Lesaka Technologies Inc (LSAK) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to the Lesaka Technologies webcast and conference call for the fourth quarter of fiscal 2024. As a reminder, the webcast is being recorded and the presentation can be accessed through the webcast link.

大家好，歡迎收看 Lesaka Technologies 2024 財年第四季的網路廣播和電話會議。提醒一下，網路廣播正在錄製中，可以透過網路廣播連結存取簡報。

(Operator Instructions) The webcast link, Zoom conference call dial-in numbers as well as our press release and supplementary investor presentation are available on our investor relations relations website, ir.lesakatech.com. Additionally, Lesaka filed its Form 10-K after the US market closed yesterday, which is also available on our investor relations website.

（操作員說明）網路廣播連結、Zoom 電話會議撥入號碼以及我們的新聞稿和補充投資者簡報可在我們的投資者關係網站 ir.lesakatech.com 上取得。此外，Lesaka 在昨天美國市場收盤後提交了 10-K 表格，該表格也可在我們的投資者關係網站上取得。

As a reminder, during this call, we will be making forward-looking statements, and I ask you to look at the cautionary language contained in our Form 10-K regarding the risks and uncertainties associated with forward-looking statements. Also, as a domestic filer in the United States, we report results in US dollars under US GAAP. However, it is important to note that our operational currency is South African rand and as such, we analyze our performance in South African rand.

謹此提醒，在本次電話會議期間，我們將做出前瞻性陳述，我請您查看我們的 10-K 表格中包含的關於與前瞻性陳述相關的風險和不確定性的警示性語言。此外，作為美國的國內申報者，我們根據美國公認會計準則以美元報告結果。然而，值得注意的是，我們的營運貨幣是南非蘭特，因此，我們以南非蘭特分析我們的表現。

In this presentation, we will discuss our results in South African rand, which is non-GAAP. This assists investors understanding of our underlying trends in our business. As you know, the company's results can be significantly affected by the currency fluctuations between the US dollar and the South African rand.

在本次演示中，我們將討論以南非蘭特（非公認會計準則）計算的結果。這有助於投資者了解我們業務的基本趨勢。如您所知，該公司的業績可能會受到美元和南非蘭特之間貨幣波動的重大影響。

Taking a quick look at today's agenda. Ali Mazanderani, Chairman of Lesaka will give a quick overview of the year-end quarter. Steve Heilbron, CEO of Merchant Division and Head of Corporate Development, will provide an update on the merchant division, followed by Lincoln Mali, CEO of Lesaka Southern Africa, who will then take us through the consumer division's performance.

快速瀏覽一下今天的議程。Lesaka 董事長 Ali Mazanderani 將簡要概述年末季度情況。商業部門執行長兼企業發展主管 Steve Heilbron 將介紹商業部門的最新情況，隨後 Lesaka Southern Africa 執行長 Lincoln Mali 將向我們介紹消費者部門的表現。

Naeem Kola, Group CFO, will present a detailed overview of our financial performance for the three months and year-ended June 30, 2024. Thereafter, Ali, will turn and talk about Lesaka's outlook, which includes fiscal 2025 guidance.

集團財務長 Naeem Kola 將詳細介紹我們截至 2024 年 6 月 30 日的三個月和全年的財務表現。此後，阿里將轉而談論 Lesaka 的前景，其中包括 2025 財年指導。

With all that said, I'd now like to turn the call over to Ali.

話雖如此，我現在想把電話轉給阿里。

Good morning and good afternoon. We're reporting another successful year for Lesaka. Group adjusted EBITDA increased 55% to ZAR 691 million, in line with our guidance for the year. On operating income level, we have managed to turn the ZAR 275 million loss in FY2023 to a profit of ZAR 67 million this year.

早安，下午好。我們正在報告 Lesaka 又一個成功的一年。集團調整後 EBITDA 成長 55%，達到 6.91 億南非蘭特，與我們今年的指引一致。在營業收入層面，我們已成功將2023財年的2.75億南非蘭特虧損扭虧為盈，今年實現了6,700萬南非蘭特的獲利。

Fundamental earnings per share turned positive to ZAR 1.06 improving by ZAR 3.72 per share. Our net debt to group adjusted EBITDA ratio improved to 2.5 times from 4.5 times a year ago.

每股基本收益轉正，達 1.06 蘭特，每股收益提高 3.72 蘭特。我們的淨負債與集團調整後 EBITDA 比率從一年前的 4.5 倍提高到 2.5 倍。

The first chapter of the Lesaka story has been written. For me, the story began four years ago when I presented the transformation strategy for the business at the Q4 2020 earnings call. It was given shape in April 2022, with the joining of the Connect Group. The past four years have been about setting the foundations, building a team and forging a business out of a collection of assets.

萊薩卡故事的第一章已經寫好了。對我來說，故事始於四年前，當時我在 2020 年第四季的財報電話會議上提出了商業轉型策略。隨著 Connect Group 的加入，該計劃於 2022 年 4 月成形。過去的四年一直是奠定基礎、組建團隊並利用一系列資產來打造業務。

The execution has not been perfect and without doubt, there are many things we could have done better, things we could have done faster and more efficiently. This is part of the maturity curve we are on and we have to hold ourselves to the highest standard.

執行並不完美，毫無疑問，有很多事情我們可以做得更好，我們可以做得更快、更有效。這是我們成熟曲線的一部分，我們必須堅持最高標準。

That said, we should recognize that while in the previous incarnation, Net1 may have listed almost 20 years ago, Lesaka has many of the characteristics, challenges and opportunities of a scaling startup. There should be an expectation that we still have much to learn with the good news that we are learning fast, the company beats with enthusiasm and optimism. It believes it will define a fantastic future both for its customers and for itself.

也就是說，我們應該認識到，雖然在前身 Net1 可能已經上市近 20 年前，但 Lesaka 擁有規模化新創公司的許多特徵、挑戰和機會。應該期望我們還有很多東西要學習，好消息是我們學得很快，公司充滿熱情和樂觀。它相信它將為其客戶和自身定義一個美好的未來。

Reflecting on the past four years, all involved should be pleased and proud to be associated with what has been achieved to date. FY 2024 affirms our position as the leading independent fintech in Southern Africa in terms of both revenue and EBITDA, an impressive achievement.

回顧過去四年，所有參與者都應該為迄今為止所取得的成就感到高興和自豪。2024 財年確認了我們在收入和 EBITDA 方面作為南部非洲領先的獨立金融科技公司的地位，這是一項令人印象深刻的成就。

Steven, Lincoln and Naeem will now go into more detail on the underlying financial and operational performance of the business over the last year. After that, I will lay out how we will organize ourselves going forward to take advantage of the enormous opportunity ahead of us and provide financial guidance for FY 2025. Over to you, Steve.

史蒂文、林肯和納伊姆現在將更詳細地介紹該公司去年的基本財務和營運表現。之後，我將闡述我們未來將如何組織自己，以利用我們面前的巨大機遇，並為 2025 財年提供財務指導。交給你了，史蒂夫。

Thank you, Ali. We've had a busy year and quarter in the merchant division. Whilst competing in this dynamic, fast-paced market, we have executed two acquisitions during the year. Touchsides efficiently joined Lesaka in May 2024 and has been integrated into our micro-merchant pillar. This is a very exciting platform for us. There is limited Kazang Touchsides customer overlap, it brings day one, 6,400 new sites and further growth opportunities for our Kazang business.

謝謝你，阿里。我們的商業部門度過了忙碌的一年和一個季度。在這個充滿活力、快節奏的市場中競爭的同時，我們在這一年中執行了兩次收購。Touchsides 於 2024 年 5 月高效加入 Lesaka，並已整合到我們的微商支柱中。這對我們來說是一個非常令人興奮的平台。Kazang Touchsides 客戶重疊有限，第一天就帶來了 6,400 個新站點，並為我們的 Kazang 業務帶來了進一步的成長機會。

Through this acquisition, we have entered a vibrant vertical in the informal sector being the licensed tavern market in which we will now deepen our penetration. Further to this, the data monetization opportunity, its technology and expertise that this investment brings, enhances our offering to our merchants and their suppliers.

透過這項收購，我們進入了非正規部門充滿活力的垂直市場，即特許酒館市場，我們現在將加深在該市場的滲透。除此之外，這項投資帶來的數據貨幣化機會、技術和專業知識增強了我們為商家及其供應商提供的服務。

The data and insights gathered from our deployed terminals carries significant value and potential to be monetized through relationships with a range of clients, including FMCG companies, retailers, wholesalers, route-to-market suppliers and financiers.

從我們部署的終端收集的數據和見解具有巨大的價值和潛力，可以透過與一系列客戶（包括快速消費品公司、零售商、批發商、上市供應商和金融家）的關係來貨幣化。

We have received shareholder and competition commission approval for the Adumo acquisition. We are copmpleting the remaining procedural CPs and anticipate closing at the beginning of October 2024. This is a transformative acquisition which substantially broadens the scale and opportunity in our merchant offering.

我們已獲得股東和競爭委員會對 Adumo 收購的批准。我們正在完成剩餘的程序 CP，預計於 2024 年 10 月初結束。這是一次變革性的收購，大大擴大了我們商業產品的規模和機會。

Adumo payments offers payment processing, integrated payments and reconciliation solutions to SME merchants in South Africa, Namibia and Botswana.

Adumo Payments 為南非、納米比亞和波札那的中小企業商家提供支付處理、整合支付和對帳解決方案。

The well-known hospitality platform GAAP allows us to enter a new market vertical being the hospitality sector. GAAP is the leading provider of integrated point-of-sales software and hardware to this segment in Southern Africa, servicing 9,000 customers in 24 countries, with on-the-ground operations in South Africa, Botswana and Kenya.

著名的酒店平台 GAAP 使我們能夠進入一個新的垂直市場，即酒店業。GAAP 是南部非洲該領域整合銷售點軟體和硬體的領先供應商，為 24 個國家的 9,000 名客戶提供服務，並在南非、波札那和肯亞設有實地營運機構。

These acquisitions have bolstered our existing SME business penetration through Connect And Kazang. We are now a leading provider in both the SME merchant and micro-merchant market. We have restructured and re-branded our enterprise offering and are starting to build additional scale through Prism and EasyPay enterprise.

這些收購增強了我們透過 Connect And Kazang 現有的中小企業業務滲透力。我們現在是中小企業商家和微型商家市場的領先提供者。我們重組並重新命名了我們的企業產品，並開始透過 Prism 和 EasyPay 企業擴大規模。

We continue to look at further acquisitions that add scale or enhance our ability to solve for merchant pain points or both. As Ali mentioned, our improving financial strength and shareholder support gives us significant flexibility in this regard.

我們將繼續尋求進一步的收購，以擴大規模或增強我們解決商家痛點的能力，或兩者兼而有之。正如阿里所提到的，我們不斷增強的財務實力和股東支持為我們在這方面提供了巨大的靈活性。

Turning to our KPIs, it has been another year of growth. As a reminder, we offer a wide range of VAS products through our Kazang device to help our merchants attract customers to their stores, including airtime, data, electricity, gaming, lotto, money transfers and bill payments. We have over 1,000 suppliers loaded onto our supplier payments system compared to approximately 600 suppliers 12 months ago, allowing our micro-merchants to significantly reduce risk and administration and improve efficiencies in their operations.

