To view the PDF file, sign up for a MySharenet subscription.

NASPERS LIMITED - Condensed Consolidated Interim Report for the six months ended 30 September 2018

Release Date: 30/11/2018 15:00
Code(s): NPN     PDF:  
Wrap Text
Condensed Consolidated Interim Report for the six months ended 30 September 2018

Naspers Limited 
Incorporated in the Republic of South Africa
(Registration number: 1925/001431/06)
(Naspers)
JSE share code: NPN    ISIN: ZAE000015889
LSE share code: NPSN   ISIN: US 6315122092

CONDENSED CONSOLIDATED INTERIM REPORT 
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

COMMENTARY
Naspers executed well in the first half of the 2019 financial year, generating group revenue, measured on an
economic-interest basis of US$11.0bn. Driven by ecommerce and Tencent, this represents growth of 23% (or 29% in local 
currency and adjusted for acquisitions and disposals). On a similar basis, group trading profit of US$2.0bn reflects 
growth of 22% (or 34% in local currency and adjusted for acquisitions and disposals). Profitability in ecommerce 
improved on the back of strong contributions from the classifieds and business-to-consumer (B2C) units. Tencent's 
contribution further boosted trading profit growth. Core headline earnings, the board's measure of operating 
performance, was up a healthy 39% at US$1.7bn. 

Ecommerce reduced trading losses materially. The classifieds business (excluding letgo), which turned profitable in
the 2018 financial year, continued to show strong profit growth and is now profitable, including letgo. Trading-loss
margins in etail (online retail) and payments narrowed considerably as the businesses accelerated revenue growth and
continued to scale.

Acquisitions in the period totalled over US$700m as we continued to invest in existing and new businesses in
classifieds, payments and food-delivery verticals, as well as progressing our growth strategy through Naspers Ventures. 
The acquisition spend includes: solidifying our presence in online food-delivery services with an additional investment 
in Swiggy of US$79m; further expanding our global merchant capabilities in PayU through a US$60m investment in Zooz; 
additional investments totalling US$379m in letgo and Dubizzle to acquire minority interests, thereby increasing our 
stakes; and an investment of US$89m in Frontier Car Group to support classifieds' focus on the opportunities created 
by convenient transaction models. 

Following a US$2.2bn offer from US-based Walmart, we sold our 12% interest in Indian ecommerce company Flipkart in
August 2018, realising an internal annual rate of return of approximately 29%.

In September 2018 we reached an important milestone in our evolution into a global consumer internet company by
announcing our intention to separately list our video-entertainment business on the JSE Limited (JSE) and simultaneously
distribute our shares in this business (to be called MultiChoice Group) to our shareholders. We believe this will 
unlock value for our shareholders and, at the same time, create an empowered, top 40 JSE-listed African entertainment 
company, comprising MultiChoice South Africa, MultiChoice Africa, Showmax Africa and Irdeto. We believe the transaction 
will create further value for Phuthuma Nathi shareholders, who have participated in one of the most successful 
empowerment schemes in South Africa. On unbundling, Naspers will transfer 5% of its stake in MultiChoice South Africa 
to Phuthuma Nathi shareholders, for no consideration, to increase MultiChoice South Africa's broad-based black economic 
empowerment (BBBEE) participation. This significant step reinforces Naspers's transformation credentials.

Our earnings are significantly affected by foreign exchange volatility as our operations span over 120 countries and
markets globally. This volatility has the most pronounced impact in the video-entertainment business where revenues are
generated in local currencies while costs are predominantly US dollar-denominated. In the internet businesses, revenues
and costs are typically in the same currency, which softens this impact. Where relevant in this report, numbers have been
adjusted for the effects of foreign currency and acquisitions and disposals to reflect underlying trends. These
adjustments (pro forma financial information) are quoted in brackets, after the equivalent metrics reported under 
International Financial Reporting Standards (IFRS). A reconciliation of pro forma financial information to the equivalent 
IFRS metrics is provided in note 16 of this condensed consolidated interim report.

FINANCIAL REVIEW
Excluding equity-accounted investments (associates and joint ventures), consolidated revenue grew 8% (14%) to
US$3.3bn. Ecommerce was the main driver of growth, with revenues increasing 32% (29%). However, this performance was 
slowed by the contribution from video entertainment. The disposal of Novus in the media segment during the previous 
financial year also negatively impacted consolidated revenue growth. Consolidated trading profit improved considerably 
by 83% to US$128m as the ecommerce businesses continued to scale and improve profitability.

Consolidated development spend (representing the trading losses of businesses not yet at scale) was down 30% (27%), as
many of our developing ecommerce businesses continued to scale and move towards profitability. Development spend on
more mature investments was down 12%, however, we continue to invest to accelerate growth and develop incremental revenue
opportunities over the long term. We invested US$78m in our consolidated newer initiatives, including letgo.

Equity-accounted investments contributed US$2.1bn to group earnings, an increase of 45%. This includes investment
disposal gains of US$152m, impairment losses of US$771m and fair-value adjustments on financial instruments of US$1.4bn 
that have been recognised by these investees. In aggregate, equity-accounted investments contributed US$1.7bn to core
headline earnings - up 20%. 

Notably, following the disposal of our interest in Flipkart (outlined above), a once-off gain of US$1.6bn was
recorded. 

We recognised impairment losses of US$103m relating to an equity-accounted investment focused on the provision of
consumer lending and financial services. We impaired our investment (including convertible debt funding extended) as
performance and the opportunity to leverage the investment in some of our core markets fell below our expectations.

We had a strong net cash position of US$8.7bn (including short-term cash investments and net of interest-bearing debt,
excluding capitalised finance leases), primarily attributable to the proceeds retained from the Flipkart disposal and
sale of Tencent shares in the 2018 financial year. This resulted in net interest income of US$48m.

At 30 September 2018 put option liabilities were US$1.8bn. An aggregate remeasurement gain of US$239m was recognised
in the income statement on these liabilities in the period.

Consolidated free cash flow was US$271m, a marked improvement on last year. This reflects improved profitability in
the ecommerce businesses, dividend income of US$332m from Tencent and positive working capital effects in video
entertainment.

We adopted several new accounting standards in the period, including the new revenue recognition and financial
instrument guidance, and comparative information has been restated accordingly, where applicable. Refer to note 2 
for further details.

The company's external auditor has not reviewed or reported on forecasts included in this condensed consolidated
interim report.

The following segmental reviews are prepared on an economic-interest basis (which includes consolidated subsidiaries
and a proportionate consolidation of associates and joint ventures), unless otherwise stated.

SEGMENTAL REVIEW
Internet
Revenues in the internet segment, which now contributes 82% of total group revenue compared to 77% a year ago, were up
31% (36%) to US$9.0bn, while trading profits rose 30% (39%) as ecommerce and Tencent continued to stimulate growth.

Ecommerce
Ecommerce revenue increased 28% (29%) to US$2.0bn with meaningful contributions from classifieds, payments, food
delivery and B2C. 

Trading losses narrowed by a significant 34% (46%) to US$209m due to a noteworthy profit contribution from classifieds
and reduced trading losses at the payments, etail and travel units. Consequently, the trading-loss margin halved from
21% last year to 11% this year, continuing the trajectory of the prior financial year.

Revenues generated by our profitable ecommerce businesses totalled US$902m, with trading profits of US$223m. Compared
to US$465m and US$170m last year, this reflects growth of 94% (29%) and 31% (48%) respectively. eMAG Romania, which 
became profitable in the second half of the 2018 financial year, was a major driver of the revenue improvement.

Classifieds
Classifieds continued its strong growth trajectory, generating revenue of US$405m - up 40% (37%) - driven by Avito,
Brazil and the European markets (particularly Poland and the Ukraine). Trading profit (excluding letgo) grew by more 
than 100% (in local currency and adjusted for acquisitions and disposals) to US$95m. Including letgo, classifieds 
was profitable in the first half of the year, although anticipated marketing spend may impact second-half results.

Avito's revenue increased 18% (31%) to US$162m, driven by enhanced product features and good traction in the cars
segment. 

In Brazil, OLX grew revenues 29% (54%) and expanded profit margins, benefiting from its market position in car
verticals. 

letgo began monetising, benefiting from continued growth in its user base, particularly the increase in retained users
due to product enhancements. 

To access greater opportunities in new and existing markets, the classifieds business broadened its presence in car
and real estate verticals through acquisitions. This addresses a sizeable consumer need. Given our focus on convenient
transaction models to deepen market presence and enhance the consumer experience, we acquired a minority stake in Frontier
Car Group and, after the reporting period, a controlling stake in WeBuyCars, which is subject to regulatory approval.

Etail
Etail revenues, measured in local currency and adjusted for the disposals of Souq last year and Flipkart in August
2018, grew 19%. On the same basis, trading losses reduced 22% as the business continued to scale and gain market share. 
We include seven months of results for Flipkart in our segmental results for the review period, representing our share 
of its earnings for the period up to disposal as well as a catch-up of the lag period applied in reporting Flipkart's
results. Going forward, overall etail revenues are expected to reduce, with trading losses narrowing, following the 
disposal of Flipkart.

eMAG, the leading B2C platform in Central and Eastern Europe, delivered a solid performance with revenue up 18% (18%).
In its home market of Romania, eMAG recorded gross merchandise value (GMV) growth of 31% with both the retail and
marketplace businesses contributing meaningfully to the result. eMAG improved profitability 52% (55%) year on year, 
boosted by increased gross profit margins and cost control.

Takealot, South Africa's number one B2C platform, extended its market leadership and grew GMV 58%. Its electronics,
home and kitchen categories recorded the highest growth, while its food-delivery service, Mr D Food, increased market
share and grew GMV by almost 200%. Takealot also announced the merger of its online fashion brand, Superbalist, with 
Spree, the online fashion brand owned by Media24. 

Travel
MakeMyTrip, the leading online travel agency in India, generated solid revenue growth across different verticals:
hotels and packages room nights increased 16% and standalone room nights were up 18%. Air travel transactions increased 
28%. Over the period, the business moved closer to sustainable growth by improving the unit economics of its hotels
business, reducing trading losses (measured in local currency and adjusted for acquisitions and disposals) by 44% year 
on year. The group's share of MakeMyTrip's revenue, measured in local currency and adjusted for acquisitions and 
disposals, was up a healthy 22%. More information on MakeMyTrip's results is available at http://investors.makemytrip.com.

