(TIO) 2023 Q3 法說會逐字稿

Greetings and welcome to the Tingo Group Third Quarter 2023 Financial Results Conference Call. (Operator Instructions)

歡迎參加 Tingo 集團 2023 年第三季財務業績電話會議。 （操作員說明）

As a reminder, this conference is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include forecast, estimates, or other information that might be considered forward-looking.

提醒一下，本次會議正在錄製中。在我們開始正式演示之前，我想提醒大家，電話會議和網路廣播中的陳述可能包括預測、估計或其他可能被視為前瞻性的資訊。

While these forward-looking statements represent our current judgment on what the future holds, they're not guarantees and are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place under reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們並不是保證，並且存在可能導致實際結果出現重大差異的風險和不確定性。請您注意不要依賴這些前瞻性陳述，這些陳述僅反映我們截至本簡報發布之日的觀點。

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 the new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-Q filed today and Form 10-K for more complete discussion of these factors and other risks, particularly under the heading risk factors.

請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。在今天的討論中，我們將嘗試提出一些與我們的業務相關、可能影響我們的預測的重要因素。您還應該查看我們今天提交的最新表格 10-Q 和表格 10-K，以更完整地討論這些因素和其他風險，特別是在風險因素標題下。

Our press release detailing these results crossed the wire this morning and is available in the Investor Relations section of the company's website, tingogroup.com. Your host today, Kenneth Denos, Tingo Group Co-Chief Executive Officer, will present the results of operations for the quarter ended September 30, 2023.

我們的新聞稿於今天上午發布，詳細介紹了這些結果，可在公司網站 tingogroup.com 的投資者關係部分查看。今天的主持人 Tingo 集團聯席執行長 Kenneth Denos 將介紹截至 2023 年 9 月 30 日的季度營運業績。

At this time, I will turn the call over to Tingo Group Co-Chief Executive Officer, Kenneth Denos. Please go ahead.

此時，我會將電話轉給 Tingo Group 聯合執行長 Kenneth Denos。請繼續。

Thank you, operator, and good morning, everyone. I am pleased to welcome you to today's third-quarter 2023 financial results conference call. Despite the challenges we have encountered over the past few months, namely the short seller attack in June which had a negative impact on customer confidence, the significant devaluation of Nigeria's currency following the lifting of certain foreign exchange restrictions, a period of economic stagnation and high inflation in Nigeria following the government elections in February of 2023, and subsequent change of presidential administrations in May. I am proud with our progress and achievements over the past three months and excited about our future prospects for the remainder of the year and beyond.

謝謝接線員，大家早安。我很高興歡迎您參加今天的 2023 年第三季財務業績電話會議。儘管過去幾個月我們遇到了挑戰，例如6月份的賣空者襲擊對客戶信心產生了負面影響，尼日利亞貨幣在某些外匯限制取消後大幅貶值，一段時期的經濟停滯和高位徘徊。2023 年 2月政府選舉以及隨後5 月總統換屆後，奈及利亞出現通貨膨脹。我對過去三個月的進步和成就感到自豪，並對今年剩餘時間及以後的未來前景感到興奮。

For those of you joining us for the first time, I would like to take a moment to introduce Tingo Group. Tingo Group is a diverse fintech and agri-fintech group of companies with operations in Africa, Southeast Asia, and the Middle East. We significantly expanded and somewhat transformed the company when we acquired 100% of Tingo Mobile Limited on November 30, 2022, and then acquired Tingo Foods PLC on February 7, 2023, before subsequently changing our name to Tingo Group, Inc., on February 27, 2023.

對於第一次加入我們的人，我想花點時間介紹一下Tingo Group。 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。我們於2022 年11 月30 日收購了Tingo Mobile Limited 100% 的股份，對公司進行了顯著擴張並進行了一定程度的轉型，隨後於2023 年2 月7 日收購了Tingo Foods PLC，隨後於2月27 日更名為Tingo Group, Inc. ，2023。

As of today, the Tingo Group is comprised of the following businesses, Tingo Mobile, which is a leading fintech and agri-fintech business in Africa that operates through a device as a service and smartphone, USSD platform model. Tingo Foods, which off takes crops form the Tingo Mobile substantial and growing customer base of farmers and processes those crops into finished food and beverage products.

截至目前，Tingo 集團由以下業務組成：Tingo Mobile，是非洲領先的金融科技和農業金融科技企業，透過設備即服務和智慧型手機、USSD 平台模式運作。 Tingo Foods 從 Tingo Mobile 龐大且不斷增長的農民客戶群中獲取作物，並將這些作物加工成食品和飲料成品。

Tingo DMCC, which operates a commodity trading platform and export business from the Dubai Multi Commodities Center and deals in both raw agricultural commodities from our Tingo Mobile farmers as well as finished food products from Tingo Foods. TingoPay, a SuperApp supported by our Pan-Africa partnership with Visa, following a soft launch of the beta version earlier this year, TingoPay was launched as a full version on September 13. TingoPay provides its customers with payment services and e-wallet and a range of value-added services. It also offers a range of merchant services to businesses.

Tingo DMCC，在杜拜多種商品中心經營商品交易平台和出口業務，經營來自 Tingo Mobile 農民的農產品原料以及來自 Tingo Foods 的成品食品。 TingoPay 是我們與 Visa 泛非合作夥伴支援的超級應用程序，繼今年稍早軟啟動測試版本後，TingoPay 於 9 月 13 日推出完整版本。TingoPay 為其客戶提供支付服務和電子錢包以及一系列增值服務。它還為企業提供一系列商業服務。

We also have a number of fintech verticals that as to date been focused on the Southeast Asian market; however, as we focus on further increasing shareholder value and leveraging the most profitable and valuable parts of Tingo Group, we are currently restructuring this part of the business and winding down or disposing of any operations that do not achieve our target contribution metrics. Most recently in partnership with Pakistan government's Khyber Pakhtunkhwa Information Technology Board, we are preparing to roll out our agri-fintech, food processing, and export businesses throughout Pakistan. We believe that our group of businesses and the synergistic ecosystem we create place us in a remarkable position from which we can expand both in our current markets and internationally and deliver significant further growth.

我們還有許多金融科技垂直領域，迄今專注於東南亞市場；然而，由於我們專注於進一步增加股東價值並利用Tingo Group最賺錢和最有價值的部分，我們目前正在重組這部分業務，並逐步結束或處置任何未達到我們目標貢獻指標的業務。最近，我們與巴基斯坦政府開伯爾-普赫圖赫瓦省資訊科技委員會合作，準備在巴基斯坦各地開展農業金融科技、食品加工和出口業務。我們相信，我們的業務集團和我們創建的協同生態系統使我們處於卓越的地位，我們可以在當前市場和國際市場上進行擴張，並實現顯著的進一步成長。

Despite the challenges I mentioned earlier, we achieved year-over-year quarterly revenue growth and despite a decline in revenue and earnings in the third quarter compared to the second quarter, we have made significant progress with the further development of the business, and we are confident that the fourth quarter will see a return to growth. What is important to note is that we have had to endure significant challenges and headwinds between June and September, not least because of the substantial devaluation of Nigeria's currency in June and a period of economic stagnation in Nigeria following its government collection and subsequent change in presidential administration. As mentioned in our second quarter trading update, it is worth noting that the significant devaluation of Nigeria's currency occurred as a result of the Central Bank of Nigeria's removal of foreign exchange restrictions, which we believe will deliver significant long-term benefits to our business, including the acceleration of the dollarization of our business and helping our export and commodity trading activities become more profitable. Furthermore, once the policies of Nigeria's new government have been fully implemented. We expect Nigeria's currency to appreciate and its economy to rebound strongly, which should be markedly beneficial to the company and our shareholders.