談到我們的 KPI，今年又是成長的一年。提醒一下，我們透過 Kazang 設備提供廣泛的增值服務產品，以幫助我們的商家吸引顧客到他們的商店，包括通話時間、數據、電力、遊戲、樂透、轉帳和帳單支付。與 12 個月前約 600 家供應商相比，我們現在有超過 1,000 家供應商加載到我們的供應商支付系統中，這使得我們的小型商家能夠顯著降低風險和管理並提高營運效率。

We have shown international money transfer separately as it is a volatile throughput and is a very low margin business. Q4-on-Q4, our core VAS and supplier payments throughput increased 31% with a two-year compounded annual growth rate of 45%.

我們單獨展示了國際匯款，因為它的吞吐量不穩定且利潤率非常低。第四季度，我們的核心加值服務和供應商付款吞吐量成長了 31%，兩年複合年增長率為 45%。

Turning to the performance for the year, FY 2024 was up 43% on FY 2023 with a two-year compound annual growth rate of 49%. As previously outlined in results presentations this financial year, we are focusing on higher ARPUs and profitability per device. This has involved uplifting our devices from lower turnover sites and deploying them more profitably. This strategy is maximizing average revenue per device and has delivered very positive results for us, demonstrated by these excellent growth rates.

談到全年業績，2024 財年較 2023 財年成長 43%，兩年複合成長率為 49%。如同先前在本財年的業績報告中所概述的，我們的重點是提高每台設備的 ARPU 和獲利能力。這涉及到從營業額較低的地點提升我們的設備並以更高的利潤部署它們。這項策略最大限度地提高了每台設備的平均收入，並為我們帶來了非常積極的成果，這些出色的成長率證明了這一點。

Our devices in the field grew 17% to over 87,500, which includes the acquired Touchsides sites. Pre-acquisition, 2,300 of the Touchsides sites already had a Kazang device, creating an immediate opportunity to roll-out an additional 6,400 sites into the acquired platform. This comprises the roll-out of the traditional Kazang offering, which includes VAS, card acceptance and supplier payments.

我們的現場設備成長了 17%，達到 87,500 多個，其中包括收購的 Touchsides 站點。在收購之前，Touchsides 的 2,300 個站點已經擁有 Kazang 設備，這為將另外 6,400 個站點推出到所收購的平台創造了立即機會。這包括推出傳統的 Kazang 產品，其中包括增值服務、銀行卡受理和供應商付款。

Our teams are pushing hard at the cross-sell opportunity since Touchsides officially joined Lesaka in May. However, we are also continuing to deepen our penetration in the tavern vertical with our comprehensive offering, increasing our overall growth opportunity.

自從 Touchsides 五月正式加入 Lesaka 以來，我們的團隊一直在努力爭取交叉銷售機會。然而，我們也透過提供全面的產品繼續加深在酒館垂直領域的滲透，增加我們的整體成長機會。

After a stellar Q4-on-Q4 performance in FY 2023, given that we were targeting our back book of existing merchants, coupled with the fact that Kazang Pay was relatively new to market after its launch in 2021, throughput for Q4 2024 was strong increasing by 20%. This represents a two-year compound annual growth rate of 47%.

在 2023 財年第四季度表現出色之後，考慮到我們的目標是現有商戶的回賬，再加上 Kazang Pay 在 2021 年推出後相對較新進入市場，2024 年第四季度的吞吐量強勁增長20%。這意味著兩年複合成長率為 47%。

Similarly, looking at the year, the card throughput growth rate for FY2024, an increase of 30% year-on-year, is off a significantly larger base, with a two-year compound annual growth rate of 60%. As a reminder, we are able to convert Kazang devices into Kazang Pay card accepting devices through a simple on-boarding process without any hardware changes.

同樣，從全年來看，2024財年卡吞吐量成長率年增30%，基數明顯更大，兩年複合年增長率為60%。提醒一下，我們可以透過簡單的登入流程將 Kazang 設備轉換為 Kazang Pay 卡接受設備，而無需進行任何硬體變更。

As mentioned, whilst we focused on the larger merchants and the back book initially, resulting in a 97% growth in FY 2023, FY 2024 growth is largely attributable to new client acquisitions. We are anticipating good growth from our card acceptance business in FY 2025.

如前所述，雖然我們最初專注於大型商家和後台帳簿，導致 2023 財年成長 97%，但 2024 財年的成長主要歸功於新客戶的取得。我們預計 2025 財年我們的卡受理業務將實現良好成長。

As with VAS, we have over 6,400 Touchsides merchants which we will be looking to bring onto the Kazang Pay platform, which is a significant immediate opportunity for us, alongside our organic growth into the tavern vertical.

就像加值服務一樣，我們有超過 6,400 個 Touchsides 商家，我們希望將他們引入 Kazang Pay 平台，這對我們來說是一個重要的直接機會，同時我們也能在酒館垂直領域實現有機成長。

Devices deployed grew 15% this year with a two-year compound annual growth rate of 51%. As with our VAS device strategy, we are focusing on higher quality ARPU per device, with poor performing sites being uplifted and deployed into higher turnover, more profitable merchants which is reflecting in our throughput KPI.

今年部署的設備成長了 15%，兩年複合年增長率為 51%。與我們的增值服務設備策略一樣，我們專注於提高每台設備的ARPU 質量，將性能不佳的網站提升並部署到營業額更高、利潤更高的商家，這反映在我們的吞吐量KPI 中。

For our card acceptance business, the introduction of Adumo acquisition from Q2 2025, brings exciting opportunities with the scale and solution sets that this brings to our platform. Our cash management solutions business reflects a more muted growth rate, with a two-year compound annual growth rate of 3%, Q4-to-Q4 and 5% compound annual growth rate for the two years to FY 2024.

對於我們的卡受理業務，從 2025 年第二季開始收購 Adumo，為我們的平台帶來了令人興奮的規模和解決方案集。我們的現金管理解決方案業務的成長率較為溫和，第四季至第四季的兩年複合年增長率為 3%，截至 2024 財年的兩年複合年增長率為 5%。

It's very important to look at this result in the context of the operating environment for our customers. This business has a large exposure to the former SME sector, which over previous years have been particularly hard hit by COVID, high interest rates, high inflation, load shedding and depressed consumer spend. Whilst these businesses have faced the challenges mentioned above over the past three years, we are more optimistic about outlook.

在我們客戶的操作環境背景下看待這個結果非常重要。該業務對以前的中小企業部門有很大的影響力，而在過去的幾年裡，中小企業部門受到新冠疫情、高利率、高通膨、減負荷和消費者支出低迷的打擊尤為嚴重。雖然這些企業在過去三年中面臨上述挑戰，但我們對前景更加樂觀。

We are seeing the reduction in churn, attributable to fewer bankruptcies and expect this trend to continue. We have restructured our sales approach and have recently introduced a new innovative vault offering for the micro merchant base, which continues to see good momentum.

我們看到，由於破產數量減少，客戶流失率下降，並預計這一趨勢將持續下去。我們重組了我們的銷售方式，最近為微型商家推出了一種新的創新保險庫產品，該產品繼續保持良好的勢頭。

Our vaulting solution brings significant efficiency gains to informal merchants as they don’t have to travel to banks to deposit cash, they can go to their closest merchant in the community with a Kazang vault and drop their cash. This is immediately available in their wallet for working capital, supplier payments or VAS purchases.

我們的金庫解決方案為非正規商家帶來了顯著的效率提升，因為他們不必前往銀行存入現金，他們可以前往社區中距離最近的擁有 Kazang 金庫的商家處存入現金。這可以立即在他們的錢包中用於營運資金、供應商付款或增值服務購買。

We believe we make a real difference in our micro merchant operations as we build Kazang merchant communities, enhance risk management and facilitate immediate cash availability. Our cash business remains a vital product in our merchant offering and is a key differentiator for us in the digitization of cash. Whilst there is a trend towards digital payments, cash to date remains the most significant portion of retail transactions, more notably in the informal markets.

我們相信，透過建立 Kazang 商人社群、加強風險管理和促進即時現金可用性，我們能夠真正改變我們的小微型商家營運。我們的現金業務仍然是我們商家產品中的重要產品，也是我們在現金數位化方面的關鍵差異化因素。儘管存在數位支付的趨勢，但迄今為止現金仍然是零售交易中最重要的部分，尤其是在非正規市場。

Our credit business is primarily exposed to the former SME sector. As our merchants have battled to the economic headwinds, their credit scores have suffered, leading to many not meeting our credit criteria. This has resulted in lower advances and book size. However, this has maintained the quality of the book.

我們的信貸業務主要面向以前的中小企業部門。由於我們的商人與經濟逆風作鬥爭，他們的信用評分受到影響，導致許多人不符合我們的信用標準。這導致預付款和帳面規模減少。不過，這還是維持了本書的品質。

We are anticipating an improvement in this business with load shedding easing, inflation back in range and an expectation of some interest rate relief this year. We have now distributed ZAR 3 billion of funding to our merchants since we launched this product which has been a game changer in providing them with capital to grow their businesses.

我們預計，隨著減負荷的緩解、通貨膨脹回到一定範圍內以及今年利率下調，這項業務將會有所改善。自從我們推出該產品以來，我們現已向我們的商家分配了 30 億南非蘭特的資金，該產品改變了遊戲規則，為他們提供了發展業務的資本。

Capital Connect credit dispersed has a two year compound annual growth rate of 9% from FY 2022 to FY 2024, despite the challenging credit environment and with no material impact on our loss rate in this business, which remains well below our target range.

儘管信貸環境充滿挑戰，但資本通信貸分散從2022 財年到2024 財年的兩年複合年增長率為9%，並且對該業務的損失率沒有產生重大影響，該損失率仍遠低於我們的目標範圍。

We recently launched a new product, Fuel Connect, which has been well received and we anticipate this improving activity and returns in the merchant lending business. As a reminder, we suspended Kazang Pay Advance, which focused on micro merchants early in FY 2024 and have shown the impact separately on this slide.

我們最近推出了一款新產品 Fuel Connect，廣受好評，我們預計商業貸款業務的活動和回報將有所改善。提醒一下，我們在 2024 財年初期暫停了 Kazang Pay Advance，該服務主要針對微型商家，並在這張投影片上單獨顯示了其影響。

We continue to explore other options with respect to this offering, and we have recently gone live with a pilot phase of this product for micro merchants. We are monitoring payment behavior and applying stricter lending criteria before an anticipated commercial relaunch later in fiscal 2025.

我們繼續探索與此產品相關的其他選擇，最近我們為微型商家推出了該產品的試點階段。在預計於 2025 財年稍後重新啟動商業之前，我們正在監控支付行為並應用更嚴格的貸款標準。

I would like to congratulate the team on the recently awarded Best Retail Fintech Funder South Africa 2024, by Wealth & Finance. Capital Connect is an extremely innovative merchant solution, providing funding up to ZAR 5 million, often within well under 24 hours. With new products in the formal and informal space, and the acquired merchant base that Adumo and GAAP brings, supported by an improving interest rate environment, we anticipate an improved lending performance in FY 2025.

