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Net 1 UEPS Technologies, Inc. CEO's Letter for 2019 Annual Report

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Net 1 UEPS Technologies, Inc. CEO's Letter for 2019 Annual Report Net 1 UEPS Technologies, Inc. CEO’s Letter for 2019 Annual Report Dear Fellow Shareholders: We are glad to have our fiscal 2019 behind us. What should have been a planned and routine transition with the termination of our SASSA contract, turned into a barrage of challenges thrown at us with far reaching repercussions, most notably the unilateral and controversial migration of approximately two million of our EasyPay Everywhere (“EPE”) customers, and more recently an adverse ruling from the Supreme Court to refund SASSA the ZAR 317 million plus interest that they paid us for reimbursement of costs related to bulk enrollment in 2014. The resulting lower level of business activity coupled with our existing cost structure left us with no choice but to take some of the hardest decisions imaginable to return to breakeven EBITDA in South Africa, predominantly through the retrenchment of approximately 50% of our staff, while also deleveraging our balance sheet. We have managed to accomplish both these near-term objectives. With only legacy contract termination and legal issues remaining from the SASSA era, we now look forward to 2020 and beyond with the enthusiasm and vigor of knowing we have free reign to push forward with our aspirations of being a global fintech player that through its technology and experience, facilitates financial inclusion. Financial inclusion helps provide the unbanked and underbanked with access to financial services, drive adoption and usage, offer quality and choice of products, in turn resulting in a positive socioeconomic impact on the intended recipient. In emerging countries these are primarily individuals and in developed countries they are usually small businesses. As we emerge from this difficult period, we also recognize the need for us to simplify our story, structure and reporting, while also being able to unlock value for our shareholders. Looking ahead to 2020, imbibing the principles highlighted above, our focus will be on: • South Africa – accelerate transition from B2B to B2C : our objective is to provide financial inclusion to low-income individuals in South Africa through the provision of bank accounts, which in turn becomes the channel through which we can provide access to various financial and other services in collaboration with Finbond; • Europe – scale up our payments and blockchain offerings : We have developed and certified all the necessary technology required to address this market opportunity and will go to market with a new brand starting in fiscal 2020. Our efforts will be further supplemented by taking a controlling interest in Bank Frick, which has a universal pan- European banking license and issuing and acquiring licenses with Visa and/or MasterCard. For financial inclusion, we will offer state-of-the-art solutions for issuing, acquiring and neobank services, primarily to small businesses, as well as launch our internally developed blockchain and crypto-asset storage products in collaboration with Bank Frick; • Africa – rapidly grow our payment solutions : We will pursue a mobile-first approach to financial inclusion in Africa, where the cost of physical cards and POS terminals make it prohibitively expensive to digitize transactions. Through ZappGroup, we have begun the deployment of QR-code based payments in Ghana, which will be followed by additional countries over the next year. Similarly, in Nigeria, Carbon is a digital consumer lender that has begun to expand its portfolio of products to include payments and other financial services. As our footprint in these markets evolves, our on- ground teams will begin to incorporate other Net1 products, including but not limited to UEPS/EMV; • South Korea – implement turnaround plan : KSNET is one of the largest VAN companies in South Korea with 223,000 merchants, and the only one that is able to offer card VAN, banking VAN and payment gateway services. We have invested in external advisors to assist us with the formulation and implementation of a turnaround plan to drive top line growth and improving profitability, which will be an area of focus for us and KSNET in 2020; Simultaneously, we are actively evaluating our strategic alternatives for the business, and we have received a number of indicative offers to acquire KSNET that we are currently evaluating with the assistance of FT Partners, our corporate advisors; and • Unlock shareholder value : There is a palpable dichotomy between the value of our businesses and investments, and the market value of Net1. While there are a number of factors that have led to this mismatch, we recognize the need for certain actions by the Company in order to realize some or all of the inherent value in Net1. In addition to simplifying the business and reporting structure, our Board has already commenced with a group-wide strategic review to identify the core businesses we need to operate and monetize the assets that are non-core to our simplified fintech strategy. We