Naspers Limited - Trading Statement

Naspers Limited - Trading Statement                                             
Naspers Limited                                                                 
(Incorporated in the Republic of South Africa)                                  
(Reg. No 1925/001431/06)                                                        
Share Code: NPN & IZIN: ZAE000015889                                            
("Naspers" or "the company" or "the group")                                     
Trading Statement                                                               
Shareholders are advised that Naspers has prepared its annual financial         
statements for the year ending 31 March 2006 in accordance with International   
Financial Reporting Standards (IFRS) as now required.  For ease of comparison,  
financial information relating to the prior year has been restated in terms of  
IFRS.  Shareholders are referred to the announcement released on SENS on 29     
November 2005, which described the group"s transition to IFRS, as well as to the
interim report for the six months ended 30 September 2005.                      
Earnings per share for the year ended 31 March 2006 is expected to be between 1 
050 cents and 1 200 cents compared to the prior year"s restated earnings per    
share of 860 cents. This increase is largely the result of a non-recurring,     
realised profit of some R1 billion arising on the sale of the group"s interest  
in United Broadcasting Public Company Limited (UBC) in Thailand.                
Last year shareholders were advised that headline earnings for the financial    
year ended 31 March 2005 were artificially boosted by the creation of deferred  
tax assets of R470 million and fair value adjustments relating to foreign       
exchange contracts of R360 million. Neither item is expected to recur to        
anywhere near the same extent in the financial year to 31 March 2006. As a      
consequence, headline earnings per share for the year ended 31 March 2006 is not
expected to be more than 5% to 10% higher than last year.                       
Core headline earnings remains, in the view of your board, an appropriate       
measure of the sustainable operating performance of the group as it adjusts for 
non-recurring and non-operational items. We refer shareholders to our annual    
financial statements and to the website www.naspers.com for an analysis of      
historic core headline earnings. Given the positive environment in most of our  
key markets, we expect core headline earnings to be between approximately 60%   
and 70% greater than last year.                                                 
Shareholders are also advised that, after years of rapid earnings and cash flow 
growth, some strategic investments are required in the year ahead to deliver    
growth in ensuing years. We are targeting, in particular, broadband services in 
Asia and North America, and digital video broadcast-handheld ("DVB-H") services 
in Africa.  We plan this in the knowledge that such investments will reduce     
short term earnings and cash flow growth. In addition, we plan to invest in the 
further organic development of our existing businesses and will pursue new      
markets and opportunities.                                                      
Further details will be provided in the provisional report, which is due to be  
released on or about 27 June 2006. The financial information on which this      
trading statement is based has not been reviewed or reported on by the company"s
auditors.                                                                       
Cape Town                                                                       
14 June 2006                                                                    
Sponsor: Investec Bank Limited                                                  
Date: 14/06/2006 02:45:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department