(TIO) 2022 Q4 法說會逐字稿

Greetings. Welcome to Tingo Group full-year 2022 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Tingo Group 2022 年全年財務業績電話會議。 （操作員說明）提醒一下，正在錄製此會議。

Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include forecasts, estimates, or other information that might be considered forward looking. While these forward-looking statements represent our current judgment on what the future holds, they are not guarantees and are subject to risks and uncertainties that could cause actual results to differ materially.

在我們開始正式介紹之前，我想提醒大家，在電話會議和網絡廣播中發表的聲明可能包括預測、估計或其他可能被視為前瞻性的信息。雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們不是保證，並受可能導致實際結果大不相同的風險和不確定性的影響。

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

請注意不要過分依賴這些前瞻性陳述，這些陳述僅反映我們截至本演示文稿之日的意見。請記住，我們沒有義務根據新信息或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果。

Throughout today's discussion, we'll attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K filed today and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results crossed the wires this morning at 7:00 AM, Eastern Time, and is available on the Investor Relations section of our company's website, tingogroup.com.

在今天的整個討論中，我們將嘗試介紹一些與我們的業務相關的可能影響我們預測的重要因素。您還應該查看我們今天提交的最新 10-K 表格和 10-Q 表格，以更全面地討論這些因素和其他風險，特別是在風險因素標題下。詳述這些結果的新聞稿於東部時間今天早上 7:00 發布，可在我們公司網站 tingogroup.com 的投資者關係部分獲取。

Your hosts today, Darren Mercer, Tingo Group Chief Executive Officer; Dozy Mmobuosi, Tingo Mobile and Tingo Foods Founder and CEO; Kevin Chen, Tingo Group Chief Financial Officer, will present the results of operations for the year ended December 31, 2022. At this time, I will turn the call over to Tingo Group Chief Executive Officer, Darren Mercer.

今天的主持人是 Tingo Group 首席執行官 Darren Mercer； Tingo Mobile 和 Tingo Foods 創始人兼首席執行官 Dozy Mmobuosi； Tingo Group 首席財務官 Kevin Chen 將介紹截至 2022 年 12 月 31 日止年度的運營結果。此時，我將把電話轉給 Tingo Group 首席執行官 Darren Mercer。

Thank you, operator, and good morning, everybody. I am pleased to welcome you to today's full-year 2022 financial results conference call. I could not be more excited about the future for Tingo Group. And for those of you joining us for the first time or who I've not previously had the opportunity to meet, I would like to take a moment to introduce Tingo Group and our remarkable story thus far.

謝謝接線員，大家早上好。我很高興歡迎您參加今天的 2022 年全年財務業績電話會議。我對 Tingo Group 的未來感到無比興奮。對於第一次加入我們的人，或者我以前沒有機會認識的人，我想花點時間介紹一下 Tingo Group 和我們迄今為止的非凡故事。

Tingo Group is a diverse fintech and agri-fintech group of companies with operations in Africa, Southeast Asia, and the Middle East. The company significantly expanded and was somewhat transformed when we acquired 100% of Tingo Mobile Limited on November 30, 2022, and then subsequently acquiring Tingo Foods plc on February 9, 2023, and subsequently changing our name to Tingo Group, Inc.

Tingo Group 是一家多元化的金融科技和農業金融科技公司集團，業務遍及非洲、東南亞和中東。當我們於 2022 年 11 月 30 日收購 Tingo Mobile Limited 100% 的股份，隨後於 2023 年 2 月 9 日收購 Tingo Foods plc，並隨後更名為 Tingo Group, Inc. 時，公司顯著擴張並有所轉變。

Tingo Group is now comprised of the following businesses: Tingo Mobile, which is a leading fintech and agri-fintech business operating in Africa that operates through a device as a service and a smartphone platform model; Tingo Foods, which offtakes crops from the wider group's large farming customer base and processes those crops into finished food and beverage products; Tingo DMCC, which operates a commodity trading platform and commodity export business from Dubai and which, in turn, deals in both raw crops and finished products; TingoPay, which operates the TingoPay SuperApp and has a pan-African partnership with Visa.

Tingo Group 現在由以下業務組成：Tingo Mobile，這是一家在非洲運營的領先金融科技和農業金融科技企業，通過設備即服務和智能手機平台模式運營； Tingo Foods，從更廣泛的集團龐大的農業客戶群中獲取農作物，並將這些農作物加工成食品和飲料成品； Tingo DMCC，在迪拜經營商品交易平台和商品出口業務，而後者又從事原料作物和成品交易； TingoPay，運營 TingoPay SuperApp，並與 Visa 建立了泛非合作夥伴關係。

The full version of TingoPay, which will be rolled out later this year, provides payment services, and e-wallets, and a range of value-added services to customers. TingoPay, in partnership with Visa, also offers a range of merchant services to businesses. And finally, the company's fintech verticals, which operate platforms that offer a range of insurance and financial service products and are currently focused on the Southeast Asia markets.

將於今年晚些時候推出的完整版 TingoPay 為客戶提供支付服務、電子錢包和一系列增值服務。 TingoPay 與 Visa 合作，還為企業提供一系列商戶服務。最後，該公司的金融科技垂直領域運營著提供一系列保險和金融服務產品的平台，目前專注於東南亞市場。

The Tingo Group annual financial results reported in today's 10-K filing and which are presented here today include the revenues and earnings of Tingo Mobile from its date of acquisition on November 30, 2022. In other words, the income statements included within the 10-K is comprised of the full-year results of the company, together with one month's results of Tingo Mobile.

今天的 10-K 文件中報告的 Tingo Group 年度財務業績包括 Tingo Mobile 自 2022 年 11 月 30 日收購之日起的收入和收益。換句話說，10- K 由公司的全年業績以及 Tingo Mobile 一個月的業績組成。

In addition, today's earnings presentation and press release also include summarized pro-forma financial information for the year ended December 31, 2022, and the year ended December 31, 2021, which is presented as if the acquisition of Tingo Mobile had been completed on January 1, 2021. This is with the aim of assisting you in understanding the financial performance of the business we have acquired, together with our historical business. The 10-K, together with our earnings presentation and press release, also include the consolidated group balance sheet as of December 31, 2022.

此外，今天的收益報告和新聞稿還包括截至 2022 年 12 月 31 日止年度和截至 2021 年 12 月 31 日止年度的備考財務信息摘要，其呈現方式如同對 Tingo Mobile 的收購已於 1 月完成2021 年 1 月 1 日。這是為了幫助您了解我們所收購業務的財務業績以及我們的歷史業務。 10-K 連同我們的收益報告和新聞稿，還包括截至 2022 年 12 月 31 日的合併集團資產負債表。

At the close of the Tingo Mobile acquisition on November 30, 2022, we immediately became highly profitable and have continued to grow strongly since, as evidenced by the recent announcements of a number of major trade deals and partnerships, which not only are expected to result in a more than tripling of current customer numbers and which we will speak about later today, but also mark the commencement of our global expansion. The 2022 pro-forma financial performance for the group, as shown on this slide and for which Tingo Group expects to file an updated 8-K during April of 2023, highlights the strong financial performance that we have been messaging since our merger agreement was announced.

在 2022 年 11 月 30 日完成對 Tingo Mobile 的收購時，我們立即獲得了高利潤，並且此後繼續強勁增長，最近宣布的一些重大貿易交易和合作夥伴關係證明了這一點，這不僅有望導致當前客戶數量增加了兩倍多，我們將在今天晚些時候談到這一點，同時也標誌著我們全球擴張的開始。如本幻燈片所示，Tingo Group 預計將在 2023 年 4 月提交更新的 8-K 報告，該集團 2022 年的預估財務業績突顯了自宣布合併協議以來我們一直在傳達的強勁財務業績.

