In this section

Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-



Director: Mr S J Z Pacak
Company: Naspers Limited
Transaction date: 29 September 2014
Nature of transaction: on market sale
Number of shares: 10 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R12 652 283,98
Average price per share: R1 265,2284
Highest price per share: R1 268,39
Lowest price per share: R1 263,00
Date of vesting in the group
share-based incentive plan: A portion of an offer made on 7 August 2006
which vested on 7 August 2009 in the Naspers
Share Incentive Scheme (the Scheme)
Nature of transaction: Sale of a portion of the shares that vested on 7
August 2009 held in the Scheme by Mr Pacak.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements


Cape Town
1 October 2014

Sponsor: Investec Bank Limited

Date: 01/10/2014 05:00:00 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.
CANCELLATION OF S349415 Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-



Director: Mr F L N Letele
Company: Naspers Limited
Transaction date: 25 September 2013
Nature of transaction: on market sale of securities
Number of shares: 4 025 Naspers shares
Class of shares: N ordinary
Total value of sale: R5 172 156,20
Average price per share: R1 285,00775
Highest price per share: R1 289,00
Lowest price per share: R1 252,50
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: shares on 12 March
2013
Nature of transaction: Sale of vested shares held in the MIH Holdings Trust
by Mr Letele.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Transaction date: 25 September 2014
Nature of transaction: on market sale of securities
Number of shares: 545 Naspers shares
Class of shares: N ordinary
Total value of sale: R702 505,00
Average price per share: R1 289,00
Highest price per share: R1 289,00
Lowest price per share: R1 289,00
Nature of transaction: Mr Letele exercised share appreciation rights in a
group share-based incentive plan and received 545
Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Transaction date: 25 September 2014
Nature of transaction: on market sale
Number of shares: 2 244 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 868 100,60
Average price per share: R 1 278,1197
Highest price per share: R1 281,50
Lowest price per share: R1 276,40
Nature of transaction: Mr Letele sold shares held in his own name
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Cape Town
29 September 2014

Sponsor: Investec Bank Limited



Date: 30/09/2014 10:24:59 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.
Directors dealings - Amendment

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-



Director: Mr F L N Letele
Company: Naspers Limited
Transaction date: 25 September 2014
Nature of transaction: on market sale of securities
Number of shares: 4 025 Naspers shares
Class of shares: N ordinary
Total value of sale: R5 172 156,20
Average price per share: R1 285,00775
Highest price per share: R1 289,00
Lowest price per share: R1 252,50
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: shares on 12 March
2013
Nature of transaction: Sale of vested shares held in the MIH Holdings Trust
by Mr Letele.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Transaction date: 25 September 2014
Nature of transaction: on market sale of securities
Number of shares: 545 Naspers shares
Class of shares: N ordinary
Total value of sale: R702 505,00
Average price per share: R1 289,00
Highest price per share: R1 289,00
Lowest price per share: R1 289,00
Nature of transaction: Mr Letele exercised share appreciation rights in a
group share-based incentive plan and received 545
Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements




1
Transaction date: 25 September 2014
Nature of transaction: on market sale
Number of shares: 2 244 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 868 100,60
Average price per share: R 1 278,1197
Highest price per share: R1 281,50
Lowest price per share: R1 276,40
Nature of transaction: Mr Letele sold shares held in his own name
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Cape Town
30 September 2014
Sponsor: Investec Bank Limited




2

Date: 30/09/2014 10:25:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-



Director: Mr F L N Letele
Company: Naspers Limited
Transaction date: 25 September 2013
Nature of transaction: on market sale of securities
Number of shares: 4 025 Naspers shares
Class of shares: N ordinary
Total value of sale: R5 172 156,20
Average price per share: R1 285,00775
Highest price per share: R1 289,00
Lowest price per share: R1 252,50
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: shares on 12 March
2013
Nature of transaction: Sale of vested shares held in the MIH Holdings Trust
by Mr Letele.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Transaction date: 25 September 2014
Nature of transaction: on market sale of securities
Number of shares: 545 Naspers shares
Class of shares: N ordinary
Total value of sale: R702 505,00
Average price per share: R1 289,00
Highest price per share: R1 289,00
Lowest price per share: R1 289,00
Nature of transaction: Mr Letele exercised share appreciation rights in a
group share-based incentive plan and received 545
Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Transaction date: 25 September 2014
Nature of transaction: on market sale
Number of shares: 2 244 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 868 100,60
Average price per share: R 1 278,1197
Highest price per share: R1 281,50
Lowest price per share: R1 276,40
Nature of transaction: Mr Letele sold shares held in his own name
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Cape Town
29 September 2014

Sponsor: Investec Bank Limited



Date: 29/09/2014 04:30:00 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.
Dealings in Securities

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-

All trades detailed below were off market.

Company secretary of a
major subsidiary: Ms Lurica Klink
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 44 Naspers shares
Value: R60 754,32
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
Naspers Limited employee share incentive scheme to
Ms Klink. The offer of an option to purchase shares
was made on 4 September 2014 at R1 380,78, being
the closing price on the JSE Limited on that day. The
offer was accepted on 4 September 2014. The first
third of the options vest on 4 September 2017, the
second third vests on 4 September 2018 and the final
third vests on 4 September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 2 118 Naspers shares
Value: R2 924 492,04
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
Naspers Limited employee share incentive scheme to
Mrs Kisbey-Green. The offer of an option to
purchase shares was made on 4 September 2014 at
R1 380,78, being the closing price on the JSE
Limited on that day. The offer was accepted on 4
September 2014. The first third of the options vest
on 4 September 2017, the second third vests on 4
September 2018 and the final third vests on 4
September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Alternate director: Mr Mark Sorour
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 28 011 Naspers shares
Value: R38 677 028,58
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
MIH Holdings Share Trust to Mr Sorour. The offer
of an option to purchase shares was made on 4
September 2014 at R1 380,78, being the closing
price on the JSE Limited on that day. The offer was
accepted on 4 September 2014. The first third of the
options vest on 4 September 2017, the second third
vests on 4 September 2018 and the final third vests
on 4 September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Director: Mr Basil Sgourdos
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 22 409 Naspers shares
Value: R30 941 899,02
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
Naspers Limited employee share incentive scheme to
Mr Sgourdos. The offer of an option to purchase
shares was made on 4 September 2014 at R1 380,78,
being the closing price on the JSE Limited on that
day. The offer was accepted on 4 September 2014.
The first third of the options vest on 4 September
2017, the second third vests on 4 September 2018
and the final third vests on 4 September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements



Director of a major subsidiary: Mr Imtiaz Patel
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 3 702 Naspers shares
Value: R5 111 647,56
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
MIH Holdings Share Trust to Mr Patel. The offer of
an option to purchase shares was made on 4
September 2014 at R1 380,78, being the closing
price on the JSE Limited on that day. The offer was
accepted on 4 September 2014. The first third of the
options vest on 4 September 2017, the second third
vests on 4 September 2018 and the final third vests
on 4 September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Director of a major subsidiary: Mr Tim Jacobs
Transaction date: 4 September 2014
Price at which shares were offered: Closing price on the JSE Limited on 4 September
2014 : R1 380,78
Number of shares: 2 195 Naspers shares
Value: R3 030 812,10
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
MIH Holdings Share Trust to Mr Jacobs. The offer
of an option to purchase shares was made on 4
September 2014 at R1 380,78, being the closing
price on the JSE Limited on that day. The offer was
accepted on 4 September 2014. The first third of the
options vest on 4 September 2017, the second third
vests on 4 September 2018 and the final third vests
on 4 September 2019.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements




Cape Town
5 September 2014
Sponsor: Investec Bank Limited






Date: 05/09/2014 05:15:00 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.
Director's Dealings

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr T N Jacobs
Major subsidiary: MultiChoice South Africa Holdings Proprietary
Limited
Transaction date: 30 June 2014
Nature of transaction: on market purchase of securities
Number of shares: 700 Naspers shares
Class of shares: N ordinary
Total value of sale: R872 200,00
Average price per share: R1 246,00
Highest price per share: R1 246,00
Lowest price per share: R1 246,00
Nature of transactions: Purchase on market of shares
Nature of interest in transactions: Direct beneficial
Clearance: The abovementioned trade was notified by Mr T N
Jacobs on 2 September 2014. Subsequent to the
trade, clearance in terms of paragraph 3.66 of the
JSE Listings Requirements was acquired. Mr Jacobs
has taken full responsibility for the breach in
compliance with the JSE Limited Listings
Requirements.


Cape Town
3 September 2014

Sponsor: Investec Bank Limited




1

Date: 03/09/2014 05:00:00 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.
Results of AGM

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

RESULTS OF ANNUAL GENERAL MEETING

Cape Town, 29 August 2014 - Naspers Limited ("Naspers") (JSE: NPN, LSE: NPSN), the 100th
annual general meeting (AGM) of Naspers Limited was held this morning, under the
chairmanship of Mr Ton Vosloo, in the Naspers Centre at 40 Heerengracht, Cape Town, South
Africa.

Shareholders approved all the ordinary and special resolutions with the required majority. A
gross dividend of 425c per Naspers N- ordinary and 85c per Naspers A- ordinary share were
approved. PricewaterhouseCoopers was appointed as external auditors, with Mr B Deegan as
the individual who will undertake the audit.

The appointments of Messrs Craig Enenstein, Don Eriksson, Nolo Letele, Roberto Oliveira de
Lima, Yuanhe Ma, Basil Sgourdos, Cobus Stofberg and Bob van Dijk were confirmed.

Prof Rachel Jafta, Prof Debra Meyer and Mr Boetie van Zyl, who retired by rotation, were re-
elected to the board.

Messrs Boetie van Zyl, Ben van der Ross and Adv Fran du Plessis were elected to the audit
committee.

Mr Vosloo reported in his AGM address that Naspers posted a solid performance for the year 31
March 2014. The group's strategy remained organic growth of existing businesses and limited
acquisitions that add value to the group.

The chairman's address follows:

Dear shareholders and guests,

This is a very special occasion for the company as it is the 100th annual general meeting since
the company was formed in December 1914 at a meeting designated as a start-up meeting
(stigtingsvergadering).

I do my introduction in English, wishing to point out that the first AGM was held in Dutch, the
other official language of the then Union, and Afrikaans was only recognised as an official
language in 1925.

We have moved on since then and today we herald another step to keep up with the fast-
moving world. Up to now our AGMs were in Afrikaans till fairly recently, when we alternated
between Afrikaans and English.

The company has since last year become fully international when our biggest subsidiary, MIH
Holdings was folded into Naspers. Our board now comprises members from around the globe
and English being the universal business language, it is now the lingua franca of the Board. We
keep a copy of the minutes in Afrikaans for record purposes, and my comments today are
available in Afrikaans.

I do not wish to give the impression that we are relegating Afrikaans. Our business in South
Africa, especially on the print publishing side and the internet, and in books, is still the biggest
purveyor of Afrikaans, and we uphold the status of the language and do not wish it to be
ignored or sidelined.

Vir my as 'n Afrikaner is dit 'n saak van die hart en ek vertrou die behoud daarvan sal so bly in die
toekoms. For me as Afrikaner Afrikaans is part of my being and I trust its formal and formidable
role in our society will be maintained at all levels.

Looking back over the 99 years of our being, one can say that Naspers has really grown forward
and upwards as a business. From the parochial publisher of 1915, we have now spurted forward
to being the top ten in the internet, with activities in 133 countries. We straddle the globe and I
am very proud that we have jump-started ourselves from our African origins to being a
respected and leading player in our line of business worldwide. Few South African businesses
have successfully made that transition and on behalf of the Board I give full credit to our teams
and its leaders for the accomplishment.

In that regard I wish to congratulate our former team leader Koos Bekker, who is poised to
succeed me as non-executive chair next year when I finally step down in April. Koos is an
inspiring and far-sighted leader. He can see around the next corner and he can spot a curve ball
coming. Naspers' transition has been huge and it started 30 years ago when Koos Bekker came
into my and Naspers' life.

I pay fullsome tribute to Koos and will be handing over the reins of this progressive, fantastic
and wonderful business to him with no qualms.

The Naspers group had a lively year with progress in several businesses. We reported robust
consolidated revenue growth of 26% at R62,7bn, driven by both our internet and pay-television
businesses. This growth was fuelled by development spend that increased 79% on 2013 to
R7,7bn - particularly for ecommerce and digital terrestrial television or DTT.

In line with our goal to invest in new ventures that will deliver value over the long term, we
continued to invest for organic growth and acquire new businesses in our fields of focus. By
investing in this ongoing expansion, core earnings growth was limited to around R8,6bn, similar
to last year.

While aggressively investing for the long term limits short-term earnings and cash flows, we
believe this strategy is sound. Our aim is to deliver value to our shareholders over time and to
contribute to the communities in which we operate.

Our recent performance underscores the soundness of this strategy. Despite the turbulence of
the past five years, Naspers has grown revenues, including our share of associates' results, at a
compound annual rate of some 25% over this period.

Globally, economic growth was variable over the past year, and each country and business in
our portfolio has its own uncertainties. However, a benefit of operating in multiple countries
and across more than one technology is that the aggregate risk profile is diminished.

The use of internet services continued to expand with the global internet population now
around 3bn - almost half the world's total population. The growth of mobile devices is an
important trend for the group. In some of our businesses, over 50% of total traffic now comes
from cellphones and tablets.

Ecommerce is taking market share from bricks-and-mortar commerce. Technologies such as
mobile apps, location-based services, barcode/product identification and image recognitions,
mobile payments and services will continue to drive ecommerce growth. Over the next decade,
ecommerce is expected to emerge as the largest section of the internet in most countries
around the world.

Our integrated report presents a balanced view of our economic, social, environmental and
governance activities for the year to 31 March 2014. Our intention is to extend Naspers's core
value of being useful to the communities we serve, while reflecting the key concerns of
stakeholders.

Breaking down our results by segment, our internet units recorded strong growth with this
segment increasing revenues by 65% to R57bn, although higher development spend restricted
trading profit growth to 8% or R6,6bn. Our internet activities are rapidly transforming
themselves into mobile-focused operations. Tencent performed well in a dynamic and highly
competitive Chinese market and, in Russia, Mail.ru reported good results with growth across all
major segments.

Revenues from our ecommerce activities rose 64% to R20,3bn. Given that ecommerce is an area
of expansion, development spend of R5,6bn resulted in the trading loss for this segment
widening to R5,3bn. We recorded strong organic expansion in our online retail operation, but
we are still some way off the appropriate scale. In our online classifieds businesses, we now own
and operate sites in some 40 countries in Eastern Europe, Asia, Africa, Latin America and the
Middle East and on our way to becoming a global leader. Our payments activities continued to
grow while we merged our businesses under a single operating unit and the PayU brand. PayU is
expected to become a meaningful business in coming years. We combined our price-comparison
operations across Latin America, Africa and Central and Eastern Europe into a global unit, with
encouraging growth in revenues.

Our pay-television business reported revenue growth of 20% to R36,3bn. Subscribers rose by
1,3m households, our largest ever, taking the base to over 8m homes across 50 countries in sub-
Saharan Africa. Investments in DTT and online services and local content resulted in trading
profits creeping up at a slower 13% to R8,5bn. DTT coverage expanded and at 31 March now
covered eight countries and 92 cities and is still growing. We continue to invest in our online
offering, expanding our services on mobile phones, tablets and computers and we launched an
improved personal video recorder, the DStv Explora.

Our print media segment had a tough year, with flat revenues and declining margins. Media24
managed revenue growth of 1%, but trading profit declined by 7%. Abril had a poor year, as
revenues declined and restructuring lagged. Our online/mobile media and news efforts have
delivered audience and engagement growth.

Governance and sustainability remain essential measures for our stakeholders. As a
multinational group, we are exposed to different risks in different jurisdictions. Accordingly, the
board conducts the group's business with integrity in all territories, applying appropriate
corporate governance policies and principles.

A disciplined reporting structure ensures the holding company board is informed of subsidiary
activities. Detailed strategies and business plans, covering the financial and non-financial
elements of operations, are regularly reviewed and management remuneration is linked to
performance and strategic objectives.

We continually evaluate areas where governance at corporate and subsidiary level can be
improved. In line with the requirements of the Companies Act, the social and ethics committee
for Naspers and its South African subsidiaries reports to shareholders each year via the
integrated report.

The broader regulatory environment continues to evolve. In Africa, countries are strengthening
broadcasting regulation and new competition legislation is being introduced. Elsewhere in the
world, internet regulation is also increasing. Naspers has the required licences to provide
services, subject to conditions that may change over time. Equally, our newspaper and magazine
businesses are subject to some regulatory impacts. Naspers's two main South African units,
MultiChoice and Media24, are complying with domestic black economic empowerment
requirements.

In essence, the sustainability of our group is determined by our ability to inform, entertain and
connect people, distribute media products, support ecommerce, sell advertising and develop
related technologies.

In line with our sustainable development policy, the group contributes to local communities in
which it operates. We also strive to minimise our impact on the environment. Some of our more
significant initiatives focus on education, skills development, entrepreneurial spirit, community
outreach and environmental sustainability. Most of these are implemented in partnership with
government, communities or other local organisations.

In the past year, the group paid 31% of the wealth we created to employees, and 27% to local
governments where we have operations. To fund our expansion and growth strategy, we rely on
investors and debt providers, who in turn are compensated by dividends, share price
appreciation and interest payments. This accounts for 12% of total earnings distributed. The
remaining 30% has been reinvested to ensure we maintain a sustainable group that enriches
people's lives, provides jobs to over 28 000 people (excluding associates and joint ventures) and
contributes to developing the countries in which we operate.

Moving to dividends
The board recommends that the annual gross dividend be increased 10% to 425c (previously
385c) per listed N ordinary share, and 85c (previously 77c) per unlisted A ordinary share. If you
confirm this today, dividends will be payable to shareholders recorded in the books on Friday,
19 September 2014 and paid on Monday, 22 September 2014.

On to directors
During the year, we announced several changes to the board. Our subsidiary MIH Holdings
Proprietary Limited had grown to comprise the vast majority of our market capitalisation and
large overlaps developed between the MIH and Naspers boards. As such, we decided to
reconfigure the Naspers board.

As part of this process, after many years of excellent service, Lourens Jonker, Neil van Heerden
and Lambert Retief and Prof Hein Willemse stepped down. Craig Enenstein, Don Eriksson,
Roberto Oliveira de Lima, Cobus Stofberg, Yuanhe Ma and Nolo Letele were appointed to the
board.

Bob van Dijk, who headed our ecommerce operations, was appointed chief executive of Naspers
in April 2014. With an MSc in econometrics from Erasmus University Rotterdam, and an MBA
from Insead in France, Bob's extensive international ecommerce experience in our key growth
field is expected to help us become one of the leading global players in this segment.


In June this year, Steve Pacak, executive director and chief financial officer, retired, but remains
an alternate non-executive director. Basil Sgourdos, formerly CFO of Naspers's subsidiary MIH,
succeeded him. Steve, fondly known in the group as "Mr Pay Check", had a distinguished career
and we thank him for his outstanding contribution to the group. Mark Sorour, head of mergers
and acquisitions, was appointed as an alternate director.

Balancing capable, experienced management with fresh talent has long been a hallmark of our
group and we look forward to a seamless transition to our new management team.

Members of the audit committee are Adv Fran du Plessis, Don Eriksson, Ben van der Ross and
Boetie van Zyl. We recommend that you reappoint these individuals as audit committee
members in compliance with the Companies Act.

You will also be asked to elect Prof Rachel Jafta, Prof Debra Meyer and Boetie van Zyl, who retire
by rotation.

Now a few achievements, career moves, retirements and more
Apart from the changes at board level already noted, there were several other notable changes
during the year.

As we expand our ecommerce group we have made several new key appointments. Larry Illg,
head of ecommerce operations, marketplaces and fashion, Peter de Caluwe, CEO payments,
Aileen O'Toole, Naspers head of human resources, Tim Hilpert Classifieds CEO for Europe,
Miguel Mascarenhas, the founder and CEO of Fixeads in Portugal, was promoted to Classifieds
global CTO. Eben Greyling decided to take some time out and we welcome Jim Volkwyn back
into our fold as head of payTV operations.

Nico Marais was promoted general manager finance for the Naspers group.

Retirements included André Coetzee, group legal counsel. Craig Opperman was appointed in his
stead.

Media24 had a number of retirements, many of whom served the company for more than 30
years:
John Relihan, CEO of Media24 Magazines, who served 37 years. Charlene Beukes, currently GM
of Weekly Magazines takes over from John and CEO of Media24 Magazines

Other retirees are:
Alida Potgieter, Publisher Human & Rousseau Fiction
Aldré Lategan, Publisher Children's books at NB Publishers
Tim du Plessis retired after 38 years at Media24 and joined kykNET.

Fred Mouton retired in February 2013 but still comes to the office every day, now working on a
contract basis. In this regard Die Burger has a remarkable record: only 3 cartoonists in the 99
years since the establishment of Naspers and Die Burger in 1915.
Martiens van Bart retired earlier this year, after some 35 years' service at Die Burger, as a
fearless champion for the preservation of the Cape cultural treasures - buildings, artefacts and
documents alike.

Anthony Stidolph: The Witness's political cartoonist - and the first person to hold such a
position in the paper's nearly 170-year history, is nearing retirement next month after a career
spanning nearly 30 years at the paper.


We are saddened by the passing of one of our most illustrious former directors, Jeff Malherbe
and Prof Russel Botman, Media24 Director and Rector and Vice Chancellor of Stellenbosch
University; Lappies Labuschagne erstwhile CEO of Tafelberg-Uitgewers died of cancer earlier
this year and also Ronnie van Wyk, one of the founders of M-Net.

The future for Naspers
Looking forward, our established businesses should in the aggregate remain cash flow positive,
profitable and growing.

As noted, our goal is to invest in new ventures that will deliver value over the long term. With
this in mind, we will continue to invest for organic growth and may also acquire new businesses
in our selected fields.

We believe that, through a combination of attractive markets and appealing customer product
offerings such as online classifieds, etail and DTT, we have a realistic prospect for growth over
the medium term.

Shareholders, I have been the custodian of Naspers in my role as chair for 22 years. It has been
quite an innings, rollicking at times, even hair-raising, never dull, and I trust you as shareholders
appreciate the value that has been unlocked.

Thank you for your sterling support, especially in the sometimes trying times when things did
not run according to expectations.

I specially wish to thank our very able, diligent and strict disciplinarian of a Group Secretary,
Gillian Kisbey-Green for guiding me at all levels to bring matters to a satisfactory conclusion.

It has been a great privilege, and I have been enriched by the lifetime experience of being
involved with Naspers For that I thank you as shareholders and my fellow and succeeding board
members through the years for the opportunity.

I thank you.

Contact:
Meloy Horn
Head of investor relations
Naspers
+27 11 289 3320
+27 82 772 7123
meloy.horn@naspers.com

Cape Town
29 August 2014

Sponsor: Investec Bank Ltd

Important Information:
The report may contain forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995.
Words such as ‘believe', ‘anticipate', ‘intend', ‘seek', ‘will', ‘plan', ‘could', ‘may', ‘endeavour' and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of identifying such statements. While these forward-
looking statements represent our judgements and future expectations, a number of risks, uncertainties and other important factors
could cause actual developments and results to differ materially from our expectations. These include factors that could adversely
affect our businesses and financial performance. We are not under any obligation to (and expressly disclaim any such obligation to)
update or alter our forward-looking statements, as a result of new information, future events or otherwise. Investors are cautioned
not to place undue reliance on any forward-looking statements in this report.
6

Date: 29/08/2014 01:00:00 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.
No Change Statement and Notice of AGM

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Shareholders are advised that the company's integrated annual report (including the
notice of the annual general meeting) and the annual financial statements for the year
ended 31 March 2014 will be posted on the company's website www.naspers.com
today 25 July 2014. There are no modifications to the audited results that were
published in the summarised annual financial statements (provisional report) on 23
June 2014.

PricewaterhouseCoopers Inc. audited the results contained in the summarised annual
financial statements and the annual financial statements of Naspers, and its reports are
available for inspection at the registered office of the company.

The notice of the annual general meeting was posted to shareholders today, 25 July
2014, and notice is hereby given that the 100th annual general meeting of the company
will be held at 11:15 on Friday 29 August 2014, on the 17th Floor of Naspers Centre,
40 Heerengracht in Cape Town, South Africa to transact business as stated in the notice
of the annual general meeting.


Cape Town
25 July 2014

Sponsor: Investec Bank Limited

Date: 25/07/2014 12:00:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')

Dealings in Securities

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-

Director of a major
subsidiary: Mr F Sampson
Major subsidiary: MultiChoice South Africa Holdings (Pty) Ltd
Transaction date: 17 July 2014
Nature of transaction: on market sale
Number of shares: 555 Naspers shares
Class of shares: N ordinary
Total value of transaction: R732 600,00
Average price per share: R1 320,00
Highest price per share: R1 320,00
Lowest price per share: R1 320,00
Date of vesting in the group
share-based incentive plan: Naspers share incentive scheme: 555 shares on 2
July 2014
Nature of transaction: Sale of vested shares held in Naspers Share Incentive
Trust by Mr Sampson.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
21 July 2014
Sponsor: Investec Bank Limited

Date: 21/07/2014 04:26:00 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.
Audited Results for the year ended 31 March 2014

NASPERS

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 6315121003

Provisional Report

Summary of the audited results of
the Naspers group for the year ended
31 March 2014

What type of business are we
building?
A multinational group of ecommerce and
media platforms.

Commentary
The Naspers group had a lively year with progress in several businesses. The financial results are detailed below, but
in summary we report robust consolidated revenue growth of 26%, driven by both the internet and pay-television
businesses. This growth was fuelled by development spend of R7,7bn - up 79% on last year - devoted particularly to
ecommerce and digital terrestrial television (DTT). As previously cautioned, this expansionary spend had the effect
of limiting core earnings to R8,6bn, approximately the same as last year.

Looking forward, our established businesses should continue to be in the aggregate cash flow positive, profitable
and growing. Our goal is to invest in new ventures that will deliver value over the long term. With this in mind, we
will continue to invest heavily for organic growth and may also acquire new businesses within our fields of focus. Our
belief is that, through a combination of attractive markets and appealing customer product offerings such as online
classifieds, etail and DTT, we have a realistic prospect for growth over the medium term.

Whilst aggressively investing for the long term limits short-term earnings and cash flows, we believe this strategy to
be sound. Our aim is to deliver superior value to our shareholders over time and to contribute to the communities in
which we operate.

FINANCIAL REVIEW
Consolidated revenues grew 26% to R62,7bn, boosted largely by growth in our internet businesses. Also influential
was a rand that depreciated by an average 19% over the period against a basket of our main operating currencies.
Expanding our ecommerce and DTT businesses resulted in development spend accelerating by 79% to R7,7bn
(2013: R4,3bn).

Net interest on borrowings increased to R1,261bn (2013: R636m), due both to the rand depreciation and increased
borrowings utilised to fund acquisitions and growth.

Tencent and Mail.ru reported strong growth. Our share of equity-accounted results includes once-off gains of R2,9bn
flowing from Mail.ru's sale of shares in Facebook and Qiwi, as well as gains from Tencent's merger of some of its
ecommerce businesses with JD.com and the sale of its interest in ChinaVision. These gains, being non-recurring, have
been excluded from core headline earnings.

An impairment charge of R1,6bn has been recognised in other gains/losses and relates mainly to the flash-sale fashion
businesses in our ecommerce segment, such as FashionDays, Brandsclub and Markafoni. These failed to achieve
targets and we impaired goodwill and other intangibles during the first half of the year. In addition, our associate
investment in Abril has been fully written down in the current year and is the main item included in impairment of
equity-accounted investments.

A rather theoretical dilution loss of R852m on our equity-accounted investments was booked, mainly stemming from
Tencent buying back its own shares.

For many years we have held our core headline earnings as the most reliable indicator of sustainable operating
performance. In the past year this measure was marginally higher at R8,6bn - R21,81 per N ordinary share. Free cash
flow for the period was an outflow of R349m - largely due to capex in DTT networks and the accelerated development
spend.

Consolidated balance sheet gearing stands at 23%, excluding transponder leases and non-interest bearing liabilities.

Any forecasts in this provisional report have not been audited, reviewed or reported on by the company's external
auditor.

SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus a proportionate consolidation of associated
companies and joint ventures.

Internet
Our internet units showed strong growth. In total, segment revenues are up 65% to R57bn. The ramp-up in
development spend resulted in slower trading profit growth of 8% to R6,6bn. Our internet activities are rapidly
transforming themselves into mobile-focused operations.

Tencent
Performed rather well in a dynamic and highly competitive Chinese market. A shift is occurring in user traffic from
PC to mobile devices, driving substantial changes across different sectors of the Chinese internet industry, including
communications, social networking, online games, media and ecommerce.

Tencent consolidated its leading position in communication and games in China, while strengthening its stance in
ecommerce. Revenue for the year was RMB60bn, up 38%, while non-GAAP profit attributable to shareholders was
19% higher at RMB17,1bn.

Core platforms QQ instant messaging (QQ IM), Qzone (the leading social networking service platform in China) and
Weixin (a next-generation communications service for smartphones) recorded solid growth. At 31 March 2014, QQ IM
had 848m monthly active user accounts and 200m peak concurrent active user accounts; Qzone had 644m monthly
user accounts; Weixin, known as WeChat internationally, had a combined 396m monthly active users and enjoys an
excellent market position in China, evolving from a pure communications service into a multifunctional platform.

In the PC gaming market, Tencent published six of the top ten games in China, while Riot Games' League of Legends
enjoyed growth in international markets. Revenue from online games and social networks also benefited from
smartphone mobile games integrated into the mobile QQ and Weixin platforms.

Two transactions will augment Tencent's search and ecommerce businesses:
- In a strategic partnership with Sohu, Tencent invested in and merged its SoSo search business and certain other
assets with Sogou in return for a 36,5% interest.
- During March 2014, Tencent merged the Paipai consumer-to-consumer (C2C) and Wanggou business-to-consumer
(B2C) marketplace businesses into JD.com in return for a 15% interest. A strategic cooperation agreement was
also finalised, which will see Tencent further support the growth of JD.com.

Mail.ru
Reported good results with growth across all major segments. Revenue for 2013 was RUB27bn, up 30% year on year,
while group aggregate net profit rose 36% to RUB11,4bn.

Mail.ru saw expansion of contextual advertising revenue as it continued to replace general display ads with targeted
advertising. Online games and internet value-added services (IVAS) performed well. Revenue for massive multiplayer
online games grew 41% year on year to RUB6,7bn, with Warface gaining traction in both users and revenue. IVAS
grew 29% year on year to RUB8,7bn. Monthly paying users reached 7,6m. Throughout 2013 numerous products were
updated and new products launched, including cloud-based services.

Ecommerce
Revenues from all our ecommerce activities over the past year grew well and increased 64% to R20,3bn. Ecommerce
is an area of expansion and we incurred development spend here of some R5,6bn. As a consequence, the trading loss
for this segment widened to R5,3bn.

The Allegro marketplace business and some classified and price-comparison businesses delivered improving
profitability. We expanded our online retail operation, which also recorded strong organic expansion.

A focus of attention was online classifieds, where we own and operate sites in some 40 countries in Eastern Europe,
Asia, Africa, Latin America (LatAm) and the Middle East. Talent and execution were improved.

Progress on this front produced 429m daily page views across various classifieds sites, an increase of 200%, with
mobile traffic and engagement lifting. Several markets evidenced higher traction and growth ahead of competitors.
We are stepping up investments to capitalise on this momentum.

Our payments businesses delivered growth. Experienced leadership was introduced in several positions. We hope to
grow this into a meaningful business in coming years.

Our price-comparison business saw growth in revenues. The units across LatAm, Africa, and Central and Eastern
Europe were combined into a global unit.

Pay television
Our pay-television business reported growth in revenues. Subscriber numbers are up by 1,3m households, taking the
base to over 8m homes across 50 countries in sub-Saharan Africa.

Revenues grew by 20% to R36,3bn. Investments in DTT services resulted in trading profits creeping up at a slower
13% to R8,5bn. DTT coverage has been expanded and now covers eight countries and 92 cities.

We continue to invest in our online offering, expanding our services on mobile phones, tablets and computers, and
launched an improved personal video recorder.

Print media
The print media segment experienced a tough year with flat revenues and declining margins. Media24 managed
small revenue growth of 1%, but trading profit declined by 7%. Abril had a poor year, as revenues declined and
restructuring lagged. Our online/mobile media and news efforts have seen audience and engagement growth.

DIVIDEND NUMBER 85
The board recommends that the annual gross dividend be increased by 10% to 425c (previously 385c) per listed
N ordinary share, and 85c (previously 77c) per unlisted A ordinary share. If confirmed by shareholders at the
annual general meeting on 29 August 2014, dividends will be payable to shareholders recorded in the books on
Friday 19 September 2014 and will be paid on Monday 22 September 2014. The last date to trade cum dividend
will be on Friday 12 September 2014 (the shares therefore to trade ex dividend from Monday 15 September 2014).
Share certificates may not be dematerialised or rematerialised between Monday 15 September 2014 and Friday
19 September 2014, both dates inclusive.

The dividend will be declared from income reserves. No STC credits are available for use as part of this declaration.
The dividend will therefore be subject to the dividend tax rate of 15%, yielding a net dividend of 361,25c per listed
N ordinary share and 72,25c per unlisted A ordinary share to those shareholders not exempt from paying dividend
tax. Such dividend tax will amount to 63,75c per listed N ordinary share and 12,75c per unlisted A ordinary share.
The issued ordinary share capital as at 20 June 2014 is 416 812 759 N ordinary shares and 712 131 A ordinary shares.
The company's income tax reference number is 9550138714.

DIRECTORATE
As previously reported, Steve Pacak (financial director) will retire on 30 June 2014, but will remain on the board as a
non-executive director. Basil Sgourdos, presently CFO of Naspers, will succeed him and will be appointed to the board
as financial director effective 1 July 2014.

PREPARATION OF THE PROVISIONAL REPORT
The preparation of the financial results was supervised by our financial director, Steve Pacak, CA(SA). These results
were made public on 23 June 2014.

On behalf of the board

Ton Vosloo Bob van Dijk
Chair Chief executive
Cape Town
23 June 2014

Revenue
Year ended 31 March
2014 2013
Segmental (Restated) %
review R'm R'm change
Internet 57 018 34 587 65
- Tencent 34 256 20 532 67
- Mail.ru 2 407 1 669 44
- Ecommerce 20 355 12 386 64
Pay television 36 271 30 257 20
Print 11 692 11 932 (2)
Segment revenue 104 981 76 776 37
Less: Equity-accounted investments (42 253) (26 907) 57
Consolidated 62 728 49 869 26



EBITDA
Year ended 31 March
2014 2013
Segmental (Restated) %
review R'm R'm change
Internet 8 540 7 389 16
- Tencent 12 232 8 603 42
- Mail.ru 1 286 895 44
- Ecommerce (4 978) (2 109) amp;gt;(100)
Pay television 10 370 8 933 16
Print 1 073 1 167 (8)
Corporate services (150) (138) -
Segment EBITDA 19 833 17 351 14
Less: Equity-accounted investments (13 442) (9 565) 41
Consolidated 6 391 7 786 (18)
EBITDA refers to earnings before interest, tax, depreciation and amortisation.



Trading profit
Year ended 31 March
2014 2013
Segmental (Restated) %
review R'm R'm change
Internet 6 638 6 163 8
- Tencent 10 792 7 702 40
- Mail.ru 1 175 798 47
- Ecommerce (5 329) (2 337) amp;gt;(100)
Pay television 8 520 7 559 13
Print 606 743 (18)
Corporate services (151) (139) -
Segment trading profit 15 613 14 326 9
Less: Equity-accounted investments (11 707) (8 414) 39
Consolidated 3 906 5 912 (34)

Year ended Year ended
31 March 31 March
2014 2013
Reconciliation of trading profit (Restated)
to operating profit R'm R'm
Trading profit 3 906 5 912
Finance cost on transponder leases 356 231
Amortisation of intangible assets (711) (996)
Other gains/(losses) - net (1 320) (735)
Retention option expense (132) (138)
Equity-settled share-based charge (81) (175)
Operating profit 2 018 4 099


Note: For a reconciliation of operating profit to profit before taxation, refer to the "Consolidated income statement".

Year ended Year ended
31 March 31 March
2014 2013
Consolidated (Restated) %
income statement Note R'm R'm change
Revenue 62 728 49 869 26
Cost of providing services and sale of goods (35 416) (27 676)
Selling, general and administration expenses (23 974) (17 359)
Other gains/(losses) - net (1 320) (735)
Operating profit 2 018 4 099 (51)
Interest received 6 606 443
Interest paid 6 (2 466) (1 495)
Other finance income/(costs) - net 6 (267) (258)
Share of equity-accounted results 7 10 835 8 778
- excluding net gain on disposal of investments 7 906 6 130 29
- net gain on disposal of investments 2 929 2 648
Impairment of equity-accounted investments (1 201) (2 137)
Dilution losses on equity-accounted investments (852) (96)
Gains/(losses) on acquisitions and disposals 751 (53)
Profit before taxation 8 9 424 9 281 2
Taxation (2 895) (2 533)
Profit for the year 6 529 6 748 (3)
Attributable to:
Equity holders of the group 5 751 6 047
Non-controlling interest 778 701
6 529 6 748
Core headline earnings for the year (R'm) 5 8 616 8 533 1
Core headline earnings per N ordinary share (cents) 2 181 2 216 (2)
Fully diluted core headline earnings per
N ordinary share (cents) 2 125 2 164 (2)
Headline earnings for the year (R'm) 5 5 981 6 630 (10)
Headline earnings per N ordinary share (cents) 1 514 1 722 (12)
Fully diluted headline earnings per N ordinary
share (cents) 1 475 1 681 (12)
Earnings per N ordinary share (cents) 1 456 1 570 (7)
Fully diluted earnings per N ordinary share (cents) 1 418 1 533 (8)
Net number of shares issued ('000)
- at year-end 397 625 394 272
- weighted average for the year 395 078 385 064
- fully diluted weighted average 405 469 394 365


Year ended Year ended
31 March 31 March
2014 2013
Condensed consolidated (Restated)
statement of comprehensive income R'm R'm
Profit for the year 6 529 6 748
Total other comprehensive income, net of tax, for the year* 6 727 1 527
Translation of foreign operations 4 910 5 292
Fair value losses (7) -
Cash flow hedges (204) 237
Share of other comprehensive income and reserves of equity-accounted
investments 1 951 (3 946)
Tax on other comprehensive income 77 (56)
Total comprehensive income for the year 13 256 8 275
Attributable to:
Equity holders of the group 12 492 7 463
Non-controlling interest 764 812
13 256 8 275


* These components of other comprehensive income may subsequently be reclassified to profit or loss, except for
R552m (2013: R401m) included in the Share of equity-accounted investments' other comprehensive income and
reserves.

Year ended Year ended
31 March 31 March
2014 2013
Condensed consolidated (Restated)
statement of changes in equity R'm R'm
Balance at beginning of the year 55 853 49 576
Changes in share capital and premium
Movement in treasury shares (17) (1 695)
Share capital and premium issued 1 293 2 067
Changes in reserves
Total comprehensive income for the year 12 492 7 463
Movement in share-based compensation reserve 487 441
Movement in existing control business combination reserve (340) (700)
Movement in valuation reserve - 39
Direct retained earnings movements 23 (98)
Dividends paid to Naspers' shareholders (1 526) (1 291)
Changes in non-controlling interest
Total comprehensive income for the year 764 812
Dividends paid to non-controlling shareholders (1 142) (1 180)
Movement in non-controlling interest in reserves 318 419
Balance at end of year 68 205 55 853
Comprising:
Share capital and premium 16 337 15 061
Retained earnings 31 971 27 723
Share-based compensation reserve 5 082 4 006
Existing control business combination reserve (1 065) (688)
Hedging reserve (262) (175)
Valuation reserve 3 005 1 623
Foreign currency translation reserve 11 085 6 191
Non-controlling interest 2 052 2 112
Total 68 205 55 853


Year ended Year ended
31 March 31 March
2014 2013
Condensed consolidated statement (Restated)
of financial position Note R'm R'm
Assets
Non-current assets 100 212 76 120
Property, plant and equipment 17 053 13 716
Goodwill 9 25 811 21 593
Other intangible assets 5 702 4 802
Investments in associates 10 47 755 32 767
Investments in joint ventures 10 1 727 620
Investments and loans 10 1 193 1 808
Derivatives 2 72
Deferred taxation 969 742
Current assets 28 390 27 143
Inventory 2 882 1 936
Programme and film rights 1 979 1 868
Trade receivables 4 849 4 042
Other receivables and loans 4 807 3 149
Derivatives 209 449
Cash and cash equivalents 13 664 15 653
28 390 27 097
Non-current assets held-for-sale - 46
Total assets 128 602 103 263
Equity and liabilities
Share capital and reserves 66 153 53 741
Share capital and premium 16 337 15 061
Other reserves 17 845 10 957
Retained earnings 31 971 27 723
Non-controlling shareholders' interest 2 052 2 112
Total equity 68 205 55 853
Non-current liabilities 36 549 29 176
Capitalised finance leases 6 768 5 868
Liabilities - interest-bearing 12 27 395 20 571
- non-interest-bearing 452 276
Post-employment medical liability 176 161
Derivatives 364 972
Deferred taxation 1 394 1 328
Current liabilities 23 848 18 234
Current portion of long-term debt 2 628 2 296
Trade payables 5 318 4 107
Accrued expenses and other current liabilities 13 981 10 228
Derivatives 840 180
Bank overdrafts and call loans 1 081 1 423
Total equity and liabilities 128 602 103 263
Net asset value per N ordinary share (cents) 16 637 13 630


Year ended Year ended
31 March 31 March
2014 2013
Condensed consolidated (Restated)
statement of cash flows R'm R'm
Cash flow generated from operating activities 3 274 10 035
Cash flow utilised in investing activities (8 036) (6 409)
Cash flow generated from financing activities 2 114 1 286
Net movement in cash and cash equivalents (2 648) 4 912
Foreign exchange translation adjustments 1 001 670
Cash and cash equivalents at beginning of the year 14 230 8 648
Cash and cash equivalents at end of the year 12 583 14 230


Notes to the summarised consolidated financial results
1. General information
The principal activities of Naspers and its operating subsidiaries, joint ventures and associated
companies (collectively "the group") are the operation of media and internet platforms. Our principal
operations are in ecommerce and other internet services, pay-television services and print media.

2. Basis of presentation and accounting policies
The provisional report is prepared in accordance with the requirements of the JSE Limited Listings
Requirements and the South African Companies Act No 71 of 2008. The listings requirements require
provisional reports to be prepared in accordance with the framework concepts, the measurement and
recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee, and Financial Pronouncements as
issued by the Financial Reporting Standards Council, and also to, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the consolidated financial statements from which
the condensed consolidated provisional financial statements were derived, are in terms of IFRS and are,
except as noted below, also consistent with those applied in the previous annual financial statements.
The group's reportable segments reflect those components of the group that are regularly reviewed by
the chief executive officer and other senior executives, who make strategic decisions in accordance with
IFRS 8 Operating Segments. The group proportionately consolidates its share of the results of its
associated companies and joint ventures in the various reportable segments. This is considered to be more
reflective of the economic value of these investments.

The group aggregated the previously reported "other internet" segment with the ecommerce segment as
these segments are now considered to have similar economic characteristics and meet the aggregation criteria
of IFRS 8. Comparative information has been restated accordingly.
Trading profit excludes amortisation of intangible assets (other than software), equity-settled share scheme
charges, 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 that it is a useful measure for
shareholders of the group's sustainable operating performance. However, this is not a defined term under IFRS
and may not be comparable with similarly titled measures reported by other companies.

3. Independent audit
The annual financial statements have been audited by the company's auditor, PricewaterhouseCoopers Inc.,
whose unqualified audit reports on the annual financial statements and provisional report are available
for inspection at the registered office of the company. The auditor's report does not necessarily cover
all of the information contained in this provisional report. Shareholders are therefore advised that in
order to obtain a full understanding of the nature of the auditor's work, they should obtain a copy of
that report, together with the annual financial statements, from the registered office of the company.
The annual financial statements, together with the integrated report, will be available on www.naspers.com
on or about 31 July 2014.

4. Changes in accounting policies
The group has adopted all new and amended accounting pronouncements as issued by the International
Accounting Standards Board (IASB), which were effective for financial years commencing on 1 April 2013.
The following key new pronouncements have been adopted:

IFRS 10 Consolidated Financial Statements
IFRS 10 replaces the consolidation and control guidance previously contained in IAS 27 Consolidated and
Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities. The application of IFRS 10 did
not result in any changes in the consolidation status of the group's subsidiaries and consequently no changes to
the group's consolidated financial results.

IFRS 13 Fair Value Measurement
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a
single source of fair value measurement and disclosure requirements for use across IFRS. IFRS 13 was adopted
and applied prospectively and it was assessed that the adoption did not result in any material impact on the
financial results of the group.

IFRS 11 Joint Arrangements
IFRS 11 replaces the guidance previously contained in IAS 31 Interests in Joint Ventures and SIC-13 Jointly
Controlled Entities - Non-Monetary Contributions by Venturers. Significantly, IFRS 11 requires all interests in joint
ventures to be accounted for under the equity method. The group previously accounted for its interests in joint
ventures by applying proportionate consolidation - a line-by-line consolidation of the group's share of the results
of the joint ventures.

The group has applied IFRS 11 on a fully retrospective basis by accounting for joint ventures in terms of the
equity method from the beginning of the earliest period presented in this provisional report, 1 April 2012.
The impact of the adoption of IFRS 11 on the group's consolidated financial results is illustrated below (the
application of IFRS 11 did not have a significant impact on the statement of comprehensive income).

