Financial Results Presentation For the year ended March 2010 - - PowerPoint PPT Presentation

Financial Results Presentation

For the year ended March 2010

Important information

This presentation contains forward looking statements as defined in the United States This presentation 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 key factors that could adversely affect our businesses and

financial performance. We are not under any obligation to (and expressly disclaim any such

• bligation 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

2

• n any forward-looking statements contained herein.

Group Highlights p g g Key Messages Financial Results Operational performance Outlook Appendix

FY10 Group highlights

R 5% d EBITDA 8%

Financial Operational

• Revenue up 5% and EBITDA up 8%
• EBITDA margin expanded marginally
• Core headline earnings up 22% to ZAR5.3bn
• Free cash flow increased to ZAR4.1bn
• Internet growing; development spend impacted margins
• Pay-TV subscribers +19% YoY
• Print affected by recession
• Technology became profitable

4

Strategic

Technology became profitable

• ZAR4bn invested in internet acquisitions
• Entered Latin American internet market

FY10 Financial highlights

Mar 09 Mar 10

Revenue (ZARbn) EBITDA (ZARbn) EBITDA Margin (%) Core HEPS(ZAR) Core Headline Earnings(ZARbn)

2.8 3.2 2 24

DPS(ZAR)

26.7 28.0 Up 5% 6.0 6.5 Up 8% 22.6 23.2 Up 3%

5

Core HEPS(ZAR)

2.4

Core Headline Earnings(ZARbn)

1.9

DPS(ZAR)

4.4 5.3 Up 22% 11.79 1.26 Up 21% 2.07 2.35 Up 14%

Group Highlights p g g Key Messages Financial Results Operational performance Outlook Appendix

FY10 Key messages

Consistent growth trend over long-term

1

Further expansion of internet

2 3

Strong rand depressed figures

7

3

Strong rand depressed figures Growing dividend income

4

6 000 7,000 8,000 9,000

Good track record, consistent growth

30,000 35,000 40,000

Revenue* (ZARm) EBITA* (ZARm)

(1,000)

• 1,000

2,000 3,000 4,000 5,000 6,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

• 5,000

10,000 15,000 20,000 25,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 6 000

Core Headline Earnings (ZARm)

250

Dividend per share (ZAc)

* Based on economic interest, i.e. assuming all investments are proportionately consolidated

8 (1,000)

• 1,000

2,000 3,000 4,000 5,000 6,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 50 100 150 200 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Group Highlights Group Highlights Key Messages Financial Results Operational performance Outlook Appendix

Mar 09 ZARm Mar 10 ZARm Revenue 26 690 27 998

Revenue growth +5% +11% in constant currency

Summary consolidated income statement

1

1

Revenue 26,690 27,998 EBITDA 6,026 6,496 Operating profit 3,783 4,041 Net finance costs (303) (421) Share of equity accounted results 1,473 2,058 Other (178) 82

+11% in constant currency Net finance costs +39% due to funding new acquisitions with debt EBITDA +8%, margin improvement due to cost control 1

2 3 4

2 3 10

Other (178) 82 Taxation (1,436) (1,808) Profit after taxation 3,339 3,952 Core headline earnings 4,373 5,319 Core headline EPS (ZAR) 11.79 14.26

Higher tax rate includes the release of deferred tax assets of ZAR178m Effective tax rate now 32% (30% before) 4

Some effect of strong ZAR on figures

Revenue growth YoY EBITA growth YoY Contribution by offshore operations affected by rand strength upon translation

30,000 5,900

+18%

Average Closing rate 27,998

29,576 27,000 27,500 28,000 28,500 29,000 29,500 Reported Constant currency

+5% +11%

5,447 5,826 5,200 5,300 5,400 5,500 5,600 5,700 5,800 , Reported Constant currency