We are now a company that, on a pro-forma basis, generated for the year ended December 31, 2022, nearly USD1.2 billion in revenue, USD675 million in gross profits, and nearly USD555 million in income before tax. Furthermore, our cash balance as of December 31, 2022, which is reflected on our balance sheet audited by Deloitte LLP, one of the pre-eminent audit firms in the world, stood at just over USD500 million. Driving these contributions were 11.4 million Nwassa agri-fintech platform customers by December of 2022, generating more than USD1 billion per month of transaction value.

我們現在是一家在備考基礎上截至 2022 年 12 月 31 日止年度產生近 12 億美元收入、6.75 億美元毛利潤和近 5.55 億美元稅前收入的公司。此外，我們截至 2022 年 12 月 31 日的現金餘額剛剛超過 5 億美元，這反映在我們的資產負債表上，德勤會計師事務所是全球最傑出的審計公司之一。到 2022 年 12 月，推動這些貢獻的是 1140 萬 Nwassa 農業金融科技平台客戶，每月產生超過 10 億美元的交易價值。

Our overarching mission at Tingo Group is to foster digital and financial inclusion through our fintech platforms and to drive social and economic upliftment. In our agri-fintech businesses, we also strive to make a significant difference in improving global food supply and tackling the world's food security crisis by delivering farmer empowerment, improved crop yields, reduced post-harvest spoilage, and better access to both foreign and domestic markets. At a regional level, we aim to support Africa and its farmers to achieve sustainable food self-sufficiency, bringing an end to Africa's food insecurity and poverty.

我們在 Tingo Group 的首要使命是通過我們的金融科技平台促進數字和金融包容性，並推動社會和經濟發展。在我們的農業金融科技業務中，我們還努力通過賦予農民權力、提高作物產量、減少收穫後腐敗以及更好地獲取國內外的渠道，在改善全球糧食供應和應對世界糧食安全危機方面發揮重大作用市場。在區域層面，我們的目標是支持非洲及其農民實現可持續的糧食自給自足，結束非洲的糧食不安全和貧困。

2022 has been a year of huge transformation, as we have pivoted the direction of the company in response to the changing market conditions, a major, major acquisition, namely, of Tingo Mobile. By way of a recap, we entered into a definitive merger agreement to acquire Tingo Mobile on May 10, 2022.

2022 年是巨大轉型的一年，我們根據不斷變化的市場情況調整了公司的發展方向，這是一項重大的收購，即 Tingo Mobile。作為回顧，我們於 2022 年 5 月 10 日達成了收購 Tingo Mobile 的最終合併協議。

Following this, we immediately appointed an elite team of world-class advisers to undertake extensive due diligence and financial analysis. The team included big four accountant, Ernst & Young; the world's leading law firm Dentons; and the number one M&A investment bank, Houlihan Lokey; and our long-standing New York legal counsel, Ellenoff Grossman & Schole. We announced, on June 15, 2022, that the due diligence exercise had been completed and that the findings are positive with no material concerns.

在此之後，我們立即任命了一支由世界級顧問組成的精英團隊進行廣泛的盡職調查和財務分析。該團隊包括四大會計師事務所安永會計師事務所；世界領先的律師事務所Dentons；以及排名第一的併購投行Houlihan Lokey；以及我們在紐約的長期法律顧問 Ellenoff Grossman & Schole。我們於 2022 年 6 月 15 日宣布，盡職調查工作已經完成，調查結果是積極的，沒有重大問題。

The original merger agreement was amended and restated in October of 2022 to facilitate the expedited acquisition of 100% of Tingo Mobile as well as an improvement in terms of the company's shareholders. The acquisition was subsequently completed on November 30, 2022.

原合併協議於 2022 年 10 月進行了修訂和重申，以促進加快收購 Tingo Mobile 100% 的股權，並改善公司股東的狀況。收購隨後於2022年11月30日完成。

With the benefits of the company's and Tingo Mobile's collaboration, the fourth quarter of 2022 saw the beginning of the geographical expansion of Tingo Mobile with the opening of new offices in Ghana, Malawi, and Dubai, which we will detail later in our presentation. The fourth quarter also saw us launch the Tingo DMCC commodities trading platform and export business and the TingoPay SuperApp in partnership with Visa.

得益於公司與 Tingo Mobile 的合作，2022 年第四季度 Tingo Mobile 開始了地域擴張，在加納、馬拉維和迪拜開設了新辦事處，我們將在稍後的演示中詳細介紹。第四季度，我們還與 Visa 合作推出了 Tingo DMCC 商品交易平台和出口業務以及 TingoPay SuperApp。

By January 2023, we've had begun to pivot the company's insurance and fintech verticals to better complement the Tingo businesses with the aim of leveraging its already established brands and large customer base. Then, on February 7, 2023, we acquired the Tingo Food's food and beverage processing business so as to complete the Tingo seed-to-sale ecosystem.

到 2023 年 1 月，我們已經開始調整公司的保險和金融科技垂直領域，以更好地補充 Tingo 業務，目的是利用其已經建立的品牌和龐大的客戶群。然後，在2023年2月7日，我們收購了Tingo Food的食品和飲料加工業務，以完成Tingo種子到銷售的生態系統。

Lastly -- I mean, most recently, we changed our corporate name and ticker symbol to better reflect the importance of the Tingo brand to the business and provide improved clarity to our external stakeholders, including current and prospective partners, customers, and investors. We also launched a new Investor Relations website at tingogroup.com.

最後 - 我的意思是，最近，我們更改了公司名稱和股票代碼，以更好地反映 Tingo 品牌對業務的重要性，並為我們的外部利益相關者（包括當前和潛在合作夥伴、客戶和投資者）提供更高的清晰度。我們還在 tingogroup.com 上推出了一個新的投資者關係網站。

I would now like to turn the call over to Dozy Mmobuosi, the Tingo Mobile and Tingo Foods Founder and CEO, to further discuss Tingo's operations. Dozy?

我現在想將電話轉給 Tingo Mobile 和 Tingo Foods 的創始人兼首席執行官 Dozy Mmobuosi，以進一步討論 Tingo 的運營。想睡？

Thank you, Darren and to everyone joining us today. I'm delighted to have this opportunity to walk you through the Tingo Mobile business that I founded about in two years ago and to present our ambitious, yet carefully considered, growth strategy.

謝謝你，Darren 和今天加入我們的每一個人。我很高興有這個機會向您介紹我大約兩年前創立的 Tingo Mobile 業務，並介紹我們雄心勃勃但經過深思熟慮的增長戰略。

We'll begin with a Tingo Mobile business-as-a-service model and the Nwassa fintech platform, which we believe is the leading agri-fintech platform in Africa. Following the signing of our definitive merger agreement with MICT in October of 2022, we set about accelerating our growth strategy.

我們將從 Tingo Mobile 商業即服務模型和 Nwassa 金融科技平台開始，我們認為這是非洲領先的農業金融科技平台。在 2022 年 10 月與 MICT 簽署最終合併協議後，我們著手加快我們的增長戰略。

In November and December, we signed trade agreements with two major partners with the aim of quickly expanding Tingo Mobile's customer base from 9.3 million to an expected 30 million by the end of 2023. We signed a trade partnership with the All Farmers Association of Nigeria, which included a commitment to enroll a minimum of 20 million new customer base to Tingo Mobile.

在 11 月和 12 月，我們與兩個主要合作夥伴簽署了貿易協議，旨在到 2023 年底將 Tingo Mobile 的客戶群從 930 万迅速擴大到預計的 3000 萬。我們與尼日利亞全農協會簽署了貿易夥伴關係，其中包括承諾為 Tingo Mobile 招收至少 2000 萬新客戶群。

We also launched in Ghana and signed a trade agreement with the Kingdom of Ashanti, which included a commitment to enroll a minimum of 2 million new customers to Tingo Mobile and a target to enroll more than 4 million new customers. Soon afterwards, we launched into Malawi and began to progress several trade partnerships there with the aim of establishing a base to rollout in the future across East Africa, including into Tanzania, Mozambique, and Zambia.

