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Trading Statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
JSE Share Code: NPN ISIN: ZAE 000325783
("Naspers")
Trading statement
Shareholders are advised that the Naspers group ("the Group") is finalising its condensed consolidated interim financial
statements for the period ended 30 September 2024.
The group has demonstrated its continued commitment to deliver profitable growth, with consolidated Ecommerce
profitability in the first half of FY25, significantly exceeding that of the prior twelve months. We expect to continue this
growth path by accelerating our pace of execution and innovation, investing with an AI-first mindset and leveraging the
potential of the Group's technology ecosystem.
Core headline earnings per share and headline earnings per share for continuing operations for the period are expected to
increase between 87.2%-93.8% and 103.2%-109.6% respectively, driven by accelerated growth and improved profitability of
our consolidated Ecommerce businesses and equity-accounted investments, in particular Tencent.
Earnings per share is expected to increase during the period primarily from the Group's improved overall profitability
coupled with lower impairment charges in continuing operations this period compared to the previous period. This improved
performance was partially offset by a lower gain from the sale of our Tencent shareholding compared to the previous period,
given that fewer shares were sold in the current period.
The gains relating to the sell down of Tencent and impairment charges impacting earnings per share are excluded from
headline and core headline earnings per share. The board considers core headline earnings an appropriate indicator of the
operating performance of the Group, as it adjusts for non-operational items.
The Group has illustrated below the anticipated changes in earnings, headline earnings and core headline earnings per share
for continuing operations for the period ended 30 September 2024 as compared to 30 September 2023 continuing and total
operations:
30 September 2024
30 September 2023 expected increase Expected
Continuing operations US cents US cents increase %
Earnings per share(1) 812 284-337 35.0%-41.5%
Headline earnings per share(1) 311 321-341 103.2%-109.6%
Core headline earnings* per share(1) 454 396-426 87.2%-93.8%
30 September 2024
Total operations 30 September 2023 expected increase Expected
US cents US cents increase %
Earnings per share(1) 761 335-388 44.0%-51.0%
Headline earnings per share(1) 281 351-371 125.0%-132.0%
Core headline earnings* per share(1) 427 423-453 99.0%-106.0%
More details will be published with the condensed consolidated interim financial statements on Monday, 02 December 2024.
Financial information on which this trading statement is based has not been subject to an independent audit or review by the
Group's auditors.
* Core headline earnings, a non-IFRS performance measure, represent headline earnings for the period, excluding certain non-operating items. Specifically,
headline earnings are adjusted for the following items to derive core headline earnings: (i) equity-settled share-based payment expenses on transactions where
there is no cash cost to us. These include those relating to share-based incentive awards settled by issuing treasury shares, as well as certain share-based
payment expenses that are deemed to arise on shareholder transactions; (ii) subsequent fair-value remeasurement of cash-settled share-based incentive
expenses; (iii) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; (iv) deferred taxation
income recognised on the first-time recognition of deferred tax assets as this generally relates to multiple prior periods and distorts current period performance;
(v) fair-value adjustments on financial and unrealised currency translation differences, as these items obscure our underlying operating performance; (vi) one-
off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in our
composition and are not reflective of our underlying operating performance and (vii) the amortisation of intangible assets recognised in business combinations
and acquisitions. These adjustments are made to the earnings of businesses controlled by us, as well as our share of earnings of associates and joint ventures,
to the extent that the information is available.
Core headline earnings per share constitute pro-forma financial information in terms of the JSE Limited Listings Requirements. The pro forma financial
information is the responsibility of the Group's directors.
(1) Per share information is based on the net number of A and N ordinary shares in issue during the respective periods.
18 November 2024
40 Heerengracht, Cape Town 8001
PO Box 2271
Cape Town 8000
South Africa
Sponsor:
Investec Bank Limited
Date: 18-11-2024 08:30:00
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