Wrap Text
Trading Statement
Prosus N.V.
(Incorporated in the Netherlands)
(Legal Entity Identifier: 635400Z5LQ5F9OLVT688)
AEX and JSE Share Code: PRX ISIN: NL0013654783
("Prosus")
Trading statement
Shareholders are advised that the Prosus group ("the Group") is finalising its financial
statements for the year ended 31 March 2024.
Prosus N.V. ("Prosus") is a subsidiary of Naspers Limited ("Naspers"), a company incorporated in
South Africa and listed on the Johannesburg Stock Exchange ("JSE") in South Africa.
For context, in terms of the JSE Listings Requirements, South African listed entities with a
primary listing on the exchange are obliged to issue a trading statement as soon as they are
reasonably certain that the upcoming financial results would differ by at least 20% from those of
the previous corresponding period. Trading statements are generally issued to provide
shareholders with a range of outcomes in respect of key financial metrics.
The financial results of Prosus almost completely account for Naspers's results. Based on
Naspers's anticipated results for the year ended 31 March 2024, Naspers is required to issue a
trading statement in terms of the above JSE Listings Requirements. To ensure that shareholders
of Prosus are provided with equivalent information simultaneously, Prosus is issuing this trading
statement.
During the year our ecommerce businesses delivered peer leading growth and accelerated
profitability. We are on track to fulfil our promises of consolidated ecommerce profitability and
cash flow generation. These factors, combined with improved profitability from our investments,
and the continuation of the share repurchase programme, supported meaningful growth in core
headline earnings per share.
Core headline earnings per share and headline earnings per share for the year are
expected to increase driven by improved profitability of our ecommerce consolidated businesses
and equity-accounted investments, in particular Tencent, and an increase in our net interest
income.
Earnings per share is expected to be negatively impacted, driven by a lower gain from a
smaller sale of our Tencent shareholding this year compared to last year. In addition earnings
from the Group's equity-accounted investments decreased, primarily due to the lower gains on
acquisitions and disposals within Tencent relative to the previous year.
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 and total operations for the year ended
31 March 2024 as compared to the restated 31 March 2023 operations. Prior period numbers
have been adjusted to reflect the impact of the removal of the cross holding and in the case of
continuing operations both the removal of the cross-holding and the exit of the OLX Autos
businesses (Details discussed later in the statement):
Restated 31 March 2024
31 March 2023 expected Expected
Continuing operations US cents (decrease) (decrease)
/increase /increase
US cents %
Earnings per N share (1) 357 (103-77) (28.9%-21.6%)
Headline earnings ***
per N share (1)
27 103-107 381.4%-396.3%
Core headline earnings**** per N share (1) 99 90-97 90.9%-97.9%
Restated 31 March 2024
expected Expected
31 March 2023
(decrease) (decrease)/increase
Total US cents
operations /increase
US cents %
Earnings per N share (1) 368 (114-88) (30.9%-23.9%)
Headline earnings***per N share (1) 23 107-111 465.2%-482.6%
Core headline earnings**** per N share (1) 91 98-105 107.7%-115.4%
The Group has restated the 31 March 2023 published information following OLX Autos
classification as Discontinued operations and the removal of the Group's cross-holding structure.
We have made meaningful progress in exiting our OLX Autos businesses. All of our OLX Autos
operations that have been disposed of, classified as held for sale or closed down by 31 March
2024 are presented as discontinued operations. Prior period published earnings have been
adjusted as follows:
31 March 2023 Published US$'m Restated US$'m
Earnings from Total operations 10 112 10 112
Earnings from Continuing operations 9 575 9 809
Earnings from Discontinuing operations 537 303
The successful removal of the cross-holding between Naspers and Prosus was concluded in
September 2023. The previous year's earnings per share have been restated to reflect the
capitalisation issue and removal of the cross holding and gives a like-for-like comparison to the
financial year 2024 earnings per share. The financial year 2023 earnings per share is lower than
in the past due to the additional shares issued to remove the cross holding. Prosus shareholders
now own more shares than prior to the removal of the cross holding.
Below is a representation of the impact of the removal of the Group's cross-holding structure on
the number of shares utilised in the determination of the earnings per share.
Period Published Capitalisation issue and Restated
WANOS* removal WANOS*
of cross holding structure
31 March 2023 1 357 367 416 1 392 906 871** 2 750 274 287
* Weighted average number of shares in issue
** The group issued 808 533 377 ordinary shares N and reinstated 584 373 494 ordinary shares N
Consequent to the capitalisation issue, and the classification of OLX Autos to discontinued
operations, the per share information from continuing and total operations for 31 March 2023
has been restated as follows:
31 March 2023 – Continuing operations Published US cents Restated US cents
Earnings per N share 705 357
Headline earnings per N share 46 27
Core headline earnings per N share 185 99
31 March 2023 – Total operations Published US cents Restated US cents
Earnings per N share 745 368
Headline earnings per N share 46 22
Core headline earnings per N share 184 91
More details will be published with the financial statements on Monday, 24 June 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.
Definitions
*** Headline earnings represents net profit for the year attributable to the Group's equity
holders, excluding certain defined separately identifiable remeasurements relating to, amongst
others, impairments of tangible assets, intangible assets (including goodwill) and equity-
accounted investments, gains and losses on acquisitions and disposals of investments as well
as assets, dilution gains and losses on equity-accounted investments, remeasurement gains and
losses on disposal groups classified as held for sale and remeasurements included in equity-
accounted earnings, net of related taxes (both current and deferred) and the related non-
controlling interests. These remeasurements are determined in accordance with Circular 1/2023,
headline earnings, as issued by the South African Institute of Chartered Accountants, at the
request of the JSE Limited in relation to the calculation of headline earnings and disclosure of a
detailed reconciliation of headline earnings to the earnings numbers used in the calculation of
basic earnings per share in accordance with the requirements of IAS 33 – Earnings per Share,
under the JSE Listings Requirements.
**** 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.
(1) Per share information is based on the net number of N ordinary shares in issue during the respective periods. The A
ordinary shareholders and B ordinary shareholders share 1/5th and 1/1 000 000th respectively of the earnings
attributable to the external N shareholders as at 31 March 2024. The earnings will be expected to increase in the
same ratio as N ordinary shareholders.
11 June 2024
Symphony Offices Gustav
Mahlerlaan 5
1082 MS Amsterdam The
Netherlands
Sponsor:
Investec Bank Limited
Date: 11-06-2024 05:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