我們還在加納推出並與阿散蒂王國簽署了貿易協議，其中包括承諾至少為 Tingo Mobile 招收 200 萬新客戶，併計劃招收超過 400 萬新客戶。不久之後，我們進入了馬拉維，並開始在那裡推進多項貿易夥伴關係，目的是建立一個基地，以便將來在整個東非推出，包括進入坦桑尼亞、莫桑比克和讚比亞。

Looking ahead further, we plan to expand in the future into other parts of Africa, as well as into China and the wider Asia, and into other relevant markets in the world. Through our other businesses within Tingo family, namely Tingo Foods and Tingo DMCC, we aim to increase uptake and demand for produce from Tingo Mobile's farmers, thereby creating a virtuous self-reinforcing cycle.

展望未來，我們計劃在未來擴展到非洲其他地區，以及中國和更廣泛的亞洲，以及世界其他相關市場。通過 Tingo 家族的其他業務，即 Tingo Foods 和 Tingo DMCC，我們的目標是增加 Tingo Mobile 農民對農產品的吸收和需求，從而創造一個自我強化的良性循環。

In December 2022, we launched Tingo DMCC, which is an agricultural commodity platform and export business in partnership with the Dubai Multi Commodities Centre, DMCC. The platform and export business will facilitate the global export of agricultural commodities from Tingo Mobile's farmers and finished food and beverage products from Tingo Foods.

2022 年 12 月，我們推出了 Tingo DMCC，這是一個與迪拜多種商品中心 (DMCC) 合作的農產品平台和出口業務。該平台和出口業務將促進 Tingo Mobile 農民的農產品和 Tingo Foods 的成品食品和飲料產品的全球出口。

DMCC is a leading center of international trade; and the world's number one free-trade zone; and, therefore, an obvious choice for us to partner with. Through access to Nigeria's 60 million farmers, including AFAN's 20 million-plus farmers and the farmers in Ghana, Malawi, and other territories, we have access to several billion dollars per annum of agricultural produce for export.

DMCC 是領先的國際貿易中心；和世界第一的自由貿易區；因此，這是我們合作的明顯選擇。通過接觸尼日利亞 6000 萬農民，包括 AFAN 的 2000 萬多農民以及加納、馬拉維和其他地區的農民，我們每年可以獲得數十億美元的農產品出口。

Not only does Tingo DMCC constitute a substantial and highly profitable business in its own right, it hugely accelerates the dollarization and globalization of the whole group, while also giving the Tingo Mobile farmers and Tingo Foods direct access to international markets. Through Tingo DMCC, we are creating a win-win situation, improving the world's food supply, delivering fair prices and empowerment to farmers, and generating substantial high-margin revenues to Tingo DMCC and the wider Tingo Group.

Tingo DMCC 不僅本身構成了一個龐大且高利潤的業務，它極大地加速了整個集團的美元化和全球化，同時也讓 Tingo Mobile 農民和 Tingo Foods 直接進入國際市場。通過 Tingo DMCC，我們正在創造雙贏局面，改善世界糧食供應，為農民提供公平的價格和賦權，並為 Tingo DMCC 和更廣泛的 Tingo Group 帶來可觀的高利潤收入。

Tingo Foods was brought into the group on February 7, 2023. This is a business that our team and I have been developing for some time outside of Tingo Mobile. We launched the business as a stand-alone company in September 2022, focusing on supplying a small product range to several supermarket groups and wholesale businesses.

Tingo Foods 於 2023 年 2 月 7 日被納入集團。這是我們團隊和我在 Tingo Mobile 之外開發了一段時間的業務。我們於 2022 年 9 月作為一家獨立公司開展了這項業務，專注於向多家超市集團和批發企業供應小範圍產品。

Within the first four months of trading, Tingo Foods generated more than $400 million of turnover at healthy margins. Having completed the sale of Tingo Mobile on November 30, 2022, we turned our attention to bring in Tingo Foods into the group, bearing in mind its strategic importance within the Tingo ecosystem.

在交易的頭四個月內，Tingo Foods 以可觀的利潤率創造了超過 4 億美元的營業額。在 2022 年 11 月 30 日完成 Tingo Mobile 的出售後，考慮到它在 Tingo 生態系統中的戰略重要性，我們將注意力轉向將 Tingo Foods 引入集團。

Tingo Foods creates significant demand and uptake for Tingo Mobile farmers, while, at the same time, creating supply for Tingo DMCC's commodity trading and export business. Tingo Foods is set to multiply capacity and revenue with the new state-of-the-art $1.6 billion food processing facility in Delta State of Nigeria scheduled to open early in the second half of 2024.

Tingo Foods 為 Tingo Mobile 農民創造了巨大的需求和吸收，同時為 Tingo DMCC 的商品貿易和出口業務創造了供應。 Tingo Foods 計劃於 2024 年下半年初在尼日利亞三角洲州投資 16 億美元新建最先進的食品加工廠，以提高產能和收入。

We recently partnered with EVTEC Energy plc to build a USD150 million, 110-megawatt solar plant to power the facility. This is aimed at achieving a net-zero carbon emission and reduce the energy costs for the group. We believe Africa's farmers and agricultural sector will benefit from the significant expansion of the continent's own processing capabilities, increasing crop demand, giving farmers higher prices, and delivering financial upliftment.

我們最近與 EVTEC Energy plc 合作，建造一座價值 1.5 億美元、110 兆瓦的太陽能發電廠來為該設施供電。這旨在實現淨零碳排放並降低集團的能源成本。我們相信，非洲的農民和農業部門將受益於非洲大陸自身加工能力的顯著擴張、作物需求的增加、為農民提供更高的價格以及帶來的財務提升。

Tingo Foods is also expected to be a major contributor to our ESG goals, for example, through the delivery of material reduction in farmers' post-harvest losses; significant improvement in world's food security; and considerable environmental benefits, reducing freight miles, improving production efficiency, reducing food wastage, powered exclusively by renewable energy, and reducing carbon footprint.

Tingo Foods 也有望成為我們 ESG 目標的主要貢獻者，例如，通過減少農民收穫後損失的材料；世界糧食安全顯著改善；以及可觀的環境效益，減少貨運里程，提高生產效率，減少食物浪費，完全由可再生能源提供動力，並減少碳足跡。

TingoPay is a SuperApp that offers a full range of value-added services in partnership with Visa. Those services include a digital Visa card, e-wallet, payment services, marketplace, e-commerce, insurance, and finance. As a full-market B2C and B2B offering, the TingoPay SuperApp and Visa partnership is helping us to diversify and expand Tingo Group into new sectors, with the aim of making TingoPay and Tingo household names, as widely recognized as Visa itself.

TingoPay 是一款與 Visa 合作提供全方位增值服務的超級應用程序。這些服務包括數字 Visa 卡、電子錢包、支付服務、市場、電子商務、保險和金融。作為全市場 B2C 和 B2B 產品，TingoPay SuperApp 和 Visa 的合作夥伴關係正在幫助我們實現 Tingo Group 的多元化並將其擴展到新的領域，目的是讓 TingoPay 和 Tingo 家喻戶曉，與 Visa 本身一樣得到廣泛認可。

To assist us in achieving market penetration, our pan-Africa partnership with Visa includes the provision of marketing and customer acquisition support. SMEs in all business sectors stand to benefit from our new range of Tingo Visa merchant services and the TingoPay business portal, whereas our smallholder farmer customers will see significant additional advantages through the integration of TingoPay with the Nwassa agri-marketplace platform.

