Wrap Text
NPN - Naspers - Summary of the audited results of the Naspers group for the
year ended 31 March 2011
Naspers Limited
(Registration Number: 1925/001431/06)
("Naspers")
ISIN: ZAE000015889
JSE Share code: NPN
LSE Share code: NPSN
PROVISIONAL REPORT
Summary of the audited results of the Naspers group for the year ended 31
March 2011
Commentary
The group achieved a solid performance over the past year. Consolidated
revenues grew by 18% and core headline earnings were up 13%. These results
were underpinned by a diversified portfolio and a strong balance sheet.
Major areas of growth were the internet and pay-television businesses.
Worldwide the internet industry continued its expansion from which most of
our internet businesses benefited. The resilience of our pay-television
operations in an increasingly competitive environment underscores the
benefit of quality content, although rising costs place margins under
pressure. Our print media business experienced a limited recovery in
advertising revenues, whilst the technology business was able to improve
margins.
Over the past year the group continued to expand, as evidenced by growth in
revenues. Although nuances shift gradually, the growth strategy continues
to have three legs: organic growth of existing businesses, pursuing
acquisitions and developing new technologies.
Recent experience is that internet valuations, in our opinion, have become
inflated and good value is difficult to find these days. As a consequence,
we are focusing somewhat more on growing our businesses organically and on
developing new technologies. This may dampen earnings in the year ahead as
the cost of developing these businesses are expensed through the income
statement. However, we believe this strategy is sound and will stimulate
long-term growth prospects. This statement has not been reviewed or
reported on by the company`s auditors.
FINANCIAL REVIEW
Over the past year consolidated revenues expanded by 18% to R33bn.
Consolidated internet revenues were up 36%, whilst growth of the subscriber
base saw pay-television revenues 19% higher. Consolidated trading profit,
which includes finance cost on transponder leases, but excludes
amortisation of intangible assets (other than software), and other
gains/losses, lifted 7% to R5,8bn. The reduction in margins was largely the
result of higher costs in the pay-television business.
Net interest cost on cash and loans increased from R286m last year to
R575m, the result of funding investments with debt. Our core earnings from
equity-accounted associates grew to R3,6bn, mostly from strong performances
at Tencent and Mail.ru Group.
The reported dilution gains of R1,5bn are solely theoretical, arising
mainly from the contribution of the group`s stake in Mail.ru into the newly
listed entity.
The net result of the above is core headline earnings of R6bn - an increase
of 13% on the prior year.
This earnings performance delivered positive free cash flows of R4bn. Our
funding structure remains sound with total consolidated net debt, excluding
satellite leases, of R3,9bn. This represents a net debt: equity ratio of
10%.
Corporate activities for the year include:
- The group consolidated its internet interests in Russia, acquiring a 29%
interest in Digital Sky Technologies (DST) by contributing existing assets
and cash. DST was renamed Mail.ru Group and listed on the London Stock
Exchange in November 2010.
- The group issued a seven-year US$700m bond, with a coupon rate of 6,375%.
The proceeds were used to partly pay down an offshore revolving credit
facility (RCF).
- During March the group refinanced its RCF. Capacity was increased to
US$2bn and the term extended to 2016. The facilities bear interest at US
LIBOR plus 1,75% before commitment and utilisation fees.
During the period the group impaired R1bn of goodwill and intangible
assets, mainly at Gadu-Gadu, where growth has lagged.
SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus the
proportional consolidation of associated companies.
Pay television
The past year was characterised by lively subscriber growth, with 977 000
subscribers added to the base. This was largely driven by the Fifa 2010
World Cup, coupled with decoder subsidies and marketing. As a consequence,
revenue increased 19% to R21bn. Trading margins were lower due to cost
pressures from growing the subscriber base, higher sport content costs and
competition. Good progress was made in increasing local content and skills.
In South Africa the gross base expanded by 637 000 to 3,5 million
subscribers. The lower-priced Compact bouquet accounted for 59% of the
growth. Television advertising revenues rebounded, growing 32%.
In the rest of sub-Saharan Africa our base grew by 340 000 to 1,4 million
subscribers. The lower-priced Compact/Family bouquets now reach 602 000
families. Trading margins were reduced by a higher investment in decoder
subsidies, local and sport content and additional satellite capacity.
