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Naspers: revenue growth of 26%; better margins Naspers Limited ISIN: ZAE000015889 Share code NPN Press release 4 December 2002 Naspers: revenue growth of 26%; better margins Naspers made satisfactory progress despite harsh conditions in the international TMT environment, said Naspers chairman Ton Vosloo on releasing the Group`s results for the half-year ended 30 September 2002. Group revenues grew by 26%. An intense focus on cost control resulted in improved margins, with operating profits before amortisation and impairment charges amounting to R78 million, compared to a loss last year of R111 million. The headline loss per N ordinary share from continuing operations was reduced by 48% to 65 cents per share. Cash generated from continuing operations amounted to R407 million, compared to a cash outflow of R206 million for the equivalent period last year. A book profit of R746 million arose on the recent disposal of MIHL`s interests in OpenTV to Liberty Media. An important development in the period under review was the reorganisation of Naspers in terms of which the minority interests in MIH Holdings Limited (MIHH) and MIH Limited (MIHL) are to be swopped for shares in Naspers. "This reorganisation, scheduled to become effective later in December this year, will simplify the structure and operations of the Group," Vosloo said. The respective shareholders approved the reorganisation earlier this week. Naspers managing director Koos Bekker said the print media businesses performed solidly. "Revenues grew by 7%, largely from increased advertising revenue from the Group`s newspapers. Circulation figures remained broadly stable in the aggregate and the sales of the new Daily Sun, launched in July, have reached in excess of 60 000." During the period a new R60 million printing press was installed, bringing to conclusion a five-year renewal program which saw the print media businesses invest some R1,5 billion in upgrading their printing infrastructure and expanding the range of titles. The book publishing operations reported revenue growth of 7%, but operating results were reduced by the liquidation of CNA. The pay television platforms recorded revenue growth of 27%, mainly due to currency fluctuations and an increase in digital subscribers. This resulted in improved operating profits before amortisation of R141 million. "The Group segment showing the fastest growth was the internet, with revenues increasing by 90%. Both Ebitda and operating losses were substantially lowered from last year. M-Web South Africa reached Ebitda breakeven on a monthly basis in the current period," Bekker said. Irdeto Access reported positive Ebitda of R3 million, "but conditions remain tough and results for the second half will be weaker." Educor experienced good revenue growth of 15% from improved student enrolments. Margins were higher and operating profits before amortisation grew by 27%. For further information: Steve Pacak Tel: +27 21 406 3585 Koos Bekker Tel: +27 21 406 3676 The complete results are available on the Naspers website at http://www.naspers.com Date: 04/12/2002 12:31:00 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