Year ended 31 March 2013
Change in
Previously accounting
reported policy Restated
Consolidated income statement R'm R'm R'm
Revenue 50 249 (380) 49 869
Cost of providing services and sale of goods (27 852) 176 (27 676)
Selling, general and administration expenses (17 751) 392 (17 359)
Other gains/(losses) - net (831) 96 (735)
Operating profit 3 815 284 4 099
Interest received 433 10 443
Interest paid (1 501) 6 (1 495)
Other finance income/(costs) - net (248) (10) (258)
Share of equity-accounted results 9 001 (223) 8 778
- excluding net gain on disposal of investments 6 359 (229) 6 130
- net gain on disposal of investments 2 642 6 2 648
Impairment of equity-accounted investments (2 057) (80) (2 137)
Dilution losses on equity-accounted investments (96) - (96)
Losses on acquisitions and disposals (47) (6) (53)
Profit before taxation 9 300 (19) 9 281
Taxation (2 552) 19 (2 533)
Profit for the year 6 748 - 6 748
Condensed consolidated statement
of cash flows
Cash flow generated from operating activities 9 845 190 10 035
Cash flow utilised in investing activities (6 213) (196) (6 409)
Cash flow generated from financing activities 1 280 6 1 286
Net movement in cash and cash equivalents 4 912 - 4 912
Foreign exchange translation adjustments 687 (17) 670
Cash and cash equivalents at beginning of the year 8 791 (143) 8 648
Cash and cash equivalents at end of the year 14 390 (160) 14 230


Year ended 31 March 2013 As at 1 April 2012

Condensed Change in Change in
consolidated Previously accounting Previously accounting
statement of reported policy Restated reported policy Restated
financial position R'm R'm R'm R'm R'm R'm
Assets
Non-current assets 76 109 11 76 120 62 037 (26) 62 011
Property, plant and equipment 13 810 (94) 13 716 8 879 (115) 8 764
Goodwill and other intangible
assets 26 440 (45) 26 395 21 768 (175) 21 593
Investments in associates and
joint ventures 33 150 237 33 387 28 095 366 28 461
Investments and loans 1 891 (83) 1 808 2 564 (97) 2 467
Derivatives 72 - 72 86 - 86
Deferred taxation 746 (4) 742 645 (5) 640
Current assets 27 427 (284) 27 143 19 241 (250) 18 991
Inventory 1 941 (5) 1 936 1 238 (7) 1 231
Programme and film rights 1 868 - 1 868 1 522 - 1 522
Trade and other receivables
and loans 7 310 (119) 7 191 5 935 (100) 5 835
Derivatives 449 - 449 85 - 85
Cash and cash equivalents 15 813 (160) 15 653 9 825 (143) 9 682
27 381 (284) 27 097 18 605 (250) 18 355
Non-current assets
held-for-sale 46 - 46 636 - 636
Total assets 103 536 (273) 103 263 81 278 (276) 81 002
Total equity 55 853 - 55 853 49 576 - 49 576
Non-current liabilities 29 192 (16) 29 176 17 845 (41) 17 804
Long-term liabilities 26 720 (5) 26 715 15 552 (25) 15 527
Post-employment medical
liability 164 (3) 161 139 (2) 137
Derivatives 972 - 972 839 - 839
Deferred taxation 1 336 (8) 1 328 1 315 (14) 1 301
Current liabilities 18 491 (257) 18 234 13 857 (235) 13 622
Current portion of long-term
debt 2 298 (2) 2 296 1 613 (3) 1 610
Trade payables 4 179 (72) 4 107 2 865 (72) 2 793
Accrued expenses and other
current liabilities 10 411 (183) 10 228 7 981 (160) 7 821
Derivatives 180 - 180 206 - 206
Bank overdrafts and call loans 1 423 - 1 423 1 034 - 1 034
18 491 (257) 18 234 13 699 (235) 13 464
Liabilities classified as
held-for-sale - - - 158 - 158
Total equity and liabilities 103 536 (273) 103 263 81 278 (276) 81 002


5. Headline and core headline earnings
Year ended Year ended
31 March 31 March
2014 2013
Calculation of headline (Restated)
and core headline earnings R'm R'm
Profit attributable to equity holders of the group 5 751 6 047
Adjusted for:
- insurance proceeds - (2)
- impairment of property, plant and equipment and other assets 112 97
- impairment of goodwill and intangible assets 1 461 588
- (profit)/loss on sale of property, plant and equipment and
intangible assets (58) 17
- gains on acquisitions and disposals of investments (45) (11)
- remeasurement of previously held interest (700) -
- dilution losses on equity-accounted investments 852 96
- remeasurements included in equity-accounted earnings (2 447) (2 278)
- impairment of equity-accounted investments 1 201 2 137
6 127 6 691
Total tax effects of adjustments (81) (29)
Total adjustment for non-controlling interest (65) (32)
Headline earnings 5 981 6 630
Adjusted for:
- equity-settled share-based charges 1 120 850
- reversal/(recognition) of deferred tax assets 58 (195)
- special dividend income - (423)
- taxation adjustment - (191)
- amortisation of intangible assets 1 385 1 403
- fair value adjustments and currency translation differences (47) 273
- retention option expense 128 135
- business combination (profits)/losses (9) 51
Core headline earnings 8 616 8 533
6. Interest received/(paid)
Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Interest received 606 443
- loans and bank accounts 456 408
- other 150 35
Interest paid (2 466) (1 495)
- loans and overdrafts (1 717) (1 044)
- transponder leases (356) (231)
- other (393) (220)
Other finance income/(cost) - net (267) (258)
- net foreign exchange differences and fair value adjustments
on derivatives (344) (383)
- preference dividends received 77 125


7. Equity-accounted results
The group's equity-accounted associated companies and joint ventures contributed to the
consolidated financial results as follows:


Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Share of equity-accounted results 10 835 8 778
- sale of assets (19) -
- sale of investments (2 929) (2 648)
- impairment of investments 532 348
- gains on acquisitions and disposals - (8)
Contribution to headline earnings 8 419 6 470
- amortisation of intangible assets 897 692
- equity-settled share scheme charges 987 675
- business combination costs - 13
- special dividend income - (423)
- taxation adjustment - (191)
- fair value adjustments and currency translation differences (181) (61)
- reversal/(recognition) of deferred tax assets 35 (195)
Contribution to core headline earnings 10 157 6 980
Tencent 9 724 6 652
Mail.ru 911 652
Abril (110) (69)
Other (368) (255)


8. Profit before taxation
Apart from the items detailed above, profit before taxation has been determined after taking
into account, inter alia, the following:

Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Depreciation of property, plant and equipment 1 942 1 493
Amortisation 898 1 146
- intangible assets 711 996
- software 187 150
Other gains/(losses) - net (1 320) (735)
- profit/(loss) on sale of property, plant and equipment
and intangible assets 58 (17)
- impairment of goodwill and intangible assets (1 461) (588)
- impairment of property, plant and equipment and other assets (112) (97)
- insurance proceeds - 2
- fair value adjustment of financial instruments 195 (35)
Gains/(losses) on acquisitions and disposals 751 (53)
- profit on sale of investments 44 68
- losses recognised on loss of control transactions - (44)
- remeasurement of contingent consideration 48 13
- acquisition-related costs (41) (73)
- remeasurement of previously held interest 700 -
- other - (17)


9. Goodwill
Goodwill arises on the acquisition of interests in subsidiaries and is subject to an
annual impairment assessment.
Movements in the group's goodwill for the year are detailed below:

Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Goodwill
- cost 24 077 19 610
- accumulated impairment (2 484) (1 873)
Opening balance 21 593 17 737
- foreign currency translation effects 3 226 2 103
- acquisitions 2 003 2 423
- disposals (18) (164)
- impairment (993) (506)
Closing balance 25 811 21 593
- cost 29 405 24 077
- accumulated impairment (3 594) (2 484)


10. Investments and loans
The following relates to the group's investments and loans as at the end of the reporting period:

Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Investments and loans 50 675 35 195
- listed investments 44 194 29 157
- unlisted investments and loans 6 481 6 038


11. Commitments
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.


Year ended Year ended
31 March 31 March
2014 2013
(Restated)
R'm R'm
Commitments 22 417 18 073
- capital expenditure 740 1 064
- programme and film rights 17 701 13 559
- network and other service commitments 1 530 1 158
- transponder leases 424 399
- operating lease commitments 1 413 1 333
- set-top box commitments 609 560


12. Issue of listed bond, and repayment of existing facilities
The group issued a seven-year US$1bn international bond in July 2013. The bond matures in July 2020 and
carries a fixed interest rate of 6% per annum. The proceeds were used to partly pay down an offshore
revolving credit facility.


13. Business combinations and other acquisitions
In June 2013 the group's subsidiary MIH India Global Internet Limited (MIH India) acquired a 100% interest
in redBus, an Indian online ticketing platform. The fair value of the total purchase consideration was
R1bn in cash.
The purchase price allocation: property, plant and equipment R4m; intangible assets R354m; cash R29m and
restricted cash R96m; trade and other receivables R27m; trade and other payables R41m; deferred tax
liability R114m and the balance to goodwill.

During June 2013 the option to subscribe for new shares in MIH India held by Tencent Holdings Limited
expired. MIH India operates ecommerce platforms under the ibibo brand. In terms of IFRS 10 the group
exercised control over MIH India from the date that the option expired. The group previously accounted for
MIH India as a joint venture. The fair value of the total deemed purchase consideration was R321m, being the
acquisition date fair value of the interest held in MIH India. A gain of R274m has been recognised as a
result of remeasuring to fair value the existing interest in MIH India. The purchase price allocation:
property, plant and equipment R5m; intangible assets R162m; cash R71m; trade and other receivables R64m;
trade and other payables R78m; deferred tax liability R51m and the balance to goodwill.

In July 2013 the group acquired an additional interest of 28,6% in Dubizzle, an online classifieds platform
centred on Dubai. The group's total interest in Dubizzle increased to 53,6% and the group now accounts for
Dubizzle as a subsidiary. The fair value of the total purchase consideration was R939m, consisting of R477m
in cash for the additional interest and R462m being the acquisition date fair value of the existing interest
held in Dubizzle. The purchase price allocation: property, plant and equipment R2m; intangible assets R381m;
cash R231m; trade and other receivables R16m; trade and other payables R37m and the balance to goodwill.
A non-controlling interest of R252m was recognised at the acquisition date. A gain of R231m has been recognised
as a result of remeasuring to fair value the group's existing interest in Dubizzle before the acquisition of
the additional interest.

The main factor contributing to the goodwill recognised in these acquisitions is their market presence. This
goodwill is not expected to be deductible for income tax purposes. The non-controlling interest was measured
using the proportionate share of the identifiable net assets.

The group made various smaller acquisitions with a combined cost of R270m. Total acquisition-related costs
of R41m were recorded in "Gains/(losses) on acquisitions and disposals" in the income statement. Had the
revenues and net results of redBus and Dubizzle been included from 1 April 2013, it would not have had a
significant effect on the group's consolidated revenue and net results.

The following investments in associated companies and joint ventures were made:

In June 2013 the group acquired an additional 6,1% interest in Souq Group Limited, an online retailer,
marketplace and payment platform business, with operations in the UAE, Saudi Arabia, Egypt and Kuwait,
for R296m in cash.
During March 2014 the group acquired a further interest of 11,8% in Souq Group Limited for R911m in cash.
The group now has a 47,6% interest in Souq Group Limited.

In July 2013 the group acquired an additional 8,6% interest in Flipkart Private Limited, a leading ecommerce
site in India, for R1 376m in cash. During May 2014 the group invested a further R543m in cash in Flipkart.
The group now has a 17,7% interest in Flipkart on a fully diluted basis.

In February 2014 the group acquired 26,1% in SimilarWeb Limited, an online analytics provider,
for R155m in cash.

The group has a 22,5% interest in SimilarWeb on a fully diluted basis.
During February 2014 the group acquired a 30,7% interest for R200m in cash in Neralona Investments Limited,
trading as eSky.ru, an online children's goods retailer in Russia.

The above acquisitions were primarily funded through the utilisation of existing credit facilities.


14. Financial instruments
The information below analyses the group's financial instruments, which are carried at fair value at each
reporting period, by level of the hierarchy as required by IFRS 7 and IFRS 13.

Fair value measurements at 31 March 2014 using:

Quoted prices
in active
markets for Significant
identical other Significant
assets observable unobservable
or liabilities inputs inputs
(Level 1) (Level 2) (Level 3)
R'm R'm R'm
Assets
Available-for-sale investments 120 - -
Foreign exchange contracts - 210 -
Interest rate swaps - 1 -
Liabilities
Foreign exchange contracts - 66 -
Shareholders' liabilities - - 806
Earn-out obligations - - 263
Interest rate swaps - 332 -
There have been no transfers between level one, two or three during the period, nor were there any
significant changes to the valuation techniques and inputs used to determine fair values.

Financial instruments for which fair value is disclosed:
Carrying
value Fair value Level 1 Level 2 Level 3
31 March 2014 R'm R'm R'm R'm R'm
Financial liabilities
Loans from non-controlling
shareholders 480 478 - - 478
Capitalised finance leases 7 277 7 074 - - 7 074
Publicly traded bonds 17 784 19 706 - 19 706 -

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

Reconciliation of level 3 financial liabilities
The following table presents the changes in level 3 instruments Shareholders' Earn-out
for the period ending 31 March 2014: liabilities obligations
R'm R'm
Opening balance at 1 April 2013 704 185
Total gains in profit or loss (145) (13)
Issues 284 155
Settlements (82) (91)
Foreign currency translation effects 45 27
Closing balance at 31 March 2014 806 263

The fair value of shareholders' liabilities is determined using a discounted cash flow model.
Business specific adjusted discount rates are applied to estimated future cash flows. For earn-out obligations,
current forecasts of the extent to which management believe 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
two financial instruments is determined with the use of exchange rates quoted in an active market and interest
rate extracts from observable yield curves.

15. Events after the reporting period
Subsequent to year-end, the group invested a further R543m in cash in Flipkart.

Naspers Limited
(Registration number: 1925/001431/06)
("Naspers")
JSE share code: NPN ISIN: ZAE000015889
LSE share code: NPSN ISIN: US 6315121003


Directors
T Vosloo (chair), B van Dijk (chief executive), C L Enenstein, D G Eriksson, F-A du Plessis,
R C C Jafta, F L N Letele, Y Ma, D Meyer, R Oliveira de Lima, S J Z Pacak, T M F Phaswana,
J D T Stofberg, B J van der Ross, J J M van Zyl

Alternate director
M R Sorour

Company secretary
G Kisbey-Green

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

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


ADR programme
Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers Limited. For additional information,
please visit the 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 -
GlobalBuyDIRECTTM, Church Street Station, PO Box 11258, New York, NY 10286-1258, USA.


Important information
The report contains forward-looking statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour"
and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means
of identifying such statements. While these forward-looking statements represent our judgements and future
expectations, a number of risks, uncertainties and other important factors could cause actual developments and
results to differ materially from our expectations. These include factors that could adversely affect our businesses
and financial performance. We are not under any obligation to (and expressly disclaim any such obligation to) update
or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Investors
are cautioned not to place undue reliance on any forward-looking statements contained herein.

What service do we provide for our
users?
Trading opportunities, entertainment,
information, gaming and access to
friends, wherever they are.

NASPERS
www.naspers.com

Sponsor: Investec Bank Limited
Date: 23/06/2014 07:05:00 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.
Appointment of Alternate Director

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")



APPOINTMENT OF AN ALTERNATE DIRECTOR



Shareholders are advised that with effect from 16 April 2014 Mark Sorour, Head of Mergers and
Acquisitions, has been appointed an Alternate Director to an Executive Director of Naspers.

Mark Sorour is a qualified chartered accountant. He previously held various positions in the Audit
and Corporate Finance divisions of PricewaterhouseCoopers Inc., and spent several years as an
Investment Banker before joining Naspers subsidiary MIH Holdings in 1994. Mark has held
several Corporate Finance and Business Development positions in the Naspers group.

Cape Town
17 April 2014

Sponsor: Investec Bank Limited




1

Date: 17/04/2014 05:00:00 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.
Change in management of PAY- TV SEGMENT

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


CHANGE IN MANAGEMENT OF PAY-TV SEGMENT



Mr Eben Greyling, CEO of Naspers's pay-TV segment has decided to take a break and pursue
new interests after more than 18 years with the group.

Eben has been instrumental in building the group's successful pay-TV businesses across the
continent. Under his leadership over the last five years the subscriber base and turnover of the
pay-TV businesses more than doubled. He has made a great contribution and delivered a sterling
service to the group. The board wishes him all the best as he takes a break to prepare for the next
phase of his career.

Mr Jim Volkwyn, previous head of the group's pay-TV segment, will take over the reins from 1
April 2014.

More information on the group is available on the website www.naspers.com.

Cape Town
1 April 2014
Sponsor: Investec Bank Limited




1

Date: 01/04/2014 08:30:00 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.
Notification of interest in shares

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")


NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND
SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS


In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the Act"), and section
3.83(b) of the JSE Listings Requirements, holders of N ordinary shares in the Company are advised
that Dodge & Cox, has disposed of a beneficial interest in N ordinary shares of the Company ("the
securities"), such that all its beneficial interests of the securities of the Company amount to 4,88% of
the total number of N ordinary shares in issue.

Naspers hereby confirms that it has received the required notice from Dodge & Cox in terms of
Section 122(1) of the Act. As required in terms of section 122(3) (a) of the Act, Naspers has filed the
required notice with the Takeover Regulation Panel.


Cape Town
4 March 2014

Sponsor: Investec Bank Limited

Date: 04/03/2014 04:00:00 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.
Dealing in securities by a Director

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director: Mr F L N Letele
Company: Naspers Limited
Transaction date: 27 February 2014
Nature of transaction: on market sale
Number of shares: 4 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R5 336 000,00
Average price per share: R1 334,00
Highest price per share: R1 334,00
Lowest price per share: R1 334,00
Nature of transactions: Sale of shares held by Mr Letele
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Cape Town
3 March 2014

Sponsor: Investec Bank Limited

Date: 03/03/2014 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.
Notification of Interest in Shares

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")


NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND
SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS


In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the Act"), and section
3.83(b) of the JSE Listings Requirements, holders of N ordinary shares in the Company are advised
that Coronation Asset Management (Pty) Ltd on behalf of its clients, has disposed of a beneficial
interest in N ordinary shares of the Company ("the securities"), such that all its beneficial interests of
the securities of the Company amount to 4,96% of the total number of N ordinary shares in issue.

Naspers hereby confirms that it has received the required notice from Coronation Asset Management
(Pty) Ltd on behalf of its clients in terms of Section 122(1) of the Act. As required in terms of section
122(3) (a) of the Act, Naspers has filed the required notice with the Takeover Regulation Panel.


Cape Town
25 February 2014

Sponsor: Investec Bank Limited

Date: 25/02/2014 04:00:00 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.
Naspers announces CEO and Chairman's succession

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")




NASPERS ANNOUNCES CEO AND CHAIRMAN'S SUCCESSION




The Naspers board announced that its CEO, Koos Bekker (61), will be succeeded
by Bob van Dijk, currently Naspers's most senior ecommerce chief.

Van Dijk (41) holds an MSc Econometrics from Erasmus University Rotterdam
(cum laude), plus an MBA from Insead in France (Dean's List). Among other
experience, he headed up eBay Germany, that group's biggest market outside the
US, and was COO of Schibsted's classifieds.

Bekker will stand down from the Naspers board for a year effective 1 April 2014,
to allow Van Dijk the space to settle in with both Naspers top management and
the board. Van Dijk will join the board as an executive director on 1 April.
Bekker intends to travel widely and research where the group's next spurt of
growth may come from, once ecommerce has reached maturity. In April 2015,
Ton Vosloo intends to step down as chair of the board, when Bekker will succeed
him, as non-executive chair.


CAPE TOWN
24 February 2014

Sponsor: Investec Bank Limited





Date: 24/02/2014 07:05:00 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.
Notification of interest in shares

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")


NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND
SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS


In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the Act"), and section
3.83(b) of the JSE Listings Requirements, holders of N ordinary shares in the Company are advised
that The Capital Group Companies, Inc., has disposed of a beneficial interest in N ordinary shares of
the Company ("the securities"), such that all its beneficial interests of the securities of the Company
amount to 4,9656% of the total number of N shares in issue.

Naspers hereby confirms that it has received the required notice from The Capital Group Companies,
Inc. in terms of Section 122(1) of the Act. As required in terms of section 122(3) (a) of the Act,
Naspers has filed the required notice with the Takeover Regulation Panel.


Cape Town
5 February 2014

Sponsor: Investec Bank Limited

Date: 05/02/2014 04:00:00 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.
Dealings by Company Secretary

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Company Secretary: Mrs G Kisbey-Green
Company: Naspers Limited
Transaction date: 6 December 2013
Nature of transaction: on market sale
Number of shares: 16 695 Naspers shares
Class of shares: N ordinary
Total value of transaction: R16 760 056,49
Average price per share: R1 003,90
Highest price per share: R1 010,13
Lowest price per share: R1 000,52
Date of vesting in the group
share-based incentive plan: Mrs Kisbey-Green sold vested shares held in the
Naspers Share Trust with the following vesting
dates: 1 722 shares on 22 September 2012 and 1 724
shares on 22 September 2013 ; and
MIH Holdings Share Trust with the following
vesting dates: 3 725 shares on 28 June 2012; 4 762
shares on 12 March 2012; 4 762 shares on 12 March
2013.
Nature of transaction: Sale of vested shares held in the Naspers Share
Incentive Trust and the MIH Holdings Share Trust
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
9 December 2013
Sponsor: Investec Bank Limited

Date: 09/12/2013 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.
Dealing in securities by Director's associate

Naspers Limited

(Incorporated in the Republic of South Africa)

(Registration number 1925/001431/06)

JSE share code: NPN ISIN: ZAE000015889

LSE ADS code: NPSN ISIN: US 6315121003

("Naspers" or "the company")





In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following

information is disclosed:-





Director: Mr T Vosloo

Company: Naspers Limited



Transaction date: 27 November 2013

Nature of transaction: on market sale of securities

Number of shares: 10 000 Naspers shares

Class of shares: N ordinary

Total value of sale: R9 519 975,38

Average price per share: R952,00

Highest price per share: R954,99

Lowest price per share: R949,99





Transaction date: 26 November 2013

Nature of transaction: on market sale of securities

Number of shares: 10 000 Naspers shares

Class of shares: N ordinary

Total value of sale: R9 554 881,59

Average price per share: R955,49

Highest price per share: R962,99

Lowest price per share: R950,00





Nature of transactions: Sale of shares held by Mr Vosloo's family trust

Nature of interest in transactions: Indirect beneficial

Clearance: Clearance has been received in terms of paragraph

3.66 of the JSE Listings Requirements





Cape Town

28 November 2013

Sponsor: Investec Bank Limited









1


Date: 28/11/2013 05:35:00 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.
The reviewed results of the Naspers group
for the six months to 30 September 2013

Naspers Limited
(Registration number: 1925/001431/06)
("Naspers")
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003

Interim report

The reviewed results of the Naspers group
for the six months to 30 September 2013

Commentary
Naspers now earns the majority of its revenues, including associates, offshore instead of in South Africa, and from the
internet businesses instead of pay television.

Over the past six months, the group achieved 28% top-line growth as we expanded operations. Core headline earnings per
share grew by 16%. We caution, though, that over the next six months an acceleration of investment into growth areas will
lower earnings.

We are building ecommerce platforms, in particular online classifieds. In addition, we are rolling out digital terrestrial
television (DTT) across many cities in Africa. The pace of investment in these opportunities will accelerate sharply in the
second half of the current financial year. We expect development spend to exceed R7bn for the full financial year to March
2014, compared to R4,3bn last year.

As this investment is largely made through the income statement, it will have a dampening effect on both earnings and cash
flows in the second half of the current financial year and, cumulatively, for the year as a whole.

FINANCIAL REVIEW
Consolidated revenues grew 28% to R28,8bn, driven to a large extent by our internet businesses and boosted by a
depreciating rand. Expanding our ecommerce and DTT operations as outlined above has resulted in development spend
accelerating by 87% compared to the same period last year (R3bn vs R1,6bn). As a consequence, our consolidated trading
profits were down 15% compared to last year.

Net interest on borrowings has increased to R507m (2012: R277m), mainly due to a depreciation of the rand, as well as
increased borrowings.

Both Tencent and Mail.ru reported good growth and contributed R4,4bn and R405m, respectively, to core headline
earnings. Our share of equity-accounted results includes gains of R1,3bn flowing from Mail.ru's sale of shares in Facebook
and Qiwi. This has been excluded from core headline earnings.

An impairment charge of R1,1bn has been recognised in other gains/losses and relates mainly to some fashion
businesses in our ecommerce segment, including FashionDays and Markafoni. We impaired some goodwill and other
intangibles.

A theoretical dilution loss of US$84m on our equity-accounted investments was booked, mainly stemming from Tencent
buying back its own shares.

As a net result of these activities, core headline earnings grew 16% to R12,48 per N ordinary share. Free cash flow for the
period was R787m.

Consolidated balance sheet gearing stands at a healthy 20%, excluding transponder leases and non-interest bearing
liabilities.

Any forecasts in this interim report have not been reviewed or reported on by the company's external auditor.

SEGMENTAL REVIEW
This segmental review reflects consolidated subsidiaries, plus a proportional consolidation of associated companies and
joint ventures.

Internet
In the aggregate, revenues across all our internet platforms grew 76% to R24,9bn. The step-up in development spend in this
segment resulted in slower trading profit growth of 24% to R3,9bn.

Tencent:
Performed well, despite a more competitive environment. The core businesses made progress in advertising, mobile
and ecommerce initiatives. Monthly active instant-messaging accounts were around 816m, whilst the combined monthly
active users of WeChat and Weixin increased to 272m. The launch of integrated mobile games on Weixin and Mobile QQ
generated lively user interest. Given growth opportunities in Chinese ecommerce, Tencent is investing in regional and
category expansion.

Mail.ru:
Investing in product development across several of its business units. Its online advertising and games businesses drove
growth. The Mail.ru portal now attracts 33m unique Russian users and expanded its mobile product offering and audience.

Ecommerce:
This segment is growing well with revenues almost doubling to R7,9bn. We are investing aggressively in marketing, people
and product. Development spend was R2,3bn with trading losses of R1,8bn.

Our classifieds businesses in most markets, Brazil and India in particular, widened their leadership over competitors on key
metrics. We now have 277m daily page views across various classifieds sites, a more than two fold increase year on year.
Engagement with users is also growing. Over the next six months we intend to step up further.

The etailing segment saw revenue growth as we broaden categories and improve our fulfilment and delivery capabilities.
We responded to some lagging flash-sales fashion units by impairing some investments and are repositioning them to
include in-season, full-price merchandise.

Our price comparison businesses are growing ahead of market and are looking to deepen their relationship with both
buyers and sellers. We have consolidated our online payment businesses under a single brand, PayU. Average daily payment
value processed across our platforms grew approximately 82% since last year.

Pay television
This business grew revenues 18% to R17,1bn. The subscriber base increased by a net 560 000 and now totals 7,3m
households in 48 countries in Africa. However, as a consequence of the development of DTT services, trading profits inched
ahead only 11% to R4,5bn.

Locally, M-Net launched two new local content channels, Mzansi Wethu and Mzansi Bioskop, showcasing South African
content. The DStv service was boosted with several new channels, including Telemundo, ANN7, M-Net Series Showcase,
M-Net Series Reality, M-Net Series Zone, kykNET en Kie and M-Net Movies Zone.

We launched our next-generation high-definition PVR decoder, Explora, with an improved hard drive, expanded video-on-
demand capability and a livelier user interface.

Outside South Africa the expansion of the DTT service under the GOtv brand continues and we now operate in eight
countries. The DTT subscriber base grew to 547 000 paying households.

Print media
This industry continues to experience difficult conditions globally. Overall our print businesses saw flat revenues, but most
remain profitable due to cost reductions. We wrote down our investment in Abril, the Brazilian magazine publisher, by
R750m.

Directorate
On 16 October 2013 Messrs Craig Enenstein, Don Eriksson, Roberto Oliveira de Lima and Yuanhe Ma were appointed
independent non-executive directors of Naspers, and Cobus Stofberg was appointed a non-executive director. All of them
previously served on the board of Naspers's subsidiary MIH Holdings (Pty) Limited. On the same date, after many years
of excellent service on the board, Messrs Lourens Jonker, Neil van Heerden and Prof Hein Willemse stepped down as
directors. On 21 November 2013 Mr Lambert Retief (non-executive) stepped down from the board. We wish to thank them
for their profound devotion and commitment. On 22 November 2013 Mr Nolo Letele was appointed as a non-executive
director. Messrs Ton Vosloo (non-executive chair) and Koos Bekker (executive director and CEO) have agreed, at the board's
request, to stay in their present positions.

The abridged curricula vitae of all directors may be found on Naspers's website www.naspers.com.

Steve Pacak (executive director and CFO) will retire as CFO on 30 June 2014, but will remain on the board as a non-executive
director. Basil Sgourdos, presently CFO of Naspers's subsidiary MIH Holdings (Pty) Ltd, will succeed Steve Pacak.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The interim report is prepared in accordance with the requirements of the JSE Limited Listings Requirements and the South
African Companies Act No 71 of 2008. The Listings Requirements require interim reports to conform with the framework
concepts, the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and must also, as a minimum, contain
information required by IAS 34 Interim Financial Reporting.

Except as noted below, accounting policies used for the interim results are consistent with those applied during the previous
financial year. The group has adopted all the new, revised or amended accounting pronouncements as issued by the IASB,
which were effective for financial years commencing on 1 April 2013. The following key new pronouncements have been
adopted:

IFRS 10 Consolidated Financial Statements
The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements
when an entity controls other entities. The group has adopted the principles of IFRS 10 as a new accounting policy and
applied these principles in the preparation of the group's consolidated financial statements. The adoption of IFRS 10 did not
result in any material change in the consolidation of the group.

IFRS 11 Joint Arrangements
IFRS 11 requires that the group applies equity accounting for joint ventures and eliminates the proportionate consolidation
option. Previously, the group proportionately consolidated its joint ventures, which required that it included its share of
assets, liabilities, income and expenses of joint ventures on a line-by-line basis in the consolidated financial statements.
Under the equity method, the investments in joint ventures are initially recognised at cost and the carrying amounts are
increased or decreased to recognise the group's share of the profit or loss and movements in other comprehensive income
of joint ventures after the acquisition date. The group's share of the profit or loss of joint ventures is now recognised
as a single line item in the income statement under the equity method. The new policy has been applied in accordance
with the transitional provisions of IFRS 11. The change in accounting policy has been applied from 1 April 2012 with the
group recognising its investment in joint ventures as the net carrying amounts of the assets and liabilities previously
proportionately consolidated. This is the deemed cost of the group's investments in its joint ventures for purposes of
applying equity accounting. This change in accounting policy resulted in a change in individual asset, liability, income,
expense and cash flow line items with no impact on equity or profit attributable to shareholders.

IFRS 13 Fair Value Measurement
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source
of fair value measurement and disclosure requirements for use across IFRS. IFRS 13 was adopted and applied prospectively
and it was assessed that the adoption did not result in any material impact on the financial results of the group.

These interim results have been reviewed by the company's auditor, PricewaterhouseCoopers Inc., whose unqualified report
is available for inspection at the registered office of the company. The auditor's report does not necessarily cover all
information contained in this interim report. Shareholders are therefore advised that in order to obtain a full understanding
of the nature of the auditor's work, they should obtain a copy of that report, together with the accompanying financial
information from the registered office of the company.

Trading profit excludes amortisation of intangible assets (other than software), equity-settled share-based charges,
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 sustainable
operating performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled
measures reported by other companies.

The preparation of the financial results was supervised by the financial director, Steve Pacak, CA(SA). These results were
made public on 26 November 2013.

SUBSEQUENT EVENTS
No significant events have occurred between the period end and the date of this interim report.

On behalf of the board

Ton Vosloo Koos Bekker
Chair Chief executive

Cape Town
26 November 2013

Revenue
Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Segmental Reviewed Reviewed % Audited
review R'm R'm Change R'm

Internet 24 887 14 108 76 34 587
- Tencent 15 285 8 978 70 20 532
- Mail.ru 1 100 721 53 1 669
- Ecommerce 7 907 3 991 98 11 433
- Other internet 595 418 42 953
Pay television 17 077 14 426 18 30 257
Print 5 642 5 638 - 11 932
Economic interest 47 606 34 172 39 76 776
Less: Equity-accounted investments (18 851) (11 767) 60 (26 907)
Consolidated 28 755 22 405 28 49 869

EBITDA

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Segmental Reviewed Reviewed % Audited
review R'm R'm Change R'm

Internet 4 748 3 661 30 7 389
- Tencent 5 839 3 986 46 8 603
- Mail.ru 601 386 56 895
- Ecommerce (1 620) (646) amp;gt;(100) (1 979)
- Other internet (72) (65) (11) (130)
Pay television 5 375 4 617 16 8 933
Print 408 458 (11) 1 167
Economic interest 10 531 8 736 21 17 489
Corporate services (63) (77) (138)
Less: Equity-accounted investments (6 336) (4 364) 45 (9 565)
Consolidated 4 132 4 295 (4) 7 786

Trading profit

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Segmental Reviewed Reviewed % Audited
review R'm R'm Change R'm

Internet 3 879 3 130 24 6 163
- Tencent 5 192 3 590 45 7 702
- Mail.ru 546 342 60 798
- Ecommerce (1 779) (726) amp;gt;(100) (2 192)
- Other internet (80) (76) (5) (145)
Pay television 4 477 4 020 11 7 559
Print 214 247 (13) 743
Economic interest 8 570 7 397 16 14 465
Corporate services (64) (77) (139)
Less: Equity-accounted investments (5 580) (3 858) 45 (8 414)
Consolidated 2 926 3 462 (15) 5 912


Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Reconciliation of trading profit Reviewed Reviewed Audited
to operating profit R'm R'm R'm

Trading profit 2 926 3 462 5 912
Finance cost on transponder leases 173 72 231
Amortisation of intangible assets (410) (479) (996)
Other gains/(losses) - net (958) (378) (735)
Retention option expense (74) (41) (138)
Equity-settled share-based charge (36) (88) (175)
Operating profit 1 621 2 548 4 099

Note: For a reconciliation of Operating profit to Profit before taxation, refer to the "Consolidated income
statement".

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Consolidated Reviewed Reviewed Audited
income statement R'm R'm R'm

Revenue 28 755 22 405 49 869
Cost of providing services and sale of goods (15 856) (11 725) (27 676)
Selling, general and administration expenses (10 320) (7 754) (17 359)
Other gains/(losses) - net (958) (378) (735)
Operating profit 1 621 2 548 4 099
Interest received 257 224 443
Interest paid (1 055) (703) (1 495)
Other finance income/(costs) - net (117) - (258)
Share of equity-accounted results 5 139 3 990 8 778
- excluding net gain on disposal of investments 3 853 2 444 6 130
- net gain on disposal of investments 1 286 1 546 2 648
Impairment of equity-accounted investments (753) - (2 137)
Dilution losses on equity-accounted investments (836) (41) (96)
Gains/(losses) on acquisitions and disposals 614 23 (53)
Profit before taxation 4 870 6 041 9 281
Taxation (1 447) (1 383) (2 533)
Profit for the period 3 423 4 658 6 748
Attributable to:
Equity holders of the group 3 112 4 150 6 047
Non-controlling interest 311 508 701
3 423 4 658 6 748
Core headline earnings for the period (R'm) 4 920 4 127 8 533
Core headline earnings per N ordinary share (cents) 1 248 1 073 2 216
Fully diluted core headline earnings per N ordinary
share (cents) 1 215 1 034 2 164
Headline earnings for the period (R'm) 3 641 3 194 6 630
Headline earnings per N ordinary share (cents) 923 830 1 722
Fully diluted headline earnings per N ordinary
share (cents) 899 800 1 681
Earnings per N ordinary share (cents) 789 1 079 1 570
Fully diluted earnings per N ordinary share (cents) 769 1 040 1 533
Net number of shares issued ('000)
- At period end 395 883 385 414 394 272
- Weighted average for the period 394 272 384 714 385 064
- Fully diluted weighted average 404 898 399 131 394 365

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Condensed consolidated Reviewed Reviewed Audited
statement of comprehensive income R'm R'm R'm

Profit for the period 3 423 4 658 6 748
Total other comprehensive income, net of tax,
for the period* 5 313 (1 817) 1 527
Translation of foreign operations 3 750 1 090 5 292
Cash flow hedges (34) 37 237
Share of associates' and joint ventures' other
comprehensive income and reserves 1 561 (2 925) (3 946)
Tax on other comprehensive income 36 (19) (56)

Total comprehensive income for the period 8 736 2 841 8 275
Attributable to:
Equity holders of the group 8 372 2 324 7 463
Non-controlling interest 364 517 812
8 736 2 841 8 275

* These components of other comprehensive income may subsequently be reclassified to profit or loss, except for
R365m (2012: R228m) included in the Share of associates' and joint ventures' other comprehensive income and
reserves.

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Condensed consolidated Reviewed Reviewed Audited
statement of changes in equity R'm R'm R'm

Balance at beginning of the period 55 853 49 576 49 576
Changes in share capital and premium
Movement in treasury shares (245) (269) (1 695)
Share capital and premium issued 304 288 2 067
Changes in reserves
Total comprehensive income for the period 8 372 2 324 7 463
Movement in share-based compensation reserve 214 201 441
Movement in existing control business combination (52) (333) (700)
Movement in valuation reserve - - 39
Direct retained earnings movements - - (98)
Dividends paid to Naspers shareholders (1 525) (1 292) (1 291)
Changes in non-controlling interest
Total comprehensive income for the period 364 517 812
Dividends paid to non-controlling shareholders (1 034) (1 102) (1 180)
Movement in non-controlling interest in reserves 237 209 419
Balance at end of period 62 488 50 119 55 853
Comprising:
Share capital and premium 15 120 14 708 15 061
Retained earnings 29 310 25 919 27 723
Share-based compensation reserve 4 576 3 563 4 006
Existing control business combination reserve (733) (291) (688)
Hedging reserve (155) (319) (175)
Valuation reserve 2 817 2 778 1 623
Foreign currency translation reserve 9 874 2 076 6 191
Non-controlling interest 1 679 1 685 2 112
Total 62 488 50 119 55 853

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Condensed consolidated statement Reviewed Reviewed Audited
of financial position R'm R'm R'm
Assets
Non-current assets 90 304 68 227 76 120
Property, plant and equipment 15 644 12 490 13 716
Goodwill 24 609 19 577 21 593
Other intangible assets 5 738 4 304 4 802
Investments in associates 41 364 29 050 33 150
Investments in joint ventures 838 433 237
Other investments and loans 1 119 1 643 1 808
Derivatives 16 70 72
Deferred taxation 976 660 742
Current assets 30 965 22 232 27 143
Inventory 2 486 1 588 1 936
Programme and film rights 3 147 2 830 1 868
Trade receivables 5 007 4 294 4 042
Other receivables and loans 3 530 2 843 3 149
Derivatives 501 284 449
Cash and cash equivalents 16 262 10 363 15 653
30 933 22 202 27 097
Assets classified as held-for-sale 32 30 46

Total assets 121 269 90 459 103 263
Equity and liabilities
Share capital and reserves 60 809 48 434 53 741
Share capital and premium 15 120 14 708 15 061
Other reserves 16 379 7 807 10 957
Retained earnings 29 310 25 919 27 723
Non-controlling shareholders' interest 1 679 1 685 2 112
Total equity 62 488 50 119 55 853
Non-current liabilities 36 223 23 289 29 176
Capitalised finance leases 6 730 5 355 5 868
Liabilities - interest-bearing 27 225 15 455 20 571
- non-interest-bearing 463 246 276
Post-retirement medical liability 173 146 161
Derivatives 336 937 972
Deferred taxation 1 296 1 150 1 328
Current liabilities 22 558 17 051 18 234
Current portion of long-term debt 2 192 1 786 2 296
Trade payables 5 669 4 056 4 107
Accrued expenses and other current liabilities 12 245 9 484 10 228
Derivatives 875 149 180
Bank overdrafts and call loans 1 577 1 576 1 423

Total equity and liabilities 121 269 90 459 103 263
Net asset value per N ordinary share (cents) 15 360 12 567 13 630

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Condensed consolidated Reviewed Reviewed Audited
statement of cash flows R'm R'm R'm

Cash flow generated from operating activities 2 598 4 168 10 035
Cash flow utilised in investing activities (4 210) (2 726) (6 409)
Cash flow generated from/(utilised in) financing
activities 1 552 (1 483) 1 286
Net movement in cash and cash equivalents (60) (41) 4 912
Foreign exchange translation adjustments 515 180 670
Cash and cash equivalents at beginning of the period 14 230 8 648 8 648
Cash and cash equivalents at end of the period 14 685 8 787 14 230

Six months ended Year ended
30 September 31 March
2013 2012 2013
Calculation of (Restated) (Restated)
headline and core Reviewed Reviewed Audited
headline earnings R'm R'm R'm

Net profit attributable to shareholders 3 112 4 150 6 047
Adjusted for:
- insurance proceeds - - (2)
- impairment of property, plant and equipment and
other assets 24 41 97
- impairment of goodwill and intangible assets 1 063 289 588
- (profit)/loss on sale of property, plant and equipment
and intangible assets (99) (3) 17
- (gains)/losses on acquisitions and disposals of
investments (111) 4 (11)
- step-up acquisition (gain)/loss (516) 21 -
- dilution losses on equity-accounted investments 836 41 96
- remeasurements included in equity-accounted
earnings (1 286) (1 333) (2 278)
- impairment of equity-accounted investments 753 - 2 137
3 776 3 210 6 691
Total tax effects of adjustments (103) (6) (29)
Total adjustment for non-controlling interest (32) (10) (32)
Headline earnings 3 641 3 194 6 630
Adjusted for:
- equity-settled share scheme charges 429 339 850
- recognition of deferred tax assets (49) (26) (195)
- special dividend income - - (423)
- taxation adjustment - - (191)
- amortisation of intangible assets 690 583 1 403
- fair value adjustments and currency translation
differences 125 35 273
- retention option expense 72 41 135
- business combination losses/(gains) 12 (39) 51
Core headline earnings 4 920 4 127 8 533

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Supplementary Reviewed Reviewed Audited
information R'm R'm R'm

Depreciation of property, plant and equipment 940 691 1 494
Amortisation 503 549 1 146
- intangible assets 410 479 996
- software 93 70 150
Other gains/(losses) - net (958) (378) (735)
- profit/(loss) on sale of property, plant and equipment
and intangible assets 99 3 (17)
- impairment of goodwill and intangible assets (1 063) (289) (588)
- impairment of property, plant and equipment and
other assets (24) (54) (97)
- insurance proceeds - - 2
- fair value adjustment on shareholders' liability 30 (38) (35)
Interest received 257 224 443
- loans and bank accounts 242 203 408
- other 15 21 35
Interest paid (1 055) (703) (1 495)
- loans and overdrafts (656) (480) (1 044)
- transponder leases (173) (72) (231)
- other (226) (151) (220)
Other finance income/(cost) - net (117) - (258)
- net foreign exchange differences and fair value
adjustments on derivatives (165) (76) (383)
- preference dividends received 48 76 125
Gains/(losses) on acquisitions and disposals 614 23 (53)
- profit on sale of investments 111 40 68
- losses recognised on loss of control transactions - (44) (44)
- remeasurement of contingent consideration - 75 13
- acquisition-related costs (13) (37) (73)
- remeasurement of previously held interest 516 - -
- other - (11) (17)
Goodwill
- cost 24 077 19 610 19 610
- accumulated impairment (2 484) (1 873) (1 873)
Opening balance 21 593 17 737 17 737
- foreign currency translation effects 1 988 556 2 103
- acquisitions 1 701 1 533 2 423
- disposals (9) (8) (164)
- impairment (664) (241) (506)
Closing balance 24 609 19 577 21 593
- cost 27 873 21 638 24 077
- accumulated impairment (3 264) (2 061) (2 484)

Six months ended Year ended
30 September 31 March
2013 2012 2013
(Restated) (Restated)
Supplementary Reviewed Reviewed Audited
information (continued) R'm R'm R'm

Investments and loans 43 321 31 126 35 195
- listed investments 37 417 24 481 29 157
- unlisted investments 5 904 6 645 6 038
Commitments 18 088 16 983 18 073
- capital expenditure 837 416 1 064
- programme and film rights 13 491 13 500 13 559
- network and other service commitments 1 244 1 287 1 158
- transponder leases 422 372 399
- operating lease commitments 1 577 1 010 1 333
- set-top box commitments 517 398 560
Share of equity-accounted results 5 139 3 990 8 778
- sale of investments (1 286) (1 546) (2 648)
- impairment of investments - 213 348
- gains on acquisitions and disposals - - (8)
Contribution to headline earnings 3 853 2 656 6 470
- amortisation of intangible assets 376 261 692
- equity-settled share scheme charges 393 251 675
- business combination costs - - 13
- special dividend income - - (423)
- taxation adjustment - - (191)
- fair value adjustments and currency translation
differences (72) (75) (61)
- recognition of deferred tax assets (49) (26) (195)
Contribution to core headline earnings 4 501 3 068 6 980
Tencent 4 380 2 986 6 652
Mail.ru 405 250 652
Abril (153) (95) (69)
Other (131) (73) (255)

Six months ended
30 September 2012

Change in
Previously accounting
Impact of the reported policy Restated
application for IFRS 11 R'm R'm R'm
Income statement
Revenue 22 597 (192) 22 405
Cost of providing services and sale of goods (11 808) 83 (11 725)
Selling, general and administration expenses (7 919) 165 (7 754)
Other gains/(losses) - net (378) - (378)
Operating profit 2 492 56 2 548
Interest received 218 6 224
Interest paid (706) 3 (703)
Other finance income/(costs) - net - - -
Share of equity-accounted results 4 064 (74) 3 990
- excluding net gain on disposal of investments 2 520 (76) 2 444
- net gain on disposal of investments 1 544 2 1 546
Impairment of equity-accounted investments - - -
Dilution losses on equity-accounted investments (41) - (41)
Gains/(losses) on acquisitions and disposals 25 (2) 23
Profit before taxation 6 052 (11) 6 041
Taxation (1 394) 11 (1 383)
Profit for the period 4 658 - 4 658

Statement of cash flows
Cash flow generated from operating activities 4 092 76 4 168
Cash flow utilised in investing activities (2 590) (136) (2 726)
Cash flow (utilised in)/generated from financing
activities (1 488) 5 (1 483)
Net movement in cash and cash equivalents 14 (55) (41)
Foreign exchange translation adjustments 184 (4) 180
Cash and cash equivalents at beginning of the period 8 791 (143) 8 648
Cash and cash equivalents at end of the period 8 989 (202) 8 787

Year ended
31 March 2013

Change in
Previously accounting
Impact of the reported policy Restated
application for IFRS 11 (continued) R'm R'm R'm
Income statement
Revenue 50 249 (380) 49 869
Cost of providing services and sale of goods (27 852) 176 (27 676)
Selling, general and administration expenses (17 751) 392 (17 359)
Other gains/(losses) - net (831) 96 (735)
Operating profit 3 815 284 4 099
Interest received 433 10 443
Interest paid (1 501) 6 (1 495)
Other finance income/(costs) - net (248) (10) (258)
Share of equity-accounted results 9 001 (223) 8 778
- excluding net gain on disposal of investments 6 359 (229) 6 130
- net gain on disposal of investments 2 642 6 2 648
Impairment of equity-accounted investments (2 057) (80) (2 137)
Dilution losses on equity-accounted investments (96) - (96)
Losses on acquisitions and disposals (47) (6) (53)
Profit before taxation 9 300 (19) 9 281
Taxation (2 552) 19 (2 533)
Profit for the period 6 748 - 6 748

Statement of cash flows
Cash flow generated from operating activities 9 845 190 10 035
Cash flow utilised in investing activities (6 213) (196) (6 409)
Cash flow generated from financing activities 1 280 6 1 286
Net movement in cash and cash equivalents 4 912 - 4 912
Foreign exchange translation adjustments 687 (17) 670
Cash and cash equivalents at beginning of the period 8 791 (143) 8 648
Cash and cash equivalents at end of the period 14 390 (160) 14 230

Six months ended
30 September 2012

Change in
Previously accounting
Impact of the reported policy Restated
application for IFRS 11 (continued) R'm R'm R'm
Statement of financial position
Assets
Non-current assets 68 172 55 68 227
Property, plant and equipment 12 574 (84) 12 490
Goodwill and other intangible assets 24 027 (146) 23 881
Investments in associates and joint ventures 29 070 413 29 483
Other investments and loans 1 768 (125) 1 643
Derivatives 70 - 70
Deferred taxation 663 (3) 660
Current assets 22 546 (314) 22 232
Inventory 1 592 (4) 1 588
Programme and film rights 2 830 - 2 830
Trade and other receivables and loans 7 245 (108) 7 137
Derivatives 284 - 284
Cash and cash equivalents 10 565 (202) 10 363
22 516 (314) 22 202
Assets classified as held-for-sale 30 - 30

Total assets 90 718 (259) 90 459
Total equity 50 119 - 50 119
Non-current liabilities 23 312 (23) 23 289
Long-term debt 21 069 (13) 21 056
Post-retirement medical liability 148 (2) 146
Derivatives 937 - 937
Deferred taxation 1 158 (8) 1 150
Current liabilities 17 287 (236) 17 051
Current portion of long-term debt 1 786 - 1 786
Trade payables 4 117 (61) 4 056
Accrued expenses and other current liabilities 9 659 (175) 9 484
Derivatives 149 - 149
Bank overdrafts and call loans 1 576 - 1 576

Total equity and liabilities 90 718 (259) 90 459

Year ended
31 March 2013

Change in
Previously accounting
Impact of the reported policy Restated
application for IFRS 11 (continued) R'm R'm R'm
Statement of financial position
Assets
Non-current assets 76 109 11 76 120
Property, plant and equipment 13 810 (94) 13 716
Goodwill and other intangible assets 26 440 (45) 26 395
Investments in associates and joint ventures 33 150 237 33 387
Other investments and loans 1 891 (83) 1 808
Derivatives 72 - 72
Deferred taxation 746 (4) 742
Current assets 27 427 (284) 27 143
Inventory 1 941 (5) 1 936
Programme and film rights 1 868 - 1 868
Trade and other receivables and loans 7 310 (119) 7 191
Derivatives 449 - 449
Cash and cash equivalents 15 813 (160) 15 653
27 381 (284) 27 097
Assets classified as held-for-sale 46 - 46

Total assets 103 536 (273) 103 263
Total equity 55 853 - 55 853
Non-current liabilities 29 192 (16) 29 176
Long-term debt 26 720 (5) 26 715
Post-retirement medical liability 164 (3) 161
Derivatives 972 - 972
Deferred taxation 1 336 (8) 1 328
Current liabilities 18 491 (257) 18 234
Current portion of long-term debt 2 298 (2) 2 296
Trade payables 4 179 (72) 4 107
Accrued expenses and other current liabilities 10 411 (183) 10 228
Derivatives 180 - 180
Bank overdrafts and call loans 1 423 - 1 423

Total equity and liabilities 103 536 (273) 103 263

Business combinations
In June 2013 the group acquired an effective 80% interest in redBus, an Indian online ticketing platform. The fair
value of the total purchase consideration was R1bn in cash. The purchase price allocation: property, plant and
equipment R4m; intangible assets R402m; cash R29m; trade and other receivables R27m; trade and other payables
R41m; deferred tax liability R120m and the balance to goodwill.

During June 2013 the option to subscribe for new shares in MIH India Global Internet Limited (MIH India), held by
Tencent Holdings Limited, expired. MIH India operates ecommerce platforms under the ibibo brand. In terms of
IFRS 10 the group exercised control over MIH India from the date that the option expired. The group previously
accounted for MIH India as a joint venture. The fair value of the total deemed purchase consideration was R321m,
being the acquisition date fair value of the interest held in MIH India. A gain of R274m has been recognised as a result
of remeasuring to fair value the existing interest in MIH India. The purchase price allocation: property, plant and
equipment R5m; intangible assets R162m; cash R71m; trade and other receivables R64m; trade and other payables
R31m; deferred tax liability R51m and the balance to goodwill.