我謹祝賀團隊最近榮獲《財富與金融》頒發的 2024 年南非最佳零售金融科技資助者獎。Capital Connect 是一種極具創新性的商家解決方案，通常可在 24 小時內提供高達 500 萬南非蘭特的資金。憑藉正式和非正式領域的新產品，以及 Adumo 和 GAAP 帶來的收購商戶基礎，在利率環境改善的支持下，我們預計 2025 財年的貸款業績將有所改善。

Our EasyPay enterprise market solution is strategically important and we continue to enhance our technology and management structures. The new operating model which Ali spoke to will increase focus and improve performance of this business. Servicing over 750 customers and with over 600 billers on the platform embedded into all major retail systems, EasyPay has an extensive footprint and content that would be very difficult to replicate.

我們的 EasyPay 企業市場解決方案具有重要的策略意義，我們將繼續增強我們的技術和管理結構。阿里談到的新營運模式將提高該業務的重點並提高績效。EasyPay 為超過 750 名客戶提供服務，並在嵌入所有主要零售系統的平台上擁有超過 600 個記帳方，其覆蓋範圍廣泛，內容也非常難以複製。

The reduction in Q4 throughout is primarily attributable to exiting a large contract that was no longer strategic for us. Despite the loss of throughput, there is no impact on profitability. On an annual basis the mix of throughput was flat, however, within this result VAS throughput showed good growth of 10% and bill payments was up an encouraging 15%. In our switching business, we have recently launched our new technology Prism Switch which we are confident will accelerate growth in this business.

第四季的減少主要是因為退出了一份對我們來說不再具有戰略意義的大合約。儘管吞吐量有所損失，但對獲利能力沒有影響。以年度計算，吞吐量組合持平，但在此結果中，VAS 吞吐量顯示 10% 的良好增長，而帳單支付增長了令人鼓舞的 15%。在我們的交換業務中，我們最近推出了新技術 Prism Switch，我們相信它將加速該業務的成長。

For the quarter, merchant revenue grew 10% year on year. At an EBITDA level, normalizing for the impact of NUETS, Kazang Pay Advance and bulk VAS purchases, EBITDA grew 6% in Q4 2024 compared to Q4 2023. For the year under review, revenue increased 12% and EBITDA 4% to ZAR 624 million.

本季度，商家營收年增10%。在 EBITDA 水準上，考慮到 NUETS、Kazang Pay Advance 和批量加值服務採購的影響，2024 年第四季的 EBITDA 與 2023 年第四季相比成長了 6%。回顧年度，營收成長 12%，EBITDA 成長 4%，達到 6.24 億南非蘭特。

Normalizing for Nuets, Kazang Pay Advance and bulk VAS purchases, EBITDA was up 15% for FY 2024. We expect our merchant segment Adjusted EBITDA growth for FY 2025 to be in the region of 20%.

Nuets、Kazang Pay Advance 和批量加值服務採購正常化後，2024 財年 EBITDA 成長了 15%。我們預計 2025 財年我們的商業部門調整後 EBITDA 成長率將在 20% 左右。

In conclusion today, our merchant division, including the Touchsides and Adumo acquisitions, services in excess of 120,000 merchants and processes more than ZAR 270 billion in throughput annually. The augmentation of these product offerings positions us well for growth and further efficiencies in our payments ecosystem.

總而言之，我們的商家部門（包括收購的 Touchsides 和 Adumo）為超過 12 萬家商家提供服務，每年處理的吞吐量超過 2,700 億南非蘭特。這些產品的增加使我們能夠在支付生態系統中實現成長並進一步提高效率。

I would like to take this opportunity to welcome Paul Kent, the CEO of Adumo, to Lesaka. We are very excited to have him and his team on board. Paul will be overseeing the merchant pillar in our merchant division on completion of the Adumo acquisition.

我謹藉此機會歡迎 Adumo 執行長 Paul Kent 來到萊薩卡。我們非常高興他和他的團隊加入。完成 Adumo 收購後，Paul 將負責監督我們商業部門的商業支柱。

With that, I'd like to hand over to Lincoln, to take you through the consumer division results.

接下來，我想請林肯向您介紹消費者部門的結果。

Thank you, Steve. Firstly, I'd like to thank our consumer team for delivering an excellent set of results for the year, characterized by four consecutive quarters of improved revenues and profitability. The consumer business today is unrecognizable compared to three years ago when the strategy was set and the turnaround commenced. During this period, we had to.

謝謝你，史蒂夫。首先，我要感謝我們的消費者團隊今年取得了出色的業績，其特點是連續四個季度收入和盈利能力提高。與三年前製定策略並開始轉虧為盈時相比，如今的消費業務已經面目全非。這段時間我們不得不這麼做。

One, fundamentally change from a grant and cash dispensing business to a customer and sales focus business. Two, design and build an entirely new distribution model from scratch with relevant and convenient channels.

第一，從根本上從贈款和現金發放業務轉變為以客戶和銷售為中心的業務。第二，從頭開始設計並建立一個全新的經銷模式，並提供相關且便利的通路。

Three, rethink our entire product value proposition to line up with the needs of our customers and reposition the EasyPay Everywhere brand to one that resonate with our customers. Four, train all of our staff across the country who had never sold before about how to attract and retain customers. Lastly, rebuild relationships with multiple stakeholders, including community and traditional leaders, SASSA officials and regulators.

第三，重新思考我們的整個產品價值主張，以符合客戶的需求，並將 EasyPay Everywhere 品牌重新定位為與客戶產生共鳴的品牌。第四，對全國各地從未銷售過的員工進行如何吸引和留住客戶的培訓。最後，重建與多個利害關係人的關係，包括社區和傳統領導人、SASSA 官員和監管機構。

The turnaround strategy we set out almost three years ago has been executed and is demonstrated in our results. I could not be more proud of what our team has achieved

我們大約三年前製定的扭虧為盈策略已經執行，並在我們的業績中得到了體現。我對我們團隊所取得的成就感到非常自豪

We operate in a large market of approximately 26 million consumers in the lower income segments. Within that customer segment, there are 12 million grant beneficiaries, with child support and old age grants making up most of the base.

我們在一個擁有約 2,600 萬低收入消費者的龐大市場中開展業務。在該客戶群中，有 1,200 萬名補助金受益人，其中兒童扶養費和老年補助金佔了大部分。

As the only financial service provider focused exclusively on grant recipients, we dedicate 100% of our resources to understanding the grant beneficiary base. This has allowed us to design products and service channels exclusive to their needs, and this is paying dividends.

作為唯一專注於贈款接受者的金融服務供應商，我們投入 100% 的資源來了解贈款受益人基礎。這使我們能夠設計專門滿足他們需求的產品和服務管道，而這正在帶來紅利。

We estimate our share of this market to be approximately 11%, leaving a significant growth opportunity ahead of us as we enhance our product distribution and service. We have dedicated significant attention to how we approach and service our customers. Two of our key focus areas are, one, to grow the EPE account base and two, to cross-sell other products to this base.

我們估計我們在這個市場的份額約為 11%，隨著我們加強產品分銷和服務，我們面臨著巨大的成長機會。我們非常注重如何接觸和服務客戶。我們兩個重點關注的領域是，一是擴大 EPE 客戶群，二是向該基地交叉銷售其他產品。

In terms of permanent grant recipients, we registered approximately 65,000 gross account activations this quarter and 30,000 net activations after churn compared to approximately 5,000 a year ago.

就永久贈款接受者而言，本季度我們註冊的總帳戶激活量約為 65,000 個，流失後淨激活數為 30,000 個，而一年前約為 5,000 個。

We're very pleased with the new level of account activations per quarter. This represents a step change in our base and is after taking into account the impact of instability at the South African Post Office as well as the closure of the SASSA digital portal for switching for parts of the year.

我們對每季帳戶啟動量達到新的水平感到非常滿意。這是在考慮到南非郵局不穩定的影響以及 SASSA 數位入口網站在一年中部分時間關閉的情況下，我們的基礎發生了一步變化。

In FY 2024 we had 326,000 gross new account activations in our permanent grant recipient base, up 75% compared to FY 2023. On a net basis, new activations increased 143% for the year to approximately 192,000. These results evidence the strides made in our account activation strategy, which is key to our offering and a clear competitive advantage in our customer value proposition, given our specific focus on the grant recipient market.

2024 財年，我們的永久贈款接受者群體中有 326,000 個新帳戶啟動總數，比 2023 財年增長了 75%。以淨額計算，今年新啟動數量增加了 143%，達到約 192,000 個。這些結果證明了我們的帳戶啟動策略所取得的進步，鑑於我們對贈款接受者市場的特別關注，這對於我們的產品和客戶價值主張中的明顯競爭優勢至關重要。

We have set a new base on our monthly account activation rate averaging around 55% per month, compared to below 40% in 2023. We are particularly pleased about how our cross-sell strategy has played out. Evident from the graphs here are how we have managed to increase our loan and insurance penetration over the past year. EPE account holders who also have a loan, increased by more than 20% year-on-year.

我們設定了新的每月帳戶啟動率基準，平均每月約為 55%，而 2023 年則低於 40%。我們對交叉銷售策略的效果感到特別高興。從這裡的圖表可以明顯看出我們在過去一年中如何設法提高貸款和保險滲透率。同時擁有貸款的EPE帳戶持有者年增超過20%。

EPE account holders who also have an insurance policy increased by more than 30%, and EPE account holders who have a loan and insurance policy increased by more than 35%. This growth has been achieved through offering relevant and affordable products and investing in training and technology and convenient distribution channels.

同時擁有保險單的EPE帳戶持有人增加了30%以上，同時擁有貸款和保險單的EPE帳戶持有人增加了35%以上。這一增長是透過提供相關且價格實惠的產品以及投資於培訓和技術以及便利的分銷管道來實現的。

Turning to our KPIs, we have grown our permanent grant customer base by 21% over the past year to ZAR 1.33 million. These are customers who are able to cross-sell our lending and insurance products to and where we place our focus on.

就我們的 KPI 而言，我們的永久贈款客戶群在過去一年中成長了 21%，達到 133 萬南非蘭特。這些客戶能夠向我們重點關注的地方交叉銷售我們的貸款和保險產品。

Our gross lending book increased 32% year-on-year to ZAR 548 million. We advanced ZAR4 70 million during the quarter, and this is up 13% compared to a quarter ago, up 31% year-on-year. In terms of penetration, 41% of our permanent EPE account holders now use our lending product, and this is up from 59% last year.

我們的貸款總額年增 32%，達到 5.48 億南非蘭特。本季我們預付了 7,000 萬南非蘭特，比上一季成長 13%，年增 31%。就滲透率而言，我們的永久 EPE 帳戶持有者中有 41% 現在使用我們的貸款產品，高於去年的 59%。

This demonstrates the value our customers place on our lending product. We extended over 1 million loans, totaling ZAR 1.7 billion during the year, and this is up 29% compared to financial year 2023, having a significant impact on the lives of our customers. These loans are used for paying school fees, buying books and uniforms for learners by our customer.