Competition is expected to intensify across the continent and the
regulatory environment remains uncertain.
After a period of uncertainty, the Southern African Development Community
selected the DVB-T2 digital video broadcast standard to migrate analogue
terrestrial services to digital terrestrial television (DTT).
Internet
Overall the internet segment reported revenue growth of 47% and trading
profits rose 48%.
In China, Tencent recorded another strong set of results in an increasingly
competitive market. Rapid growth of the internet industry in China enabled
Tencent, through its focus on user experience, to further expand the
usefulness of its core platforms. Our share of Tencent revenues was R7,2bn
and trading profit R3,5bn. The QQ platforms now manage 674 million active
instant messaging (IM) user accounts and 137 million peak simultaneous
users. The social service, QZone, also grew well with current user accounts
of 504 million.
The Russian internet market remains lively and Mail.ru Group maintained
market share in most segments. They are the leading providers of services
to internet consumers in Russian speaking markets. Buoyed by a rebound in
online advertising, our share of Mail.ru Group`s reported revenues was
R657m and a trading profit of R157m.
In aggregate, the other internet businesses reported revenue growth of 37%
and a marginal trading loss of R6m, the result of increased development
costs. The e-commerce operations of Allegro (Eastern Europe) and Ricardo
(Western Europe) continued expanding healthily. Both businesses broadened
their product offerings through organic growth and smaller bolt-on
acquisitions.
In Latin America, our e-commerce business, BuscaPe, continued to deepen its
services and broaden its revenue base. The acquisition of the classified
platform, OLX, strengthened our product range in this market.
Print media
Our operations in South Africa showed revenue growth of 9%, with
advertising improving only modestly. Trading profits declined in part due
to the troublesome implementation of a new enterprise resource planning
system. In Brazil, Abril`s revenue and operating profit, excluding the
educational business sold during the prior year, grew 14% on the back of a
buoyant economy.
Technology
Consolidated revenues in local currency grew 10% and operating performance
improved as Irdeto benefited from efficient management of its products and
structure. Over 18 million conditional access units were delivered, a 17%
increase on the previous year. In most product categories new clients were
added and new offerings introduced, which positions Irdeto to secure
internet distributed digital assets and content.
DIVIDEND NUMBER 82
The board recommends that the annual dividend be increased by 15% to 270c
(previously 235c) per listed N ordinary share, and 54c (previously 47c) per
unlisted A ordinary share. If approved by shareholders atthe annual general
meeting to be held on 26 August 2011, dividends will be payable to
shareholders recorded in the books on Friday 23 September 2011, and will be
paid on Monday 26 September 2011. The last date to trade cum dividend will
be on Friday 16 September 2011. (The shares will therefore trade ex
dividend from Monday 19 September 2011.) Share certificates may not be
dematerialised or rematerialised between Monday 19 September 2011 and
Friday 23 September 2011, both dates inclusive.
CORPORATE GOVERNANCE
The impact of the new South African Companies Act and the implementation of
the King Report on Governance for South Africa 2009 (King III) consumed
time over the past year. Where appropriate for the group, the necessary
changes to our governance policies and practices were made. Any principles
or practices that were found to be inappropriate for the group, as well as
reasons for not implementing some of King III`s recommendations, are
disclosed in the integrated report for the financial year ended 31 March
2011.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The financial statements for the year ended 31 March 2011 have been
prepared in accordance with IAS 34 and International Financial Reporting
Standards (IFRS), the requirements of the South African Companies Act, No
61 of 1973, and in compliance with the Listings Requirements of the JSE
Limited. Except as noted below, accounting policies used are consistent
with those applied in the previous annual financial statements and IFRS.
These results have been audited by the company`s auditor,
PricewaterhouseCoopers Inc., whose unqualified report is available for
inspection at the registered office of the company.
The group adopted the following new standards and amendments for the year
ended 31 March 2011:
IAS 7 "Statement of Cash Flows" has been amended and now requires changes
in interests in a subsidiary that do not result in a loss of control to be
recorded in financing activities as opposed to investing activities. This
amendment is effective retrospectively, resulting in the restatement of the
statement of cash flows. Preference dividends received are now recorded in
investing activities as opposed to financing activities. The total amount
reallocated to investing activities was R404m for the year ended 31 March
2010.