In July 2013 the group acquired an additional interest of 28,6% in Dubizzle, an online classifieds platform centred
on Dubai. The group's total interest in Dubizzle increased to 53,6% and the group now accounts for Dubizzle as
a subsidiary. The fair value of the total purchase consideration was R939m, consisting of R477m in cash for the
additional interest and R462m being the acquisition date fair value of the existing interest held in Dubizzle. The
purchase price allocation: property, plant and equipment R2m; intangible assets R507m; cash R35m; trade and other
receivables R16m; trade and other payables R37m and the balance to goodwill. A non-controlling interest of R303m
was recognised at the acquisition date. A gain of R209m has been recognised as a result of remeasuring to fair value
the group's existing interest in Dubizzle before the acquisition of the additional interest.

The main factor contributing to the goodwill recognised in these acquisitions is their market presence. This goodwill
is not expected to be deductible for income tax purposes. The non-controlling interest was measured using the
proportionate share of the identifiable net assets.

The group made various smaller acquisitions with a combined cost of R193m. Total acquisition-related costs of R13m
were recorded in "Gains/(losses) on acquisitions and disposals" in the income statement. Had the revenues and net
results of redBus and Dubizzle been included from 1 April 2013, it would not have had a significant effect on the
group's consolidated revenue and net results.

The following investments in associated companies and joint ventures were made:

In June 2013 the group acquired an additional 6,1% interest in Souq Group Limited, an online retailer, marketplace
and payment platform business, with operations in the UAE, Saudi Arabia, Egypt and Kuwait, for R296m in cash. The
group now has a 35,8% interest in Souq Group Limited.

In July 2013 the group acquired an additional 8,6% interest in Flipkart Private Limited, a leading ecommerce site in
India, for R1 376m in cash. The group now has a 16,7% interest in Flipkart on a fully diluted basis.

The above acquisitions were primarily funded through the utilisation of existing credit facilities.

Financial instruments
The information below analyses financial assets and financial liabilities, which are carried at fair value at each reporting
period, by level of hierarchy as required by IFRS 7 and IFRS 13.

Fair value measurements at
30 September 2013 using:

Quoted prices
in active
markets for Significant
identical other Significant
assets observable unobservable
or liabilities inputs inputs
(Level 1) (Level 2) (Level 3)
R'm R'm R'm
Assets
Foreign exchange contracts - 495 -
Other derivatives - 22 -
Liabilities
Foreign exchange contracts - 22 -
Shareholders' liabilities - - 796
Interest rate swaps - 392 -

There have been no transfers between level one, two or three during the period, nor were there any significant
changes to the valuation techniques and inputs used to determine fair values.

Reconciliation of level 3 financial instrument liabilities
The following table presents the changes in level 3 instruments for the period ending 30 September 2013:

Shareholders'
liabilities
R'm

Opening balance at 1 April 2013 704
Issues 73
Foreign currency translation effects 30
Cancellations (11)
Closing balance at 30 September 2013 796

The fair value of level three financial instruments are determined using the discounted cash flow model. Business
specific adjusted discount rates are applied to estimated future cash flows. Changes in these assumptions could
affect the reported fair value of these financial instruments. The fair value of level two financial instruments are
determined with the use of exchange rates quoted in an active market and interest rate extracts from observable
yield curves.

Naspers Limited
(Registration Number: 1925/001431/06)
("Naspers")
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003

Directors
T Vosloo (chair), J P Bekker (chief executive), C L Enenstein, D G Eriksson, F-A du Plessis, R C C Jafta,
F L N Letele, Y Ma, D Meyer, R Oliveira de Lima, S J Z Pacak, T M F Phaswana, J D T Stofberg,
B J van der Ross, J J M van Zyl

Company secretary
G Kisbey-Green

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

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

Sponsor
Investec Bank Limited

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

Important information
The report contains forward-looking statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour"
and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means
of identifying such statements. While these forward-looking statements represent our judgements and future
expectations, a number of risks, uncertainties and other important factors could cause actual developments and
results to differ materially from our expectations. These include factors that could adversely affect our businesses
and financial performance. We are not under any obligation to (and expressly disclaim any such obligation to) update
or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Investors
are cautioned not to place undue reliance on any forward-looking statements contained herein.

www.naspers.com
Date: 26/11/2013 07:05:00 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.
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 is presently finalising its interim

report for the six months to 30 September 2013.



We expect core headline earnings per share to be between 10% and 20% higher than

the comparable period's 1 073 cents. Shareholders are reminded that the board

considers core headline earnings an appropriate indicator of the sustainable operating

performance of the group, as it adjusts for non-recurring and non-operational items.



It is expected that earnings per share for the six months to 30 September 2013 will be

between 20% and 30% lower compared to the prior period's 1 079 cents, mainly as a

consequence of a non-recurring profit in the previous period when Mail.ru sold some

of its shares in Facebook, as well as impairment charges.


1
Headline earnings per share for the period are expected to be between 5% and 15%

higher than the prior period's 830 cents.



Further details will be provided in the interim report, due to be released on or about

26 November 2013. Financial information on which this trading statement is based

has not been reviewed or reported on by the company's auditors.




Cape Town

15 November 2013

Sponsor: Investec Bank Limited




2

Date: 15/11/2013 04:30:00 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.
Naspers Directorate Changes

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


NASPERS DIRECTORATE CHANGES


Shareholders are advised that, as subsidiary MIH Holdings (Pty) Ltd (MIH) has grown to
comprise the vast majority of Naspers' market capitalisation, large overlaps developed between
the activities of the MIH and Naspers boards. Accordingly, it was decided to reconfigure the
Naspers board. As part of this process Messrs Lourens Jonker, Neil van Heerden and Prof Hein
Willemse have resigned from the board effective 16 October 2013. We thank them for their
service and valuable contribution to the Naspers board. In view of their print media expertise
built up over many years, they have been invited to join the Media24 Holdings (Pty) Ltd board.

Messrs Craig Enenstein, Don Eriksson, Roberto Oliveira de Lima, Yuanhe Ma and Cobus
Stofberg have been appointed directors of Naspers with effect from 16 October 2013. Most of
them previously served on the board of MIH.

Craig Enenstein is the CEO of Corridor Capital, LLC, a Los Angeles-based private equity fund.
Mr Enenstein has experience in developing and driving growth strategies, performing
operational improvements and facilitating highly complex strategic consortia investments. He
holds an MBA Finance (Wharton School of Business), an MA International Studies (Lauder
Institute: University of Pennsylvania) and a BA (University of California: Berkeley).

Don Eriksson is a chartered accountant (SA) and an honorary life member of the Institute of
Directors (IOD). He is currently chair of Oakleaf Insurance Company Limited, Insurance
Outsourcing Managers Holdings Limited, Renasa Insurance Company and a former trustee and
current member of the audit and risk committees of Discovery Health Medical Scheme.

Roberto Oliveira de Lima is presently a board member of Telefonica Brasil, Natura Cosméticos,
Rodobens Negócios Imobiliários and Companhia Brasileira de Distribuição in Brazil and
Edenred in France. Mr Oliveira de Lima has a wealth of experience in the telecommunications
sector where he was CEO of the leading mobile telecommunication company in South America,
Vivo SA. He has a Bachelor in Public Administration and a Specialization in Corporate
Administration from FGV-Fundação Getúlio Vargas, São Paulo, as well as a post-graduate
degree in Finance and Strategic Planning from Institute Supérieur des Affaires.

Yuanhe Ma worked in various positions in China's Administration of Radio, Film and
Television for more than 30 years, before retiring from his post as head of the Hong Kong office
in March 2002. Mr Ma graduated from Beijing Broadcasting Institute's Foreign Language
Department and has wide experience in many parts of the world.

Cobus Stofberg is a founder member of M-Net in 1986. He served as CEO of the MIH group
from 1997 to 2011, and has been instrumental in the expansion of the group. Prior to joining
M-Net, he was a partner of Coopers & Lybrand (predecessor of PricewaterhouseCoopers Inc.).
He holds a B.Comm (Law), LLB, from Stellenbosch, B.Compt (Honours) from the University of
South Africa (UNISA) and qualified as a chartered accountant in South Africa.

1
The Naspers board now comprises 15 directors with Ton Vosloo as chair, Koos Bekker as CEO
and Steve Pacak as CFO.

Naspers will report its financial results for the first half of the present financial year in the last
week of November. More information on the group is available on the website
www.naspers.com.


Cape Town
17 October 2013

Sponsor: Investec Bank Limited




2

Date: 17/10/2013 04:00:00 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.
Director's dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr F L N Letele
Major subsidiary: MultiChoice South Africa Holdings Proprietary
Limited
Transaction date: 25 September 2013
Nature of transaction: on market sale of securities
Number of shares: 2 128 Naspers shares
Class of shares: N ordinary
Total value of sale: R2 003 055,12
Average price per share: R941,2853
Highest price per share: R942,55
Lowest price per share: R937,70
Nature of transaction: Mr Letele exercised share appreciation rights in a
group share-based incentive plan and received 2 128
Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
30 September 2013

Sponsor: Investec Bank Limited

Date: 30/09/2013 04:00:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-

Director: Mr S J Z Pacak
Company: Naspers Limited
Transaction date: 5 September 2013
Nature of transaction: on market sale
Number of shares: 10 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R8 870 365,05
Average price per share: R887,036505
Highest price per share: R889,00
Lowest price per share: R883,50


Nature of transaction: Off market purchase of securities
Number of shares: 90 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R4 500 000,00
Price per share: R50,00
Date of vesting in the group
share-based incentive plan: On 9 September 2004 an offer of 100 000 N
ordinary shares in the Naspers Share Incentive
Trust (the Trust) was made and accepted. 33 333
shares vested by 9 September 2007, 33 333
shares vested by 9 September 2008 and 33 334
shares vested by 9 September 2009. In terms of
the rules of the Trust the delivery of shares
acquired may not be taken later than the tenth
anniversary of the offer date.

Accordingly, on 5 September 2013 a total of
90 000 Naspers N ordinary shares were
delivered to Mr Pacak's family trust upon
payment of the amount of R5 000 000,00 (being
the listed market value on the date of the offer).
The proceeds of the sale of 10 000 shares was
used to settle the amount due to the Naspers
Share Incentive Trust.
Nature of transaction: Sale of some and delivery of the remaining
vested shares held in the Naspers Share
Incentive Trust by Mr Pacak's family trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements

Cape Town
9 September 2013

Sponsor: Investec Bank Limited

Date: 09/09/2013 05:00:00 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.
Dealings in Securities by Director and Company Secretary

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 5 September 2013
Price at which shares were offered: Closing price on the JSE Limited on 5 September
2013 : R888,80
Number of shares: 2 477 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the
Naspers Limited employee share incentive scheme to
Mrs Kisbey-Green. The offer of an option to
purchase shares was made on 5 September 2013 at
R888,80, being the closing price on the JSE Limited
on that day. The offer was accepted on 5 September
2013. The first third of the options vest on 5
September 2016, the second third vests on 5
September 2017 and the final third vests on 5
September 2018.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Director: Mr T Vosloo
Company: Naspers Limited

Transaction date: 4 September 2013
Nature of transaction: on market sale of securities
Number of shares: 2 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R1 742 650
Average price per share: R871,325
Highest price per share: R871,88
Lowest price per share: R870,67


Transaction date: 5 September 2013
Nature of transaction: on market sale of securities
Number of shares: 3 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R2 653 305,00
Average price per share: R884,435
Highest price per share: R886,88 1
Lowest price per share: R879,99


Nature of transactions: Sale of shares held by Mr Vosloo's family trust
Nature of interest in transactions: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Cape Town
6 September 2013
Sponsor: Investec Bank Limited




2

Date: 06/09/2013 05:00:00 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.
Payment date for dividend

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

Payment Date for Dividend

Shareholders are referred to the results of the annual general meeting announced 30 August 2013 at
13:00. The payment date for the dividend approved and declared is Monday, 23 September.


Cape Town
30 August 2013

Sponsor
Investec Bank Limited

Date: 30/08/2013 04:26:00 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.
Results of AGM

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

RESULTS OF ANNUAL GENERAL MEETING

Cape Town, 30 August 2013 - Naspers Limited ("Naspers") (JSE: NPN, LSE: NPSN), the 99th annual
general meeting (AGM) of Naspers Limited was held this morning, under the chairmanship of Mr Ton
Vosloo, in the Naspers Centre at 40 Heerengracht, Cape Town, South Africa.

Shareholders approved all the ordinary and special resolutions with the required majority. A gross
dividend of 385c per Naspers N- ordinary and 77c per Naspers A- ordinary share were approved
and are now therefore declared.
PricewaterhouseCoopers was appointed as external auditors, with Mr A Wentzel as the individual who
will undertake the audit.

Messrs Lourens Jonker, Fred Phaswana, Ben van der Ross, Ton Vosloo and Adv Fran du Plessis, who
retired by rotation, were re-elected to the board.

Messrs Boetie van Zyl, Ben van der Ross and Adv Fran du Plessis were elected to the audit committee.

Mr Vosloo reported in his AGM address that Naspers posted a solid performance for the year 31 March
2013. It reached a strategic milestone when revenues from its internet businesses exceeded those from
pay television for the first time. The group's strategy remained organic growth of existing businesses
and limited acquisitions that add value to the group.

The chairman's address follows:

The group posted a solid performance for the year 31 March 2013. We also reached a strategic
milestone this year when revenues from our internet businesses exceeded those from pay television
for the first time. During a somewhat bumpy period, Naspers grew revenues, including our share of
associates' results, at a compound annual rate of some 25% over the past five years.

Globally, economic growth remained variable over the past year, but we played the field as we found it.
The growth of mobile devices is an important technology trend for our group. With over 1bn
smartphones now accounting for 20% of all mobile devices worldwide, internet use is shifting steadily
from PC to mobile and tablets. In some of our businesses, as much as a third of total traffic now stems
from mobile applications. While this trend disrupts existing business models, it also creates
opportunities for our talented engineers and committed people in some 130 countries around the
globe.

Throughout the year, we continued to develop our strategy of maximising the potential of existing
businesses while investing to grow new ventures for the longer term. While we understand that this
strategy will reduce earnings and cash flows in the short term, our shareholders have nonetheless
enjoyed steady growth in dividends over the past five years.

Against this background, I can report that we generated consolidated revenue growth of 27% to over
R50 billion. The main contribution came from our internet segment, which recorded robust revenue
growth across most platforms. Not all internet units are profitable yet, specifically those in
development stages.
1
In line with strategy, we increased our development spend to R4,3bn (up from R2,8bn in 2012). We are
aiming at growing our ecommerce businesses and rolling out digital terrestrial pay-TV services across
sub-Saharan Africa. As this development spend is expensed through the income statement, our
consolidated trading profits for the year were flat at R5,7bn.

Despite this increased spend, core headline earnings per N ordinary share grew 20% to R22,16. Growth
came mainly from organic expansion of existing businesses and acquisitions during the year,
supplemented by the depreciation of the rand, which has a positive effect when we translate foreign
revenues into rand, but is tempered somewhat by the payments to studios for movies, series and
other.

These results are underpinned by a diverse portfolio, a fairly global presence and well-spread risk.

In line with our sustainable development policy, we continue to reduce our impact on the
environment. For example, we no longer print our full integrated annual report. The full report to
shareholders is published on our website.

Our integrated report presents a balanced view of our economic, social, environmental and governance
activities for the year to 31 March 2013. The report is supplemented by naspers.org, our integrated
sustainability platform that captures our combined social awareness as a group and focuses on projects
that address social and environmental issues. Our intention is to extend Naspers's core value of being
useful to the communities we serve, while reflecting the key concerns of stakeholders. Now in its
second year, naspers.org is demonstrating the nature and quality of our group's impact on society and
on the planet. In time, it will also harness the group's strengths to help address global challenges such
as education.

Looking at our results by segment, managed internet revenues expanded 80% to almost R35bn, while
trading profits were 44% up at over R6bn. Given the growth of the internet in China, Tencent continues
to record strong results. Equally, in the Russian market, Mail.ru had another good year.

Ecommerce revenues doubled to R11bn. During the year we expanded these operations through
organic growth and selective acquisitions. We extended the breadth of our products, particularly online
retailing (known as etailing) and online classifieds. We believe online shopping is a global consumer
trend and anticipate that the proliferation of tablets and smartphones will accelerate the uptake of
services. As we are in the building phase, this segment is loss-making and we do not expect aggregate
profits for several more years.

Pay-TV reported 20% growth in revenues to over R30bn, while trading profits grew 18% to well over
R7bn. Growth came largely from an increased net subscriber base, which now reaches around 7m
households across 49 countries in Africa.

In South Africa, we closed the year with some 4,5 million subscriber homes, reflecting the benefits of a
broad range of options to meet consumer needs. In the rest of sub-Saharan Africa, we reached 2,3
million households.

During the financial year we produced 6 000 hours of local programming in South Africa, Nigeria and
Kenya - contributing to the local film industries' sustainability. Seven local general entertainment
channels launched, the Africa Magic portfolio of channels was reformatted, and two local community
channels were added.



2
It was a tough year for print media operations globally. Revenues were flat as advertisers proved stingy.
Circulation revenues are also under pressure. Media24 was no exception. However, trading profits rose
marginally as costs were cut. In Brazil, Abril suffered a decline in profitability, and cost-cutting
initiatives are implemented there.

Governance and sustainability are essential measures for our stakeholders. Given the multinational
nature of our group, we are exposed to different risks in various jurisdictions. The board conducts the
group's business with integrity, applying appropriate corporate governance policies and principles.

A disciplined reporting structure ensures the holding company board is informed of subsidiary
activities. Detailed strategies and business plans, covering the financial and non-financial elements of
operations, are regularly reviewed and management remuneration is linked to performance and
strategic objectives.

We continue to evaluate areas where governance at corporate and subsidiary level can be improved. In
line with the requirements of the new Companies Act, the social and ethics committee for Naspers and
its South African subsidiaries reports to shareholders by means of a report included in the integrated
report.

The broader regulatory environment is evolving. In Africa, countries are increasing broadcasting
regulation and new competition legislation is toughening. Internet regulation is also increasing. Equally,
our newspaper and magazine businesses are subject to some regulatory risks. Naspers's two main
South African units, MultiChoice and Media24, are complying with black economic empowerment
requirements unique to South Africa.

In essence, the sustainability of our group is determined by our ability to inform, entertain and connect
people, distribute media products, support ecommerce, sell advertising, develop related technologies
and sell these to other media operators.

In line with our sustainable development policy, the group contributes to local communities in which it
operates. We also strive to minimize our impact on the environment. Some of our more significant
initiatives focus on education, skills development, entrepreneurial spirit, community outreach and
environmental sustainability. Most of these are implemented in partnership with government,
communities or other local organizations.

We contribute at country level too. For the review period, our group paid R7,6 billion to governments
for tax on company profits, tax on our employees' salaries, secondary tax on companies, skills
development levies, and more. This all helps to build economies in emerging countries in which we
operate.

Moving to dividends
The board has recommended that the annual gross dividend be increased by 15% to 385c (last year's
was 335c) per listed N ordinary share, and 77c (previously 67c) per unlisted A ordinary share. If you
approve this today, dividends will be payable to shareholders recorded in the books on Friday 20
September 2013, and paid on Wednesday 25 September 2013.

Let's now compare taxes and dividends. If we pay governments R7,6bn in taxes and our shareholders
R1,56bn in dividends, that means that states get 5 times more in taxes than shareholders. It's very clear
who our biggest shareholders and beneficiaries are!


On to directors

3
In terms of the company's memorandum of incorporation, Messrs Lourens Jonker, Fred Phaswana, Ben
van der Ross, myself and Adv Fran du Plessis retire by rotation today but we are eligible to offer
ourselves for re-election.

Members of the audit committee are Adv Fran du Plessis, Messrs Ben van der Ross and Boetie van Zyl.
The board recommends that shareholders reappoint these individuals as audit committee members in
compliance with the Companies Act.

Now a few achievements and career moves, retirements, top achievers etc

Career moves and new appointments:

Bob van Dijk, recently appointed CEO of Allegro Group. We thank Hein Pretorius for his major role in
building Allegro and we look forward to continuing to work with him in the future.
Peet Kruger is stepping down as editor of Beeld (but is remaining with the company). He has been with
Media24 since 1981. Adriaan Basson, currently assistant editor at City Press, succeeds Peet.
Oliver Rippel, who is now head of our business-to-consumer (B2C) etail businesses
Tim Jacobs, newly appointed MultiChoice group CFO
Martin Scheepbouwer, was appointed head of all our online classifieds businesses

Retirements:

Cobus Stofberg, chief executive and founding member of the MIH group, retired after serving the group
for 28 years. We hope to continue our association with Cobus going forward. An announcement will be
made in due course.

In May 2013, Bokkie Gerber retired as editor of Rapport, having been with Media24 for 34 years. One
of the greats in the field of journalism and a real gentleman.
Nic de Bruine, viewed by many as the rock of Landbouweekblad, retires on 1 April 2014 as head of
sales, after a 50-year career with Media24.

Some of our people that served the group many years are seriously ill:

Past director Cronk Conradie and senior sports journalist Herman le Roux; and Ronnie van Wijk, one of
the founding members of the M-Net team. They are all in our prayers.

Several of our colleagues passed away:

Prof Jakes Gerwel, who was chairman of Media24 and Welkom Yizani - he also served on the Naspers
board for many years and he is sorely missed;

Roberto Civita, who was chairman of our associate Abril in Brazil.

Jaya Naidoo, who started with M-Net in the finance department in 1986 - he always referred to the
"caravan days" - M-Net's decoders were sold out of a caravan in the early days!

Mandy Rossouw, respected political journalist at City Press, who passed away at the young age of 33.
Her death was mourned by colleagues, the industry and political parties across the spectrum.

Albert de Jager, senior typographer during his career with Magazines, passed away last month.

Top Achievers:

4
Several of our newspapers, magazines and book publishers brought home many prizes and some of our
editors have won top prizes: Adriaan Basson from City Press won a prestige CNN award as news
journalist of the year and Kate Wilson, editor of Women's Health, was crowned editor of the year.

Our CEO, Koos Bekker, has been honoured with the Frans du Toit medal for leadership in industry,
awarded by the South African Academy for Science and Art.

Allegro's green initiative, Allforplanet, was recognised for its interesting climate projects in Poland.

Nolo Letele, executive chair of MultiChoice received a lifetime achievement award for media
development in Africa from the Millennium Excellence Foundation - well deserved!

As to the future
Over the past year, revenue growth reflected the expansion of our group. While our strategy is
continually refined, three legs are unchanged: organic growth of existing businesses, a few acquisitions
that add value and developing new technologies.

In the year ahead, we will focus especially on growing our businesses organically. This will mute
earnings in the short term as the cost of developing these businesses is expensed through the income
statement. However, we believe this strategy is sound.

Our aim is to deliver value to our shareholders over the medium to longer term and to contribute to
the communities in which we operate.

I thank you.

Important Information:
The report may contain forward-looking statements as defined in the United States Private Securities
Litigation Reform Act of 1995. Words such as ‘believe', ‘anticipate', ‘intend', ‘seek', ‘will', ‘plan', ‘could',
‘may', ‘endeavour' and similar expressions are intended to identify such forward-looking statements,
but are not the exclusive means of identifying such statements. While these forward-looking statements
represent our judgements and future expectations, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ materially from our expectations. These
include factors that could adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking
statements, as a result of new information, future events or otherwise. Investors are cautioned not to
place undue reliance on any forward-looking statements in this report.

Contact:
Meloy Horn
Head of investor relations
Naspers
+27 11 289 3320
+27 82 772 7123
meloy.horn@naspers.com

Johannesburg
30 August 2013

Sponsor: Investec Bank Ltd


5

Date: 30/08/2013 01:00:00 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.
Director's dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr F L N Letele
Major subsidiary: MultiChoice South Africa Holdings (Pty) Ltd
Transaction date: 30 July 2013
Nature of transaction: on market sale
Number of shares: 5 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R4 136 628,40
Average price per share: R827,33
Highest price per share: R830,10
Lowest price per share: R826,00
Nature of transactions: Sale of shares held by Mr Letele
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Pty) Ltd
Transaction date: 30 July 2013
Nature of transaction: on market sale
Number of shares: 42 680 Naspers shares
Class of shares: N ordinary
Total value of transaction: R34 997 600,00
Average price per share: R820,00
Highest price per share: R820,00
Lowest price per share: R820,00
Date of vesting in the group
share-based incentive plan: MIH (Mauritius) Limited Share Trust: 1 578 shares
on 7 September 2009; 5 551 shares on 7 September
2010; 5 551 shares on 7 September 2011; 10 000
shares on 29 March 2010; 10 000 shares on 29
March 2011 and 10 000 shares on 29 March 2012.
Nature of transaction: Sale of vested shares held in the MIH (Mauritius)
Share Incentive Trust by Mr Volkwyn.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
1 August 2013

Sponsor: Investec Bank Limited

Date: 01/08/2013 03:30:00 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.
Director's dealings in Securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr F G Sampson
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 26 July 2013
Nature of transaction: on market sale
Number of shares: 555 Naspers shares
Class of shares: N ordinary
Total value of transaction: R442 218.45
Average price per share: R796,79
Highest price per share: R796,79
Lowest price per share: R796,79
Date of vesting in the group
share-based incentive plan: Naspers Share Trust: 555 shares vested on 2 July
2013
Nature of transaction: Sale of vested shares held in the Naspers Share
Incentive Trust by Mr Sampson.
Nature of interest: Direct, Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
30 July 2013
Sponsor: Investec Bank Limited

Date: 30/07/2013 03:15:00 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.
No change statement and notice of the Annual General Meeting

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")



NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL
MEETING


Shareholders are advised that the company's integrated annual report (including the
notice of the annual general meeting) and the annual financial statements for the year
ended 31 March 2013 will be posted on the company's website www.naspers.com on
26 July 2013. There are no modifications to the audited results that were published in
the summarised annual financial statements (provisional report) on 25 June 2013.

PricewaterhouseCoopers Inc. audited the results contained in the summarised annual
financial statements and the annual financial statements of Naspers, and its reports are
available for inspection at the registered office of the company.

The notice of the annual general meeting was posted to shareholders on 26 July 2013,
and notice is hereby given that the ninety ninth annual general meeting of the company
will be held at 11:15 on Friday 30 August 2013, on the 17th Floor of Naspers Centre,
40 Heerengracht in Cape Town, South Africa to transact business as stated in the notice
of the annual general meeting.



Cape Town
26 July 2013
Sponsor: Investec Bank Limited

Date: 26/07/2013 11:00:00 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.
Dealings in Securities

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-

Director of a major subsidiary: Mr Imtiaz Patel
Transaction date: 16 July 2013
Price at which shares were offered: Closing price on the JSE Limited on 11 July 2013:
R770,00
Number of shares: 4 104 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers shares made
by the MIH Holdings employee share incentive
scheme to Mr Patel. The offer of an option to
purchase shares was made on 11 July 2013 at
R770,00, being the closing price on the JSE Limited
on that day. The offer was accepted on 16 July 2013.
The first third of the options vest on 11 July 2016,
the second third vests on 11 July 2017 and the final
third vests on 11 July 2018.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Director of a major subsidiary: Mr Basil Sgourdos
Transaction date: 16 July 2013
Price at which shares were offered: Closing price on the JSE Limited on 11 July 2013:
R770,00
Number of shares: 27 360 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers shares made
by the MIH (Mauritius) Limited employee share
incentive scheme to Mr Sgourdos. The offer of an
option to purchase shares was made on 11 July 2013
at R770,00, being the closing price on the JSE
Limited on that day. The offer was accepted on 16
July 2013. The first third of the options vest on 11
July 2016, the second third vests on 11 July 2017
and the final third vests on 11 July 2018.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
18 July 2013
Sponsor: Investec Bank Limited




1

Date: 18/07/2013 03:30:00 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.
Dealing in Securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Pty) Ltd
Transaction date: 15 July 2013
Nature of transaction: on market sale
Number of shares: 1 248 Naspers shares
Class of shares: N ordinary
Total value of transaction: R998 400,00
Average price per share: R800,00
Highest price per share: R800,00
Lowest price per share: R800,00


Transaction date: 16 July 2013
Nature of transaction: on market sale
Number of shares: 2 725 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 180 000,00
Average price per share: R800,00
Highest price per share: R800,00
Lowest price per share: R800,00


Date of vesting in the group
share-based incentive plan: MIH (Mauritius) Limited Share Trust: 3 973 shares
on 7 September 2009
Nature of transaction: Sale of vested shares held in the MIH (Mauritius)
Share Incentive Trust by Mr Volkwyn
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements




Cape Town
17 July 2013
Sponsor: Investec Bank Limited

Date: 17/07/2013 03:30:00 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.
Follow-on bond offering by Myriad International Holdings B.V

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

FOLLOW-ON BOND OFFERING BY MYRIAD INTERNATIONAL HOLDINGS B.V. ("MIH
B.V.")

Shareholders are referred to the announcement on 12 July regarding Naspers's indirect wholly
owned subsidiary, MIH B.V., successfully pricing its US$750m 6% notes due 2020 (the
"Bonds"). As a consequence of increased demand to participate in the offering, MIH B.V. has
placed a further US$250m 6% notes due 2020 ("Follow-on Bonds").

An application will be made for the admission of the Follow-on Bonds to listing on the Official
List and trading on the Global Exchange Market of the Irish Stock Exchange.

The net proceeds will be used for general corporate purposes, including future acquisitions and
the repayment of certain amounts outstanding under the Naspers group's revolving credit
facilities.


CAPE TOWN

17 July 2013
Sponsor
Investec Bank Limited
NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA
OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW




Contact

For further information, please contact:

Meloy Horn Steve Pacak
Head of Investor Relations Group Chief Financial Officer
Naspers Naspers
+27 11 289 3320 +27 21 406 3585
+27 82 772 7123 +27 83 2 500 006
Meloy.horn@naspers.com spacak@naspers.com


Cautionary Statement

The Notes will be offered in a private placement only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons
outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), subject to
prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on
which it is completed. The Notes to be offered have not been registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from
the registration requirements of the Securities Act and any other applicable securities laws. This press release is for information
purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in
connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as
implemented by the Member States of the European Economic Area (the "Prospectus Directive"). Any offer and sale of the notes will
be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area,
from the requirement to produce a prospectus for offers of securities.

This press release may include projections and other "forward-looking" statements within the meaning of applicable securities laws.
Any such projections or statements reflect the current views of Naspers about further events and financial performance. No assurances
can be given that such events or performance will occur as projected and actual results may differ materially from these projections.




2

Date: 17/07/2013 12:00:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')

Dealings in Securities

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 10 July 2013
Nature of transaction: on market sale
Number of shares: 7 179 Naspers shares
Class of shares: N ordinary
Total value of transaction: R5 418 123,37
Average price per share: R754,72
Highest price per share: R756,50
Lowest price per share: R754,00
Date of vesting in the group
share-based incentive plan: MIH (Mauritius) Limited Share Trust: 7 179 shares
on 10 July 2013
Nature of transaction: Sale of vested shares held in the MIH (Mauritius)
Share Incentive Trust by Mr Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
12 July 2013
Sponsor: Investec Bank Limited

Date: 12/07/2013 04:00:00 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.
Bond Offering by Myriad International Holdings B.V.

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA
OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW



BOND OFFERING BY MYRIAD INTERNATIONAL HOLDINGS B.V. ("MIH B.V.")

Shareholders are advised that Naspers's indirect wholly owned subsidiary, MIH B.V., on 11 July
2013, successfully priced its US$750m 6% notes due 2020 (the "Bonds").

The Bonds will be fully and unconditionally guaranteed by Naspers. An application has been
made for the admission of the Bonds to listing on the Official List and trading on the Global
Exchange Market of the Irish Stock Exchange.

The net proceeds will be used for general corporate purposes, including future acquisitions and
the repayment of certain amounts outstanding under the Naspers group's revolving credit
facilities.


CAPE TOWN

12 July 2013
Sponsor
Investec Bank Limited


Contact

For further information, please contact:

Meloy Horn Steve Pacak
Head of Investor Relations Group Chief Financial Officer
Naspers Naspers
+27 11 289 3320 +27 21 406 3585
+27 82 772 7123 +27 83 2 500 006
Meloy.horn@naspers.com spacak@naspers.com


Cautionary Statement

The Notes will be offered in a private placement only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons
outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), subject to
prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on
which it is completed. The Notes to be offered have not been registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from
the registration requirements of the Securities Act and any other applicable securities laws. This press release is for information
purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This press release does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in
connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as
implemented by the Member States of the European Economic Area (the "Prospectus Directive"). Any offer and sale of the notes will
be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area,
from the requirement to produce a prospectus for offers of securities.

This press release may include projections and other "forward-looking" statements within the meaning of applicable securities laws.
Any such projections or statements reflect the current views of Naspers about further events and financial performance. No assurances
can be given that such events or performance will occur as projected and actual results may differ materially from these projections.




2

Date: 12/07/2013 12:45:00 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.
Bond offering by Myriad International Holdings B.V.

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")

BOND OFFERING BY MYRIAD INTERNATIONAL HOLDINGS B.V. ("MIH B.V.")

Naspers announced today that its wholly-owned subsidiary, MIH B.V., is exploring the possibility of a
bond offering by meeting investors on a roadshow. Proceeds from the offering, if completed, are expected
to be used for general corporate purposes, including future acquisitions and the repayment of existing credit
facilities.

CAPE TOWN
2 July 2013


Sponsor
Investec Bank Limited


Contact

For further information, please contact:

Meloy Horn Steve Pacak
Head of Investor Relations Group Chief Financial Officer
Naspers Naspers
+27 11 289 3320 +27 21 406 3585
+27 82 772 7123 +27 83 2 500 006
Meloy.horn@naspers.com spacak@naspers.com


Cautionary Statement

The Notes will be offered in a private placement only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons
outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), subject to
prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on
which it is completed. The Notes to be offered have not been registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from
the registration requirements of the Securities Act and any other applicable securities laws. This press release is for information
purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in
connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as
implemented by the Member States of the European Economic Area (the "Prospectus Directive"). Any offer and sale of the notes will
be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area,
from the requirement to produce a prospectus for offers of securities.

This press release may include projections and other "forward-looking" statements within the meaning of applicable securities laws.
Any such projections or statements reflect the current views of Naspers about further events and financial performance. No assurances
can be given that such events or performance will occur as projected and actual results may differ materially from these projections.

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA
OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW

Date: 02/07/2013 09:45:00 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.
Summary of the audited results of the Naspers group for the year ended 31 March 2013

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 6315121003

Provisional report

Summary of the audited results
of the Naspers group for the
year ended 31 March 2013

Commentary
The group posted a solid performance over the past year. Investors are reminded that our strategy is to maximise the
potential of existing businesses, whilst investing deeper to grow new ventures for the longer term. We are mindful that
this strategy will reduce both earnings and cash flows in the short term.

Against this background, it is pleasing that we generated consolidated revenue growth of 27% now some R50bn. The
main contribution to this growth came from the internet segment, which experienced robust revenue growth across
almost all major platforms. Note that not all internet units are profitable as yet.

Despite the step-up in development spend, core headline earnings per N ordinary share grew 20% to R22,16. However,
the major part of this growth came from currency translation effects, as the rand exchange rate weakened over the
period.

These results are underpinned by a diverse portfolio, a fairly global presence and the spread of risk. A milestone was
reached this year when managed revenues from our internet units, which includes our share of associates, exceeded
that of pay television.

Looking ahead, we intend to expand ecommerce businesses across emerging markets and to build our pay-television
subscriber base across the African continent. A significant shift is visible in user activity moving from the personal
computer to mobile devices such as smartphones and tablets. This trend simultaneously disrupts existing business
models and creates new opportunities.

FINANCIAL REVIEW
Consolidated revenues grew by 27% to R50,2bn. Growth came from organic expansion of existing businesses and
acquisitions, supplemented by the depreciation of the rand (which has a positive effect when we translate foreign
revenues into rand).

Development spend accelerated to R4,3bn (2012: R2,8bn), focused mainly on growing our ecommerce businesses
and the roll-out of pay-television services across Africa. As this development spend is expensed through the income
statement, our consolidated trading profits for the year were flat at R5,7bn.

Net interest cost on borrowings amounted to R630m (2012: R517m) largely to fund acquisitions.

Our equity-accounted associates, Tencent and Mail.ru, both reported positive growth and contributed R7,3bn to
core headline earnings. We recorded a non-recurring book profit of R2,6bn, flowing from Mail.rus sale of shares in
Facebook. This profit is excluded from core headline earnings.

The impairment of equity-accounted investments amounts to R2,1bn and relates mainly to our print media investment,
Abril. Revenues in the print industry are buffeted by the dual headwinds of the macro-economic downturn in Brazil
and increased online competition. Whilst cost savings initiatives have been implemented, we believe it prudent to book
this impairment.

The net result of the above is that core headline earnings grew 20% to R22,16 per N ordinary share. Free cash flow for
the period was R3,5bn, slightly lower than last year because of the higher capital expenditure.

Consolidated balance sheet gearing stands at 12%, excluding transponder lease and non-interest bearing liabilities.

SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus a proportional consolidation of associated companies.

Internet
In the aggregate, managed internet revenues expanded 80% to R34,6bn. Trading profits from the internet segment
were 44% higher at R6,2bn.

Tencent is growing in a highly competitive environment. Internet users in China grew by some 12% to 564m at
the end of 2012. Tencents core operating platforms performed well: the QQ instant messaging platform reached
peak concurrent users of 173m, whilst the online gaming business delivered a solid performance. Weixin/WeChat,
a communication service for smartphones, established a market position in China and is expanding internationally.

Tencent continues to build its young ecommerce businesses and achieved growth both in transaction volume and
revenues.

Mail.ru had a good year with revenue growing 40% in local currency. The Russian internet market boasts 64m users.
Mail.ru integrated and upgraded key products across desktop and mobile platforms, as well as growing online games
and value-added services.

Ecommerce: We believe online shopping is a global consumer trend and anticipate that affordable tablets and
smartphones will accelerate the uptake of services in our markets.

Ecommerce revenues doubled to R11,4bn, through a combination of organic growth and a few acquisitions. We
extended the breadth of our products, with particular emphasis on etailing and online classifieds. As we are in
the building phase, this segment is presently loss-making and we do not expect profits in the aggregate for several
more years.

Pay television
This segment reports revenues 20% higher at R30,3bn. Growth came largely from an increase in the net subscriber
base of 1,1m, which now reaches 6,7m households across 48 countries in Africa. Trading profits grew 18% to R7,6bn,
despite the increased development spend on infrastructure. We are also investing more in local productions.

We now produce more than 6 000 hours per annum of local broadcasting in South Africa, Nigeria and Kenya. This year
saw the launch of seven local entertainment channels. Also the launch of the Africa Magic portfolio of channels, the
addition of two local community channels and the launch of the M-Net movie genre channels in South Africa. A further
six high-definition channels were added.

SuperSport is by far the largest funder of sport in Africa. We contribute more to sports bodies than any government.
More affordable digital terrestrial television services were launched under the GOtv brand, which now operates in
eight countries reaching 376 000 households.

Print media
It was a tough year for print media globally. Revenues were flat as advertisers continue to either divert their spend to
the internet or cut budgets.

In South Africa, Media24s trading profits were marginally up as costs were cut. In Brazil, Abril suffered a decline in
profitability. Cost-cutting initiatives are now being implemented there.

DIVIDEND NUMBER 84
The board recommends that the annual gross dividend be increased by 15% to 385c (previously 335c) per listed
N ordinary share, and 77c (previously 67c) per unlisted A ordinary share. If approved by shareholders at the annual
general meeting to be held on 30 August 2013, dividends will be payable to shareholders recorded in the books on
Friday 20 September 2013, and will be paid on Monday 23 September 2013. The last date to trade cum dividend
will be on Friday 13 September 2013. (The shares will therefore trade ex dividend from Monday 16 September 2013.)
Share certificates may not be dematerialised or rematerialised between Monday 16 September 2013 and Friday
20 September 2013, both dates inclusive.

The dividend will be declared from income reserves. There are no STC credits available for this declaration. The
dividend will therefore be subject to the dividend tax rate of 15% which will result in a net dividend of 327,25c per
listed N ordinary share and 65,45c per unlisted A ordinary share to those shareholders not exempt from paying
dividend tax. Dividend tax will amount to 57,75c per listed N ordinary share and 11,55c per unlisted A ordinary share.

The issued ordinary share capital as at 21 June 2013 is 415 540 259 N ordinary shares and 712 131 A ordinary shares.

The companys income tax reference number is 9550138714.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The provisional report is prepared in accordance with the requirements of the JSE Limited Listings Requirements and
the South African Companies Act No 71 of 2008. The Listings Requirements require provisional reports to be prepared
in accordance with the framework concepts, the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and must also, as a minimum, contain the information required by IAS 34 "Interim Financial Reporting". The accounting
policies applied in the preparation of the condensed consolidated provisional financial statements are in terms of
IFRS and are, except as noted below, also consistent with those applied in the previous annual financial statements.

The annual financial statements have been audited by the companys auditor, PricewaterhouseCoopers Inc., whose
unqualified audit reports on the annual financial statements and provisional report are available for inspection at the
registered office of the company. The auditors report does not necessarily cover all of the information contained in
this provisional report. Shareholders are therefore advised that in order to obtain a full understanding of the nature
of the auditors work they should obtain a copy of that report, together with the annual financial statements from the
registered office of the company.

The group adopted the following amendments for the year ended 31 March 2013:
The pay-television and technology segments have been combined as these segments are interdependent in the
provision of pay-television services. Our internet segment has previously been disclosed as "Tencent" and "Other
internet". We will from now on disclose four separate reporting units, being "Tencent", "Mail.ru", "Ecommerce" and
"Other internet". The groups focus on ecommerce, and Tencent and Mail.ru being listed entities, prompted us to
disclose these units separately. The definition of trading profit has been updated to exclude equity-settled share
scheme charges and retention option expenses. This resulted in the March 2012 trading profit being restated from
R5,5bn to R5,7bn. This is in line with our core headline earnings definition, where these non-cash expenses are
excluded from the sustainable earnings measurements of the group. Comparative segmental results have been
restated in accordance with IFRS 8 "Operating Segments".

Transponder lease commitments disclosed at 31 March 2012 have been restated by R3,3bn to exclude assets already
capitalised.

Trading profit excludes amortisation of intangible assets (other than software), equity-settled share scheme charges,
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 that it is a useful measure for
shareholders of the groups sustainable operating performance. However, this is not a defined term under IFRS and
may not be comparable with similarly titled measures reported by other companies.

The preparation of the financial results was supervised by our financial director, Steve Pacak, CA(SA). These results
were made public on 25 June 2013.

On behalf of the board

Ton Vosloo Koos Bekker
Chair Chief executive

Cape Town
25 June 2013

Directors
T Vosloo (chair), J P Bekker (chief executive), F-A du Plessis, R C C Jafta, L N Jonker, D Meyer, S J Z Pacak,
T M F Phaswana, L P Retief, B J van der Ross, N P van Heerden, J J M van Zyl, H S S Willemse

Company secretary
G Kisbey-Green

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

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

Sponsor
Investec Bank Limited

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

Important information
The report contains forward-looking statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour"
and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means
of identifying such statements. While these forward-looking statements represent our judgements and future
expectations, a number of risks, uncertainties and other important factors could cause actual developments and
results to differ materially from our expectations. These include factors that could adversely affect our businesses
and financial performance. We are not under any obligation to (and expressly disclaim any such obligation to) update
or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Investors
are cautioned not to place undue reliance on any forward-looking statements contained herein.

Revenue EBITDA Trading profit
Year ended 31 March Year ended 31 March Year ended 31 March
Segmental 2013 2012 % 2013 2012 % 2013 2012 %
review Rm Rm Change Rm Rm Change Rm Rm Change
Internet 34 587 19 192 80 7 389 5 053 46 6 163 4 293 44
Tencent 20 532 11 455 79 8 603 5 487 57 7 702 4 988 54
Mail.ru 1 669 1 094 53 895 591 51 798 517 54
Ecommerce 11 433 5 736 100 (1 979) (760) +100 (2 192) (914) +100
Other internet 953 907 5 (130) (265) (51) (145) (298) (51)
Pay television 30 257 25 259 20 8 933 7 392 21 7 559 6 379 18
Print 11 932 12 071 1 167 1 465 (20) 743 1 090 (32)
Economic interest 76 776 56 522 36 17 489 13 910 26 14 465 11 762 23
Corporate services (138) (99) (139) (100)
Less: associates (26 527) (17 035) 56 (9 730) (6 667) 46 (8 597) (5 993) 43
Consolidated 50 249 39 487 27 7 621 7 144 7 5 729 5 669

Reconciliation of Year ended Year ended
trading profit to 31 March 2013 31 March 2012
operating profit Rm Rm
Trading profit 5 729 5 669
Finance cost on transponder leases 231 132
Amortisation of intangible assets (1 001) (967)
Other gains/(losses) net (831) (1 448)
Retention option expense (138)
Equity-settled share-based charge (175) (184)
Operating profit 3 815 3 202

Note: For a reconciliation of operating profit to profit before taxation, refer to the "Consolidated income statement".

