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Trading statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
JSE Share Code: NPN ISIN: ZAE000015889
LSE ADS Code: NPSN ISIN: US6315121003
(“Naspers”)
Trading statement
Shareholders are advised that the Naspers group (“the group”) is finalising its provisional report and consolidated annual financial
statements for the year ended 31 March 2019.
During the current year the group distributed its interest in its video-entertainment business, MultiChoice Group Limited
(MultiChoice Group), to its shareholders as a pro rata distribution in specie (the distribution). Following the distribution, the results
of the video-entertainment segment have been presented as results from discontinued operations. The prior year income
statement has been restated to distinguish between continuing and discontinued operations.
The group has illustrated the anticipated changes in core headline earnings, earnings and headline earnings per share for the year
ended 31 March 2019 as compared to 31 March 2018 for both total operations (as previously reported) and continuing operations
in the tables below:
Total operations 31 March 2019
31 March 2018
expected Expected
(as reported)
increase/(decrease) increase/(decrease)%
US cents
US cents
Core headline earnings per share(1) 581 180 – 191 31% – 33%
Earnings per share(2) 2 631 (1 052) – (1 026) (40%) – (39%)
Headline earnings per share(3) 416 491 – 503 118% – 121%
Continuing operations 31 March 2019
31 March 2018
expected Expected
(as reported)
increase/(decrease) increase/(decrease)%
US cents
US cents
Core headline earnings per share(1) 553 133 – 145 24% – 26%
Earnings per share(2) 2 604 (1 641) – (1 614) (63%) – (62%)
Headline earnings per share(3) 387 468 – 480 121% – 124%
(1)
Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating
performance of the group, as it adjusts for non-operational items.
(2)
Earnings per share was impacted significantly by the gain of US$1.6bn recognised on disposal of the group’s interest in Flipkart
Limited as well as by a gain recorded on the distribution of the MultiChoice Group to the group’s shareholders. The latter gain
is not part of earnings from continuing operations. The decline in earnings from the prior year was mainly due to the gain of
US$9.1bn recognised on the sale of a 2% interest in Tencent Holdings Limited (Tencent) in March 2018, which is non-recurring
in March 2019.
(3)
Headline earnings per share increased considerably as a result of the group’s share of fair-value gains recognised by Tencent
on certain of its investments now classified as at fair value through profit and loss in terms of IFRS 9 Financial Instruments.
These gains are not adjusted for when calculating headline earnings per share.
Further details will be provided in the summarised consolidated financial results, due for release on 21 June 2019. Financial
information on which this trading statement is based has not been reviewed or reported on by the company’s auditors.
Naspers Limited
Trading statement
The group’s summarised consolidated income statement and segmental review for the year ended 31 March 2018, restated for
the presentation of the video-entertainment segment as a discontinued operation, is illustrated below.
Summarised consolidated income statement 2018
for the year ended 31 March Restated(1)
US$'m
Continuing operations
Revenue from contracts with customers 2 985
Cost of providing services and sale of goods (1 884)
Selling, general and administration expenses (1 728)
Other (losses)/gains – net ( 32)
Operating loss ( 659)
Interest income 52
Interest expense ( 197)
Other finance income/(costs) – net ( 379)
Share of equity-accounted results 3 285
Impairment of equity-accounted investments ( 46)
Dilution (losses)/gains on equity-accounted investments 9 216
Gains/(losses) on acquisitions and disposals ( 93)
Profit before taxation 11 179 -
Taxation ( 70)
Profit from continuing operations 11 109
Profit from discontinued operations 190
Profit for the year 11 299
Attributable to:
Equity holders of the group 11 358
Non-controlling interest ( 59)
11 299
(1)
Relates to the impact of adopting IFRS 15, as outlined in the group’s interim results for the period ended
30 September 2018.
Naspers Limited
Trading statement
Per share information
31 March
2018
US$’m
Per share information related to continuing operations
Core headline earnings for the period (US$’m) 2 388
Core headline earnings per N ordinary share (US cents) 553
Diluted core headline earnings per N ordinary share (US cents) 540
Headline earnings for the period (US$’m) 1 670
Headline earnings per N ordinary share (US cents) 387
Diluted headline earnings per N ordinary share (US cents) 374
Earnings per N ordinary share (US cents) 2 604
Diluted earnings per N ordinary share (US cents) 2 585
Per share information related to discontinued operations
Core headline earnings for the period (US$’m) 120
Core headline earnings per N ordinary share (US cents) 28
Diluted core headline earnings per N ordinary share (US cents) 28
Headline earnings for the period (US$’m) 125
Headline earnings per N ordinary share (US cents) 29
Diluted headline earnings per N ordinary share (US cents) 28
Earnings per N ordinary share (US cents) 27
Diluted earnings per N ordinary share (US cents) 27
Net number of shares issued (’000)
- at period end 432 126
- weighted average for the period 431 635
- diluted weighted average 433 003
Naspers Limited
Trading statement
Segmental review
Trading
Revenue EBITDA(1) profit
Year ended 31 March
2018 2018 2018
US$'m US$'m US$'m
Continuing operations
Internet 15 863 3 342 3 013
Ecommerce 3 582 ( 655) ( 713)
- Classifieds 628 ( 99) ( 114)
- Payments and fintech 294 ( 60) ( 64)
- Food delivery 166 ( 20) ( 30)
- Etail 2 060 ( 248) ( 270)
- Travel(2) 211 ( 59) ( 61)
- Other(3) 223 ( 169) ( 174)
Social and internet platforms 12 281 3 997 3 726
- Tencent 12 024 3 925 3 675
- Mail.ru 257 72 51
Media(4) 507 10 3
Corporate segment 2 ( 18) ( 22)
Intersegmental ( 20) - -
Total economic interest from continuing
operations 16 352 3 334 2 994
Less: Equity-accounted investments (13 367) (3 744) (3 449)
Total consolidated from continuing operations 2 985 ( 410) ( 455)
Total from discontinued operations 3 672 669 415
Consolidated(5) 6 657 259 ( 40)
(1)EBITDA refers to earnings before interest, taxation, depreciation and amortisation.
(2)
Travel revenue for the period ended 31 March 2018 has been reduced by US$65m due to the effect of the adoption of IFRS 15 on the group's associate MakeMyTrip Limited. This adjustment did not have an impact
on EBITDA or trading profit.
(3) The group historically allocated a portion of its corporate costs to the video-entertainment segment. Following the distribution of the MultiChoice Group to shareholders in the current year, and the consequent
presentation of the video-entertainment segment as a discontinued operation, corporate costs are now only allocated to the ecommerce business. The group views these corporate costs as primarily relating to the
support of the ecommerce business. In line with IFRS 8 Operating Segments the group has accordingly presented the comparative information contained in the segmental review on a similar basis.
(4)31 March 2018 includes revenue of US$133.0m, EBITDA of US$33.3m and 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.
(5)Includes the results of the video-entertainment segment which has been classified as a discontinued operation.
Sponsor: Investec Bank Limited
Cape Town
12 June 2019
Date: 12/06/2019 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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