Payments
PayU, our payments business, recorded strong growth in its core (payment service provider) business. A 35% increase in
the number of transactions processed, to over 400m, generated total payment transaction value exceeding US$14bn - with
India accounting for more than half. The business delivered revenue growth of 36% (33%) to US$171m. We merged the
Europe, Middle East and Asia (EMEA) and Latin American businesses, realising significant efficiencies and cost 
reductions. Revenue scaling, coupled with cost compression, enabled us to substantially improve profitability in 
the segment.

In India, we continue to build a broader credit platform, which is supporting encouraging progress across all our
initiatives: LazyPay gained significant traction, reaching over 450 000 consumers and issuing more than US$4m in 
loans per month. Our Indian credit-portfolio companies also continued to perform ahead of plan, with our minority 
investments PaySense and ZestMoney each issuing over US$7m in loans per month, a significant acceleration year 
on year.

The global merchant business grew 65% (85%) and, to accelerate it further, PayU acquired Zooz, an Israeli payments
technology company, in July 2018. This enables PayU to leverage the platform to serve its global merchants better. 

Food delivery
Online food-delivery services continued to grow strongly, recording cumulative annualised GMV growth of 51% year on
year. Strong contributions from all businesses (Delivery Hero, iFood and Swiggy) tripled revenue growth to US$181m.
Further investment in scaling these operations expanded trading losses to US$41m.

Delivery Hero reported strong revenue growth of 48% to EUR357m and order volume growth of 46% to 184m in its half-year
ended June 2018. More information on Delivery Hero's results is available at https://ir.deliveryhero.com.

In India, Swiggy continues to record robust growth. The company doubled its footprint over the past six months and now
operates across 34 cities in India and has over 40 000 restaurant partners on its platform. In July 2018 we invested 
an additional US$79m in Swiggy, bringing our effective interest to 25% (23% fully diluted) at 30 September 2018.

In Latin America, we invested US$124m in Movile to further expand and scale iFood, which continues to execute well and
deliver solid growth rates.

Tencent
Tencent grew total group revenue 39% year on year to RMB147.2bn for its six months to 30 June 2018. Key drivers were
payment-related services, digital-content subscriptions and sales, social advertising and smartphone games. Non-GAAP
profit attributable to shareholders (Tencent's measure of normalised performance) grew 23% to RMB47.5bn.

Revenues from value-added services increased 24% to RMB88.9bn, mainly driven by digital-content services such as video
streaming, live broadcast, music and in-game virtual item sales. Revenues from online advertising increased 46% to
RMB24.8bn as Tencent expanded its advertiser base and increased prices in Weixin Moments, QQ KanDian and other mobile
platforms. Other revenues were up a solid 95% at RMB33.5bn, reflecting continued strong growth in payment-related and 
cloud services. Overall, margins declined as the business mix evolved and as the significant investment in research and
development, cloud and other new services continued.

Swift growth of Mini Programs and Weixin Pay supported a 9.9% increase in Weixin's monthly active users to 1.1bn. User
activity in Weixin Mini Games and Moments continued to increase, driving up time spent per user. Daily active users of
Tencent's smartphone games grew by double digits year on year, but monetisation per user and online games revenues
declined in the second quarter of 2018 as users shifted time to certain tactical tournament games for which regulatory
approvals for in-game virtual item sales were still pending. Tencent recently implemented stringent self-imposed 
limitations on game-playing by minors and has introduced measures to enforce such policy.

Tencent continued to expand the user base of payment-related services, with monthly active users exceeding 800m at the
end of June 2018. Average daily transaction volume rose by over 40% year on year.

More information on Tencent's results is available at www.tencent.com/en-us/ir.

Mail.ru
Mail.ru grew total group revenue 29% year on year to RUB33.6bn. Advertising revenue was up 39% at RUB13.9bn, driven by
further user growth and engagement on Mail.ru's platform and the market's structural shift from traditional to online
advertising. Massively multiplayer online game revenue increased 33% to RUB10.4bn, driven by ongoing success in both
established and new titles. Warface and War Robots continued to perform well and Hustle Castle recorded significant 
growth. Internet value-added service revenue increased 1% to RUB7.1bn. EBITDA declined 17% to RUB7.7bn, mainly due to
consolidating new acquisitions in the online-to-offline space, which were still loss-making.

VKontakte launched VK Pay, offering users the ability to conveniently accept payment for goods and services. Mail.ru
created Russia's largest licensed digital music ecosystem with a subscriber base of 1.5m across three platforms:
VKontakte, Odnoklassniki and BOOM. 

In September 2018, Mail.ru announced that it will contribute its Pandao ecommerce business and cash in exchange for a
15% stake in AliExpress Russia. More information on Mail.ru's results is available at https://corp.mail.ru/en/investors/.

Video entertainment
The video-entertainment segment had a steady six months, growing subscriber numbers by a sizeable 400 000 households
to 13.9m households. Revenue increased 3% (7%) to US$1.8bn and trading profit remained relatively flat (up 6%) at
US$211m.  The value strategy, aimed at growing the subscriber base and reducing costs, delivered a further US$15m in 
cost savings. The Fifa World Cup provided a significant opportunity to drive growth on the back of significant 
investment in content and subscriber acquisition (mainly through set-top box subsidies). This investment in the 
review period skews the year-on-year comparison and masks the improvement in operating performance, particularly in 
sub-Saharan Africa. Customers added by this promotion will contribute to second-half revenues and profitability, 
driving year-on-year improvements. 

The South African video-entertainment business delivered solid trading profits and generated meaningful cash flows.
Subscriber growth was strong in the middle- and mass-market segments, with some churn in premium subscribers as a 
number of households in this segment appear to be experiencing strains on their disposable income. The ongoing change 
in subscriber mix resulted in average revenue per user reducing from US$27 last year to US$25 this year.

In sub-Saharan Africa, subscriber growth accelerated and the business generated 9% (16%) growth in revenues to
US$524m. Trading losses were stable, with a decline in losses measured in local currency. This improvement would have 
been stronger but for the Fifa World Cup promotional drive discussed above. Results were affected by the 42% devaluation 
of the Angolan kwanza since January 2018. Despite ongoing economic and currency volatility, efforts to return these 
operations to profitability are gaining traction. 

We made significant progress with remittances from Angola over the period that has allowed us to reduce cash balances
and trade receivables impacted by illiquidity. Over the period, we were able to reduce the total balance of cash and
trade receivables affected by illiquidity from US$131m at 31 March 2018 to US$51m at 30 September 2018. However, the
limited availability of foreign currency in the Angolan and Zimbabwean economies continues to affect liquidity.

Media
Media24's revenue was down 7% (4%) due to pressure on advertising and circulation revenue (all figures exclude Novus,
which was distributed to shareholders last year). Revenue in Media24's ecommerce businesses increased 15% (19%) on
higher efulfilment volumes and satisfactory growth from Spree, ahead of the merger with Superbalist. The trading result 
for the segment was flat year on year due to lower printing costs, cost-containment initiatives across the business, and
progress with migrating audiences from print to digital platforms.

PROSPECTS
Over the remainder of the financial year, we will maintain our focus on driving profitability in the ecommerce units.
Our strong balance sheet provides a basis for driving growth across the portfolio and unlocking new opportunities that
fit our criteria. Containing costs and weathering challenging macro conditions will remain a priority for our more 
mature assets.

PREPARATION OF THE CONDENSED CONSOLIDATED INTERIM REPORT
The preparation of the condensed consolidated interim report was supervised by the group's financial director, 
Basil Sgourdos CA(SA). These results were made public on 30 November 2018.

On behalf of the board 
Koos Bekker             Bob van Dijk
Chair                   Chief executive

Cape Town            
30 November 2018            


CONDENSED CONSOLIDATED INCOME STATEMENT
                                                                           Six months ended           Year ended        
                                                                             30 September               31 March        
                                                                                       Restated         Restated    
                                                                             2018          2017             2018    
                                                                         Reviewed      Reviewed          Audited    
                                                              Notes         US$'m         US$'m            US$'m    
Revenue                                                           5         3 344         3 105            6 657    
Cost of providing services and sale of goods                               (1 981)       (1 824)          (4 025)   
Selling, general and administration expenses                               (1 284)       (1 250)          (2 782)   
Other gains/(losses) - net                                                    (30)          (20)             (47)   
Operating profit/(loss)                                                        49            11             (197)   
Interest received                                                 6           168            54               88    
Interest paid                                                     6          (142)         (132)            (267)   
Other finance income/(costs) - net                                6           140           (65)            (319)   
Share of equity-accounted results                                 8         2 098         1 447            3 277    
Impairment of equity-accounted investments                                    (82)          (17)             (46)   
Dilution (losses)/gains on equity-accounted                
investments                                                                   (62)          (41)           9 216    
Gains/(losses) on acquisitions and disposals                                1 602           (51)             (93)   
Profit before taxation                                            7         3 771         1 206           11 659    
Taxation                                                                     (317)         (148)            (360)   
Profit for the period                                                       3 454         1 058           11 299    
Attributable to:                                                                                                    
Equity holders of the group                                                 3 422         1 092           11 358    
Non-controlling interest                                                       32           (34)             (59)   
                                                                            3 454         1 058           11 299    
Core headline earnings for the period (US$'m)                     4         1 664         1 196            2 508    
Core headline earnings per N ordinary share (US cents)                        385           277              581    
Diluted core headline earnings per N ordinary              
share (US cents)                                                              378           271              568    
Headline earnings for the period (US$'m)                          4         2 766           910            1 795    
Headline earnings per N ordinary share (US cents)                             640           211              416    
Diluted headline earnings per N ordinary                   
share (US cents)                                                              632           206              403    
Earnings per N ordinary share (US cents)                                      792           253            2 631    
Diluted earnings per N ordinary share (US cents)                              783           248            2 612    
Net number of shares issued ('000)                                                                                  
- at period-end                                                           431 943       431 690          432 126    
- weighted average for the period                                         432 126       431 540          431 635    
- diluted weighted average                                                433 522       433 191          433 003    
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                           Six months ended           Year ended        
                                                                             30 September               31 March        
                                                                                       Restated         Restated    
                                                                             2018          2017             2018    
                                                                         Reviewed      Reviewed          Audited    
                                                                            US$'m         US$'m            US$'m   
Profit for the period                                                       3 454         1 058           11 299    
Total other comprehensive income, net of tax,           
for the period(1)                                                          (1 865)          842            1 742    
Translation of foreign operations(2)                                       (2 116)            7              996    
Net fair-value gains/(losses)                                                   1            (2)              (4)   
Cash flow hedges                                                              149            12              (98)   
Share of other comprehensive income and reserves of     
equity-accounted investments                                                  143           836              835    
Tax on other comprehensive income                                             (42)          (11)              13    
                                                                                                                    