為了幫助我們實現市場滲透，我們與 Visa 的泛非合作夥伴關係包括提供營銷和客戶獲取支持。所有業務領域的中小型企業都將從我們新的 Tingo Visa 商戶服務和 TingoPay 業務門戶中受益，而我們的小農客戶將通過 TingoPay 與 Nwassa 農業市場平台的整合看到顯著的額外優勢。

The TingoPay business portal and Tingo Visa merchant services enables subscribing farmers and businesses in all sectors to easily and securely accept payments and use it to make online transactions in the domestic or foreign currencies, as well as to manage their card, set off repeat payments, and access transaction statements.

TingoPay 商業門戶和 Tingo Visa 商戶服務使訂閱農民和各行各業的企業能夠輕鬆安全地接受付款，並使用它進行本幣或外幣的在線交易，以及管理他們的卡，進行重複支付，並訪問交易報表。

Together, Tingo Mobile and TingoPay, in partnership with Visa, are designed to deliver financial inclusion and social upliftment throughout Africa. We also plan to expand into Asia and other emerging markets. Through Tingo Mobile, Nwassa, TingoPay, Tingo Foods, and Tingo DMCC, we [offer there] the full agri-fintech ecosystem.

Tingo Mobile 和 TingoPay 與 Visa 合作，旨在為整個非洲提供金融包容性和社會進步。我們還計劃擴展到亞洲和其他新興市場。通過 Tingo Mobile、Nwassa、TingoPay、Tingo Foods 和 Tingo DMCC，我們 [提供] 完整的農業金融科技生態系統。

We communicate with and push services to our farmers through the smartphone handsets we supplied to them. The farmers can use the embedded Nwassa and TingoPay apps to purchase and use for their farming business, to purchase services and make payments, and to sell their produce. Tingo Foods is a valuable customer and source of uptake for the farmers, for which it processes such crops into finished food and beverage products.

我們通過提供給農民的智能手機與農民溝通並向他們提供服務。農民可以使用嵌入式 Nwassa 和 TingoPay 應用程序購買和使用他們的農業業務，購買服務和付款，以及銷售他們的產品。 Tingo Foods 是農民的寶貴客戶和吸收來源，為此它將這些農作物加工成成品食品和飲料產品。

And Tingo DMCC can sell the finished food and beverages as well as raw crops from the farmers to wholesalers, distributors, and other customers around the world. The Tingo Group creates a reinforcing loop of financial and digital inclusion, along with an increase in food supply, and a reduction in post-harvest wastage, which improves food security. And ultimately, all these factors deliver financial and social upliftment.

Tingo DMCC 可以將成品食品和飲料以及來自農民的未加工農作物銷售給世界各地的批發商、分銷商和其他客戶。 Tingo Group 創建了金融和數字包容性的強化循環，同時增加了食品供應並減少了收穫後的浪費，從而改善了食品安全。最終，所有這些因素都會帶來財務和社會進步。

We are highly committed to environmental, social, and governance factors. We foster digital and financial inclusion through our technology platforms, driving the social and economic upliftment of our customers. We meaningfully improve the global food supply and tackle the world's food security crisis by empowering the farmers, helping them increase crop yields, reduce post-harvest losses, improve access to markets, and deliver fairer prices.

我們高度重視環境、社會和治理因素。我們通過我們的技術平台促進數字和金融包容性，推動客戶的社會和經濟發展。我們通過賦予農民權力、幫助他們提高作物產量、減少收穫後損失、改善市場准入並提供更公平的價格，切實改善全球糧食供應並解決世界糧食安全危機。

Our technology and platforms also deliver significant environmental benefits, reducing crop wastage, improving farming and food production efficiency, promoting sustainable farming techniques, and reducing freight miles. As part of our commitment towards the environment and social upliftment, we are focused on adopting a mature ESG framework, underpinned and guided by the United Nations Sustainable Development Goals.

我們的技術和平台還帶來了顯著的環境效益，減少了作物浪費，提高了農業和食品生產效率，促進了可持續農業技術，並減少了貨運里程。作為我們對環境和社會進步承諾的一部分，我們專注於採用成熟的 ESG 框架，該框架以聯合國可持續發展目標為基礎和指導。

I will now turn the call over to Tingo Group's CFO, Kevin Chen, to discuss our full-year 2022 financial results as reported in this morning's 10-K filing.

我現在將電話轉給 Tingo Group 的首席財務官 Kevin Chen，討論我們在今天上午的 10-K 文件中報告的 2022 年全年財務業績。

Thank you, Dozy. I am incredibly pleased to present our financial results for the year ended December 31, 2022, together with our certain pro-forma financial information for the year ended December 31, 2022, and the year ended December 31, 2021, which have been prepared as if the acquisition of Tingo Mobile had been completed on January 1, 2021. This is with the aim of assisting you in understanding the financial performance of the business we have acquired together with our own performance.

謝謝你，多西。我非常高興地介紹我們截至 2022 年 12 月 31 日止年度的財務業績，以及我們截至 2022 年 12 月 31 日止年度和截至 2021 年 12 月 31 日止年度的某些備考財務信息，這些信息已編制為如果對 Tingo Mobile 的收購已於 2021 年 1 月 1 日完成。這是為了幫助您了解我們所收購業務的財務業績以及我們自身的業績。

A full breakdown of our financial results for the year ended December 31, 2022, is available in our regulatory filings and in the press release that crossed the wire earlier morning. The acquisition of 100% of Tingo Mobile completed on November 30, 2022, resulted in the consolidation of Tingo Mobile's financial results into Tingo Group from December 1, 2022.

我們的監管文件和早些時候發布的新聞稿中提供了我們截至 2022 年 12 月 31 日止年度財務業績的完整明細。對 Tingo Mobile 100% 的收購於 2022 年 11 月 30 日完成，導致 Tingo Mobile 的財務業績從 2022 年 12 月 1 日起併入 Tingo Group。

Net revenues of Tingo Group for 2022 were $146 million compared to $55.7 million in the prior year, an increase of 162% which was mainly attributed to the consolidation of one month of the revenues of Tingo Mobile. The operating loss of Tingo Group for 2022 was $11.8 million versus a loss of $37.9 million for the prior year after accounting for the non-recurring transaction expenses of $9.6 million and a share-based payment of $6.6 million.

Tingo Group 2022 年的淨收入為 1.46 億美元，而去年同期為 5570 萬美元，增長 162%，這主要歸功於 Tingo Mobile 一個月收入的合併。在計入 960 萬美元的非經常性交易費用和 660 萬美元的股份支付後，Tingo Group 2022 年的經營虧損為 1180 萬美元，而上一年為虧損 3790 萬美元。

The operating loss of Tingo Group for 2022 would have extracted profit of $4.4 million if the non-recurring transaction, expenses, and share-based payments were added back. The pro-forma consolidated revenue of Tingo Group for 2022 were $1.15 billion compared to $0.92 billion for the prior year, which, after stripping out no-recurring mobile handset sales in 2021 of $0.31 billion, represented an increase of 85.5%.

如果將非經常性交易、費用和基於股份的支付加回來，Tingo Group 2022 年的經營虧損本可以提取 440 萬美元的利潤。 Tingo Group 2022 年的預計綜合收入為 11.5 億美元，上年為 9.2 億美元，扣除 2021 年非經常性手機銷售額 3.1 億美元後，增長 85.5%。

Tingo Mobile's handset leasing revenue for 2022 were $476.3 million, up 50.3% from prior-year revenues of $316.9 million. The Nwassa agri-fintech platform revenues for 2022 were $532.2 million, up 168% on prior-year revenues of $198.6 million. Pro-forma EBITDA for 2022 was $954.5 million and net income before tax was $555.5 million, compared to an EBITDA of $275.6 million and a net loss before tax of $47.7 million from the prior year.