IFRS 3 Revised "Business Combinations" and IAS 27 Revised "Consolidated and
Separate Financial Statements" were adopted. The effect of these standards
is recorded in the line item "Gains on acquisitions and disposals" on the
income statement. These items are adjusted for in the calculation of
headline and core headline earnings.
MWEB is now reported in the pay-television rather than the internet
segment. It is working on technologies to deliver video content.
Comparative segmental results have been restated in accordance with IFRS 8
"Operating Segments".
Our share of associates` other comprehensive income and reserves relates
mainly to the revaluation of the associates` available for sale
investments.
Core headline earnings exclude once-off and non-operating items. We believe
that it is a useful measure for shareholders of the group`s sustainable
operating performance. However, this is not a defined term under IFRS and
may not be comparable with similarly titled measures reported by other
companies.
SIGNIFICANT ACQUISITIONS
In August 2010 the group consolidated its internet interests in Russia,
acquiring a 28,7% interest in Digital Sky Technologies (DST), a prominent
internet company in Russian-speaking markets. In consideration, the group
contributed its 39,3% investment in Mail.ru and US$388m in cash.
In August 2010 the group acquired 68% of OLX for US$144m cash. This is a
classifieds business operating mainly in emerging markets, especially in
Latin America. In December 2010 the group increased its stake to 71,5%.
In September 2010 the group acquired 74% of Multiply Inc. for US$44m in
cash. This unit combines social networking with an online marketplace
focused on south-east Asia, and fits well within the group`s internet
strategy.
In December 2010 the group acquired 100% of Level Up! International
Holdings, an online game publisher, for US$51m.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Managing director
Cape Town
27 June 2011
Revenue
Year ended 31 March
Segmental 2011 2010 %
Review R`m R`m Change
Pay television 21 025 17 603 19
Internet 12 092 8 237 47
- Tencent 7 215 4 874 48
- Other 4 877 3 363 45
Print 10 758 10 204 5
Technology 1 228 1 207 2
Economic interest 45 103 37 251 21
Corporate services - - -
Less: Associates (12 018) (9 253) 30
Consolidated 33 085 27 998 18
EBITDA
Year ended 31 March
Segmental 2011 2010 %
Review R`m R`m Change
Pay television 6 542 5 851 12
Internet 3 945 2 697 46
- Tencent 3 795 2 542 49
- Other 150 155 (3)
Print 1 194 1 232 (3)
Technology 188 98 92
Economic interest 11 869 9 878 20
Corporate services (239) (230) 4
Less: Associates (4 481) (3 152) 42
Consolidated 7 149 6 496 10
Trading profit
Year ended 31 March
Segmental 2011 2010 %
Review R`m R`m Change
Pay television 5 727 5 232 9
Internet 3 493 2 362 48
- Tencent 3 543 2 363 50
- Other (50) (1) +100
Print 872 896 (3)
Technology 128 47 +100
Economic interest 10 220 8 537 20
Corporate services (240) (232) 3
Less: Associates (4 142) (2 858) 45
Consolidated 5 838 5 447 7
Note: Trading profit excludes amortisation of intangible assets (other than
software) and other gains/losses, but includes the finance cost on
transponder leases.
Year ended Year ended
31 March 31 March
Reconciliation of Trading Profit 2011 2010
to Operating Profit R`m R`m
Trading profit 5 838 5 447
Finance cost on transponder leases 144 93
Amortisation of intangible assets (1 045) (1 135)
Other gains/(losses) - net (881) (364)
Operating profit 4 056 4 041
Note: For a reconciliation of operating profit to profit before taxation,
refer to the "Consolidated income statement".
