you'd like to meet locally and proceed with your question. Yes.

以米哈伊爾·博科夫 (Mikhail Bokoff) 為例，如果您想在當地會面並繼續回答您的問題，您的熱線現已開通。是的。

Yes, sorry. Yeah. Thank you. Thank you very much for this call.

是的，抱歉。是的。謝謝。非常感謝您打來這通電話。

Yeah, I have one more question if I may on Heps suburra and more broadly on, on, on the new projects where you expressed interest on Uzbekistan, for example, the question is and obviously, I appreciate that you cannot as you mentioned, give projections targets now. But in, in terms of your thinking of the time which yeah, the core management of CSPI allocate between the different assets of the group. Be it the new potential asset in Turkey, some new interest in Uzbekistan and the core operations in Kazakhstan. How do you see the time which the KPI management allocates between these, these assets? Given that the especially the turkish asset is relatively large in size and in some on some KPI it is of the comparable size with the Kasb in Kazakhstan.

是的，我還有一個問題，我是否可以在Heps suburra 以及更廣泛的範圍內，關於您對烏茲別克斯坦表示感興趣的新項目，例如，問題是，顯然，我理解您不能像您提到的那樣，給予現在的預測目標。但是，就你的想法而言，是的，CSPI 的核心管理層在集團的不同資產之間進行分配。無論是土耳其的新潛在資產、烏茲別克的一些新利益以及哈薩克的核心業務。您如何看待 KPI 管理階層在這些資產之間分配的時間？鑑於土耳其資產規模相對較大，並且在某些 KPI 上與哈薩克 Kasb 的規模相當。

Thank you very much.

非常感謝。

Well, I mean, I think this question really goes, you know, to goes back to our, you know, philosophy and strategy, you know, there is no metric. How much time would we allocate, you know, that is, we, you know, have to put out a company with a strong position, the strong, you know, management team and we believe with a strong brand and, and, you know, I would even, you know, I would even say probably our, you know, we, it was a cost on e-commerce side of things, have a lot to learn from Pepsi Burra team because they have been focused on ecommerce, you know, 100 100% or majority of their business, really ecommerce when our business is quite diversified.

嗯，我的意思是，我認為這個問題實際上可以追溯到我們的理念和策略，你知道，沒有衡量標準。我們會分配多少時間，你知道，也就是說，我們必須建立一家具有強大地位的公司，強大的管理團隊，我們相信擁有強大的品牌，而且，你知道，我甚至，你知道，我甚至會說，可能是我們的，你知道，我們，這是電子商務方面的成本，有很多東西可以向百事布拉團隊學習，因為他們一直專注於電子商務，你要知道，當我們的業務相當多元化時，100 100％或他們的大部分業務都是真正的電子商務。

So there is no such metric how much time we're going to spend. I can tell you one thing there is no, we don't operate under like other companies will do that. You know, here you see the smartest guys in the, you know, that come and start suddenly teaching everyone how to do business. This is not the way we operate, you know, Heps Burra has a very good management team, you know, we will be recording, you know, sharing the technology allocating resources just to, to help the company to become even better. And there are services which we have a lot of experience with which we'll be sharing.

所以沒有這樣的衡量標準來衡量我們要花多少時間。我可以告訴你一件事，沒有，我們不像其他公司那樣運作。你知道，在這裡你看到了最聰明的人，你知道，突然開始教每個人如何做生意。這不是我們的運作方式，你知道，Heps Burra有一個非常好的管理團隊，你知道，我們會記錄，你知道，分享技術，分配資源只是為了，幫助公司變得更好。我們在某些​​服務方面擁有豐富的經驗，我們將與大家分享。

But again, you know, myself personally, I will be spending time in Turkey and, and Hera just to, you know, share as much of a knowledge and from our, you know, experience, right. But again, this is not, I mean, this metric for us doesn't exist. We don't have how much time we need to spend. You know, we'll, we, we will have other teams coming down here and we'll, we will be just doing whatever we, we need jointly to, you know, continue exciting the merchants and the consumers and, and innovating really and, and sharing as much as we can.