Tingo Mobile 2022 年的手機租賃收入為 4.763 億美元，比上年的 3.169 億美元增長 50.3%。 Nwassa 農業金融科技平台 2022 年的收入為 5.322 億美元，比去年同期的 1.986 億美元增長 168%。 2022 年的預估 EBITDA 為 9.545 億美元，稅前淨收入為 5.555 億美元，而上一年的 EBITDA 為 2.756 億美元，稅前淨虧損為 4770 萬美元。

Tingo Group cash balances at December 31, 2022, amounted to $500.3 million compared to $96.6 million at December 31, 2021. A detailed analysis of pro-forma revenues from Tingo Group for the years ended December 2021 and 2022 is provided on page 14 of the presentation together with details of the year-over-year growth achieved in 2022.

截至 2022 年 12 月 31 日，Tingo Group 的現金餘額為 5.003 億美元，而 2021 年 12 月 31 日為 9660 萬美元。Tingo Group 截至 2021 年 12 月和 2022 年 12 月止年度的預計收入的詳細分析見第 14 頁演示文稿以及 2022 年實現的同比增長的詳細信息。

A summary of the pro-forma income statement of Tingo Group for the years ended December 2021 and 2022 is provided on page 15 of the presentation. A summary of the balance sheet highlights is provided on page 16 of the presentation. Income statements for the years ended December 2021 and 2022 is provided on page 17 of the presentation.

演示文稿第 15 頁提供了 Tingo Group 截至 2021 年 12 月和 2022 年 12 月的備考損益表摘要。演示文稿的第 16 頁提供了資產負債表要點的摘要。演示文稿的第 17 頁提供了截至 2021 年 12 月和 2022 年 12 月的年度損益表。

I will now hand the call back to Darren.

我現在將把電話交還給達倫。

Thank you, Kevin. My Board and I believe Tingo Group is uniquely positioned, both as a company and as an investment proposition. We are a fast-growth and highly profitable Nasdaq-listed company. Our 2022 pro-forma EBITDA totaled USD954.5 million compared to USD275.6 million in the previous year. We have a strong balance sheet and are cash flow positive.

謝謝你，凱文。我的董事會和我相信 Tingo Group 具有獨特的定位，無論是作為一家公司還是作為一項投資建議。我們是一家快速增長且利潤豐厚的納斯達克上市公司。我們 2022 年的預估 EBITDA 總計 9.545 億美元，而上一年為 2.756 億美元。我們擁有強大的資產負債表並且現金流為正。

Our cash balance at December 31, 2022, amounted to USD500.3 million. Our financial statements were audited by a big four accountant, Deloitte LLP, one of the most reputable audit firms in the world. In addition to which, our controls and procedures were audited by Grant Thornton LLP, who are also one of the world's pre-eminent audit firms.

截至 2022 年 12 月 31 日，我們的現金餘額為 5.003 億美元。我們的財務報表由世界上最著名的審計公司之一的四大會計師事務所德勤會計師事務所審計。除此之外，我們的控制和程序由 Grant Thornton LLP 審計，該公司也是世界上最傑出的審計公司之一。

We have a fast growth, high margin, and sticky revenue model with low customer acquisition costs and low attrition. We have a full agri and food ecosystem from seed to sale, creating a virtuous circle for both us and our customers. We are making a difference towards addressing the global food shortage and food security crisis, and we are a benefactor of price inflation.

我們擁有快速增長、高利潤和粘性收入模式，客戶獲取成本低，流失率低。我們擁有從種子到銷售的完整農業和食品生態系統，為我們和我們的客戶創造良性循環。我們正在為解決全球糧食短缺和糧食安全危機做出貢獻，我們是價格通脹的助推器。

Our Visa-Tingo partnership on TingoPay SuperApp expands Tingo significantly into new B2C and B2B markets. We have proven proprietary fintech platforms, which are replicable in new geographical markets and new sectors. We have a vast addressable global market. We believe we have a significant ESG impact that can grow considerably further in the future.

我們在 TingoPay SuperApp 上的 Visa-Tingo 合作夥伴關係將 Tingo 顯著擴展到新的 B2C 和 B2B 市場。我們擁有經過驗證的專有金融科技平台，可在新的地域市場和新領域複製。我們擁有廣闊的全球市場。我們相信我們具有顯著的 ESG 影響，並且在未來可以進一步擴大。

Thank you, operator. My colleagues and I from Tingo are now ready to take questions from the participants.

謝謝你，運營商。我和我在 Tingo 的同事現在準備好回答與會者的問題。

(Operator Instructions)

（操作員說明）

Our first question is, if you read certain websites and bulletin boards, there are several naysayers who say that Africa, particularly Nigeria, is ripe with fraud. What comfort can you give shareholders that Tingo is real?

我們的第一個問題是，如果您閱讀某些網站和公告板，就會發現有幾個反對者說非洲，尤其是尼日利亞，欺詐行為已經成熟。 Tingo 是真實的，您能給股東什麼安慰？

I'll take that, Dozy, if I may, please. Well, I think the short answer to that is considerable. But to give you a bit more granularity and detail around that, I think it's really, firstly, important for us to understand the level of due diligence that we undertook as part of the acquisition process. I've mentioned it many times in many different announcements that we have made.

我會接受的，Dozy，如果可以的話，拜託了。好吧，我認為對此的簡短回答是相當重要的。但是為了給你更多的細節和細節，我認為首先，了解我們在收購過程中進行的盡職調查的水平對我們來說真的很重要。我在我們發布的許多不同公告中多次提到它。

But just to recap and for those who haven't heard it, when we bought Tingo Mobile, we appointed a world-class team of advisers. We had Ernst & Young, the world-leading and big-four accountant, doing all the financial due diligence, the tax due diligence, and the quality of earnings analysis. We had, arguably, the world's largest legal firm, Dentons, doing detailed legal due diligence. And we had, arguably, the world's number one M&A investment bank, Houlihan Lokey, doing additional detailed financial analysis.

但回顧一下，對於那些還沒有聽說過的人，當我們收購 Tingo Mobile 時，我們任命了一支世界級的顧問團隊。我們擁有世界領先的四大會計師事務所安永會計師事務所，負責所有財務盡職調查、稅務盡職調查和收益分析質量。可以說，我們有世界上最大的律師事務所 Dentons 進行詳細的法律盡職調查。可以說，我們有世界第一大併購投資銀行 Houlihan Lokey 進行額外的詳細財務分析。

As I said on many previous occasions, there were no material adverse findings by any of these parties. And I think it's also -- we need to take it into consideration and look about the partnerships that Tingo themselves had formed and the diligence undertaken by their various partners. That's a start with Visa Group, one of the world's largest payment systems.

正如我之前多次說過的那樣，這些各方都沒有發現任何重大的不利結果。而且我認為它也是 - 我們需要考慮它並研究 Tingo 自己建立的伙伴關係以及他們的各個合作夥伴所做的努力。這是世界上最大的支付系統之一 Visa Group 的開端。

They went through a very detailed due diligence exercise before they entered into their Pan-African partnership with Tingo Mobile. And my Board, ahead of the announcement we made in May 10, was given a presentation by a globally prestigious investment bank, who, themselves, undertaken their own detailed due diligence over a period of a number of months before they, themselves, onboarded Tingo Mobile as a client.

在與 Tingo Mobile 建立泛非合作夥伴關係之前，他們進行了非常詳細的盡職調查。在我們於 5 月 10 日發佈公告之前，我的董事會聽取了一家全球知名投資銀行的介紹，他們自己在加入 Tingo 之前的幾個月內進行了詳細的盡職調查手機作為客戶端。

This extensive due diligence that we did undertake, it cost of many, many millions of dollars, as we've seen in our previous filings. But in our opinion, it was money pretty well spent. And it gave my Board and myself the confidence and the comfort we needed to complete the transaction. And it also allowed us to better understand the business that we were acquiring.

正如我們在之前的文件中看到的那樣，我們確實進行了廣泛的盡職調查，花費了數百萬美元。但在我們看來，這筆錢花得很值。它給了我的董事會和我自己完成交易所需的信心和安慰。它還使我們能夠更好地了解我們正在收購的業務。

And I'm hoping that that level of diligence -- that comprehensive level of diligence we undertook will give other outside investors, from institutions from field to retail, the satisfaction. The Board, themselves, were very pleased with the findings.

