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Ann: Quarterly Report, page-17

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    Negatives:

    Adding less customers than SZL.

    Bad debts increased from 1.82% to 1.95%.

    Cash Opex increased to 7.8% from 7.1% 2H19.

    Transactions only increased 14% QoQ.

    EBTDA margin fell from 2.0% to 1.0%.

    Added less merchants than previous quarter.

    Added only net 90k active customers according to chart at the end.
 
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