儘管面臨我前面提到的挑戰，我們還是實現了季度收入的同比增長，儘管第三季度的收入和盈利較第二季度有所下降，但隨著業務的進一步發展，我們取得了重大進展，我們相信第四季將恢復成長。值得注意的是，我們在 6 月至 9 月期間不得不忍受重大挑戰和逆風，尤其是因為 6 月尼日利亞貨幣大幅貶值，以及政府徵稅和隨後總統更迭後尼日利亞經濟陷入一段時期的停滯。行政。正如我們在第二季交易更新中提到的，值得注意的是，由於尼日利亞中央銀行取消外匯限制，尼日利亞貨幣大幅貶值，我們相信這將為我們的業務帶來重大的長期利益，包括加速我們業務的美元化以及幫助我們的出口和商品貿易活動變得更加有利可圖。而且，一旦尼日利亞新政府的政策得到全面落實。我們預計尼日利亞貨幣將升值，經濟將強勁反彈，這對公司和股東來說將是顯著有利的。

Following completion of our acquisition of Tingo Mobile on November 30, 2022, we have been highly profitable notwithstanding the headwinds we noted above. We have also achieved organic growth, including through our partnership with the All Farmers Association of Nigeria known as AFAN. This growth is set to continue following the expected delivery in the fourth quarter of 2023 of 6 million smartphone handsets that we plan to distribute to new AFAN customers.

2022 年 11 月 30 日完成 Tingo Mobile 的收購後，儘管存在上述不利因素，但我們仍實現了高額盈利。我們也實現了有機成長，包括透過與尼日利亞全農協會（AFAN）的合作。我們計劃在 2023 年第四季向新的 AFAN 客戶分發 600 萬部智慧型手機，預計交付量將繼續保持這一成長。

Our financial results highlights for the group as shown on this slide are representative of our strong financial performance since the completion of our acquisition of Tingo Mobile on November 30, 2022, and our subsequent acquisition of Tingo Foods. For the nine months ended September 30, 2023, the company generated over $2.41 billion in revenue, $870.8 million in gross profit, $492.5 million in operating income, and $777.9 million in EBITDA. Furthermore, our high levels of operational cash flow enabled us to invest $426.4 million in this quarter on the purchase of mobile phones for new customers as well as inventory payments for our Tingo's DMCC export business.

本幻燈片所示的集團財務業績亮點代表了自 2022 年 11 月 30 日完成收購 Tingo Mobile 以及隨後收購 Tingo Foods 以來我們強勁的財務業績。截至 2023 年 9 月 30 日的九個月，該公司實現了超過 24.1 億美元的收入、8.708 億美元的毛利、4.925 億美元的營業收入和 7.779 億美元的 EBITDA。此外，我們高水準的營運現金流使我們能夠在本季度投資 4.264 億美元，用於為新客戶購買手機以及為 Tingo 的 DMCC 出口業務支付庫存。

As mentioned previously, our reason why Tingo Group is very important to us -- and those of you that have listened to or read our presentations will most likely already be aware of our mission statements. For those of you who are not familiar, 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, our mission includes our commitment 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, a reduction in post-harvest losses, and better access to both foreign and domestic markets. At a regional level, we also aim to support farmers in Africa and now Pakistan to achieve sustainable foods that self-sufficient and bringing into Africa's food insecurity and poverty.

如同前面所提到的，Tingo Group 對我們非常重要，而那些聽過或讀過我們演講的人很可能已經了解我們的使命宣言。對於那些不熟悉的人來說，Tingo Group 的首要使命是透過我們的金融科技平台促進數位和金融包容性，並推動社會和經濟發展。在我們的農業金融科技業務中，我們的使命包括承諾透過賦予農民權力、提高農作物產量、減少收穫後損失以及更好地獲取糧食，從而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。國外和國內市場。在區域層面，我們也致力於支持非洲和巴基斯坦的農民實現自給自足的永續糧食，並消除非洲的糧食不安全和貧窮。

By way of a recap, we entered into a definitive merger agreement to acquire a Tingo Mobile on May 10, 2022. Following this, we immediately appointed a team of some of the world's largest and most reputable professional advisers to undertake extensive due diligence and financial analysis. The team included a big four accounting firm, a number one US law firm in Africa, and a number one US M&A investment banks. We announced on June 15, 2022, that the due diligence exercise had been completed and the findings were positive. The original merger agreement was amended and restated in October 2022 to facilitate the expedited acquisition about 100% of Tingo Mobile, and the acquisition was subsequently completed on November 30, 2022.

回顧一下，我們於2022 年5 月10 日簽訂了收購Tingo Mobile 的最終合併協議。此後，我們立即任命了一個由一些世界上最大、最有信譽的專業顧問組成的團隊來進行廣泛的盡職調查和財務調查。分析。該團隊包括四大會計師事務所、美國在非洲排名第一的律師事務所以及美國排名第一的併購投資銀行。我們在 2022 年 6 月 15 日宣布，盡職調查工作已經完成，調查結果積極。原合併協議於2022年10月進行了修改和重述，以加快收購Tingo Mobile約100%的股權，收購隨後於2022年11月30日完成。

With the benefit of the companies and Tingo Mobile's collaboration, the fourth quarter of 2022 marked the beginning of the geographical expansion of Tingo Mobile with the opening of offices in Ghana, Malawi, and Dubai. The fourth quarter also soft launched the Tingo's DMCC commodities trading platform and export business, and the soft launch of the beta version of the TingoPay's SuperApp in partnership with Visa.

由於兩家公司和 Tingo Mobile 的合作，2022 年第四季標誌著 Tingo Mobile 地域擴張的開始，在加納、馬拉威和杜拜開設了辦事處。第四季也軟啟動了Tingo的DMCC商品交易平台和出口業務，並與Visa合作軟啟動了TingoPay的SuperApp測試版。

By January 2023, we began to pivot the company's insurance and fintech verticals to better complement the Tingo businesses with the goal of leveraging an already established brands and large customer base. Then on February 7, 2023, we acquired the Tingo Foods' food and beverage processing business to further strengthen the Tingo's Seed to Sale ecosystem. Also on February 27, 2023, we changed our corporate name and ticker symbol to better reflect the importance of the Tingo brand to the business and to provide improved clarity to our external stakeholders including current and prospective partners, customers and investors.

到 2023 年 1 月，我們開始調整公司的保險和金融科技垂直業務，以更好地補充 Tingo 業務，目標是利用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 Foods的食品和飲料加工業務，以進一步加強Tingo的Seed to Sale生態系統。同樣在2023 年2 月27 日，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（包括當前和潛在的合作夥伴、客戶和投資者）提供更清晰的資訊。

Our reporting a full year 2022 financial results on March 31, 2023, was followed in April by the announcement of Tingo Mobile's exclusive partnership with PCX and AFAN. On May 30, we completed our first commodity export trades through Tingo's DMCC, marking a major milestone in our strategy to ultimately dollarize the company's net earnings.

我們於 2023 年 3 月 31 日報告了 2022 年全年財務業績，隨後於 4 月宣布了 Tingo Mobile 與 PCX 和 AFAN 的獨家合作夥伴關係。 5 月 30 日，我們透過 Tingo 的 DMCC 完成了第一筆商品出口交易，這標誌著我們最終實現公司淨利潤美元化策略的一個重要里程碑。

On August 31, we announced the commencement of a quarterly dividend payable to the holders of both our common stock and Series B convertible preferred stock and the adoption of a dividend policy. The foreign exchange conversion for the payment of the first dividend, which is in the amount of $20 million, is expected to be approved by the Central Bank of Nigeria, which we expect to receive very soon.

8 月 31 日，我們宣布開始向普通股和 B 系列可轉換優先股持有人支付季度股息，並採用股息政策。用於支付第一筆股息的外匯兌換金額為2000萬美元，預計將獲得尼日利亞中央銀行的批准，我們預計很快就會收到。

Most recently, we executed a memorandum of understanding with the Khyber Pakhtunkhwa Information Technology Board or KPITB to launch and roll out the company's business and service offerings into Pakistan. KPITB is a governmental body established in the province of the Khyber Pakhtunkhwa, Pakistan for the promotion of information technology from the public and private sector.