+10% +18%

11

Currency (1FC =ZAR) FY09 FY10 % change FY09 FY10 % change US dollar 8.79 7.71

• 12

9.52 7.33

• 23

Euro 12.26 10.91

• 11

12.62 9.92

• 27

Chinese Yuan/Renminbi 1.28 1.13

• 12

1.39 1.07

• 23

Brazilian Real 4.47 4.15

• 7

4.13 4.11

• 1

British pound 14.74 12.33

• 16

13.61 11.13

• 18

Polish Zloty 3.29 2.61

• 21

2.72 2.57

• 5

Nigerian Naira 0.071 0.052

• 27

0.067 0.049

• 27

Marginal growth in revenue*

Revenue* (ZARm)

Revenue (ZARm) Mar 09 Mar 10 % Change Economic interest 34,505 37,251 8%

14 858 16,659 15,000 20,000 Mar 09 Mar 10

• Pay-TV revenue grew 12%, supported by

19% subscriber growth

• Internet held up; 24% growth YoY
• Technology affected as new projects and

major upgrades slowed due to the recession

• Print business cyclical; advertising revenue

in SA declined 1.4% Revenue* – historic growth (ZARm)

14,858 7,411 1,514 10,722 9,181 1,207 10,204

• 5,000

10,000 Pay-TV Internet Technology Print 37,251 40,000 45,000 12

* Based on economic interest, i.e. assuming all investments are proportionately consolidated

11,858 14,135 19,790 24,742 34,505

• 5,000

10,000 15,000 20,000 25,000 30,000 35,000 2005 2006 2007 2008 2009 2010

Operational profit up 19%

Operational Profit* (ZARm)

Operational profit (ZARm) Mar 09 Mar 10 % Change Economic interest 7,173 8,537 19% Operational margin 21% 23%

4 624 5,171 5,000 6,000 Mar 09 Mar 10

• Margin expansion due to:

– lower development spend – cost-management

• Internet profits contained by development spend
• Technology benefited from driving synergies and

* Before amortisation, other gains/losses and including transponder leases

Operational Profit* – historic growth (ZARm)

p g

8,537 10,000 4,624 1,626 (139) 1,062 2,423 47 896 (1,000) 1,000 2,000 3,000 4,000 Pay-TV Internet Technology Print 13

need for less development spend

• Print margins affected by advertising slump and

restructuring charges

* Based on economic interest, i.e. assuming all investments are proportionately consolidated

2,321 2,677 4,171 5,362 7,173

• 2,000

4,000 6,000 8,000 2005 2006 2007 2008 2009 2010

Development spend flat; to increase

D l b i di i i Mar 09 ZARm Mar 10 ZARm % Change Internet 483 511 6% Pay-TV 196 424 116% Technology 343 239

• 30%

Print 189 66

• 65%

1 ZAR246m for mobile TV ZAR178m for online/broadband ZAR125m for e-commerce ZAR76m for ibibo ZAR67m for 24.com ZAR96m for mobile

2 1 3

2

Development costs per business division

14

Total 1,211 1,240 2%

Total spend amounted to 4% of turnover 3

Income from associates up 50%

Tencent again benefited from strong growth in online gaming revenue Mail.ru contribution mainly affected by currency translation

Mar 09 ZARm Mar 10 ZARm % Change Tencent 1,217 2,148 76% Mail.ru 87 70

• 20%

Abril 414 318

• 23%

Other (41) (13) 68% Associate contribution to core headline earnings

2 1 3

1 3 2 15 Abril contribution affected by economic downturn and ZAR strength

* Tencent, Mail.ru and Abril numbers reflect their financial periods Jan—Dec 09

Other (41) (13) 68% TOTAL 1,677 2,523 50%

Growing dividend income

Dividends from associates becoming a good source of additional cash flow Dividends from associates as a % of Free Cash Flow

12% Associates

g g

191 200 300 400 500 Normal Special

Dividends received from associates (ZARm)

16 88% 41 44 88 98 296

• 100

200 2006 2007 2008 2009 2010

Free cash flow up 70%

Free cash flow from operations Mar 09 ZARm Mar 10 ZARm Operating cash flow 5,814 7,264 Capex (1,232) (1,403) Finance leases (450) (439) Tax (1,798) (1,786)