這顯示了客戶對我們貸款產品的重視。年內，我們發放了超過 100 萬筆貸款，總額達 17 億南非蘭特，與 2023 財年相比增長了 29%，對客戶的生活產生了重大影響。這些貸款用於支付我們的客戶的學費、為學習者購買書籍和製服。

We have device and education specials linked to our loans so that people can also have digital access to a wider range of educational resource. Of course, these loans are often used by our customers just to make ends meet, especially when they have unexpected expenses or have to travel to their family home.

我們有與我們的貸款相關的設備和教育特價，以便人們還可以透過數位方式存取更廣泛的教育資源。當然，我們的客戶經常使用這些貸款來維持收支平衡，特別是當他們有意外開支或必須回家時。

Demonstrating the utility of our loans and the value our customers place on this product is evident in our low loss ratio of approximately 6%. This is a very good credit loss ratio for this end of the market. Further to this, 80% of our lenders are repeat borrowers, after they have paid off their loan.

我們約 6% 的低損失率充分體現了我們貸款的效用以及客戶對該產品的重視。對於這一端市場來說，這是一個非常好的信用損失率。此外，我們 80% 的貸款人在還清貸款後都是重複借款人。

As a reminder, under our credit policy, customers need to pay off existing loans and go through affordability assessments each time before taking on a new loan. With our loan book turning over at least every six months, we get very good insight into our borrowers' behavior and the quality of our book.

提醒一下，根據我們的信貸政策，客戶每次申請新貸款之前都需要還清現有貸款並進行負擔能力評估。由於我們的貸款簿至少每六個月週轉一次，因此我們可以很好地了解借款人的行為和貸款簿的品質。

Turning to our micro-insurance product, EasyPay Insure, our portfolio increased 31% to 439,000 in-force policies at the end of quarter four 2024. This represents a penetration rate of 33%, up from approximately 30% last year, which is a very pleasing result considering we increased our EPE permanent account base by 21% over that period.

至於我們的小額保險產品 EasyPay Insure，截至 2024 年第四季末，我們的投資組合增加了 31%，達到 439,000 份有效保單。這代表著 33% 的滲透率，高於去年的約 30%，考慮到我們同期 EPE 永久帳戶基數增加了 21%，這是一個非常令人高興的結果。

As with the micro-loans, our insurance product has a big impact on our customers lives, providing cover of up to ZAR 50,000 on the death of a beneficiary. We paid out over ZAR 110 million to bereaved families this year, 90% of which was within 24 hours, and 95% within 48 hours.

與小額貸款一樣，我們的保險產品對客戶的生活影響很大，為受益人的死亡提供高達 50,000 南非蘭特的保障。今年我們發給罹難者家屬了超過1.1億南非蘭特，其中90%是在24小時內發放的，95%是在48小時內發放的。

The value our customers place on these policies is reflected in our very high premium collection ratio of 96%, which is very good at this end of the market, where it is normally around 60%. Further, our lapse ratio of approximately 7% is significantly better than industry norm of over 20% in this market. This momentum has continued in financial year 2025 with a record number of policies already sold in July.

我們的客戶對這些保單的重視體現在我們高達 96% 的保費收取率上，這對於通常在 60% 左右的市場來說非常好。此外，我們約 7% 的失效率明顯優於該市場超過 20% 的產業標準。這一勢頭在 2025 財年繼續保持，7 月售出的保單數量創歷史新高。

The pricing, accessibility and servicing of our loan and insurance products, and the positive impact they have had on our customers' lives has led to the continued improvement in our cross selling as demonstrated earlier. This has resulted in our ARPU increasing to ZAR 90 per month as at June 30, an increase of approximately 13% over the year.

我們的貸款和保險產品的定價、可近性和服務，以及它們對客戶生活的正面影響，導致我們的交叉銷售持續改善，如前所述。截至 6 月 30 日，我們的 ARPU 增至每月 90 南非蘭特，年增約 13%。

This is well above the ARPU earned by other financial services providers where grant beneficiaries are not their primary customer segment. We believe this is testament to our exclusive focus on grant beneficiaries and our obsession in understanding the needs of our customers.

這遠高於其他金融服務提供者所獲得的 ARPU，這些提供者的贈款受益人不是其主要客戶群。我們相信，這證明了我們對贈款受益人的專注以及對了解客戶需求的執著。

We have invested in enhancing convenience and experience for our customers by relocating our branches to be near SASSA offices, transport links and popular retailers. In the coming year, we are opening over 15 new optimally located and laid out branches on the back of the results we have seen which will support further growth in our EPE account base and cross-selling initiatives. Our rebranded and refurbished branches, as can be seen in the images on this slide, has led to a marked improvement in staff morale and customer experience.

我們投資將分公司遷至 SASSA 辦事處、交通樞紐和受歡迎的零售商附近，以提高客戶的便利性和體驗。明年，我們將根據我們所看到的結果開設超過 15 個位置和佈局最佳的新分支機構，這將支持我們的 EPE 客戶群和交叉銷售計劃的進一步成長。正如這張投影片上的圖片所示，我們重新命名和翻新的分店顯著改善了員工士氣和客戶體驗。

Coupled with optimizing our branch infrastructure, we invested in technology platforms, allowing us to sell more effectively and service our customers more efficiently. Our digital strategy is playing out better than we even anticipated, especially in our USSD channel. In quarter four, we had 153,000 loan applications via USSD, up well over 100% compared to last year.

結合優化分公司基礎設施，我們投資了技術平台，使我們能夠更有效地銷售並更有效率地為客戶提供服務。我們的數位策略的效果比我們預期的還要好，尤其是在我們的 USSD 管道中。第四季度，我們透過 USSD 收到了 153,000 份貸款申請，比去年增加了 100% 以上。

Our EPE customers can now get money in their account in under five minutes without leaving their house. Transport and associated costs can easily run over ZAR 100 for applying for loans in person, a material amount considering the loan values at this end of the market. This is a demonstration of how we believe fintech innovation can make a real difference in people’s lives.

我們的 EPE 客戶現在足不出戶即可在五分鐘內將資金存入其帳戶。親自申請貸款的交通和相關費用很容易超過 100 南非蘭特，考慮到這一端市場的貸款價值，這一數額相當大。這證明了我們如何相信金融科技創新能真正改變人們的生活。

Lastly, we are rolling out a much-improved VAS offering to our customers from a new product perspective, including data, DSTV and remittances. This have been very well received especially through our USSD channel, which has achieved record sales in quarter four 2024.

最後，我們將從新產品的角度向客戶推出大幅改良的加值服務產品，包括資料、DSTV 和匯款。這尤其受到我們 USSD 管道的歡迎，該管道在 2024 年第四季度創下了銷售記錄。

To contextualize the value of USSD for our customers, our customers often have no data nor access to WiFi, so USSD is a very effective channel for them. Looking forward, marketing initiatives in the coming year will also include loyalty awards, which should lead to further growth in our VAS business.

為了讓我們的客戶了解 USSD 的價值，我們的客戶通常沒有數據也無法存取 WiFi，因此 USSD 對他們來說是一個非常有效的管道。展望未來，來年的行銷舉措還將包括忠誠度獎勵，這將推動我們的增值服務業務進一步成長。

We anticipate financial year 2025 to be another good year for consumer division, capitalizing on the hard work over the past two years to get us into this position, where we can dedicate our energies to growth. We grew our revenue 4% from the last quarter and 14% year-on-year, which was a very pleasing result. consumer segment Adjusted EBITDA grew 10% quarter-on-quarter and 94% year-on-year in quarter four.

我們預計 2025 財年對消費者部門來說將是另一個豐收的一年，利用過去兩年的辛勤工作讓我們達到目前的位置，我們可以將精力投入到成長上。我們的營收比上季成長了 4%，年成長了 14%，這是一個非常令人高興的結果。消費者細分市場第四季調整後 EBITDA 較上季成長 10%，較去年同期成長 94%。

With our high percentage of loan customers retaining for new loans and the high premium collection and low lapse rates in our insurance business, we are building annuity revenues, which is very encouraging. This makes our business performance more protected.

由於我們保留新貸款的貸款客戶比例很高，而且我們的保險業務保費收取率高且失效率低，因此我們正在建立年金收入，這是非常令人鼓舞的。這使得我們的經營績效更有保障。

Our consistent revenue growth in 2024, whilst maintaining a reduced cost base, has led to a 361% increase in consumer segment Adjusted EBITDA to ZAR 274 million. Once again, I'd like to congratulate the whole consumer team on an excellent financial performance.

2024 年，我們的營收持續成長，同時維持較低的成本基礎，導致消費者細分市場調整後 EBITDA 成長 361%，達到 2.74 億南非蘭特。我要再次祝賀整個消費者團隊取得了出色的財務表現。

We are now a business with a very bright future, one that is making a tremendous impact on the communities itself. We've evolved from a ZAR 400 million EBITDA loss and cash burn in financial year 2021 to a business that is enrolling 20,000 new permanent client EPE customers per month, extending 90,000 loans to our customers per month, selling 15,000 insurance policies per month. And annually to a business that is dispersing over ZAR 1.7 billion in credit to our customers for a business that's paying out over ZAR 110 million in insurance gains and delivering a ZAR 274 million consumer segment Adjusted EBITDA profit.

我們現在是一家擁有非常光明前景的企業，對社區本身產生巨大影響。我們已經從 2021 財年 4 億蘭特的 EBITDA 損失和現金消耗發展成為一家每月招募 20,000 名新永久客戶 EPE 客戶、每月向客戶提供 90,000 筆貸款、每月銷售 15,000 份保單的企業。每年向客戶發放超過 17 億蘭特的信貸，支付超過 1.1 億蘭特的保險收益，並為消費者群體提供 2.74 億蘭特的調整後 EBITDA 利潤。

With that, I'd like to hand over to my brother Naeem.

說到這裡，我想把工作交給我的兄弟納伊姆 (Naeem)。

Thank you, Lincoln. The 2024 financial year has been another year of progress for Lesaka, delivering on what was committed in terms of group adjusted EBITDA guidance, balance sheet strength and M&A activity. At the same time, we have continued to reinforce our group corporate and governance structures, making numerous key appointments to our group and divisional leadership teams.

謝謝你，林肯。2024 財年是 Lesaka 取得進展的另一年，兌現了集團調整後 EBITDA 指導、資產負債表實力和併購活動的承諾。同時，我們持續加強集團公司和治理結構，對集團和部門領導團隊進行了多項重要任命。

Black Economic Empowerment is a key strategic priority for us, and we set out to achieve a Level 4 rating in fiscal 2024, which was achieved in Q2 2024. Our revenue grew 11% for the year, but was negatively impacted by the change in sales mix of airtime revenue recognized as principal versus agent in our Merchant VAS business.

黑人經濟賦權是我們的一項關鍵策略重點，我們計劃在 2024 財年實現 4 級評級，並於 2024 年第二季實現。我們的營收今年成長了 11%，但受到我們商家增值業務中委託人與代理人的通話收入銷售組合變化的負面影響。

This does not impact our profitability. Our EBITDA grew 45% to ZAR 691 million for the year, achieving midpoint of guidance range with our operating income turning positive for the first time in five years and improving by ZAR 343 million to ZAR 67 million. Our cash flows that ratio and balance sheet continue to improve.