最近，我們與開伯爾-普赫圖赫瓦省資訊科技委員會 (KPITB) 簽署了一份諒解備忘錄，以在巴基斯坦推出並推出該公司的業務和服務。 KPITB 是在巴基斯坦開伯爾-普赫圖赫瓦省成立的政府機構，旨在促進公共和私營部門的資訊科技。

By way of a recap and update on the Tingo Mobile business that was founded some 23 years ago, we began with a Tingo Mobile business as a service model and then Nwassa USSD fintech platform, which we believe is the leading agri-fintech platform in Africa.

透過對大約 23 年前成立的 Tingo Mobile 業務的回顧和更新，我們從 Tingo Mobile 業務即服務模式開始，然後是 Nwassa USSD 金融科技平台，我們認為這是非洲領先的農業金融科技平台。

Following the signing of our updated definitive merger agreement in October 2022, we set about accelerating our growth strategy. In November and December of 2022, we signed trade agreements with two major partners with the aim of expanding Tingo Mobile's customer base from 9.3 million to an expected 30 million. We signed a trade partnership with the All Farmers Association of Nigeria, which included a commitment to enroll a minimum of 20 million new customers to Tingo Mobile. 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 the target goal of enrolling more than 4 million new customers overall. Soon afterwards, we launched into Malawi and have made progress towards several trade partnerships there with a goal of establishing a base for rollout in the future across the East Africa, including into Tanzania, Mozambique, and Zambia.

在 2022 年 10 月簽署更新的最終合併協議後，我們開始加速我們的成長策略。 2022年11月和12月，我們與兩個主要合作夥伴簽署了貿易協議，旨在將Tingo Mobile的客戶群從930萬擴大到預期的3000萬。我們與尼日利亞全農協會簽署了貿易合作夥伴關係，其中包括承諾為 Tingo Mobile 招收至少 2,000 萬新客戶。我們還在加納推出業務，並與阿散蒂王國簽署了貿易協議，其中包括承諾為 Tingo Mobile 招收至少 200 萬新客戶，以及總體招攬超過 400 萬新客戶的目標。此後不久，我們進入了馬拉維，並在建立多個貿易夥伴關係方面取得了進展，目標是為未來在東非（包括坦尚尼亞、莫三比克和尚比亞）的推廣奠定基礎。

Looking further ahead, we plan to expand in the future into other parts of Africa as well as into Asia and other relevant markets in the world. Through our other businesses within the Tingo family, TIO, mainly Tingo Foods and Tingo DMCC, we aim to increase offtake and demand for produce from Tingo Mobile's customers, thereby creating a virtuous self-reinforcing cycle. In April 2023, as part of the further strengthening of our ecosystem, Tingo Mobile entered into a tripartite agreement with PCX and AFAN which we will discuss in more detail shortly.

展望未來，我們計劃未來擴展到非洲其他地區以及亞洲和世界其他相關市場。透過 Tingo 家族 TIO 內的其他業務，主要是 Tingo Foods 和 Tingo DMCC，我們的目標是增加 Tingo Mobile 客戶對產品的採購和需求，從而創造一個良性的自我強化循環。 2023 年 4 月，作為進一步加強我們生態系統的一部分，Tingo Mobile 與 PCX 和 AFAN 簽訂了三方協議，我們將很快對此進行更詳細的討論。

Lastly, as we look to expand the reach of our Nwassa and marketplace platform, we are making good progress in testing and further developing the forthcoming loss of web platform and Nwassa app, which we intend to launch before the end of the year to complement the already successful USSD GSM platform.

最後，當我們希望擴大 Nwassa 和市場平台的覆蓋範圍時，我們在測試和進一步開發即將推出的網絡平台和 Nwassa 應用程序方面取得了良好進展，我們打算在今年年底前推出這些應用程序，以補充已經成功的USSD GSM 平台。

Tingo Foods was acquired by the group on February 7, 2023. This is a business that Dozy Mmobuosi has been developing independently of Tingo Mobile. Tingo Foods was launched as a stand-alone company in September 2022, focusing on supplying a relatively small range of products to several large distribution and wholesale businesses. Tingo Foods is already creating significant demand and offtake for Tingo Mobile's farmers, while at the same time creating supply for Tingo's DMCC's commodity trading and export business.

Tingo Foods於2023年2月7日被該集團收購。這是Dozy Mmobuosi一直獨立於Tingo Mobile開發的業務。 Tingo Foods 於 2022 年 9 月作為一家獨立公司成立，專注於向多家大型分銷和批發企業供應相對較小範圍的產品。 Tingo Foods 已經為 Tingo Mobile 的農民創造了巨大的需求和承購量，同時為 Tingo 的 DMCC 的商品貿易和出口業務創造了供應。

In the first eight months of trading since we acquired Tingo Foods PLC in February 2023, the business has generated revenue of $1.16 billion and delivered an operating profit of $427.1 million. As mentioned previously, the US dollar equivalent of the revenue and earnings of Tingo Foods was adversely impacted by the significant devaluation of Nigeria's currency against the US dollar in June 2023 when the Central Bank of Nigeria removed certain foreign exchange restrictions. We believe that these actions will ultimately be beneficial for the company, providing a true measure of the actual exchange rate between the two currencies and ultimately helping to accelerate the dollarization of the business.

自 2023 年 2 月收購 Tingo Foods PLC 以來的前八個月，該業務已創造收入 11.6 億美元，營業利潤為 4.271 億美元。如前所述，2023 年 6 月尼日利亞中央銀行取消了某些外匯限制，尼日利亞貨幣兌美元大幅貶值，對 Tingo Foods 的美元等值收入和收益產生了不利影響。我們相信，這些行動最終將對公司有利，提供兩種貨幣之間實際匯率的真實衡量標準，並最終有助於加速業務的美元化。

The Tingo Foods business was also adversely affected by the economic disruption in Nigeria then soon around the time of the change in presidential administration, which resulted in several customers delaying orders. Tingo Foods is set to multiply capacity in revenue with a new state-of-the-art $1.6 billion food processing facility in the Delta State of Nigeria. Our joint venture construction partner has confirmed that the project is on track to enable Tingo Foods to commence processing operation on-site in 2024. We believe Africa's farmers and agricultural sector will benefit from the significant expansion of the continent's own processing capabilities, increasing crop demand, reducing post-harvest losses, ensuring fair selling prices for farmers, and delivering financial upliftment.

Tingo Foods 的業務也受到尼日利亞總統換屆期間經濟混亂的不利影響，導致一些客戶推遲訂單。 Tingo Foods 計劃在尼日利亞三角洲州新建一座價值 16 億美元、最先進的食品加工設施，以倍增其收入。我們的合資建設夥伴已確認該計畫進展順利，Tingo Foods 將於 2024 年開始現場加工業務。我們相信，非洲農民和農業部門將受益於非洲大陸自身加工能力的大幅擴張，從而增加作物需求，減少收穫後損失，確保農民公平的銷售價格，並改善財務狀況。

In December 2022, we launched Tingo DMCC, which is an agricultural commodity platform and export business in partnership with the Dubai Multi Commodities Center, DMCC. As part of the Tingo ecosystem, Tingo DMCC is already becoming a significant source of offtake of raw crops from Tingo Mobile's farmers and is also expected to be a major customer for Tingo Foods in the future as it looks to export their finished food and beverage products.