have already commenced with the partial disposition of our interest in DNI, with the remaining 30% interest to be realized in H1 2020. In addition to KSNET, other businesses and investments are also being evaluated - particularly if they are not core to the group’s global fintech strategy. At June 30, 2019, we had approximately 1.1 million EPE customers, which has been relatively stable since December 2018 but declined from a peak of 2.9 million customers prior to SASSA’s auto-migration in August to November 2018. Our new South African banking and financial services products will be launched in 2020 under a different brand and with a different bank partner. We believe conservatively in 2020, we should be able to grow our customer base by at least 10% from our June 30, 2019 account base. Together with Finbond, from a distribution standpoint, we would operate the second largest bank branch infrastructure in the country with 808 branches in addition to 1,300 ATMs and 70,000 POS terminals. The products we have designed for the lowest income earners provide maximum functionality at the most affordable price. Having reduced our interest in DNI from 55% to 30% in March and May 2019, the business has been deconsolidated from our financial statements in Q4 2019. Cell C has faced some challenges due to short-term liquidity constraints and a slowing economy, and is actively working with all stakeholders to conclude a recapitalization transaction, that will meaningfully improve its liquidity and set it on a path to profitability. Financial Overview and Key Metrics. In fiscal 2019, our US dollar-based results were adversely impacted by a 12% year-over- year depreciation in the South African Rand, which remains volatile due to political and macroeconomic forces. Revenue declined 38% to $361 million (34% in ZAR 1), while Fundamental EPS 2 was a loss of $4.53, including negative fair value adjustments for Cell C, impairments, a write-down of finance loans receivables, and operating losses following the expiration of our SASSA contract and auto-migration of EPE customers, and the impact of the September 2019 Supreme Court ruling. The decline in revenue was due to the expiration of our SASSA contract in Q1 2019, lower fee and financial services revenue from our EPE customer base, as well as lower revenue in South Korea due to the regulatory changes and fewer prepaid airtime and value-added services. Consolidated operating margin was negative 31% in fiscal 2019 compared to positive 10% a year ago, due to the reasons highlighted above. Continuously Innovating. Innovation is in Net1’s DNA and we will continue to provide relevant and accessible solutions for our increasingly diverse global customer base, while creating new mobile-based solutions along with Cell C, MobiKwik, ZappGroup and Carbon and new blockchain, virtual financial asset storage and processing solutions through IPG. Management and Governance. We remain committed to expanding our management team and a large part of our focus in fiscal 2020 will be focused on building out management, product, sales and geographic specialists required to support our product- driven strategy, in turn driving higher and sustainable revenue and earnings. Appreciation . To our stakeholders, we have tried to systematically address the external pressures on our share price over the past few years, which has been due to the apparent uncertainty surrounding the long-term sustainability of our business given the perceived reliance on SASSA, the volatility of the South African Rand, and political and regulatory interference in South Africa. The steps and actions we have taken to drive the new Net1 are meaningful, and we expect to deliver tangible benefits of our strategy starting in fiscal 2020, building off the more stable base experienced in Q4 2019. We have positioned the company to address the opportunities in South Africa, Europe, Africa and South Korea, while expending meaningful effort to unlock shareholder value. 1 ZAR revenue is a non-GAAP measure and is calculated as GAAP revenue multiplied by the average USD:ZAR exchange rate during the fiscal year. 2 Fundamental EPS is a non-GAAP measure. Refer to —“Forward looking statements and use of non-GAAP measures—Use of non-GAAP measures in our Annual Report” for further information regarding these non-GAAP measures. I would like to extend my sincere thanks to my colleagues on the Board, my unflagging management team and all of Net1’s employees for their dedication and tireless pursuit of excellence in serving our new and existing customers, our communities and for constantly striving to return Net1 to a leadership position within our industry. Sincerely, _____________________________ Herman G. Kotzé Chief Executive Officer Financial results at a glance Consolidated results (refer also Item 6 to our Annual Report on Form 10-K included in this Annual Report) (in United States dollar thousands, except percentages, per share data and number of employees) Year Ended June 30 (R) 2018 2017 2016 2015 As As As As 2019 restated restated restated restated Revenue .......................................................
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