Year ended Year ended
31 March 31 March
Consolidated Income 2011 2010 %
Statement R`m R`m Change
Revenue 33 085 27 998 18
Cost of providing services and sale (17 794) (14 438)
of goods
Selling, general and administration (10 354) (9 155)
expenses
Other gains/(losses) - net (881) (364)
Operating profit 4 056 4 041
Interest received 401 348
Interest paid (1 389) (883)
Other finance income/(costs) - net (30) 114
Share of equity-accounted results 3 290 2 058 60
Impairment of equity-accounted (23) (62)
investments
Dilution gains on equity-accounted 1 461 -
investments
Gains on acquisitions and disposals 42 144
Income before taxation 7 808 5 760 36
Taxation (1 861) (1 808)
Profit for the year 5 947 3 952 50
Attributable to:
Equity holders of the group 5 260 3 257
Non-controlling interest 687 695
5 947 3 952
Core headline earnings for the 6 036 5 319 13
period (R`m)
Core headline earnings per N 1 612 1 426 13
ordinary share (cents)
Fully diluted core headline 1 550 1 386 12
earnings per N ordinary share
(cents)
Headline earnings for the period 4 213 3 297 28
(R`m)
Headline earnings per N ordinary 1 125 884 27
share (cents)
Fully diluted headline earnings per 1 082 859 26
N ordinary share (cents)
Earnings per N ordinary share 1 405 873 61
(cents)
Fully diluted earnings per N 1 351 848 59
ordinary share (cents)
Net number of shares issued (`000)
- At period-end 375 440 374 308
- Weighted average for the period 374 501 372 951
- Fully diluted weighted average 389 465 383 820
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Comprehensive 2011 2010
Income R`m R`m
Profit for the year 5 947 3 952
Total other comprehensive income, net of 2 277 (2 047)
tax, for the year
Translation of foreign operations (461) (1 918)
Cash flow hedges 126 (560)
Share of associates` other comprehensive 2 622 250
income and reserves
Tax on other comprehensive income (10) 181
Total comprehensive income for the year 8 224 1 905
Attributable to:
Equity holders of the group 7 543 1 308
Non-controlling interest 681 597
8 224 1 905
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Changes 2011 2010
in Equity R`m R`m
Balance at beginning of the year 35 634 35 217
Changes in share capital and premium
Movement in treasury shares (335) (1 041)
Share capital and premium issued 253 433
Changes in reserves
Total comprehensive income for the year 7 543 1 308
Movement in share-based compensation 508 498
reserve
Movement in existing control business (63) (334)
combination reserve
Direct retained earnings movement (22) (22)
Dividends paid to Naspers shareholders (882) (773)
Changes in non-controlling interest
Total comprehensive income for the year 681 597
Dividends paid to non-controlling (665) (311)
shareholders
Movement in non-controlling interest in 290 62
reserves
Balance at end of the year 42 942 35 634
Comprising:
Share capital and premium 14 384 14 466
Retained earnings 21 179 16 823
Share-based compensation reserve 2 300 1 573
Existing control business combination 25 98
reserve
Hedging reserve (297) (408)
Valuation reserve 4 256 1 844
Foreign currency translation reserve (1 185) (736)
Non-controlling interest 2 280 1 974
Total 42 942 35 634
Year ended Year ended
31 March 31 March
Condensed Consolidated 2011 2010
Statement of Financial Position R`m R`m
ASSETS
Non-current assets 53 610 44 342
Property, plant and equipment 7 561 6 490
Goodwill 17 278 16 620
Other intangible assets 3 886 4 976
Investment in associates 20 767 11 942
Other investments and loans 3 301 3 500
Deferred taxation 817 814
Current assets 16 245 13 126
Inventory 731 693
Programme and film rights 1 487 1 298
Trade receivables 2 929 2 438
Other receivables and loans 2 330 1 900
Cash and cash equivalents 8 731 6 785
Assets classified as held-for-sale 37 12
Total assets 69 855 57 468
EQUITY AND LIABILITIES
Share capital and reserves 40 662 33 660
Non-controlling shareholders` interest 2 280 1 974
Total equity 42 942 35 634
Non-current liabilities 14 951 10 892
Capitalised finance leases 1 893 1 736
Liabilities - interest-bearing 10 822 6 983
Liabilities - non-interest-bearing 178 51
Post-retirement medical liability 179 178
Derivatives 714 684
Deferred taxation 1 165 1 260
Current liabilities 11 962 10 942
Current portion of long-term debt 1 510 1 675
Trade payables 1 915 1 721
Accrued expenses and other current 6 608 5 740
liabilities
Derivatives 599 847
Bank overdrafts and call loans 1 330 959
Total equity and liabilities 69 855 57 468
Net asset value per N ordinary share 10 831 8 993
(cents)
Year ended Year ended
31 March 31 March
Condensed Consolidated 2011 2010
Statement of Cash Flows R`m R`m
Cash flow from operating activities 5 271 5 622
Cash flow utilised in investing activities (5 778) (4 752)
Cash flow generated from/(utilised in) 2 513 (169)
financing activities