2022 年 12 月，我們推出了 Tingo DMCC，這是與杜拜多種商品中心 (DMCC) 合作的農產品平台和出口業務。作為 Tingo 生態系統的一部分，Tingo DMCC 已經成為 Tingo Mobile 農民採購原料作物的重要來源，並且預計未來將成為 Tingo Foods 的主要客戶，因為該公司希望出口其成品食品和飲料產品。

Having spent several months working with AFAN and their farmers on the aggregation of both volumes of produce, we completed our first export trades on May 30, 2023 and delivered $668 million of export revenue in the five reap months to September 30, 2023. Through the farmers of Nigeria, which are estimated to total around 60 million and with the addition of Ghana, Malawi, and now Pakistan as well as certain other territories in the future, we have access to several billion dollars per annum of agricultural produce for our export business. Furthermore, our exclusive partnership with PCX and AFAN, which strengthens our supply chain and good handling capabilities and gives us priority access to the PCX commodity trading platform is already proving to be valuable as we develop the business and build a strong foundation.

我們花了幾個月的時間與AFAN 及其農民合作，匯總兩批農產品，並於2023 年5 月30 日完成了首次出口貿易，並在截至2023 年9 月30 日的五個收穫月內實現了6.68 億美元的出口收入。尼日利亞農民估計總數約為6000 萬，再加上加納、馬拉維，現在還有巴基斯坦以及未來的某些其他領土，我們每年可以獲得數十億美元的農產品用於我們的出口業務。此外，我們與PCX 和AFAN 的獨家合作夥伴關係加強了我們的供應鏈和良好的處理能力，並使我們能夠優先進入PCX 商品交易平台，這在我們發展業務和建立堅實基礎的過程中已經被證明是有價值的。

The Tingo DMCC export business is expected to dollarize and globalize Tingo Group while at the same time providing Tingo Mobile's farmers and Tingo Foods direct access to international markets.

Tingo DMCC 出口業務預計將使 Tingo 集團美元化和全球化，同時為 Tingo Mobile 的農民和 Tingo Foods 提供直接進入國際市場的機會。

On April 26, it was announced that Tingo Mobile had partnered with PCX and AFAN for the exclusive use of AFAN's existing network of 2,322 warehouses across Nigeria for a minimum term of 30 years. We believe this strategic partnership uniquely positions Tingo to monetize Nigeria's crop ecosystem across its population of 213 million and the global export market.

4 月 26 日，Tingo Mobile 宣布與 PCX 和 AFAN 合作，獨家使用 AFAN 在尼日利亞境內 2,322 個倉庫組成的現有網絡，期限至少為 30 年。我們相信，這項策略合作關係使 Tingo 能夠利用尼日利亞 2.13 億人口和全球出口市場的作物生態系統實現貨幣化。

Under the terms of the agreement, Tingo Mobile has the right of first refusal to purchase or trade any of the produce stored in the AFAN warehouses, which it intends to use primarily to serve the Tingo Foods food processing business and the Tingo DMCC commodity trading and export business. PCX has installed its leading edge, the e-Warehouse Receipt System, in all of the partnership's warehouses enabling crops and other produce to be commoditized and traded by Tingo from the date of delivery. Tingo Mobile is also to be granted a priority position on the PCX commodity trading platform, enabling Tingo DMCC to trade farming produce and other commodities on the spot, futures, physical, and on a derivative basis. AFAN, the umbrella body for Nigeria's farming sector has committed to coordinate all agricultural cooperatives and members to utilize the partnership's warehouses to handle their produce. In addition, the partnership has committed to a targeted increase in the number of warehouses to 80,000 in the next few years.

根據協議條款，Tingo Mobile 擁有優先購買或交易 AFAN 倉庫中存放的任何產品的權利，該倉庫打算主要用於服務 Tingo Foods 食品加工業務和 Tingo DMCC 商品貿易和出口業務。 PCX 在合作夥伴的所有倉庫中安裝了其領先的電子倉庫收據系統，使農作物和其他產品能夠從交貨之日起由 Tingo 進行商品化和交易。 Tingo Mobile 也將獲得 PCX 大宗商品交易平台的優先地位，使 Tingo DMCC 能夠進行農產品和其他大宗商品的現貨、期貨、實體和衍生性商品交易。尼日利亞農業部門的傘式機構 AFAN 致力於協調所有農業合作社和成員，利用合作社的倉庫處理其產品。此外，合作夥伴也承諾在未來幾年內將倉庫數量目標增加至80,000個。

Tingo Mobile also has the right to supplement the warehouse space to preapprove third parties, such as e-commerce businesses and wholesale businesses. As mentioned previously, this partnership with AFAN and PCX is expected to considerably increase our offtake of crops and other produce from farmers, which we believe will help to satisfy the substantial future input requirements of our food processing and commodity trading and export business. Importantly, the agreement also further augments our Seed to Sale model, helping us to achieve our objectives of reducing post-harvest losses and crop wastage while also increasing food production levels and meaningfully improving food security.

Tingo Mobile也有權補充倉庫空間以預先批准第三方，例如電子商務企業和批發企業。如前所述，與 AFAN 和 PCX 的合作預計將大大增加我們從農民那裡購買農作物和其他產品，我們相信這將有助於滿足我們食品加工以及商品貿易和出口業務未來的大量投入需求。重要的是，該協議還進一步增強了我們的「種子到銷售」模式，幫助我們實現減少收穫後損失和作物浪費的目標，同時提高糧食生產水平並切實改善糧食安全。

For those of you joining us for the first time, TingoPay the full version, which was launched and on Android and IOS in September of this year is a super app that offers a range of value added services in partnership with Visa. Such services, including 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 that thesis itself. To assist us in achieving market penetration, our Pan-Africa partnership with Visa includes their provision of marketing and customer acquisitions for. SMEs and all business sectors will benefit from our new range of Tingo Visa merchant services and the TingoPay business portal and our smallholder farmer customers will see significant additional advantages through the integration of TingoPay with our Nwassa agri-marketplace platform.

對於第一次加入我們的人來說，今年 9 月推出的 Android 和 IOS 完整版 TingoPay 是一款與 Visa 合作提供一系列增值服務的超級應用程式。此類服務包括數位 Visa 卡、電子錢包支付服務、市場、電子商務、保險和金融。作為一個完整市場的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 的名字家喻戶曉，就像這一論文本身得到廣泛認可一樣。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為我們提供行銷和客戶獲取服務。中小企業和所有商業部門將受益於我們新的 Tingo Visa 商家服務和 TingoPay 商業門戶，而我們的小農客戶將透過 TingoPay 與我們的 Nwassa 農產品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 enabled subscriber farmers and businesses in all sectors to easily and securely accept payments and connect online transactions in their domestic or foreign currencies as well as to manage the cards as well as the recurring payments and access transaction statements. With the full version launched in September, we continue to develop new features, including the addition of new functions and several new value-added services that will be featured in future versions.

TingoPay 商業入口網站和 Tingo Visa 商家服務使各行業的訂戶農民和企業能夠輕鬆、安全地接受付款並連接本幣或外幣線上交易，以及管理卡以及定期付款和存取交易報表。隨著9月推出完整版本，我們繼續開發新功能，包括添加新功能和一些新的增值服務，這些服務將在未來版本中推出。

Tingo Mobile, Nwassa, TingoPay, Tingo Foods, and Tingo DMCC -- we have created a full agri-fintech ecosystem, which is at the heart of our business. We communicate with and push services to our farmers through the smartphone handsets we supply to them. The farmers can then use Nwassa to purchase inputs for their fund business, to purchase other services, to make payments, and sell the produce. Tingo Foods forms an important part of the ecosystem as both a valuable potential customer and source of offtake for Tingo Mobile's farmers processing their raw crops into finished food and beverage products. Finally, Tingo DMCC is in position to trade and export, both the raw crops with Tingo Mobile's farmers and the finished food and beverage products of Tingo Foods, which is able to sell into a global market where demand significantly outstrips supply. This already strong Seed to Sale ecosystem is now strengthened further by the recently signed deal between Tingo Mobile, PCX, and AFAN as the partnership provides us access to a substantial nationwide network of warehouse facilities as well as securing a considerable increase in produce supply and offering us enhanced commodity trading opportunities until the Tingo ecosystem creates a reinforcing loop of financial and digital inclusion alongside an increase in food supply and reduction in post-harvest losses, which in turn improve food security and reduce food poverty.

