Sectors Shares
SECTIONS

Naspers - trading statement and policy change











Shareholders are advised that the Naspers group (˘the group÷) is finalising its provisional report and consolidated annual financial statements for the year ended 31 March 2018.

Compared to the groupĂs published results for the year ended 31 March 2017, it expects core headline earnings per share for the year to be between 40% (162 US cents) and 45% (183 US cents) higher than the prior periodĂs reported 406 US cents. However, as outlined below, the group has amended its calculation of core headline earnings and has restated the comparative periodĂs core headline earnings per share to 337 US cents. Accordingly, we expect core headline earnings per share for the year ended 31 March 2018 to be between 70% (236 US cents) and 75% (253 US cents) higher than the adjusted comparable periodĂs 337 US cents. Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating performance of the group, as it adjusts for non-recurring and non-operational items.

Compared to the groupĂs published results for the year ended 31 March 2017, it expects earnings per share for the year to be between 280% (1 895 US cents) and 290% (1 963 US cents) higher than the prior periodĂs reported 677 US cents. However, as outlined below, the group restated the comparative earnings per share figure to 542 US cents as a result of its change in accounting policy. Accordingly, it is expected that earnings per share for the year will be between 380% (2 060 US cents) and 390% (2 114 US cents) higher compared to the adjusted prior periodĂs 542 US cents. The growth in earnings for the year was significantly impacted by the gain recognised on the sale of a 2% interest in Tencent Holdings Limited (Tencent) in March 2018, which is non-recurring.

Compared to the groupĂs published results for the year ended 31 March 2017, it expects headline earnings per share for the year to be between 130% (233 US cents) and 135% (242 US cents) higher than the prior periodĂs reported 179 US cents. However, as outlined below, the group restated the comparative headline earnings per share figure to 44 US cents as a result of its change in accounting policy. Accordingly, headline earnings per share for the year is expected to increase by between 840% (370 US cents) and 850% (374 US cents) from the adjusted prior periodĂs 44 US cents. Headline earnings for the year ended 31 March 2017 was restated and significantly reduced by the change in accounting policy for put options outlined in the relevant SENS note.

Further details will be provided in the summarised consolidated financial results, due for release on 22 June 2018.

Shareholders should note that the groupĂs provisional report and consolidated annual financial statements will contain a change in accounting policy. To assist shareholders in understanding the groupĂs trading update, these changes and their impact on the groupĂs reporting for the comparative year ended 31 March 2017 and six months ended 30 September 2017 have been outlined in the relevant SENS note.





2018-06-13 15:06:33