Net movement in cash and cash equivalents 2 006 701
Foreign exchange translation adjustments (431) (678)
Cash and cash equivalents at beginning of 5 826 5 803
the year
Cash and cash equivalents at end of the 7 401 5 826
year
Year ended Year ended
31 March 31 March
Calculation of Headline 2011 2010
and Core Headline Earnings R`m R`m
Net profit attributable to shareholders 5 260 3 257
Adjusted for:
- insurance proceeds (51) (369)
- impairment of property, plant and 25 225
equipment and other assets
- impairment and derecognition of goodwill 1 035 384
and intangible assets
- profit on sale of property, plant and (407) (229)
equipment and intangible assets
- profit on sale of investments (152) (120)
- dilution gains on equity-accounted (1 461) -
investments
- remeasurements included in equity- (28) 30
accounted earnings
- impairment of equity-accounted 23 62
investments
4 244 3 240
Total tax effects of adjustments (27) 7
Total adjustments for non-controlling (4) 50
interest
Headline earnings 4 213 3 297
Adjusted for:
- treasury-settled share scheme charges 488 418
- prior year withholding taxes - 121
- reversal of deferred tax assets 13 253
- amortisation of intangible assets 1 052 922
- Welkom Yizani refinancing - 330
- fair value adjustments and currency 18 (22)
translation differences
- RCF - accelerated amortisation of costs 128 -
- acquisition-related costs 124 -
Core headline earnings 6 036 5 319
Year ended Year ended
31 March 31 March
2011 2010
Supplementary Information R`m R`m
Depreciation of property, plant and 1 040 878
equipment
Amortisation 1 172 1 213
- intangible assets 1 045 1 135
- software 127 78
Other gains/(losses) - net (881) (364)
- profit/(loss) on sale of property, plant 42 (47)
and equipment and intangible assets
- impairment and derecognition of goodwill (1 035) (384)
and intangible assets
- impairment of intangible assets (33) (225)
- Welkom Yizani refinancing - (330)
- insurance proceeds 51 369
- profit on transponder lease settlement 88 253
- fair value adjustment on shareholders` 6 -
liability
Interest received 401 348
- loans and bank accounts 308 314
- other 93 34
Interest paid (1 389) (883)
- loans and overdrafts (883) (600)
- transponder leases (144) (93)
- RCF costs - accelerated amortisation (128) -
- other (234) (190)
Other finance income/(costs) - net (30) 114
- net foreign exchange differences and fair (247) (154)
value adjustments on derivatives
- preference dividends received 217 268
Gains on acquisition and disposals 42 144
- profit on sale of investments 34 144
- profit on partial disposal of investments 72 -
- acquisition-related costs (109) -
- other 45 -
Goodwill
- cost 17 051 15 407
- accumulated impairment (431) (49)
Opening balance 16 620 15 358
- foreign currency translation effects (510) (1 163)
- acquisitions 1 885 2 807
- contingent consideration adjustment (49) -
- impairment and derecognition (668) (382)
Closing balance 17 278 16 620
- cost 18 371 17 051
- accumulated impairment (1 093) (431)
Investments and loans 24 068 15 442
- listed investments 16 874 4 646
- unlisted investments 7 194 10 796
Market value of listed investments 137 735 92 843
Directors` valuation of unlisted 7 194 10 796
investments
Commitments 16 997 18 626
- capital expenditure 401 527
- programme and film rights 7 744 8 698
- network and other service commitments 700 656
- transponder leases 6 787 7 689
- operating lease commitments 896 697
- set-top box commitments 469 359
Share of equity-accounted results 3 290 2 058
- dilution gains (39) (64)
- foreign currency translation reserve (29) -
release
- impairment of investments 24 -
- (gains)/losses on acquisitions and (262) 100
disposals
Contribution to headline earnings 2 984 2 094
- amortisation of intangible assets 355 180
- treasury-settled share scheme charges 227 148
- business combination costs 15 -
- reversal of deferred taxation 13 101
Contribution to core headline earnings 3 594 2 523
Tencent 3 164 2 148
Mail.ru 152 70
Abril 250 318
Other 28 (13)
Business combinations
In August 2010 the group acquired a 67,8% fully diluted interest in OLX
Inc., an online classifieds business. The fair value of the total purchase
consideration was R1 044m (US$144m) cash. The purchase price allocation
(PPA): PP&E R3m; intangible assets R260m; cash R237m; other current assets
R59m; trade and other payables R35m; deferred tax liability R103m and the
balance to goodwill. The main factor contributing to the goodwill
recognised is the company`s presence in the classifieds sector in emerging
markets. The recognised goodwill is not expected to be deductible for
income tax purposes. A non-controlling interest of R51m was recognised at
the acquisition date. This was measured using the proportionate share of
the identifiable net assets.