但再說一次，你知道，就我個人而言，我將在土耳其度過一段時間，赫拉只是為了分享盡可能多的知識和經驗，對吧。但我再說一遍，我的意思是，這個指標對我們來說並不存在。我們沒有需要花多少時間。你知道，我們、我們、我們將有其他團隊來到這裡，我們將、我們將共同做我們需要做的一切，你知道，繼續讓商家和消費者興奮，並真正創新並盡可能多地分享。

I think that's the beauty of this, you know, deal and the transaction that we are investing in the company, which is in our opinion, in our view and we believe is is a very good company and there is, there are things which we can help, we can add, we can share experience. But you know, again, that's basically the fundamentally the way we sort of approach this transaction from our side.

我認為這就是這筆交易的美妙之處，你知道，交易以及我們投資該公司的交易，在我們看來，在我們看來，我們相信這是一家非常好的公司，而且我們有一些東西可以提供協助，我們可以補充，我們可以分享經驗。但你知道，這基本上是我們處理這筆交易的基本方式。

Great. Thank you. Thank you very much for this call.

偉大的。謝謝。非常感謝您打來這通電話。

Thank you. And unfortunately, due to time, we will only be able to take further two questions. And our next question will be from the line of David Shapiro of Vanshap capital. Please go ahead. Your line is open, please unmute locally.

謝謝。不幸的是，由於時間原因，我們只能回答兩個問題。我們的下一個問題將來自 Vanshap 資本的 David Shapiro。請繼續。您的線路已接通，請在本地取消靜音。

Thank you, gentlemen. Can you

謝謝你們，先生們。你可以嗎

Hear me?

聽我說嗎？

Yeah, David, go Ahead

是的，大衛，繼續吧

You. Thank you guys for your strong execution and transparency is always much appreciated on behalf of the shareholders. Just two quick follow up since most of my questions have been asked. I think the implication is that current management and the founder is going to stay in place in the HEP C and if that's correct, I guess, how do you keep them motivated since obviously you've taken out the controlling share? So just some high, I, I know you probably can't get into too much detail, but just some high level thoughts on how you keep them motivated since you guys think so highly of them. And then another quick question.

你。感謝你們的強大執行力和透明度，股東們始終對你們表示讚賞。由於我的大部分問題都被問到了，所以只有兩次快速跟進。我認為這意味著現任管理層和創始人將繼續留在 HEP C，如果這是正確的，我想，既然你顯然已經拿走了控股權，你如何保持他們的積極性？所以只是一些高，我，我知道你可能無法透露太多細節，但只是一些關於如何保持他們積極性的高層次想法，因為你們對他們評價很高。然後是另一個快速問題。

So you talked about, you know, obviously there's this Turkey acquisition you've done, you're waiting on Uzbek, would it be a safe assumption to say that you have your plate full with deepening your product lines in Kazakhstan Turkey? And if Uzbekistan is successful in these three countries and you're probably good for now, as far as international expansion would go, would that be a fair assumption or is that incorrect?

所以你談到，你知道，顯然你已經完成了土耳其的收購，你正在等待烏茲別克斯坦，可以安全地假設說你已經完成了深化哈薩克斯坦土耳其產品線的任務嗎？如果烏茲別克在這三個國家取得了成功，並且就國際擴張而言，您目前可能狀況良好，那麼這是一個公平的假設還是不正確？

Okay, David. Yeah, thank you. Thank you for asking those questions. I mean, in general, on the personal note, I'm really very, you know, honored and, and, and yeah, and the pro being able to meet, you know, Hanzade, the founder of the Heps Burrata. And I think the, you know, that our ability to actually do this transaction was based on the fact that, you know, the companies and the values and the vision is, is very similar and, and Panzara clearly, you know, cares deeply about the company, which is, which is built and as you know, you would care about the baby, any entrepreneur would care about the companies that build Sohana will be, you know, working with us to make sure that the, you know, the transaction is and the and the and the ownership transition is as you know, as smooth and as productive, you know, as as possible. In terms of the, again, the Heps is a public company. So you know, the way that the way the company has been developed, developing that things that are already, you know, things in place.