Year ended Year ended
Consolidated income 31 March 2013 31 March 2012 %
statement Rm Rm Change
Revenue 50 249 39 487 27
Cost of providing services and sale of goods (27 852) (20 863)
Selling, general and administration expenses (17 751) (13 974)
Other gains/(losses) net (831) (1 448)
Operating profit 3 815 3 202 19
Interest received 433 400
Interest paid (1 501) (1 271)
Other finance income/(costs) net (248) 174
Share of equity-accounted results 9 001 3 869
excluding net gain on disposal of investments 6 359 3 869 64
net gain on disposal of investments 2 642
Impairment of equity-accounted investments (2 057) (94)
Dilution losses on equity-accounted investments (96) (606)
Losses on acquisitions and disposals (47) (134)
Income before taxation 9 300 5 540 68
Taxation (2 552) (2 059)
Profit for the year 6 748 3 481 94
Attributable to:
Equity holders of the group 6 047 2 894
Non-controlling interest 701 587
6 748 3 481
Core headline earnings for the year (Rm) 8 533 6 951 23
Core headline earnings per N ordinary share (cents) 2 216 1 850 20
Fully diluted core headline earnings per
N ordinary share (cents) 2 164 1 789 21
Headline earnings for the year (Rm) 6 630 4 874 36
Headline earnings per N ordinary share (cents) 1 722 1 297 33
Fully diluted headline earnings per
N ordinary share (cents) 1 681 1 254 34
Earnings per N ordinary share (cents) 1 570 770 104
Fully diluted earnings per N ordinary share (cents) 1 533 745 106
Net number of shares issued (000)
At year-end 394 272 384 714
Weighted average for the year 385 064 375 653
Fully diluted weighted average 394 365 388 567

Condensed consolidated Year ended Year ended
statement of comprehensive 31 March 2013 31 March 2012
income Rm Rm
Profit for the year 6 748 3 481
Total other comprehensive income, net of tax, for the year 1 527 4 315
Translation of foreign operations 5 294 2 172
Cash flow hedges 237 162
Share of associates other comprehensive
income and reserves (3 948) 2 109
Tax on other comprehensive income (56) (128)

Total comprehensive income for the year 8 275 7 796
Attributable to:
Equity holders of the group 7 463 7 138
Non-controlling interest 812 658
8 275 7 796

Condensed consolidated Year ended Year ended
statement of changes 31 March 2013 31 March 2012
in equity Rm Rm
Balance at beginning of the year 49 576 42 942
Changes in share capital and premium
Movement in treasury shares (1 695) (1 603)
Share capital and premium issued 2 067 1 908
Changes in reserves
Total comprehensive income for the year 7 463 7 138
Movement in share-based compensation reserve 441 401
Movement in existing control business combination reserve (700) 17
Movement in valuation reserve 39
Direct retained earnings movements (98) 4
Dividends paid to Naspers shareholders (1 291) (1 012)
Changes in non-controlling interest
Total comprehensive income for the year 812 658
Dividends paid to non-controlling shareholders (1 180) (1 362)
Movement in non-controlling interest in reserves 419 485
Balance at end of the year 55 853 49 576
Comprising:
Share capital and premium 15 061 14 689
Retained earnings 27 723 23 065
Share-based compensation reserve 4 006 3 134
Existing control business combination reserve (688) 42
Hedging reserve (175) (328)
Valuation reserve 1 622 5 933
Foreign currency translation reserve 6 192 980
Non-controlling interest 2 112 2 061
Total 55 853 49 576

Condensed consolidated Year ended Year ended
statement of financial 31 March 2013 31 March 2012
position Rm Rm
Assets
Non-current assets 76 109 62 037
Property, plant and equipment 13 810 8 879
Goodwill 21 625 17 884
Other intangible assets 4 815 3 884
Investment in associates 33 150 28 095
Other investments and loans 1 891 2 564
Derivatives 72 86
Deferred taxation 746 645
Current assets 27 427 19 241
Inventory 1 941 1 238
Programme and film rights 1 868 1 522
Trade receivables 4 121 3 296
Other receivables and loans 3 189 2 639
Derivatives 449 85
Cash and cash equivalents 15 813 9 825
27 381 18 605
Assets classified as held-for-sale 46 636

Total assets 103 536 81 278
Equity and liabilities
Share capital and reserves 53 741 47 515
Share capital and premium 15 061 14 689
Other reserves 10 957 9 761
Retained earnings 27 723 23 065
Non-controlling shareholders interest 2 112 2 061
Total equity 55 853 49 576
Non-current liabilities 29 192 17 845
Capitalised finance leases 5 868 2 208
Liabilities interest-bearing 20 573 12 996
non-interest-bearing 279 348
Post-employment medical liability 164 139
Derivatives 972 839
Deferred taxation 1 336 1 315
Current liabilities 18 491 13 857
Current portion of long-term debt 2 298 1 613
Trade payables 4 179 2 865
Accrued expenses and other current liabilities 10 411 7 980
Derivatives 180 206
Bank overdrafts and call loans 1 423 1 034
18 491 13 698
Liabilities classified as held-for-sale 159

Total equity and liabilities 103 536 81 278
Net asset value per N ordinary share (cents) 13 630 12 351
Year ended Year ended
Condensed consolidated 31 March 2013 31 March 2012
statement of cash flows Rm Rm
Cash flow generated from operating activities 9 845 5 394
Cash flow utilised in investing activities (6 213) (2 360)
Cash flow generated from/(utilised in) financing activities 1 280 (1 745)
Net movement in cash and cash equivalents 4 912 1 289
Foreign exchange translation adjustments 687 139
Cash and cash equivalents at beginning of the year 8 791 7 401
Cash and cash equivalents at end of the year 14 390 8 829
Included in:
Cash and cash equivalents 14 390 8 791
Assets classified as held-for-sale 38
14 390 8 829

Calculation of Year ended Year ended
headline and core 31 March 2013 31 March 2012
headline earnings Rm Rm
Net profit attributable to shareholders 6 047 2 894
Adjusted for:
insurance proceeds (2) (2)
impairment of property, plant and equipment and other assets 97
impairment of goodwill and intangible assets 684 1 487
loss on sale of property, plant and equipment and intangible assets 17
(gains)/losses on acquisitions and disposals of investments (4) 45
dilution losses on equity-accounted investments 96 606
remeasurements included in equity-accounted earnings (2 301) 32
impairment of equity-accounted investments 2 057 94
6 691 5 156
Total tax effects of adjustments (29) (207)
Total adjustment for non-controlling interest (32) (75)
Headline earnings 6 630 4 874
Adjusted for:
equity-settled share scheme charges 850 652
recognition of deferred tax assets (195) (38)
special dividend income (423)
taxation adjustment (191)
amortisation of intangible assets 1 403 1 191
fair value adjustments and currency translation differences 273 162
retention option expense 135
business combination losses 51 110
Core headline earnings 8 533 6 951

Year ended Year ended
Supplementary 31 March 2013 31 March 2012
information Rm Rm
Depreciation of property, plant and equipment 1 509 1 222
Amortisation 1 153 1 088
intangible assets 1 001 967
software 152 121
Other gains/(losses) net (831) (1 448)
loss on sale of property, plant and equipment and intangible assets (17) (95)
impairment of goodwill and intangible assets (684) (1 487)
impairment of property, plant and equipment and other assets (97)
insurance proceeds 2 2
profit on transponder lease settlement 100
fair value adjustment on shareholders liability (35) 32
Interest received 433 400
loans and bank accounts 415 360
other 18 40
Interest paid (1 501) (1 271)
loans and overdrafts (1 045) (877)
transponder leases (231) (132)
other (225) (262)
Other finance income/(cost) net (248) 174
net foreign exchange differences and fair value
adjustments on derivatives (373) (135)
preference dividends received 125 309
Losses on acquisitions and disposals (47) (134)
profit/(loss) on sale of investments 61 (7)
losses recognised on loss of control transactions (44)
acquisition-related costs (73) (72)
other 9 (55)
Goodwill
cost 19 801 18 371
accumulated impairment (1 917) (1 093)
Opening balance 17 884 17 278
foreign currency translation effects 2 123 583
acquisitions 2 423 1 184
disposals (203) (99)
transferred to non-current assets held-for-sale (226)
impairment (602) (836)
Closing balance 21 625 17 884
cost 24 253 19 801
accumulated impairment (2 628) (1 917)
Investments and loans 35 041 30 659
listed investments 29 157 24 331
unlisted investments 5 884 6 328
Commitments 18 099 19 202
capital expenditure 1 064 299
programme and film rights 13 559 12 143
network and other service commitments 1 158 953
transponder leases 399 4 496
operating lease commitments 1 359 1 083
set-top box commitments 560 228
Share of equity-accounted results 9 001 3 869
dilution losses 16
sale of investments (2 642)
impairment of investments 348 122
gains on acquisitions and disposals (8) (112)
Contribution to headline earnings 6 699 3 895
amortisation of intangible assets 690 538
equity-settled share scheme charges 675 468
business combination costs 22
special dividend income (423)
taxation adjustment (191)
fair value adjustments (55) 67
recognition of deferred tax assets (195) (38)
Contribution to core headline earnings 7 200 4 952
Tencent 6 652 4 376
Mail.ru 652 364
Abril (69) 205
Other (35) 7

Business combinations and other acquisitions
In June 2012 the group acquired a 79% interest in Netretail, an online retailer with operations in Czech Republic, Poland,
Hungary, Slovakia and Slovenia. The fair value of the total purchase consideration was R1,8bn in cash. The purchase price
allocation: property, plant and equipment R36m; intangible assets R626m; cash R79m; trade and other receivables R213m;
inventory R116m; trade and other payables R507m; deferred tax liability R114m and the balance to goodwill. A non-controlling
interest of R116m was recognised at the acquisition date.

During October 2012 the group acquired a controlling stake in Dante International S.A. trading as eMag, a leading online retailer
in Romania. The fair value of the total purchase consideration was R728m in cash. The purchase price allocation: property, plant
and equipment R40m; intangible assets R358m; investments R106m; cash R12m; trade and other receivables R81m; inventory
R182m; trade and other payables R293m; deferred tax liability R55m and the balance to goodwill. A non-controlling interest of
R116m was recognised at the acquisition date.

The main factor contributing to the goodwill recognised in these acquisitions is their market presence. This goodwill is not
expected to be deductible for income tax purposes. The non-controlling interest was measured using the proportionate share
of the identifiable net assets.

The group made various smaller acquisitions with a combined cost of R450m. Total acquisition-related costs of R73m were
recorded in "Losses on acquisitions and disposals" in the income statement. Had the revenues and net results of Netretail and
eMag been included from 1 April 2012, the groups consolidated revenue would have been R1,8bn higher and the net results
would have decreased by R55m. The smaller acquisitions made during the period would not have had a significant effect on the
groups consolidated revenue and net results.

The following investments in associated and joint-venture companies were made:
In August 2012 the group acquired a 10% interest in Flipkart Private Limited, a leading ecommerce platform in India, for R858m
in cash.

In October 2012 the group acquired a 29,6% interest in Souq Group Limited, an online retailer, marketplace and payment
platform business, with operations in the UAE, Saudi Arabia, Egypt and Kuwait, for R319m in cash.

In March 2013 the group contributed its Slando.ru and OLX.ru assets as well as R462m in cash in exchange for a fully diluted
interest of 18,6% in Avito Holdings AB. Avito.ru is the leading general classifieds platform in Russia.

The above acquisitions were primarily funded through the utilisation of existing credit facilities.

For more details about Naspers and investor enquiries regarding the results, visit the Naspers website at www.naspers.com


Date: 25/06/2013 07:05:00 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.
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 is presently finalising its provisional report for the
year ended 31 March 2013.

We expect core headline earnings per share to be between 15% and 25% higher than the
comparable period's 1 850 cents. The majority of our core headline earnings are generated from
operations offshore. As a consequence, the currency translation effect of the depreciation of the
Rand relative to the prior period will play a significant role in boosting expected core headline
earnings growth. Shareholders are reminded that the board considers core headline earnings an
appropriate indicator of the sustainable operating performance of the group, as it adjusts for non-
recurring and non-operational items.

Headline earnings per share for the period are expected to be between 25% and 35% higher than
the prior period's 1 297 cents.

It is expected that earnings per share for the year ended 31 March 2013, will be between 100% and
110% higher compared to the prior period's 770 cents, mainly as a consequence of the book profit
flowing from Mail.ru's sale of a portion of its shares in Facebook, which is non-recurring.

Further details will be provided in the provisional report, due to be released on or about 25 June
2013. The financial information on which this trading statement is based has not been reviewed or
reported on by the company's auditors.


Cape Town

11 June 2013

Sponsor: Investec Bank Limited

Date: 11/06/2013 03:30:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major subsidiary: Mr. M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary) Limited
Transaction date: 12 March 2013
Nature of transaction: On market sale
Number of shares: 4 762 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 948 640,98
Average price per share: R619,20
Highest price per share: R619,21
Lowest price per share: R619,20
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: 4 762 shares on 12 March 2013
Nature of transaction: Sale of vested shares held in the MIH Holdings Share
Incentive Trust by Mr. Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of
the JSE Listings Requirements


Director of a major subsidiary: Mr. F G Sampson
Major subsidiary: MultiChoice South Africa Holdings (Proprietary) Limited
Transaction date: 13 March 2013
Nature of transaction: on market sale
Number of shares: 2 381 Naspers shares
Class of shares: N ordinary
Total value of transaction: R1 486 675,36
Average price per share: R624,39
Highest price per share: R624,50
Lowest price per share: R624,36
Date of vesting in the group
share-based incentive plan: Naspers Share Trust: 2 381 shares on 12 March 2013
Nature of transaction: Sale of vested shares held in the Naspers Share Incentive
Trust by Mr Sampson.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of
the JSE Listings Requirements


Cape Town
14 March 2013

Sponsor: Investec Bank Limited

Date: 14/03/2013 02:45:00 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.
Director of a subsidiary's dealings in Shares

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director of a major
subsidiary: Mr FLN Letele
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 12 February 2013
Nature of transaction: on market sale
Number of shares: 4 762 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 858 628,60
Average price per share: R600,30
Highest price per share: R600,30
Lowest price per share: R600,30
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: 4 762 shares on 12
February 2013
Nature of transaction: Sale of vested shares held in the MIH Holdings
Share Incentive Trust by Mr Letele.
Nature of interest: Indirect Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
14 February 2013
Sponsor: Investec Bank Limited

Date: 14/02/2013 05:15:00 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.
Director's dealings in securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following information is
disclosed:-


In terms of the rules of the Naspers Share Incentive Trust, offers to participants expire on the 10 th
anniversary of the date of the offer, or, if the expiry date is in a closed period, 90 days after the end of the
closed period. On 1 October 2002 and 17 December 2002, 2 452 411 and 2 236 280 Naspers N ordinary
shares, respectively (a total of 4 688 691 N shares), were offered to and accepted by Mr JP Bekker, chief
executive of Naspers. Offer prices ranged from R22,39 to R31,54, being the original offer prices on 1
October 2002 and 17 December 2002 based on the listed market price of Naspers N ordinary shares on
the dates of the offers, adjusted by anticipated inflation over the course of the vesting periods. Inflation
expectations were calculated by the Bureau for Economic Research of Stellenbosch University.

On 14 December 2012 4 688 691 Naspers N ordinary shares were delivered off market to Mr Bekker's
family trust upon payment of R125 252 946,38 to the Naspers Share Incentive Trust. The nature of Mr
Bekker's interest is an indirect beneficial interest.

Clearance for this sale has been received in terms of paragraph 3.66 of the JSE Listings Requirements.

Cape Town

18 December 2012

Sponsor: Investec Bank Limited

Date: 18/12/2012 05:00:00 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.
Director's Dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
followinginformation is disclosed:-


Director of a major
subsidiary: Mr Fergus Sampson
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 4 December 2012
Nature of transaction: on market sale
Number of shares: 2 381 Naspers shares
Class of shares: N ordinary
Total value of transaction: R1 291 668,69
Average price per share: R542,49
Highest price per share: R542,49
Lowest price per share: R542,49
Date of vesting in the group
share-based incentive plan: Naspers Share Incentive Scheme: 2 381 shares on 12
March 2012
Nature of transaction: Sale of vestedshares held in the Naspers Share
Incentive Trust by Mr Sampson.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Cape Town
6 December 2012

Sponsor:
Investec Bank Limited

Date: 06/12/2012 01:45:00 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.
Passing of Naspers Director

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


PASSING OF NASPERS DIRECTOR


It is with great sadness that Naspers announces the passing of Professor Jakes Gerwel early this
morning. Our heartfelt sympathy and condolences go to his wife Phoebe and their family.

Prof Gerwel served on the board of Naspers from July 1999. He also served as chairman of
Media24 since 2007 and was chairman of Welkom Yizani, Media24's empowerment partner. He
made a valuable contribution to the business and he will be sorely missed by the board and all
employees of Naspers.



CAPE TOWN
28 November 2012


Sponsor:
Investec Bank Limited

Date: 28/11/2012 02:35:00 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.
Interim Reviewed Results for the 6 months to 30 September 2012.

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 6315121003

The reviewed results of the Naspers group for the six months to
30 September 2012 are as follows:

Interim Report

Commentary

Over the past six months the group continued to expand its businesses with an increasing focus on
ecommerce. This is reflected in consolidated revenues growing 22% over the period. The internet
segment remains our area of fastest growth, whilst pay television put in a solid performance. Core
headline earnings per share grew 15%, higher than expected, as we benefitted from a weaker rand and
as much of the planned development spend will only occur in the second half of the year.

Looking ahead we will persist with the strategy to build our pay television subscriber base and to
expand ecommerce businesses across emerging markets. To date we have invested US$530m in new
ecommerce businesses such as Netretail, Flipkart and eMag.

Given the planned acceleration in development spend, as well as the increased focus on ecommerce
we anticipate that group trading margins will trend down in the second half. The aim is to increase our
absolute profits and returns over the medium and long term.

FINANCIAL REVIEW
The 22% increase in consolidated revenues to R23bn came mostly from organic growth in existing
businesses, supplemented by a few acquisitions.

As previously indicated, we are developing digital terrestrial television (DTT) services in markets across
Africa, as well as scaling our ecommerce operations in emerging markets. Development spend over the
period accelerated to R1,6bn (2011: R1,1bn). Consequently, trading profits grew at a slower pace of 6% and
trading margins narrowed to 15%.

Net interest cost increased to R488m (2011: R383m) largely a function of increased levels of debt
utilised to fund acquisitions.

Our associates, Tencent and Mail.ru, continued to grow strongly. Their contribution to core headline
earnings is R3,2bn. In addition, we recorded a non-recurring book profit of R1,5bn arising from Mail.ru's
partial sale of its stake in Facebook. This profit is excluded from core headline earnings.
Assets impaired over the period amounted to R343m (2011: R746m).

The net result of the above is that core headline earnings per share grew 15% to R10,62 per N ordinary
share. Free cash flow for the period was R1,7bn and benefited from delays in our DTT capex spend as we
await new licences. Consolidated balance sheet gearing is a healthy 14%.

SEGMENTAL REVIEW
This segmental review reflects consolidated subsidiaries, plus a proportional consolidation of associated
companies.

Pay television
After recording net growth of 393 000 subscribers during the six-month period, the pay television base
now stands at just over 6 million homes. Revenues were up 19% to R14,4bn, whilst trading profits grew
18% to R4bn. Trading margins remained stable. We continue to upgrade our broadcast infrastructure
and expand online services. GOtv, our recently-launched DTT service, is gaining traction. Competitive
pressures and regulatory scrutiny continued to intensify across the continent.

In South Africa, we added 187 000 subscribers and now reach 4,2 million households. The Compact
bouquet, benefiting from our local content offering, accounted for 87% of growth. The DStv service was
successfully migrated to the new IntelSat-20 satellite, providing capacity for new subscriber services.
Several new channels aimed at improving the viewer's experience were added to DStv bouquets. This
included 8 additional high definition channels, bringing the total to 14. We increased sales of the popular
personal video recorder (PVR) by 90 000, with the cumulative base now at 747 000 households. The
BoxOffice service, which allows PVR subscribers to view the latest blockbuster movies on-demand, reached
monthly movie rentals of 400 000. This service was recently made available online.

In the rest of sub-Saharan Africa our subscribers increased by 206 000 to reach 1,8 million homes.
Growth was spread across all bouquets and platforms. Profitability was affected by our investment in
DTT and the addition of more local content. Our DTT transmitters now reach six countries and 18 cities.
We expect to continue this rollout in coming months.

Internet
Overall managed internet revenues, which includes our share of associates, increased 70% to R14,1bn
and yielded trading profits of R3,1bn.

Tencent delivered another solid performance, despite a more challenging macro environment. The core
businesses registered healthy growth and progress was made in advertising and open platform initiatives.
Monthly active instant-messaging accounts increased to 784 million, whilst peak simultaneous online
users increased to 167 million. WeChat is starting to address international audiences. Given growth
opportunities in Chinese ecommerce, Tencent has started investing in this area.

Mail.ru continues to expand across most of its business units. Diversification of revenue streams and
an increase in paying user engagement are driving growth. The Mail.ru portal now attracts 32 million
unique Russian users and is also expanding its mobile audience.

Ecommerce
Revenues from our ecommerce segment grew robustly by 61% to R4bn in the period. This came
mainly from existing businesses, augmented by the inclusion of a few acquisitions such as Netretail. The
R1bn development spend, fully expensed through the income statement, resulted in a trading loss of
R767m. Given our drive to scale these operations and to expand across the ecommerce value chain, we
anticipate a further ramp-up in development spend in the second half of the year.

Print media
The performance of the print businesses in South Africa and Brazil were strained by the challenging
economic climate and combined delivered pedestrian revenue growth of 5%, whilst trading profits were
broadly flat.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The financial results for the six months to 30 September 2012 have been prepared in terms of the
recognition and measurement requirements of International Financial Reporting Standards (IFRS), the
AC 500 series pronouncements as issued by the Accounting PracticesBoard, the JSE Listings Requirements,
the requirements of the South African Companies Act No 71 of 2008 and the presentation and disclosure
requirements of IAS 34. Except as noted below, the accounting policies used for the interim results
are consistent with those applied in the previous annual financial statements and with IFRS. These
results have been reviewed by the company's auditor, PricewaterhouseCoopers Inc., whose unqualified
report is available for inspection at the registered office of the company.

The group adopted the following amendments for the period ended 30 September 2012:

The pay television and technology segments have been combined as these segments are interdependent
in the provision of pay television services. Our internet segment has previously been disclosed as
"Tencent" and "Other internet". "Other internet" will in future be disclosed as three separate reporting
units, being "Mail.ru", "Ecommerce" and "Other internet". The group's focus on ecommerce, and the
listing of Mail.ru, prompted us to disclose these units on their own. The definition of trading profit has
been updated to exclude equity-settled share scheme charges. This resulted in the September2011
trading profit being restated from R3,1bn to R3,2bn. This is in line with our core headline earnings
definition, where these non-cash expenses are excluded from the sustainable earnings measurements
of the group. Comparative segmental results have been restated in accordance with IFRS 8 "Operating
segments".

Transponder lease commitments disclosed at 31 March 2012 and 30 September 2011 havebeen restated
by R3,3bn (March 2012) and R3,6bn (September 2011) to exclude assets already capitalised.
Trading profit excludes amortisation of intangible assets (other than software), equity-settled share
scheme charges and other gains or losses, but includes the finance cost on transponder leases.

Core headline earnings exclude once-off and non-operating items such as unrealised foreign exchange
gains or losses. We believe that it is a useful measure for our shareholders of the group's sustainable
operating performance. However, this is not a defined term under IFRS and may not be comparable with
similarly titled measures reported by other companies.

The preparation of the financial results was supervised by our financial director Steve Pacak, CA(SA).
These results were made public on27 November 2012.

SUBSEQUENT EVENTS
During October 2012 the group invested US$120m in total, acquiring a controlling stake of
Dante International S.A. trading as eMag, a leading online retailer in Romania, and a minority stake
of Souq Group Ltd, an online retailer in the Middle East.

On behalf of the board:

Ton Vosloo Koos Bekker
Chairman Chief executive
Cape Town
27 November 2012

Directors
T Vosloo (chairman), J P Bekker (chief executive), F-A du Plessis, G J Gerwel, R C C Jafta,
L N Jonker, D Meyer, S J Z Pacak, T M F Phaswana, L P Retief, B J van der Ross, N P van Heerden
J J M van Zyl, H S S Willemse

Company secretary
G Kisbey-Green

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

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

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

Important information
The report contains forward-looking statements as defined in the United States Private Securities
Litigation Reform Act of 1995. Words such as "believe","anticipate", "intend", "seek", "will", "plan", "could",
"may", "endeavour" and similar expressions are intended to identify such forward-looking statements, but
are not the exclusive means of identifying such statements. While these forward-looking statements
represent our judgements and future expectations, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ materially from our expectations. These
include factors that could adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking
statements, whether as a result of new information, future events or otherwise. Investors are cautioned
not to place undue reliance on any forward-looking statements contained herein.

Revenue EBITDA Trading profit
Six months ended Year ended Six months ended Year ended Six months ended Year ended
30 September 31 March 30 September 31 March 30 September 31 March
2012 2011 2012 2012 2011 2012 2012 2011 2012
Segmental Reviewed Reviewed % Audited Reviewed Reviewed % Audited Reviewed Reviewed % Audited
review R'm R'm Change R'm R'm R'm Change R'm R'm R'm Change R'm
Pay television 14 426 12 141 19 25 259 4 617 3 880 19 7 392 4 020 3 415 18 6 379
Internet 14 108 8 285 70 19 192 3 621 2 425 49 5 051 3 089 2 095 47 4 293
Tencent 8 978 4 874 84 11 455 3 986 2 445 63 5 487 3 590 2 255 59 4 988
Mail.ru 721 456 58 1 094 386 227 70 591 342 199 72 517
Ecommerce 3 991 2 478 615 736 (686) (118) +100 (760) (767) (211) +100 (914)
Other internet 418 477 (12) 907 (65) (129) 50 (267) (76) (148) 49 (298)
Print 5 638 5 376 5 12 071 458 431 6 1 464 247 247 1 090
Economic interest 34 172 25 802 32 56 522 8 696 6 736 29 13 907 7 356 5 757 28 11 762
Corporate services (77) (43) (99) (77) (44) (100)
Less: Associates (11 575) (7 320) (17 035) (4 411) (2 811) (6 667) (3 911) (2 545) (5 993)
Consolidated 22 597 18 482 22 39 487 4 208 3 882 8 7 141 3 368 3 168 6 5 669

Six months ended Year ended
30 September 31 March
Reconciliation of 2012 2011 2012
trading profit to Reviewed Reviewed Audited
operating profit R'm R'm R'm
Trading profit3 368 3 168 5 669
Finance cost on transponder leases 72 66 132
Amortisation of intangible assets (482) (470) (967)
Other gains/(losses) net(378) (722) (1 448)
Equity-settled share-based charge (88) (89) (184)
Operating profit 2 492 1 953 3 202

Note: For a reconciliation of operating profit to profit before taxation, refer to the "Consolidated income statement".

Six months ended Year ended
30 September 31 March
2012 2011 2012
Consolidated income Reviewed Reviewed Audited
statement R'm R'm R'm
Revenue 22 597 18 482 39 487
Cost of providing services and sale of goods (11 808) (9 623) (20 863)
Selling, general and administration expenses (7 919) (6 184) (13 974)
Other gains/(losses) net (378) (722) (1 448)
Operating profit 2 492 1 953 3 202
Interest received 218 200 400
Interest paid (706) (583) (1 271)
Other finance income/(costs) net 235 174
Share of equity-accounted results 4 064 1 618 3 869
Impairment of equity-accounted investments (94)
Dilution losses on equity-accounted investments (41) (89) (606)
Gains/(losses) on acquisitions and disposals 25 (62) (134)
Profit before taxation 6 052 3 272 5 540
Taxation (1 394) (1 008) (2 059)
Profit for the period 4 658 2 264 3 481
Attributable to:
Equity holders of the group 4 150 1 869 2 894
Non-controlling interest 508 395 587
4 658 2 264 3 481
Core headline earnings for the period (R'm) 4 086 3 458 6 951
Core headline earnings per N ordinary share (cents) 1 062 921 1 850
Fully diluted core headline earnings per
N ordinary share (cents) 1 024 884 1 789
Headline earnings for the period (R'm) 3 194 2 597 4 874
Headline earnings per N ordinary share (cents) 830 692 1 297
Fully diluted headline earnings per
N ordinary share (cents) 800 664 1 254
Earnings per N ordinary share (cents) 1 079 498 770
Fully diluted earnings per N ordinary share (cents) 1 040 478 745
Net number of shares issued ('000)
At period-end 385 414 375 865 384 714
Weighted average for the period 384 714 375 440 375 653
Fully diluted weighted average 399 131 391 206 388 567

Six months ended Year ended
30 September 31 March
Condensed consolidated 2012 2011 2012
statement of comprehensive Reviewed Reviewed Audited
income R'm R'm R'm
Profit for the period 4 658 2 264 3 481
Total other comprehensive income,
net of tax, for the period (1 817) 3 019 4 315
Translation of foreign operations 1 090 2 040 2 172
Cash flow hedges 37 394 162
Share of associates' other comprehensive
income and reserves (2 925) 763 2 109
Tax on other comprehensive income (19) (178) (128)

Total comprehensive income for the period 2 841 5 283 7 796
Attributable to:
Equity holders of the group 2 324 4 768 7 138
Non-controlling interest 517 515 658
2 841 5 283 7 796

Six months ended Year ended
30 September 31 March
Condensed consolidated 2012 2011 2012
statementof changes Reviewed Reviewed Audited
in equity R'm R'm R'm
Balance at beginning of the period 49 576 42 942 42 942
Changes inshare capital and premium
Movement in treasury shares (269) (163) (1 603)
Share capital and premium issued 288 224 1 908
Changes in reserves
Total comprehensive income for the period 2 324 4 768 7 138
Movement in share-based compensation reserve 201 203 401
Movement in existing control business
combination reserve (333) 2 17
Direct retained earnings movements 4
Dividends paid to Naspers shareholders (1 292) (1 013) (1 012)
Changes in non-controlling interest
Total comprehensive income for the period 517 515 658
Dividends paid to non-controlling shareholders (1 102) (1 281) (1 362)
Movement in non-controlling interest in reserves 209 328 485
Balance at end of the period 50 119 46 525 49 576
Comprising:
Share capital and premium 14 708 14 445 14 689
Retained earnings 25 919 22 035 23 065
Share-based compensation reserve 3 563 2 631 3 134
Existing control business combination reserve (291) 26 42
Hedging reserve (319) (175) (328)
Valuation reserve 2 778 4 893 5 933
Foreign currency translation reserve 2 076 828 980
Non-controlling interest 1 685 1 842 2 061
Total 50 119 46 525 49 576

As at As at
30 September 31 March
Consolidated 2012 2011 2012
statement of financial Reviewed Reviewed Audited
position R'm R'm R'm
Assets
Non-current assets 68 172 59 842 62 037
Property, plant and equipment 12 574 8 460 8 879
Goodwill 19 708 18 606 17 884
Other intangible assets 4 319 4 108 3 884
Investment in associates 29 070 25 155 28 095
Other investments and loans 1 768 2 587 2 564
Derivatives 70 298 86
Deferred taxation 663 628 645
Current assets 22 546 18 638 19 241
Inventory 1 592 1 194 1 238
Programme and film rights 2 830 2 362 1 522
Trade receivables 4 373 3 655 3 296
Other receivables and loans 2 872 2 692 2 639
Derivatives 284 111 85
Cash and cash equivalents 10 565 7 902 9 825
22 516 17 916 18 605
Assets classified as held-for-sale 30 722 636

Total assets 90 718 78 480 81 278
Equity and liabilities
Share capital and reserves 48 434 44 683 47 515
Share capital and premium 14 708 14 445 14 689
Other reserves 7 807 8 203 9 761
Retained earnings 25 919 22 035 23 065
Non-controlling shareholders' interest 1 685 1 842 2 061
Total equity 50 119 46 525 49 576
Non-current liabilities 23 312 17 467 17 845
Capitalised finance leases 5 355 2 398 2 208
Liabilities interest bearing 15 466 12 503 12 996
non-interest bearing 248 224 348
Post-retirement medical liability 148 133 139
Derivatives 937 956 839
Deferred taxation 1 158 1 253 1 315
Current liabilities 17 287 14 488 13 857
Current portion of long-term debt 1 786 1 465 1 613
Trade payables 4 117 2 964 2 865
Accrued expenses and other current liabilities 9 659 7 979 7 980
Derivatives 149 118 206
Bank overdrafts and call loans 1 576 1 835 1 034
17 287 14 361 13 698
Liabilities classified as held-for-sale 127 159

Total equity and liabilities 90 718 78 480 81 278
Net asset value per N ordinary share (cents) 12 567 11 888 12 351

Six months ended Year ended
30 September 31 March
2012 2011 2012
Condensed consolidated Reviewed Reviewed Audited
statement of cash flows R'm R'm R'm
Cash flow from operating activities 4 092 1 912 5 394
Cash flow utilised in investing activities (2 590) (501) (2 360)
Cash flow utilised in financing activities (1 488) (2 886) (1 745)
Net movement in cash and cash equivalents 14 (1 475) 1 289
Foreign exchange translation adjustments 184 222 139
Cash and cash equivalents
at beginning of the period 8 791 7 401 7 401
Cash and cash equivalents
at end of the period 8 989 6 148 8 829
Included in:
Cash and cash equivalents 8 989 6 067 8 791
Assets classified as held-for-sale 81 38
8 989 6 148 8 829

Six months ended Year ended
30 September 31 March
Calculation of 2012 2011 2012
headline and core Reviewed Reviewed Audited
headline earnings R'm R'm R'm
Net profit attributable to shareholders 4 150 1 869 2 894
Adjusted for:
insurance proceeds (1) (2)
impairment of property, plant and
equipment and other assets 41 4
impairment of goodwill and intangible assets 289 749 1 487
profit on sale of property, plant and
equipment and intangible assets (3) (26)
losses/(gains) on acquisitions and
disposals of investments 2 (7) 45
step-up acquisition loss 21 35
dilution losses on equity-accounted investments 41 89 606
remeasurements included in equity-
accounted earnings (1 331) 32
impairment of equity-accounted investments 12 94
3 210 2 724 5 156
Total tax effects of adjustments (6) (131) (207)
Total adjustment for non-controlling interest (10) 4 (75)
Headline earnings 3 194 2 597 4 874
Adjusted for:
equity-settled share scheme charges 339 271 652
recognition of deferred tax assets (26) (24) (38)
amortisation of intangible assets 583 586 1 191
fair value adjustments and currency
translation differences 35 (25) 162
business combination (gains)/losses (39) 53 110
Core headline earnings 4 086 3 458 6 951

Six months ended Year ended
30 September 31 March
2012 2011 2012
Supplementary Reviewed Reviewed Audited
information R'm R'm R'm
Depreciation of property, plant
and equipment 698 558 1 222
Amortisation 552 560 1 088
intangible assets 482 470 967
software 70 90 121
Other gains/(losses) net (378) (722) (1 448)
profit/(loss) on sale of property, plant and
equipment and intangible assets 3 21 (95)
impairment of goodwill and intangible assets (289) (742) (1 487)
impairment of tangible and other assets (54) (4)
insurance proceeds 1 2
profit on transponder leasesettlement 3 100
fair value adjustment on shareholders' liability (38) (1) 32
Interest received 218 200 400
loans and bank accounts 205 169 360
other 13 31 40
Interest paid (706) (583) (1 271)
loans and overdrafts (481) (390) (877)
transponder leases (72) (66) (132)
other (153) (127) (262)
Other finance income/(cost) net 235 174
net foreign exchange differences and fair value
adjustments on derivatives (76) 5 (135)
preference dividends received 76 230 309
Gains/(losses) on acquisitions and disposals 25 (62) (134)
profit/(loss) on sale of investments 42 7 (7)
loss on partial disposal of investments (44)
remeasurement of contingent consideration75 (17)
acquisition-related costs (37) (33) (72)
other (11) (36) (38)
Goodwill
cost 19 801 18 371 18 371
accumulated impairment (1 917) (1 093) (1 093)
Opening balance 17 884 17 278 17 278
foreign currency translation effects 563 1 101 583
acquisitions 1 533 966 1 184
disposals (31) (8) (99)
transferred to non-current assets held-for-sale (360) (226)
impairment (241) (371) (836)
Closing balance 19 708 18 606 17 884
cost 21 811 20 077 19 801
accumulated impairment (2 103) (1 471) (1 917)
Investments and loans 30 838 27 742 30 659
listed investments 24 481 21 245 24 331
unlisted investments 6 357 6 497 6 328
Commitments 16 988 16 415 19 202
capital expenditure 416 644 299
programme and film rights 13 500 8 839 12 143
network and other service commitments 1 287 1 269 953
transponder leases 372 4 607 4 496
operating lease commitments 1 015 755 1 083
set-top box commitments 398 301 228
Share of equity-accounted results 4 064 1 618 3 869
dilution gains 16
sale of assets (1 544) (4)
impairment of investments and other assets 213 18 122
gains on acquisitions and disposals (112)
Contribution to headline earnings 2 733 1 632 3 895
amortisation of intangible assets 259 261 538
equity-settled share scheme charges 251 183 468
businesscombination costs 20 22
fair value adjustments and currency
translation differences (75) 36 67
(recognition)/reversal of deferred tax assets (26) 19 (38)
Contribution to core headline earnings 3 142 2 151 4 952
Tencent 2 986 1 973 4 376
Mail.ru 250 178 364
Abril (95) 18 205
Other 1 (18) 7

Business combinations
In June 2012 the group acquired a 79% interest in Netretail, an online retailer with operations in Czech Republic, Poland, Hungary,
Slovakia and Slovenia. The fair value of the total purchase consideration was R1,7bn in cash. The purchase price allocation: PP&E
R36m; intangible assets R626m; cash R79m; trade and other receivables R213m; inventory R116m; trade and other payables R507m;
deferred tax liability R114m and the balance to goodwill. A non-controlling interest of R55m was recognised at the acquisition date.
The main factor contributing to the goodwill recognised is Netretail's market presence. This goodwill is not expected to be deductible
for income tax purposes. The non-controlling interest was measured using the proportionate share of the identifiable net assets.
The group made various smaller acquisitions with a combined cost of R65m. Total acquisition-related costs of R37m were recorded
in "Gains/(losses) on acquisitions and disposals" in the income statement. Had the revenues and net results of Netretail been
included from 1 April 2012, the group's consolidated revenue would have been R362m higher and the net results would have
decreased by R16m. The smaller acquisitions made during the period would not have had a significant effect on the group's
consolidated revenue and net results.

For more details about Naspers and investor enquiries regarding the results, visit the Naspers website at www.naspers.com


Date: 27/11/2012 07:05:00 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.
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 is presently finalising its interim report for
the six months to 30 September 2012.

We expect core headline earnings per share to be between 10% and 20% higher than the
comparable period's 921 cents. Shareholders are reminded that the board considers core
headline earnings an appropriate indicator of the sustainable operating performance of the
group, as it adjusts for non-recurring and non-operational items.

It is expected that earnings per share for the six months to 30 September 2012 will be
between 110% and 120% higher compared to the prior period's 498 cents, mainly as a
consequence of a non-recurring book profit flowing from Mail.ru's sale of a portion of its
shares in Facebook.

Headline earnings per share for the period are expected to be between 15% and 25% higher
than the prior period's 692 cents.

Further details will be provided in the interim report, due to be released on or about 27
November2012. Financial information on which this trading statement is based has not been
reviewed or reported on by the company's auditors.



Cape Town
16 November 2012
Sponsor: Investec Bank Limited




1

Date: 16/11/2012 01:50:00 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 kindor nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Directors Dealings

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-

Director of a major subsidiary: Mr Imtiaz Patel
Transaction date: 21 September 2012
Price at which shares were offered: Closing price on the JSE Limited on 7 September
2012: R484,70
Number of shares: 7 847 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers shares made
by the MIH Holdings employee share incentive
scheme to Mr Patel. The offer of an option to
purchase shares was made on 7 September 2012 at
R484,70, being the closing price on the JSE Limited
on that day. The offer was accepted on 21 September
2012. The first third of the options vest on 7
September 2015, the second third vests on 7
September 2016 and the final third vests on 7
September 2017.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Director: Mr Steve Pacak
Transaction date: 21 September 2012
Price at which shares were offered: Closing price on the JSE Limited on 7 September
2012: R484,70
Number of shares: 54 000 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers shares made
by the MIH (BVI) Limited employee share incentive
scheme to Mr Pacak. The offer of an option to
purchase shares was made on 7 September 2012 at
R484,70, being the closing price on the JSE Limited
on that day. The offer was accepted on 21 September
2012. The first third of the options vest on 7
September 2015, the second third vests on 7
September 2016 and the final third vests on 7
September 2017.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
25 September 2012
Sponsor: Investec Bank Limited

1

Date: 25/09/2012 05:00:00 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 wayguarantee 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.
Director dealing in securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director: Mr T Vosloo
Company: Naspers Limited
Transaction date: 13 September 2012
Nature of transaction: on market sale of securities
Number of shares: 13 224 Naspers shares
Class of shares: N ordinary
Total value of sale: R6 488 511,45
Average price per share: R490,66
Highest price per share: R491,35
Lowest price per share: R490,00

Transaction date: 14 September 2012
Nature of transaction: on market sale of securities
Number of shares: 12 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R5 996 669,65
Averageprice per share: R499,72
Highest price per share: R501,89
Lowest price per share: R497,75

Nature of transactions: Sale of shares held by Mr Vosloo's family trust
Nature of interest in transactions: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Cape Town
17 September 2012
Sponsor: Investec Bank Limited

Date: 17/09/2012 05:00:00 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, accuracyor 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.
Directors Dealing in Securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director: Mr T Vosloo
Company: Naspers Limited
Transaction date: 7 September 2012
Nature of transaction: on market sale of securities
Number of shares: 2 776 Naspers shares
Class of shares: N ordinary
Total value of sale: R1 360 240,00
Average price per share: R490,00
Highest price per share: R490,00
Lowest price per share: R490,00
Nature of transactions: Sale of shares held by Mr Vosloo's familytrust
Nature of interest in transactions: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Director of a major
subsidiary: Mr V Sgourdos
Major subsidiary: MIH Holdings Limited
Transaction date: 6 September 2012
Nature of transaction: on market sale
Number of shares: 46 285 Naspers shares
Class of shares: N ordinary
Total value of transaction: R22 295 791,31
Average price per share: R481,71
Highest price per share: R483,12
Lowest price per share:R480,80
Date of vesting in the group
share-based incentive plan: MIH (Mauritius) Limited Share Trust: 15 428 shares
on 14 September 2008; 15 428 shares on 14
September 2009; 15 429 shares on 14 September
2010;
Nature of transaction: Sale of vested shares held in the MIH (Mauritius)
Limited Share Incentive Trust by Mr Sgourdos.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements


Cape Town
10 September 2012
Sponsor: Investec Bank Limited

Date: 10/09/2012 05:50:00 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.
Director Dealing in Securities

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(‘Naspers' or ‘the company')


In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following
information is disclosed:-


Director: Mr S J Z Pacak
Company: Naspers Limited
Transaction date: 4 September 2012
Nature of transaction: Off market purchase of securities
Number of shares: 115 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 702 500,00
Price per share on 2 January 2002: R23,50
Date of vesting in the group
share-based incentive plan: On 2 January 2002, Steve Pacak was offered, and
accepted, 115 000 Naspers N ordinary shares at the
listed market price of the shares on that date. In
terms of the rules of the Naspers Share Incentive
Trust the shares vested over time and delivery of the
shares acquired must be taken no later than the tenth
anniversary of the offer date.

Accordingly, on 4 September 2012 a total of
115 000 Naspers N ordinary shares were delivered to
his family trust upon payment of the amount of
R2 702 500, being the listed market value on the date
of the offer.

Nature of transaction: Delivery of vested shares held in the Naspers Share
Incentive Trust to Mr Pacak's family trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements

Cape Town
5 September 2012
Sponsor: Investec Bank Limited

Date: 05/09/2012 05:00:00 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.
Results of the AGM

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(Naspers or the company)

RESULTS OF ANNUAL GENERAL MEETING

Cape Town, 31 August 2012 Naspers Limited ("Naspers") (JSE: NPN, LSE: NPSN),
the 98th annual general meeting (AGM) of Naspers Limited was held this morning, under
the chairmanship of Mr Ton Vosloo, in the Naspers Centre at 40 Heerengracht, Cape
Town, South Africa.

Shareholders approved all the ordinary and special resolutions with the required majority.

A gross dividend of 335c per Naspers N-ordinary and 67c per Naspers A-ordinary share
were approved. PricewaterhouseCoopers was appointed as external auditors, with Mr A
Wentzel as the individual who will undertake the audit.

Prof R C C Jafta, Prof D Meyer, Messrs L P Retief and N P van Heerden, and Prof H S S
Willemse, who retired by rotation, were re-elected to the board.

Messrs Boetie van Zyl and Ben van der Ross, Prof Rachel Jafta and Adv Fran du Plessis
were elected to the audit committee.

Mr Vosloo reported in his AGM address that Naspers's consolidated revenues to 31
March 2012 grew 19% to R39,5 billion. The group continued to expand and follow its
strategy: organic growth of existing businesses and limited acquisitions that add value to
the group.

The chairman's address follows:

"The financial year to 31 March 2012 was another challenging, but rewarding, period for
the Naspers group. Globally, the media industry is working through unprecedented
change as traditional platforms mutate, new platforms develop at lightning speed and
consumers demand ever more functionality and connectedness in the language of their
choice.

To add to the challenge, this is all taking place in the midst of the worst economic crisis
in over seven decades.

Our solid results reflect the benefits of earlier strategic decisions to diversify our
business, including some painful choices. More importantly, these results reflect the
dedication of our people in some 130 countries around the globe. Throughout a period of
steep change in our industry, their hard work has enabled the group to grow managed
revenues and trading profits at a compounded annual rate of some 25% over the past
seven years.

Reflecting on the past financial year and the results reported at the endof June, the
Naspers group recorded a 19% increase in consolidated revenues to R39,5bn, while core
headline earnings grew 15% to R6,9bn. The internet businesses remain our fastest-
growing segment. Over the past seven years and through the recent recession, the internet
segments added managed revenues at 52% per annum.

In line with our sustainable development policy, we are reducing our impact on the
environment by not printing our integrated annual report. The full report to shareholders
is published on our website.

Our integrated report aims to present a balanced view of our economic, social,
environmental and governance activities for the year to 31 March 2012. Supplementing
this report we have launched naspers.org, our integrated sustainability platform that
captures our combined social awareness as a group and focuses on projects that address
social and environmental issues. Our intention is to extend Naspers's core value of being
useful to the communities we serve, while reflecting the key concerns of stakeholders.

In time, naspers.org will demonstrate the nature and quality of our group's impact on
society and on the planet. It will also harness the group's strengths to help address global
challenges such as education.

Looking at our operations our e-commerce operations in Eastern and Western Europe
continue to expand while the e-commerce operation in Latin America is developing its
business for longer-term growth. E-commerce is receiving particular development focus
due to the rapid growth of online retail globally, facilitated by the proliferation of
smartphones and tablets. We expect e-commerce to represent the largest segment of the
internet within the next five to ten years.

Given the rapid growth of the internet industry in China, Tencent continues to record
excellent results. I refer you to Tencent's recently announced interim results for an update
of progress.

The Russian internet market remains buoyant and Mail.ru Group, listed on the London
Stock Exchange, maintained market share in most segments. It is the leading provider of
services to internet consumers in Russian-speaking markets. Its half-year results to 30
June 2012 are expected to be released in early September. Mail.ru declared a special
dividend recently and the group will receive some US$231m, which will be utilised for
operational purposes.

The pay-TV unit experienced itssecond-best year of subscriber growth, adding some
684 000 homes for the period to 31 March.

And now we look to the future. The new satellite, IS-20, launched successfully on 2
August from Kourou, French Guiana. Intelsat is performing various tests and, on 14
September, satellite transponders will be handed over for access by MultiChoice. The
additional capacity which will start on 1 October will add seven high definition and six
standard definition movie and general entertainment channels to the DStv service.

In several African countries we made good progress in increasing local content. We
continue to be the largest funder of sport on the African continent. In countries facing
educational challenges, we have steadily expanded the scope of our educational and
literacy initiatives. We are also developing local skills, such as film-making and
journalism. To bring our service offering to lower income homes, MultiChoice is making
good progress in rolling out digital television in many countries on the continent.

Ensuring we have the best engineers remains a priority.

The stronger performance of our print business Media24 is largely due to tighter cost
controls and some attractivecommercial print contracts.

On to matters of corporate governance and sustainability...

The impact of the new Companies Act in South Africa, as well as the guidelines in King
III, remained a focus over the past year. The effect of all this bureaucracy is that 1 422
pages were distributed to our board and committees during the June board cycle. Not too
environmentally friendly either!

We recognise the importance of governance and sustainability. The board conducts the
group's business with integrity and we apply appropriate corporate governance practices.

To comply with the new Companies Act that stipulates that certain companies must
appoint the first members of the social and ethics committee within 12 months from 1
May 2012, Naspers has established a committee to carry out the functions of the social
and ethics committee in respect of the company and its South African subsidiaries. This
committee is chaired by Mr Boetie van Zyl.

In a nutshell, the sustainability of our group is determined by our ability to continue to
inform, entertain and connect people, distribute media products, support e-commerce, sell
advertising, develop related technologies and sell these to other media operators.

Our products and services improve people's lives in very practical ways through links to
media, e-commerce, friends, advertising and content.

Last year our group contributed R6,2 billion to governments take note: R6,2 billion,
comprising tax on company profits, tax on our employees' salaries, secondary tax on
companies, skills development levies, etc. This funds schools, hospitals, police stations
all of this helps to build the economies in emerging countries in which we operate.

Our sustainable development framework flows from our values and the concerns of
stakeholders. This links to our business strategy and risk management processes.

While most of our businesses have a limited impact on the environment mainly
electricity use several subsidiaries have Think Green initiatives. Our print businesses
pose the most risk of environmental impact and strict processes are place to ensure we
minimise our impact.

Now the current regulatory environment

Globally the regulatory environment for media and broadcasting is changing. In Africa
we face the legislative challenges including new broadcast bills, regulations, licences or
licence renewals in Angola, Kenya, Namibia, Nigeria, Uganda and Swaziland. The pay-
TV market is moving through a period of significant change in South Africa, including
the migration from analogue to digital terrestrial television (DTT), which has been
delayed so far.

In print media, the regulatory environment in South Africa has been under considerable
scrutiny. We are working closely with industry bodies and the regulatory authorities to
ensure freedom of the press is protected, and that self-regulation is effective. It is
encouraging that the ruling party has eased up on some of the most unacceptable clauses
of the State Information Bill this week.

Now a look at dividends...

The board has considered recent amendments to the taxation of dividends and has
recommended that the annual gross dividend be increased by 24% to 335cents per N
ordinary share, and to 67 cents per unlisted A ordinary share. If you approve this today,
dividends will be payable to shareholders recorded in the books on Friday 21 September
and paid on Tuesday 25 September.

On to the directors

In terms of the company's memorandum of incorporation, Prof R C C Jafta, Prof D
Meyer, Messrs L P Retief and N P van Heerden, and Prof H S S Willemse willretire by
rotation today, but are eligible to offer themselves for re-election.

Members of the audit committee are Messrs JJM van Zyl and BJ van der Ross, Prof R
Jafta and Adv F-A du Plessis. The board recommends that shareholders reappoint these
individuals as audit committee members. In compliance with the Companies Act,
shareholders will be asked to consider their re-election.

In June it waswith great sadness that Naspers announced the passing of Antonie Roux,
CEO of our internet businesses. Antonie started his career at Naspers 33 years ago as a
junior technician and advanced through a number of management positions in various
countries over the years. In 1997 he became the founding head of MWEB. In 2002 he
was appointed CEO of our internet operations and from April 2011 he was named CEO
of MIH. Antonie played a major role in Naspers's international expansion and growth of
its internet businesses. Not only did his family and friends lose a wonderful person we
have also lost an important successor in the Naspers group. The 5-year term of our CEO,
Koos Bekker, will have expired at the end of March next year. So as to create sufficient
space for succession planning, he has agreed to stay on until the end of March 2014.