我希望這種程度的勤奮——我們進行的那種全面的勤奮將給其他外部投資者，從機構到零售，滿意。董事會本身對調查結果非常滿意。

And one more thing as an aside, just to add to the gentleman's question, is aside to the due diligence that I've just outlined, today, we all sat here before you, announcing our year-end results with our new auditor, Deloitte, the number one accountancy practice in the world, having undertaken a thorough audit of all of the operations and companies within the group, including Tingo Mobile. And to add to that, Grant Thornton, the fifth biggest accountancy practice in the world, have just completed the Sarbanes-Oxley review and the audit of all the internal controls and procedures.

除了我剛才概述的盡職調查之外，除了先生的問題之外，還有一件事，今天，我們都坐在你們面前，與我們的新審計師德勤一起宣布我們的年終業績，世界排名第一的會計事務所，對集團內的所有業務和公司進行了徹底的審計，包括 Tingo Mobile。此外，全球第五大會計師事務所 Grant Thornton 剛剛完成了 Sarbanes-Oxley 審查以及對所有內部控制和程序的審計。

So when you put all of that together and consider all of the steps we've taken, I'm not sure what else we could have done to provide comfort to shareholders. Dozy, anything you'd like to add to that?

因此，當您將所有這些放在一起並考慮我們採取的所有步驟時，我不確定我們還能做些什麼來讓股東感到安慰。 Dozy，你還有什麼要補充的嗎？

Yes. Thanks, Darren. Just to add to what the gentleman asked, I understand the fears. But one thing we need to really state clearly here is that -- look, what way business will dissolve. In two years on, we are still there. We still cater to the needs of smallholder farmers in the millions. Even look at what we've done with the biggest agricultural group in Nigeria -- I mean AFAN. That's the All Farmers Association of Nigeria.

是的。謝謝，達倫。只是為了補充這位先生的問題，我理解這種恐懼。但我們需要在這裡真正明確說明的一件事是 - 看，業務將以何種方式解散。兩年過去了，我們還在。我們仍然滿足數百萬小農的需求。甚至看看我們與尼日利亞最大的農業集團——我的意思是 AFAN 所做的事情。那是尼日利亞所有農民協會。

If we do not really mean to be there for these farmers, more of them wouldn't be wanting to work with us. So we have demonstrated that we can, as a business, continue to thrive, at the same time, make money for our shareholders and other stakeholders. So I think beyond the due diligence and the audit, people need to understand, I guess, there are challenges in Nigeria. But it doesn't mean that every business that comes out of Nigeria is fraudulent.

如果我們不是真心為這些農民服務，他們中的更多人就不會願意與我們合作。因此，我們已經證明，作為一家企業，我們可以繼續蓬勃發展，同時為我們的股東和其他利益相關者賺錢。所以我認為除了盡職調查和審計之外，人們還需要了解，我想，尼日利亞也存在挑戰。但這並不意味著來自尼日利亞的每一家企業都是欺詐性的。

I think at this point in this life of us, we need to start getting that clear. There is fraud everywhere in the world, but we built a world-class business, supported by world-class investment banks, auditors, and all sorts of institutions. So for us, we are excited to continue to work the way we are working and to continue to protect food security in the world and show that the farmers are self reliant and are able to continue to live as humans, the way they deserve to be treated.

我認為在我們這一生的這一點上，我們需要開始弄清楚這一點。世界上到處都是欺詐，但我們建立了世界一流的企業，得到世界一流的投資銀行、審計師和各種機構的支持。因此，對我們來說，我們很高興能繼續以我們現在的方式工作，繼續保護世界糧食安全，並表明農民是自力更生的，能夠繼續像人類一樣生活，這是他們應得的方式對待。

Yeah. Thanks, Dozy. Yeah. I think in summary -- in answer to this question, there are a lot of companies out there listed in a lot of markets, many of them in the United States or elsewhere in the world, that wouldn't have undertaken the level of diligence that we have as part of this process and certainly wouldn't be represented by the quality of professional advisors that we have.

是的。謝謝，多西。是的。我想總而言之——在回答這個問題時，有很多公司在很多市場上市，其中許多在美國或世界其他地方，它們不會進行盡職調查我們在這個過程中擁有，當然不會由我們擁有的專業顧問的質量來代表。

Thank you, team. Our next question is, when I visit the nwassamarket.com or open the Nwassa app, I see very few signs of activity. There are only a small number of products, hardly any reviews, and the app has few downloads. Please explain the position with Nwassa, bearing in mind your proxy claims it is doing USD1 billion per month gross transaction value.

謝謝你，團隊。我們的下一個問題是，當我訪問 nwassamarket.com 或打開 Nwassa 應用程序時，我幾乎看不到任何活動跡象。產品數量少，幾乎沒有評論，應用下載量也很少。請解釋與 Nwassa 的立場，記住你的代理人聲稱它每月的總交易價值為 10 億美元。

Okay, thank you. Dozy, would you like to take that one?

好的謝謝。 Dozy，你願意接受那個嗎？

Yes. Nwassa marketplace was launched in 2020 as a USSD platform. For those who do not understand what USSD stands for, it's unstructured supplementary service data, which is a global system for mobile communications protocol used for text messages to execute certain transactions.

是的。 Nwassa 市場於 2020 年作為 USSD 平台推出。對於那些不了解 USSD 代表什麼的人，它是非結構化補充服務數據，它是用於文本消息執行某些交易的移動通信協議的全球系統。

So the idea behind the Nwassa is, of course, to get Tingo customers to raise [akida] transactions across the platform not only in relation to sale of their produce or the purchase of farming inputs or the utilities, like of course, paying bills, purchasing mobile phone insurance, and to arrange microcredit. So separate from the USSD platform, we are in the process of developing a transaction website and a SuperApp.

因此，Nwassa 背後的想法當然是讓 Tingo 客戶在平台上進行 [akida] 交易，而不僅僅是與銷售他們的產品或購買農業投入或公用事業有關，當然，比如支付賬單，購買手機保險，安排小額貸款。因此，與 USSD 平台分開，我們正在開發一個交易網站和一個 SuperApp。

And this is currently at the test stage. That's why you see that on the Play Store. And we are welcoming developers from across the world to test with us using that access on the Play Store. So we definitely hope to complete the new platforms, and we hope to launch sometime this year.

而這目前正處於測試階段。這就是為什麼您會在 Play 商店中看到它。我們歡迎來自世界各地的開發者使用 Play 商店的訪問權限與我們一起進行測試。所以我們絕對希望完成新平台，我們希望在今年某個時候推出。

Thank you, team. Our next question is, you had mentioned in previous announcements that the Board will put in place a plan to address the disconnect between the share price and the underlying performance of the company. What is the latest position on this?

謝謝你，團隊。我們的下一個問題是，您在之前的公告中提到董事會將製定一項計劃來解決股價與公司基本業績之間的脫節問題。對此最新立場是什麼？

Dozy, I'll take this. Thank you. Let me start. I think it's important to highlight that on the back of the Deloitte audit that we're reporting here today, I firmly believe the perception of our company in the world, if it hasn't changed already, will change.

Dozy，我會接受這個。謝謝。讓我開始吧。我認為重要的是要強調，在我們今天在這里報道的德勤審計的背後，我堅信世界上對我們公司的看法，如果還沒有改變的話，將會改變。

And with regard to the point of the question, I think, on a number of occasions, we have spoken about a number of strategies to enable us to address the disconnect. I can tell you here today that the Board are making plans around a number of initiatives.