Total comprehensive income for the period                                   1 589         1 900           13 041    
Attributable to:                                                                                                    
Equity holders of the group                                                 1 604         1 968           13 026    
Non-controlling interest                                                      (15)          (68)              15    
                                                                            1 589         1 900           13 041    
(1) These components of other comprehensive income may subsequently be reclassified to profit or loss, except for 
    "Net fair-value gains/(losses)" and gains of US$178m (2017: US$142m and 31 March 2018: US$361m) included in the 
    "Share of other comprehensive income and reserves of equity-accounted investments".
(2) The movement on the foreign currency translation reserve relates primarily to the effects of foreign exchange 
    rate fluctuations related to the translation of the group's investments in its foreign operations.
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                                           As at   
                                                                             As at 30 September         31 March  
                                                                                       Restated         Restated  
                                                                             2018          2017             2018  
                                                                         Reviewed      Reviewed          Audited  
                                                              Notes         US$'m         US$'m            US$'m  
Assets                                                                                                           
Non-current assets                                                         19 843        19 111           22 386    
Property, plant and equipment                                                 173         1 556            1 638    
Goodwill                                                          9         2 115         2 497            2 607    
Other intangible assets                                                       894         1 137            1 143    
Investments in associates                                                  16 439        13 563           16 666    
Investments in joint ventures                                                  85            84               78    
Other investments and loans                                                    64           102              115    
Other receivables                                                              17            28               21    
Derivative financial instruments                                               27             5                1    
Deferred taxation                                                              29           139              117    
Current assets                                                             15 921         4 960           13 065    
Inventory                                                                     201           214              231    
Programme and film rights                                                      18           413              240    
Trade receivables                                                             187           470              452    
Other receivables and loans                                                   561           669              762    
Derivative financial instruments                                               14            23               11    
Short-term investments                                                      8 591             -                -    
Cash and cash equivalents                                                   3 388         3 171           11 369    
                                                                           12 960         4 960           13 065    
Assets classified as held for distribution/sale                  11         2 961             -                -    
                                                                                                                    
Total assets                                                               35 764        24 071           35 451    
Equity and liabilities                                                                                              
Capital and reserves attributable to the                                                             
group's equity holders                                                     26 816        14 464           25 523    
Share capital and premium                                                   4 908         4 954            4 965    
Other reserves                                                             (2 392)         (319)             425    
Retained earnings                                                          24 300         9 829           20 133    
Non-controlling interest                                                      117           161              169    
Total equity                                                               26 933        14 625           25 692    
Non-current liabilities                                                     4 014         6 424            5 623    
Capitalised finance leases                                                      5         1 111            1 086    
Liabilities - interest-bearing                                              3 235         3 193            3 202    
- non-interest bearing                                                         10            34               22    
Other non-current liabilities                                                 455         1 717              867    
Post-employment medical liability                                              24            15               30    
Derivative financial instruments                                               79            76              157    
Deferred taxation                                                             206           278              259    
Current liabilities                                                         4 817         3 022            4 136    
Current portion of long-term debt                                              31           355              280    
Trade payables                                                                248           675              564    
Accrued expenses and other current liabilities                              2 164         1 936            3 162    
Derivative financial instruments                                               22            50              129    
Bank overdrafts and call loans                                                  1             6                1    
                                                                            2 466         3 022            4 136    
Liabilities classified as held for distribution/sale             11         2 351             -                -    
                                                                                                                    
Total equity and liabilities                                               35 764        24 071           35 451    
Net asset value per N ordinary share (US cents)                             6 208         3 351            5 906    
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                           Six months ended           Year ended        
                                                                             30 September               31 March        
                                                                                       Restated         Restated    
                                                                             2018          2017             2018    
                                                                         Reviewed      Reviewed          Audited    
                                                                            US$'m         US$'m            US$'m
Balance at the beginning of the period                                     25 692        15 361           13 142    
Change in accounting policy (refer to note 2)                                   -        (2 219)               -    
Restated balance at the beginning of the period                            25 692        13 142           13 142    
Changes in share capital and premium                                                                                
Movement in treasury shares                                                   (57)          (74)             (64)   
Share capital and premium issued                                                -            84               85    
Changes in reserves                                                                                                 
Total comprehensive income for the period                                   1 604         1 968           13 026    
Movement in share-based compensation reserve                                  (45)          (74)             (48)   
Movement in existing control business combination reserve                      37          (111)            (195)   
Direct retained earnings and other reserve movements                          (51)           88              125    
Dividends paid to Naspers shareholders                                       (196)         (261)            (262)   
Changes in non-controlling interest                                                                                 
Total comprehensive income for the period                                     (15)          (68)              15    
Dividends paid to non-controlling shareholders                               (114)         (124)            (153)   
Movement in non-controlling interest in reserves                               78            55               21    
Balance at the end of the period                                           26 933        14 625           25 692    
Comprising:                                                                                                         
Share capital and premium                                                   4 908         4 954            4 965    
Retained earnings                                                          24 300         9 829           20 133    
Share-based compensation reserve                                            1 593         1 216            1 460    
Existing control business combination reserve                              (1 810)       (1 775)          (1 847)   
Hedging reserve                                                               (25)          (33)            (106)   
Valuation reserve                                                             635         1 873            1 679    
Foreign currency translation reserve                                       (2 785)       (1 600)            (761)   
Non-controlling interest                                                      117           161              169    
Total                                                                      26 933        14 625           25 692    
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                           Six months ended           Year ended        
                                                                             30 September               31 March        
                                                                             2018          2017             2018    
                                                                         Reviewed      Reviewed          Audited    
                                                              Notes         US$'m         US$'m            US$'m 
Cash flows from operating activities                                                                                
Cash generated from operating activities                                      233           (68)             141    
Interest income received                                                      102            46               81    
Dividends received from investments and                        
equity-accounted companies                                                    335           250              251    
Interest costs paid                                                          (135)         (123)            (240)   
Taxation paid                                                                (165)         (175)            (391)   
Net cash generated from/(utilised in) operating activities                    370           (70)            (158)   
Cash flows from investing activities                                                                                
Acquisitions and disposals of tangible and intangible assets                  (77)          (45)            (138)   
Acquisitions of subsidiaries, associates and joint ventures      12          (309)         (857)          (1 957)   
Disposals of subsidiaries, associates and joint ventures         12         1 930           179            9 941    
Acquisition of short-term investments(1)                                   (8 591)            -                -    
Cash movement in other investments and loans                                  (32)            2                7    
Net cash (utilised in)/generated from investing activities                 (7 079)         (721)           7 853    
Cash flows from financing activities                                                                                
Proceeds from long- and short-term loans raised                                46         1 114            1 124    
Repayments of long- and short-term loans                                      (19)         (703)            (827)   
Outflow from share-based compensation transactions                           (127)           (9)             (22)   
Additional investments in existing subsidiaries                              (424)          (45)            (219)   
Dividends paid by the holding company and its subsidiaries                   (313)         (313)            (344)   
Other movements resulting from financing activities                           (18)          (43)            (100)   
Net cash (utilised in)/generated from financing activities                   (855)            1             (388)   
Net movement in cash and cash equivalents                                  (7 564)         (790)           7 307    
Foreign exchange translation adjustments on                    
cash and cash equivalents                                                    (123)          (48)              58    
Cash and cash equivalents at the beginning of the period                   11 368         4 003            4 003    
Cash and cash equivalents classified as held for               
distribution/sale                                                            (294)            -                -    
Cash and cash equivalents at the end of the period                          3 387         3 165           11 368    
(1) Relates to short-term cash investments with maturities of more than three months from date of acquisition.


SEGMENTAL REVIEW
                                                                                  Revenue
                                                                 Six months ended                     Year ended
                                                                   30 September                         31 March
                                                                           Restated                     Restated          
                                                                2018           2017                         2018          
                                                            Reviewed       Reviewed           %          Audited          
                                                               US$'m          US$'m      change            US$'m          
Internet                                                       9 028          6 906          31           15 863          
Ecommerce                                                      1 987          1 549          28            3 582          
- Classifieds                                                    405            289          40              628          
- Payments                                                       171            126          36              294          
- Food delivery                                                  181             56        >100              166          
- Etail                                                          984            877          12            2 060          
- Travel(1)                                                      137             96          43              211          
- Other                                                          109            105           4              223          
Social and internet platforms                                  7 041          5 357          31           12 281          
- Tencent                                                      6 905          5 241          32           12 024          
- Mail.ru                                                        136            116          17              257          
Video entertainment                                            1 834          1 775           3            3 677          
Media(2)                                                         170            315         (46)             507          
Corporate services                                                 1              1           -                3          
Intersegmental                                                   (11)           (10)        (10)             (21)         
Economic interest                                             11 022          8 987          23           20 029          
Less: Equity-accounted investments                            (7 678)        (5 882)        (31)         (13 372)         
Consolidated                                                   3 344          3 105           8            6 657          
(1) Travel revenue for the period ended 30 September 2017 has been reduced by US$32m (31 March 2018: US$65m) due to 
    the effect of the adoption of IFRS 15 Revenue from Contracts with Customers on the group's associate MakeMyTrip 
    Limited. These adjustments did not have an impact on EBITDA or trading profit.
(2) 30 September 2017 includes revenue of US$133m, relating to Novus Holdings Limited (Novus). The group distributed 
    the majority of its shareholding in Novus to its shareholders in September 2017.
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.