In December 2010 the group increased its total economic interest to 71,5%
on a fully diluted basis. This was accounted for as a transaction with non-
controlling interests. The revenue and results from OLX since the
acquisition date were not significant to the group`s consolidated results.
In September 2010 the group acquired a 73,9% fully diluted interest in
Multiply Inc. which combines social networking with an online marketplace.
The fair value of the total purchase consideration was R311m (US$44m) in
cash. The group increased its holding in Multiply to 74,5% during November.
The preliminary PPA: PP&E R7m; intangible assets R80m; cash R3m; trade and
other receivables R2m; trade and other payables R1m; deferred tax liability
R24m; and the balance to goodwill. The main factor contributing to the
goodwill recognised is the company`s significant user base in emerging
markets. The recognised goodwill is not expected to be deductible for
income tax purposes. A non-controlling interest of R17m was recognised at
the acquisition date, and was measured using the proportionate share of the
identifiable net assets. The revenue and results from Multiply since the
acquisition date were not significant to the group`s consolidated results.
In December 2010 the group acquired 100% of Level Up! International
Holdings for a cash purchase consideration of R365m (US$51m). A PPA has not
yet been performed and the difference between the net asset value and
purchase consideration of R279m was allocated to goodwill.
In February 2011 the group acquired 77,7% of Dineromail, Latam`s leading
internet payment solution, for a cash purchase consideration of R206m
(US$28m). A PPA has not yet been performed and the difference between the
net asset value and purchase consideration of R181m was allocated to
goodwill.
Total acquisition-related costs of R109m were recorded in "Gains on
acquisitions and disposals" in the income statement. Had the revenues and
net results of all business combinations that occurred in the period been
included from 1 April 2010 it would not have had a significant effect on
the group`s consolidated revenue and net results.
Directors
T Vosloo (chairman)
J P Bekker (managing director)
F-A du Plessis
G J Gerwel
R C C Jafta
L N Jonker
D Meyer
S J Z Pacak
T M F Phaswana
L P Retief
B J van der Ross
N P van Heerden
J J M van Zyl
H S S Willemse
Company secretary
G Kisbey-Green
Registered office Transfer secretaries
40 Heerengracht, Cape Town 8001 Link Market Services South Africa
(Proprietary) Limited
(PO Box 2271, Cape Town 8000) 11 Diagonal Street, Johannesburg 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, please visit The Bank of New York`s
website at (www.globalbuydirect.com) or call Shareholder Relations at 1-888-
BNY-ADRS or 1-800-345-1612 or write to: The Bank of New York Mellon,
Shareholder Relations Department - GlobalBuyDIRECTTM, Church Street
Station, PO Box 11258, New York, NY 10286-1258, USA.
Important information
The report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
statements. While these forward-looking statements represent our judgements
and future expectations, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ
materially from our expectations. These include factors that could
adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or
alter our forward-looking statements, whether as a result of new
information, future events or otherwise. Investors are cautioned not to
place undue reliance on any forward-looking statements contained herein.
For a more detailed exposition, visit the Naspers website at
www.naspers.com
Sponsor:
Investec Bank Limited
Date: 27/06/2011 09:00:01 Supplied by www.sharenet.co.za
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