這不會影響我們的獲利能力。我們的 EBITDA 全年成長 45%，達到 6.91 億南非蘭特，達到指引範圍的中點，營業收入五年來首次轉正，增加 3.43 億南非蘭特，達到 6,700 萬南非蘭特。我們的現金流比率和資產負債表持續改善。

Cash provided by operating activities in FY24 improved to ZAR 538 million compared to ZAR 7.4 million a year ago and an outflow of ZAR 565 million, two years ago. I will go into more detail shortly.

2024 財年經營活動提供的現金增至 5.38 億南非蘭特，而一年前為 740 萬南非蘭特，兩年前流出 5.65 億南非蘭特。我很快就會詳細介紹。

As a reminder, Lesaka is a domestic filer in the United States. We report results in the US dollars under US GAAP. However, our operational currency, South African rand, and as such, we analyze our performance in South African rand.

提醒一下，萊薩卡是美國的國內申報人。我們根據美國公認會計準則以美元報告結果。然而，我們的營運貨幣是南非蘭特，因此我們以南非蘭特來分析我們的表現。

We have continued to deliver consistent growth in revenue, growing at 11% on an annual basis from ZAR 9.5 billion to ZAR 10.6 billion, which was marginally lower than our guidance range. Year-on-year, merchant revenue grew 12% and consumer revenue grew 15%.

我們的收入持續保持持續成長，年增率為 11%，從 95 億蘭特增至 106 億蘭特，略低於我們的指導範圍。年比，商家收入成長12%，消費者收入成長15%。

As discussed in our previous results presentation, we saw an increased percentage of PIN-less airtime and data bundles being sold versus PIN-based airtime. For PIN-less sales, we act as an agent capacity, only recognizing the commission earned as revenue. For PIN-based sales, we act as principal and recognize the total face value as revenue. This has a material impact on the revenue, but no impact on gross profit. PIN-less airtime was higher than PIN-based airtime compared to the assumptions when we set out our guidance last year.

正如我們先前的結果演示中所討論的，與基於 PIN 的通話時間相比，無 PIN 通話時間和資料包的銷售百分比有所增加。對於無 PIN 碼銷售，我們充當代理身份，僅將賺取的佣金確認為收入。對於基於 PIN 的銷售，我們作為委託人並將總面值確認為收入。這對收入有重大影響，但對毛利沒有影響。與我們去年制定指導意見時的假設相比，無 PIN 碼通話時間高於基於 PIN 碼的通話時間。

Looking at group adjusted EBITDA, we achieved a 55% increase in FY24 to ZAR691 million, which was the midpoint of our guidance. From a quarterly perspective, EBITDA grew 30% year-on-year. As you heard earlier from Lincoln, the Consumer Division had a stellar year with adjusted EBITDA up over fourfold to EUR174 million and for the quarter, almost doubling adjusted EBITDA to ZAR90 million compared to Q4 2023.

從集團調整後的 EBITDA 來看，我們在 2024 財年實現了 55% 的成長，達到 6.91 億南非蘭特，這是我們指導的中點。從季度來看，EBITDA年增30%。正如您之前從林肯那裡聽到的那樣，消費者部門今年表現出色，調整後EBITDA 增長了四倍多，達到1.74 億歐元，本季度調整後EBITDA 比2023 年第四季度幾乎翻了一番，達到9 千萬南非蘭特。

As Steve mentioned, the Merchant Division Adjusted EBITDA was affected by various items, which lowered our growth to 4% for the year, including Nuets volatility, the Kazang Pay Advance suspension and bulk VAS purchase opportunities. Excluding the impact of these items, the merchant business grew merchant-Adjusted EBITDA 15% for the year, and the management expects merchant-Adjusted EBITDA to grow at approximately 20% for FY 2025.

正如 Steve 所提到的，商家部門調整後 EBITDA 受到多種因素的影響，導致我們今年的成長率降至 4%，其中包括 Nuets 波動、Kazang Pay Advance 暫停和批量 VAS 購買機會。排除這些項目的影響，商家業務本年度商家調整後 EBITDA 成長了 15%，管理層預計 2025 財年商家調整後 EBITDA 將成長約 20%。

Despite good growth in our business and continued investment into the reinforcement of our group, corporate and governance structures and systems. I'm pleased our group cost reduced 10% year-on-year. We have seen good momentum into FY25, which is reflected in the Q1 guidance Ali will talk to later.

儘管我們的業務成長良好，並且持續投資加強我們的集團、公司和治理結構和系統。我很高興我們的團隊成本比去年同期下降了 10%。我們在 25 財年看到了良好的勢頭，這反映在阿里稍後將討論的第一季指導中。

Turning to our GAAP income statement and segmental EBITDA analysis. For FY24, the improvement in operating income from a loss of ZAR 275 million to a profit of ZAR 67 million, then was an excellent result. Operating income includes ZAR 43 million of one-off transaction costs related to the acquisition of Adumo in 2024 in a one-off noncash impairment charge of ZAR 126 million in 2023, related to the Nuets impairments.

轉向我們的 GAAP 損益表和分部 EBITDA 分析。2024 財年，營業收入從虧損 2.75 億南非蘭特改善為利潤 6,700 萬南非蘭特，這是一個非常出色的業績。營業收入包括與 2024 年收購 Adumo 相關的 4,300 萬南非蘭特一次性交易成本以及 2023 年與 Nuets 減值相關的 1.26 億南非蘭特一次性非現金減值費用。

Adjusting for these items, we still improved operating income by ZAR 260 million for the year. Further, included in operating income is the non-cash PPA amortization of approximately ZAR 270 million in both FY23 and FY24. Our net loss before tax narrowed to ZAR 239 million for FY24 compared to a net loss of ZAR 579 million a year ago, a ZAR314 million year-on-year improvement.

調整這些項目後，我們全年營業收入仍增加了 2.6 億南非蘭特。此外，營業收入還包括 2023 財年及 2024 財年約 2.7 億南非蘭特的非現金購電協議攤提。24 財年，我們的稅前淨虧損收窄至 2.39 億南非蘭特，而去年同期的淨虧損為 5.79 億南非蘭特，年比改善了 3.14 億南非蘭特。

Excluding the impact of noncash PPA amortization charge and the one-off transaction costs in 2024, our loss before income tax would be a profit of ZAR 31 million for FY 2024. This compares to a net loss before tax of ZAR 184 million in FY 2023, excluding the impact of PPA and the Nuets impairment. Fundamental earnings per share is the most appropriate measure of Lesaka per share performance in management's view. It excludes one-off items, non-repeatable items, PPA amortization and other non-cash items and gives a clear measure of underlying performance of our business.

排除非現金購電協議攤銷費用和 2024 年一次性交易成本的影響，我們的 2024 財年所得稅前虧損將為利潤 3,100 萬南非蘭特。相較之下，2023 財年的稅前淨虧損為 1.84 億南非蘭特，不包括 PPA 和 Nuets 減損的影響。管理層認為，每股盈餘是衡量 Lesaka 每股業績的最合適指標。它不包括一次性項目、不可重複項目、購電協議攤銷和其他非現金項目，並明確衡量我們業務的基本績效。

This graph clearly demonstrates the progress Lesaka has made, from a loss of ZAR 2.66 per share in FY 2023 to a profit of ZAR 1.06 per share, an improvement of ZAR 3.72 per share. For the quarter, we improved ZAR 1.18 per share from a loss in Q4 2023 to a profit of [$0.42] per share for Q4 2024. Basic earnings per share, which does not account for the non-cash PPA charge and other one-off items improved by ZAR 4.82 per share for the year to a loss of ZAR 5.07 per share.

該圖清楚地顯示了 Lesaka 所取得的進展，從 2023 財年每股虧損 2.66 蘭特變為每股盈利 1.06 蘭特，每股收益提高了 3.72 蘭特。本季度，我們將每股 1.18 蘭特從 2023 年第四季的虧損改善為 2024 年第四季的每股盈餘 [0.42 美元]。每股基本收益（不計入非現金購電協議費用和其他一次性項目）今年每股收益提高了 4.82 蘭特，每股虧損 5.07 蘭特。

I'm extremely encouraged by the improvement in our cash flow generated by operations. Over the year, we generated additional ZAR 531 million of cash from ZAR 7 million to ZAR 538 million. On a quarterly basis, excluding the impact of large and opportunistic bulk purchases that benefited Q4 2023, we improved from ZAR 5 million cash outflow in Q4 2023 to ZAR 104 million cash generation in Q4 2024. We generated ZAR 211 million operating cash flow before interest paid, tax paid, working capital related items and the movement in the loan book funding.

我對我們營運產生的現金流的改善感到非常鼓舞。一年來，我們額外產生了 5.31 億南非蘭特現金，從 700 萬南非蘭特增加到 5.38 億南非蘭特。以季度計算，排除2023 年第四季受益的大規模機會性大宗採購的影響，我們的現金流出從2023 年第四季的500 萬南非蘭特提高到2024 年第四季的1.04 億南非蘭特。我們產生了 2.11 億南非蘭特的營運現金流，扣除利息、稅金、營運資金相關項目和貸款帳簿資金變動之前。

We define this as cash generated from business operations and consider it appropriate indicator of our conversion of EBITDA to cash. So this is an increase of 21% compared to Q3 2024. We generated net cash from operating activities before CapEx of ZAR 104 million for the quarter and ZAR 538 million for the year. Our Q4 interest paid reflects a full payment of our quarterly interest, which is why it is higher than the previous quarter, where a portion of the interest was capitalized.

我們將其定義為業務運營產生的現金，並認為它是我們將 EBITDA 轉換為現金的適當指標。因此，與 2024 年第三季相比，成長了 21%。本季資本支出前的經營活動產生的淨現金為 1.04 億南非蘭特，全年為 5.38 億南非蘭特。我們在第四季度支付的利息反映了我們季度利息的全額支付，這就是為什麼它高於上一季的原因，上一季部分利息被資本化。

The movement in loan book funding relates primarily to the growth in the capital dispersed on our consumer loan book growth in our consumer business. As a reminder, our Q3 2024 cash flow was significantly impacted by the quarter end falling over the Easter long weekend, resulting us holding extra days merchant settlement amounting to ZAR 244 million, which needs to be taken into account.

貸款帳簿融資的變動主要與我們消費者業務中消費貸款帳簿成長所分散的資本成長有關。提醒一下，我們 2024 年第三季的現金流受到復活節長週末季度末下降的嚴重影響，導致我們持有額外天數的商家結算金額達 2.44 億南非蘭特，需要考慮在內。

We are very pleased with the overall cash generation of our business. We had over ZAR 1 billion of cash on hand at the year and alongside our improvement in group adjusted EBITDA. This has led to a significant improvement in our net debt to adjusted EBITDA ratio from 4.5 times last year to 2.5 times at the end of the year. We have ZAR 1.4 billion of noncore assets on our balance sheet.