                                                                                EBITDA(1)
                                                                 Six months ended                     Year ended
                                                                   30 September                         31 March
                                                                           Restated                     Restated          
                                                                2018           2017                         2018          
                                                            Reviewed       Reviewed           %          Audited          
                                                               US$'m          US$'m      change            US$'m     
Internet                                                       2 056          1 564          31            3 382          
Ecommerce                                                       (180)          (292)         38             (615)         
- Classifieds                                                     54            (38)       >100              (99)         
- Payments                                                       (22)           (32)         31              (60)         
- Food delivery                                                  (39)            (7)      >(100)             (20)         
- Etail                                                          (95)          (123)         23             (248)         
- Travel                                                         (17)           (29)         41              (59)         
- Other                                                          (61)           (63)          3             (129)         
Social and internet platforms                                  2 236          1 856          20            3 997          
- Tencent(2)                                                   2 213          1 825          21            3 925          
- Mail.ru                                                         23             31         (26)              72          
Video entertainment                                              337            363          (7)             628          
Media(3)                                                          (5)            25       >(100)              10          
Corporate services                                               (12)            (8)        (50)             (22)         
Economic interest                                              2 376          1 944          22            3 998          
Less: Equity-accounted investments                            (2 100)        (1 726)        (22)          (3 739)         
Consolidated                                                     276            218          27              259          
(1) EBITDA refers to earnings before interest, taxation, depreciation and amortisation.
(2) EBITDA for the period ended 30 September 2017 has been restated to include amortisation expenses of US$402m 
    regarding Tencent's digital content business.                                                                           
(3) 30 September 2017 includes EBITDA of US$33.3m relating to Novus Holdings Limited (Novus). The group distributed 
    majority of its shareholding in Novus to its shareholders in September 2017.
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.

                                                                              Trading profit
                                                                 Six months ended                     Year ended
                                                                   30 September                         31 March
                                                                           Restated                     Restated          
                                                                2018           2017                         2018          
                                                            Reviewed       Reviewed           %          Audited          
                                                               US$'m          US$'m      change            US$'m 
Internet                                                       1 846          1 418          30            3 053          
Ecommerce                                                       (209)          (318)         34             (673)         
- Classifieds                                                     47            (45)       >100             (114)         
- Payments                                                       (24)           (33)         27              (64)         
- Food delivery                                                  (41)            (8)      >(100)             (30)         
- Etail                                                         (106)          (134)         21             (270)         
- Travel                                                         (19)           (31)         39              (61)         
- Other                                                          (66)           (67)          1             (134)         
Social and internet platforms                                  2 055          1 736          18            3 726          
- Tencent(1)                                                   2 043          1 713          19            3 675          
- Mail.ru                                                         12             23         (48)              51          
Video entertainment                                              211            234         (10)             370          
Media(2)                                                         (10)            21       >(100)               3          
Corporate services                                               (12)            (8)        (50)             (22)         
Economic interest                                              2 035          1 665          22            3 404          
Less: Equity-accounted investments                            (1 907)        (1 595)        (20)          (3 444)         
Consolidated                                                     128             70          83              (40)         
(1) Trading profit for the period ended 30 September 2017 has been restated to include amortisation expenses of 
    US$402m regarding Tencent's digital content business.
(2) 30 September 2017 includes trading profit of US$33.3m relating to Novus Holdings Limited (Novus). The group 
    distributed the majority of its shareholding in Novus to its shareholders in September 2017.
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.

RECONCILIATION OF CONSOLIDATED TRADING PROFIT/(LOSS) TO CONSOLIDATED OPERATING PROFIT/(LOSS)
                                                                              Six months ended        Year ended
                                                                                30 September            31 March
                                                                                                        Restated    
                                                                             2018           2017            2018     
                                                                         Reviewed       Reviewed         Audited     
                                                                            US$'m          US$'m           US$'m    
Consolidated trading profit/(loss)                                            128             70             (40)   
Finance cost on transponder leases                                             25             26              51    
Amortisation of other intangible assets                                       (50)           (47)           (101)   
Other gains/(losses) - net                                                    (30)           (20)            (47)   
Retention option expense                                                       (6)             -              (8)   
Share-based incentives settled in treasury shares                             (18)           (18)            (52)   
Consolidated operating profit/(loss)                                           49             11            (197)   

For a reconciliation of consolidated operating profit/(loss) to consolidated profit before taxation, refer to the 
condensed consolidated income statement.
Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM REPORT

1.  General information
    Naspers Limited (Naspers or the group) is a global internet and entertainment group and one of the largest technology
    investors in the world. Founded in 1915, we now operate in more than 120 countries and markets with long-term growth
    potential. Naspers builds leading companies that empower people and enrich communities. It runs some of the world's 
    leading platforms in internet, video entertainment and media.

2.  Basis of presentation and accounting policies
    The condensed consolidated interim financial statements for the six months ended 30 September 2018 have been prepared
    in accordance with International Financial Reporting Standards (IFRS), IAS 34 Interim Financial Reporting, the SAICA
    Financial Reporting Guides as issued by the Accounting Practices Committee, and Financial Pronouncements as issued by 
    the Financial Reporting Standards Council as well as the requirements of the Companies Act of South Africa and the 
    JSE Listings Requirements.
    
    The condensed consolidated interim financial statements do not include all the disclosures required for complete
    annual financial statements prepared in accordance with IFRS as issued by the International Accounting Standards Board
    (IASB). The accounting policies used in preparing the condensed consolidated interim financial statements are consistent 
    with those applied in the previous consolidated annual financial statements, except as set out below.

    The group has adopted all new and amended accounting pronouncements issued by the IASB that are relevant to its
    operations and that are effective for financial years commencing on 1 April 2018. The impact of the adoption of new and
    amended accounting pronouncements is set out below.
    
    The group's reportable segments reflect the components of the group that are regularly reviewed by the chief executive
    officer and other senior executives who make strategic decisions. The group proportionately consolidates its share of
    the results of its associates and joint ventures in its reportable segments. 
    
    Trading profit excludes amortisation of intangible assets (other than software), equity-settled share-based payment
    expenses relating to transactions to be settled through the issuance of treasury shares, retention option expenses and
    other gains/losses, but includes the finance cost on transponder leases.
    
    Core headline earnings exclude once-off and non-operating items. We believe it is a useful measure of the group's
    operating performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled
    measures reported by other companies.
    
    The group adopted the following new accounting pronouncements, during the current period.

    Adoption of new and amended accounting pronouncements
    Pronouncements adopted on a retrospective basis
    Accounting pronouncement            Adoption impact
    IFRS 15 Revenue from                The group has applied IFRS 15 on a retrospective basis and has          
    Contracts with Customers            accordingly restated the comparative information contained in           
    (IFRS 15).                          this condensed consolidated interim report. The application of          
                                        IFRS 15 did not have a significant impact on the group's results      
    IFRS 15 replaces the previous       or financial position. The cumulative net impact of adopting        
    revenue recognition guidance        IFRS 15 on the period ended 30 September 2017 was a reduction
    applied by the group as             in consolidated revenue of US$2m (31 March 2018: reduction of              
    contained in IAS 18 Revenue.        US$3m). IFRS 15 had no impact on the group's profit for the             
                                        period ended 30 September 2017 (31 March 2018: increase of              
                                        US$1m). The aforementioned changes related to the group's               
                                        video-entertainment segment.                                            

    Change in accounting policy         The group changed its accounting policy regarding written               
    regarding written put option        put option liabilities during the year ended 31 March 2018.             
    liabilities.                        Accordingly, comparative information contained in this                  
                                        condensed consolidated interim report, relating to the period           
                                        ended 30 September 2017, has been restated. Refer to the                
                                        group's consolidated annual financial statements for the year           
                                        ended 31 March 2018 for further details regarding this change.          

    Pronouncements adopted with adjustments to the opening balance of retained earnings

    Accounting pronouncement            Adoption impact                                                         
    IFRS 9 Financial Instruments        The group has applied IFRS 9 from 1 April 2018 and elected not          
    (IFRS 9).                           to restate comparatives on transition, with the impact of               
                                        adoption recognised as an adjustment to the opening balance of          
    IFRS 9 replaces the previous        retained earnings as at 1 April 2018. The most significant impact       
    financial instrument                of adoption was an increase in impairment allowances on trade           
    recognition and measurement         receivables due to the IFRS 9 requirement to consider forward-          
    guidance applied by the group       looking information when determining impairment allowances.             
    as contained in IAS 39              The cumulative net impact of adopting IFRS 9 was an increase of         
    Financial Instruments:              US$14m in impairment allowances on trade receivables and a              
    Recognition and Measurement.        corresponding decrease of US$14m in retained earnings. The              
                                        impact related mainly to the group's video-entertainment                
                                        segment.

                                        The group recognised an increase in retained earnings of                
                                        US$838m, as a transfer of US$838m from other reserves,                  
                                        relating to the impact of IFRS 9 on its associate, Tencent Holdings     
                                        Limited. The impact relates to gains on investments classified as       
                                        available-for-sale financial assets in terms of IAS 39 that are now     
                                        accounted for as financial assets at fair value through profit or       
                                        loss in terms of IFRS 9.                                                
                                                                                                                
    IFRIC 22 Foreign Currency           The group has applied IFRIC 22 on a prospective basis, with the         
    Transactions and Advance            impact of adoption recognised as an adjustment to the opening           
    Consideration (IFRIC 22).           balance of retained earnings as at 1 April 2018. The impact of          
                                        adoption was an increase in prepaid expenses of US$10m, a               
    IFRIC 22 clarifies that             decrease in deferred revenue of US$4m and a corresponding               
    non-monetary assets and             increase of US$14m in retained earnings.                                
    liabilities arising from the              
    payment/receipt of advance                
    consideration (eg prepaid                 
    expenses and deferred                     
    revenue) are not retranslated             
    to the entity's functional                
    currency after initial                    
    recognition.                            
                                             
    Pronouncements adopted on a retrospective basis
    The impact of the above changes is shown in the following tables:

    INCOME STATEMENT (extract)
                                                           30 September 2017                    31 March 2018
                                                              Change in                             Change in                 
                                                             accounting   Previously               accounting   Previously    
                                                  Restated       policy     reported   Restated        policy     reported    
                                                     US$'m        US$'m        US$'m      US$'m         US$'m        US$'m    
    Revenue(1)                                       3 105           (2)       3 107      6 657            (3)       6 660    
    Cost of providing services and sale of goods    (1 824)           -       (1 824)    (4 025)            -       (4 025)   
    Selling, general and administration                                                                        
    expenses(1)                                     (1 250)           2       (1 252)    (2 782)            4       (2 786)   
    Other gains/(losses) - net                         (20)           -          (20)       (47)            -          (47)   
    Operating profit/(loss)                             11            -           11       (197)            1         (198)   
    Other finance (costs)/income - net(2)              (65)         (18)         (47)      (319)            -         (319)   
    Profit before taxation                           1 206          (18)       1 224     11 659             1       11 658    
    Taxation                                          (148)           -         (148)      (360)            -         (360)   
    Profit for the period                            1 058          (18)       1 076     11 299             1       11 298    
    Attributable to:                                                                                                          
    Equity holders of the group                      1 092           (6)       1 098     11 358             1       11 357    
    Non-controlling interests                          (34)         (12)         (22)       (59)            -          (59)   
                                                     1 058          (18)       1 076     11 299             1       11 298    
    Core headline earnings for the period            1 196         (314)       1 510      2 508             1        2 507    
    Core headline earnings per N ordinary                                                                      
    share (US cents)                                                                                           
    Basic                                              277          (73)         350        581             -          581    
    Diluted                                            271          (73)         344        568             -          568    
    Earnings for the period                          1 092           (6)       1 098     11 358             1       11 357    
    Earnings per N ordinary share (US cents)                                                                                  
    Basic                                              253           (1)         254      2 631             -        2 631    
    Diluted                                            248           (1)         249      2 612             -        2 612    
    Headline earnings for the period                   910           (6)         916      1 795             1        1 794    
    Headline earnings per N ordinary share                                                                     
    (US cents)                                                                                                 
    Basic                                              211           (1)         212        416             -          416    
    Diluted                                            206           (1)         207        403             -          403    
    (1) Represents the impact of adopting IFRS 15 Revenue from Contracts with Customers.
    (2) Represents the impact of adopting the group's change in accounting policy regarding written put option liabilities.