好吧，大衛。是的，謝謝。感謝您提出這些問題。我的意思是，總的來說，就我個人而言，我真的非常，你知道，很榮幸，而且，是的，而且，是的，職業選手能夠見到，你知道，Heps Burrata 的創始人Hanzade。我認為，你知道，我們實際進行這項交易的能力是基於這樣一個事實：你知道，公司、價值觀和願景非常相似，而且 Panzara 顯然非常關心關於這家公司，正如你所知，你會關心這個嬰兒，任何企業家都會關心建立Sohana 的公司，你知道，他們會與我們合作，以確保，你知道，如你所知，交易是和所有權過渡是盡可能順利和富有成效的。再次強調，Heps 是一家上市公司。所以你知道，公司的發展方式，開發那些已經就位的東西。

Again, we are not coming with the attitude that, you know, there are things, we, there are things which we know that, you know, work and there are things which, you know, have to go out of those work. So I think one plus '13 would be, you know, really our approach as a, yeah, as RA has, has, has explained.

再說一次，我們不會抱著這樣的態度，你知道，有些事情，我們，我們知道，有些事情，你知道，在起作用，有些事情，你知道，必須從這些工作中消失。所以我認為一加 '13 確實是我們的方法，是的，正如 RA 所解釋的那樣。

So in our case, we're just looking forward to really putting the great minds together and we are the top managers and Heps, the top managers are also very experienced, you know, we'll, yeah, we're just looking forward to keeping this rate of the innovation and excitement in the company, but, you know, still subject to closing, but looking forward to meet the the the board members and so on and so forth. It's still, you know, we are still in the, the transaction approval process, right? So I wouldn't really bring too, too much towards it. But again, this whole, this thing is, is exciting because it started from two entrepreneurial companies and, you know, sort of founders really getting excited about.

所以就我們而言，我們只是期待真正將偉大的思想聚集在一起，我們是高層管理人員和Heps，高層管理人員也非常有經驗，你知道，我們會，是的，我們只是期待為了保持公司的創新和興奮的速度，但是，你知道，仍然需要關閉，但期待與董事會成員見面等等。你知道，我們仍然處於交易審批流程中，對吧？所以我不會對此投入太多太多。但再說一次，這件事是令人興奮的，因為它是從兩家新創公司開始的，你知道，創辦人真的很興奮。

Yeah, just we believe how many similarities are between two companies. So I think that's, that's very important and I have enormous respect for what Hanzade has achieved with Heps Burra and the Turkish market. Really exciting for us.

是的，我們相信兩家公司之間有多少相似之處。所以我認為這非常重要，我非常尊重 Hanzade 與 Heps Burra 和土耳其市場的成就。對我們來說真的很令人興奮。

That's great. And then on the international question, do you feel that you guys are kind of satiated between these three core markets that you have the potential now to deepen your product world on?

那太棒了。然後在國際議題上，你們是否覺得你們對這三個核心市場感到滿意，你們現在有潛力深化你們的產品世界？

Well, I mean, again if you, you know the way we always said, you know, that 100 million over 100 million people market is like, you know, 100 million people market. It is really something which really excites us because that's something we can deliver on our mission on the much broader markets. And at the moment, you know, we're working, you know, we'll be working through approval processes in, in, in Turkey. And and we are basically just waiting for for Uzbekistan, you know, to understand the requirements for the acqui. So that's, you know, pretty much the status on the payments company in general. I would say those markets by itself are really exciting and have a wide coverage of the region. So, you know, again, I wouldn't really make any sort of make a lot of promises in general. But I think that those markets are really exciting and you know, surely can, you know, can keep us busy to, to develop the services which delight consumers emergences.

好吧，我的意思是，如果你知道我們總是說的，你知道，一億人以上的市場就像，你知道的，一億人市場。這確實讓我們感到興奮，因為我們可以在更廣泛的市場上履行我們的使命。目前，我們正在土耳其開展審批流程。我們基本上只是在等待烏茲別克了解法案的要求。這就是支付公司的整體狀況。我想說，這些市場本身就非常令人興奮，而且覆蓋範圍廣泛。所以，你知道，我通常不會做出任何形式的承諾。但我認為這些市場確實令人興奮，你知道，當然可以，你知道，可以讓我們忙於開發讓消費者高興的服務。

Thank you guys and best of luck.