我們對我們業務的整體現金產生感到非常滿意。今年我們手頭現金超過 10 億南非蘭特，同時集團調整後 EBITDA 也有所改善。這導致我們的淨債務與調整後 EBITDA 比率從去年的 4.5 倍顯著改善至年底的 2.5 倍。我們的資產負債表上有 14 億蘭特的非核心資產。

The major non-core asset is our holding in MobiKwik. MobiKwik continues to improve its financial performance recently delivering its first full year profit and still plan to list on the Indian Stock Exchange as soon as practical. We remain committed to realizing the value from this asset through an orderly disposal process.

主要的非核心資產是我們持有的 MobiKwik。MobiKwik 繼續改善其財務業績，最近首次實現全年盈利，並仍計劃盡快在印度證券交易所上市。我們仍然致力於透過有序的處置過程來實現該資產的價值。

Capital expenditure for the quarter amounted to ZAR 87 million, with ZAR 70 million relating to growth CapEx, primarily in the merchant division relating to Kazang devices and cash flows, both of which deliver strong IRRs and will support our growth over the medium-term.

本季的資本支出為8,700 萬南非蘭特，其中7,000 萬南非蘭特與成長資本支出有關，主要是與Kazang 設備和現金流相關的商業部門，這兩者都帶來了強勁的IRR，並將支持我們的中期成長。

We also made investments in our technology infrastructure. Overall, we are very pleased by the performance during Q4 and full year 2024. We have a very strong base to grow from and the addition of Touchsides and Adumo provides the technology and scale to accelerate our growth over the medium term, which Ali, will provide more details on.

我們也對技術基礎設施進行了投資。總體而言，我們對第四季和 2024 年全年的表現感到非常滿意。我們擁有非常強大的成長基礎，Touchsides 和 Adumo 的加入提供了技術和規模來加速我們在中期的成長，阿里將提供更多細節。

Thank you, Naeem. The Adumo acquisition, which is expected to close in October 2024 will enhance our platform, adding customers and products as well as meaningful scale. The completion of this transaction marks the beginning of a new chapter in the life cycle story. As we alluded to on the previous earnings presentation, we will use the transaction as a catalyst to approach the market with a more customer-centric operating model.

謝謝你，納伊姆。預計 2024 年 10 月完成的 Adumo 收購將增強我們的平台，增加客戶和產品以及有意義的規模。這次交易的完成標誌著生命週期故事新篇章的開始。正如我們在先前的財報中所提到的，我們將利用此交易作為催化劑，以更以客戶為中心的營運模式進入市場。

From a financial reporting standpoint, we will continue to maintain the consumer and merchant splits. However, starting next quarter, we will present our KPIs and performance with a more granular breakdown.

從財務報告的角度來看，我們將繼續維持消費者和商家的劃分。然而，從下個季度開始，我們將更詳細地展示我們的 KPI 和績效。

Our consumer segment will remain substantially the same, however the perimeter will be expanded to include the Adumo Payouts business. This business provides cash incentives to employees of companies in a store of value, typically a scheme branded card. In a similar way to a grant payout except the payment originates from a corporate rather than SASSA.

我們的消費者細分市場將基本保持不變，但範圍將擴大到包括 Adumo Payouts 業務。該業務以價值儲存方式（通常是計劃品牌卡）向公司員工提供現金獎勵。與補助金支付的方式類似，只是付款來自公司而不是 SASSA。

This will enlarge our addressable market and provides us with a meaningful beachhead into the broader consumer market. While there is significant room to grow our existing grant recipient revenue both through increasing our market share and increasing our average revenue per user, we will build out on our consumer proposition to serve additional use cases and address a much bigger total addressable market. We expect that over time we will serve new segments of underserved consumers organically and potentially through acquisitions.

這將擴大我們的潛在市場，並為我們進入更廣泛的消費市場提供有意義的灘頭堡。雖然透過增加市場份額和增加每個用戶的平均收入，我們現有的贈款接受者收入還有很大的成長空間，但我們將在消費者主張的基礎上，為更多的用例提供服務，並解決更大的總目標市場。我們預計，隨著時間的推移，我們將有機地並可能透過收購為服務不足的新消費者群體提供服務。

We have demonstrated our ability in the consumer space to not just win market share against traditional incumbents, but to do so profitably and sustainably with the incorporation of a Adumo, Lesaka will serve approximately 1.7 million customers. We think this is just the beginning, and we have earned the right to raise our sights.

我們已經在消費領域展示了我們的能力，不僅能夠從傳統的現有企業中贏得市場份額，而且能夠透過合併 Adumo 實現可持續盈利和可持續發展，Lesaka 將為大約 170 萬客戶提供服務。我們認為這只是一個開始，我們已經贏得了提高視野的權利。

In our merchant segment. The Adumo transaction provides the opportunity to segment the business into three component parts organized around distinct customers. micro-merchant, merchant and enterprise.

在我們的商業領域。Adumo 交易提供了將業務分為圍繞不同客戶組織的三個組成部分的機會。微商、商人和企業。

Micro-merchants are typically sole proprietors, often operating in the informal economy. We address these customers through the Kazang and Touchsides brands. We are already one of the leaders in this segment in the country and have over 90,000 micro-merchants generating more than ZAR 68 billion of throughput annually.

小商戶通常是獨資經營者，通常在非正規經濟中經營。我們透過 Kazang 和 Touchsides 品牌來滿足這些客戶的需求。我們已經是該國該領域的領導者之一，擁有超過 90,000 個小商戶，每年產生超過 680 億南非蘭特的吞吐量。

In South Africa the focus will be to augment the product offering and cross-sell to existing customers so that we can materially improve the unit economics, as we have been doing. Outside of South Africa, in neighboring geographies, there are a substantial number of sole traders who have very limited offerings available to them to empower them on their digital journey. Here we have an opportunity again to expand our total addressable market through wallet growth.

在南非，重點將是增加產品供應並向現有客戶進行交叉銷售，以便我們能夠像我們一直在做的那樣，大幅提高單位經濟效益。在南非以外的鄰近地區，有大量自僱人士所能提供的產品非常有限，無法幫助他們踏上數位之旅。在這裡，我們再次有機會透過錢包成長來擴大我們的總目標市場。

The merchant pillar is made up of the existing connect operations, as well as the bulk of Adumo, specifically its merchant acquiring and processing business and its GAAP hospitality platform. We will have almost 30,000 merchants with a direct throughput of over ZAR 133 billion annually and an indirect throughput that is far larger. This business addresses amongst the largest profit pools in South African payments today and where we have an opportunity to be a material disruptor.

商家支柱由現有的連接業務以及 Adumo 的大部分組成，特別是商家收單和處理業務以及 GAAP 飯店平台。我們將擁有近 3 萬家商戶，每年直接吞吐量將超過 1,330 億南非蘭特，間接吞吐量則大得多。該業務涉及當今南非支付領域最大的利潤池之一，我們有機會成為實質顛覆者。

While we have leadership in some products and niche verticals, and are a leading non-bank player, we still represent a small part of the total market. For the moment, in Southern Africa, unlike in other markets I have operated in, the legacy banks still dominate much of the market share.

雖然我們在某些​​產品和利基垂直領域處於領先地位，並且是領先的非銀行參與者，但我們仍然只佔整個市場的一小部分。目前，與我經營過的其他市場不同，在南部非洲，傳統銀行仍佔據著大部分市場。

The connect business has cash and credit as key product offerings, the Adumo business has merchant acquiring and software at point of sale. Combined the Lesaka offering will be amongst most comprehensive in the market able to raise the bar in meeting the needs of small and medium size businesses in the region.

Connect 業務以現金和信貸作為主要產品供應，Adumo 業務以商家收單和銷售點軟體為主要產品。Lesaka 的產品組合將成為市場上最全面的產品之一，能夠提高滿足該地區中小型企業需求的標準。

Our enterprise segment will focus on large corporates, mobile network operators, banks, governments and municipalities. Our solutions include a new payment switch, prism switch, our point-of-sale hardware business branded prism point-of-sale, previously known as Nuets, our bill payments platform EasyPay, as well as a third party vending and security business.

我們的企業部門將專注於大型企業、行動網路營運商、銀行、政府和市政當局。我們的解決方案包括新的支付開關、棱鏡開關、我們的銷售點硬體業務品牌棱鏡銷售點（以前稱為 Nuets）、我們的帳單支付平台 EasyPay 以及第三方自動販賣機和安全業務。

This pillar will have over 750 customers and generate more than ZAR 70 billion of throughput annually. As well as serving third party corporates it will also service some of the technology needs of our other pillars, consumer, micro-merchant and merchant.

該支柱將擁有超過 750 個客戶，每年產生超過 700 億南非蘭特的吞吐量。除了為第三方企業提供服務外，它還將滿足我們其他支柱、消費者、微商和商家的一些技術需求。

This business is the smallest contributor to EBITDA today of the segments, but we see the opportunity for it to scale, partly by facilitating the growth of the other segments, but also by operating as a revenue generating and profitable business in it’s own right, as opposed to being simply a cost center for the group. In this way, as we grow, we should be able to generate further operational leverage that increases Group margins substantially over time.

該業務是當今各細分市場中對 EBITDA 貢獻最小的業務，但我們看到了它擴大規模的機會，部分是透過促進其他細分市場的成長，而且還可以透過其自身作為創收和盈利業務來運營是的，而不是僅僅成為集團的成本中心。這樣，隨著我們的發展，我們應該能夠產生進一步的營運槓桿，隨著時間的推移大幅提高集團利潤。

Between these pillars the combined merchant offering will have over 120,000 merchants with ZAR 270 billion-plus in throughput annually.

在這些支柱之間，合併後的商家產品將擁有超過 12 萬家商戶，每年的吞吐量超過 2,700 億南非蘭特。

Given the four distinct areas of focus for the group, we are reorganizing the senior leadership team to align with this structure and accommodate the growing size of the business. Within the merchant division, Martin Wright, who has been CEO of Kazang since 2010, will lead the micro-merchant pillar. Paul Kent, the CEO of Adumo, will join the executive team on completion of the Adumo transaction to oversee the merchant pillar. Basie Kok, who has been the Group CTO, will head up the new enterprise pillar. George Roussos, who has been responsible for the consumer division for the past 18 months, will continue to lead that business.

鑑於集團的四個不同的重點領域，我們正在重組高階領導團隊，以適應這一結構並適應不斷增長的業務規模。在商家部門，自 2010 年起擔任 Kazang 執行長的 Martin Wright 將領導小型商家支柱業務。Adumo 執行長 Paul Kent 將在 Adumo 交易完成後加入執行團隊，負責監督商業支柱。曾擔任集團首席技術長的 Basie Kok 將領導新的企業支柱。過去 18 個月一直負責消費者部門的 George Roussos 將繼續領導這項業務。

At a group level, we have four named executive leaders who report to me, each have specific group and segment responsibilities. Steven and Lincoln, will continue with their current responsibilities as head of Corporate Development and Southern African CEO, respectively.