    STATEMENT OF COMPREHENSIVE INCOME (extract)
                                                        30 September 2017                       31 March 2018
                                                              Change in                             Change in                
                                                             accounting   Previously            accounting(2)   Previously    
                                                  Restated    policy(1)     reported   Restated        policy     reported    
                                                     US$'m        US$'m        US$'m      US$'m         US$'m        US$'m    
    Profit for the period                            1 058          (18)       1 076     11 299             1       11 298    
    Other comprehensive income for the period          842            -          842      1 742             -        1 742    
    Total comprehensive income for the period        1 900          (18)       1 918     13 041             1       13 040    
    Attributable to:                                                                                                          
    Equity holders of the group                      1 968           (6)       1 974     13 026             1       13 025    
    Non-controlling interests                          (68)         (12)         (56)        15             -           15    
                                                     1 900          (18)       1 918     13 041             1       13 040    
    (1) Represents the impact of adopting the group's change in accounting policy regarding written put option liabilities.
    (2) Represents the impact of adopting IFRS 15 Revenue from Contracts with Customers.
    
    STATEMENT OF FINANCIAL POSITION (extract)                                                                                
                                                                                As at 30 September 2017
                                                                                       Change in                    
                                                                                      accounting      Previously    
                                                                        Restated       policy(1)        reported    
                                                                           US$'m           US$'m           US$'m    
    EQUITY AND LIABILITIES                                                                                          
    Capital and reserves attributable to the                        
    group's equity holders                                                14 464          (2 110)         16 574    
    Share capital and premium                                              4 954               -           4 954    
    Other reserves                                                          (319)         (1 518)          1 199    
    Retained earnings                                                      9 829            (592)         10 421    
    Non-controlling interests                                                161            (117)            278    
    TOTAL EQUITY                                                          14 625          (2 227)         16 852    
    Non-current liabilities                                                6 424           1 717           4 707    
    Other non-current liabilities                                          1 717           1 717               -    
    Current liabilities                                                    3 022             510           2 512    
    Accrued expenses and other current liabilities                         1 858             510           1 348    
    TOTAL EQUITY AND LIABILITIES                                          24 071               -          24 071    
    (1) Represents the impact of adopting the group's change in accounting policy regarding written put option liabilities. 
        The adoption of IFRS 15 Revenue from Contracts with Customers had no impact on the group's statement of financial 
        position as at 30 September 2017.

    The impact of adopting the group's change in accounting policy regarding written put option liabilities reduced the 
    opening balance of total equity on 1 April 2017 by US$2.2bn.
                                                                                     As at 31 March 2018
                                                                                       Change in                    
                                                                                      accounting      Previously    
                                                                        Restated       policy(1)        reported    
                                                                           US$'m           US$'m           US$'m    
    EQUITY AND LIABILITIES                                                                                          
    Capital and reserves attributable to the 
    group's equity holders                                                25 523               1          25 522    
    Share capital and premium                                              4 965               -           4 965    
    Other reserves                                                           425               -             425    
    Retained earnings                                                     20 133               1          20 132    
    Non-controlling interests                                                169               -             169    
    TOTAL EQUITY                                                          25 692               1          25 691    
    Non-current liabilities                                                5 623               -           5 623    
    Current liabilities                                                    4 136              (1)          4 137    
    Accrued expenses and other current liabilities                         3 162              (1)          3 163    
    TOTAL EQUITY AND LIABILITIES                                          35 451               -          35 451    
    (1) Represents the impact of adopting IFRS 15 Revenue from Contracts with Customers.

    Pronouncements adopted with adjustments to the opening balance of retained earnings
    The impact of the above changes is shown in the following table:

    ADJUSTMENTS TO THE OPENING BALANCES OF THE STATEMENT OF FINANCIAL POSITION (extract)
                                                                                  As at 1 April 2018
                                                                                       Change in                    
                                                                                      accounting                    
                                                                        Restated       policy(1)     Restated(2)    
                                                                           US$'m           US$'m           US$'m    
    ASSETS                                                                                                          
    Non-current assets                                                    22 386               -          22 386    
    Current assets                                                        13 061              (4)         13 065    
    Trade receivables                                                        438             (14)            452    
    Other receivables and loans                                              772              10             762    
    TOTAL ASSETS                                                          35 447              (4)         35 451    
    EQUITY AND LIABILITIES                                                                                          
    Capital and reserves attributable to the 
    group's equity holders                                                25 523               -          25 523    
    Share capital and premium                                              4 965               -           4 965    
    Other reserves                                                          (413)           (838)            425    
    Retained earnings                                                     20 971             838          20 133    
    Non-controlling interests                                                169               -             169    
    TOTAL EQUITY                                                          25 692               -          25 692    
    Non-current liabilities                                                5 623               -           5 623    
    Current liabilities                                                    4 132              (4)          4 136    
    Accrued expenses and other current liabilities                         3 158              (4)          3 162    
    TOTAL EQUITY AND LIABILITIES                                          35 447              (4)         35 451    
    (1) Represents the impacts of adopting IFRS 9 Financial Instruments and IFRIC 22 Foreign Currency Transactions  
        and Advance Consideration as of 1 April 2018.
    (2) IFRS 15 Revenue from Contracts with Customers has been adopted on a retrospective basis and accordingly the 
        31 March 2018 statement of financial position has already been restated for its impact.

3.  Review by the independent auditor
    This condensed consolidated interim report has been reviewed by the company's auditor, PricewaterhouseCoopers Inc., 
    whose unqualified report appears at the end of the condensed consolidated interim report.    

4.  Calculation of headline and core headline earnings                                                              
                                                                             Six months ended         Year ended    
                                                                                30 September            31 March    
                                                                                        Restated        Restated    
                                                                              2018          2017            2018    
                                                                          Reviewed      Reviewed         Audited    
                                                                             US$'m         US$'m           US$'m    
    Net profit attributable to shareholders                                  3 422         1 092          11 358    
    Adjusted for:                                                                                                   
    - impairment of property, plant and equipment and other assets               1            18              39    
    - impairment of goodwill and other intangible assets                         -             1               4    
    - loss/(profit) on sale of assets                                            1            (3)             (1)   
    - (gains)/losses on disposal of investments                             (1 594)           62              95    
    - remeasurement of previously held interest                                (10)          (21)            (21)   
    - dilution losses/(gains) on equity-accounted investments                   62            41          (9 216)   
    - remeasurements included in equity-accounted earnings                     623          (292)           (524)   
    - impairment of equity-accounted investments                                82            17              46    
                                                                             2 587           915           1 780    
    Total tax effects of adjustments                                           176             -              18    
    Total adjustment for non-controlling interest                                3            (5)             (3)   
    Headline earnings                                                        2 766           910           1 795    
    Adjusted for:                                                                                                   
    - equity-settled share-based payment expenses                              238           173             435    
    - amortisation of other intangible assets(1)                               130            84             190    
    - fair-value adjustments and currency translation differences(2)        (1 483)           19              60    
    - retention option expense                                                   6             -               8    
    - business combination losses                                                7            10              20    
    Core headline earnings                                                   1 664         1 196           2 508    
    (1) Amortisation of other intangible assets for the period ended 30 September 2017 has been adjusted to include 
        amortisation expenses of US$314m regarding Tencent's digital content business.
    (2) Fair-value adjustments and currency translation differences for the period ended 30 September 2017 have been 
        adjusted by US$6m for the impact of remeasurements of written put option liabilities.

    The diluted earnings, headline earnings and core headline earnings per share figures presented on the face of the 
    condensed consolidated income statement include a decrease of US$27m (2017: US$20m and 31 March 2018: US$49m) 
    relating to the future dilutive impact of potential ordinary shares issued by equity-accounted investees and 
    subsidiaries.

5.  Revenue
                                                                             Six months ended         Year ended    
                                                                                30 September            31 March    
                                                                                        Restated        Restated    
                                                                              2018          2017            2018    
                                                                          Reviewed      Reviewed         Audited    
                                                                             US$'m         US$'m           US$'m    
    Subscription revenue(1)                                                  1 527         1 469           2 996    
    Ecommerce revenue(2)                                                     1 367         1 042           2 529    
    Advertising revenue(3)                                                     192           192             388    
    Hardware sales and maintenance revenue(1)                                   91            88             192    
    Technology revenue(1)                                                       50            57             128    
    Printing, circulation, publishing and distribution revenue(4)               62           194             270    
    Sublicence and reconnection fee revenue(1)                                  32            28              71    
    Other revenue                                                               23            35              83    
                                                                             3 344         3 105           6 657    
    Revenue is presented on an economic-interest basis (ie including a proportionate consolidation of the revenue 
    of associates and joint ventures) in the group's segmental review and is accordingly not directly comparable 
    to the above consolidated revenue figures. The relationship between the above consolidated revenue figures 
    and revenue as presented in the segmental review is outlined below:
    (1) Relates primarily to the video-entertainment segment.
    (2) Relates primarily to the etail, payments, classifieds, food-delivery and other ecommerce businesses.
    (3) Relates primarily to the video-entertainment and media segments.
    (4) Relates primarily to the media segment.