Tingo Mobile、Nwassa、TingoPay、Tingo Foods 和 Tingo DMCC——我們創建了一個完整的農業金融科技生態系統，這是我們業務的核心。我們透過向農民提供的智慧型手機與他們溝通並向他們推送服務。然後，農民可以使用 Nwassa 購買其基金業務的投入、購買其他服務、付款和銷售產品。 Tingo Foods 是生態系統的重要組成部分，既是有價值的潛在客戶，也是 Tingo Mobile 農民將原料作物加工成食品和飲料成品的承購來源。最後，Tingo DMCC 能夠與 Tingo Mobile 的農民進行貿易和出口，包括與 Tingo Mobile 農民合作的原料作物以及 Tingo Foods 的食品和飲料成品，這些產品能夠銷往供不應求的全球市場。 Tingo Mobile、PCX 和AFAN 最近簽署的協議進一步加強了這個本已強大的「種子到銷售」生態系統，因為該合作夥伴關係使我們能夠訪問龐大的全國性倉庫設施網絡，並確保農產品供應和供應量大幅增加我們增強了商品貿易機會，直到 Tingo 生態系統創造了金融和數位包容性的強化循環，同時增加了糧食供應並減少了收穫後損失，從而改善了糧食安全並減少了糧食貧困。

Ultimately, these factors deliver financial and social upliftment not only to our farmers, but also to all of our stakeholders. At the center of everything we do are our core values and our commitment to our environmental, social, and governance goals. 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 help tackle the world's food security crisis by empowering the farmer, helping them to increase crop yields, reduce post-harvest losses, gain from improved access to markets, and benefit from share prices. Our technology and platforms also delivered 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.

最終，這些因素不僅為我們的農民，也為我們所有的利害關係人帶來了財務和社會的改善。我們所做的一切的核心是我們的核心價值以及我們對環境、社會和治理目標的承諾。我們透過科技平台促進數位和金融包容性，推動客戶的社會和經濟發展。我們透過賦予農民權力、幫助他們提高作物產量、減少收穫後損失、從改善市場准入中獲益以及從股價中獲益，切實改善全球糧食供應並幫助解決世界糧食安全危機。我們的技術和平台也帶來了顯著的環境效益，減少了農作物浪費，提高了農業和糧食生產效率，推廣了永續農業技術，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，我們致力於採用以聯合國永續發展目標為基礎和指導的成熟的 ESG 框架。

Turning to our third-quarter 2023 financial results as reported in this morning's 10-Q filing, which I am pleased to present. A full breakdown of our financial results is available in our regulatory filings and in the press release that crossed the wire earlier this morning.

談到今天上午 10 季報告中報告的 2023 年第三季財務業績，我很高興向您介紹該業績。我們的財務表現的完整細目可在我們的監管文件和今天早上早些時候發布的新聞稿中找到。

Now turning to some of the key figures. Net revenues for the three months ended September 30, 2023, were $586.21 million compared to $13.8 million for the three months ended September 30, 2022, an increase of 4,161%. Net revenues for the nine months ended September 30, 2023, were $2.41 billion compared to $35.3 million for the nine months ended September 30, 2022, an increase of 6,740%. The increase is mainly attributable to the addition of the Tingo Mobile and Tingo Foods acquisitions completed on December 1, 2022, and February 9, 2023, respectively, and the commencement of export trades through Tingo DMCC in May 2023.

現在轉向一些關鍵人物。截至2023年9月30日止三個月的淨收入為5.8621億美元，而截至2022年9月30日止三個月的淨收入為1,380萬美元，增長了4,161%。截至2023年9月30日的九個月的淨收入為24.1億美元，而截至2022年9月30日的九個月的淨收入為3,530萬美元，增長了6,740%。這一成長主要歸因於分別於2022年12月1日和2023年2月9日完成的Tingo Mobile和Tingo Foods收購，以及2023年5月透過Tingo DMCC開始出口貿易。

Gross profit for the three months ended September 30, 2023, was $137.9 million or 25.4% of revenue compared to $3.2 million or 23% of revenue for the three months ended September 30, 2022. Gross profit for the nine months ended September 30, 2023, was $870.8 million or 36% of revenue compared to $6.5 million or 19% of revenue for the nine months ended September 30, 2022. The increase is mainly attributable to the addition of the Tingo Mobile and Tingo Foods acquisitions completed on December 1, 2022, and February 9, 2023, respectively, and the commencement of export rates of Tingo DMCC in May 2023.

截至2023年9月30日止三個月的毛利為1.379億美元，佔營收的25.4%，而截至2022年9月30日止三個月的毛利為320萬美元，佔營收的23% 。截至2023年9月30日止九個月的毛利，為8.708 億美元，佔收入的36%，而截至2022 年9 月30 日的九個月為650 萬美元，佔收入的19%。這一成長主要歸因於2022 年12 月1 日完成的Tingo Mobile 和Tingo Foods 收購的增加分別於2023年2月9日和2023年5月開始Tingo DMCC的出口費率。

Selling and marketing expenses for the three months ended September 30, 2023, was $0.7 million as compared to $1.3 million for the three months ended September 30, 2022. Selling and marketing expenses for the nine months ended September 30, 2023, were $174.9 million as compared to $4.9 million for the nine months ended September 30, 2022. General and administrative expenses for the three months ended September 30, 2023, were $75.9 million compared to $9.2 million for the three months ended September 30, 2022. General and administrative expenses for the nine months ended September 30, 2023, were $127.9 million compared to $30.2 million for the nine months ended September 30, 2022, mainly attributed to the addition of costs from Tingo Mobile and Tingo Foods.

截至2023年9月30日止三個月的銷售和行銷費用為70萬美元，而截至2022年9月30日止三個月的銷售和行銷費用為130萬美元。截至2023年9月30日止九個月的銷售及行銷費用為1.749億美元。截至2022年9月30日止九個月的一般及行政費用為7,590萬美元，而截至2022年9月30日止三個月的一般及行政費用為7,590萬美元，而截至2022年9月30日止三個月的一般及行政費用為920萬美元。截至2023年9月30日的九個月為1.279億美元，而截至2022年9月30日的九個月為3,020萬美元，主要歸因於Tingo Mobile和Tingo Foods的成本增加。

Operating profit for the three months ended September 30, 2023, was $50.1 million versus an operating loss of $8.7 million for the three months ended September 30, 2022. Operating profit for the nine months ended September 30, 2023, was $492.5 million versus an operating loss of $32.5 million for the nine months ended September 30, 2022, the increase being mainly attributed to the acquisitions of Tingo Mobile and Tingo Foods and the commencement of export trades to Tingo DMCC as explained above.

截至2023年9月30日止三個月的營業利潤為5,010萬美元，而截至2022年9月30日止三個月的營業虧損為870萬美元。截至2023年9月30日止九個月的營業利潤為4.925億美元，而截至2022年9月30日止三個月的營業利潤為4.925億美元。截至2022 年9 月30 日的九個月虧損3,250 萬美元，增加的主要原因是如上所述收購了Tingo Mobile 和Tingo Foods，以及開始向Tingo DMCC 進行出口貿易。

Net income for the three months ended September 30, 2023, was $20.7 million compared to a net loss of $7.7 million for the three months ended September 30, 2022. Net income for the nine months ended September 30, 2023, was to $294.0 million compared to a net loss of $30.7 million for the nine months ended September 30, 2022.