在集團層面，我們有四名指定的執行領導，他們向我報告，每個人都有特定的集團和部門職責。史蒂文和林肯將繼續分別擔任企業發展主管和南部非洲執行長的當前職責。

Last week, it was announced that Naeem Kola, is transitioning to the role of Group Chief Operating Officer, to address an important gap in our leadership structure in unlocking operational synergies between the four business units and supporting post-acquisition integration. We are very fortunate to have Dan Smith joining us as CFO, and I am confident his leadership will significantly improve our finance and controllership capabilities as well as enhancing the capital allocation discipline of the business.

上週，我們宣布 Naeem Kola 將轉任集團首席營運官，以解決我們領導結構中在釋放四個業務部門之間的營運協同效應和支持收購後整合方面的重要差距。我們非常幸運丹史密斯加入我們擔任財務官，我相信他的領導將顯著提高我們的財務和控制能力，並加強企業的資本配置紀律。

Lesaka is very fortunate to have the quality of executive leadership that we do. It has been a great pleasure for me to work closely with them since I was appointed Executive Chairman in February of this year and I am looking forward to our time ahead.

萊薩卡非常幸運能夠擁有像我們這樣高素質的行政領導力。自從我今年二月被任命為執行主席以來，我很高興與他們密切合作，我對未來充滿期待。

Looking ahead, I am pleased to provide our guidance for the coming year. For FY 2025 guidance, we are assuming that the Adumo transaction will close on October 1, and form part of our results for the remaining three quarters of FY 2025.

展望未來，我很高興為來年提供指導。對於 2025 財年指引，我們假設 Adumo 交易將於 10 月 1 日完成，並構成我們 2025 財年剩餘三個季度業績的一部分。

We expect revenue to be between ZAR 10 billion and ZAR 11 billion for FY 2025. It is important to note that a material portion of our revenue which was reported on a gross basis in FY 2024, will now be included on a net basis in FY 2025. Adjusting for this, our year on year revenue growth at the mid-point of the range would be in the high-teens. The impact of recognizing revenue on a gross versus agency basis is insignificant at an operational level and has no material impact on profitability.

我們預計 2025 財年的營收將在 100 億蘭特至 110 億蘭特之間。值得注意的是，我們在 2024 財年按總額報告的收入的很大一部分現在將在 2025 財年按淨額計入。對此進行調整後，我們的年比收入成長將達到區間中點的高點。在營運層面上，以總收入與代理基礎確認收入的影響微不足道，且對獲利能力沒有重大影響。

Given the impact changes in revenue in the low margin micro-merchant products have had on our group revenue in the recent past and given that it tends to obscure underlying gross profit growth, from Q1 of this year, we will be introducing gross profit guidance for the first time. We have seen strong and consistent year-on-year growth here.

鑑於近期低利潤微商產品的收入變化對我們集團收入的影響，並且往往掩蓋了潛在的毛利成長，從今年第一季開始，我們將引入毛利指引第一次。我們在這裡看到了強勁且持續的年成長。

Looking at profitability, we expect group adjusted EBITDA to be between ZAR 900 million to ZAR 1 billion for FY 2025, this represents a growth rate of between 30% and 45% for the year, year-on-year.

就獲利能力而言，我們預計 2025 財年集團調整後 EBITDA 將在 9 億至 10 億南非蘭特之間，這意味著全年同比增長率在 30% 至 45% 之間。

Excluding the impact of the Adumo acquisition, and changes in interest charges on our consumer loan book, the mid-point of our Group Adjusted EBITDA of ZAR 950 million would be representative of more than 30% year-on-year, like-for-like growth for the Group.

排除 Adumo 收購的影響以及我們消費貸款帳簿利息費用的變化，我們集團調整後 EBITDA 的中點為 9.5 億南非蘭特，相當於同比增長 30% 以上。

For Q1 guidance, Adumo forms no part of Lesaka’s results as we expect the transaction to close in Q2. We anticipate group revenue will be between ZAR 2.5 billion and ZAR 2.7 billion and group adjusted EBITDA between ZAR 160 million and ZAR 180 million.

對於第一季的指導，Adumo 不屬於 Lesaka 業績的一部分，因為我們預計交易將在第二季完成。我們預計集團收入將在 25 億蘭特至 27 億蘭特之間，集團調整後 EBITDA 將在 1.6 億蘭特至 1.8 億蘭特之間。

We anticipate continuing to augment our organic growth story with M&A. Our run rate of acquisitions is not expected to decelerate. We anticipate we will be making add-on acquisitions fairly frequently. In addition to these, we will also pursue further transformative acquisitions, such as Connect and Adumo.

我們預計將繼續透過併購來增強我們的有機成長故事。我們的收購速度預計不會放緩。我們預計我們將相當頻繁地進行附加收購。除此之外，我們還將尋求進一步的變革性收購，例如 Connect 和 Adumo。

We are fortunate that there are a number of potential targets which fit clearly into our stated strategy. We believe we will be able to conclude EBITDA accretive transactions which could substantially augment our scale and addressable market as well as realizing material operational synergies that compounds our organic growth.

我們很幸運，有許多潛在目標明確符合我們既定的策略。我們相信，我們將能夠完成 EBITDA 增值交易，這可以大幅擴大我們的規模和潛在市場，並實現實質的營運協同效應，從而促進我們的有機成長。

We anticipate continuing to augment our organic growth story with M&A. Our run rate of acquisitions is not expected to decelerate. We anticipate we will be making add-on acquisitions fairly frequently. In addition to these, we will also pursue further transformative acquisitions such as connecting Aduma. We are fortunate that there are a number of potential targets, which would clearly into our stated strategy. We believe we will be able to conclude EBITDA accretive transactions, which could substantially or mental scale and addressable market as well as realizing material operational synergies that compound organic growth.

我們預計將繼續透過併購來增強我們的有機成長故事。我們的收購速度預計不會放緩。我們預計我們將相當頻繁地進行附加收購。除此之外，我們還將尋求進一步的變革性收購，例如連接 Aduma。我們很幸運，有許多潛在目標，這些目標將明確納入我們既定的策略中。我們相信，我們將能夠完成 EBITDA 增值交易，這可以在很大程度上或精神上擴大規模和潛在市場，並實現促進有機成長的實質營運協同效應。

From a balance sheet perspective, we are looking to continue bringing our net debt to group adjusted EBITDA ratio down with a medium-term objective of a two times ratio, which we believe is comfortably serviceable and is the appropriate capital structure for the business.

從資產負債表的角度來看，我們希望繼續降低淨債務與集團調整後 EBITDA 的比率，中期目標是兩倍的比率，我們認為這是可以輕鬆使用的，並且是適合業務的資本結構。

The opportunity ahead is significant. We have reached another significant milestone for Lesaka and we look forward to bringing the Adumo businesses into the fold, enhancing the product offering to our customers and accelerating our growth profile. Following the close of the Adumo transaction, we will be providing updated medium-term financial objectives at our FY 2025 second-quarter results in February 2025.

未來的機會是重大的。我們為 Lesaka 實現了另一個重要的里程碑，我們期待將 Adumo 業務納入其中，增強為客戶提供的產品並加速我們的發展。Adumo 交易完成後，我們將在 2025 年 2 月發布的 2025 財年第二季業績中提供更新的中期財務目標。

Lesaka’s performance should be much more than a reflection of the economies in which we operate. We will work to disrupt the old way. Our competitor is inefficiency, we will strive to serve underserved merchants and consumers across our markets. Through striving for excellence, continuous innovation and a disciplined acquisition strategy. We aspire to build the leading fintech in Southern Africa that serves not just as a local champion, but also as a global reference, we have the team and the foundation to do this. Thank you for attending our results presentation.

萊薩卡的業績不應僅反映我們經營所在的經濟體。我們將努力打破舊有的方式。我們的競爭對手效率低下，我們將努力為我們市場上服務不足的商家和消費者提供服務。透過追求卓越、持續創新和嚴格的收購策略。我們渴望在南部非洲建立領先的金融科技，不僅成為當地的冠軍，而且成為全球的參考，我們有團隊和基礎來做到這一點。感謝您參加我們的結果發表會。

Thank you, Ali. We're now gonna open up the Q&A session. (Operator Instructions)

謝謝你，阿里。我們現在要開始問答環節。（操作員說明）

First question is coming from Raj Sharma of B. Riley.

第一個問題來自 B. Riley 的 Raj Sharma。

Ali, you alluded to further bolt-on and transformative M&A, can you elaborate on the group’s M&A strategy and how you are thinking around the funding of these opportunities and any potential dilution?

阿里，您提到了進一步的補充性和變革性併購，您能否詳細說明一下該集團的併購策略以及您如何考慮這些機會的融資以及任何潛在的稀釋？

So from a funding perspective, we are very cognizant of the debt ratios that we've put forward. And we remain incredibly disciplined in that respect. We've talked about maintaining our debt ratios in the region of two times in terms of debt to EBITDA. Everything that we do is accretive and separate to that we have a very supportive, shareholder base.

因此，從融資角度來看，我們非常了解我們提出的債務比率。我們在這方面仍然保持著令人難以置信的紀律。我們已經討論過將債務比率維持在債務與 EBITDA 的兩倍左右。我們所做的一切都是增值性的，並且與我們擁有非常支持的股東基礎是分開的。

So funding is not really going to be an issue in terms of the targeted transactions. You saw we recently did the Adumo transaction, where we're going to be putting 17.3 million shares into the market, and we funded that transaction with ZAR 230 million odd cash. If you just look over the last period, we've bought the Connect transaction into the group and integrated successfully.

因此，就目標交易而言，資金並不是真正的問題。您看到我們最近進行了 Adumo 交易，我們將向市場投放 1730 萬股股票，我們為該交易提供了 2.3 億南非蘭特的零散現金。如果你只看最後一段時間，我們已經將 Connect 交易購買到該組並成功整合。

In the year under review, we brought the Touchsides in, and separate to that, we are --

在回顧的一年裡，我們引進了 Touchsides，除此之外，我們--

Very excited about the Adumo transaction, which will now close on the October 1.

對 Adumo 交易感到非常興奮，該交易將於 10 月 1 日結束。

Our M&A activities are focused on achieving scale in our chosen markets by focusing on targets that either broaden our product offering or deepen our customer penetration in the form of a bolt-on or a transformative transaction.

我們的併購活動的重點是透過擴大我們的產品供應或以補充或變革性交易的形式加深我們的客戶滲透的目標，在我們選定的市場中實現規模化。

Thank you. We'll now take our second question, which is submitted by Frank Geng from Briarwood Chase Management. You indicated that you'll be updating your medium-term financial objectives in Q2 of '25. Can you provide some color on what metrics will be covered? And if it's fair to expect that these medium-term financial objectives will be higher, more ambitious than the medium-term objectives provided a year ago?

謝謝。現在我們將回答第二個問題，該問題由 Briarwood Chase Management 的 Frank Geng 提出。您表示您將在 25 年第二季更新中期財務目標。您能否提供一些關於將涵蓋哪些指標的資訊？是否可以公平地預期這些中期財務目標將比一年前提出的中期目標更高、更雄心勃勃？

Firstly, just to give a bit of color on the Adumo transaction is expected to complete in October. So we think that it is appropriate to update the medium-term subsequent to that, which is what we outlined. We've already stated that we will be providing GAAP guidance from Q1. So you should also expect that in the medium-term update, we will also be providing GP, I think, rather than commenting on the specificity of what that will be ahead of time.