Internet ZAR224m Pay-TV ZAR591m Technology ZAR199m Print ZAR389m Dividends from Tencent , mail.ru and Abril

2 1 2

1 17

Investment income 98 487 Free cash flow 2,432 4,123

and Abril 2

Net consolidated debt – gearing only 5%

G t lid t d d bt Mar 10 ZARm Net cash – South Africa 2,968 Net debt – offshore (US$634m) (4,657) Closing net debt (1,689)

Largely to fund acquisitions Excluding transponder leases of ZAR2bn considered an operating cost

1 2

1 2 Debt facilities extended to US$1 72bn

Group net consolidated debt

18

Group gearing EBITDA cover 5% 3.8x

Debt facilities extended to US$1.72bn until March 2013

Group Highlights Group Highlights Key Messages Financial Results Operational performance Outlook Appendix

Internet strategy: focused on communities

Portals Mobile

• ta s

Instant messaging and e-mail Social networking Mobile value-added services

Community

20

Payment platforms Online games E-commerce

Emerging market focus

21

Growing organically and through acquisitions

Adjusted returns from Internet (ZARm)* Revenue from Internet (ZARm)*

Other* internet operations growing, but development costs affecting profitability

Adjusted returns from Internet (ZARm)* Revenue from Internet (ZARm)*

4,130 4,307 1000 2000 3000 4000 5000 6000 Currency Revenue as reported 61 483 511 179 60 200 400 600 800 1000 Currency MWeb Africa sold Development spend EBITA as reported 22

* Internet operations excluding Tencent, CAGR based on reported revenues Development costs expensed and not capitalised

Currently investing in various internet businesses for long-term returns

598 1,143 1,734 1000 2007 2008 2009 2010 151 61 103 291

• 68
• 71
• 200

200 2007 2008 2009 2010

Internet: Allegro Group

• Operations growing strongly outside Poland

S f

Still meeting expectations

PLNm* Mar 09 ar 09 Mar 10 Mar 10 % Chan Change ge Revenue mix FY10

• Solid performance in Poland
• Development within vertical transaction services
• Fixed price goods account for 86% of

marketplace transactions

• Core transaction margins largely in-tact
• Some effect of new developments
• Acquired 100% of Bankier.pl for US$22.4m

* Data reflects 100% of results; FY10 ZAR/Zloty 2.60 (3.29)

Monetisation rate (%) Revenue 508 664 31% EBITA 192 216 13% EBITA margin 38% 33%

23 1 Promotional fees Listing fees Success fees Total rate 7.5%

Market place (84%) Classifieds (5%) Other (4%) Payments (4%) Price comparison (3%)

Internet: Allegro Marketplace

Auctions: 12 months to 31 March 2010* 70bn page views 156m transactions PLN8bn gross merchandise value (GMV) PLN557m revenue A ti 12 th t 31 M h 2009*

+20% +34% +28% +28%

24

* Information for Allegro auction platform only

Auctions: 12 months to 31 March 2009* 58bn page views 116m transactions PLN6,3bn gross merchandise value (GMV) PLN 434m revenue

Internet: Tencent (China)

Continued strength of diversified portfolio

Revenue mix FY10*

* Data reflects 100% of results Jan-Dec 2009; FY10 ZAR/Rmnb 1.13 (FY09 1.28)

• Contribution to FY10 core headline earnings

ZAR2.1bn (FY09 ZAR1.2bn)

• Revenue growth strong, margins held up
• Maintained leadership in social gaming
• Micropayments proving resilient
• Key operational statistics at 31 March 2010

– 569m active IM accounts (+39% YoY) – 105m peak concurrent IM accounts – 7m peak concurrent accounts for mini casual game portal – 60m IVAS subscriptions RMBm* Mar 09 Mar 10 % Change Revenue 7 155 12 440 74% Operating profit 3 246 6 020 85% Operating profit margin 45% 48%

25

– 23m MVAS subscriptions

IVAS gaming (43%) IVAS other (33%) MVAS (15%) Advertising & other (8%)