6.  Interest received/(paid)
                                                                               Six months ended       Year ended  
                                                                                30 September            31 March       
                                                                                        Restated    
                                                                              2018          2017            2018     
                                                                          Reviewed      Reviewed         Audited     
                                                                             US$'m         US$'m           US$'m    
    Interest received                                                          168            54              88    
    - loans and bank accounts                                                  149            46              74    
    - other                                                                     19             8              14    
    Interest paid                                                             (142)         (132)           (267)   
    - loans and overdrafts                                                    (101)         (100)           (196)   
    - transponder leases                                                       (25)          (26)            (51)   
    - other                                                                    (16)           (6)            (20)   
    Other finance income/(cost) - net                                          140           (65)           (319)   
    - net foreign exchange differences and fair-value                                               
      adjustments on derivatives                                               (99)          (43)            (67)   
    - remeasurement of written put option liabilities                          239           (22)           (252)   

7.  Profit before taxation
    In addition to the items already detailed, profit before taxation has been determined after taking into 
    account, inter alia, the following:                                                   
                                                                               Six months ended       Year ended      
                                                                                  30 September          31 March     
                                                                              2018          2017            2018     
                                                                          Reviewed      Reviewed         Audited     
                                                                             US$'m         US$'m           US$'m    
    Depreciation of property, plant and equipment                              106           108             219    
    Amortisation                                                                68            62             133    
    - other intangible assets                                                   50            47             101    
    - software                                                                  18            15              32    
    Costs related to programme and film rights, including amortisation         433           409             912    
    Impairment losses on financial assets measured at amortised cost             4             5              15    
    Net realisable value adjustments on inventory, net of reversals(1)          38             6              48    
    Other gains/(losses) - net                                                 (30)          (20)            (47)   
    - (loss)/profit on sale of assets                                           (1)            3               2    
    - impairment of goodwill and other intangible assets                         -            (1)             (4)   
    - impairment of property, plant and equipment and other assets              (1)          (18)            (39)   
    - dividends received on investments                                          4             2               2    
    - fair-value adjustments on financial instruments                          (27)           (6)             (6)   
    - other                                                                     (5)            -              (2)   
    Gains on acquisitions and disposals                                      1 602           (51)            (93)   
    - gains/(losses) on disposal of investments                              1 594           (56)            (91)   
    - remeasurement of contingent consideration                                  3            (6)             (5)   
    - acquisition-related costs                                                 (5)          (10)            (18)   
    - remeasurement of previously held interest                                 10            21              21    
    (1) Net realisable value writedowns relate primarily to set-top box subsidies in the video-entertainment segment.

8.  Equity-accounted results
    The group's equity-accounted investments contributed to the condensed consolidated interim financial 
    results as follows:
                                                                               Six months ended       Year ended  
                                                                                30 September            31 March   
                                                                                        Restated       
                                                                              2018          2017            2018   
                                                                          Reviewed      Reviewed         Audited   
                                                                             US$'m         US$'m           US$'m   
    Share of equity-accounted results                                        2 098         1 447           3 277    
    - sale of assets                                                             -             -               1    
    - disposal of investments                                                 (152)         (414)           (692)   
    - impairment of investments                                                771           121             159    
    Contribution to headline earnings                                        2 717         1 154           2 745    
    - amortisation of other intangible assets                                   92            62             135    
    - equity-settled share-based payment expenses                              220           157             385    
    - fair-value adjustments and currency translation differences           (1 372)            3            (224)   
    Contribution to core headline earnings                                   1 657         1 376           3 041    
    Tencent                                                                  1 775         1 516           3 288    
    Mail.ru                                                                      9            20              37    
    MakeMyTrip                                                                 (27)          (48)            (76)   
    Delivery Hero                                                              (24)          (14)            (21)   
    Other                                                                      (76)          (98)           (187)   

    The group applies an appropriate lag period in reporting the results of equity-accounted investments where the 
    year-ends of investees are not coterminous with that of Naspers Limited.

9.  Goodwill
    Goodwill is subject to an annual impairment assessment. Movements in the group's goodwill for the period are 
    detailed below:                                                   
                                                                               Six months ended       Year ended
                                                                                  30 September          31 March   
                                                                              2018          2017            2018   
                                                                          Reviewed      Reviewed         Audited   
                                                                             US$'m         US$'m           US$'m   
    Goodwill
    - cost                                                                   2 961         2 790           2 790    
    - accumulated impairment                                                  (354)         (348)           (348)   
    Opening balance                                                          2 607         2 442           2 442    
    - foreign currency translation effects                                    (291)          (30)             41    
    - acquisitions of subsidiaries and businesses                               88            85             124    
    - disposals of subsidiaries and businesses                                  (6)            -               -    
    - transferred to assets classified as held for distribution/sale          (283)            -               -    
    Closing balance                                                          2 115         2 497           2 607    
    - cost                                                                   2 341         2 845           2 961    
    - accumulated impairment                                                  (226)         (348)           (354)   

10. Commitments and contingent liabilities
    Commitments relate to amounts for which the group has contracted, but that have not yet been recognised as 
    obligations in the statement of financial position.
                                                                               Six months ended       Year ended 
                                                                                  30 September          31 March      
                                                                              2018          2017            2018      
                                                                          Reviewed      Reviewed         Audited      
                                                                             US$'m         US$'m           US$'m      
    Commitments(1)                                                           3 044         2 626           3 537    
    - capital expenditure                                                       10            14              17    
    - programme and film rights                                              2 463         2 132           2 906    
    - network and other service commitments                                    171           123             104    
    - operating lease commitments                                              295           198             327    
    - set-top box commitments                                                  105           159             183    
    (1) The above commitments include capital expenditure of US$8m (2017: US$12m and 31 March 2018: US$9m); 
        programme and film rights of US$2.4bn (2017: US$2.1bn and 31 March 2018: US$2.8bn); network and other 
        service commitments of US$149m (2017: US$80m and 31 March 2018: US$86m); operating lease commitments of 
        US$82m (2017: US$104m and 31 March 2018: US$108m); and set-top box commitments of US$105m (2017: US$159m 
        and 31 March 2018: US$183m) relating to the video-entertainment business that has been classified as held 
        for distribution as at 30 September 2018.

    The group operates a number of businesses in jurisdictions where taxes are payable on certain transactions or 
    payments. The group continues to seek relevant advice and works with its advisers to identify and quantify such 
    tax exposures. Our current assessment of possible withholding and other tax exposures, including interest and 
    potential penalties, amounts to approximately US$194.3m (2017: US$155.5m and 31 March 2018: US$226.1m). 
    No provision has been made as at 30 September 2018 and 2017 for these possible exposures.

11. Disposal groups classified as held for distribution/sale
    In September 2018 the group announced its intention to list its video-entertainment business separately on the 
    JSE and to subsequently unbundle its shareholding therein to shareholders. The assets and liabilities of the 
    video-entertainment business were accordingly classified as held for distribution/sale as at 30 September 2018. 
    The listing and subsequent unbundling is subject to regulatory and other approvals and is anticipated to be 
    completed in the first half of the 2019 calendar year.

    The assets and liabilities of other smaller units were also classified as held for distribution/sale as at 
    30 September 2018. Assets and liabilities classified as held for distribution/sale as at 30 September 2018 
    are detailed in the table below:                                                   
                                                                               Six months ended       Year ended     
                                                                                  30 September          31 March            
                                                                              2018          2017            2018            
                                                                          Reviewed      Reviewed         Audited            
                                                                             US$'m         US$'m           US$'m            
    Assets                                                                   2 961             -               -    
    Property, plant and equipment                                            1 250             -               -    
    Goodwill and other intangible assets                                       329             -               -    
    Programme and film rights                                                  380             -               -    
    Other investments and loans                                                  9             -               -    
    Derivative financial instruments                                            21             -               -    
    Deferred taxation                                                           94             -               -    
    Inventory                                                                   72             -               -    
    Trade and other receivables                                                512             -               -    
    Cash and cash equivalents                                                  294             -               -    
    Liabilities                                                              2 351             -               -    
    Capitalised finance leases                                               1 118             -               -    
    Programme and film rights                                                  124             -               -    
    Derivative financial instruments                                             4             -               -    
    Deferred taxation                                                           18             -               -    
    Long-term liabilities                                                        4             -               -    
    Trade payables                                                             382             -               -    
    Accrued expenses and other current liabilities                             701             -               -    

12. Business combinations, other acquisitions and disposals
    In August 2018 the group invested US$60m for a 100% effective interest in the issued share capital of Zooz 
    Mobile Limited (Zooz), a management and optimisation payment provider based in Israel. The transaction was 
    accounted for as a business combination with an effective date of August 2018. The provisional purchase price 
    allocation: cash and deposits US$2m; trade and other receivables US$3m; intangible assets US$2m; trade and 
    other payables US$2m; loan liabilities US$3m; and the balance of US$58m to goodwill. The main intangible 
    asset recognised in the business combination was technology.

    The revenue and net results of Zooz, had the acquisition taken place on 1 April 2018, were not significant 
    to the group's income statement.

    The main factor contributing to the goodwill recognised in the acquisition is Zooz's market presence and 
    engineering capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.

    In April 2018 the group acquired the share capital held by non-controlling shareholders of its subsidiary
    Dubizzle Limited (Dubizzle) for US$190m. Following the acquisition, the group holds a 100% effective 
    interest in Dubizzle.

    In August 2018 the group's subsidiary Ambatana Holdings B.V. (Ambatana) acquired the entire share capital
    held by non-controlling shareholders of Letgo USA B.V. (letgo) for US$189m. Following a US$150m funding 
    round in June 2018, the group's shareholding in Ambatana increased from an effective 73.4% at 31 March 2018 
    to 80% (77% fully diluted) at 30 September 2018.

    The following relates to the group's investments in its equity-accounted investees:
    In May 2018 the group invested US$35m for a 16% effective interest (15% fully diluted) in Honor Technology,
    Inc. (Honor) a comprehensive home-care company for older adults in the US. The group accounts for its 
    interest as an investment in an associate.

    In May 2018 the group invested US$89m in Frontier Car Group, Inc. (Frontier Car Group), an online car 
    marketplace headquartered in Berlin and currently operating in six countries, for a 36% effective (35% 
    fully diluted) shareholding. The group accounts for its interest as an investment in an associate.

    In July 2018 the group invested an additional US$12m in PaySense Services India Private Limited (PaySense), 
    a technology platform providing Indian consumers with access to credit lines based on an alternative-data 
    decisioning model. Following this investment, the group holds a 19% effective interest (17% fully diluted) 
    in PaySense. The group now accounts for its interest in PaySense as an investment in an associate.