關於問題的要點，我想，在很多場合，我們已經談到了一些使我們能夠解決脫節問題的策略。我今天可以在這裡告訴大家，董事會正在圍繞一系列舉措制定計劃。

Now, those initiatives that are under consideration include the likes of a special one-off dividend. They include the introduction of a dividend and the strategy, an alternative listing -- dual listing on an alternative stock exchange, and then others as well are also under consideration. I think it's important to remember that as a company that's delivered, on a pro-forma basis, an excess of $1 billion of revenue, and $550 million of pre-tax profits, and that is delivering considerable growth on both top and bottom line, that we, as a company, act to respond in a way to the share price disconnect that either undermines our brand proposition or compromises any shareholder value.

現在，正在考慮的這些舉措包括一次性特別股息等。它們包括引入股息和戰略、替代上市——在替代證券交易所雙重上市，然後其他也在考慮之中。我認為重要的是要記住，作為一家在預估基礎上交付超過 10 億美元的收入和 5.5 億美元的稅前利潤的公司，並且在收入和利潤方面都實現了可觀的增長，作為一家公司，我們採取行動應對股價脫節，這種脫節要么破壞我們的品牌主張，要么損害任何股東價值。

And so notwithstanding any of the above, there are a number of initiatives in progress that we believe will address much of the market manipulation we've suffered. And hopefully, this will be reflected in the share price in the very near term. So I think in summary in this question, the thing I'd like to leave in people's minds today is that as a company, those broad plans that are spoken about, we do expect to start making announcements around those in the short coming weeks.

因此，儘管存在上述任何一種情況，但我們認為有許多正在進行的舉措將解決我們所遭受的大部分市場操縱問題。希望這將在短期內反映在股價中。因此，我認為在這個問題中總結一下，我今天想留在人們腦海中的是，作為一家公司，我們確實希望在未來幾週內開始圍繞這些計劃發佈公告。

Thank you, team. Our next question is, there was a mention in the presentation of restructuring the old MICT businesses to best complement the existing Tingo brand. Can you provide more detail?

謝謝你，團隊。我們的下一個問題是，在演示文稿中提到重組舊的 MICT 業務以最好地補充現有的 Tingo 品牌。你能提供更多細節嗎？

Again, Dozy, if I may. Yes, thank you. One of the great assets that we now call the old MICT business has are the number of regulated licenses we hold across a number of verticals and supported by world-class proprietary technology. So we think we can now combine that with a very large, significant user and customer base throughout Pan-Africa. And there are a number of opportunities, all of which can add material profitability to the group.

再一次，Dozy，如果可以的話。是的，謝謝。我們現在稱之為舊 MICT 業務的重要資產之一是我們在多個垂直領域持有的受監管許可證的數量，並由世界一流的專有技術提供支持。因此，我們認為我們現在可以將其與整個泛非地區非常龐大、重要的用戶和客戶群結合起來。而且還有許多機會，所有這些機會都可以為集團增加實質性的盈利能力。

I don't really want to go into too much detail on this call as to what those plans are, but I think I want to shed some light on a material opportunity which is at our fingertips, which is in the payment space. Just like many diaspora around the world, Africans are no different. And they do repatriate money to their friends and family back home.

我真的不想在這次電話會議上詳細說明這些計劃是什麼，但我想我想闡明一下我們觸手可及的物質機會，即支付領域。就像世界上許多僑民一樣，非洲人也不例外。他們確實會將錢匯回國內給他們的朋友和家人。

And if we look at Nigeria -- and as a market, as we've announced, we have 10 million-plus customers. And we hope that will rise to 30 million by the end of this year. If we take Nigeria, that case in point, family and friends there send back a figure of somewhere between $2 billion and $8 billion each and every month, depending on whose figures we believe, of course.

如果我們看看尼日利亞——正如我們宣布的那樣，作為一個市場，我們擁有超過 1000 萬客戶。我們希望到今年年底能增加到 3000 萬。如果我們以尼日利亞為例，那裡的家人和朋友每個月都會寄回大約 20 億至 80 億美元的數字，當然這取決於我們相信誰的數字。

And this market currently is very poorly served, be it in product offering, the cost of currency conversion, and particularly customer satisfaction -- well, a lot of customer dissatisfaction in this case. So we believe that utilizing the relationships we have with the two major global banking empires that we have referred to on other announcements with the 10 million-plus farmers on the platform, that will have a very significant product and price advantage to our customer base. And whilst I'm not permitted to give a profit forecast here, I can say that I would expect the profitable contribution here to be very material to the group number.

這個市場目前的服務非常差，無論是在產品供應、貨幣兌換成本，尤其是客戶滿意度方面——好吧，在這種情況下有很多客戶不滿意。因此，我們相信，利用我們與平台上 1000 萬多農民的其他公告中提到的我們與兩大全球銀行帝國的關係，將為我們的客戶群帶來非常重要的產品和價格優勢。雖然我不能在這裡給出利潤預測，但我可以說我預計這裡的利潤貢獻對集團數量非常重要。

Thank you, team. Our next question is, with the company having so much cash and given the forecast profitability of the Group, why has a share buyback not yet been initiated?

謝謝你，團隊。我們的下一個問題是，在公司擁有如此多現金的情況下，考慮到集團的盈利預測，為什麼還沒有啟動股份回購？

Again, Dozy, if I may. That's a very good question. And I think, as I said in my earlier answer, that we'll finalize and begin to announce the company's plans in the coming weeks. But it should also -- as I mentioned earlier, with that level of cash, with the level of profitability the company is now experiencing and delivering, it's not just share buybacks that we can consider. A dividend plan on a regular quarterly basis is also being considered by the Board at this time.

再一次，Dozy，如果可以的話。這是一個很好的問題。我認為，正如我在之前的回答中所說，我們將在未來幾週內完成並開始宣佈公司的計劃。但它也應該——正如我之前提到的那樣，有了這樣的現金水平，以及公司目前正在經歷和交付的盈利水平，我們可以考慮的不僅僅是股票回購。董事會目前也在考慮按季度定期派息的計劃。

But what I would like to do is reiterate that with the Deloitte audit now completed, I believe that the horizon for our shareholders is improved considerably. And as I just said a moment ago, the Board are being very considered in the next steps to deal with what we think is a very pressing matter on the disconnect between the performance of the group and the share price.

但我想重申的是，隨著德勤審計現已完成，我相信我們股東的前景會大大改善。正如我剛才所說的那樣，董事會正在認真考慮接下來的步驟，以處理我們認為非常緊迫的問題，即集團業績與股價之間的脫節。

Thank you, team. Our next question is, this is clearly an amazing ESG story. And I cannot think of any other truly genuine ESG stories with such levels of growth and profitability. Why do you not yet have any ESG funds as shareholders?

謝謝你，團隊。我們的下一個問題是，這顯然是一個令人驚嘆的 ESG 故事。我想不出任何其他真正具有如此增長和盈利水平的 ESG 故事。為什麼您還沒有任何ESG基金作為股東？

Thank you. Yes, I actually agree with you, too. It should be remembered, though, that I think that this acquisition was only completed four months ago, on November 30 from memory. And today marks the publication of the first group audited results.

謝謝。是的，我其實也同意你的看法。不過，應該記住，我認為這次收購僅在四個月前完成，即 11 月 30 日。今天標誌著第一批審計結果的發布。

And so with today's filing of our 10-K and the group audit being completed by, as I've said many times, one of the world's leading audit firms, I believe we are now in a position to attract a large institutional base, including, of course, the growing number of ESG funds that are looking for genuine ESG opportunities. And like you said, I can't think of many more attractive propositions than ours.

因此，正如我多次說過的，世界領先的審計公司之一完成了我們今天提交的 10-K 和集團審計，我相信我們現在能夠吸引大量的機構基礎，包括當然，越來越多的 ESG 基金正在尋找真正的 ESG 機會。就像你說的，我想不出比我們的更有吸引力的提議了。

And as I mentioned earlier, just as a final point on this, this is where the quality of the due diligence we did at the time of acquisition are paramount importance, supported by the likes of Deloitte. Because this is what, I believe, will instill the confidence with institutional and retail prospective shareholders to invest in us.