截至2023年9月30日止三個月的淨利為2,070萬美元，而截至2022年9月30日止三個月的淨虧損為770萬美元。截至2023年9月30日止九個月的淨利潤為2.94億美元，而截至2022年9月30日止三個月的淨利潤為2.94億美元。截至 2022 年 9 月 30 日的九個月淨虧損為 3,070 萬美元。

Adjusted EBITDA for the three months ended September 30, 2023, was $122.6 million compared to consolidated EBITDA loss of $8.1 million for the three months ended September 30, 2022. Adjusted EBITDA for the nine months ended September 30, 2023, was $777.9 million compared to consolidated EBITDA loss of $29.3 million for the nine months ended September 30, 2022.

截至2023 年9 月30 日止三個月的調整後EBITDA 為1.226 億美元，而截至2022 年9 月30 日止三個月的綜合EBITDA 虧損為810 萬美元。截至2023 年9 月30 日止九個月的調整後EBITDA 為7.779 億美元，而截至2022 年9 月30 日止三個月的調整後EBITDA 為7.779 億美元。截至2022 年9 月30 日止九個月，合併EBITDA 虧損2,930 萬美元。

Tingo Group invested heavily in the growth of Tingo Mobile, Tingo Foods, and Tingo DMCC during the nine months ended September 30, 2023, including one, making an upfront payment of $711.7 million on the purchase of 6 million handsets for new AFAN customers; number two, prepaying AFAN for produce for Tingo Foods and settling their brought forward payables resulting in a total net outlay of $369.9 million; and third, self-funding stock purchases of $370.4 million for Tingo DMCC's export sales -- the revenues for which are scheduled to be received during the fourth quarter of 2023. In addition, tax payments totaling $174 million were made for Tingo Mobile on its taxable earnings for fiscal year 2022, and the company also incurred a loss on foreign exchange. As a result, the balance cash and cash equivalents on September 30, 2023, decreased to $53.4 million compared to $500 million on December 31, 2022.

截至2023 年9 月30 日的九個月期間，Tingo Group 對Tingo Mobile、Tingo Foods 和Tingo DMCC 的成長進行了大量投資，其中一項為新AFAN 客戶購買600 萬部手機支付了7.117 億美元的預付款；第二，預付 AFAN 為 Tingo Foods 生產的產品並結清其預付款，淨支出總額為 3.699 億美元；第三，為 Tingo DMCC 的出口銷售自籌資金購買 3.704 億美元的股票，預計收入將於 2023 年第四季度收到。此外，Tingo Mobile 的應稅稅款總額為 1.74 億美元。2022 財年盈利，公司也出現外匯虧損。因此，2023年9月30日的現金和現金等價物餘額從2022年12月31日的5億美元減少至5,340萬美元。

In August, we announced the commencement of a quarterly dividend payable to the holders of both our common stock and Series B convertible preferred shares. The foreign exchange conversion for the payment of the first dividend, which is in the amount of $20 million. Exchange conversion is subject to approval by the Central Bank of Nigeria, the finalization of which is expected soon.

8 月，我們宣布開始向普通股和 B 系列可轉換優先股持有人支付季度股息。支付第一筆股利的外匯兌換金額為2,000萬美元。匯率轉換須經尼日利亞中央銀行批准，預計很快就會完成。

Our goal is to increase the amount of quarterly dividend as we grow our earnings and cash balances.

我們的目標是隨著獲利和現金餘額的成長而增加季度股利。

The summary of the income statement of Tingo Group for the three months and nine months ended September 30, 2023, compared to September 2022 is provided on page 15 of the presentation. A reconciliation of GAAP operating income and loss to the non-GAAP EBITDA for the three and nine months ended September 30, 2023, compared to September 2022 is provided on page 16 of the presentation. A summary of the most notable investment in cash expenditure items made by the company during the three and nine months ended September 30, 2023, is provided on page 17 of the presentation.

簡報第 15 頁提供了與 2022 年 9 月相比，Tingo Group 截至 2023 年 9 月 30 日的三個月和九個月的損益表摘要。簡報第 16 頁提供了截至 2023 年 9 月 30 日的三個月和九個月與 2022 年 9 月相比的 GAAP 營業收入和虧損與非 GAAP EBITDA 的調節表。簡報第 17 頁提供了公司在截至 2023 年 9 月 30 日的三個月和九個月期間最引人注目的現金支出項目投資的摘要。

The key cash expenditure items incurred during the third quarter included further higher installment payments made to our mobile phone supplier totaling $279 million. The corresponding order of smartphones has been allocated to 6 million new customers introduced by the All Farmers Association of Nigeria or AFAN under the terms of our trade agreement with AFAN on October 20, 2022. The smartphones will be held as fixed assets of the company and are expected to generate monthly mobile leasing revenues and loss of transaction revenues during the fourth quarter of 2023. The other main cash expenditure item which we incurred during the third quarter with payment of $147 million for produce for our Tingo DMCC export business. The receipt for all our export sales made in the third quarter are scheduled to receive in the fourth quarter of 2023.

第三季發生的主要現金支出項目包括向我們的手機供應商支付的分期付款進一步增加，總額為 2.79 億美元。根據我們於2022 年10 月20 日與AFAN 簽訂的貿易協議條款，相應的智慧型手機訂單已分配給尼日利亞全農協會（AFAN）引入的600 萬新客戶。這些智慧型手機將作為公司的固定資產持有，預計將在 2023 年第四季產生每月行動租賃收入和交易收入損失。我們在第三季產生的另一個主要現金支出項目是為 Tingo DMCC 出口業務支付 1.47 億美元的農產品費用。我們第三季所有出口銷售的收據預計將於 2023 年第四季收到。

A summary of the balance sheet highlights is provided on page 18 of the presentation. A summary of the income statement of Tingo Group for the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, is provided on page 19 of the presentation.

簡報第 18 頁提供了資產負債表要點摘要。簡報第 19 頁提供了 Tingo Group 截至 2023 年 9 月 30 日止三個月和九個月的損益表摘要，以及截至 2022 年 9 月 30 日止三個月和九個月的損益表摘要。

My Board and I believe Tingo Group continues to be uniquely and strongly positioned both as a company and as an attractive investment proposition. We are a highly profitable Nasdaq-listed company, having generated revenue of $2.41 billion and EBITDA of $777.9 million in the first nine months of 2023. We have a strong balance sheet, and our operations are significantly cash flow positive. We announced the commencement of a quarterly dividend, the first payment of which is awaiting Central Bank of Nigeria approval. We have a full agri and food ecosystem from Seed to Sale, creating a virtuous cycle for both us and our customers. Our food processing and commodity export business has vast potential. We are making a difference towards addressing the global food shortage and food security crisis and we are a benefactor of commodity price inflation.

我和我的董事會相信，Tingo Group 作為一家公司和一個有吸引力的投資主張，將繼續保持獨特而強大的地位。我們是一家高利潤的納斯達克上市公司，2023 年前9 個月的收入為24.1 億美元，EBITDA 為7.779 億美元。我們擁有強勁的資產負債表，並且我們的營運現金流顯著為正。我們宣布開始發放季度股息，第一筆股息正在等待尼日利亞中央銀行批准。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了良性循環。我們的食品加工和大宗商品出口業務潛力巨大。我們正在為解決全球糧食短缺和糧食安全危機做出貢獻，我們是商品價格通膨的受益者。

Our Visa-Tingo partnership and TingoPay SuperApp are well-positioned to expand 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, including a new and significant opportunity in Pakistan. We believe that we have a significant ESG impact that can grow considerably further in the future.