    The group invested an additional US$79m in Bundl Technologies Private Limited (Swiggy), a leading online 
    food-ordering and delivery platform in India, during July 2018. Following the investment, the group holds 
    a 25% effective interest (23% fully diluted) in Swiggy. The group accounts for its interest as an investment 
    in an associate.

    The following relates to significant disposals by the group during the reporting period:
    During May 2018 the group announced the disposal of its 12% effective interest (11% fully diluted) in 
    Flipkart Limited (Flipkart) - its equity-accounted etail investment in India - to US-based retailer Wal-Mart 
    International Holdings, Inc. (Walmart) for US$2.2bn. The transaction was concluded in August 2018 following 
    regulatory approval. A gain on disposal of US$1.6bn has been recognised as part of "Gains/(losses) on 
    acquisitions and disposals" in the income statement. This gain includes the reclassification of a foreign 
    currency translation reserve of US$97m to the income statement. Related income tax expenses of US$177m have 
    been included as part of "Taxation" in the income statement.    

    In September 2018 the group concluded the sale of its 52% interest in Tek Travels Private Limited (Travel 
    Boutique Online), its online B2B travel distribution business, for US$37m. A gain on disposal of US$6m has 
    been recognised as part of "Gains/(losses) on acquisitions and disposals" in the income statement.

13. Financial instruments
    The group's activities expose it to a variety of financial risks such as market risk (including currency 
    risk, fair-value interest rate risk, cash flow interest rate risk and price risk), credit risk and 
    liquidity risk.

    The condensed consolidated interim report does not include all financial risk management information 
    and disclosures required in the annual financial statements and should be read in conjunction with the 
    group's annual financial statements for the year ended 31 March 2018. There have been no material 
    changes in the group's credit, liquidity, market risks or key inputs used in measuring fair value 
    since 31 March 2018.

    The fair values of the group's financial instruments that are measured at fair value at each reporting 
    period, are categorised as follows:                                                                         
                                                        Fair-value measurements at 30 September 2018 using:
                                                                      Quoted                                         
                                                                   prices in                                         
                                                                      active                                         
                                                                 markets for       Significant                       
                                                                   identical             other       Significant     
                                                                   assets or        observable      unobservable    
                                                  Carrying       liabilities            inputs            inputs     
                                                     value         (level 1)         (level 2)         (level 3)   
                                                     US$'m             US$'m             US$'m             US$'m    
    Assets                                                                                                          
    Financial assets at fair value through    
    other comprehensive income(1)                       63                26                 3                34    
    Investments in preference shares and      
    convertible notes of associates                      1                 -                 -                 1    
    Foreign exchange contracts(1)                       57                 -                57                 -    
    Derivatives embedded in leases                       1                 -                 -                 1    
    Currency devaluation features(1)                     3                 -                 -                 3    
    Liabilities                                                                                                     
    Foreign exchange contracts(1)                       26                 -                26                 -    
    Earn-out obligations                                22                 -                 -                22    
    Cross-currency swap                                 79                 -                79                 -    
    (1) Includes assets and liabilities classified as held for distribution/sale.

                                                        Fair-value measurements at 31 March 2018 using:
                                                                      Quoted                                       
                                                                   prices in                                       
                                                                      active                                       
                                                                 markets for       Significant                     
                                                                   identical             other       Significant   
                                                                   assets or        observable      unobservable   
                                                  Carrying       liabilities            inputs            inputs   
                                                     value         (level 1)         (level 2)         (level 3)   
                                                     US$'m             US$'m             US$'m             US$'m   
    Assets                                                                                                          
    Available-for-sale investments                      35                33                 2                 -    
    Foreign exchange contracts                           9                 -                 9                 -    
    Derivatives embedded in leases                       1                 -                 -                 1    
    Currency devaluation features                        2                 -                 -                 2    
    Liabilities                                                                                                     
    Foreign exchange contracts                         162                 -               162                 -    
    Earn-out obligations                                58                 -                 -                58    
    Interest rate and cross-currency swaps             124                 -               124                 -    

    There have been no transfers between levels 1 or 2 during the reporting period, nor were there any significant 
    changes to the valuation techniques and inputs used in measuring fair value.

    Currency devaluation features relate to clauses in content-acquisition agreements that provide the group with 
    protection against significant currency devaluations. The fair value of currency devaluation features is 
    measured through the use of discounted cash flow techniques.

    For earn-out obligations, current forecasts of the extent to which management believes performance criteria 
    will be met, discount rates reflecting the time value of money and contractually specified earn-out 
    payments are used.

    Changes in these assumptions could affect the reported fair value of these financial instruments.

    The fair value of level 2 financial instruments is determined with the use of exchange rates quoted in active 
    markets and interest rate extracts from observable yield curves.

    The group discloses the fair values of the following financial instruments as their carrying values are not 
    a reasonable approximation of their fair values:
                                                                                              30 September 2018
                                                                                             Carrying       Fair    
                                                                                                value      value    
                                                                                                US$'m      US$'m    
    Financial liabilities                                                                                      
    Capitalised finance leases(1)                                                               1 127      1 250    
    Publicly traded bonds                                                                       3 200      3 266    
    (1) Includes financial liabilities classified as held for distribution/sale.
                                                                                                31 March 2018
                                                                                             Carrying       Fair    
                                                                                                value      value    
                                                                                                US$'m      US$'m    
    Financial liabilities                                                                                      
    Capitalised finance leases                                                                  1 158      1 125    
    Publicly traded bonds                                                                       3 200      3 357    
    The fair values of capitalised finance leases have been determined through discounted cash flow analysis.

    The fair values of publicly traded bonds have been determined with reference to the listed prices of the 
    instruments as at the end of the reporting period.                             

14. Related party transactions and balances
    The group entered into various related party transactions in the ordinary course of business. There have 
    been no significant changes in related party transactions and balances since the previous reporting period.

15. Events after the reporting period
    In September 2018 the group signed an agreement to invest R1.4bn (approximately US$99m) for a controlling 
    interest in We Buy Cars Proprietary Limited (WeBuyCars), a South African online used-car marketplace 
    offering a specialised car-buying service to sellers. The transaction is subject to regulatory approval.

16. Pro forma financial information
    The group has presented certain revenue and trading profit metrics in local currency, excluding the effects 
    of changes in the composition of the group (the pro forma financial information) in the following tables. 
    The pro forma financial information is the responsibility of the board of directors (the board) of Naspers 
    and is presented for illustrative purposes. Information presented on a pro forma basis has been extracted 
    from the group's management accounts, the quality of which the board is satisfied with.

    Shareholders are advised that, due to the nature of the pro forma financial information and the fact that 
    it has been extracted from the group's management accounts, it may not fairly present the group's financial 
    position, changes in equity, results of operations or cash flows.

    The pro forma financial information has been prepared to illustrate the impact of changes in foreign exchange 
    rates and changes in the composition of the group on its results for the period ended 30 September 2018. The 
    following methodology was applied in calculating the pro forma financial information:
    1. Foreign exchange/constant currency adjustments have been calculated by adjusting the current period's results 
       to the prior period's average foreign exchange rates, determined as the average of the monthly exchange rates 
       for that period. The local currency financial information quoted is calculated as the constant currency 
       results, arrived at using the methodology outlined above, compared to the prior period's actual IFRS results. 
       The relevant average exchange rates (relative to the US dollar) used for the group's most significant 
       functional currencies, were: South African rand (2018: 0.0741; 2017: 0.0757), Polish zloty (2018: 0.2728; 
       2017: 0.2714), Russian rouble (2018: 0.0156; 2017: 0.0172), Chinese yuan renminbi (2018: 0.1505; 2017: 0.1483), 
       Indian rupee (2018: 0.0145; 2017: 0.0155), Brazilian real (2018: 0.2612; 2017: 0.3134), Angolan kwanza 
       (2018: 0.0039; 2017: 0.0006) and Nigerian naira (2018: 0.0028; 2017: 0.0028).    
    2. Adjustments made for changes in the composition of the group relate to acquisitions and disposals of 
       subsidiaries and equity-accounted investments, as well as to changes in the group's shareholding in its 
       equity-accounted investments. For mergers, the group composition adjustments include a portion of the 
       prior-year results of the entity with which the merger took place. The following significant changes in 
       the composition of the group during the respective reporting periods have been adjusted for in arriving 
       at the pro forma financial information.

    Period ended 30 September 2018
    Transaction                            Basis of accounting   Reportable segment              Acquisition/Disposal       
                                                                                         
    Dilution of the group's interest                             Social and                                                  
    in Tencent                             Associate             internet platforms              Disposal                    
    Disposal of the group's interest                                                                                       
    in Flipkart                            Associate             Ecommerce                       Disposal                    
    Effect of merger of ibibo with                                                               Acquisition     
    MakeMyTrip                             Associate             Ecommerce                       and disposal
    Acquisition of the group's interest                                                                                    
    in Delivery Hero                       Associate             Ecommerce                       Acquisition                 
    Acquisition of the group's interest                                                                                    
    in Kreditech                           Associate             Ecommerce                       Acquisition                 
    Acquisition of the group's interest                                                                                    
    in Swiggy                              Associate             Ecommerce                       Acquisition                 
    Acquisition of the group's interest                                                                                    
    in Frontier Car Group                  Associate             Ecommerce                       Acquisition                 
    Disposal of the group's interest                                                                                       
    in Souq                                Joint venture         Ecommerce                       Disposal                    
    Acquisition of the group's interest                                                                                    
    in Takealot                            Subsidiary            Ecommerce                       Acquisition                 
    Acquisition of the group's interest                                                                                    
    in AutoTrader                          Subsidiary            Ecommerce                       Acquisition                 
    Disposal of the group's interest                                                                                       
    in Novus                               Subsidiary            Media                           Disposal                    
    Disposal of the group's interest                             Video                                          
    in MWEB                                Subsidiary            entertainment                   Disposal                    

    The net adjustment made for all acquisitions and disposals that took place during the period ended 
    30 September 2018 amounted to a negative adjustment of US$351m on revenue and a negative adjustment 
    of US$170m on trading profit.

    An assurance report issued in respect of the pro forma financial information, by the group's external 
    auditor, is available at the registered office of the company.