This year a number of our colleagues passed away:

Mr Steve Oldfield one of the early members of the M-Net management team, who
moved on to head up our pay TV operation in Greece and thereafter our technology
company, Irdeto.

Deon du Plessis, the colourful founder of Daily Sun

Theuns Reyneke of Irdeto

Louise Laubsher of Beeld and Die Burger

Andriette Stofberg of Beeld

Franz Kemp of Huisgenoot

Werner Wager of Media24. He was production manager of our newspapers

Melvin Whitebooi of Son

May van der Merwe the wife of Jac, one of the valued founders of our pay-TV
operations

Aaron Ampofo of MultiChoice

And this week Hans Bütter, our dictionary guru

Now a few achievements and career moves

Andrew Gill becomes CFO of MultiChoice South Africa

Carel Snyman becomes CFO of MultiChoice sub-Saharan Africa

Hein Pretorius becomes CEO of Allegro Group

Collins Khumalo becomes CEO of MultiChoice South Africa

Nico Meyer becomes CEO of MultiChoice sub-Saharan Africa

Fergus Sampson becomes head of Media24 Newspapers

We also had some retirements:

Graham Pfuhl, head of marketing for the pay TV operations, retired after 20 years'
service

Abraham van Zyl retires as head of Media24 Newspapers

We also noted the appointments of:

Martin Scheepbouwer, CEO of MIH Internet's Classifieds operations

Bill Paladino, CEO of MIH Internet Africa

Happy Ntshingila, CEO of SuperSport

Simon Camerer, marketing manager for pay TV

And now we look forward

Over the past year growth in revenue reflected the expansion of our group. While our
strategy is continually refined to accommodate market shifts, our strategy remains
unchanged: organic growth of existing businesses and a few acquisitions that add value.

In the year ahead, we expect top line growth to continue at more or less the same rate as
before. However, with our focus on growing our businesses organically, earnings will be
dampened in the short term as the cost of developing these businesses is expensed
through the income statement. We believe this strategy to be sound.

Our aim remains to deliver value to our shareholders over the medium to longer term.

Accordingly, we are working closely with regulators and lawmakers to improve the
regulatory environment. We focus on developing the full potential of our people and,
across the group, we contribute to the communities in which we operate.

Full details on our operations are contained in our 2012 annual report, which is available
in electronic format. A review of today's proceedings will be placed on the Naspers
website.

I thank you."

About Naspers
Naspers is a leading multinational media group listed on the Johannesburg Stock
Exchange (JSE) since September 1994. The company also has an ADR listing on the
London Stock Exchange (LSE). Over the past two decades the group has evolved into a
broad-based media company operating in 130 markets.

The group's principal operations are in internet platforms (focussing on commerce,
communities, content, communication and games), pay-television and the provision of
related technologies and some print media. Most of Naspers's businesses hold leading
market positions.

The group's most significant operations are located in emerging markets. This includes
Africa, China, Latin America, Central and Eastern Europe, Russia and India.

Important Information:

The report contains forward-looking statements as defined in the United States Private
Securities Litigation Reform Act of 1995. Words such as "believe", "anticipate",
"intend", "seek", "will", "plan", "could", "may", "endeavour" and similar expressions are
intended to identify such forward-looking statements, but are not the exclusive means of
identifying such statements. While these forward-looking statements represent our
judgements and future expectations, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ materially from our
expectations.These include factors that could adversely affect our businesses and
financial performance. We are not under any obligation to (and expressly disclaim any
such obligation to) update or alter our forward-looking statements, whether as a result of
new information, future events or otherwise. Investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.

Contact:

Meloy Horn
Head of investor relations
Naspers
+27 11 289 3320
+27 82 772 7123
meloy.horn@naspers.com
Date: 31/08/2012 01:22:00 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.
No change statement

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")



NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL
MEETING



Shareholders are advised that the company's integrated annual report (including the
notice of the annual general meeting) and the annual financial statements for the year
ended 31 March 2012 will be posted on the company's website www.naspers.com on
27 July 2012. There are no modifications to the audited results that were published in
the summarised annual financial statements (provisional report) on 27 June 2012.
PricewaterhouseCoopers Inc. audited the results contained in the summarised annual
financial statements and the annual financial statements of Naspers, and its reports are
available for inspection at the registered office of the company.

The notice of the annual general meeting was posted to shareholders on 29 June 2012,
and notice is hereby given thatthe ninety eighth annual general meeting of the
company will be held at 11:15 on Friday 31 August 2012, on the 17th Floor of
Naspers Centre, 40 Heerengracht in Cape Town, South Africa to transact business as
stated in the notice of the annual general meeting.



Cape Town
27 July 2012
Sponsor: Investec Bank Limited

Date: 27/07/2012 11:03:00 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.
Director and Company Secretary dealing in securities

Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(Naspers or the company)


In compliance with Rules 3.63 3.74 of the JSE Listings Requirements, the following information is disclosed:-


Director of a major subsidiary: Mr Basil Sgourdos
Transaction date: 11 July 2012
Price at which shares were offered: Closing price on the JSE Limited on 2 July 2012: R436,83
Number of shares: 33 370 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers shares made by the MIH (BVI) Limited employee share incentive scheme to Mr Sgourdos. The offer of an option to purchase shares was made on 2 July 2012 at R436,83, being the closing price on the JSE Limited on that day. The offer was accepted on 11 July 2012. The first third of the options vest on 2 July 2015, the second third vests on 2 July 2016 and the final third vests on 2 July 2017.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 ofthe JSE Listings Requirements


Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 11 July 2012
Price at which shares were offered: Closing price on the JSE Limited on 2 July 2012: R436,83
Number of shares: 11 123 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares made by the Naspers Limited employee share incentive scheme to Mrs Kisbey-Green. The offer of an option to purchase shares was made on 2 July 2012 at R436,83, being the closing price on the JSE Limited on that day. The offer was accepted on 11 July 2012. The first third of the options vest on 2 July 2015, the second third vests on 2 July 2016 and the final third vests on 2 July 2017.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements




Director of a major
subsidiary: Mr FLN Letele
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 10 July 2012
Nature of transaction: on market purchase of securities
Number of shares: 636 Naspers shares
Class of shares: N ordinary
Total value of transaction: R283 179,00
Average price per share: R445,25
Highest price per share: R445,25
Lowest price per share: R445,25
Date of vesting in the group
share-based incentive plan: 28 June 2012
Nature of transaction: Mr Letele exercised share appreciation rights in a group share-based incentive plan and received 636 Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements


Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 10 July 2012
Nature of transaction: on market sale
Number of shares: 7 178 Naspers shares
Class of shares: N ordinary
Total value of transaction: R3 194 497,12
Average price per share: R445,04
Highest price per share: R445,04
Lowest price per share: R445,04
Date of vesting in the group
share-based incentive plan: MIH (BVI) Limited Share Trust: 7 178 shares on 10 July 2012
Nature of transaction: Sale of vested shares held in the MIH (BVI) Limited Share Incentive Trust by Mr Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements


Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 10 July 2012
Nature of transaction: on market purchase of securities
Number of shares: 673 Naspers shares
Class of shares: N ordinary
Total value of transaction: R299 653,25
Average price per share: R445,25
Highest price per share: R445,25
Lowest price per share: R445,25
Date of vesting in the group
share-based incentive plan: 28 June 2012
Nature of transaction: Mr Patel exercised share appreciation rights in a group share-based incentive plan and received 673 Naspers N ordinary shares in settlementof the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements

Cape Town
12 July 2012
Sponsor: Investec Bank Limited




Date: 12/07/2012 02:45:00 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.
Directors dealings

NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(Naspers or the company)


In compliance with Rules 3.63 3.74 of the JSE Listings Requirements, the following information is disclosed:-


Director of a major
subsidiary: Mr J J Volkwyn
Majorsubsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 29 June 2012
Nature of transaction: on market sale of securities
Number of shares: 384 Naspers shares
Class of shares: N ordinary
Total value of sale: R172 800,00
Average price per share: R443,64
Highest price per share: R443,64
Lowest price per share: R443,64
Nature of transaction: Mr Volkwyn exercised share appreciation rights in a group share-based incentive plan and received 384 Naspers N ordinary shares in settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements

Cape Town
3 July 2012
Sponsor: Investec Bank Limited

Date: 03/07/2012 05:35:00 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, inci
NPN
NPN - Naspers Limited - Provisional results announcement
NASPERS LIMITED
(Registration Number: 1925/001431/06)
("Naspers")
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
Provisional results announcement
Further to the announcement released earlier on Sens those results were audited
by the company's auditor, PricewaterhouseCoopers Inc., whose unqualified report
is available for inspection at the registered office of the company.
Cape Town
27 June 2012
Sponsor: Investec Bank Limited
Date: 27/06/2012 16:00:03 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.
NPN
NPN - Naspers Limited - Summary of the audited results of the Naspers group for
the year ended 31 March 2012
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:US6315121003
Provisional report
Summary of the audited results of the Naspers group for the year ended 31 March
2012
Consolidated income statement
Year ended Year ended %
31 March 31 March Change
2012 2011
R'm R'm
Revenue 39 487 33 085 19
Cost of providing services and sale of (20 863) (17 794)
goods
Selling, general and administration (13 974) (10 354)
expenses
Other gains/(losses) - net (1 448) (881)
Operating profit 3 202 4 056 (21)
Interest received 400 401
Interest paid (1 271) (1 389)
Other finance income/(costs) - net 174 (30)
Share of equity-accounted results 3 869 3 290 18
Impairment of equity-accounted (94) (23)
investments
Dilution (losses)/gains on equity- (606) 1 461
accounted investments
(Losses)/gains on acquisitions and (134) 42
disposals
Income before taxation 5 540 7 808 (29)
Taxation (2 059) (1 861)
Profit for the year 3 481 5 947 (41)
Attributable to:
Equity holders of the group 2 894 5 260
Non-controlling interest 587 687
3 481 5 947
Core headline earnings for the period 6 951 6 036 15
(R'm)
Core headline earnings per N ordinary 1 850 1 612 15
share (cents)
Fully diluted core headline earnings per 1 789 1 550 15
N ordinary share (cents)
Headline earnings for the period (R'm) 4 874 4 213 16
Headline earnings per N ordinary share 1 297 1 125 15
(cents)
Fully diluted headline earnings per N 1 254 1 082 16
ordinary share (cents)
Earnings per N ordinary share (cents) 770 1 405 (45)
Fully diluted earnings per N ordinary 745 1 351 (45)
share (cents)
Net number of shares issued ('000)
- At period end 384 714 375 440
- Weighted average for the period 375 653 374 501
- Fully diluted weighted average 388 567 389 465
Condensed consolidated statement of
comprehensive income
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Profit for the year 3 481 5 947
Total other comprehensive income, net of tax, 4 315 2 277
for the year
Translation of foreign operations 2 172 (461)
Cash flow hedges 162 126
Share of associates' other comprehensive income 2 109 2 622
and reserves
Tax on other comprehensive income (128) (10)
Total comprehensive income for the year 7 796 8 224
Attributable to:
Equity holders of the group 7 138 7 543
Non-controlling interest 658 681
7 796 8 224
Condensed consolidated statement of changes in
equity
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Balance at beginning of the year 42 942 35 634
Changes in share capital and premium
Movement in treasury shares (1 603) (335)
Share capital and premium issued 1 908 253
Changes in reserves
Total comprehensive income for the year 7 138 7 543
Movement in share-based compensation reserve 401 508
Movement in existing control business 17 (63)
combination reserve
Direct retained earnings movements 4 (22)
Dividends paid to Naspers shareholders (1 012) (882)
Changes in non-controlling interest
Total comprehensive income for the year 658 681
Dividends paid to non-controlling shareholders (1 362) (665)
Movement in non-controlling interest in 485 290
reserves
Balance at end of year 49 576 42 942
Comprising:
Share capital and premium 14 689 14 384
Retained earnings 23 065 21 179
Share-based compensation reserve 3 134 2 300
Existing control business combination reserve 42 25
Hedging reserve (328) (297)
Valuation reserve 5 933 4 256
Foreign currency translation reserve 980 (1 185)
Non-controlling interest 2 061 2 280
Total 49 576 42 942
Condensed consolidated statement of financial
position
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Assets
Non-current assets 62 037 53 610
Property, plant and equipment 8 879 7 561
Goodwill 17 884 17 278
Other intangible assets 3 884 3 886
Investment in associates 28 095 20 767
Other investments and loans 2 564 3 301
Derivatives 86 -
Deferred taxation 645 817
Current assets 19 241 16 245
Inventory 1 238 731
Programme and film rights 1 522 1 487
Trade receivables 3 296 2 929
Other receivables and loans 2 639 2 330
Derivatives 85 -
Cash and cash equivalents 9 825 8 731
18 605 16 208
Assets classified as held-for-sale 636 37
Total assets 81 278 69 855
Equity and liabilities
Share capital and reserves 47 515 40 662
Share capital and premium 14 689 14 384
Other reserves 9 761 5 099
Retained earnings 23 065 21 179
Non-controlling shareholders' interest 2 061 2 280
Total equity 49 576 42 942
Non-current liabilities 17 845 14 951
Capitalised finance leases 2 208 1 893
Liabilities - interest-bearing 12 996 10 822
- non-interest-bearing 348 178
Post-retirement medical liability 139 179
Derivatives 839 714
Deferred taxation 1 315 1 165
Current liabilities 13 857 11 963
Current portion of long-term debt 1 613 1 510
Trade payables 2 865 1 916
Accrued expenses and other current liabilities 7 980 6 608
Derivatives 206 599
Bank overdrafts and call loans 1 034 1 330
13 698 11 962
Liabilities classified as held-for-sale 159 -
Total equity and liabilities 81 278 69 855
Net asset value per N ordinary share (cents) 12 351 10 831
Condensed consolidated statement of cash flows
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Cash flow from operating activities 5 394 5 271
Cash flow utilised in investing activities (2 360) (5 778)
Cash flow (utilised in)/generated from (1 745) 2 513
financing activities
Net movement in cash and cash equivalents 1 289 2 006
Foreign exchange translation adjustments 139 (431)
Cash and cash equivalents at beginning of the 7 401 5 826
year
Cash and cash equivalents at end of the year 8 829 7 401
Included in:
- Cash and cash equivalents 8 791 7 401
- Assets classified as held-for-sale 38 -
8 829 7 401
Calculation of headline and core headline
earnings
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Net profit attributable to shareholders 2 894 5 260
Adjusted for:
- insurance proceeds (2) (51)
- impairment of property, plant, equipment and - 25
other assets
- impairment of goodwill and intangible assets 1 487 1 035
- profit on sale of property, plant, equipment - (407)
and intangible assets
- losses/(gains) on acquisitions and disposals 45 (152)
of investments
- dilution losses/(gains) on equity-accounted 606 (1 461)
investments
- remeasurements included in equity-accounted 32 (28)
earnings
- impairment of equity-accounted investments 94 23
5 156 4 244
Total tax effects of adjustments (207) (27)
Total adjustment for non-controlling interest (75) (4)
Headline earnings 4 874 4 213
Adjusted for:
- treasury-settled share scheme charges 652 488
- (recognition)/reversal of deferred tax assets (38) 13
- amortisation of intangible assets 1 191 1 052
- fair value adjustments and currency 162 18
translation differences
- revolving credit facility - accelerated - 128
amortisation of costs
- business combination related costs 110 124
Core headline earnings 6 951 6 036
Segmental review
Revenue
Year ended 31 March
2012 2011 %
R'm R'm Change
Pay television 24 093 21 025 15
Internet 19 192 12 092 59
- Tencent 11 455 7 215 59
- Other 7 737 4 877 59
Print 12 071 10 758 12
Technology 1 166 1 228 (5)
Economic interest 56 522 45 103 25
Corporate services - - -
Less: Associates (17 035) (12 018) 42
Consolidated 39 487 33 085 19

EBITDA
Year ended 31 March
2012 2011 %
R'm R'm Change
Pay television 7 276 6 542 11
Internet 4 559 3 945 16
- Tencent 5 158 3 795 36
- Other (599) 150 +100
Print 1 465 1 194 23
Technology 57 188 (70)
Economic interest 13 357 11 869 13
Corporate services (198) (239) -
Less: Associates (6 199) (4 481) 38
Consolidated 6 960 7 149 (3)