正如我之前提到的，作為最後一點，這是我們在收購時所做的盡職調查質量至關重要的地方，得到了德勤等公司的支持。因為我相信，這將為機構和散戶潛在股東灌輸投資我們的信心。

Thank you, team. Our next question is, how does the election of the new Nigerian president impact Tingo group and its business?

謝謝你，團隊。我們的下一個問題是，尼日利亞新總統的當選對 Tingo 集團及其業務有何影響？

Dozy, I think this is best answered by you.

Dozy，我認為這最好由你回答。

Yeah, of course. Thanks, Darren. As some of you are aware, I have personally congratulated the incoming President. And of course, we see government as a continuum. So it's important that, as a major operator in what we view as Nigeria's most important sector that is the agriculture and the commodities sector, we believe that we can continue to strengthen our relationship with the government.

嗯，當然咯。謝謝，達倫。正如你們中的一些人所知，我親自祝賀了即將上任的主席。當然，我們將政府視為一個連續統一體。因此，重要的是，作為我們認為尼日利亞最重要部門（農業和商品部門）的主要運營商，我們相信我們可以繼續加強與政府的關係。

There is no strong business that can really remain strong without the support of the government in terms of giving them ideas on where policy should be and how a business like this can be supported. So of course, we look forward to working with the incoming administration.

沒有政府的支持，沒有任何強大的企業可以真正保持強大，讓他們了解政策應該在哪里以及如何支持這樣的企業。因此，我們當然期待與即將上任的政府合作。

Thank you, team. Our next question is, regarding your announcement in February where you suspected Tingo Group is a victim of illegal naked short selling, can you update us on the investigation and remedial actions that are being taken?

謝謝你，團隊。我們的下一個問題是，關於您在 2 月份宣布懷疑 Tingo Group 是非法裸賣空的受害者，您能否向我們介紹正在採取的調查和補救措施？

Dozy, let me take that, if I may, please. Yeah. Our specialist lawyers and their team of expert advisors have been working diligently and making considerable progress to date. And whilst I'm not in a position to give more of a detailed response at this particular time, I think what it is fair to say is that we believe we do have substantial evidence that has been gained of such unlawful activity, and the indications and magnitude are substantial or sizable.

Dozy，如果可以的話，請讓我接受。是的。我們的專業律師和他們的專家顧問團隊一直在努力工作，迄今為止取得了長足的進步。雖然我現在無法在這個特定時間給出更詳細的答复，但我認為可以公平地說，我們相信我們確實掌握了此類非法活動的實質性證據，並且有跡象表明和量級是實質性的或相當大的。

So let me be clear. If that is borne out and we do see there have been material breaches of the SEC rules of conduct, we will aggressively pursue the perpetrators no matter who they are, be them hedge funds, be them stakeholders, market makers, whomever. But at this time, I can't say any more than that. But rest assured, we will be keeping shareholders fully updated as and when events happen.

所以讓我說清楚。如果這一點得到證實，並且我們確實看到存在嚴重違反 SEC 行為規則的行為，我們將積極追查肇事者，無論他們是誰，無論是對沖基金、利益相關者、做市商，還是任何人。但此時，我不能再多說什麼了。但請放心，我們將在事件發生時及時向股東提供最新信息。

Thank you, team. Our next question is, it is clear that the company is not short of expansion opportunities, both in Africa and in other parts of the world. Can you please explain how the company decides on its priorities when it is considering the array of opportunities?

謝謝你，團隊。我們的下一個問題是，很明顯，該公司在非洲和世界其他地區都不缺乏擴張機會。您能否解釋一下公司在考慮一系列機會時如何決定優先事項？

Dozy, if I may. A very good question. And yes, you're right. We do have very many opportunities at our fingertips right now, whether they be in new verticals, new products, other parts of Africa, other parts of the world. We do have a wealth of opportunities at our fingertips, as I've said. And so, as you would expect, our evaluation of all the opportunities is going to have to take into account many, many different criteria or measures, anything from the return on capital employed or contribution to group profitability.

打瞌睡，如果可以的話。一個很好的問題。是的，你是對的。我們現在確實有很多機會，無論是在新的垂直領域、新產品、非洲其他地區還是世界其他地區。正如我所說，我們確實擁有觸手可及的大量機會。因此，正如您所期望的那樣，我們對所有機會的評估將不得不考慮許多不同的標准或措施，從使用資本回報或對集團盈利能力的貢獻。

It may well be synergistic impacts in other parts of the group and, of course, alignment with our mission and core values. Yes, we are in a very exciting position and certainly not restricted at all by any lack of opportunity, which, clearly, not every company's graced with. So as you would expect, the Board will prioritize as it sees fit with the primary focus on shareholder value accretion as its primary focus.

這很可能是對集團其他部分的協同影響，當然，也與我們的使命和核心價值觀保持一致。是的，我們處於一個非常令人興奮的位置，當然不會因為缺乏機會而受到任何限制，顯然，並不是每家公司都會有這樣的機會。因此，正如您所期望的那樣，董事會將在其認為合適的情況下優先考慮將股東價值增值作為其主要關注點。

Our last question asked, can Dozy Mmobuosi shed any light on why he wants to buy a football club, such as Sheffield United, and where he stands in the approval process with the English football league?

我們問的最後一個問題是，Dozy Mmobuosi 能否闡明他為什麼想要購買一家足球俱樂部，例如謝菲爾德聯隊，以及他在英國足球聯賽的審批過程中所處的位置？

Dozy, I think that's yours.

Dozy，我想那是你的。

Yes. Well, I'm not sure if this is the right room to discuss football matters. But needless to say that I've always had the passion for football, as you may be aware from my involvement in football in my own country, Nigeria, where I support grassroots football and, last year, the Nigerian edition of the Super Cup, which is actually the biggest tournament in Nigeria as of today.

是的。好吧，我不確定這裡是否適合討論足球問題。但不用說，我一直對足球充滿熱情，你可能會從我在自己的國家尼日利亞參與足球運動中了解到，我在那裡支持草根足球，以及去年的尼日利亞超級杯，這實際上是迄今為止尼日利亞最大的錦標賽。

I'm fortunate to be in a position to buy a major football club here in England and for a team such as Sheffield United, with all its history. I have a desire to be the first Black person to own a premier league football club. I believe, of course, Sheffield United will be promoted to the English Premier League.

我很幸運能夠買下英格蘭的一家大型足球俱樂部，買下像謝菲爾德聯隊這樣擁有悠久歷史的球隊。我渴望成為第一個擁有英超足球俱樂部的黑人。我相信，當然，謝菲爾德聯隊將升入英超聯賽。

In addition, I believe that the ownership of Sheffield United will bring significant advantages to the Tingo Group, as Nigeria and the continent of Africa will gain more awareness of the Tingo brand through their love for English football. In terms of process with the EFL, I hope to be in a position to announce positive news very soon.

此外，我相信謝菲爾德聯隊的所有權將為 Tingo 集團帶來顯著優勢，因為尼日利亞和非洲大陸將通過對英國足球的熱愛獲得更多 Tingo 品牌的知名度。就 EFL 的進程而言，我希望能夠很快宣布積極的消息。

I would now like to turn the call back over to Mr. Mercer for his closing remarks.

我現在想將電話轉回 Mercer 先生的結束語。

Thank you, operator. I would like to thank each of you today for joining our earnings conference call and look forward to continuing to update you on our ongoing progress and growth. If, however, we were unable to answer any of your questions, then please do reach out to our IR firm, MZ Group, who will be more than happy to assist.

謝謝你，運營商。我要感謝今天你們每一位參加我們的收益電話會議，並期待繼續向您介紹我們正在進行的進展和增長。但是，如果我們無法回答您的任何問題，請聯繫我們的 IR 公司 MZ Group，他們將非常樂意提供幫助。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。