Internet: mail.ru (Russia)

• Contribution to FY10 core headline earnings

Sustained growth momentum

RURm* Mar 09 Mar 10 % Change Revenue mix FY10*

*Data reflects 100% of results from Jan-Dec 2009; FY10 RUR/US$ 30.6 (28.0)

Contribution to FY10 core headline earnings ZAR70m (FY09 R87m)

• EBITA margin affected by one-off tax

restructuring, acquisition charges and IFRS2 costs amounting to RUR325m

• Normalised core margin stable at 55%
• Net income affected by increased taxes on

dividend payments

• Acquired Astrum to lead internet gaming
• Key operational statistics at Dec 09*

– Portal: 22,4m (+28% YoY) – Email: 19m (+28% YoY) M W ld (SNS) 17 2 ( 89% Y Y) Revenue 1,900 2,560 35% EBITA 1,047 1,072 2% EBITA margin 55% 42%

26

– MyWorld (SNS): 17,2m (+89% YoY) – Gaming: 4,9m (+76% YoY) *average monthly reach as provided by TNS Statistics for Russia only

Advertising (75%) Value-added Services (25%)

Pay-TV: South Africa

Mar 09 Mar 10 % Change

Continued growth

Gross subscribers (‘000) 2,401 2 ,852 19% ZARm ZARm Revenue 10,351 12,300 19% EBITA 3,569 4,303 21% EBITA margin 34% 35% Gross subscribers (‘000) Digital subscriber mix

• 19% gross subscriber growth
• 450,000 total gross additions

– Premium +6% – Compact +52% – PVR +10%

• Subscription revenue +20%
• Programming cost +13%
• Price increases +6% (Premium & Compact)

effective 1 April 2010 DTT l i fi li d d b

2 852 3 000

27

• DTT regulations finalised; current debate on

standards

• New competitor TopTV launched 1 May

2010

• Launched Catch-up Video on Demand

services on set-top box and online

• Submitted application for Mobile TV license

2,106 2,401 2,639 2,852 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 Sept 08 Mar 09 Sept 09 Mar 10

9% 10% 23% 30% 67% 60% Mar 09 Mar 10 Premium Compact Other

Pay-TV: Sub-Saharan Africa

Mar 09 Mar 10 % Change G (‘ )

Currency translations masking good performance

Geographic subscriber split

Nigeria Angola

Gross subscribers (‘000) 916 1,099 20% US$m US$m Revenue 516 567 10% EBITA 161 166 3% EBITA margin 31% 29%

• 183,000 total gross additions YoY

– Premium +6% – Compact & Family +43%

• Weak Naira trimmed s bscription re en es b 5%

Gross subscribers (‘000) Digital subscriber mix

1 200 Angola Kenya Zambia Namibia Zimbabwe Ghana Uganda Tanzania Other 28

• Weak Naira trimmed subscription revenues by 5%

in US$

• 2% margin contraction due to investment in

content, decoder subsidies and mobile TV

• Competition and regulations increasing
• Price increase $1-$3 effective 1 April 2010
• Mobile TV deployed in Kenya, Nigeria, Ghana &

Namibia

• To invest in DTT in key markets

686 918 1,099

200 400 600 800 1,000 1,200 Mar 08 Mar 09 Mar 10 9% 41% 50% 1 Premium Family & Compact Other

Pay-TV costs continue to trend up

Pay-TV: Programming costs (ZARm)

• Programming costs continue to increase

– Sport escalations due to competition – More local content

5,000 6,000

Decoder Subsidies (ZARm) vs. Subscribers (m)

– Offshore content affected by fx rates – Variable cost driven by growth in subscribers

• Decoder subsidies amounted to more than

ZAR1.5bn over the last 2 years

2,342 2,555 3,279 4,357 5,161

• 1,000

2,000 3,000 4,000 5,000 2006 2007 2008 2009 2010 4.0 900 D d S b id 29

• Made services more affordable for lower-end

subscribers

• Good correlation between subsidies and

subscriber growth

1.0 1.5 2.0 2.5 3.0 3.5

• 100

200 300 400 500 600 700 800 2006 2007 2008 2009 2010 Subscribers (m) ZARm Decoder Subsidy Total Subscribers (RHS)