我們的 Visa-Tingo 合作夥伴關係和 TingoPay SuperApp 處於有利位置，可以將 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，可以在新的地域市場和新的行業中複製。我們擁有廣闊的全球市場，其中包括巴基斯坦的新的重大機會。我們相信，我們對 ESG 的影響在未來會進一步顯著成長。

My Board and I believe Tingo Group continues to be uniquely and strongly positioned both as a company and as an attractive investment proposition. We are a highly profitable Nasdaq-listed company, having generated revenue of $2.41 billion and EBITDA of $777.9 million in the first nine months of 2023. We have a strong balance sheet, and our operations are significantly cash flow positive. We announced the commencement of a quarterly dividend, the first payment of which is awaiting Central Bank of Nigeria approval. We have a full agri and food ecosystem from Seed to Sale, creating a virtuous cycle for both us and our customers. Our food processing and commodity export business has vast potential. We are making a difference towards addressing the global food shortage and food security crisis and we are a benefactor of commodity price inflation.

我和我的董事會相信，Tingo Group 作為一家公司和一個有吸引力的投資主張，將繼續保持獨特而強大的地位。我們是一家高利潤的納斯達克上市公司，2023 年前9 個月的收入為24.1 億美元，EBITDA 為7.779 億美元。我們擁有強勁的資產負債表，並且我們的營運現金流顯著為正。我們宣布開始發放季度股息，第一筆股息正在等待尼日利亞中央銀行批准。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了良性循環。我們的食品加工和大宗商品出口業務潛力巨大。我們正在為解決全球糧食短缺和糧食安全危機做出貢獻，我們是商品價格通膨的受益者。

Our Visa-Tingo partnership and TingoPay SuperApp are well-positioned to expand 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, including a new and significant opportunity in Pakistan. We believe that we have a significant ESG impact that can grow considerably further in the future.

我們的 Visa-Tingo 合作夥伴關係和 TingoPay SuperApp 處於有利位置，可以將 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，可以在新的地域市場和新的行業中複製。我們擁有廣闊的全球市場，其中包括巴基斯坦的新的重大機會。我們相信，我們對 ESG 的影響在未來會進一步顯著成長。

Thank you. Operator, my colleagues and I from Tingo are now ready to take questions from participants.

謝謝。接線員、我和來自 Tingo 的同事現在準備好回答參與者的問題。

Can you expand on the reason for the decrease in the Nwassa revenue during the quarter? And do you see this as temporary?

您能否詳細說明本季 Nwassa 營收下降的原因？您認為這是暫時的嗎？

Once we generate this revenue through the transactions made by our farmers. These farmers using the Nwassa, the purchase farming inputs, they notify us. They have produced to sell, they access a range of services such as bill payments, microfinance, and insurance. Unfortunately, the negative press we received in June was picked up in Nigeria, including in newspapers and other media that is distributed into the rural parts of the country. The Nwassa platform just like any commercial platform is based on trust, and these farmers want to know that their transactions will go through and that their money is safe. So unfortunately, the negative press created a significant amount of fear and lack of confidence in our farmers, which resulted in a slump of transaction volume and revenue.

一旦我們透過農民的交易產生了收入。這些農民使用 Nwassa 購買農業投入品，他們通知我們。他們生產是為了銷售，他們獲得帳單支付、小額信貸和保險等一系列服務。不幸的是，我們在六月收到的負面新聞在尼日利亞得到了傳播，包括分佈在該國農村地區的報紙和其他媒體。 Nwassa 平台就像任何商業平台一樣基於信任，這些農民希望知道他們的交易會順利進行並且他們的資金是安全的。不幸的是，負面新聞給我們的農民造成了極大的恐懼和缺乏信心，導致交易量和收入大幅下降。

Thankfully, we've been able to work with cooperatives, and with AFAN's to restore customer confidence, which is having a major positive impact. Also, you may have seen in our recent press release, AFAN which is the umbrella organization for the entire farming industry of Nigeria, has now adopted us as their exclusive agricultural platform, and they are also increasing the promotion and support towards us

值得慶幸的是，我們能夠與合作社以及 AFAN 合作，恢復客戶信心，這產生了重大的正面影響。另外，您可能在我們最近的新聞稿中看到，AFAN作為尼日利亞整個農業行業的傘式組織，現在已經採用我們作為他們的獨家農業平台，並且他們也在加大對我們的推廣和支持

With all the steps we are taking, we expect to resume the growth rates we are enjoying prior to the short seller attack, additional to which we should benefit from a step up in revenues and earnings from both Nwassa and mobile leasing when our 6 million new phones are deployed to 6 million new customers in December.

透過我們正在採取的所有步驟，我們預計將恢復到賣空者攻擊之前所享受的成長率，此外，當我們的600 萬新用戶時，我們還應該受益於Nwassa 和行動租賃的收入和收益的成長。12 月份，有 600 萬新客戶部署了手機。

Revenue for Tingo Foods dipped slightly compared to the second quarter. What was the reason for this?

與第二季相比，Tingo Foods 的營收略有下降。這是什麼原因呢？

Tingo Foods which was also affected by negative press, not so much in relation to our customers, but very much still in relation to the farmers that supply us. On the supply side, our farmers have to be able to trust that we will pay them for the crops they produce and unfortunately their confidence decreased when they saw the negative press. Again, thankfully, with the support of the cooperative and the AFAN, we have made good headway in restoring the confidence of the farmers to sell their produce to us. And we expect to be back to the levels of supply that we enjoyed prior to the short seller attacks.

Tingo Foods 也受到負面新聞的影響，雖然與我們的客戶關係不大，但與向我們供貨的農民關係很大。在供應方面，我們的農民必須相信我們會為他們生產的農作物支付費用，不幸的是，當他們看到負面新聞時，他們的信心下降了。值得慶幸的是，在合作社和 AFAN 的支持下，我們在恢復農民向我們出售產品的信心方面取得了良好進展。我們預計供應量將恢復到賣空者攻擊之前的水平。

Now it's worth noting that Tingo Foods also suffered from seasonality in July and August when the level of crop being harvested dropped significantly. So, this factor combined with the drop in supplier confidence towards us had a real impact. I am pleased to say, however, that with the rebound, we experienced some supply levels together with our sales outlook for the next few months. We are confident of a strong into the year and yet we can achieve healthy growth thereafter.

現在值得注意的是，Tingo Foods 在 7 月和 8 月也受到了季節性的影響，農作物的收穫量大幅下降。因此，這個因素加上供應商對我們信心的下降產生了真正的影響。然而，我很高興地說，隨著反彈，我們經歷了一些供應水平以及未來幾個月的銷售前景。我們對今年的強勁成長充滿信心，但此後我們仍能實現健康成長。

You previously mentioned that the Tingo DMCC export business was expected to generate around $1 billion of revenue during the quarter, whereas your actual export revenue was around one-third of this. Were orders delayed? Or did you suffer cancellations?

您之前提到，Tingo DMCC 出口業務預計在本季產生約 10 億美元的收入，而您的實際出口收入約為這一數字的三分之一。訂單有延遲嗎？或是您有遇到取消的情況嗎？

Again, for the reasons mentioned in my previous two answers. Our export business, unfortunately suffered from both order postponements and order cancellations in the third quarter, in particular, from the new customers we have just started to do business with. This has not only resulted in a considerable loss of revenue and earnings for us in the third quarter, which we hope to catch up over the coming months, but it also delays the dollarization of our business. In fact, much of the postponed or cancelled business was set to be transacted in US dollar and other primary currencies. Notwithstanding the challenges we have faced, I'm pleased to say that we are seeing strong signs of recovery in our operations, and we expect to be back on track by year end and I believe in a great position to have a strong 2024.

再次，出於我之前兩個答案中提到的原因。不幸的是，我們的出口業務在第三季遭受了訂單延遲和訂單取消的影響，特別是來自我們剛開始開展業務的新客戶。這不僅導致我們第三季的收入和利潤出現相當大的損失（我們希望在未來幾個月內彌補），而且還推遲了我們業務的美元化。事實上，大部分被推遲或取消的業務都是以美元和其他主要貨幣進行交易的。儘管我們面臨挑戰，但我很高興地說，我們的營運出現了強勁的復甦跡象，我們預計將在年底前重回正軌，我相信我們有能力在 2024 年取得強勁的業績。

Do you have an update regarding the delivery and deployment of the 6 million smartphones you ordered in Q2? And that you have made sizable payments against in both Q2 and Q3?