謝謝你們，祝你好運。

Thank you, David.

謝謝你，大衛。

Thank you. And the final question in the queue today will be from the line of Roac Gia with Dunross. Please go ahead, Roac, your line is open.

謝謝。今天隊列中的最後一個問題將來自羅克·吉亞（Roac Gia）和鄧羅斯（Dunross）的隊伍。請繼續，羅克，您的線路已接通。

Thank you.

謝謝。

Congratulations on the results and thanks for taking my questions, just maybe more or less a follow up from what many of the previous callers have been asking with regards to the Heps acquisition. Could you just share your thoughts in terms of the structure of the transaction? It's, it's an all cash deal. Wouldn't it have made more sense given that you're entering a new market to maybe keep the owners involved as you're getting your feet under the table?

恭喜結果並感謝您提出我的問題，這可能或多或少是之前許多來電者就 Heps 收購提出的問題的後續。能否分享一下您對交易結構的看法？這是一筆全現金交易。考慮到你正在進入一個新市場，以便在你涉足私下時讓業主參與進來，這不是更有意義嗎？

And so that's the first question and the second question, I guess you've spoken a lot about your payout ratio. You, already talked about it quite a bit about what happens in the short term, but maybe could you maybe speak about what the implications of this transaction could mean to your payout ratio in the, in the medium term? You know, when you look at HPS from what you've seen and from the discussions you've had, does the company need any significant cash injections to continue its growth momentum. Is that why the owners are trying to now sell out because they're not able to raise the cash.

這是第一個問題和第二個問題，我想你已經談了很多關於你的支付率的問題。您已經談論了很多關於短期內發生的事情，但也許您可以談談這筆交易的影響對您的中期支付率意味著什麼？你知道，當你從你所看到的以及你所進行的討論中審視 HPS 時，你會發現該公司是否需要大量現金注入來繼續其成長勢頭。這就是為什麼業主現在試圖出售的原因，因為他們無法籌集現金。

Hey, Verona bit of a cynical question. So I think the answer is no, but on the payout ratio. So I think it wouldn't be appropriate to talk about medium term. I mentioned earlier that we're making the dividend payment for the third quarter.

嘿，維羅納這個問題有點憤世嫉俗。所以我認為答案是否定的，而是在於支付率。所以我認為談論中期是不合適的。我之前提到我們正在支付第三季的股息。

That clearly this transaction has to be funded from cash on hand and cash that we generate between now and closing Q4 earned and Q 41. And then thereafter, I think you should just look at the company's track record. So there's a couple of things that you could sort of look to there one or was a company that is willing to invest number one, but also number two, a company that invests in a sustainable way with an emphasis on growth, profitable growth. I think you can apply that to whatever market we're, we're, we're present in number one, number two.

顯然，這筆交易必須由手頭現金以及我們從現在到第四季末和第四十一季度末賺取的現金提供資金。然後，我認為你應該看看公司的業績記錄。因此，您可以專注於一些事情，第一是一家願意投資的公司，第二是一家以可持續方式投資、強調成長、獲利成長的公司。我認為你可以將其應用到我們處於第一、第二的任何市場。

I think again, you've covered us for a long time or followed us for a long time. A company that that doesn't sit on cash that it doesn't need, it will return cash. And again, we've made dividends, we've paid dividends consistently and we've, we've, we've also bought back stock for a long period of time when we were in London.

我又想，你已經報道我們很久了，或是跟隨我們很久了。一家公司如果不持有不需要的現金，就會回饋現金。再說一次，我們已經派發了股息，我們一直在支付股息，而且我們在倫敦的很長一段時間內也回購了股票。

And then the third point which myself and Michael have already made, actually going forward. We'd hope to have more flexibility given the potential for debt financing, which is something that over the last five years or historically, we've, not explored. So I think if you judge us on sort of what you've seen in the past and make that a similar base case going forward, that wouldn't be unreasonable. But we can't really sort of get into specifics about what the dividend might be in two years or three years, to, to, to today and then I'll hand over to Mick to talk about control of the, getting control of the business.