Trading profit
Year ended 31 March
2012 2011 %
R'm R'm Change
Pay television 6 331 5 727 11
Internet 3 800 3 493 9
- Tencent 4 659 3 543 31
- Other (859) (50) +100
Print 1 090 872 25
Technology (11) 128 +100
Economic interest 11 210 10 220 10
Corporate services (199) (240) -
Less: Associates (5 526) (4 142) 33
Consolidated 5 485 5 838 (6)
Reconciliation of trading profit to operating
profit
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Trading profit 5 485 5 838
Finance cost on transponder leases 132 144
Amortisation of intangible assets (967) (1 045)
Other gains/(losses) - net (1 448) (881)
Operating profit 3 202 4 056
Note: For a reconciliation of operating profit to profit before
taxation, refer to the consolidated income statement.
Supplementary information
Year ended Year ended
31 March 31 March
2012 2011
R'm R'm
Depreciation of property, plant and equipment 1 222 1 040
Amortisation 1 088 1 172
- intangible assets 967 1 045
- software 121 127
Other gains/(losses) - net (1 448) (881)
- (loss)/profit on sale of property, plant, (95) 42
equipment and intangible assets
- impairment of goodwill and intangible assets (1 487) (1 035)
- impairment of tangible assets - (33)
- insurance proceeds 2 51
- profit on transponder lease settlement 100 88
- fair value adjustment on shareholders' 32 6
liability
Interest received 400 401
- loans and bank accounts 360 308
- other 40 93
Interest paid (1 271) (1 389)
- loans and overdrafts (877) (883)
- transponder leases (132) (144)
- revolving credit facility costs - accelerated - (128)
amortisation
- other (262) (234)
Other finance income/(cost) - net 174 (30)
- net foreign exchange differences and fair (135) (247)
value adjustments on derivatives
- preference dividends received 309 217
(Losses)/gains on acquisitions and disposals (134) 42
- (loss)/profit on sale of investments (7) 34
- profit on partial disposal of investments - 72
- acquisition-related costs (72) (109)
- other (55) 45
Goodwill
- cost 18 371 17 051
- accumulated impairment (1 093) (431)
Opening balance 17 278 16 620
- foreign currency translation effects 583 (510)
- acquisitions 1 184 1 885
- disposals (99) -
- contingent consideration adjustment - (49)
- transferred to non-current assets held-for- (226) -
sale
- impairment (836) (668)
Closing balance 17 884 17 278
- cost 19 801 18 371
- accumulated impairment (1 917) (1 093)
Investments and loans 30 659 24 068
- listed investments 24 331 16 874
- unlisted investments 6 328 7 194
Commitments 22 502 16 997
- capital expenditure 299 401
- programme and film rights 12 143 7 744
- network and other service commitments 953 700
- transponder leases 7 796 6 787
- operating lease commitments 1 083 896
- set-top box commitments 228 469
Share of equity-accounted results 3 869 3 290
- dilution losses/(gains) 16 (39)
- foreign currency translation reserve release - (29)
- impairment of investments 122 24
- gains on acquisitions and disposals (112) (262)
Contribution to headline earnings 3 895 2 984
- amortisation of intangible assets 538 355
- treasury-settled share scheme charges 468 227
- business combination costs 22 15
- fair value adjustments 67 -
- (recognition)/reversal of deferred tax assets (38) 13
Contribution to core headline earnings 4 952 3 594
Tencent 4 376 3 164
Mail.ru 364 152
Abril 205 250
Other 7 28
Business combinations (IFRS 3)
In April 2011 the group acquired an 85% interest in 7Pixel, an e-commerce group
operating in Western Europe. The fair value of the total purchase consideration
was R228m (US$35m) in cash. The purchase price allocation: PP&E R22m;
intangible assets R136m; cash R12m; trade and other receivables R25m; trade and
other payables R17m; deferred tax liability R43m and the balance to goodwill. A
non-controlling interest of R20m was recognised at the acquisition date.
In July 2011 the group acquired an 80% interest in Vipindirim Electronic
Services plc (Markafoni), a Turkish e-commerce group. The fair value of the
total purchase consideration was R672m (US$95m) in cash. The purchase price
allocation: PP&E R18m; intangible assets R373m; cash R48m; inventory R42m; trade
and other receivables R11m; trade and other payables R116m; deferred tax
liability R69m and the balance to goodwill. A non-controlling interest of R104m
was recognised at the acquisition date.
In July 2011 the group acquired 100% interest in Slando Limited, an online
classifieds company in the Ukraine. The fair value of the total purchase
consideration was R195m (US$29m) in cash. The purchase price allocation:
intangible assets R21m; cash R2m; trade and other receivables R3m; trade and
other payables R2m; deferred tax liability R5m and the balance to goodwill.
In December 2011 the group acquired a 90% interest in Fashion Days, an e-
commerce group operating in several eastern European countries. The fair value
of the total purchase consideration was R435m (US$54m) in cash. The preliminary
purchase price allocation: PP&E R4m; intangible assets R342m; cash R7m;
inventory R35m; trade and other receivables R123m; trade and other payables
R76m; deferred tax liability R64m and the balance to goodwill. A non-controlling
interest of R37m was recognised at the acquisition date.
The main factor contributing to the goodwill recognised in these acquisitions is
their market presence. This goodwill is not expected to be deductible for income
tax purposes. The non-controlling interest in these acquisitions was measured
using the proportionate share of the identifiable net assets.
The group made various smaller acquisitions with a combined cost of R323m. Total
acquisition-related costs of R72m were recorded in "(Losses)/gains on
acquisitions and disposals" in the income statement. Had the revenues and net
results of all business combinations that occurred in the period been included
from 1 April 2011, it would not have had a significant effect on the group's
consolidated revenue and net results.
COMMENTARY
Naspers experienced growth across most of its businesses. Full year consolidated
revenues grew 19%. Core headline earnings were up 15%, achieved while
accelerating organic development. This solid growth was achieved against the
background of continued worldwide economic turmoil.
The internet segment remains the fastest-growing area, with several new services
under development. The pay-television segment recorded satisfactory progress in
subscribers and is currently focused on expanding into online services and the
delivery of digital terrestrial television services.
The print media segment had a more favourable year, with improved revenue and
earnings growth.
FINANCIAL REVIEW
The lift of 19% in consolidated revenues to R39,5bn was buoyed by our internet
businesses, where revenues jumped 59%. Growth in the subscriber base resulted in
pay-television revenues increasing 15%, while print revenues were up 12%.
Consolidated development costs however, also accelerated to R2,8bn (2011:
R1,5bn) resulting in a 6% decline in consolidated trading profit.
The interest cost on net borrowings decreased to R517m, a result of lower costs
of funding. Core earnings from equity-accounted associates grew 38% to R5bn,
mainly from Tencent, Mail.ru and Abril.
Total core headline earnings were R6,9bn - an increase of 15% on the prior year.
The group impaired goodwill and intangible assets of R1,2bn, net of tax, in
respect of investments where progress lagged our expectations. Positive free
cash flows were R3,6bn. Our balance sheet remains sound, with total consolidated
net debt, excluding capitalised satellite leases, of R4,6bn.
SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus the
proportional consolidation of associated companies.
Pay television
The pay-television businesses recorded growth of 684 000 subscribers in the year
and the total base now stands at 5,6 million homes. Revenues were up 15% to
R24,1bn, while trading profits grew 11% to R6,3bn. We continue to reinvest in
the business, including upgrading our technology and broadcast infrastructure.
In South Africa the gross base added 492 000 to some four million households, of
which 293 000 new clients came from the lower-priced Compact bouquet. The roll-
out of BoxOffice, where PVR subscribers view the latest blockbuster movies,
proved popular with an average monthly rental of more than 300 000 movies.
In the rest of Africa our subscribers increased by 192 000 to reach 1,6 million
homes. The lower-priced Compact/Family bouquets now account for 42% of the base.
Trading margins were reduced by investment in local content, decoder subsidies
and the development of new products.
Digital terrestrial services, under the brand name GOtv, were launched in
Zambia, Uganda, Kenya and Nigeria. We plan to continue investing in the
expansion of digital terrestrial networks.
Competitive pressures and regulatory scrutiny continue to intensify across the
continent.
Internet
Overall the internet segment reported revenue growth of 59%. Increased focus on
organic expansion and expensing that cost, meant that trading profits increased
at a slower rate of 9% to R3,8bn.
In China, Tencent had a lively year in which it enhanced its core user
experience and achieved growth in both revenue and earnings. Our share of its
revenues grew by 59% to R11,5bn and core headline earnings were up 38% to
R4,4bn. Peak simultaneous online instant messaging users increased by 22% to 167
million, while total user accounts grew to 752 million.
In Russia, Mail.ru delivered strong growth in communication, online gaming and
social networks. Mail.ru's portal reached 33 million unique users. Our share of
Mail.ru's reported revenues grew by 66% to R1,1bn and core headline earnings
were up 139% to R364m.
In aggregate our other internet businesses together also reported robust revenue
growth of 57% and a trading loss of R1,2bn, the direct result of increased
organic development costs. In Eastern Europe Allegro grew revenues by 58% as it
broadened its product offerings and diversified its revenue streams. In Latin
America our e-commerce business BuscaPe continued to make headway as it more
than doubled its revenue.
Print media
Our South African operations showed slightly improved revenue growth of 15%,
largely the result of commercial print contracts. Trading profits recovered as
the business continued to manage costs. Abril's operations in Brazil grew
revenue by 10% and trading profit by 18%.
Technology
Growth in conditional access revenues were offset by lower revenues in other
product lines. Investment in new products, which position Irdeto to secure
internet distributed digital assets and content, resulted in a marginal trading
loss.
Outlook
In general the broader markets and specific business sectors in which we operate
remain vibrant. While significant competitive, regulatory and technology
challenges present themselves, so do opportunities. We will continue to explore
these opportunities with the objective of growing our businesses for the long
term.
DIVIDEND NUMBER 83
The board has taken cognisance of recent amendments to the taxation of
dividends, and recommends that the annual gross dividend be increased by 24% to
335 cents (previously 270 cents) per listed N ordinary share, and 67 cents
(previously 54 cents) per unlisted A ordinary share. If approved by shareholders
at the annual general meeting to be held on 31 August 2012, dividends will be
payable to shareholders recorded in the books on Friday 21 September 2012, and
will be paid on Tuesday 25 September 2012. The last date to trade cum dividend
will be on Friday 14 September 2012. (The shares will therefore trade ex
dividend from Monday 17 September 2012.) Share certificates may not be
dematerialised or rematerialised between Monday 17 September 2012 and Friday 21
September 2012, both dates inclusive.
The dividend has been declared from income reserves. There are R502 122 976
STC credits available for utilisation. Accordingly the STC credit available is
121,91778 cents per listed N ordinary share and 24,37512 cents per unlisted A
ordinary share. The amount per share subject to the 15% dividend tax (DT) is
therefore 213,08222 cents per listed N ordinary share and 42,62488 cents per
unlisted A ordinary share. DT will amount to 31,96233 cents per listed N
ordinary share and 6,39373 cents per unlisted A ordinary share. As a result N
ordinary shareholders will receive a net dividend amount of 303,03767 cents per
share and A ordinary shareholders will receive a net dividend amount of 60,60627
cents per share. The issued ordinary share capital as at 26 June 2012 is 411 711
353 N ordinary shares and 712 131 A ordinary shares. The company's income
tax reference number is 9550138714.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
This provisional report for the year ended 31 March 2012 has been prepared in
terms of the recognition and measurement requirements of International Financial
Reporting Standards (IFRS), the AC 500 series pronouncements as issued by the
Accounting Practices Board, the JSE Listings Requirements, the requirements of
the South African Companies Act No 71 of 2008 and the presentation and
disclosure requirements of IAS 34. Accounting policies used are consistent with
those applied in the previous annual financial statements and IFRS.
The preparation of the financial results was supervised by the financial
director, Steve Pacak CA(SA).
Trading profit excludes amortisation of intangible assets (other than software)
and other gains/losses, but includes the finance cost on transponder leases.
Core headline earnings exclude once-off and non-operating items. We believe that
it is a useful measure for shareholders of the group's sustainable operating
performance. However, this is not a defined term under IFRS and may not be
comparable with similarly titled measures reported by other companies.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Chief executive
Cape Town
26 June 2012
Directors
T Vosloo (chairman), J P Bekker (chief executive), F-A du Plessis,
G J Gerwel, R C C Jafta, L N Jonker, D Meyer, S J Z Pacak,
T M F Phaswana, L P Retief, B J van der Ross, N P van Heerden,
J J M van Zyl, H S S Willemse
Company secretary
G Kisbey-Green
Registered office
40 Heerengracht
Cape Town 8001
(PO Box 2271, Cape Town 8000)
Transfer secretaries
Link Market Services South Africa Proprietary Limited
11 Diagonal Street, Johannesburg 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECT?Trade Mark plan for
Naspers Limited. For additional information, please visit The 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: The Bank of New York Mellon,
Shareholder Relations Department - GlobalBuyDIRECT?Trade Mark, Church Street
Station, PO Box 11258, New York NY 10286-1258, USA
Important information
The report contains forward-looking statements as defined in the United States
Private Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour" and
similar expressions are intended to identify such forward-looking statements,
but are not the exclusive means of identifying such statements. While these
forward-looking statements represent our judgements and future expectations, a
number of risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations. These
include factors that could adversely affect our businesses and financial
performance. We are not under any obligation to (and expressly disclaim any such
obligation to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise. Investors are cautioned
not to place undue reliance on any forward-looking statements contained herein.
For a more detailed exposition, visit the Naspers website at www.naspers.com
Date: 27/06/2012 07:30:01 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.
NPN
NPN - Naspers Limited - Passing of Naspers Executive - Internet
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
PASSING OF NASPERS EXECUTIVE - INTERNET
It is with great sadness that Naspers announces the passing away of Antonie
Roux, CEO of Naspers' internet businesses, last night. Our heartfelt sympathy
and condolences go to his wife Sonja and children, Andre, Petronel and Marte.
Antonie (54) started his career at Naspers 33 years ago as a junior technician
and held a number of management positions in the group over the years. In 1997
he became the founding CEO of MWEB, one of the first internet service providers
in South Africa. In 2002 he was appointed CEO of Naspers's internet operations
and from April 2011 he assumed the added responsibility of CEO of MIH.
The board and employees of Naspers wish to express their gratitude for the huge
contribution Antonie has made to the business. With the rest of the team,
Antonie steered the transformation of the Naspers group from print to digital.
He played a major role in Naspers's international expansion and growth of its
internet businesses, including the successful listing of Tencent on the Hong
Kong Stock Exchange. He was awarded the Phil Weber Award - the highest accolade
in the Naspers group - in August 2008.
Ton Vosloo, chairman of Naspers, said Antonie was a pioneer in the internet. "He
was one of the big builders of the new media. "
CEO Koos Bekker added that Antonie's main characteristic was his exceptional
lust for life. "He was curious about everything and everyone; and very loyal. He
was one of the few people worldwide that made a seamless transition from print
media to television and the internet."
Following Antonie's untimely death, Koos Bekker will assume responsibility for
the internet division until a successor is appointed.
25 June 2012
Date: 25/06/2012 16:00:02 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.
NPN
NPN - Naspers Limited - 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 is presently finalising its
provisional report for the year ended 31 March 2012.
We expect core headline earnings per share to be between 10% and 20% higher than
the comparable period's 1 612 cents. Shareholders are reminded that the board
considers core headline earnings an appropriate indicator of the sustainable
operating performance of the group, as it adjusts for non-recurring and non-
operational items.
Headline earnings per share for the period are expected to be between 10% and
20% higher than the prior period's 1 125 cents.
It is expected that earnings per share for the year ended 31 March 2012, will be
between 40% and 50% lower compared to the prior period's 1 405 cents, mainly as
a consequence of once-off dilution gains in the prior year arising from the
contribution of the group's stake in Mail.ru into the newly listed entity.
Further details will be provided in the provisional report, due to be released
on or about 27 June 2012. Financial information on which this trading statement
is based has not been reviewed or reported on by the company's auditors.
Cape Town
18 June 2012
Sponsor: Investec Bank Limited
Date: 18/06/2012 15:00:02 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.
NPN
NPN - Naspers Limited - Director Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
Director Dealing in Securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director: Mr JJM van Zyl
Company: Naspers Limited
Transaction date: 27 March 2012
Nature of transaction: on market sale of securities
Number of shares: 25 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R10 567 860,49
Average price per share: R423,93
Highest price per share: R424,20
Lowest price per share: R423,40
Transaction date: 28 March 2012
Nature of transaction: on market sale of securities
Number of shares: 15 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R6 323 000,00
Average price per share: R421,53
Highest price per share: R422,00
Lowest price per share: R421,30
Nature of transactions: Sale of shares held Mr van Zyl's family trust
Nature of interest in
transactions: Indirect beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings Requirements
Cape Town
29 March 2012
Sponsor: Investec Bank Limited
Date: 29/03/2012 17:30:01 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.
NPN
NPN - Naspers - Director Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr A A Roux
Major subsidiary: MIH Holdings Limited
Transaction date: 26 March 2012
Nature of transaction: on market sale of securities
Number of shares: 50 000 Naspers shares
Class of shares: N ordinary
Total value of sale: R21 235 865,00
Average price per share: R424,7173
Highest price per share: R425,00
Lowest price per share: R424,00
Transaction date: 27 March 2012
Nature of transaction: on market sale of securities
Number of shares: 109 646 Naspers shares
Class of shares: N ordinary
Total value of sale: R46 529 749,36
Average price per share: R424,3634
Highest price per share: R425,77
Lowest price per share: R423,90
Transaction date: 28 March 2012
Nature of transaction: on market sale of securities
Number of shares: 30 577 Naspers shares
Class of shares: N ordinary
Total value of sale: R12 910 297,38
Average price per share: R422,2225
Highest price per share: R423,20
Lowest price per share: R421,00
Nature of transactions: Mr Roux's family trust exercised share
appreciation rights in a group share-based
incentive plan and received 190 223 Naspers N
ordinary shares in settlement of the gain.
Nature of interest in
transactions: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
28 March 2012
Sponsor: Investec Bank Limited
Date: 28/03/2012 17:30:01 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.
NPN
NPN - Naspers Limited - Dealings by a director
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 12 March 2012
Nature of transaction: on market sale
Number of shares: 4 762 Naspers shares
Class of shares: N ordinary
Total value of transaction: R1 933 372,00
Average price per share: R406,00
Highest price per share: R406,00
Lowest price per share: R406,00
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: 4 762 shares on 12
March 2012
Nature of transaction: Sale of vested shares held in the MIH Holdings
Share Incentive Trust by Mr Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings Requirements
Cape Town
14 March 2012
Sponsor: Investec Bank Limited
Date: 14/03/2012 17:06:02 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.
NPN
NPN - Naspers Limited - Director Dealing in Securities by director
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
Director Dealing in Securities by director
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr FLN Letele
Major subsidiary: MultiChoice South Africa Holdings
(Proprietary)Limited
Transaction date: 7 March 2012
Nature of transaction: on market purchase of securities
Number of shares: 707 Naspers shares
Class of shares: N ordinary
Total value of transaction: R282 630,32
Average price per share: R399,76
Highest price per share: R399,76
Lowest price per share: R399,76
Date of vesting in the group
share-based incentive plan: 28 June 2011
Nature of transaction: Mr Letele exercised share appreciation rights
in a group share-based incentive plan and
received 707 Naspers N ordinary shares in
settlement of the gain.
Nature of interest: Direct beneficial
Transaction date: 7 March 2012
Nature of transaction: on market sale of securities
Number of shares: 611 Naspers shares
Class of shares: N ordinary
Total value of sale: R244 253,36
Average price per share: R399,76
Highest price per share: R399,76
Lowest price per share: R399,76
Nature of transaction: Mr Letele exercised share appreciation rights
in a group share-based incentive plan and
received 611 Naspers N ordinary shares in
settlement of the gain.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
9 March 2012
Sponsor: Investec Bank Limited
Date: 09/03/2012 17:00:03 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.
NPN
NPN - Naspers Limited - Director dealing in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr FLN Letele
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 5 March 2012
Nature of transaction: on market sale
Number of shares: 4 762 Naspers shares
Class of shares: N ordinary
Total value of transaction: R1 964 579,70
Average price per share: R412,55
Highest price per share: R412,55
Lowest price per share: R412,55
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: 4 762 shares on 12 March
2011
Nature of transaction: Sale of vested shares held in the MIH Holdings
Share Incentive Trust by Mr Letele.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
7 March 2012
Sponsor: Investec Bank Limited
Date: 07/03/2012 16:00:01 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.
NPN
NPN - Naspers Limited - Director's dealings in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
Director's dealings in securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Pty)
Limited
Transaction date: 22 February 2012
Nature of transaction: on market sale
Number of shares: 10 022 Naspers shares
Class of shares: N ordinary
Total value of transaction: R4 048 888,00
Average price per share: R404,00
Highest price per share: R404,00
Lowest price per share: R404,00
Nature of transaction: Mr Volkwyn sold shares held in his own name
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
24 February 2012
Sponsor: Investec Bank Limited
Date: 24/02/2012 17:00:20 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.
NPN
NPN/NPSN - Naspers Limited - Company Secretary Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
Company Secretary Dealing in Securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Company Secretary: Mrs G Kisbey-Green
Company: Naspers Limited
Transaction date: 17 February 2012
Nature of transaction: on market sale
Number of shares: 45 271 Naspers shares
Class of shares: N ordinary
Total value of transaction: R18 213 731,82
Average price per share: R402,32
Highest price per share: R403,70
Lowest price per share: R400,20
Date of vesting in the group
share-based incentive plan: Mrs Kisbey-Green sold vested shares held in the
Naspers Share Trust with the following vesting
dates: 1 722 shares on 22 September 2011; and
MIH Holdings Share Trust with the following
vesting dates: 1 666 shares on 29 June 2009; 8 504
shares on 14 September 2008; 8 503 shares on 14
September 2009; 8 503 shares on 14 September 2010;
1 387 shares on 7 September 2009; 1 387 shares on
7 September 2010; 1 389 shares on 7 September
2011; 3 724 shares on 28 June 2010; 3 724 shares
on 28 June 2011; 4 762 shares on 12 March 2011
Nature of transaction: Sale of vested shares held in the Naspers Share
Incentive Trust and the MIH Holdings Share Trust
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings Requirements
Cape Town
20 February 2012
Sponsor: Investec Bank Limited
Date: 20/02/2012 12:00:01 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.
NPN
NPN - Naspers Limited - Director dealing in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 6 January 2012
Nature of transaction: on market sale
Number of shares: 7 178 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 584 080.00
Average price per share: R360.00
Highest price per share: R360.00
Lowest price per share: R360.00
Date of vesting in the group
share-based incentive plan: MIH (Mauritius) Limited Share Trust: 7 178
shares on 10 July 2011
Nature of transaction: Sale of vested shares held in the MIH (Mauritius)
Limited Share Incentive Trust by Mr Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
10 January 2012
Sponsor: Investec Bank Limited
Date: 10/01/2012 16:20:01 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.
NPN
NPN - Naspers Limited - Interim report - The reviewed results of the
Naspers group for the six months to 30 September 2011 are as follows:
Naspers Limited
(Registration Number: 1925/001431/06)
("Naspers")
JSE share code: NPN ISIN: ZAE000015889
LSE share code: NPSN ISIN: US 6315121003
INTERIM REPORT
The reviewed results of the Naspers group for the six months to 30
September 2011 are as follows:
Commentary
Naspers continued to expand over the past six months, with consolidated
revenues up 17%. Our internet businesses grew well, benefitting from both
organic expansion and a few smaller acquisitions. As anticipated, the pace
of subscriber growth in our pay-television operations slowed post the 2010
Fifa World Cup. Our print media business experienced strain from the
recession, but maintained market share.
Over the past six months our group focussed on growing our business
organically rather than by acquisition. Several new platforms and services
were developed. As previously reported to shareholders, the costs of
developing these businesses are expensed directly through the income
statement, which has the effect of dampening earnings. Consequently, whilst
revenues showed healthy growth, core headline earnings growth was 8%.
FINANCIAL REVIEW
The lift of 17% in consolidated revenues to R18,5bn came largely from our
internet businesses, where revenues jumped 50%. The broader pay-television
subscriber base resulted in revenue increasing 14%, whilst print revenues
were up 5%. Development costs for the period accelerated to R1,1bn (2010:
R631m), which lowered consolidated trading profit 8% to R3,1bn.
Net interest cost on cash and loans decreased from last year's R271m to
R221m now, the result of lower costs of funding. Our core earnings from
equity-accounted associates grew 32% to R2,2bn, mainly from Tencent and
Mail.ru Group.
The above resulted in core headline earnings of R3,5bn - an increase of 8%
on the prior period. During the period, the group impaired goodwill and
intangible assets of R610m, net of tax. Positive free cash flows were
R1,4bn. Our funding structure remains sound, with total consolidated net
debt, excluding capitalised satellite leases, of R6,8bn. This represents a
net consolidated debt to equity ratio of 15%.
SEGMENTAL REVIEW
This segmental review reflects consolidated subsidiaries, plus a
proportional consolidation of associated companies.
Pay television
We experienced growth of 269 000 subscribers during the six-month period
and the total base now stands at 5,2 million homes. Revenues were up 14% to
R11,6bn, whilst trading profits grew 8% to R3,4bn. We continue to re-invest
in the business, including upgrading our technology.
In South Africa, the gross base added 209 000 to 3,7 million households.
Some 142 000 new homes came from the lower-priced Compact bouquet.
Advertising revenues grew on the back of an overall increase in the
television industry share of market. The recent roll-out of Box Office, a
service that allows our PVR subscribers to view the latest blockbuster
movies instantaneously, proved popular.
In the rest of sub-Saharan Africa our subscribers increased by 60 000 to
reach 1,5 million homes. The lower-priced Compact/Family bouquets now
account for 41% of the base. Trading margins were reduced by more
investment in local content, decoder subsidies and the development of new
products. We now cover most major football leagues and recently added the
Africa Magic Kiswahili channel for subscribers in East Africa. Economic
conditions in this region are variable and some currencies have experienced
volatility.
Digital terrestrial services, under the brand name GOtv, were launched in
Zambia, Uganda, Kenya and Nigeria. We will continue to invest in the
expansion of these digital terrestrial networks.
Competitive pressures increased and regulatory scrutiny continues to
intensify across the continent.
Internet
Overall the internet segment reported revenue growth of 50%. Due to our
increased focus on building out operations organically, and expensing that
cost, trading profits nudged up by a lower 7% to R1,9bn.
In China, Tencent achieved solid growth in an increasingly competitive
market. Our share of revenues grew by 46% to R4,9bn and trading profits
were up 27% to R2,1bn. The QQ IM platforms now manage 145 million peak
simultaneous users. QZone services and online games also grew well.
In Russia, Mail.ru Group delivered strong growth in communication, online
gaming and social networks. Mail.ru's portal reached 27,5m unique users.
Our share of Mail.ru Group's reported revenues was R456m and trading profit
of R141m.
In aggregate, our other internet businesses reported robust revenue growth
of 59% and a trading loss of R371m, the result of increased organic
development costs. In Eastern Europe, Allegro grew revenues by 44% as it
broadened its product offerings and diversified revenue streams. In Latin
America our e-commerce business, BuscaPe, continued to broaden its services
across the value chain and doubled its revenue.
Print media
The print media business felt economic head winds, with advertising and
circulation revenues remaining weak. Overall, total revenue grew by 5%,
whilst trading profits declined because of the cost infrastructure and
costs related to the implementation of new enterprise management systems.
We are pleased that the subscribers to our daily newspapers have increased
since the decline that was experienced in 2010 through the implementation
of a computer-based subscriber system.
Technology
Revenue declined as growth in conditional access revenues were offset by
lower revenues in other product lines. Investment in new market segments,
together with the integration of acquisitions recently concluded, resulted
in reduced trading profit.
Outlook
Indications are that overall revenue growth should remain fairly robust
over the next six months. By contrast, and as previously warned, growth of
the profit line will be affected by an acceleration of organic development
spend in several of our businesses. We continue to believe that this
strategy is sound and will stimulate long-term growth.
This statement has not been reviewed or reported on by the company's
auditors.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The financial results for the six months to 30 September 2011 have been
prepared in accordance with IAS 34 "Interim Financial Reporting" and
International Financial Reporting Standards (IFRS), the requirements of the
South African Companies Act, No 71 of 2008, and in compliance with the
Listings Requirements of the JSE Limited. Accounting policies used are
consistent with those applied in the previous annual financial statements
and IFRS. These results have been reviewed by the company's auditor,
PricewaterhouseCoopers Inc., whose unqualified report is available for
inspection at the registered office of the company.
The preparation of the financial results was supervised by the financial
director Steve Pacak, CA(SA). These results were made public on 29 November
2011.
Core headline earnings exclude once-off and non-operating items. We believe
that it is a useful measure for shareholders of the group's sustainable
operating performance. However, this is not a defined term under IFRS and
may not be comparable with similarly titled measures reported by other
companies.
SIGNIFICANT ACQUISITIONS
In July 2011 the group bought 68% of Markafoni, an online group shopping
platform based in Turkey, for R575m (US$86m) in cash.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Chief executive
Cape Town
29 November 2011
Revenue
Six months ended Year ended
30 September 31 March
2011 2010 2011
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 11 601 10 186 14 21 025
Internet 8 285 5 514 50 12 092
- Tencent 4 874 3 342 46 7 215
- Other 3 411 2 172 57 4 877
Print 5 376 5 126 5 10 758
Technology 540 599 (10) 1 228
Economic interest 25 802 21 425 20 45 103
Corporate services - - - -
Less: Associates (7 320) (5 592) 31 (12 018)
Consolidated 18 482 15 833 17 33 085
Ebitda
Six months ended Year ended
30 September 31 March
2011 2010 2011
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 3 850 3 553 8 6 542
Internet 2 232 1 981 13 3 945
- Tencent 2 321 1 795 29 3 795
- Other (89) 186 - 150
Print 431 522 (17) 1 194
Technology 3 118 (97) 188
Economic interest 6 516 6 174 6 11 869
Corporate services (94) (115) - (239)
Less: Associates (2 629) (2 087) 26 (4 481)
Consolidated 3 793 3 972 (5) 7 149
Trading profit
Six months ended Year ended
30 September 31 March
2011 2010 2011
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 3 414 3 163 8 5 727
Internet 1 901 1 781 7 3 493
- Tencent 2 131 1 681 27 3 543
- Other (230) 100 - (50)
Print 247 357 (31) 872
Technology (26) 79 - 128
Economic interest 5 536 5 380 3 10 220
Corporate services (94) (115) - (240)
Less: Associates (2 363) (1 925) 23 (4 142)
Consolidated 3 079 3 340 (8) 5 838
Note: Trading profit excludes amortisation of intangible assets (other than
software) and other gains/losses, but includes the finance cost on
transponder leases.
Six months ended Year ended
30 September 31 March
2011 2010 2011
Reconciliation of Trading Profit Reviewed Reviewed Audited
to Operating Profit R'm R'm R'm
Trading profit 3 079 3 340 5 838
Finance cost on transponder leases 66 74 144
Amortisation of intangible assets (470) (541) (1 045)
Other gains/(losses) - net (722) (529) (881)
Operating profit 1 953 2 344 4 056
Note: For a reconciliation of operating profit to profit before taxation,
refer to the "Consolidated income statement".
Six months ended Year ended
30 September 31 March
2011 2010 2011
Consolidated Income Reviewed Reviewed Audited
Statement R'm R'm R'm
Revenue 18 482 15 833 33 085
Cost of providing services and sale (9 623) (8 156) (17 794)
of goods
Selling, general and administration (6 184) (4 804) (10 354)
expenses
Other gains/(losses) - net (722) (529) (881)
Operating profit 1 953 2 344 4 056
Interest received 200 211 401
Interest paid (583) (587) (1 389)
Other finance income/(costs) - net 235 (42) (30)
Share of equity-accounted results 1 618 1 406 3 290
Impairment of equity-accounted - (120) (23)
investments
Dilution (losses)/gains on equity- (89) 1 532 1 461
accounted investments
(Losses)/gains on acquisitions and (62) 55 42
disposals
Profit before taxation 3 272 4 799 7 808
Taxation (1 008) (973) (1 861)
Profit for the period 2 264 3 826 5 947
Attributable to:
Equity holders of the group 1 869 3 450 5 260
Non-controlling interest 395 376 687
2 264 3 826 5 947
Core headline earnings for the period 3 458 3 215 6 036
(R'm)
Core headline earnings per N ordinary 921 860 1 612
share (cents)
Fully diluted core headline earnings 884 830 1 550
per N ordinary share (cents)
Headline earnings for the period 2 597 2 369 4 213
(R'm)
Headline earnings per N ordinary 692 633 1 125
share (cents)
Fully diluted headline earnings per N 664 612 1 082
ordinary share (cents)
Earnings per N ordinary share (cents) 498 921 1 405
Fully diluted earnings per N ordinary 478 889 1 351
share (cents)
Net number of shares issued ('000)
- At period-end 375 865 374 694 375 440
- Weighted average for the period 375 440 374 308 374 501
- Fully diluted weighted average 391 206 387 662 389 465
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2011 2010 2011
Statement of Comprehensive Reviewed Reviewed Audited
Income R'm R'm R'm
Profit for the period 2 264 3 826 5 947
Total other comprehensive income, net 3 019 (760) 2 277
of tax, for the period
Translation of foreign operations 2 040 (932) (461)
Hedging reserve movements 394 35 126
Share of associates' other 763 138 2 622
comprehensive income and reserves
Tax on other comprehensive income (178) (1) (10)
Total comprehensive income for the 5 283 3 066 8 224
period
Attributable to:
Equity holders of the group 4 768 2 720 7 543
Non-controlling interest 515 346 681
5 283 3 066 8 224
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2011 2010 2011
Statement of Changes Reviewed Reviewed Audited
in Equity R'm R'm R'm
Balance at beginning of the period 42 942 35 634 35 634
Changes in share capital and premium
Movement in treasury shares (163) (49) (335)
Share capital and premium issued 224 61 253
Changes in reserves
Total comprehensive income for the 4 768 2 720 7 543
period
Movement in share-based compensation 203 259 508
reserve
Movement in existing control business 2 5 (63)
combination reserve
Direct retained earnings movements - (23) (22)
Dividends paid to Naspers (1 013) (885) (882)
shareholders
Changes in non-controlling interest
Total comprehensive income for the 515 346 681
period
Dividends paid to non-controlling (1 281) (600) (665)
shareholders
Movement in non-controlling interest 328 154 290
in reserves
Balance at end of period 46 525 37 622 42 942
Comprising:
Share capital and premium 14 445 14 479 14 384
Retained earnings 22 035 19 366 21 179
Share-based compensation reserve 2 631 1 922 2 300
Existing control business combination 26 151 25
reserve
Hedging reserve (175) (373) (297)
Valuation reserve 4 893 1 844 4 256
Foreign currency translation reserve 828 (1 641) (1 185)
Non-controlling interest 1 842 1 874 2 280
Total 46 525 37 622 42 942
As at As at
30 September 31 March
Condensed Consolidated 2011 2010 2011
Statement of Reviewed Reviewed Audited
Financial Position R'm R'm R'm
ASSETS
Non-current assets 59 842 48 989 53 610
Property, plant and equipment 8 460 7 011 7 561
Goodwill 18 606 17 222 17 278
Other intangible assets 4 108 4 134 3 886
Investment in associates 25 155 16 581 20 767
Other investments and loans 2 587 3 269 3 301
Derivatives 298 - -
Deferred taxation 628 772 817
Current assets 18 638 15 145 16 245
Inventory 1 194 829 731
Programme and film rights 2 362 2 226 1 487
Trade receivables 3 655 2 826 2 929
Other receivables and loans 2 692 1 891 2 330
Derivatives 111 - -
Cash and cash equivalents 7 902 7 361 8 731
17 916 15 133 16 208
Assets classified as held-for-sale 722 12 37
Total assets 78 480 64 134 69 855
EQUITY AND LIABILITIES
Share capital and reserves 44 683 35 748 40 662
Non-controlling shareholders' 1 842 1 874 2 280
interest
Total equity 46 525 37 622 42 942
Non-current liabilities 17 467 14 493 14 951
Capitalised finance leases 2 398 1 995 1 893
Liabilities - interest-bearing 12 503 10 292 10 822
Liabilities - non-interest-bearing 224 152 178
Post-retirement medical liability 133 182 179
Derivatives 956 789 714
Deferred taxation 1 253 1 083 1 165
Current liabilities 14 488 12 019 11 962
Current portion of long-term debt 1 465 1 724 1 510
Trade payables 2 964 2 278 1 915
Accrued expenses and other current 7 979 5 865 6 608
liabilities
Derivatives 118 864 599
Bank overdrafts and call loans 1 835 1 288 1 330
14 361 12 019 11 962
Liabilities classified as held-for- 127 - -
sale
Total equity and liabilities 78 480 64 134 69 855
Net asset value per N ordinary share 11 888 9 541 10 831
(cents)
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2011 2010 2011
Statement of Reviewed Reviewed Audited
Cash Flows R'm R'm R'm
Cash flow from operating activities 1 912 2 503 5 271
Cash flow utilised in investing (501) (4 172) (5 778)
activities
Cash flow (utilised in)/generated (2 886) 2 232 2 513
from financing activities
Net movement in cash and cash (1 475) 563 2 006
equivalents
Foreign exchange translation 222 (316) (431)
adjustments
Cash and cash equivalents at 7 401 5 826 5 826
beginning of the period
Cash and cash equivalents at end of 6 148 6 073 7 401
the period
Included in:
- Cash and cash equivalents 6 067 6 073 7 401
- Assets classified as held-for-sale 81 - -
6 148 6 073 7 401
Six months ended Year ended
30 September 31 March
2011 2010 2011
Calculation of Headline Reviewed Reviewed Audited
and Core Headline Earnings R'm R'm R'm
Net profit attributable to 1 869 3 450 5 260
shareholders
Adjusted for:
- insurance proceeds (1) (6) (51)
- impairment of property, plant and 4 2 25
equipment and other assets
- impairment of goodwill and 749 531 1 035
intangible assets
- profit on sale of property, plant (26) (57) (407)
and equipment and intangible assets
- profit on sale of investments (7) (76) (152)
- step-up acquisition loss/(gain) 35 (14) -
- dilution losses/(gains) on equity- 89 (1 532) (1 461)
accounted investments
- remeasurements included in equity- - (25) (28)
accounted earnings
- impairment of equity-accounted 12 120 23
investments
2 724 2 393 4 244
Total tax effects of adjustments (131) (25) (27)
Total adjustment for non-controlling 4 1 (4)
interest
Headline earnings 2 597 2 369 4 213
Adjusted for:
- treasury-settled share scheme 271 217 488
charges
- (recognition)/reversal of deferred (24) (7) 13
tax assets
- amortisation of intangible assets 586 525 1 052
- fair value adjustments and currency (25) 77 18
translation differences
- revolving credit facility - - - 128
accelerated amortisation of costs
- acquisition-related costs 53 34 124
Core headline earnings 3 458 3 215 6 036
Six months ended Year ended
30 September 31 March
2011 2010 2011
Reviewed Reviewed Audited
Supplementary Information R'm R'm R'm
Depreciation of property, plant and 558 497 1 040
equipment
Amortisation 560 602 1 172
- intangible assets 470 541 1 045
- software 90 61 127
Other gains/(losses) - net (722) (529) (881)
- profit/(loss) on sale of property, 21 7 42
plant and equipment and intangible
assets
- impairment of goodwill and (742) (531) (1 035)
intangible assets
- impairment of tangible assets (4) (2) (33)
- insurance proceeds 1 6 51
- profit on lease settlement 3 46 88
- fair value adjustment on (1) (55) 6
shareholders' liability
Interest received 200 211 401
- loans and bank accounts 169 165 308
- other 31 46 93
Interest paid (583) (587) (1 389)
- loans and overdrafts (390) (436) (883)
- transponder leases (66) (74) (144)
- revolving credit facility costs - - - (128)
accelerated amortisation
- other (127) (77) (234)
Other finance income/(cost) - net 235 (42) (30)
- net foreign exchange differences 5 (155) (247)
and fair value adjustments on
derivatives
- preference dividends received 230 113 217
(Losses)/gains on acquisitions and (62) 55 42
disposals
- profit on sale of investments 7 4 34
- profit on partial disposal of - 72 72
investments
- acquisition-related costs (33) (35) (109)
- other (36) 14 45
Goodwill
- cost 18 371 17 051 17 051
- accumulated impairment (1 093) (431) (431)
Opening balance 17 278 16 620 16 620
- foreign currency translation 1 101 (510) (510)
effects
- acquisitions 966 1 428 1 885
- contingent consideration adjustment - - (49)
- disposals (8) - -
- transferred to assets held-for-sale (360) - -
- impairment (371) (316) (668)
Closing balance 18 606 17 222 17 278
- cost 20 077 17 966 18 371
- accumulated impairment (1 471) (744) (1 093)
Investments and loans 27 742 19 850 24 068
- listed investments 21 245 5 710 16 874
- unlisted investments 6 497 14 140 7 194
Commitments 20 024 16 989 16 997
- capital expenditure 644 468 401
- programme and film rights 8 839 8 041 7 744
- network and other service 1 269 516 700
commitments
- transponder leases 8 216 7 045 6 787
- operating lease commitments 755 679 896
- set-top box commitments 301 240 469
Share of equity-accounted results 1 618 1 406 3 290
- dilution gains - - (39)
- FCTR release - - (29)
- sale of assets (4) (25) -
- impairment of investments and other 18 - 24
assets
- gains on acquisitions and disposals - - (262)
Contribution to headline earnings 1 632 1 381 2 984
- amortisation of intangible assets 261 169 355
- treasury-settled share scheme 183 91 227
charges
- business combination costs 20 - 15
- fair value adjustments 36 - -
- reversal/(recognition) of deferred 19 (10) 13
taxation
Contribution to core headline 2 151 1 631 3 594
earnings
Tencent 1 973 1 486 3 164
Mail.ru 178 95 152
Abril 18 28 250
Other (18) 22 28
Business combinations
In July 2011 the group acquired a 68,2% interest in Vipindirim Electronic
Services plc (Markafoni), a Turkish e-commerce group. The fair value of the
total purchase consideration was R575m (US$86m) in cash. The provisional
purchase price allocation (PPA): PP&E R18m; intangible assets R378m; cash
R48m; trade and other receivables R23m; trade and other payables R116m;
deferred tax liability R69m and the balance to goodwill. The goodwill
recognised reflects the company's leading market presence in Turkey, and is
not expected to be deductible for income tax purposes. A non-controlling
interest of R99m was recognised at the acquisition date. This was measured
using the proportionate share of the identifiable net assets.
In April 2011 the group acquired a 70% interest in 7 Pixel srl (7 Pixel),
in Italy, an online shopping and price comparison company. The fair value
of the total purchase consideration was R223m (US$34m) in cash. The
provisional purchase price allocation (PPA): PP&E R22m; intangible assets
R32m; cash R12m; trade and other receivables R24m; trade and other payables
R17m; deferred tax liability R8m and the balance to goodwill. The main
factor contributing to the goodwill recognised is the company's leading
market presence, and is not expected to be deductible for income tax
purposes. A non-controlling interest of R13m was recognised at the
acquisition date. This was measured using the proportionate share of the
identifiable net assets.
In July 2011 the group acquired a 100% interest in Slando Limited, an
online classifieds company in the Ukraine. The fair value of the total
purchase consideration was R195m (US$29m) in cash. The provisional purchase
price allocation (PPA): intangible assets R21m; cash R2m; trade and other
receivables R3m; trade and other payables R2m; deferred tax liability R5m
and the balance to goodwill. The main factor contributing to the goodwill
recognised is the company's leading market presence in the Ukraine, and is
not expected to be deductible for income tax purposes.
The group made smaller acquisitions for a combined cost of R108m. Total
acquisition-related costs of R33m were recorded in "(Losses)/gains on
acquisitions and disposals" in the income statement. Had the revenues and
net results of all business combinations that occurred in the period been
included from 1 April 2011, it would not have had a significant effect on
the group's consolidated revenue and net results.
Directors
T Vosloo (chairman)
J P Bekker (chief executive)
F-A du Plessis
G J Gerwel
R C C Jafta
L N Jonker
D Meyer
S J Z Pacak
T M F Phaswana
L P Retief
B J van der Ross
N P van Heerden
J J M van Zyl
H S S Willemse
Company secretary
G Kisbey-Green
Registered office Transfer secretaries
40 Heerengracht, Cape Town 8001 Link Market Services South Africa
(Proprietary) Limited
(PO Box 2271, Cape Town 8000) 13th floor, Rennie House
19 Ameshoff Street
Braamfontein 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, please visit The Bank of New York's
website at (www.globalbuydirect.com) or call Shareholder Relations at 1-888-
BNY-ADRS or 1-800-345-1612 or write to: The Bank of New York Mellon,
Shareholder Relations Department - GlobalBuyDIRECTTM, Church Street
Station, PO Box 11258, New York, NY 10286-1258, USA.
Important information
The report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
statements. While these forward-looking statements represent our judgements
and future expectations, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ
materially from our expectations. These include factors that could
adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or
alter our forward-looking statements, whether as a result of new
information, future events or otherwise. Investors are cautioned not to
place undue reliance on any forward-looking statements contained herein.
For more details about Naspers and investor enquiries regarding the
results, visit the Naspers website at www.naspers.com
Sponsor: Investec Bank Limited
29 November 2011
Date: 29/11/2011 07:05:28 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.
NPN
NPN - Naspers Limited - 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 is presently finalising its
interim report for the six months to 30 September 2011.
We expect core headline earnings per share to be between 5% and 15% higher than
the comparable period's 860 cents. Shareholders are reminded that the board
considers core headline earnings an appropriate indicator of the sustainable
operating performance of the group, as it adjusts for non-recurring and non-
operational items.
It is expected that earnings per share for the six months to 30 September 2011
will be between 40% and 50% lower compared to the prior period's 921 cents,
mainly as a consequence of once-off dilution gains in the prior period arising
from the contribution of the group's stake in Mail.ru into the newly listed
entity.
Headline earnings per share for the period are expected to be between 5% and 15%
higher than the prior period's 633 cents.
Further details will be provided in the interim report, due to be released on or
about 29 November 2011. Financial information on which this trading statement is
based has not been reviewed or reported on by the company's auditors.
Cape Town
16 November 2011
Sponsor: Investec Bank Limited
Date: 16/11/2011 12:00:30 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.
NPN
NPN - Naspers Limited - Notification in terms of section 122(3) of the companies
act and section 3.83(b) of the JSE listings requirements
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")
NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION
3.83(b) OF THE JSE LISTINGS REQUIREMENTS
In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the
Act"), and section 3.83(b) of the JSE Listings Requirements, holders of N
ordinary shares in the Company are advised that Dodge & Cox, has acquired a
beneficial interest in N ordinary shares of the Company ("the securities"),
such that all its beneficial interests of the securities of the Company amount
to 6,99% of the total number of N shares in issue.
Naspers hereby confirms that it has received the required notice from Dodge &
Cox in terms of Section 122(1) of the Act. As required in terms of section
122(3) (a) of the Act, Naspers has filed the required notice with the Takeover
Regulation Panel.
Cape Town
7 October 2011
Sponsor: Investec Bank Limited
Date: 07/10/2011 16:00:03 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.
NPN
NPN - Naspers Limited - Director Dealing in Securities
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
("Naspers" or "the company")
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major subsidiary: Mr Basil Sgourdos
Transaction date: 28 September 2011
Price at which shares were offered: Closing price on the JSE Limited on 19
September 2011: R350,00
Number of shares: 21 244 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers
shares made by the MIH (BVI) Limited
employee share incentive scheme to Mr
Sgourdos. The offer of an option to
purchase shares was made on 19 September
2011 at R350,00, being the closing price
on the JSE Limited on that day. The
offer was accepted on 28 September 2011.
The first third of the options vest on
19 September 2014, the second third
vests on 19 September 2015 and the final
third vests on 19 September 2016.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Director of a major subsidiary: Mr Antonie Roux
Transaction date: 28 September 2011
Price at which shares were offered: Closing price on the JSE Limited on 19
September 2011: R350,00
Number of shares: 45 524 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers
shares made by the MIH Holdings Limited
employee share incentive scheme to Mr
Roux. The offer of an option to purchase
shares was made on 19 September 2011 at
R350,00, being the closing price on the
JSE Limited on that day. The offer was
accepted on 28 September 2011. The first
third of the options vest on 19
September 2014, the second third vests
on 19 September 2015 and the final third
vests on 19 September 2016.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 28 September 2011
Price at which shares were offered: Closing price on the JSE Limited on 19
September 2011: R350,00
Number of shares: 14 326 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares
made by the Naspers Limited employee
share incentive scheme to Mrs Kisbey-
Green. The offer of an option to
purchase shares was made on 19 September
2011 at R350,00, being the closing price
on the JSE Limited on that day. The
offer was accepted on 28 September 2011.
The first third of the options vest on
19 September 2014, the second third
vests on 19 September 2015 and the final
third vests on 19 September 2016.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Director of a major subsidiary: Mr Imtiaz Patel
Transaction date: 28 September 2011
Price at which shares were offered: Closing price on the JSE Limited on 19
September 2011: R350,00
Number of shares: 3 468 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase Naspers
shares made by the MIH Holdings Limited
employee share incentive scheme to Mr
Patel. The offer of an option to
purchase shares was made on 19 September
2011 at R350,00, being the closing price
on the JSE Limited on that day. The
offer was accepted on 28 September 2011.
The first third of the options vest on
19 September 2014, the second third
vests on 19 September 2015 and the final
third vests on 19 September 2016.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
30 September 2011
Sponsor: Investec Bank Limited
Date: 03/10/2011 07:07:36 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.
NPN
NPN - Naspers - Notification in terms of Section 122(3) Of The Companies Act And
Section 3.83(B) of the JSE Listings Requirements
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")
NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION 3.83(b)
OF THE JSE LISTINGS REQUIREMENTS
In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the
Act"), and section 3.83(b) of the JSE Listings Requirements, holders of N
ordinary shares in the Company are advised that Deutsche Bank AG, has acquired a
beneficial interest in N ordinary shares of the Company ("the securities"), such
that all its beneficial interests of the securities of the Company amount to
5,32% of the total number of N shares in issue.
Naspers hereby confirms that it has received the required notice from Deutsche
Bank AG in terms of Section 122(1) of the Act. As required in terms of section
122(3) (a) of the Act, Naspers has filed the required notice with the Takeover
Regulation Panel.
Cape Town
28 September 2011
Sponsor: Investec Bank Limited
Date: 28/09/2011 15:31:03 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.
NPN
NPN - Naspers Limited - Directors dealings
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 26 September 2011
Nature of transaction: on market purchase of securities
Number of shares: 1 991 Naspers shares
Class of shares: N ordinary
Total value of transaction: R696 750,45
Price per share : R349,95
Date of vesting in the group
share-based incentive plan: 22 September 2011
Nature of transaction: Mr Patel exercised share appreciation rights in a
group share-based incentive plan and received 1
991 Naspers N ordinary shares in settlement of the
gain.
Nature of interest: Direct beneficial
Transaction date: 26 September 2011
Nature of transaction: on market sale of securities
Number of shares: 1 991 Naspers shares
Class of shares: N ordinary
Total value of sale: R696 750,45
Price per share : R349,95
Nature of transaction: Mr Patel sold the 1 991 Naspers N ordinary shares
received from the share based incentive plan.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
28 September 2011
Sponsor: Investec Bank Limited
Date: 28/09/2011 15:30:02 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.
NPN
NPN - Naspers Limited - Notification in terms of section 122(3) of the companies
act and section 3.83(b) of the JSE listings requirements
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the Company")
NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION 3.83
(b) OF THE JSE LISTINGS REQUIREMENTS
In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ("the
Act"), and section 3.83(b) of the JSE Listings Requirements, holders of N
ordinary shares in the Company are advised that The Capital Group Companies,
Inc., has acquired a beneficial interest in N ordinary shares of the Company
("the securities"), such that all its beneficial interests of the securities
of the Company amount to 6,6932% of the total number of N shares in issue.
Naspers hereby confirms that it has received the required notice from The
Capital Group Companies, Inc. in terms of Section 122(1) of the Act. As
required in terms of section 122(3) (a) of the Act, Naspers has filed the
required notice with the Takeover Regulation Panel.
Cape Town
21 September 2011
Sponsor: Investec Bank Limited
Date: 21/09/2011 13:00:03 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.
NPN
NPN - Naspers Limited - Results of annual general meeting
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
RESULTS OF ANNUAL GENERAL MEETING
Cape Town, 26 August 2011 - Naspers Limited ("Naspers") (JSE: NPN, LSE:
NPSN), the 97th annual general meeting (AGM) of Naspers Limited was held
this morning, under the chairmanship of Mr Ton Vosloo, in the Naspers Centre
at 40 Heerengracht, Cape Town, South Africa.
Shareholders approved all the ordinary and special resolutions with the
required majority. A dividend of 270c per Naspers N- ordinary and 54c per
Naspers A- ordinary share were approved. PricewaterhouseCoopers was
appointed as external auditors, with Mr A Wentzel as the individual who will
undertake the audit.
Adv. Fran du Plessis, Prof Jakes Gerwel and Messrs Fred Phaswana, Ben van
der Ross and Boetie van Zyl, who retired by rotation, were re-elected to the
board.
Messrs Boetie van Zyl and Ben van der Ross, Prof Rachel Jafta and Adv Fran
du Plessis were elected to the audit committee.
Mr Vosloo reported in his AGM address that Naspers's consolidated revenues
grew 18% to R33 billion. The group continued to expand and follow its three
pronged strategy: organic growth of existing businesses; pursuing
acquisitions that add value and developing new technologies.
The chairman's address follows:
This year represents a new era in the method in which we present our annual
report. In line with the revised guidelines and recommendations in the King
III code on corporate governance, you have in front of you the first Naspers
integrated annual report to stakeholders. We aim to present a balanced view
of our economic, social, environmental and governance activities for the
year to 31 March 2011.
Over the past year, the Naspers group recorded an 18% increase in
consolidated revenues to R33bn while core headline earnings grew 13% to
R6bn. The internet businesses in emerging markets introduced even more
accessible, reliable and convenient services to users. As a result, consumer
trust in transacting on these platforms is increasing.
The e-commerce operations of Allegro (Eastern Europe) and Ricardo (Western
Europe) continue to expand healthily. Latin America is concentrating on
deepening its services and broadening its revenue base.
Rapid growth of the internet industry in China enabled Tencent, through its
focus on user experience, to expand the usefulness of its core platforms. I
refer you to Tencent's recently announced interim results for an up to date
expose of progress.
The Russian internet market remains lively and Mail.ru Group, listed on the
London Stock Exchange, maintained market share in most segments. It is the
leading provider of services to internet consumers in Russian-speaking
markets.
The pay-television unit recorded growth of 977 000 homes for the period to
31 March. This was largely driven by the 2010 Fifa World Cup, a once-in-a-
lifetime event. The resilience of our pay-television operations underscores
the importance of content, although the rising costs of R & D and sports
rights place pressure on margins.
In several African countries we made good progress in increasing local
content. In countries facing educational challenges, we have steadily
expanded the scope of our educational and literacy initiatives. We are also
developing local skills, such as film-making and journalism.
Ensuring we have the best engineers is a priority. The MIH Media Lab
sponsors top post-graduate students in the field of new media.
Print businesses globally, including our own, lagged due to slower growth in
advertising revenues. We are proud of the social contribution of our
various titles.
Onto matters of corporate governance and sustainability...
The impact of the new Companies Act in South Africa, as well as the
guidelines in King III, were a key focus over the past year.
We recognise the importance of governance and sustainability. The board runs
the group's business with integrity and we follow appropriate governance
practices.
Simply put, Naspers links several millions of people to media, e-commerce,
to friends and family, advertising, content and to efficient means of
communication. Our products and services are improving people's lives in
practical ways.
We've harnessed our services to offer educational programming, to increase
the accessibility of banking services and to grow African industries through
our local programming and local-language strategy.
Last year our group contributed R4 billion to the South African fiscus
comprising tax on company profits, tax on our employees' salaries, secondary
tax on companies, skills development levies, etc. This all helps to build
the new South Africa.
Our sustainable development framework flows from our values and the concerns
of stakeholders. This links to our business strategy and risk management
processes.
Whilst the majority of our businesses have a limited impact on the
environment - mainly electricity usage -several subsidiaries have Think
Green initiatives. Our print businesses pose the most risk in terms of
environmental impact and strict processes are employed.
To pull our sustainability initiatives together we are creating a single
platform, naspers.org. In time, naspers.org will harness the group's
strengths in media and technology to help address global challenges such as
education.
Now the current regulatory environment.
The regulatory environment in Africa remains uncertain and the past year
presented many challenges. The Southern African Development Community
eventually adopted the digital video broadcast terrestrial standard DVB-T2,
to migrate analogue terrestrial television broadcasting services to digital
terrestrial television. There is some uncertainty on the analogue-to-digital
migration process, since government policies are unfinished in most African
countries and switch-off dates for analogue terrestrial television
transmissions continue to be postponed.
Cost and access to broadband internet remain issues of concern in South
Africa. MWEB was the first internet service provider in the country to offer
an uncapped ADSL service - an important step in expanding affordable access.
Although the ministry has prioritised broadband access, the deadline for
local loop unbundling has again been postponed .
The Consumer Protection Act regulations were published and our businesses
have prepared well to deal with new requirements,
We subscribe to ethical journalism in accordance with the Press Code of
South Africa.
The regulatory environment in respect of the press in South Africa has been
under considerable scrutiny. The proposed Information Bill is deeply
disturbing. It will limit access to information which we can now
legitimately get, by declaring it secret. This goes beyond what is necessary
to protect either our national security or what is in the public interest.
It seeks to impose disproportionate punishment for transgressions, which
will have a chilling effect on journalism. Should these proposed changes
become a reality, South Africa will be a different society. People will
still buy newspapers and magazines as they do now: to read about Kaiser
Chiefs or the latest celebrity scandal. But newspapers, radio and television
stations will not be able to report freely about corruption. We will no
longer have a transparent democracy. Cover ups will be easy, corruption will
spread and there is little doubt that our economy will go to pieces.
Media freedom and the free flow of information is the lifeblood of all the
other freedoms we enjoy under the Bill of Rights. We are encouraged by the
latest developments in parliament, that sanity will prevail.
Now a look at dividends...
The board has recommended that the annual dividend be increased by 15% to
270 cents, per N ordinary share. Also to 54 cents per unlisted A ordinary
share. If you approve this today, dividends will be payable to shareholders
recorded in the books on Friday 23 September and paid on Monday 26
September.
Onto matters of the Directors
In terms of the company's memorandum of incorporation, Adv F-A du Plessis,
Prof GJ Gerwel and Messrs TMF Phaswana, BJ van der Ross and JJM van Zyl,
will retire by rotation today, but are eligible to offer themselves for re-
election.
Members of the audit committee are Messrs JJM van Zyl and BJ van der Ross,
Prof R Jafta and Adv F-A du Plessis. The board recommends that shareholders
reappoint these individuals as audit committee members and, in compliance
with the new Companies Act, shareholders will be asked to consider their re-
election.
Now a few achievements and career moves
In April this year, Cobus Stofberg, chief executive of the MIH group,
Naspers's internet and pay-television operations, stepped down after superb
service to the group. Antonie Roux, head of MIH's internet division, took
the reins. We wish Antonie every success in his new role. Cobus will,
however, remain in a full-time position as a senior executive and corporate
advisor to MIH.
Esmare Weideman was appointed head of Media24. Our best wishes for success
in this exciting role.
Also we noted the appointments of:
Thinus Dippenaar _ CFO of MultiChoice South Africa Group.
Oliver Rippel - CEO of Internet division for Africa, India, South East Asia
and the Middle East
Chris Hitchings - CEO of DStv Media Sales
Hennie Visser - CFO of MWEB
Lloyd Rennie - General Manager - strategy MultiChoice Africa Limited
Doug Lowther - Executive Vice president - Digital TV at Irdeto
Bokkie Gerber - editor of Rapport
Chriss Burgess - editor-in-chief of Landbouweekblad titles
Tim du Plessis - head of Afrikaans titles in Media24's newspaper division,
and
Peet Kruger who returns to Beeld as editor.
We also had some retirements:
Peter McKenzie, DStv Media Sale's famous CEO. Also Harry Pratt,
MultiChoice's manager: Africa business development. Our loyal friend,
Denise Vos, Media24 head of secretariat and IP Also Brian Forssman,
Irdeto's vice president : products and operations.
We also convey our best wishes to Theuns Reyneke of Irdeto, and to the wife
of one of one of the founders of our pay-TV operations, May van der Merwe,
both of whom are seriously ill.
Congratulations to some top achievers ...
Several of our journalists, newspapers, magazines, printers and publishers
have won awards in the past year including, among a long list, City Press
editor-in-chief Ferial Haffajee : 2010 National Press Club Editor of the
Year. Michelle van Breda, editor of SARIE, won the Pica Award Editor of the
Year. We salute you all!
ibibo, our Indian internet start-up, won the 2011 Global Youth Marketing
Star Youth Icon Award, and Allegro's recycling initiative to create musical
instruments from used advertising materials and barrels was recognised by
Guinness World Records for the largest orchestra playing on recycled
instruments at the XVI Woodstock Festival!
We also are proud of the achievement of our pay-TV operations winning
several Loerie and Promax awards for on-air advertisements; SuperSport's
Let's Play initiative, was judged SA's best social responsibility in sport
initiative. MultiChoice reached 1st place in the telecommunications sector
in the Orange Index, which evaluates companies providing customer service.
We are proud of you all.
And now we look ahead to the future
Although nuances shift from time to time, the group continues to follow its
three pronged strategy: organic growth of existing businesses; pursuing
acquisitions that add value and developing new technologies.
However, recent experience has taught us that internet valuations have
become inflated and that good value is difficult to find these days. So we
are focussing more on growing our businesses organically and on developing
new technologies. This may dampen earnings in the year ahead, as the cost of
developing these businesses is expensed through the income statement.
However, we believe this strategy will stimulate long-term growth prospects.
The world economy is currently difficult to read. Countries where we
operate, seem somewhat less affected by the turmoil, but the general
atmosphere of stagnation does not encourage consumers and advertisers to
spend money.
The rapidly changing markets require us to adapt quickly. We have the right
skills to meet the challenges in all countries where we operate. Across the
group, the recruitment of entrepreneurs and the development of skills is
critical to retain our competitive edge. In our internet businesses we aim
to recruit the best young engineers.
Taking risks is integral to our businesses. This is our day job: if we
don't take risks, we can't make money. Some of these will pay off, some
won't. As an international multimedia group with activities in some 131
countries, the group is exposed to a wide range of eventualities that may
have serious consequences. The diversi?ed nature of the group, however, does
spread exposure geographically and we have processes in place to mitigate
risks where we can.
We aim to deliver value to our shareholders over the medium to longer term
and will work closely with regulators and law makers to improve the
regulatory environment. We continue to contribute to the communities in
which we operate.
Full details about our activities are contained in our 2011 integrated
annual report, which is available electronically and in hard copy. An
overview of today's proceedings will be placed on the Naspers website.
I thank you.
About Naspers
Naspers is a leading multinational media group, and listed on the
Johannesburg Stock Exchange (JSE) in September 1994. The company also has an
ADR listing on the London Stock Exchange (LSE). Over the past two decades
the group has evolved from a traditional print media business in one
country, to a broad-based media company in multiple markets.
The group's principal operations are in internet platforms (focussing on
commerce, communities, content, communication and games), pay-television and
the provision of related technologies and print media (including publishing,
distribution and printing of magazines, newspapers and books). Most of
Naspers's businesses hold leading market positions.
The group's most significant operations are located in emerging markets.
This includes Africa, China, Latin America, Central and Eastern Europe,
Russia and India.
Important Information:
The report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
statements. While these forward-looking statements represent our judgements
and future expectations, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ
materially from our expectations. These include factors that could adversely
affect our businesses and financial performance. We are not under any
obligation to (and expressly disclaim any such obligation to) update or
alter our forward-looking statements, whether as a result of new
information, future events or otherwise. Investors are cautioned not to
place undue reliance on any forward-looking statements contained herein.
Contact:
Meloy Horn
Head of investor relations
Naspers
+27 11 289 3320
+27 82 772 7123
meloy.horn@naspers.com
Sponsor: Investec Bank Limited
Date: 26/08/2011 12:50:01 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.
NPN
NPN - Naspers Limited - Director dealing in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings
(Proprietary) Limited
Transaction date: 28 July 2011
Nature of transaction: on market purchase of securities
Number of shares: 816 Naspers shares
Class of shares: N ordinary
Total value of transaction: R294 657,60
Price per share : R361,10
Date of vesting in the group
share-based incentive plan: 28 June 2011
Nature of transaction: Mr Patel exercised share
appreciation rights in a group share-
based incentive plan and received 816
Naspers N ordinary shares in settlement
of the gain.
Nature of interest: Direct beneficial
Transaction date: 28 July 2011
Nature of transaction: on market sale of securities
Number of shares: 816 Naspers shares
Class of shares: N ordinary
Total value of sale: R294 657,60
Price per share : R361,60
Nature of transaction: Mr Patel sold the 816 Naspers N
ordinary shares received from the share
based incentive plan.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in
terms of paragraph 3.66 of the JSE
Listings Requirements
Cape Town
1 August 2011
Sponsor: Investec Bank Limited
Date: 01/08/2011 16:00:01 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.
NPN
NPN - Naspers Limited - No change statement and notice of annual general
meeting
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the company's annual financial statements for
the year ended 31 March 2011 will be posted to shareholders by 28 July 2011
and contain no modifications to the audited results that were published in
the provisional report on 27 June 2011. PricewaterhouseCoopers Inc. audited
the results contained in the provisional report and the annual financial
statements of Naspers, and its reports are available for inspection at the
registered office of the company.
The notice of the annual general meeting will be posted to shareholders by
Thursday 28 July 2011, and notice is hereby given that the ninety seventh
annual general meeting of the company will be held at 11:15 on Friday 26
August 2011, on the 18th Floor of Naspers Centre, 40 Heerengracht in Cape
Town, South Africa to transact business as stated in the notice of the annual
general meeting.
Cape Town
27 July 2011
Sponsor: Investec Bank Limited
Date: 27/07/2011 15:00:01 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.
NPN
NPN - Naspers - Director Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 11 July 2011
Nature of transaction: on market purchase of securities
Number of shares: 470 Naspers shares
Class of shares: N ordinary
Total value of transaction: R176 818.88
Price per share : R376.30
Date of vesting in the group
share-based incentive plan: 28 June 2011
Nature of transaction: Mr Volkwyn exercised share appreciation rights in
a group share-based incentive plan and received
470 Naspers N ordinary shares in settlement of the
gain. These Naspers N ordinary shares were
transferred into his name.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
13 July 2011
Sponsor: Investec Bank Limited
Date: 13/07/2011 12:30:02 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.
NPN
NPN - Naspers Limited - Dealing in securities by director
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
(`Naspers' or `the company')
DEALING IN SECURITIES BY DIRECTOR
In compliance with the JSE Listings Requirements and following consultation
with the JSE Limited, the following information is now disclosed:
Director : B van der Ross
Company : Naspers Limited
Date of transaction : 21 April 2011
Nature of transaction : on market purchase
Number of securities : 100
Class of securities : N Ordinary shares
Purchase price : R391.06
Total value of transaction : R39,069.19
Nature of interest : Indirect beneficial
The above mentioned trade was implemented, in error, by the Investment Manager
of the Van der Ross Family Trust, of which Mr van der Ross is a beneficiary,
without the specific approval as had been requested by Mr van der Ross. The
Investment Manager has accepted full resonsibilty for the breach in the Listings
Requirements.
Johannesburg
29 June 2011
Sponsor
Investec Bank Limited
Date: 29/06/2011 12:00:01 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.
NPN
NPN - Naspers - Summary of the audited results of the Naspers group for the
year ended 31 March 2011
Naspers Limited
(Registration Number: 1925/001431/06)
("Naspers")
ISIN: ZAE000015889
JSE Share code: NPN
LSE Share code: NPSN
PROVISIONAL REPORT
Summary of the audited results of the Naspers group for the year ended 31
March 2011
Commentary
The group achieved a solid performance over the past year. Consolidated
revenues grew by 18% and core headline earnings were up 13%. These results
were underpinned by a diversified portfolio and a strong balance sheet.
Major areas of growth were the internet and pay-television businesses.
Worldwide the internet industry continued its expansion from which most of
our internet businesses benefited. The resilience of our pay-television
operations in an increasingly competitive environment underscores the
benefit of quality content, although rising costs place margins under
pressure. Our print media business experienced a limited recovery in
advertising revenues, whilst the technology business was able to improve
margins.
Over the past year the group continued to expand, as evidenced by growth in
revenues. Although nuances shift gradually, the growth strategy continues
to have three legs: organic growth of existing businesses, pursuing
acquisitions and developing new technologies.
Recent experience is that internet valuations, in our opinion, have become
inflated and good value is difficult to find these days. As a consequence,
we are focusing somewhat more on growing our businesses organically and on
developing new technologies. This may dampen earnings in the year ahead as
the cost of developing these businesses are expensed through the income
statement. However, we believe this strategy is sound and will stimulate
long-term growth prospects. This statement has not been reviewed or
reported on by the company's auditors.
FINANCIAL REVIEW
Over the past year consolidated revenues expanded by 18% to R33bn.
Consolidated internet revenues were up 36%, whilst growth of the subscriber
base saw pay-television revenues 19% higher. Consolidated trading profit,
which includes finance cost on transponder leases, but excludes
amortisation of intangible assets (other than software), and other
gains/losses, lifted 7% to R5,8bn. The reduction in margins was largely the
result of higher costs in the pay-television business.
Net interest cost on cash and loans increased from R286m last year to
R575m, the result of funding investments with debt. Our core earnings from
equity-accounted associates grew to R3,6bn, mostly from strong performances
at Tencent and Mail.ru Group.
The reported dilution gains of R1,5bn are solely theoretical, arising
mainly from the contribution of the group's stake in Mail.ru into the newly
listed entity.
The net result of the above is core headline earnings of R6bn - an increase
of 13% on the prior year.
This earnings performance delivered positive free cash flows of R4bn. Our
funding structure remains sound with total consolidated net debt, excluding
satellite leases, of R3,9bn. This represents a net debt: equity ratio of
10%.
Corporate activities for the year include:
- The group consolidated its internet interests in Russia, acquiring a 29%
interest in Digital Sky Technologies (DST) by contributing existing assets
and cash. DST was renamed Mail.ru Group and listed on the London Stock
Exchange in November 2010.
- The group issued a seven-year US$700m bond, with a coupon rate of 6,375%.
The proceeds were used to partly pay down an offshore revolving credit
facility (RCF).
- During March the group refinanced its RCF. Capacity was increased to
US$2bn and the term extended to 2016. The facilities bear interest at US
LIBOR plus 1,75% before commitment and utilisation fees.
During the period the group impaired R1bn of goodwill and intangible
assets, mainly at Gadu-Gadu, where growth has lagged.
SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus the
proportional consolidation of associated companies.
Pay television
The past year was characterised by lively subscriber growth, with 977 000
subscribers added to the base. This was largely driven by the Fifa 2010
World Cup, coupled with decoder subsidies and marketing. As a consequence,
revenue increased 19% to R21bn. Trading margins were lower due to cost
pressures from growing the subscriber base, higher sport content costs and
competition. Good progress was made in increasing local content and skills.
In South Africa the gross base expanded by 637 000 to 3,5 million
subscribers. The lower-priced Compact bouquet accounted for 59% of the
growth. Television advertising revenues rebounded, growing 32%.
In the rest of sub-Saharan Africa our base grew by 340 000 to 1,4 million
subscribers. The lower-priced Compact/Family bouquets now reach 602 000
families. Trading margins were reduced by a higher investment in decoder
subsidies, local and sport content and additional satellite capacity.
Competition is expected to intensify across the continent and the
regulatory environment remains uncertain.
After a period of uncertainty, the Southern African Development Community
selected the DVB-T2 digital video broadcast standard to migrate analogue
terrestrial services to digital terrestrial television (DTT).
Internet
Overall the internet segment reported revenue growth of 47% and trading
profits rose 48%.
In China, Tencent recorded another strong set of results in an increasingly
competitive market. Rapid growth of the internet industry in China enabled
Tencent, through its focus on user experience, to further expand the
usefulness of its core platforms. Our share of Tencent revenues was R7,2bn
and trading profit R3,5bn. The QQ platforms now manage 674 million active
instant messaging (IM) user accounts and 137 million peak simultaneous
users. The social service, QZone, also grew well with current user accounts
of 504 million.
The Russian internet market remains lively and Mail.ru Group maintained
market share in most segments. They are the leading providers of services
to internet consumers in Russian speaking markets. Buoyed by a rebound in
online advertising, our share of Mail.ru Group's reported revenues was
R657m and a trading profit of R157m.
In aggregate, the other internet businesses reported revenue growth of 37%
and a marginal trading loss of R6m, the result of increased development
costs. The e-commerce operations of Allegro (Eastern Europe) and Ricardo
(Western Europe) continued expanding healthily. Both businesses broadened
their product offerings through organic growth and smaller bolt-on
acquisitions.
In Latin America, our e-commerce business, BuscaPe, continued to deepen its
services and broaden its revenue base. The acquisition of the classified
platform, OLX, strengthened our product range in this market.
Print media
Our operations in South Africa showed revenue growth of 9%, with
advertising improving only modestly. Trading profits declined in part due
to the troublesome implementation of a new enterprise resource planning
system. In Brazil, Abril's revenue and operating profit, excluding the
educational business sold during the prior year, grew 14% on the back of a
buoyant economy.
Technology
Consolidated revenues in local currency grew 10% and operating performance
improved as Irdeto benefited from efficient management of its products and
structure. Over 18 million conditional access units were delivered, a 17%
increase on the previous year. In most product categories new clients were
added and new offerings introduced, which positions Irdeto to secure
internet distributed digital assets and content.
DIVIDEND NUMBER 82
The board recommends that the annual dividend be increased by 15% to 270c
(previously 235c) per listed N ordinary share, and 54c (previously 47c) per
unlisted A ordinary share. If approved by shareholders atthe annual general
meeting to be held on 26 August 2011, dividends will be payable to
shareholders recorded in the books on Friday 23 September 2011, and will be
paid on Monday 26 September 2011. The last date to trade cum dividend will
be on Friday 16 September 2011. (The shares will therefore trade ex
dividend from Monday 19 September 2011.) Share certificates may not be
dematerialised or rematerialised between Monday 19 September 2011 and
Friday 23 September 2011, both dates inclusive.
CORPORATE GOVERNANCE
The impact of the new South African Companies Act and the implementation of
the King Report on Governance for South Africa 2009 (King III) consumed
time over the past year. Where appropriate for the group, the necessary
changes to our governance policies and practices were made. Any principles
or practices that were found to be inappropriate for the group, as well as
reasons for not implementing some of King III's recommendations, are
disclosed in the integrated report for the financial year ended 31 March
2011.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The financial statements for the year ended 31 March 2011 have been
prepared in accordance with IAS 34 and International Financial Reporting
Standards (IFRS), the requirements of the South African Companies Act, No
61 of 1973, and in compliance with the Listings Requirements of the JSE
Limited. Except as noted below, accounting policies used are consistent
with those applied in the previous annual financial statements and IFRS.
These results have been audited by the company's auditor,
PricewaterhouseCoopers Inc., whose unqualified report is available for
inspection at the registered office of the company.
The group adopted the following new standards and amendments for the year
ended 31 March 2011:
IAS 7 "Statement of Cash Flows" has been amended and now requires changes
in interests in a subsidiary that do not result in a loss of control to be
recorded in financing activities as opposed to investing activities. This
amendment is effective retrospectively, resulting in the restatement of the
statement of cash flows. Preference dividends received are now recorded in
investing activities as opposed to financing activities. The total amount
reallocated to investing activities was R404m for the year ended 31 March
2010.
IFRS 3 Revised "Business Combinations" and IAS 27 Revised "Consolidated and
Separate Financial Statements" were adopted. The effect of these standards
is recorded in the line item "Gains on acquisitions and disposals" on the
income statement. These items are adjusted for in the calculation of
headline and core headline earnings.
MWEB is now reported in the pay-television rather than the internet
segment. It is working on technologies to deliver video content.
Comparative segmental results have been restated in accordance with IFRS 8
"Operating Segments".
Our share of associates' other comprehensive income and reserves relates
mainly to the revaluation of the associates' available for sale
investments.
Core headline earnings exclude once-off and non-operating items. We believe
that it is a useful measure for shareholders of the group's sustainable
operating performance. However, this is not a defined term under IFRS and
may not be comparable with similarly titled measures reported by other
companies.
SIGNIFICANT ACQUISITIONS
In August 2010 the group consolidated its internet interests in Russia,
acquiring a 28,7% interest in Digital Sky Technologies (DST), a prominent
internet company in Russian-speaking markets. In consideration, the group
contributed its 39,3% investment in Mail.ru and US$388m in cash.
In August 2010 the group acquired 68% of OLX for US$144m cash. This is a
classifieds business operating mainly in emerging markets, especially in
Latin America. In December 2010 the group increased its stake to 71,5%.
In September 2010 the group acquired 74% of Multiply Inc. for US$44m in
cash. This unit combines social networking with an online marketplace
focused on south-east Asia, and fits well within the group's internet
strategy.
In December 2010 the group acquired 100% of Level Up! International
Holdings, an online game publisher, for US$51m.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Managing director
Cape Town
27 June 2011
Revenue
Year ended 31 March
Segmental 2011 2010 %
Review R'm R'm Change
Pay television 21 025 17 603 19
Internet 12 092 8 237 47
- Tencent 7 215 4 874 48
- Other 4 877 3 363 45
Print 10 758 10 204 5
Technology 1 228 1 207 2
Economic interest 45 103 37 251 21
Corporate services - - -
Less: Associates (12 018) (9 253) 30
Consolidated 33 085 27 998 18
EBITDA
Year ended 31 March
Segmental 2011 2010 %
Review R'm R'm Change
Pay television 6 542 5 851 12