Technology

Returned to profitability

• Shipped 16m units, up 5% YoY
• Non-group sales accounted for 77% of revenue
• Revenue declined as new projects and major

upgrades slowed due to the recession

• Consolidation triggered synergies and a

reduction in costs

• Supplier renegotiations resulted in additional

savings

• Additional margin benefit from expanding

US$m Mar 09 Mar 10 % Change Revenue* 213 212

• 1%

EBITA (15) 6 >100% EBITA margin

• 7%

3% Units shipped (m)

* Before intergroup eliminations; FY10 ZAR/US$ 7.71 (FY09 8.79)

18 30

dd o a a g be e

• e pa d g
• perations in lower cost territories
• Single global Sales and Marketing team able to

seek opportunities such as online deployments by existing pay TV operators e.g. Foxtel and Astral Media

3.0 5.8 9.4 10.6 15.1 16.0

• 2

4 6 8 10 12 14 16 2005 2006 2007 2008 2009 2010

Print – Media24 (South Africa)

Cyclical business, advertising under pressure

• Advertising revenue down 1 4% YoY

ZARm Mar 09 Mar 10 % Change Revenue 6,480 6,150

• 5%

EBITA 570 460

• 19%

EBITA margin 9% 7% Revenue mix FY10

• Advertising revenue down 1.4% YoY
• Circulation revenue up 7.5%
• Maintained market share
• Margins affected by

– Lower advertising revenue – Further retrenchment costs (ZAR50m) – Lower contribution by Paarl Print

• Improved cash flows
• School books affected by lower orders

C di l

31 489 414 350 100 200 300 400 500 600 Mar 08 Mar 09 Mar 10

Capex trending lower

Advertising (38%) Circulation (22%) Printing (20%) Other (10%) Books (10%)

Print – Abril (Brazil)

BRLm Mar 09 Mar 10 % Change Revenue 2,990 3,079 3% EBITA 348 340

• 2%

EBITA margin 12% 11%

Adspend under pressure

*Data reflects 100% of results Jan – Dec 2009; FY10 ZAR/BRL 4.15 (4.47)

• Contribution to core headline earnings

ZAR318m

• Naspers received dividends of ZAR130m
• Sluggish revenue growth off a high base
• Advertising declined 4.4% (market 6.2%)
• Market gains in circulation and advertising
• Focused on restructuring

32

• Brazil recovering well

Group Highlights Group Highlights Key Messages Financial Results Operational performance Outlook Appendix

Outlook

• New products constantly developed and launched

p y p

• Organic and acquisitive expansion
• Focus on medium to long-term returns

Pay-TV investment

• Changes in technology will trigger more investment

P i t i t

• Anticipate short-term rebound, but long-term transition to

Internet growth

34

Print improvement Anticipate short term rebound, but long term transition to internet Some concerns

• Competition, regulatory changes and uncertain global

economy

Group Highlights Group Highlights Key Messages Financial Results Operational performance Outlook Appendix

Pay-TV subscribers

Gross subscribers Mar 09 Mar 10 Equated subscribers Mar 09 Mar 10 South Africa 2,401,456 2,851,426

Analogue 139,944 113,237 Premium, Compact and Other 2,012,210 2,372,752 Easyview 249,302 365,437

Sub-Saharan Africa 915,655 1,098,748

Premium, Compact and Other 906,041 1,087,816 Easyview 9,614 10,932

South Africa 1,738,810 1,924,890

Analogue 128,376 104,299 Premium, Compact and Other 1,604,871 1,812,437 Easyview 5,563 8,154