首先，先簡單介紹一下預計 10 月完成的 Adumo 交易。因此，我們認為在此之後更新中期是合適的，這就是我們概述的內容。我們已經表示，我們將從第一季開始提供 GAAP 指引。因此，您還應該期望在中期更新中，我認為我們還將提供 GP，而不是提前評論具體內容。

I think it is worth noting that the, like-for-like growth that we are putting in our FY25 guidance, at the midpoint of the range excluding the Adumo transaction, so the underlying growth of the Lesaka business adjusting for the way that, interest is expected to operate in the consumer business going forward is 30% year on year, which is more than the medium term guidance that we had previously provided.

我認為值得注意的是，我們在 2025 財年指導中提出的同比增長處於不包括 Adumo 交易的範圍的中點，因此 Lesaka 業務的潛在增長會根據利息的方式進行調整預計未來消費業務同比增長30% ，高於我們先前提供的中期指引。

We have a second question for Frank of Briarwood. In the full year '24 merchant division results included quite a few moving parts. Is it fair to conclude that the core Kazang offering in the informal market and the Connect in the context of the persistent challenging operating environment for these merchants delivered strong growth. Please comment on the outlook for this division going forward on a normalized basis?

我們有第二個問題想問布賴爾伍德的弗蘭克。24 年全年商業部門的業績包括相當多的變動因素。公平地說，在這些商家持續面臨挑戰的經營環境的背景下，非正規市場的核心 Kazang 產品和 Connect 實現了強勁成長。請評論一下該部門在正常化基礎上的未來前景？

So let me take that question, to start with, as we presented, the normalized growth rate in the Merchant Division is 15% for the year ended FY 2024. If I can also remind you, that is off a significant growth in the prior year. Also, if you have a look at the year under review, you will see that our VAS throughput increased by 43% for the year ended FY24, and our card throughput was up by 30%.

因此，讓我回答這個問題，首先，如我們所介紹的，截至 2024 財年，商家部門的正常化成長率為 15%。我還可以提醒您的是，這比上一年有顯著增長。此外，如果您查看回顧年度，您會發現截至 2024 財年的增值服務吞吐量成長了 43%，卡片吞吐量成長了 30%。

So we had relatively muted growth in cash and credit. But those strong growth rates supported the underlying 15% organic. And as we look into FY25 from an organic perspective, we are very comfortable with that as a sustainable growth rate. During the year as well, we've just taken the Touchsides business in and as Ali mentioned, from October 1, we anticipate we will be closing the Adumo transaction. So at an organic growth rate at 15%, both historic and going forward, there's a strong comfort and momentum.

因此，我們的現金和信貸成長相對緩慢。但這些強勁的成長率支撐了 15% 的基本有機成長。當我們從有機角度審視 25 財年時，我們對永續成長率感到非常滿意。今年，我們剛剛接管了 Touchsides 業務，正如 Ali 所提到的，從 10 月 1 日起，我們預計將完成 Adumo 交易。因此，無論是歷史性的還是未來的有機成長率為 15%，都會帶給人強烈的安慰和動力。

Great. Thank you Steve. Our next question is a live one from Theo O’ Neill of Litchfield Hills Research. Theo, we're gonna unmute your line and please go ahead.

偉大的。謝謝史蒂夫。我們的下一個問題是來自利奇菲爾德山研究中心 (Litchfield Hills Research) 的西奧·奧尼爾 (Theo Oâ Neill) 的現場提問。Theo，我們將取消您的線路靜音，請繼續。

Thanks very much. I've got two questions. My first question, first congratulations to the consumer segment, which demonstrated some solid growth here. And so thinking about the future, how should we think about the future growth, which seems finite if you just servicing grant recipients?

非常感謝。我有兩個問題。我的第一個問題，首先祝賀消費領域，它在這裡展現了一些穩健的成長。因此，考慮未來，我們應該如何考慮未來的成長，如果你只是為贈款接受者提供服務，那麼未來的成長似乎是有限的？

Thank you for the question. If you think about, our current market share at 11%, we have about 1.3 million active permanent grant recipients, in about the 12 million base of grant recipients, the post office has got about 28% market share of that. And they are shedding customers in that space. We think that there's still a lot of room to grow in that space.

謝謝你的提問。如果你想一想，我們目前的市場份額為11%，我們有大約130 萬活躍的永久贈款接受者，在大約1200 萬贈款接受者的基礎中，郵局佔據了其中約28% 的市場份額。他們正在流失該領域的客戶。我們認為該領域仍有很大的成長空間。

Secondly, if you think about our cross-sell opportunities, we are only penetrated into 40% of our base in lending and only above 30% in insurance, which gives us a lot of opportunities for cross-sell.

其次，如果你考慮我們的交叉銷售機會，我們的貸款業務只滲透到 40% 的基礎，保險業務只滲透到 30% 以上，這給了我們很多交叉銷售的機會。

Thirdly, we have introduced new VAS our value added services products into that base, which means there's a lot of opportunity to grow. But what excites us about the future is that they are doing more payout gives us 250,000 new customers who are non grant customers. These customers are customers, as Ali pointed out earlier of large corporates that pay out their employees on meeting certain metrics either for safety or anything like that.

第三，我們已將新的增值服務產品引入該基地，這意味著有許多成長機會。但讓我們對未來感到興奮的是，他們正在做更多的支付，為我們帶來了 250,000 個非贈款客戶的新客戶。這些客戶就是客戶，正如阿里早些時候指出的那樣，大公司會向員工支付滿足某些安全或類似指標的費用。

We now have a new opportunity to sell our products into that base, and that provides us a beachhead into a non grand future, we see ourselves at finding pockets of underserved beyond the client base. So yes, there is a lot of room for us to grow in the grant space, but we are starting to put on opportunities to look beyond the grant space and look at other pockets of underserved customers.

我們現在有一個新的機會將我們的產品銷售到該基礎，這為我們提供了進入不宏偉未來的灘頭陣地，我們看到自己在客戶群之外找到了服務不足的地方。所以，是的，我們在資助領域有很大的發展空間，但我們開始提供機會，超越資助空間，關注其他服務不足的客戶群。

Okay, thanks. I have one more question. Could you just give us some comments on CapEx plans for 2025?

好的，謝謝。我還有一個問題。您能否給我們一些關於 2025 年資本支出計畫的評論？

Neill, thanks for the question. In terms of our CapEx plans for 2025, as I've highlighted in, my presentation with CapEx, what the business we remain focused on growth CapEx. So we would be expecting to spend a fairly similar CapEx amount, for FY 2025 and this will be mainly spent within the merchant business, specifically within our main street business, which is a cruising business for investments in our POS. And that is mainly related to growth of our merchant base.

尼爾，謝謝你的提問。就我們 2025 年的資本支出計畫而言，正如我在資本支出演講中所強調的那樣，我們仍然專注於成長資本支出的業務。因此，我們預計 2025 財年將花費相當相似的資本支出金額，這將主要用於商業業務，特別是我們的主要街道業務，這是一項用於投資我們的 POS 的遊輪業務。這主要與我們商業基礎的成長有關。

And then also with regards to the cash business, you know, as Steve highlighted, the market is looking a bit more favorable and the economy is looking better. So we also investing within that cash, structure. So I would say that CapEx spend growth on CapEx would be very similar.

然後，就現金業務而言，正如史蒂夫所強調的那樣，市場看起來更有利，經濟看起來也更好。因此，我們也投資於這種現金結構。所以我想說，資本支出的資本支出成長將會非常相似。

And our final question comes from Jarred Houston, All Weather Capital. Ali, how are you thinking about reflection on the group's debt levels? Will the further improvement in net debt to EBITDA driven mainly by EBITDA growth? Or can we expect some debt reduction at a group level? Where do you see the direction of leverage ratio when considering you're outlook?

我們的最後一個問題來自全天候資本公司的賈里德·休斯頓。阿里，您如何考慮對集團債務水準的反思？淨債務佔 EBITDA 的進一步改善是否主要由 EBITDA 成長推動？或者我們可以期望在集團層面上減少一些債務嗎？在考慮您的前景時，您如何看待槓桿率的方向？

I'm going to let Naeem, answer the question. But just to kick it off, we are intending to manage the business at that two times ratio as a whole, the consequence of our existing debt position and the Adumo transaction completing and the guidance that we've provided, would result in a materially lower, net debt to EBITDA ratio, than we currently have. But let Naeem unpack that.

我要讓納伊姆回答這個問題。但首先，我們打算以兩倍的比率來管理整個業務，我們現有的債務狀況和 Adumo 交易的完成以及我們提供的指導的結果將導致大幅降低，淨債務與EBITDA 的比率，高於我們目前的比率。但讓納伊姆來解開這個謎。

Yeah, sure. In general, just to give a better understanding. If you look at our FY 2024, balance sheet, you know, we've made significant progress in terms worth releasing close to about ZAR 140 million of the Cell C stock that we've been holding for a few years. That cash and the funds that will be generated from that has given us the ability to reduce some of our capitalized interest expense.

是的，當然。總的來說，只是為了更好地理解。如果你看看我們 2024 財年的資產負債表，你就會知道，我們在釋放近 1.4 億南非蘭特的 Cell C 股票方面取得了重大進展，這些股票是我們多年來持有的。這些現金以及由此產生的資金使我們有能力減少部分資本化利息支出。

And we are sitting with, around ZAR 30 million of Cell C stock. So that was quite a significant cash inflow for us. We've also moved, a year ago from a leverage ratio of 4.5 times to about to just under 2.5 times, which is what we've closed at the end of FY24. And I think, Ali stated in terms of our group debt restructuring, there is some further benefits that we'll get from an interest reduced interest costs going forward into FY25 and those do more transactions.

我們持有約 3,000 萬南非蘭特的 Cell C 庫存。所以這對我們來說是一筆相當可觀的現金流入。一年前，我們的槓桿率也從 4.5 倍提高到大約至略低於 2.5 倍，這是我們在 2024 財政年度結束時關閉的槓桿率。我認為，阿里在我們的集團債務重組方面表示，我們將從 2025 財年降低利息成本中獲得一些進一步的好處，並且這些好處將進行更多交易。

Here, if we achieve the midpoint of our guidance, as well as the restructuring of our consumer loan book into a separate structure, we should be getting to our target, should be at a leverage ratio below two times.

在這裡，如果我們達到指導的中點，以及將我們的消費貸款帳目重組為單獨的結構，我們應該達到我們的目標，槓桿率應該低於兩倍。

Thank you, Naeem. Thank you, Ali. That's going to bring us to the end of the webcast today. We've run short on time. We will be following up with anybody who had a question that wasn't asked. So please standby, and thank you for your participation, and this concludes today's webcast.

謝謝你，納伊姆。謝謝你，阿里。今天的網路廣播到此結束。我們的時間不多了。我們將跟進任何有未提出問題的人。請稍候，感謝您的參與，今天的網路直播到此結束。