    The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma 
    financial information are presented in the table below:
                                                    Six months ended 30 September
                          2017         2018          2018         2018       2018      2018       2018       2018          
                             A            B             C            D          E      F(2)       G(3)       H(4)          
                                      Group         Group                                                                   
                                   composi-      composi-                                                                  
                                       tion          tion      Foreign      Local                Local                      
                       IFRS(1)     disposal   acquisition     currency   currency             currency                      
                      Restated   adjustment    adjustment   adjustment     growth   IFRS(1)     growth       IFRS          
                         US$'m        US$'m         US$'m        US$'m      US$'m     US$'m   % change   % change          
    Revenue                                                                                                                
    Internet             6 906         (464)          257          (12)     2 341     9 028         36         31          
    Ecommerce            1 549         (134)          257          (97)       412     1 987         29         28          
    - Classifieds          289           (2)           35          (24)       107       405         37         40          
    - Payments             126            -            17          (14)        42       171         33         36          
    - Food delivery         56            -            97          (16)        44       181         79       >100          
    - Etail                877         (145)          104          (25)       173       984         24         12          
    - Travel                96           14             -           (1)        28       137         25         43          
    - Other                105           (1)            4          (17)        18       109         17          4          
    Social and                                                                                          
    internet                                                                                            
    platforms            5 357         (330)            -           85      1 929     7 041         38         31          
    - Tencent            5 241         (329)            -           99      1 894     6 905         39         32          
    - Mail.ru              116           (1)            -          (14)        35       136         30         17          
    Video                                                                                               
    entertainment        1 775          (14)            3          (54)       124     1 834          7          3          
    Media                  315         (133)            -           (4)        (8)      170         (4)       (46)         
    Corporate                                                                                           
    services                 1            -             -            -          -         1          -          -          
    Intersegmental         (10)           -             -            -         (1)      (11)       (10)       (10)         
    Economic interest    8 987         (611)          260          (70)     2 456    11 022         29         23          
    (1) Figures presented on an economic-interest basis as per the segmental review.
    (2) A + B + C + D + E.
    (3) [E/(A + B)] x 100.
    (4) [(F/A) - 1] x 100.

    Refer to the segmental review and note 2 for details of the group's adoption of new accounting pronouncements 
    during the period.

    The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma 
    financial information are presented in the table below:
                                                    Six months ended 30 September                              
                          2017         2018          2018         2018       2018      2018       2018       2018          
                             A            B             C            D          E      F(2)       G(3)       H(4)          
                                      Group         Group                                                                  
                                   composi-      composi-                                                                  
                                       tion          tion      Foreign      Local                Local                     
                       IFRS(1)     disposal   acquisition     currency   currency             currency                     
                      Restated   adjustment    adjustment   adjustment     growth   IFRS(1)     growth       IFRS          
                         US$'m        US$'m         US$'m        US$'m      US$'m     US$'m   % change   % change          
    Trading profit
    Internet             1 418          (74)          (63)          47        518     1 846         39         30          
    Ecommerce             (318)          34           (63)           8        130      (209)        46         34          
    - Classifieds          (45)           1            (3)          (1)        95        47       >100       >100          
    - Payments             (33)           -           (10)           -         19       (24)        58         27          
    - Food delivery         (8)           -           (29)           1         (5)      (41)       (63)     >(100)          
    - Etail               (134)          38           (18)           5          3      (106)         3         21          
    - Travel               (31)          (5)            -            -         17       (19)        47         39          
    - Other                (67)           -            (3)           3          1       (66)         1          1          
    Social and                                                                                           
    internet                                                                                             
    platforms            1 736         (108)            -           39        388     2 055         24         18          
    - Tencent            1 713         (108)            -           40        398     2 043         25         19          
    - Mail.ru               23            -             -           (1)       (10)       12        (43)       (48)         
    Video                                                                                                
    entertainment          234           (1)            1          (36)        13       211          6        (10)         
    Media                   21          (33)            -            -          2       (10)        17      >(100)          
    Corporate                                                                                            
    services                (8)           -             -            1         (5)      (12)       (63)       (50)         
    Economic interest    1 665         (108)          (62)          12        528     2 035         34         22          
    (1) Figures presented on an economic-interest basis as per the segmental review.
    (2) A + B + C + D + E.
    (3) [E/(A + B)] x 100.
    (4) [(F/A) - 1] x 100.

    Refer to the segmental review and note 2 for details of the group's adoption of new accounting pronouncements 
    during the period.

    The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma 
    financial information are presented in the table below:
                                                    Six months ended 30 September                            
                          2017         2018          2018         2018       2018      2018       2018       2018        
                             A            B             C            D          E      F(2)       G(3)       H(4)        
                                      Group         Group                                                                
                                   composi-      composi-                                                                
                                       tion          tion      Foreign      Local                Local                   
                       IFRS(1)     disposal   acquisition     currency   currency             currency                   
                      Restated   adjustment    adjustment   adjustment     growth   IFRS(1)     growth       IFRS        
                         US$'m        US$'m         US$'m        US$'m      US$'m     US$'m   % change   % change        
    Other metrics 
    reported
    Development         
    spend(1)                                                                                                           
    - economic                                                                                            
      interest             470          (51)           64           (7)       (88)      388        (21)       (17)         
    - consolidated         331          (25)           12           (2)       (83)      233        (27)       (30)         
    Consolidated                                                                                          
    revenue              3 105         (162)          125         (130)       406     3 344         14          8          
    Consolidated                                                                                          
    trading profit          70          (25)          (17)         (31)       131       128       >100         83          
    Consolidated                                                                                          
    ecommerce                                                                                             
    revenue              1 031          (15)          122          (72)       290     1 356         29         32          
    Consolidated                                                                                          
    Avito revenue          137            -             -          (17)        42       162         31         18          
    Consolidated                                                                                          
    video-entertainment                                                                                   
    revenue              1 772          (14)            3          (54)       126     1 833          7          3          
    Core headline earnings, calculated on a constant-currency basis, amounted to US$1.66bn.
    (1) Development spend is excluded from the assurance report issued by the group's external auditor.
    (2) A + B + C + D + E.
    (3) [E/(A + B)] x 100.
    (4) [(F/A) - 1] x 100.

    Refer to note 2 for details of the group's adoption of new accounting pronouncements during the period.

INDEPENDENT AUDITOR'S REVIEW REPORT
on interim financial statements

To the shareholders of Naspers Limited
We have reviewed the condensed consolidated interim financial statements of Naspers Limited in the accompanying
interim report, which comprise the condensed consolidated statement of financial position as at 30 September 2018 
and the related condensed consolidated income statement and condensed consolidated statements of comprehensive 
income, changes in equity and cash flows for the six months then ended, and selected explanatory notes 1 to 15. 

Directors' responsibility for the interim financial statements
The directors are responsible for the preparation and presentation of these interim financial statements in 
accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA 
Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued 
by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, and for 
such internal control as the directors determine is necessary to enable the preparation of interim financial 
statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility
Our responsibility is to express a conclusion on these interim financial statements. We conducted our review 
in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has 
come to our attention that causes us to believe that the interim financial statements are not prepared in 
all material respects in accordance with the applicable financial reporting framework. This standard also 
requires us to comply with relevant ethical requirements. 

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. 
We perform procedures, primarily consisting of making enquiries of management and others within the entity, 
as appropriate, and applying analytical procedures, and evaluate the evidence obtained. 

The procedures in a review are substantially less than and differ in nature from those performed in an audit 
conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit 
opinion on these interim financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements of Naspers Limited for the six months ended 30 September 2018 are not 
prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 34 
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 
and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the 
Companies Act of South Africa.

Other matter
We have not reviewed future financial performance and expectations expressed by the directors included in the
commentary in the accompanying interim financial statements and accordingly do not express an opinion thereon.

PricewaterhouseCoopers Inc. 
Director: Brendan Deegan
Registered Auditor 
Cape Town
30 November 2018

PricewaterhouseCoopers Inc.
5 Silo Square, V&A Waterfront, Cape Town 8002, PO Box 2799, Cape Town 8000
T: +27 (0) 21 529 2000, F: +27 (0) 21 529 3300, www.pwc.co.za

Chief Executive Officer: T D Shango
Management Committee: S N Madikane, J S Masondo, P J Mothibe, C Richardson, F Tonelli, C Volschenk
The Company's principal place of business is at 4 Lisbon Lane, Waterfall City, Jukskei View, where a 
list of directors' names is available for inspection.
Reg. no. 1998/012055/21, VAT reg. no. 4950174682

ADMINISTRATION AND CORPORATE INFORMATION

NASPERS HEAD OFFICE
+27 (0)21 406 2121
Street address
40 Heerengracht
Cape Town
8001
South Africa

Directors
J P Bekker (chair), B van Dijk (chief executive), E M Choi, H J du Toit, C L Enenstein, D G Eriksson, 
R C C Jafta, F L N Letele, G Liu, D Meyer, R Oliveira de Lima, S J Z Pacak, T M F Phaswana, V Sgourdos, 
M R Sorour, J D T Stofberg, B J van der Ross

Company secretary
G Kisbey-Green

Registered office
40 Heerengracht, Cape Town 8001, South Africa
(PO Box 2271, Cape Town 8000, South Africa)

Transfer secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein 2001, South Africa
(PO Box 4844, Johannesburg 2000, South Africa)

Sponsor
Investec Bank Limited

ADR programme
Bank of New York Mellon maintains a GlobalBuyDIRECT(SM) plan for Naspers Limited. For additional information, 
please visit Bank of New York Mellon's website at www.globalbuydirect.com or call Shareholder Relations at 
1-888-BNY-ADRS or 1-800-345-1612 or write to: Bank of New York Mellon, Shareholder Relations Department - 
GlobalBuyDIRECT(SM), Church Street Station, PO Box 11258, New York, NY 10286-1258, USA.

Important information
This 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. By their nature, forward-looking statements involve risk and 
uncertainty because they relate to future events and circumstances and should be considered in light of various 
important factors. 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. The key factors that could cause our actual results performance, or achievements 
to differ materially from those in the forward-looking statements include, among others: changes to IFRS and the 
interpretations, applications and practices subject thereto as they apply to past, present and future periods; 
ongoing and future acquisitions; changes to domestic and international business and market conditions such as 
exchange rate and interest rate movements; changes in the domestic and international regulatory and legislative 
environments; changes to domestic and international operational, social, economic and political conditions; the 
occurrence of labour disruptions and industrial action; and the effects of both current and future litigation. 
This includes factors that can negatively affect our businesses and financial performance. We are not under any 
obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking statements 
contained in this report, whether as a result of new information, future events or otherwise. We cannot give 
any assurance that forward-looking statements will prove to be correct and investors are cautioned not to place 
undue reliance on any forward-looking statements contained herein.

www.naspers.com
Date: 30/11/2018 03:00:00 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.

Share This Story