然後是我和麥可已經提出的第三點，實際上是在繼續。考慮到債務融資的潛力，我們希望擁有更大的靈活性，這是我們在過去五年或歷史上沒有探索過的事情。因此，我認為，如果您根據過去所看到的情況來判斷我們，並將其作為未來的類似基本案例，那並不是沒有道理的。但我們無法真正詳細了解兩年或三年後股息可能是多少，到今天，然後我將交給米克談論控制權，控制權商業。

Well, yeah, I, I don't think there is anything in this question which I haven't really explained. I do think that, you know, like minded people, you know, can get the incredible things done. So, you know, from, from, from that perspective, you know, I think we're, we're just really excited because the, because the, the company profile and the way we have been able to, you know, to the structure, the, the transaction as well. I mean, that is, you know, we're not, we're not looking for 100% you know, happiness, right?

嗯，是的，我，我認為這個問題中沒有什麼我沒有真正解釋過的地方。我確實認為，志同道合的人可以完成令人難以置信的事情。所以，你知道，從，從，從這個角度來看，你知道，我認為我們真的很興奮，因為，因為，公司簡介以及我們能夠，你知道，結構、交易也是如此。我的意思是，也就是說，你知道，我們不是，我們不是在尋找100%的幸福，你知道，對吧？

That we're not $100 bill to be loved by everyone. But the one thing I can, I can tell you that, you know, it's when the buying by shares, I think our, our shares are, are undervalued and we always said that we will put, you know, cash to work when we see the, when, when we see the opportunity. And I think this is, and I truly believe this is the opportunity which presents itself and it's really exciting. And again, you know, the one thing which excites me is that like, likeminded people are getting together, that's, that's the most important in my opinion, because likeminded people then can get all sorts of things done either from the transaction itself or actually the, you know, the the future development and innovation and growth.

我們不是一張百元大鈔，無法受到大家的喜愛。但我可以告訴你的一件事是，你知道，當我們透過股票購買時，我認為我們的股票被低估了，我們總是說，當我們看看，什麼時候，什麼時候我們看到機會。我認為這是，而且我真的相信這是一個出現的機會，而且非常令人興奮。再說一次，你知道，讓我興奮的一件事是，志趣相投的人聚集在一起，這在我看來是最重要的，因為志趣相投的人可以通過交易本身或實際上完成各種事情你知道，未來的發展、創新和成長。

So that's, that's the most important foundation of, of the future risk. Like minded people can always figure out the things which can work the best for consumers and the merchants.

所以這是未來風險最重要的基礎。志同道合的人總是能找出對消費者和商家最有利的事。

Thanks guys And congrats once again.

謝謝大家，再次恭喜。

Thank you. This will conclude the Q&A session. I'd now like to hand back over to David for any closing remarks.

謝謝。問答環節到此結束。現在我想請大衛發表結束語。

All right. So thanks a lot, Harry. Thank you everyone for participating in the call. I can see that there are a couple of people still in the the queue to ask questions. We've unfortunately got to jump on to another call, but happy to continue to this, continue the discussion offline. So please get in touch. Thanks again for your time today. Hope to see you and speak to you over the next couple of weeks and thanks a lot.

好的。非常感謝，哈利。感謝大家參與此次通話。我看到還有幾個人在排隊問問題。不幸的是，我們不得不繼續另一個電話，但很高興繼續這個，繼續離線討論。所以請聯絡我們。再次感謝您今天抽出時間。希望在接下來的幾週內見到您並與您交談，非常感謝。

Thank you very much for going back to building businesses.

非常感謝您重返創業之路。

Have a good week, everyone.

祝大家有個愉快的一周。

Ladies and gentlemen, this concludes today's webinar. Thank you for joining you. May now disconnect from the call.

女士們先生們，今天的網路研討會到此結束。感謝您的加入。現在可以斷開通話。

Goodbye.

再見。