Internet 3 945 2 697 46
- Tencent 3 795 2 542 49
- Other 150 155 (3)
Print 1 194 1 232 (3)
Technology 188 98 92
Economic interest 11 869 9 878 20
Corporate services (239) (230) 4
Less: Associates (4 481) (3 152) 42
Consolidated 7 149 6 496 10
Trading profit
Year ended 31 March
Segmental 2011 2010 %
Review R'm R'm Change
Pay television 5 727 5 232 9
Internet 3 493 2 362 48
- Tencent 3 543 2 363 50
- Other (50) (1) +100
Print 872 896 (3)
Technology 128 47 +100
Economic interest 10 220 8 537 20
Corporate services (240) (232) 3
Less: Associates (4 142) (2 858) 45
Consolidated 5 838 5 447 7
Note: Trading profit excludes amortisation of intangible assets (other than
software) and other gains/losses, but includes the finance cost on
transponder leases.
Year ended Year ended
31 March 31 March
Reconciliation of Trading Profit 2011 2010
to Operating Profit R'm R'm
Trading profit 5 838 5 447
Finance cost on transponder leases 144 93
Amortisation of intangible assets (1 045) (1 135)
Other gains/(losses) - net (881) (364)
Operating profit 4 056 4 041
Note: For a reconciliation of operating profit to profit before taxation,
refer to the "Consolidated income statement".
Year ended Year ended
31 March 31 March
Consolidated Income 2011 2010 %
Statement R'm R'm Change
Revenue 33 085 27 998 18
Cost of providing services and sale (17 794) (14 438)
of goods
Selling, general and administration (10 354) (9 155)
expenses
Other gains/(losses) - net (881) (364)
Operating profit 4 056 4 041
Interest received 401 348
Interest paid (1 389) (883)
Other finance income/(costs) - net (30) 114
Share of equity-accounted results 3 290 2 058 60
Impairment of equity-accounted (23) (62)
investments
Dilution gains on equity-accounted 1 461 -
investments
Gains on acquisitions and disposals 42 144
Income before taxation 7 808 5 760 36
Taxation (1 861) (1 808)
Profit for the year 5 947 3 952 50
Attributable to:
Equity holders of the group 5 260 3 257
Non-controlling interest 687 695
5 947 3 952
Core headline earnings for the 6 036 5 319 13
period (R'm)
Core headline earnings per N 1 612 1 426 13
ordinary share (cents)
Fully diluted core headline 1 550 1 386 12
earnings per N ordinary share
(cents)
Headline earnings for the period 4 213 3 297 28
(R'm)
Headline earnings per N ordinary 1 125 884 27
share (cents)
Fully diluted headline earnings per 1 082 859 26
N ordinary share (cents)
Earnings per N ordinary share 1 405 873 61
(cents)
Fully diluted earnings per N 1 351 848 59
ordinary share (cents)
Net number of shares issued ('000)
- At period-end 375 440 374 308
- Weighted average for the period 374 501 372 951
- Fully diluted weighted average 389 465 383 820
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Comprehensive 2011 2010
Income R'm R'm
Profit for the year 5 947 3 952
Total other comprehensive income, net of 2 277 (2 047)
tax, for the year
Translation of foreign operations (461) (1 918)
Cash flow hedges 126 (560)
Share of associates' other comprehensive 2 622 250
income and reserves
Tax on other comprehensive income (10) 181
Total comprehensive income for the year 8 224 1 905
Attributable to:
Equity holders of the group 7 543 1 308
Non-controlling interest 681 597
8 224 1 905
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Changes 2011 2010
in Equity R'm R'm
Balance at beginning of the year 35 634 35 217
Changes in share capital and premium
Movement in treasury shares (335) (1 041)
Share capital and premium issued 253 433
Changes in reserves
Total comprehensive income for the year 7 543 1 308
Movement in share-based compensation 508 498
reserve
Movement in existing control business (63) (334)
combination reserve
Direct retained earnings movement (22) (22)
Dividends paid to Naspers shareholders (882) (773)
Changes in non-controlling interest
Total comprehensive income for the year 681 597
Dividends paid to non-controlling (665) (311)
shareholders
Movement in non-controlling interest in 290 62
reserves
Balance at end of the year 42 942 35 634
Comprising:
Share capital and premium 14 384 14 466
Retained earnings 21 179 16 823
Share-based compensation reserve 2 300 1 573
Existing control business combination 25 98
reserve
Hedging reserve (297) (408)
Valuation reserve 4 256 1 844
Foreign currency translation reserve (1 185) (736)
Non-controlling interest 2 280 1 974
Total 42 942 35 634
Year ended Year ended
31 March 31 March
Condensed Consolidated 2011 2010
Statement of Financial Position R'm R'm
ASSETS
Non-current assets 53 610 44 342
Property, plant and equipment 7 561 6 490
Goodwill 17 278 16 620
Other intangible assets 3 886 4 976
Investment in associates 20 767 11 942
Other investments and loans 3 301 3 500
Deferred taxation 817 814
Current assets 16 245 13 126
Inventory 731 693
Programme and film rights 1 487 1 298
Trade receivables 2 929 2 438
Other receivables and loans 2 330 1 900
Cash and cash equivalents 8 731 6 785
Assets classified as held-for-sale 37 12
Total assets 69 855 57 468
EQUITY AND LIABILITIES
Share capital and reserves 40 662 33 660
Non-controlling shareholders' interest 2 280 1 974
Total equity 42 942 35 634
Non-current liabilities 14 951 10 892
Capitalised finance leases 1 893 1 736
Liabilities - interest-bearing 10 822 6 983
Liabilities - non-interest-bearing 178 51
Post-retirement medical liability 179 178
Derivatives 714 684
Deferred taxation 1 165 1 260
Current liabilities 11 962 10 942
Current portion of long-term debt 1 510 1 675
Trade payables 1 915 1 721
Accrued expenses and other current 6 608 5 740
liabilities
Derivatives 599 847
Bank overdrafts and call loans 1 330 959
Total equity and liabilities 69 855 57 468
Net asset value per N ordinary share 10 831 8 993
(cents)
Year ended Year ended
31 March 31 March
Condensed Consolidated 2011 2010
Statement of Cash Flows R'm R'm
Cash flow from operating activities 5 271 5 622
Cash flow utilised in investing activities (5 778) (4 752)
Cash flow generated from/(utilised in) 2 513 (169)
financing activities
Net movement in cash and cash equivalents 2 006 701
Foreign exchange translation adjustments (431) (678)
Cash and cash equivalents at beginning of 5 826 5 803
the year
Cash and cash equivalents at end of the 7 401 5 826
year
Year ended Year ended
31 March 31 March
Calculation of Headline 2011 2010
and Core Headline Earnings R'm R'm
Net profit attributable to shareholders 5 260 3 257
Adjusted for:
- insurance proceeds (51) (369)
- impairment of property, plant and 25 225
equipment and other assets
- impairment and derecognition of goodwill 1 035 384
and intangible assets
- profit on sale of property, plant and (407) (229)
equipment and intangible assets
- profit on sale of investments (152) (120)
- dilution gains on equity-accounted (1 461) -
investments
- remeasurements included in equity- (28) 30
accounted earnings
- impairment of equity-accounted 23 62
investments
4 244 3 240
Total tax effects of adjustments (27) 7
Total adjustments for non-controlling (4) 50
interest
Headline earnings 4 213 3 297
Adjusted for:
- treasury-settled share scheme charges 488 418
- prior year withholding taxes - 121
- reversal of deferred tax assets 13 253
- amortisation of intangible assets 1 052 922
- Welkom Yizani refinancing - 330
- fair value adjustments and currency 18 (22)
translation differences
- RCF - accelerated amortisation of costs 128 -
- acquisition-related costs 124 -
Core headline earnings 6 036 5 319
Year ended Year ended
31 March 31 March
2011 2010
Supplementary Information R'm R'm
Depreciation of property, plant and 1 040 878
equipment
Amortisation 1 172 1 213
- intangible assets 1 045 1 135
- software 127 78
Other gains/(losses) - net (881) (364)
- profit/(loss) on sale of property, plant 42 (47)
and equipment and intangible assets
- impairment and derecognition of goodwill (1 035) (384)
and intangible assets
- impairment of intangible assets (33) (225)
- Welkom Yizani refinancing - (330)
- insurance proceeds 51 369
- profit on transponder lease settlement 88 253
- fair value adjustment on shareholders' 6 -
liability
Interest received 401 348
- loans and bank accounts 308 314
- other 93 34
Interest paid (1 389) (883)
- loans and overdrafts (883) (600)
- transponder leases (144) (93)
- RCF costs - accelerated amortisation (128) -
- other (234) (190)
Other finance income/(costs) - net (30) 114
- net foreign exchange differences and fair (247) (154)
value adjustments on derivatives
- preference dividends received 217 268
Gains on acquisition and disposals 42 144
- profit on sale of investments 34 144
- profit on partial disposal of investments 72 -
- acquisition-related costs (109) -
- other 45 -
Goodwill
- cost 17 051 15 407
- accumulated impairment (431) (49)
Opening balance 16 620 15 358
- foreign currency translation effects (510) (1 163)
- acquisitions 1 885 2 807
- contingent consideration adjustment (49) -
- impairment and derecognition (668) (382)
Closing balance 17 278 16 620
- cost 18 371 17 051
- accumulated impairment (1 093) (431)
Investments and loans 24 068 15 442
- listed investments 16 874 4 646
- unlisted investments 7 194 10 796
Market value of listed investments 137 735 92 843
Directors' valuation of unlisted 7 194 10 796
investments
Commitments 16 997 18 626
- capital expenditure 401 527
- programme and film rights 7 744 8 698
- network and other service commitments 700 656
- transponder leases 6 787 7 689
- operating lease commitments 896 697
- set-top box commitments 469 359
Share of equity-accounted results 3 290 2 058
- dilution gains (39) (64)
- foreign currency translation reserve (29) -
release
- impairment of investments 24 -
- (gains)/losses on acquisitions and (262) 100
disposals
Contribution to headline earnings 2 984 2 094
- amortisation of intangible assets 355 180
- treasury-settled share scheme charges 227 148
- business combination costs 15 -
- reversal of deferred taxation 13 101
Contribution to core headline earnings 3 594 2 523
Tencent 3 164 2 148
Mail.ru 152 70
Abril 250 318
Other 28 (13)
Business combinations
In August 2010 the group acquired a 67,8% fully diluted interest in OLX
Inc., an online classifieds business. The fair value of the total purchase
consideration was R1 044m (US$144m) cash. The purchase price allocation
(PPA): PP&E R3m; intangible assets R260m; cash R237m; other current assets
R59m; trade and other payables R35m; deferred tax liability R103m and the
balance to goodwill. The main factor contributing to the goodwill
recognised is the company's presence in the classifieds sector in emerging
markets. The recognised goodwill is not expected to be deductible for
income tax purposes. A non-controlling interest of R51m was recognised at
the acquisition date. This was measured using the proportionate share of
the identifiable net assets.
In December 2010 the group increased its total economic interest to 71,5%
on a fully diluted basis. This was accounted for as a transaction with non-
controlling interests. The revenue and results from OLX since the
acquisition date were not significant to the group's consolidated results.
In September 2010 the group acquired a 73,9% fully diluted interest in
Multiply Inc. which combines social networking with an online marketplace.
The fair value of the total purchase consideration was R311m (US$44m) in
cash. The group increased its holding in Multiply to 74,5% during November.
The preliminary PPA: PP&E R7m; intangible assets R80m; cash R3m; trade and
other receivables R2m; trade and other payables R1m; deferred tax liability
R24m; and the balance to goodwill. The main factor contributing to the
goodwill recognised is the company's significant user base in emerging
markets. The recognised goodwill is not expected to be deductible for
income tax purposes. A non-controlling interest of R17m was recognised at
the acquisition date, and was measured using the proportionate share of the
identifiable net assets. The revenue and results from Multiply since the
acquisition date were not significant to the group's consolidated results.
In December 2010 the group acquired 100% of Level Up! International
Holdings for a cash purchase consideration of R365m (US$51m). A PPA has not
yet been performed and the difference between the net asset value and
purchase consideration of R279m was allocated to goodwill.
In February 2011 the group acquired 77,7% of Dineromail, Latam's leading
internet payment solution, for a cash purchase consideration of R206m
(US$28m). A PPA has not yet been performed and the difference between the
net asset value and purchase consideration of R181m was allocated to
goodwill.
Total acquisition-related costs of R109m were recorded in "Gains on
acquisitions and disposals" in the income statement. Had the revenues and
net results of all business combinations that occurred in the period been
included from 1 April 2010 it would not have had a significant effect on
the group's consolidated revenue and net results.
Directors
T Vosloo (chairman)
J P Bekker (managing director)
F-A du Plessis
G J Gerwel
R C C Jafta
L N Jonker
D Meyer
S J Z Pacak
T M F Phaswana
L P Retief
B J van der Ross
N P van Heerden
J J M van Zyl
H S S Willemse
Company secretary
G Kisbey-Green
Registered office Transfer secretaries
40 Heerengracht, Cape Town 8001 Link Market Services South Africa
(Proprietary) Limited
(PO Box 2271, Cape Town 8000) 11 Diagonal Street, Johannesburg 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, please visit The Bank of New York's
website at (www.globalbuydirect.com) or call Shareholder Relations at 1-888-
BNY-ADRS or 1-800-345-1612 or write to: The Bank of New York Mellon,
Shareholder Relations Department - GlobalBuyDIRECTTM, Church Street
Station, PO Box 11258, New York, NY 10286-1258, USA.
Important information
The report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
statements. While these forward-looking statements represent our judgements
and future expectations, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ
materially from our expectations. These include factors that could
adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or
alter our forward-looking statements, whether as a result of new
information, future events or otherwise. Investors are cautioned not to
place undue reliance on any forward-looking statements contained herein.
For a more detailed exposition, visit the Naspers website at
www.naspers.com
Sponsor:
Investec Bank Limited
Date: 27/06/2011 09:00:01 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.
NPN
NPN - Naspers Limited - 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 is presently finalising its
provisional report for the year ended 31 March 2011.
We expect core headline earnings per share to be between 10% and 20% higher
than the comparable period's 1 426 cents. Shareholders are reminded that the
board considers core headline earnings an appropriate indicator of the
sustainable operating performance of the group, as it adjusts for non-recurring
and non-operational items.
It is expected that earnings per share for the year ended 31 March 2011, will be
between 55% and 65% higher compared to the prior period's 873 cents, mainly as a
consequence of once-off dilution gains arising from the contribution of the
group's stake in Mail.ru into the newly listed entity.
Headline earnings per share for the period are expected to be between 20% and
30% higher than the prior period's 884 cents.
Further details will be provided in the provisional report, due to be released
on or about 27 June 2011. Financial information on which this trading statement
is based has not been reviewed or reported on by the company's auditors.
Cape Town
14 June 2011
Sponsor: Investec Bank Limited
Date: 14/06/2011 16:00:01 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.
NPN
NPN - Naspers Limited - Director Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN:ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr F Sampson
Major subsidiary: MultiChoice South Africa
Holdings (Proprietary)Limited
Transaction date: 16 March 2011
Nature of transaction: on market sale
Number of shares: 2 381 Naspers shares
Class of shares: N ordinary
Total value of transaction: R908 351,50
Average price per share: R381,50
Highest price per share: R381,50
Lowest price per share: R381,50
Date of vesting in the group
share-based incentive plan: Naspers Share Trust: 2 381 shares on 12 March
2011 Nature of transaction: Sale of vested
shares held in the Naspers Share Incentive
Trust by Mr Sampson.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
7 April 2011
Sponsor: Investec Bank Limited
Date: 07/04/2011 16:15:05 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.
NPN
NPN - Naspers - Appointment of New CEO of MIH Holdings Limited
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
APPOINTMENT OF NEW CEO OF MIH HOLDINGS LIMITED
Cobus Stofberg, chief executive of the MIH group, Naspers's internet and pay-
television operations, will stand down on 1 April 2011 and Antonie Roux,
currently head of MIH's internet division, will take over as chief executive and
director of MIH Holdings Limited.
Mr Stofberg will, however, remain in a full-time position as senior executive
and corporate advisor to MIH.
CAPE TOWN
5 April 2011
Sponsor: Investec Bank Limited
Date: 05/04/2011 09:00:04 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.
NPN
NPN - Naspers Limited - Diredctors dealings
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr M I Patel
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 15 March 2011
Nature of transaction: on market sale
Number of shares: 4 762 Naspers shares
Class of shares: N ordinary
Total value of transaction: R1 895 897,12
Average price per share: R401,24
Highest price per share: R401,65
Lowest price per share: R401,00
Date of vesting in the group
share-based incentive plan: MIH Holdings Share Trust: 4 762 shares on 12 March
2011
Nature of transaction: Sale of vested shares held in the MIH Holdings
Share Incentive Trust by Mr Patel.
Nature of interest: Beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
18 March 2011
Sponsor: Investec Bank Limited
Date: 18/03/2011 15:30:01 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.
NPN
NPN - Naspers Limited - Director dealing in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
Director dealing in securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Pty) Limited
Transaction date: 3 February 2011
Nature of transaction: on market sale
Number of shares: 20 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R8 011 630,00
Average price per share: R400,58
Highest price per share: R400,95
Lowest price per share: R400,00
Nature of transaction: Mr Volkwyn sold shares held in his own name
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings Requirements
Cape Town
7 February 2011
Sponsor: Investec Bank Limited
Date: 07/02/2011 16:30:02 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.
NPN
NPN - Naspers Limited - Dealings in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
Dealings in Securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director: Mr SJZ Pacak
Company: Naspers Limited
Transaction date: 21 December 2010
Nature of transaction: on market sale
Number of shares: 10 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R3 874 330,18
Average price per share: R390,00
Highest price per share: R390,00
Lowest price per share: R390,00
Date of vesting in the group
share-based incentive plan: Naspers Share Trust: 10 000 shares on 2 January
2008
Nature of transaction: Sale of vested shares held in the Naspers Share
Incentive Trust by Mr Pacak's family trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
23 December 2010
Sponsor: Investec Bank Limited
Date: 23/12/2010 17:00:01 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.
NPN
NPN - Naspers Limited - Director Dealing in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director: Mr SJZ Pacak
Company: Naspers Limited
Transaction date: 15 December 2010
Nature of transaction: on market sale
Number of shares: 15 000 Naspers shares
Class of shares: N ordinary
Total value of transaction: R5 844 256.80
Average price per share: R392,01
Highest price per share: R393,00
Lowest price per share: R389,80
Date of vesting in the group
share-based incentive plan: Naspers Share Trust: 15 000 shares on 2
January 2008
Nature of transaction: Sale of vested shares held in the Naspers
Share Incentive Trust by Mr Pacak's family
trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
20 December 2010
Sponsor: Investec Bank Limited
Date: 20/12/2010 17:00:01 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.
NPN
NPN - Naspers Limited - Directors Dealings in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Directors Dealings in Securities
Director of a major
subsidiary: Mr V Sgourdos
Major subsidiary: MIH Holdings Limited
Transaction date: 07 December 2010
Nature of transaction: on market sale
Number of shares: 10 453 Naspers shares
Class of shares: N ordinary
Total value of transaction: R3 821 387,35
Average price per share: R389,99
Highest price per share: R390,01
Lowest price per share: R388,71
Date of vestings in the group
share-based incentive plan: Naspers Share Trust: 1 666 shares on 20 June
2004, 1 666 shares on 20 June 2005, 1 668
shares on 20 June 2006, 1 666 shares on 10
October 2005, 1 666 shares on 10 October 2006
and 1 668 shares on 10 October 2007; MIH
Holdings Share Trust: 453 on 18 February 2007
Nature of transaction: Mr Sgourdos sold vested shares held in the
Naspers and MIH Holdings Share Incentive
Trusts
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
10 December 2010
Sponsor: Investec Bank Limited
Date: 10/12/2010 10:15:01 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.
NPN
NPN- Naspers Limited - Director Dealings
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr F L N Letele
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 03 December 2010
Nature of transaction: on market sale of securities
Number of shares: 26 548 Naspers shares
Class of shares: N ordinary
Total value of transaction: R9 070 664,31
Average price per share: R370,3836
Highest price per share: R379,25
Lowest price per share: R370,00
Date of vestings in the group
share-based incentive plan: MIH Holdings Share Trust: 2 108 shares on
05 February 2005, 2 107 shares on 05 February 2006
and 2 106 shares on 05 February 2007; MIH (BVI)
Share Trust: 10 227 shares on 25 February 2009;
Naspers Share Trust: 3 333 on 10 October 2005,
3 333 on 10 October 2006 and 3 334 on 10 October
2007
Nature of transaction: Mr Letele sold vested shares held in the MIH
Holdings, MIH (BVI) and Naspers Share Incentive
Trusts
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
08 December 2010
Sponsor: Investec Bank Limited
Date: 08/12/2010 16:30:01 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.
NPN
NPN - Naspers Limited - The reviewed results of the Naspers group for the six
months ended 30 September 2010
Naspers Limited
(Registration Number: 1925/001431/06)
("Naspers")
JSE Share code: NPN
ISIN: ZAE000015889
LSE ADS code: NPSN
ISIN: US 6315121003
INTERIM REPORT
The reviewed results of the Naspers group for the six months ended 30 September
2010 are as follows:
Commentary
The group performed well over the past six months, increasing consolidated
revenues by 18% and core headline earnings by 33%. Major areas of growth were
the internet and pay-television businesses. Our print media business has shown
some recovery, whilst the technology business improved margins.
Corporate activities for the period include:
- The group consolidated its internet interests in Russia, acquiring a 28,7%
interest in Digital Sky Technologies ("DST") by contributing existing assets and
cash. DST was subsequently renamed Mail.ru group. On 5 November 2010 Mail.ru
group was listed on the London Stock Exchange and presently has a market
capitalisation of some US$7,1bn. Our share is therefore worth approximately
US$2bn.
- The group issued a seven-year US$700m bond, with a coupon rate of 6,375%. The
proceeds were used to partly pay down an offshore revolving credit facility.
FINANCIAL REVIEW
Consolidated revenues expanded by 18% to R15,8bn. Growth came largely from the
internet businesses, where revenues were up 54%. In addition, broadening of the
pay-television subscriber base saw revenues increase by 20%. Consolidated
trading profit lifted 23% to R3,3bn.
Net interest cost increased from R150m last year to R376m, the result of funding
investments with debt. Our earnings from equity-accounted associates grew to
R1,4bn, mostly from strong performances at Tencent and Mail.ru.
A once-off dilution gain of R1,5bn arose from the contribution of the group's
stake in Mail.ru into DST. Shareholders need to note that this is an accounting
profit which did not contribute to cash flows or core headline earnings.
The net result of the above is core headline earnings of R3,2bn - an increase of
33% on the prior period.
This earnings performance delivered positive free cash flows of R2,1bn. Our
funding structure remains sound with total consolidated net debt, excluding
satellite leases, of R4,9bn. This represents a net debt:equity ratio of 14%.
SEGMENTAL REVIEW
This segmental review includes our consolidated subsidiaries, plus the
proportional consolidation of associated companies.
Pay television
This unit experienced growth of 498 000 subscribers during the six-month period.
This was largely driven by the FIFA 2010 World Cup (a similar growth-boosting
event will not recur soon), coupled to decoder subsidies and extensive
marketing. As a consequence, revenue increased by 20% to R10,2bn. Operating
margins were lower due to cost pressures from growing the subscriber base,
intense competition and increased sports content costs.
In South Africa, the gross base expanded by 363 000 to 3,2 million households.
The lower-priced Compact bouquet delivered the most growth (242 000 homes).
Advertising revenues started to recover.
Recently the roll-out of mobile TV services commenced. This is still an
experimental service that will incur losses for many years. However, this
technical advancement benefits domestic research and development in South Africa
and helps our engineers engage with the future.
In the rest of sub-Saharan Africa our base grew by 135 000 to 1,2 million homes.
The lower-priced Compact/Family bouquets now reach 504 000 homes. Operating
margins were reduced by a higher investment in local content, increased
competition and additional satellite capacity. Increased regulation and new
broadband technologies are adding to the challenge.
Internet
Overall the internet segment reported revenue growth of 54% and trading profits
were up by 73%.
Tencent revenues were R3,3bn and trading profit R1,7bn. The QQ platforms now
manage 636 million active instant messaging (IM) user accounts and 116 million
concurrent users at peak. The social networking service, QZone, also grew well.
In aggregate, the other internet businesses reported revenue growth of 54% and a
trading profit of R100m. The e-commerce operations of Allegro (Eastern Europe)
and Ricardo (Western Europe) continued expanding. Both businesses broadened
their product offerings through organic growth and smaller bolt-on acquisitions.
In Russia, the newly listed Mail.ru group holds assets that include 100% of the
online portal and e-mail platform, Mail.ru, instant messaging service, ICQ and
social network service, Odnoklassinki. It also owns 32,5% of vkontakte -
Russia's most popular social network. In addition, Mail.ru has small interests
in Facebook (2,4%), Zynga (1,5%) and Groupon (5,1%).
During the period, the group impaired R531m of goodwill and intangible assets,
mainly at Gadu-Gadu, where growth has lagged.
Print media
The operations in South Africa showed modest revenue growth of 4%, with
advertising improving modestly but remaining subdued. Trading profits were up
10% as the business improved cost efficiencies. Capital expenditure was also
reduced.
Abril saw revenue growth of 8% and an 11% increase in trading profit on the back
of a vibrant Brazilian economy.
Technology
Whilst consolidated revenues in Rands were flat, operating performance improved
as Irdeto re-organised its products and organisation achieving efficiencies in
the process. Several new clients were added and services introduced to assist
clients in securing internet distributed digital assets and content.
OUTLOOK
Early indications are that revenue growth could remain healthy over the next six
months. By contrast the profit line could be hit by the increasing cost of sport
on pay TV and an acceleration of development spend in several of our business
sectors. This statement has not been reviewed or reported on by the company's
auditors.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Our financial results for the six months ended 30 September 2010 have been
prepared in accordance with IAS 34 "Interim Financial Reporting", the
requirements of the South African Companies Act, No 61 of 1973, and in
compliance with the Listings Requirements of the JSE Limited. Except as noted
below, the accounting policies used for the interim results are consistent with
those applied in the previous annual financial statements and with IFRS. These
results have been reviewed by the company's auditor, PricewaterhouseCoopers
Inc., whose unqualified report is available for inspection at the registered
office of the company.
The group adopted the following new standards and amendments for the period
ended 30 September 2010:
IAS 7 "Statement of Cash Flows" has been amended and requires changes in
interests in a subsidiary that do not result in a loss of control to be recorded
in financing activities as opposed to investing activities. This amendment is
effective retrospectively, resulting in the restatement of the statement of cash
flows. Preference dividends received are now recorded in investing activities as
opposed to financing activities. The total amount reallocated to investing
activities was R232m for the six months ended 30 September 2009 and R404m for
the year ended 31 March 2010.
IFRS 3 Revised "Business Combinations" and IAS 27 Revised "Consolidated and
Separate Financial Statements" were adopted. The effect of these standards is
recorded in the line item "Gains on acquisitions and disposals" on the income
statement. The revised requirements resulted in re-measurements of R76m and
acquisition-related costs of R35m recorded in the income statement. These items
are adjusted for in the calculation of headline and core headline earnings.
The MWEB business is now reported in the pay-television rather than the internet
segment. It is working on technologies to deliver video content. Comparative
segmental results have been restated in accordance with IFRS 8 "Operating
Segments".
Core headline earnings exclude once-off and non-operating items. We remain of
the opinion that it is a suitable measure of the group's sustainable operating
performance. This is not a defined term under IFRS and may not necessarily be
comparable with similarly titled measures reported by other companies.
ACQUISITIONS
In August 2010, the group consolidated its internet interests in Russia
acquiring 28.7% in Digital Sky Technologies ("DST"), a prominent internet
company in Russian-speaking markets. As consideration, the group contributed its
39.3% investment in Mail.ru and US$388m in cash.
In August 2010 the group acquired 68% of OLX for US$144m in cash. This is a free
classifieds business operating mainly in emerging markets, especially in Latin
America. In September 2010, the group acquired 74% of Multiply Inc. for US$44m
in cash. This unit combines social networking with an online marketplace focused
on South-East Asia, and fits well within the group's internet strategy. The
group also made smaller acquisitions for a combined cost of R353m.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Managing director
Cape Town
30 November 2010
Revenue Year ended
Six months ended 30 September 31 March
2010 2009 2010
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 10 186 8 497 20 17 603
Internet 5 514 3 583 54 8 237
- Tencent 3 342 2 175 54 4 874
- Other 2 172 1 408 54 3 363
Print 5 126 4 836 6 10 204
Technology 599 605 - 1 207
Economic interest 21 425 17 521 22 37 251
Corporate services - - - -
Less: Associates (5 592) (4 066) 38 (9 253)
Consolidated 15 833 13 455 18 27 998
EBITDA Year ended
Six months ended 30 September 31 March
2010 2009 2010
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 3 553 2 989 19 5 851
Internet 1 981 1 177 68 2 697
- Tencent 1 795 1 118 61 2 542
- Other 186 59 +100 155
Print 522 472 11 1 232
Technology 118 11 +100 98
Economic interest 6 174 4 649 33 9 878
Corporate services (115) (110) 5 (230)
Less: Associates (2 087) (1 315) 59 (3 152)
Consolidated 3 972 3 224 23 6 496
Trading profit Year ended
Six months ended 30 September 31 March
2010 2009 2010
Segmental Reviewed Reviewed % Audited
Review R'm R'm Change R'm
Pay television 3 163 2 702 17 5 232
Internet 1 781 1 032 73 2 362
- Tencent 1 681 1 045 61 2 363
- Other 100 (13) +100 (1)
Print 357 317 13 896
Technology 79 (14) +100 47
Economic interest 5 380 4 037 33 8 537
Corporate services (115) (114) - (232)
Less: Associates (1 925) (1 198) 61 (2 858)
Consolidated 3 340 2 725 23 5 447
Note: Trading profit excludes amortisation of intangible assets (other than
software) and other gains/losses, but includes the finance cost on transponder
leases.
Six months ended Year ended
30 September 31 March
2010 2009 2010
Consolidated Income Reviewed Reviewed Audited
Statement R'm R'm R'm
Revenue 15 833 13 455 27 998
Cost of providing services and (8 156) (6 893) (14 438)
sale of goods
Selling, general and (4 804) (4 343) (9 155)
administration expenses
Other gains/(losses) - net (529) (293) (364)
Operating profit 2 344 1 926 4 041
Interest received 211 195 348
Interest paid (587) (345) (883)
Other finance income/(costs) - (42) 179 114
net
Share of equity-accounted 1 406 872 2 058
results
Impairment of equity-accounted (120) - (62)
investments
Dilution gains on equity- 1 532 - -
accounted investments
Gains on acquisitions and 55 107 144
disposals
Profit before taxation 4 799 2 934 5 760
Taxation (973) (1 051) (1 808)
Profit for the period 3 826 1 883 3 952
Attributable to:
Equity holders of the group 3 450 1 579 3 257
Non-controlling interest 376 304 695
3 826 1 883 3 952
Core headline earnings for the 3 215 2 414 5 319
period (R'm)
Core headline earnings per N 860 648 1 426
ordinary share (cents)
Fully diluted core headline 830 634 1 386
earnings per N ordinary share
(cents)
Headline earnings for the 2 369 1 466 3 297
period (R'm)
Headline earnings per N 633 394 884
ordinary share (cents)
Fully diluted headline earnings 612 385 859
per N ordinary share (cents)
Earnings per N ordinary share 921 424 873
(cents)
Fully diluted earnings per N 889 415 848
ordinary share (cents)
Net number of shares issued
('000)
- At period-end 374 694 373 451 374 308
- Weighted average for the 374 308 372 451 372 951
period
- Fully diluted weighted 387 662 380 852 383 820
average
Six months ended Year ended
30 September 31 March
2010 2009 2010
Reconciliation of Trading Reviewed Reviewed Audited
Profit to Operating Profit R'm R'm R'm
Trading profit 3 340 2 725 5 447
Finance cost on transponder 74 38 93
leases
Amortisation of intangible (541) (544) (1 135)
assets
Other gains/(losses) - net (529) (293) (364)
Operating profit 2 344 1 926 4 041
Note: For a reconciliation of operating profit to profit before taxation, refer
to the "Consolidated income statement".
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2010 2009 2010
Statement of Comprehensive Reviewed Reviewed Audited
Income R'm R'm R'm
Profit for the period 3 826 1 883 3 952
Total other comprehensive income, (760) (1 817) (2 047)
net of tax, for the period
Translation of foreign operations (932) (1 318) (1 918)
Cash flow hedges 35 (654) (560)
Share of associates' other 138 - 250
comprehensive income and reserves
Tax on other comprehensive income (1) 155 181
Total comprehensive income for 3 066 66 1 905
the period
Attributable to:
Equity holders of the group 2 720 (142) 1 308
Non-controlling interest 346 208 597
3 066 66 1 905
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2010 2009 2010
Statement of Changes Reviewed Reviewed Audited
in Equity R'm R'm R'm
Balance at beginning of the 35 634 35 217 35 217
period
Changes in share capital and
premium
Movement in treasury shares (49) (435) (1 041)
Share capital and premium issued 61 - 433
Changes in reserves
Total comprehensive income for 2 720 (142) 1 308
the period
Movement in share-based 259 247 498
compensation reserve
Movement in existing control 5 (260) (334)
business combination reserve
Direct retained earnings movement (23) (11) (22)
Dividends paid to Naspers (885) (773) (773)
shareholders
Changes in non-controlling
interest
Total comprehensive income for 346 208 597
the period
Dividends paid to non-controlling (600) (249) (311)
shareholders
Movement in non-controlling 154 (43) 62
interest in reserves
Balance at end of period 37 622 33 759 35 634
Comprising:
Share capital and premium 14 479 14 639 14 466
Retained earnings 19 366 15 157 16 823
Share-based compensation reserve 1 922 1 174 1 573
Existing control business 151 71 98
combination reserve
Hedging reserve (373) (480) (408)
Valuation reserve 1 844 1 844 1 844
Foreign currency translation (1 641) (188) (736)
reserve
Non-controlling interest 1 874 1 542 1 974
Total 37 622 33 759 35 634
Six months ended Year ended
30 September 31 March
Consolidated 2010 2009 2010
Statement of Reviewed Reviewed Audited
Financial Position R'm R'm R'm
ASSETS
Non-current assets 48 989 41 198 44 342
Property, plant and equipment 7 011 4 616 6 490
Goodwill 17 222 17 436 16 620
Other intangible assets 4 134 4 743 4 976
Investment in associates 16 581 10 292 11 942
Other investments and loans 3 269 3 465 3 500
Deferred taxation 772 646 814
Current assets 15 145 12 705 13 126
Inventory 829 755 693
Programme and film rights 2 226 1 690 1 298
Trade receivables 2 826 2 343 2 438
Other receivables and loans 1 891 1 616 1 900
Cash and cash equivalents 7 361 6 280 6 785
Assets classified as held-for- 12 21 12
sale
Total assets 64 134 53 903 57 468
EQUITY AND LIABILITIES
Share capital and reserves 35 748 32 217 33 660
Non-controlling shareholders' 1 874 1 542 1 974
interest
Total equity 37 622 33 759 35 634
Non-current liabilities 14 493 10 364 10 892
Capitalised finance leases 1 995 542 1 736
Liabilities - interest bearing 10 292 7 504 6 983
Liabilities - non-interest 152 50 51
bearing
Post-retirement medical 182 169 178
liability
Derivatives 789 975 684
Deferred taxation 1 083 1 124 1 260
Current liabilities 12 019 9 780 10 942
Current portion of long-term 1 724 1 578 1 675
debt
Trade payables 2 278 1 836 1 721
Accrued expenses and other 5 865 5 144 5 740
current liabilities
Derivatives 864 459 847
Bank overdrafts and call loans 1 288 763 959
Total equity and liabilities 64 134 53 903 57 468
Net asset value per N ordinary 9 541 8 627 8 993
share (cents)
Six months ended Year ended
30 September 31 March
Condensed Consolidated 2010 2009 2010
Statement of Reviewed Reviewed Audited
Cash Flows R'm R'm R'm
Cash flow from operating 2 503 2 254 5 622
activities
Cash flow utilised in investing (4 172) (2 780) (4 752)
activities
Cash flow generated 2 232 760 (169)
from/(utilised in) financing
activities
Net movement in cash and cash 563 234 701
equivalents
Foreign exchange translation (316) (520) (678)
adjustments
Cash and cash equivalents at 5 826 5 803 5 803
beginning of the period
Cash and cash equivalents at 6 073 5 517 5 826
end of the period
Six months ended Year ended
30 September 31 March
Calculation of 2010 2009 2010
Headline and Core Reviewed Reviewed Audited
Headline Earnings R'm R'm R'm
Net profit attributable to 3 450 1 579 3 257
shareholders
Adjusted for:
- insurance proceeds (6) (175) (369)
- impairment of property, plant 2 150 225
and equipment and other assets
- impairment of goodwill and 531 3 384
intangible assets
- profit on sale of property, (57) (15) (229)
plant and equipment and
intangible assets
- profit on sale of investments (76) (72) (120)
- step-up acquisition gain (14) - -
- dilution gains on equity- (1 532) - -
accounted investments
- remeasurements included in (25) - 30
equity-accounted earnings
- impairment of equity- 120 - 62
accounted investments
2 393 1 470 3 240
Total tax effects of (25) (4) 7
adjustments
Total non-controlling interest 1 - 50
of adjustments
Headline earnings 2 369 1 466 3 297
Adjusted for:
- treasury-settled share scheme 217 134 418
charges
- prior year withholding taxes - - 121
- (recognition)/reversal of (7) 132 253
deferred tax assets
- amortisation of intangible 525 436 922
assets
- Welkom Yizani refinancing - 330 330
- fair value adjustments and 77 (84) (22)
currency translation
differences
- acquisition-related costs 34 - -
Core headline earnings 3 215 2 414 5 319
Six months ended Year ended
30 September 31 March
2010 2009 2010
Supplementary Reviewed Reviewed Audited
Information R'm R'm R'm
Depreciation of property, plant 497 425 878
and equipment
Amortisation 602 580 1 213
- intangible assets 541 544 1 135
- software 61 36 78
Finance cost on transponder 74 38 93
leases
Other gains/(losses) - net (529) (293) (364)
- profit/(loss) on sale of 7 14 (47)
property, plant andequipment
and intangible assets
- impairment of goodwill and (531) (3) (384)
intangible assets
- impairment of tangible assets (2) (150) (225)
- Welkom Yizani refinancing - (330) (330)
- insurance proceeds 6 175 369
- profit on transponder lease 46 - 253
settlement
- fair value adjustment on (55) 1 -
shareholders' liability
Other finance income/(cost) - (42) 179 114
net
- net foreign exchange (155) 36 (154)
differences and net fair value
adjustments on derivatives
- preference dividends received 113 143 268
Gains on acquisitions and 55 107 144
disposals
- profit on sale of investments 4 107 144
- profit on partial disposal of 72 - -
investments
- acquisition-related costs (35) - -
- step-up acquisition gain 14 - -
Goodwill
- cost 17 050 15 407 15 407
- accumulated impairment (430) (49) (49)
Opening balance 16 620 15 358 15 358
- foreign currency translation (510) (802) (1 163)
effects
- acquisitions 1 428 2 907 2 807
- impairment (316) (27) (382)
Closing balance 17 222 17 436 16 620
- cost 17 966 17 512 17 050
- accumulated impairment (744) (76) (430)
Investments and loans 19 850 13 757 15 442
- listed investments 5 710 3 494 4 646
- unlisted investments 14 140 10 263 10 796
Market value of listed 96 498 77 427 92 843
investments
Director's valuation of 14 140 10 263 10 796
unlisted investments
Commitments 16 989 15 842 18 626
- capital expenditure 468 643 527
- programme and film rights 8 041 6 030 8 698
- network and other service 516 573 656
commitments
- transponder leases 7 045 7 732 7 689
- operating lease commitments 679 576 697
- set-top box commitments 240 288 359
Share of equity-accounted 1 406 872 2 058
results
- dilution gains - - (64)
- sale of assets (25) - 23
- sale of investments - 35 77
Contribution to headline 1 381 907 2 094
earnings
- amortisation of intangible 169 83 180
assets
- treasury-settled share scheme 91 - 148
charges
- (recognition)/reversal of (10) - 101
deferred taxation
Contribution to core headline 1 631 990 2 523
earnings
Tencent 1 486 936 2 148
Mail.ru 95 54 70
Abril 28 8 318
Other 22 (8) (13)
Business combinations
On 4 August the group acquired a 68% fully diluted interest in OLX Inc., a free
online classifieds business. The fair value of the total purchase consideration
was R1,0bn (US$143,6m) in cash.
The preliminary purchase price allocation: property, plant and equipment
("PP&E") R3m; intangible assets R2m; cash R234m; other current assets R57m;
trade and other payables R35m; and the balance to goodwill. The main factor
contributing to the goodwill recognised is the company's large presence in the
classifieds business in the emerging markets. The recognised goodwill is not
expected to be deductible for income tax purposes.
Total acquisition-related costs of R1,6m were recorded in "Gains on acquisitions
and disposals" in the income statement. A non-controlling interest of R51m was
recognised at the acquisition date. This was measured using the proportionate
share of the identifiable net assets. The revenue and results from OLX since the
acquisition date were not significant to the group's consolidated results.
On 13 September, the group acquired 74% of Multiply Inc. which combines social
networking with an online marketplace. The fair value of the total purchase
consideration was R314m (US$44m) in cash.
The preliminary purchase price allocation: PP&E R7m; cash R9m; trade and other
receivables R7m; trade and other payables R7m and the balance to goodwill. The
main factor contributing to the goodwill recognised is the company's significant
user base in emerging markets. The recognised goodwill is not expected to be
deductible for income tax purposes.
Total acquisition-related costs were recorded in "Gains on acquisitions and
disposals" in the income statement. A non-controlling interest of R4m was
recognised at the acquisition date, and was measured using the proportionate
share of the identifiable net assets. The group did not recognise revenue or net
profits from Multiply as the acquisition date was close to the interim reporting
date and the amount insignificant to the group's results.
Had the revenues and net results of all business combinations that occurred in
the period been included from 1 April 2010 it would not have had a significant
effect on the group's consolidated revenue and net results.
Directors
T Vosloo (chairman), J P Bekker (managing director), F-A du Plessis,
G J Gerwel, R C C Jafta, L N Jonker, D Meyer,S J Z Pacak,
T M F Phaswana, L P Retief, B J van der Ross, N P van Heerden,
J J M van Zyl, H S S Willemse
Company secretary
G Kisbey-Green
Registered office Transfer secretaries
40 Heerengracht, Cape Town 8001 Link Market Services South Africa
(Proprietary) Limited
(PO Box 2271, Cape Town 8000) 11 Diagonal Street, Johannesburg 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, please visit the Bank of New York's web
site at www.globalbuydirect.com or call Shareholder Relations at 1-888-BNY-ADRS
or 1-800-345-1612 or write to: The Bank of New York Mellon, Shareholder
Relations Department - GlobalBuyDIRECTTM, Church Street Station, PO Box 11258,
New York, NY 10286-1258, USA
Important information
The report contains forward-looking statements as defined in the United States
Private Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour" and
similar expressions are intended to identify such forward-looking statements,
but are not the exclusive means of identifying such statements. While these
forward-looking statements represent our judgements and future expectations, a
number of risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations. These
include factors that could adversely affect our businesses and financial
performance. We are not under any obligation to (and expressly disclaim any such
obligation to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise. Investors are cautioned
not to place undue reliance on any forward-looking statements contained herein.
For more details about Naspers and the investor call about the results, visit
the Naspers website at www.naspers.com
Date: 30/11/2010 09:00:01 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.
NPN
NPN - Naspers Limited - 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 is presently finalising its
interim report for the six months ended 30 September 2010.
We expect core headline earnings per share to be between 25% and 35% higher than
the comparable period's 648 cents. Shareholders are reminded that the board
considers core headline earnings an appropriate indicator of the sustainable
operating performance of the group, as it adjusts for non-recurring and non-
operational items.
It is expected that earnings per share for the six months ended 30 September
2010 will be between 110% and 120% higher compared to the prior period's 424
cents, mainly as a consequence of once-off accounting profits arising on the
contribution of our investment in Mail.ru to obtain a stake in Digital Sky
Technologies. Headline earnings per share for the period are expected to be
between 55% and 65% higher than the prior period's 394 cents. We emphasize that
these figures are distorted by non-recurring and non-operational items.
Further details will be provided in the interim report, due to be released on or
about 30 November 2010. Financial information on which this trading statement is
based has not been reviewed or reported on by the company's auditors.
Cape Town
18 November 2010
Sponsor: Investec Bank Limited
Date: 18/11/2010 14:30:01 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.
NPN
NPN - Naspers Limited - Dealing by Director in Securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings
(Proprietary)Limited
Transaction date: 29 September 2010
Nature of transaction: on market purchase of securities
Number of shares: 928 Naspers shares
Class of shares: N ordinary
Total value of transaction: R301 695.50
Price per share : R335,38
Date of vesting in the group
share-based incentive plan: 28 September 2009 and 28 September 2010
Nature of transaction: Mr Volkwyn exercised share appreciation
rights in a group share-based incentive plan
and received 928 Naspers N ordinary shares in
settlement of the gain. These Naspers N
ordinary shares were transferred into his
name.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
1 October 2010
Sponsor: Investec Bank Limited
Date: 01/10/2010 15:30:01 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.
NPN
NPN - Naspers - Dealing in securities by a director
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr J J Volkwyn
Major subsidiary: MultiChoice South Africa Holdings (Proprietary)
Limited
Transaction date: 14 September 2010
Nature of transaction: on market purchase of securities
Number of shares: 8 896 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 833 263,90
Average price per share : R317,6935
Highest price per share : R318,20
Lowest price per share : R317,00
Date of vesting in the group
share-based incentive plan: 14 September 2010
Nature of transaction: Mr Volkwyn exercised share appreciation
rights in a group share-based incentive plan
and received 8 896 Naspers N ordinary shares
in settlement of the gain. These Naspers N
ordinary shares were transferred into his name.
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
15 September 2010
Sponsor: Investec Bank Limited
Date: 15/09/2010 16:45:00 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.
NPN
NPN - Naspers Limited - Dealing in securities by directors
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major subsidiary : Mr Basil Sgourdos
Transaction date : 13 September 2010
Price at which shares were offered : Closing price on the JSE
Limited on 8 September 2010:
R306,00
Number of shares : 6 667 Naspers shares
Class of shares : N ordinary
Nature of transaction : Offer of an option to purchase
Naspers shares made by the MIH
(BVI) Limited employee share
incentive scheme to Mr
Sgourdos. The offer of an
option to purchase shares was
made on 8 September 2010 at
R306,00, being the closing
price on the JSE Limited on
that day. The offer was
accepted on 13 September 2010.
Nature of interest : Direct Beneficial
Clearance : Clearance has been received in
terms of paragraph 3.66 of the
JSE Listings Requirements
Cape Town
15 September 2010
Sponsor: Investec Bank Limited
Date: 15/09/2010 13:16:01 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.
NPN
NPN - Naspers Limited - Dealings in securities by Company Secretary
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
("Naspers" or "the company")
Dealings in securities by Company Secretary
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 13 September 2010
Price at which shares were offered: Closing price on the JSE Limited on 8
September 2010: R306,00
Number of shares: 1 667 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares
made by the Naspers Limited employee
share incentive scheme to Mrs Kisbey-
Green. The offer of an option to
purchase shares was made on 8 September
2010 at R306,00, being the closing price
on the JSE Limited on that day. The
offer was accepted on 13 September 2010.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
15 September 2010
Sponsor: Investec Bank Limited
Date: 15/09/2010 13:15:01 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.
NPN
NPN - Naspers Limited - Results of Annual General Meeting
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
RESULTS OF ANNUAL GENERAL MEETING
At the 96th annual general meeting of shareholders of Naspers held on
Friday 27 August 2010, the requisite majority of shareholders approved
all the ordinary and special resolutions proposed at the meeting. The
special resolutions will be lodged with the Companies and Intellectual
Property Registration Office in due course.
Following the approval by shareholders of the ordinary dividend of 235
cents per N ordinary share and 47 cents per unlisted A ordinary share,
shareholders are reminded of the following salient dates:
Last day to trade cum
dividend Thursday, 16 September 2010
Securities start trading
ex-dividend Friday, 17 September 2010
Record date Thursday, 23 September 2010
Payment date Monday, 27 September 2010
Share certificates may not be dematerialised or rematerialised between
Friday, 17 September 2010 and Thursday, 23 September 2010, both dates
inclusive.
The full text of the chairman's address can be found on the web site
www.naspers.com
Cape Town
27 August 2010
Sponsor: Investec Bank Limited
Date: 27/08/2010 13:00:01 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.
NPN
NPN - Naspers Limited - Naspers announces pricing of bonds to be issued by
Myriad International Holdings B.V. ("MIH B.V.")
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers")
NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA,
AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR
SALES WOULD BE PROHIBITED BY APPLICABLE LAW
NASPERS ANNOUNCES PRICING OF BONDS TO BE ISSUED BY MYRIAD INTERNATIONAL HOLDINGS
B.V. ("MIH B.V.")
Shareholders are advised that Naspers's indirect wholly owned subsidiary, MIH
B.V., on July 22, 2010, successfully priced its US$700m 6,375% notes due 2017
(the "Bonds"). The Bonds will be fully and unconditionally guaranteed by
Naspers. An application has been made for the admission of the Bonds to listing
on the Official List and trading on the Global Exchange Market of the Irish
Stock Exchange.
The net proceeds will be used for general corporate purposes, including future
acquisitions and the repayment of certain amounts outstanding under the Naspers
group's revolving credit facilities.
CAPE TOWN
23 July 2010
Sponsor
Investec Bank Limited
Cautionary Statement:
This press release is for information purposes only and does not constitute a
prospectus or any offer to sell or the solicitation of an offer to buy any
security in the United States of America or any other jurisdiction. Securities
may not be offered or sold in the United States of America absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended (the "Securities Act"). The Bonds will not be registered under the
Securities Act and no public offering of securities will be made in the United
States. The Bonds are being offered and sold in the United States only to
"qualified institutional buyers" in accordance with Rule 144A under the
Securities Act and outside the United States in reliance on Regulation S under
the Securities Act. This press release is being issued pursuant to and in
accordance with Rule 135e under the Securities Act.
Important information:
This press release contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
statements. While these forward-looking statements represent our judgments and
future expectations, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ materially from
our expectations. These include factors that could adversely affect our
businesses and financial performance. We are not under any obligation to (and
expressly disclaim any such obligation to) update or alter our forward-looking
statements, whether as a result of new information, future events or otherwise.
Investors are cautioned not to place undue reliance on any forward-looking
statements contained herein.
About Naspers:
Naspers comprises a broad-based media group operating in 129 countries. It is
listed on the JSE Limited (JSE), with an ADR listing on the London Stock
Exchange. Today its principal operations are in internet platforms (focusing on
e-commerce, communities, content, communication and games), pay-television and
the provision of related technologies and print media. Most of Naspers's
businesses hold leading market positions. The group's most significant
operations are located in emerging markets, including South Africa, the rest of
sub-Saharan Africa, China, Latin America, Central and Eastern Europe, Russia and
India.
Contact
For further information, please contact:
Meloy Horn
Head of Investor Relations
Naspers
+27 11 289 3320
+27 82 772 7123
Meloy.horn@naspers.com
Steve Pacak
Group Chief Financial Officer
Naspers
+27 21 406 3585
+27 83 2 500 006
spacak@naspers.com
Date: 23/07/2010 09:15:01 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.
NPN
NPN - Naspers Limited - No change statement and notice of annual general meeting
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the company's annual financial statements for the
year ended 31 March 2010 will be posted to shareholders today and contain no
modifications to the audited results that were published in the provisional
report on 29 June 2010. PricewaterhouseCoopers Inc. audited the results
contained in the provisional report and the annual financial statements of
Naspers and its reports are available for inspection at the registered office of
the company.
The notice of the annual general meeting will be posted to shareholders today,
Wednesday, 14 July 2010, and notice is hereby given that the ninety sixth annual
general meeting of the company will be held at 11:15 on Friday 27 August 2010,
on the 18th Floor of Naspers Centre, 40 Heerengracht in Cape Town, South Africa
to transact business as stated in the notice of the annual general meeting.
Cape Town
14 July 2010
Sponsor: Investec Bank Limited
Date: 14/07/2010 09:00:01 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.
NPN
NPN - Naspers Limited - Acquisition of 28,7% economic interest in Digital Sky
Technologies
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
ACQUISITION OF 28,7% ECONOMIC INTEREST IN DIGITAL SKY TECHNOLOGIES
1. INTRODUCTION
Shareholders are advised that a subsidiary of Myriad International Holdings
B.V. ("MIH"), an indirect wholly owned subsidiary of Naspers, has entered into
agreements regarding its interest in Mail.ru, the leading Russian internet
communication and gaming company. MIH will exchange its 39,3% stake in Mail.ru
and invest a further US$388m (R2,9bn) cash to obtain a 28,7% economic interest
in Digital Sky Technologies Limited ("DST") (the "transaction").
DST is one of the largest internet companies in the Russian-speaking market.
Upon the close of this transaction, DST will own more than 99,9% of Mail.ru,
the
leading Russian internet communication and gaming company.DST owns ICQ, the
leading instant messaging platform in Russian-speaking markets, and also
holds: more than 75% of Forticom, the social network operator in Russia and
the Baltics; minority stakes in vKontakte, the Russian social network service,
and OE, a payments platform; as well as small interests in global internet
companies such as Facebook, the largest social network, Zynga, the largest
provider of social games, and Groupon, a fast growing social e-commerce
business.
This transaction provides MIH with a significant stake in a leading internet
group with growth potential in Russia and deep understanding of this market.
It also aligns MIH's interests with those of other shareholders of DST.
2. CONSIDERATION
The consideration payable by MIH includes the contribution of its existing
stake in Mail.ru, an investment of US$50m for new shares to be issued by DST
and a further US$338m by MIH to acquire further shares in DST from current
shareholders.
3. FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the
transaction and is based on the published, audited results of Naspers for the
year ended 31 March 2010.
The unaudited pro forma financial effects, for which the Naspers board is
responsible, are presented for illustrative purposes only and may not give a
fair reflection of the financial position and results of the operations post
the implementation of the transaction.
Before After
transaction (a) transaction (b) Change
Per share (cents) (cents) (%)
EPS
EPS (cents) 873 1 260 44
Headline EPS (cents) 884 843 (5)
Fully diluted EPS
EPS (cents) 848 1 225 44
Headline EPS (cents) 859 820 (5)
Core Headline EPS (cents) 1 426 1 386 (3)
NAV (cents) 8 993 9 346 4
NTAV (cents) 3 342 3 695 11
Net number of shares in
issue ('000) 374 308 374 308 -
Weighted average number of
shares in issue ('000) 372 951 372 951 -
Fully diluted weighted
average number of shares
in issue ('000) 383 820 383 820 -
Assumptions
(a) The information "Before transaction" is based on the published audited
results of Naspers for the year ended 31 March 2010.
(b) The information "After transaction" is based on the following assumptions:
(i) the transaction was effective from 1 April 2009;
(ii) the total purchase consideration for the 28,7% stake in DST included cash
of US$388m plus the group's 39,3% stake in Mail.ru;
(iii) cash paid was drawn down from the group's existing credit facilities
bearing interest at an average pre-tax rate of 5,5%;
(iv) no tax effect was assumed on the transaction;
(v) income statement information was converted at R7,7123:US$1, being the
average rate for the year ended 31 March 2010;
(vi) balance sheet information was converted at R7,3343:US$1, being the
closing rate on 31 March 2010; and
(vii) the dilution gain of R1,3bn was calculated based on the net book value
of Mail.ru as at 31 March 2010.
(c) The NAV and NTAV per ordinary share "After transaction" is based on the
assumption that the transaction was implemented on 31 March 2010.
(d) The pro forma financial effects do not include the impact of any purchase
accounting adjustments.
Shareholders are advised that the board believes core headline earnings per
share to be an appropriate indicator of sustainable earnings performance. For
a definition of `core headline earnings' we refer shareholders to the annual
financial statements and to our website (www.naspers.com).
4. EFFECTIVE DATE AND CONDITIONS PRECEDENT
The effective date of the transaction will be on fulfilment of the conditions
precedent, which include, inter alia, approvals of various regulatory
authorities.
5. CATEGORY OF TRANSACTION
The transaction has been categorised as a category 2 transaction in terms of
section 9.5(a) of the JSE Limited Listings Requirements.
Cape Town
14 July 2010
Important information:
The report contains forward-looking statements as defined in the United States
Private Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour"
and similar expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such statements.
While these forward-looking statements represent our judgements and future
expectations, a number of risks, uncertainties and other important factors
could cause actual developments and results to differ materially from our
expectations. These include factors that could adversely affect our businesses
and financial performance. We are not under any obligation to (and expressly
disclaim any such obligation to) update or alter our forward-looking
statements, whether as a result of new information, future events or
otherwise. Investors are cautioned not to place undue reliance on any forward-
looking statements contained herein.
About Naspers:
Naspers comprises a broad-based media group operating in 129 countries. It is
listed on the JSE Limited (JSE), with an ADR listing on the London Stock
Exchange. Today its principal operations are in internet platforms (focusing
on e-commerce, communities, content, communication and games), pay-television
and the provision of related technologies and print media. Most of Naspers's
businesses hold leading market positions. The group's most significant
operations are located in emerging markets.
This includes South Africa and elsewhere in Africa, China, Central and Eastern
Europe, India, Latin America, Russia, Thailand and the Netherlands.
Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Corporate adviser
Citigroup Global
Markets Limited
Legal adviser
Wilmer Cutler Pickering
Hale and Dorr LLP
Accountants
PricewaterhouseCoopers Inc
(Registration number 1998/012055/21)
Date: 14/07/2010 07:05:02 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.
NPN
NPN - Naspers Limited - Share scheme settlement
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
Share scheme settlement
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
Subsidiary : Mr J J Volkwyn
Transaction date : 29 June 2010
Number of shares : 675 Naspers shares
Class of shares : N ordinary
Total value of transaction : R179 414,24
Date of vesting in the group
share-based incentive plan : 28 June 2010
Nature of transaction : Mr Volkwyn exercised share appreciation
rights in a group share-based incentive
plan and received 675 Naspers N ordinary
shares in settlement of the gain. These
Naspers N ordinary shares were
transferred into his name.
Nature of interest : Direct
Clearance : Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
2 July 2010
Sponsor: Investec Bank Limited
Date: 02/07/2010 14:00:03 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.
NPN
NPN - Naspers Limited - Provisional report
Naspers Limited
(Registration number: 1925/001431/06)
("Naspers")
ISIN ZAE000015889
JSE share code: NPN
LSE share code: NPSN
PROVISIONAL REPORT
Summary of the audited results of the Naspers group for the year ended 31 March
2010
Commentary
Over the past year the Naspers group continued to grow. Most emerging markets in
which we operate survived the global economic downturn reasonably well,
particularly when compared to developed economies.
The internet industry showed bold growth in emerging markets. Our pay-television
operations held up well whilst the technology business returned to operating
profitability. Print businesses globally, including our own, suffered in the
recession. Overall, however, it was a good year for the group.
In summary, Naspers recorded a 5% increase in revenues to R28bn for the past
financial year. Operational profit climbed 10% to R5,4bn, whilst core headline
earnings grew 22% to R5,3bn.
The internet segment, comprising mainly Allegro in Central Europe, Tencent in
China and Mail.ru in Russia, continued to reflect growth, with revenues up 24%.
Our pay-television businesses largely proved resilient to prevailing economic
conditions and recorded revenue growth of 12%, with slightly lower operating
margins as we invested to grow the subscriber base. Irdeto, the TV technology
business, felt economic headwinds, but nevertheless cut costs.
The print media businesses, however, suffered a 5% decline in its top line
because of pressure on advertising revenues.
Free cash flow of R4,1bn (2009: R2,4bn) was recorded. The financial position
remains healthy with consolidated gearing, excluding satellite transponder
leases, of 5%.
Looking ahead, we mostly have resilient businesses in emerging markets that are
still expanding. Competition in pay TV, regulation and consumer spending levels
remain challenges.
We plan to continue growing the group through a combination of organic growth
and acquisitions, focusing on internet.
FINANCIAL REVIEW
The past financial year was characterised by tough economic conditions and a
strong rand which negatively impacts reported results when translating other
currencies.
Revenue growth of 5% in the aggregate was recorded over the period. This muted
growth was partly the result of pressure on print media, but mainly the
consequence of a stronger rand. Based on a stable currency, we estimate revenue
growth would have been 11%.
Our operational profit increased by 10% to R5,4bn (2009: R4,9bn). Using a stable
currency we estimate operational profit growth would have been 17%. Group
margins improved largely due to cost management.
Net interest costs for the year increased to R535m (2009: R306m), the result of
funding new acquisitions with debt and available cash balances.
Naspers's share of the equity-accounted results of our associates, mainly
Tencent, Mail.ru and Abril, increased to R2,1bn (2009: R1,5bn).
The profit on sale of investments relates mainly to MWEB's business in the rest
of Africa. These proceeds are once-off in nature.
The net effect of all the above is that core headline earnings for the year grew
22% to R5,3bn.
During the year, MultiChoice launched the W7 satellite resulting in an increase
in our transponder leases and commitments.
SEGMENTAL REVIEW
This review includes our consolidated subsidiaries plus the proportional
consolidation of our economic interest in associates. This allows for improved
analysis of the contribution of all our investments to the group's results.
Our primary measurement of profitability is defined as operational profit, which
excludes other gains/losses and amortisation of intangible assets (other than
software). It includes the finance cost on transponder leases which the group
treats as an operating cost.
Internet
In aggregate, the internet segment recorded revenue up by 24% to R9,2bn.
Operational profit grew to R2,4bn.
In China, Tencent performed ahead of expectations with revenue growth of 49%.
The number of peak concurrent users now stands at around 105 million. Tencent's
contribution to core headline earnings increased by 76% to R2,1bn.
The strong rand had a significant effect on the other internet businesses where,
nominally, revenues were marginally up and operational profits down. Calculated
on a stable currency basis, we estimate that both revenues and operational
profits would have advanced 19%.
The Allegro platform in Poland delivered solid growth. In local currency, the
gross merchandising value transacted on the platform grew by 20%, generating
revenue of 24% higher. New services were launched.
In India, ibibo, our joint venture with Tencent, is developing social gaming and
e-commerce platforms.
In Russia, Mail.ru expanded its base to 81 million active email users. This
business contributed R70m (2009: R87m) to our core headline earnings. The
decrease relates mainly to the impact of the strong rand. Mail.ru has acquired
Astrum, the online games platform operator in Russia.
In Latin America, BuscaPe was added to the group in September 2009. This unit is
currently growing its core comparison shopping business and broadening its base
with new services, including electronic payments, classified advertising and
affiliate advertising networks.
In South Africa, 24.com remains a leading local internet publisher, growing its
users by 34%.
Pay television
Overall, the pay-television segment expanded revenues by 12%, due to subscriber
growth of 634 000 net households. After a satisfactory festive season,
subscriber growth did slow in the last quarter of the financial year. Operating
margins were slightly lower due to the cost of building the subscriber base, as
well as higher content costs resulting from increased competition and more local
production.
In South Africa the base grew by 450 000 to 2,85 million homes. The service now
offers nine different bouquet offerings and three high definition channels. With
a strong content offering of soccer, general entertainment and movies, the mid-
priced Compact bouquet attracted many customers. Advertising revenues were
marginally better. The coming year will see even more competitors entering this
market.
In the other 47 countries in the rest of Africa, a focus on local content and
additional sport delivered 184 000 additional subscribers, taking the base to
1,1 million homes. The Compact and Family bouquets stand at 447 000. Hausa and
Yoruba language content was added in Nigeria. SuperSport is now one of the main
funders of local sports leagues across the African continent, which means higher
content costs for the group. However, if African sport is to become globally
competitive, it needs funding by someone.
Mobile TV operations were launched in Ghana, Kenya, Namibia and Nigeria, whilst
we still await a licence in South Africa.
Technology
Irdeto delivered some 15,8 million conditional access units in the period, a 5%
increase. Revenues in other divisions were flat due to the global slow-down.
Consolidation of various technology businesses into Irdeto has reduced operating
costs, and the segment reversed an operational loss last year into a profit of
R47m.
Print media
Our print media operations in South Africa recorded a top-line decline of 5%.
Circulation of newspapers and magazines held up remarkably, but advertising felt
the blows. In a recession people read more, but advertisers spend less.
Operating costs have been reduced and capital expenditure reigned in. We were
able to grow market share marginally.
In Brazil, the magazine publisher Abril also experienced a challenging year,
particularly for advertising. This was largely offset through cost controls.
Abril's contribution to our core headline earnings amounted to R318m (2009:
R414m), partly influenced by the strong rand and a higher tax charge.
DIVIDEND NUMBER 81
The board recommends that the annual dividend be increased 14% to 235 cents
(previously 207 cents) per N ordinary share, and 47 cents (previously 41 cents)
per unlisted A ordinary share. If approved by shareholders at the annual general
meeting to be held on Friday, 27 August 2010, dividends will be payable to
shareholders recorded in the books on Thursday, 23 September 2010, and will be
paid on Monday, 27 September 2010. The last date to trade cum dividend will be
on Thursday, 16 September 2010. The shares will therefore trade ex dividend from
Friday, 17 September 2010.
Share certificates may not be dematerialised or rematerialised between Friday,
17 September 2010 and Thursday, 23 September 2010, both days inclusive.
CORPORATE GOVERNANCE
The impact of the new South African Companies Act and the King Report on
Governance for South Africa 2009 (King III) was a focus over the past year.
Subsequent to the year-end the Naspers board approved a plan to address aspects
of King III, the implementation of which is well under way. Where appropriate
for the group, the necessary changes to our governance policies and practices
will be made. If any principles or practices are found to be inappropriate for
the group, the reason for not implementing or not complying with King III's
recommendations will be disclosed.
Naspers will produce an integrated report for the financial year ended 31 March
2011 and also report on the application of King III.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Financial results for the year ended 31 March 2010 have been prepared in
accordance with IAS 34 and International Financial Reporting Standards ("IFRS"),
the requirements of the South African Companies Act, No 61 of 1973, and in
compliance with the Listings Requirements of the JSE Limited. Except as noted
below, accounting policies used are consistent with those applied in the
previous annual financial statements and IFRS. These results have been audited
by the company's auditor, PricewaterhouseCoopers Inc., whose unqualified report
is available for inspection at the registered office of the company.
The group adopted the following new standards, amendments and circulars for the
year ended 31 March 2010:
- The revised IAS 1 "Presentation of Financial Statements" was issued, requiring
certain changes to existing disclosures as well as the introduction of the
"statement of comprehensive income". These changes had no effect on the
financial position or results of the group.
- IFRS 8 "Operating Segments" replaced IAS 14 "Segment Reporting". Segment
information is now presented on the same basis as for internal management
reporting purposes. The only significant change is that the results of our
investments in associates are now proportionately consolidated for segmental
reporting and Tencent is shown as a separate reportable segment. The amendment
to IFRS 8 which allows an entity not to disclose segmental assets, if not
reviewed by management, has been early adopted. Comparative information was
restated accordingly.
- IAS 23 "Borrowing Cost (Revised)" requires entities to capitalise qualifying
interest cost. This amendment had no material effect on the group.
- Circular 3/2009 "Headline Earnings" was issued by the South African Institute
of Chartered Accountants. The circular was changed to incorporate the latest
amendments and revisions to IFRS. This circular is effective for the current
year, but had no material effect on the group.
Core headline earnings exclude once-off and non-operating items. We remain of
the view that it is an appropriate measure of the group's sustainable operating
performance. This measure is not a defined term under IFRS and may not be
comparable with similarly titled measures reported by other companies.
SIGNIFICANT ACQUISITIONS
In September 2009 the group acquired 94,8% of Brazilian e-commerce group,
BuscaPe.com Inc. for approximately R2,7bn. This was funded from existing debt
facilities. A put option of R89m over minorities is part of the purchase
consideration. The preliminary purchase price allocation is: tangible assets
R180m, intangible assets R394m, liabilities R228m and the balance to goodwill.
During October 2009 the group acquired 51% of Korbitec (Proprietary) Limited (an
electronic platform for attorneys, banks and other players in the property value
chain) for cash of R158m with an additional R51m contingent consideration. The
preliminary purchase price allocation shows: tangible assets R48m, intangible
assets R135m, liabilities R21m and the balance to goodwill. Minorities' share of
the above is R79m.
During November 2009 the group made a further cash investment of R771m into
Mail.ru as a result of its acquisition of Astrum Online Entertainment Holdings.
The group's shareholding was diluted from 42% to 39%.
Subsequent to the initial 83% interest acquired in Bankier.pl in August 2009,
the group also acquired the remaining minorities. The total consideration of
R178m was allocated as follows: tangible assets R52m, intangible assets R33m and
the balance to goodwill.
The group also made some other acquisitions for a combined cost of approximately
R522m. Revenues and profits from all acquisitions were not significant to
consolidated results.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Managing director
Cape Town
29 June 2010
Revenue
Segmental 2010 2009 %
Review R'm R'm Change
Pay television 16 659 14 858 12
Internet 9 181 7 411 24
- Tencent 4 874 3 281 49
- Other 4 307 4 130 4
Print 10 204 10 722 (5)
Technology 1 207 1 514 (20)
Economic interest 37 251 34 505 8
Corporate services
Less: Associates (9 253) (7 815) 18
Consolidated 27 998 26 690 5
Ebitda
Segmental 2010 2009 %
Review R'm R'm Change
Pay television 5 744 5 197 11
Internet 2 804 1 973 42
- Tencent 2 542 1 588 60
- Other 262 385 (32)
Print 1 232 1 389 (11)
Technology 98 (75) +100
Economic interest 9 878 8 484 16
Corporate services (230) (210) 10
Less: Associates (3 152) (2 248) 40
Consolidated 6 496 6 026 8
Operational profit
Segmental 2010 2009 %
Review R'm R'm Change
Pay television 5 171 4 624 12
Internet 2 423 1 626 49
- Tencent 2 363 1 447 63
- Other 60 179 (66)
Print 896 1 062 (16)
Technology 47 (139) +100
Economic interest 8 537 7 173 19
Corporate services (232) (213) 9
Less: Associates (2 858) (2 020) 42
Consolidated 5 447 4 940 10
Note: Operational profit excludes amortisation of intangible assets (other than
software) and other gains/losses and includes the finance cost on transponder
leases.
Year ended Year ended
31 March 31 March
Reconciliation of Operational 2010 2009
Profit to Operating Profit R'm R'm
Operational profit 5 447 4 940
Finance cost on transponder leases 93 109
Amortisation (1 135) (1 179)
Other gains/(losses) - net (364) (87)
Operating profit 4 041 3 783
Note: For a reconciliation of operating profit to profit before taxation, refer
to the "Consolidated income statement".
Year ended Year ended
31 March 31 March
Consolidated Income 2010 2009 %
Statement R'm R'm Change
Revenue 27 998 26 690 5
Cost of providing services and sale of (14 438) (13 531)
goods
Selling, general and administration (9 155) (9 289)
expenses
Other gains/(losses) - net (364) (87)
Operating profit 4 041 3 783 7
Interest received 348 572
Interest paid (883) (878)
Other finance income/(costs) - net 114 3
Share of equity-accounted results 2 058 1 473 40
Profit on sale of investments 144 36
Impairment of equity-accounted (62) (214)
investments
Profit before taxation 5 760 4 775 21
Taxation (1 808) (1 436)
Profit after taxation 3 952 3 339 18
Profit from discontinued operations - 3 092
Profit for the year 3 952 6 431
Attributable to:
Equity holders of the group 3 257 5 761
Minority shareholders 695 670
3 952 6 431
Core headline earnings for the period 5 319 4 373 22
(R'm)
Core headline earnings per N ordinary 1 426 1 179 21
share (cents)
Fully diluted core headline earnings per 1 386 1 169 19
N ordinary share (cents)
Headline earnings for the period (R'm) 3 297 3 065 8
Headline earnings per N ordinary share 884 826 7
(cents)
Fully diluted headline earnings per N 859 819 5
ordinary share (cents)
Earnings per N ordinary share (cents) 873 1 553
Fully diluted earnings per N ordinary 848 1 540
share (cents)
Net number of shares issued ('000)
- At period-end 374 308 372 451
- Weighted average for the period 372 951 371 004
- Fully diluted weighted average 383 820 374 108
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Comprehensive 2010 2009
Income R'm R'm
Profit for the year 3 952 6 431
Total other comprehensive income, net of tax, (2 047) (4 123)
for the year
Translation of foreign operations (1 918) (3 544)
Cash flow hedges (560) (347)
Share of associates' other comprehensive 250 (258)
income and reserves
Tax on other comprehensive income 181 26
Total comprehensive income for the year 1 905 2 308
Attributable to:
Equity holders of the group 1 308 1 648
Minority shareholders 597 660
1 905 2 308
Year ended Year ended
Condensed Consolidated 31 March 31 March
Statement of Changes 2010 2009
in Equity R'm R'm
Balance at beginning of the year 35 217 33 147
Changes in share capital and premium
Movement in treasury shares (1 041) (405)
Share capital and premium issued 433 123
Changes in reserves
Total comprehensive income for the year 1 308 1 648
Movement in share-based compensation reserve 498 445
Movement in existing control business (334) 548
combination reserve
Direct retained earnings movement (22) (9)
Dividends paid to Naspers shareholders (773) (669)
Changes in minority interest
Total comprehensive income for the year 597 660
Dividends paid to minorities (311) (307)
Movement in minority interest in reserves 62 36
Balance at end of the year 35 634 35 217
Comprising:
Share capital and premium 14 466 15 074
Retained earnings 16 823 14 361
Share-based compensation reserve 1 573 927
Existing control business combination reserve 98 331
Hedging reserve (408) (116)
Valuation reserve 1 844 1 843
Foreign currency translation reserve (736) 1 171
Minority interest 1 974 1 626
Total 35 634 35 217
Year ended Year ended
31 March 31 March
Condensed Consolidated 2010 2009
Statement of Financial Position R'm R'm
ASSETS
Non-current assets 44 342 40 873
Property, plant and equipment 6 490 4 754
Goodwill and other intangible assets 21 596 20 916
Investment in associates 11 942 10 667
Other investments and loans 3 500 3 609
Deferred taxation 814 871
Other non-current assets - 56
Current assets 13 126 13 687
TOTAL ASSETS 57 468 54 560
EQUITY AND LIABILITIES
Share capital and reserves 33 660 33 591
Minority shareholders' interest 1 974 1 626
Total equity 35 634 35 217
Non-current liabilities 10 892 8 991
Capitalised finance leases 1 736 865
Liabilities - interest-bearing 6 983 5 934
- non-interest-bearing 51 118
Post-retirement medical liability 178 155
Derivatives 684 543
Deferred taxation 1 260 1 376
Current liabilities 10 942 10 352
TOTAL EQUITY AND LIABILITIES 57 468 54 560
Net asset value per N ordinary share (cents) 8 993 9 019
Year ended Year ended
31 March 31 March
Condensed Consolidated 2010 2009
Statement of Cash Flows R'm R'm
Cash flow from operating activities 5 622 3 913
Cash flow (utilised in)/generated from (5 156) 1 217
investment activities
Cash flow generated from/(utilised in) 235 (6 839)
financing activities
Net movement in cash and cash equivalents 701 (1 709)
Foreign exchange translation adjustments (678) 187
Cash and cash equivalents at beginning of the 5 803 7 325
year
Cash and cash equivalents at end of the year 5 826 5 803
Year ended Year ended
31 March 31 March
Calculation of Headline 2010 2009
and Core Headline Earnings R'm R'm
Net profit attributable to shareholders 3 257 5 761
Adjusted for:
- insurance proceeds (369) (113)
- impairment of property, plant, equipment and 225 117
other assets
- impairment of goodwill and intangible assets 384 22
- (profit)/loss on sale of property, plant and (156) 27
equipment
- profit on sale of intangibles (73) -
- discontinuance of operations - (2 965)
- profit on sale of investments (120) (10)
- remeasurements included in equity-accounted 30 -
earnings
- impairment of equity-accounted investments 62 214
3 240 3 053
Total tax effects of adjustments 7 5
Total minority interest of adjustments 50 7
Headline earnings 3 297 3 065
Discontinued operations - (129)
Headline earnings from continuing operations 3 297 2 936
Adjusted for:
- treasury-settled share scheme charges 418 258
- prior year withholding taxes 121 -
- reversal/(creation) of deferred tax assets 253 (58)
- amortisation of intangible assets 922 958
- Welkom Yizani refinancing 330 -
- fair value adjustments and currency (22) 279
translation differences
Core headline earnings 5 319 4 373
Year ended Year ended
31 March 31 March
2010 2009
Supplementary Information R'm R'm
Depreciation of property, plant and equipment 878 910
Amortisation 1 213 1 246
- intangible assets 1 135 1 179
- software 78 67
Interest on finance leases 93 109
Other gains/(losses) - net (364) (87)
- loss on sale of property, plant and (47) (25)
equipment
- impairment of goodwill and intangible assets (384) (18)
- impairment of tangible assets (225) (143)
- Welkom Yizani refinancing (330) -
- insurance proceeds 369 113
- profit on transponder lease settlement 253 -
- fair value adjustment on shareholders' - (14)
liability
Other finance income/(costs) - net 114 3
- net foreign exchange differences and fair (154) (374)
value adjustments on derivatives
- preference dividends received 268 377
Investments and loans 15 442 14 276
- listed investments 4 646 3 591
- unlisted investments 10 796 10 685
Market value of listed investments 92 843 44 491
Directors' valuation of unlisted investments 10 796 10 685
Commitments 18 626 14 205
- capital expenditure 527 359
- programme and film rights 8 698 8 063
- network and other services commitments 656 480
- transponder leases 7 689 4 290
- operating lease commitments 697 701
- set-top box commitments 359 312
Share of equity-accounted results 2 058 1 473
Dilution profits (64) -
Sale of assets 23 17
Sale of investments 77 8
Contribution to headline earnings 2 094 1 498
Amortisation on intangible assets 180 179
Treasury-settled share scheme charges 148 -
Reversal of deferred taxation 101 -
Contribution to core headline earnings 2 523 1 677
Tencent 2 148 1 217
Mail.ru 70 87
Abril 318 414
Other (13) (41)
Directors
T Vosloo (chairman)
J P Bekker (managing director)
F-A du Plessis
G J Gerwel
R C C Jafta
L N Jonker
D Meyer
S J Z Pacak
T M F Phaswana
L P Retief
B J van der Ross
N P van Heerden
J J M van Zyl
H S S Willemse
Company secretary
G Kisbey-Green
Registered office
40 Heerengracht, Cape Town 8001
(PO Box 2271, Cape Town 8000)
Transfer secretaries
Link Market Services South Africa (Proprietary) Limited
11 Diagonal Street, Johannesburg 2001
(PO Box 4844, Johannesburg 2000)
ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, visit the 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: The Bank of New York Mellon, Shareholder Relations
Department - GlobalBuyDIRECTTM, Church Street Station, PO Box 11258, New York,
NY 10286-1258, USA
Important information
The report contains forward-looking statements as defined in the United States
Private Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour" and
similar expressions are intended to identify such forward-looking statements,
but are not the exclusive means of identifying such statements. While these
forward-looking statements represent our judgements and future expectations, a
number of risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations. These
include factors that could adversely affect our businesses and financial
performance. We are not under any obligation to (and expressly disclaim any such
obligation to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise. Investors are cautioned
not to place undue reliance on any forward-looking statements contained herein.
For a more detailed exposition, visit the Naspers website at www.naspers.com
Date: 29/06/2010 09:00:01 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.
NPN
NPN - Naspers Limited - 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 is presently finalising its
provisional report for the year ended 31 March 2010.
We expect core headline earnings per share to be between 15% and 25% higher than
the comparable period's 1 179 cents. Shareholders are reminded that the board
considers core headline earnings an appropriate indicator of the sustainable
operating performance of the group, as it adjusts for non-recurring and non-
operational items.
Mainly as a consequence of once-off accounting profits arising on the sale of
the pay-television operation in Greece last year, it is expected that earnings
per share for the year ended 31 March 2010, will be between 40% and 50% lower
compared to the prior period's 1 553 cents.
Headline earnings per share for the period are expected to be between 5% and 15%
higher than the prior period's 826 cents.
Further details will be provided in the provisional report, due to be released
on or about 29 June 2010. Financial information on which this trading statement
is based has not been reviewed or reported on by the company's auditors.
Cape Town
17 June 2010
Sponsor: Investec Bank Limited
Date: 17/06/2010 17:00:01 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.
NPN
NPN - Naspers Limited - Dealings in securities
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN & ISIN: ZAE000015889
(`Naspers' or `the company')
Dealings in Securities
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
2770 Naspers at 31680
7230 Naspers at 31780
Director: Mr SJZ Pacak
Transaction date: 30 March 2010
Price at which shares were sold: Price of R317,80 per share and R316,80,
respectively
Number of shares: 7 230 Naspers shares and 2 770 Naspers
shares
Class of shares: N ordinary
Total value of transaction: R3 175 230
Date of vesting in the group
share-based incentive plan: 2 January 2008
Offer price of shares to Mr SJZ Pacak
in terms of the Naspers share
incentive trust: R23,50 (being the listed market price of
Naspers Limited "N" ordinary shares on
the date of the offer)
Nature of transaction: Sale of vested shares held in the
Naspers Share Incentive Trust by Mr
Pacak's family trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
1 April 2010
Date: 01/04/2010 17:00:03 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.