您有關於第二季訂購的 600 萬部智慧型手機的交付和部署的最新情況嗎？您在第二季和第三季都支付了大量款項嗎？

Yes, we are scheduled to receive delivery of the 6 million devices from our supply partner by the end of November with their deployment through AFAN immediately thereafter. So, we expect to receive and generate lease revenue as well as transaction revenue through the Nwassa platform from these devices by year end 2023. With an uplift in mobile phones with more than 60% to be followed by our AFAN's commitment to introduce a further 13 million customers as well as our expansion plans for Ghana, Malawi, and Pakistan, we're excited about our growth prospects for 2024 and beyond.

是的，我們計劃在 11 月底前從供應合作夥伴收到 600 萬台設備，並立即透過 AFAN 進行部署。因此，我們預計到 2023 年底，將透過 Nwassa 平台從這些設備獲得並產生租賃收入以及交易收入。隨著行動電話的成長超過 60%，我們的 AFAN 承諾將進一步推出 13百萬客戶以及我們在加納、馬拉威和巴基斯坦的擴張計劃，我們對2024 年及以後的成長前景感到興奮。

Can you provide an update on the status of construction of your new food processing facility?

您能否提供新食品加工設施建設的最新情況？

For some as you know, some of our executive and management team and members of the media have visited the site in June of this year, and we are now planning a further media visits that take place around year end or early in the new year. We can't though confirm that our construction joint venture partner is on track, and we remain confident we'll be in a position to commence operations at least in Phase 1 of the facility by 2024.

如您所知，我們的一些執行和管理團隊以及媒體成員已在今年 6 月訪問過該網站，我們現在計劃在年底或新年年初進行進一步的媒體訪問。雖然我們無法確認我們的建築合資夥伴是否已步入正軌，但我們仍然有信心至少在 2024 年之前開始運營該設施的第一階段。

Is there an update on the dividend that you announced in August?

你們八月宣布的股息有更新嗎？

We are working closely with our banks in Nigeria as well as the Central Bank of Nigeria to receive the foreign currency conversion approval as soon as possible. As some of you will be aware, we had hoped to receive this approval long before now; however, the new process that all Nigerian companies must follow have proven to be more complex and elongated than originally envisaged. I am though pleased to say that the approval is expected very soon.

我們正在與尼日利亞的銀行以及尼日利亞中央銀行密切合作，以盡快獲得外幣兌換批准。正如你們中的一些人所知，我們很久以前就希望得到這項批准；然而，事實證明，所有尼日利亞公司必須遵循的新流程比最初設想的更加複雜和漫長。但我很高興地說，預計很快就會獲得批准。

Are you considering an increase in the requests of the FX conversion to cover a second dividend payment rather than having to go through this all over again immediately?

您是否正在考慮增加外匯兌換請求以支付第二次股息支付，而不是立即重新進行這一切？

With our current foreign exchange conversion application at an advanced stage, we don't wish to risk causing any disruption or further delay by changing the amount. Our intention is, therefore, to obtain the approval of our current application before then submitting a new application for a larger amount. It is our understanding that the approval process for subsequent foreign exchange conversions will be more straightforward than has been the case for this first conversion. We also expect the approval timeline to be much shorter.

由於我們目前的外匯兌換申請已進入後期階段，我們不希望冒因更改金額而造成任何中斷或進一步延遲的風險。因此，我們的目的是先獲得目前申請的批准，然後再提交更大金額的新申請。據我們了解，後續外匯兌換的審批流程將比首次兌換的情況更加簡單。我們也預計批准時間會短得多。

It has been mentioned in previous announcements that the Board were considering a share buyback or a one-off special dividend in addition to the quarterly dividend. Is this still the case? As I personally believe this would help rebuild shareholder confidence.

先前的公告中曾提到，除了季度股利之外，董事會正在考慮股票回購或一次性特別股利。現在還是這樣嗎？我個人認為這將有助於重建股東信心。

Yes, this is generally still the case. As we noted in our presentation, we are optimistic about the company's continued growth development and cash flows from operation, and we expect to be in a position to carry out some form of a special dividend as well as paying a regular quarterly dividend in the future.

是的，目前情況仍然如此。正如我們在演示中指出的，我們對公司的持續成長和經營現金流持樂觀態度，並預計未來能夠派發某種形式的特別股息以及定期支付季度股息。

When will the A credit rating in Nigeria be restored?

尼日利亞何時恢復A級信用評等？

We have recently commenced interactions with the credit agency to restore our credit rating as part of which we are providing with up-to-date information. We hope to receive the restoration of our credit rating either by the end of this year or during the early part of 2024.

我們最近開始與信用機構互動，以恢復我們的信用評級，作為我們提供最新資訊的一部分。我們希望在今年年底或 2024 年初恢復我們的信用評級。

You recently announced plans to expand into Pakistan and an MOU with the government of Pakistan, this sounds like a very big opportunity. Can you provide any further information?

您最近宣布了向巴基斯坦擴張的計劃，並與巴基斯坦政府簽署了諒解備忘錄，這聽起來是一個非常大的機會。您能否提供更多資訊？

Yes, we believe it is a big opportunity. Here's just some key points to consider. Pakistan is the fifth largest country in the world by population. The country represents one of the largest agricultural markets in the world but at the same time, Pakistan suffers from low crop yields and very high levels of post-harvest loss. And if we can effectively deploy our business model, the Tingo model and the Tingo ecosystem, it's expected to have a significant impact on Pakistan's agricultural sector and add considerable value. In addition, we are receiving significant support from the Pakistan government, both at a provincial level and the federal level, which we believe will help our rollout as well as rolling out our agri-fintech business in Pakistan. We also intend to launch our food processing and export business in the country where, again, it is evident there is a significant need.

是的，我們相信這是一個巨大的機會。這裡只是需要考慮的一些關鍵點。巴基斯坦是世界上人口第五大國。該國是世界上最大的農業市場之一，但同時，巴基斯坦的農作物產量低，收穫後損失嚴重。如果我們能夠有效部署我們的商業模式、Tingo模式和Tingo生態系統，預計將對巴基斯坦農業部門產生重大影響並增加可觀的價值。此外，我們也獲得了巴基斯坦政府省級和聯邦級的大力支持，我們相信這將有助於我們在巴基斯坦開展農業金融科技業務。我們還打算在該國開展食品加工和出口業務，該國顯然有很大的需求。

Any you any closer to finding a permanent industry leading Nasdaq-experienced CTO?

您是否更接近找到一位擁有納斯達克經驗的永久行業領先首席技術長？

We've been evaluating and have had informal discussions with highly qualified individuals in this regard. No offer formal decisions have yet been made, but we are making good progress on that point.

我們一直在評估這方面的問題，並與高素質人士進行了非正式討論。尚未做出正式報價決定，但我們在這一點上取得了良好進展。

This concludes the question-and-answer session. I would now like to turn the call back over to Mr. Denos for his closing remarks. Please go ahead.

問答環節到此結束。我現在想將電話轉回給德諾斯先生，讓他作結束語。請繼續。

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

謝謝你，接線生。我要感謝大家今天參加我們的收益電話會議，並期待繼續向您通報我們持續取得的進展和成長的最新情況。如果我們無法回答您的任何問題，請聯絡我們的投資者關係公司 MZ Group，他們將非常樂意為您提供協助。

Thank you. This concludes our session for today. You may now disconnect.

謝謝。我們今天的會議到此結束。您現在可以斷開連線。