(2010/03/19 - 17:02:00)

NPN
NPN - Naspers - Directors Dealings
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US6315121003
("Naspers" or "the company")
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Company secretary: Mrs Gillian Kisbey-Green
Transaction date: 17 March 2010
Price at which shares were offered: Closing price on the JSE Limited on 26
February 2010 R288.00
Number of shares: 7 233 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares
made by the Naspers Limited employee
share incentive scheme to Mrs Kisbey-
Green. The offer of an option to
purchase shares was made on 26 February
2010 at a price of R288,00, being the
closing price on the JSE Limited on that
day. Vesting dates after which the
options may be exercised are: one third
on 26 February 2013, one third on 26
February 2014 and the final third on 26
February 2015. The option must be
exercised by 26 February 2020, failing
which it will lapse. The offer was
accepted on 17 March 2010.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
19 March 2010
Sponsor: Investec Bank Limited
Date: 19/03/2010 17:01:01 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.

(2010/03/19 - 17:00:00)

NPN
NPN - Naspers - Directors Dealings
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US6315121003
("Naspers" or "the company")
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major subsidiary: Mr V Sgourdos
Transaction date: 17 March 2010
Price at which shares were offered: Closing price on the JSE Limited on 15
March 2010: R304.05
Number of shares: 14 467 Naspers shares
Class of shares: N ordinary
Nature of transaction: Offer of an option to purchase shares
made by the MIH (BVI) Limited employee
share incentive scheme to Mr V Sgourdos.
The offer of an option to purchase
shares was made on 15 March 2010 at a
price of R304.05, being the closing
price on the JSE Limited on that day.
Vesting dates after which the options
may be exercised are: one third on 15
March 2013, one third on 15 March 2014
and the final third on 15 March 2015.
The option must be exercised by 15 March
2020, failing which it will lapse. The
offer was accepted on 17 March 2010.
Nature of interest: Direct Beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
19 March 2010
Sponsor: Investec Bank Limited
Date: 19/03/2010 17:00:01 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.
NPN
NPN - Naspers Limited - Directors dealings
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US6315121003
("Naspers" or "the company")
Directors dealings
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director: Mr SJZ Pacak
Transaction date: 17 December 2009
Number of shares and price
at which shares were sold: 15 000 Naspers shares at an average price of
R306,7021 per share
Class of shares: N ordinary
Total value of transaction: R4 600 531,50
Nature of transaction: Sale of shares held by Mr SJZ Pacak
Nature of interest: Direct beneficial
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
21 December 2009
Sponsor: Investec Bank Limited
Date: 21/12/2009 09:30:01 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.
NPN
NPN - Naspers Limited - Directors Dealings
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US6315121003
(`Naspers' or `the company')
Directors Dealings
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major
subsidiary: Mr F L N Letele
Transaction date: 4 December 2009
Number of shares: 15 016 Naspers shares
Class of shares: N ordinary
Total value of transaction: R4 204 341,45
Date of vesting in the group
share-based incentive plan: 14 September 2009
Nature of transaction: Mr Letele exercised share appreciation rights in a
group share-based incentive plan and received
15 016 Naspers N ordinary shares in settlement of
the gain. The 15 016 Naspers N ordinary shares
were then sold.
Nature of interest: Direct
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
9 December 2009
Sponsor: Investec Bank Limited
Date: 09/12/2009 17:30:04 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.
NPN
NPN - Naspers Limited - Directors Dealings
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director: Mr Vosloo
Transaction date: 30 November 2009 and 1 December 2009
Number of shares and price
at which shares were sold: 5 000 Naspers shares at R282,00;
5 000 Naspers shares at R283,00; 5 000 Naspers
shares at R 280,00; 2 Naspers shares at R282,34;
1 998 Naspers shares at R281,23 and 5 000 Naspers
shares at R281,00
Class of shares: N ordinary
Total value of transaction: R6 192 462,22
Nature of transaction: Sale of shares held by Mr Vosloo's family
trust - the Ton Vosloo Trust.
Nature of interest: Indirect beneficial
Clearance: Clearance has been received in terms of paragraph
3.66 of the JSE Listings Requirements
Cape Town
1 December 2009
Sponsor: Investec Bank Limited
Date: 01/12/2009 17:06:01 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.
NPN
NPN - Naspers Limited - Directors Dealings
NASPERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
(`Naspers' or `the company')
In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the
following information is disclosed:-
Director of a major subsidiary: Mr JJ Volkwyn
Transaction date: 30 November 2009
Number of shares: 10 120 Naspers shares
Class of shares: N ordinary
Total value of transaction: R2 833 213,95
Date of vesting in the group
share-based incentive plan: 14 September 2009
Nature of transaction: Mr Volkwyn exercised share appreciation
rights in a group share-based incentive plan
and received 10 120 Naspers N ordinary shares
in settlement of the gain. These Naspers N
ordinary shares were transferred into his
name.
Nature of interest: Direct
Clearance: Clearance has been received in terms of
paragraph 3.66 of the JSE Listings
Requirements
Cape Town
1 December 2009
Sponsor: Investec Bank Limited
Date: 01/12/2009 17:05:03 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.
NPN
NPN - Naspers Limited - Reviewed Results Of The Naspers Group For The Six Months
Ended 30 September 2009
Naspers Limited
(Registration Number: 1925/001431/06)
ISIN: ZAE000015889 JSE Share Code: NPN
LSE Share Code: NPSN
("Naspers" or "the group")
INTERIM REPORT
The reviewed results of the Naspers group for the six months ended 30 September
2009 are as follows:
Commentary
Over the past six months the group experienced satisfactory growth. Core
headline earnings for the period grew by 36% to R6,48 per N ordinary share.
Shareholders are reminded that the board considers core headline earnings an
appropriate indicator of the sustainable operating performance of the group, as
it adjusts for non-recurring and non-operational items.
Consolidated operating profit before amortisation and other gains/losses
increased by 19% to R2,8bn, reflecting a net improvement in operating margins.
Growth was driven by the internet and pay-television segments, whilst the print
businesses remained under pressure.
Recently the group acquired a 91% interest in BuscaPe, an e-commerce platform
operating in Latin America. Several smaller transactions were also concluded.
Looking ahead, we plan to grow the group through a combination of organic
expansion from existing businesses, the application of new technologies and the
pursuit of some acquisitions within our field of interest and expertise.
FINANCIAL REVIEW
Consolidated revenue growth of 6% to R13,5bn was recorded over the period. Costs
were closely managed and, as a consequence, consolidated operating profit before
amortisation and other gains/losses expanded by 19% to R2,8bn (2008: R2,4bn).
"Other losses" include a write-down of R330m flowing from the refinancing of the
Welkom Yizani black economic empowerment scheme in Media24. The Naspers board
decided to assist our 107 000 emerging co-shareholders at a time when print
ventures are struggling globally.
Our earnings from equity-accounted associates grew to R872m, mostly via Tencent
and Mail.ru.
A profit of R107m arose from the sale of M-Web's sub-Saharan Africa business.
The net result of the above was core headline earnings of R2,4bn - an increase
of 37% on the prior period.
Free cash flow was positive at R1,6bn (2008: R759m). Our financial position
remains sound, with total consolidated net debt, excluding satellite leases, of
R2,6bn. This represents a net debt:equity ratio of 8%.
The group recently extended to March 2013 an offshore revolving credit facility
with a syndicate of banks and increased the size of the facility to US$1,6bn.
The current drawdown on the facility is US$948m.
SEGMENTAL REVIEW
This review includes consolidated subsidiaries and our economic interest in
associated companies, as permitted by recently introduced accounting standards.
Pay television
The pay-television segment proved resilient in tough economic conditions.
Revenue increased by 15% to R8bn, largely by growth of 352 000 gross subscribers
for the six-month period. Operating margins held despite cost pressures from
growing the subscriber base and increased sports content costs. SuperSport is
now the largest funder of sport in Africa.
In South Africa the base grew by 238 000 gross to 2 639 000 households. Decoders
were subsidised and lower-priced tiers promoted in the emerging market. The
Compact bouquet delivered growth of 132 000 gross subscribers. Advertising
revenues, however, decreased in line with consumer spending.
In the rest of sub-Saharan Africa our base grew by 114 000 gross to 1 030 000
homes. The lower-priced Compact/Family bouquets now reach 391 000 homes. Several
competitors are active in the market. Operating results from the sub-Saharan
business were affected by a strong rand and a devaluation of the naira in
Nigeria.
Internet
Overall the internet segment performed well, growing revenues by 29% and
operating profit before amortisation and other gains/losses by 49%.
A major profit driver was Tencent, which upped revenues to R2,2bn and operating
profit before amortisation and other gains/losses to R1,1bn. Platform statistics
include active user accounts up to 485m and peak simultaneous instant messaging
users of 75m. Online gaming revenues were robust.
The other internet activities, in aggregate, reported lower operating profit
before amortisation and other gains/losses of R53m - largely the effect of a
firm rand, volatility in some currencies like the rouble and zloty, as well as
development costs of new products or markets.
The e-commerce operations of Allegro (Eastern Europe) and Ricardo (Western
Europe) continued expanding. Gross merchandising value grew 39% in local
currency. Both businesses developed their product offerings through organic
growth and selective bolt-on acquisitions. A consequence was that operating
profit before amortisation and other gains/losses showed a marginal decline.
In Russia Mail.ru expanded its user base to 75m unique visitors. This business
is diversifying its revenue streams and continues to perform ahead of
expectations.
Print media
Globally print operations felt the full impact of economic headwinds.
The operations in South Africa showed no topline growth due to weak advertising
revenues, whilst operating profits before amortisation and other gains/losses
were down 27%. In general, the circulation of our magazines and newspapers
proved remarkably resilient. The book publishing business suffered due to
government spending patterns. Our printing business, Paarl Media, had only
marginal revenue growth. There is a focus on cost and efficiencies. Capital
expenditure has declined and working capital is being tightly managed.
In Brazil Abril experienced similar trends, with marginal revenue growth and a
42% lower operating profit in local currency. Abril has also implemented tougher
cost controls, the benefits of which will follow.
Technology
Generally, orders from existing conditional access clients held up. However, new
sales slowed and client projects were slow, with India and Africa exceptions.
The consolidation of technology assets reduced costs. As a consequence, whilst
revenues were down, operating performance improved.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Our financial results for the six months ended 30 September 2009 have been
prepared in accordance with IAS 34 "Interim Financial Reporting", the
requirements of the South African Companies Act, No 61 of 1973, and in
compliance with the Listings Requirements of the JSE Limited. Except as noted
below, the accounting policies used for the interim results are consistent with
those applied in the previous annual financial statements and IFRS. These
results have been reviewed by the company's auditor, PricewaterhouseCoopers
Inc., whose unqualified report is available for inspection at the registered
office of the company.
During the prior year, we finalised the purchase price allocation for the
acquisition of Tradus plc. The effect on the September 2008 results was as
follows: goodwill decreased by R3,01bn, intangible assets increased by R3,45bn
and deferred tax liabilities increased by R638m. Amortisation of intangible
assets for the six months increased by R235m gross of deferred tax of R41m.
Prior period information was restated accordingly.
The group recorded a provisional amount of R2,57bn profit from the sale of
NetMed in September 2008. The final profit arising from the sale amounted to
R2,97bn and the group restated the income statement for the period ended 30
September 2008 accordingly, with no effect on the statement of financial
position.
The group adopted the following new standards, amendments and circulars for the
period ended 30 September 2009:
The revised IAS 1 "Presentation of Financial Statements" was issued, requiring
certain changes to existing disclosures as well as the introduction of the
"Statement of Comprehensive Income". These changes had no effect on the
financial position or results of the group.
IFRS 8 "Operating Segments" replaced IAS 14 "Segment Reporting". Segment
information is now presented on the same basis as for internal management
reporting purposes. The only significant change is that the results of our
investments in associates are now proportionately consolidated for segmental
reporting, with Tencent as a separate reportable segment. The amendment to IFRS
8, which allows an entity not to disclose segmental assets, if not reviewed by
management, has been early adopted. Comparative information was restated
accordingly.
IAS 23 "Borrowing Cost (Revised)" requires entities to capitalise qualifying
borrowing costs. This amendment had no material effect on the group.
Circular 3/2009 "Headline Earnings" was issued by the South African Institute of
Chartered Accountants. The circular was changed to incorporate the latest
amendments and revisions to IFRS. This circular is effective for the period
under review, but had no material effect on the group.
ACQUISITIONS
During September the group acquired 91% of Brazilian e-commerce group
BuscaP?.com Inc. for approximately R2,6bn (US$342m), financed from existing
facilities. The preliminary purchase price allocation: tangible assets R157m,
intangible assets R41m, liabilities R227m and the balance to goodwill.
In August the group finalised a public tender offer to acquire 83% of Bankier.pl
in Poland for cash of R145m (PLN53m). The preliminary purchase price allocation:
tangible assets R44m, intangible assets R2m, liabilities R16m and the balance to
goodwill.
The group made some smaller acquisitions for a combined cost of R245m. Revenues
and profits from all acquisitions closed during the period were immaterial to
the consolidated results.
SUBSEQUENT EVENTS
During October 2009 the group acquired 51% of Korbitec (Proprietary) Limited for
R158m. Korbitec is a South African company who develops and commercialises
software, with a focus on the e-commerce property sector.
On behalf of the board
Ton Vosloo Koos Bekker
Chairman Managing director
Cape Town
26 November 2009
Segmental Review

Revenue
Six months ended 30 September
2009 2008 %
R'm R'm Change
Pay television 8 019 6 985 15
Internet 4 061 3 144 29
- Tencent 2 175 1 199 81
- Other internet 1 886 1 945 (3)
Print 4 836 5 001 (3)
Technology 605 725 (17)
Economic interest 17 521 15 855 11
Corporate services - - -
Less: Associates (4 066) (3 203) 27
Consolidated 13 455 12 652 6

Ebitda
Six months ended 30 September
2009 2008 %
R'm R'm Change
Pay television 2 911 2 309 26
Internet 1 255 865 45
- Tencent 1 118 628 78
- Other internet 137 237 (42)
Print 472 663 (29)
Technology 11 (24) +100
Economic interest 4 649 3 813 22
Corporate services (110) (103) -
Less: Associates (1 315) (915) 44
Consolidated 3 224 2 795 15
Operating profit
before amortisation
and other gains/(losses)
Six months ended 30 September
2009 2008 %
R'm R'm Change
Pay television 2 694 2 099 28
Internet 1 098 735 49
- Tencent 1 045 584 79
- Other internet 53 151 (65)
Print 327 484 (32)
Technology (11) (49) 78
Economic interest 4 108 3 269 26
Corporate services (113) (104) -
Less: Associates (1 196) (803) 49
Consolidated 2 799 2 362 19
Note: The segmental review includes our share of our associates' results.
Consolidated Income Statement
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2009 2008 2009
Reviewed Reviewed Audited
R'm R'm R'm
Revenue 13 455 12 652 26 690
Cost of providing (6 893) (6 703) (13 531)
services and sale of
goods
Selling, general and (4 343) (4 269) (9 289)
administration expenses
Other losses - net (293) (17) (87)
Operating profit 1 926 1 663 3 783
Interest received 195 321 572
Interest paid (345) (454) (878)
Other finance income - 179 38 3
net
Share of equity- 872 405 1 473
accounted results
Profit on sale of 107 34 36
investments
Impairment of equity- - (216) (214)
accounted investments
Profit before taxation 2 934 1 791 4 775
Taxation (1 051) (796) (1 436)
Profit after taxation 1 883 995 3 339
Profit from discontinued - 127 127
operations
Profit arising on - 2 965 2 965
discontinuance of
operations
Profit for the period 1 883 4 087 6 431
Attributable to:
Naspers shareholders 1 579 3 763 5 761
Minority shareholders 304 324 670
1 883 4 087 6 431
Core headline earnings 2 414 1 763 4 373
for the period (R'm)
Core headline earnings 648 476 1 179
per N ordinary share
(cents)
Fully diluted core 634 470 1 169
headline earnings per N
ordinary share (cents)
Headline earnings for 1 466 1 078 3 065
the period (R'm)
Headline earnings per N 394 291 826
ordinary share (cents)
Fully diluted headline 385 287 819
earnings per N ordinary
share (cents)
Earnings per N ordinary 424 1 015 1 553
share (cents)
Fully diluted earnings 415 1 002 1 540
per N ordinary share
(cents)
Net number of shares
issued ('000)
- At period-end 373 451 371 449 372 451
- Weighted average for 372 451 370 558 371 004
the period
- Fully diluted weighted 380 852 375 517 374 108
average
Consolidated Statement of Comprehensive Income
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2009 2008 2009
Reviewed Reviewed Audited
R'm R'm R'm
Profit for the period 1 883 4 087 6 431
Total other comprehensive (1 817) (921) (3 871)
income, net of tax for
the period
Translation of foreign (1 318) (826) (3 544)
operations
Cash flow hedges (654) (97) (347)
Share of associates' - - (6)
other comprehensive
income
Tax on other 155 2 26
comprehensive income
Total comprehensive 66 3 166 2 560
income for the period
Attributable to:
Naspers shareholders (142) 2 859 1 900
Minority shareholders 208 307 660
66 3 166 2 560
Condensed Consolidated Statement of Changes in Equity
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2009 2008 2009
Reviewed Reviewed Audited
R'm R'm R'm
Balance at beginning of 35 217 33 147 33 147
period
Changes in share capital
and premium
Movement in treasury (435) (9) (405)
shares
Share capital and premium - 46 123
issued
Changes in reserves
Total comprehensive (142) 2 859 1 900
income for the period
Movement in share-based 247 (17) 445
compensation reserve
Movement in business (260) 575 548
combination reserve
Share of associates' - - (252)
reserve movements
Direct retained earnings (11) (1) (9)
movement
Dividends paid to Naspers (773) (669) (669)
shareholders
Changes in minority
interest
Total comprehensive 208 307 660
income for the period
Dividends paid to (249) (222) (307)
minorities
Movement in minority (43) (26) 36
interest in reserves
Balance at end of period 33 759 35 990 35 217
Comprising:
Share capital and premium 14 639 15 393 15 074
Share-based compensation 1 174 465 927
reserve
Business combination 71 609 331
reserve
Hedging reserve (480) 107 (116)
Valuation reserve 1 844 1 849 1 843
Foreign currency (188) 3 898 1 171
translation reserve
Retained earnings 15 157 12 371 14 361
Minority interest 1 542 1 298 1 626
Total 33 759 35 990 35 217
Condensed Consolidated Statement of Financial Position
30 September 30 September 31 March
2009 2008 2009
Reviewed Reviewed Audited
R'm R'm R'm
ASSETS
Non-current assets 41 198 40 640 40 873
Property, plant and 4 616 4 529 4 754
equipment
Goodwill and other 22 179 22 757 20 916
intangible assets
Investments and loans 13 757 12 773 14 276
Deferred taxation 646 482 871
Other non-current assets - 99 56
Current assets 12 684 12 601 13 001
Assets classified as held 21 537 686
for sale
TOTAL ASSETS 53 903 53 778 54 560
EQUITY AND LIABILITIES
Share capital and 32 217 34 692 33 591
reserves
Minority shareholders' 1 542 1 298 1 626
interest
Total equity 33 759 35 990 35 217
Non-current liabilities 10 364 8 542 8 991
Capitalised finance 542 924 865
leases
Liabilities - interest- 7 504 5 640 5 934
bearing
- non-interest-bearing 50 101 118
Post-retirement medical 169 149 155
liability