Sub-Saharan Africa 672,029 761,178

Premium, Compact and Other 671,814 760,934 Easyview 215 244 36

Total 3,317,111 3,950,174 Total 2,410,839 2,686,068 PVR subscribers

South Africa 329,957

363,833

Africa 60,774

65,564 Total 390,731 429,397

Consolidated income statement

Mar 09 ZARm Mar 10 ZARm Mar 09 US$m Mar 10 US$m Revenue 26,690 27,998 3,038 3,630 Operating profit 3,783 4,041 430 524 Finance costs (303) (421) (34) (55) Share of equity accounted results 1,473 2,058 168 267 Profit on sale of investments 36 144 4 19 Impairment of equity accounted investments (214) (62) (24) (8) Profit before taxation 4,775 5,760 543 747 Taxation (1 436) (1 808) (163) (234)

37

*FY10 ZAR/US$ 7.71 (FY09 8.79)

(1,436) (1,808) (163) Profit after tax 3,339 3,952 380 512 Profit from discontinued operations 3,092

• 352
• Net profit

6,431 3,952 732 512 Attributable to: Naspers 5,761 3,257 656 422 Minorities 670 695 76 90

Mar 09 Mar 10

Core headline earnings

Mar 09 ZARm Mar 10 ZARm Headline earnings 3,065 3,297 Discontinued operations (129)

• Treasury-settled share scheme charges

258 418 Deferred tax assets (58) 253 Amortisation of intangible assets 958 922 Welkom Yizani refinancing

• 330

Prior year withholding taxes

• 121

Includes R148m relating to equity-settled share schemes of associates

1

Relates to refinancing of Black Economic Empowerment (BEE) scheme

2

1 2 38

Fair value adjustments & currency translations 279 (22) Core headline earnings 4,373 5,319

2

Capital expenditure

Capital expenditure Mar 09 ZARm Mar 10 ZARm Land, buildings & plant 349 338 Transmission equipment 323 343 Computer & office equipment 302 390 Software 182 200 Other (including vehicles furniture) 76 132

39

Other (including vehicles, furniture) 76 132 Capital expenditure 1,232 1,403

FX - Hedging to reduce risk

US$ C US$ Forward Exchange Cover

EUR Forward Exchange Cover

• Hedging strategy

– Pay-TV: long-term commitments, cover up to 100%

• f rolling 12 month net inputs

– Print: short-term commitments; cover maximum

12 months rolling input costs

• Annualised net foreign input costs

– Pay-TV: US$280m (programming rights and leases) – Print: EUR70m (capex, paper and ink)

US$m US$ rate FY11 271 9.73 FY12 222 8.45 EURm EUR rate

40

EURm EUR rate FY11 66 11.50 FY12 4 11.84

Current assets and liabilities

Current Assets Mar 09 ZARm Mar 10 ZARm Inventory 741 693 Programme and film rights 1,069 1,298 Trade receivables 2,233 2,438 Other receivables 1,882 1,871 Derivative financial assets 352

• Cash and deposits

6,642 6,785 Other 770 41 Current Liabilities Mar 09 ZARm Mar 10 ZARm Current portion of long-term LT debt 1,928 1,675 Provisions 230 187 Trade payable 1,662 1,721 Accrued expenses and other 4,679 5,226 Tax payable 423 316 Dividends payable 10 2 Derivative financial liabilities 193 847 Other 308 10

41

Total 13,689 13,126 Other 308 10 Bank overdraft and call loans 917 958 Total 10,350 10,942

Taxation reconciliation

Tax reconciliation Mar 09 ZARm Mar 10 ZARm Profit before tax 4,775 5,760 Add back: Development spend 1,211 1,240 Equity results (1,473) (2,058) Associate impairments 214 62 Other gains and losses 51 220 FX gains and losses 375 154 BEE preference dividends (377) (268)

42

Adjusted profit before tax 4,776 5,110 Tax charge (1,436) (1,808) Tax paid (1,436) (1,630) Deferred tax released

• (178)

Effective rate 30% 32%

Significant acquisitions

Company Date Total cost Total cost Percentage Effective Accounting FCm ZARm acquired holding method mail.ru top-up Nov-09 US$104 771 39% Associate Korbitec Nov-09 ZAR158 158 51% 51% Subsidiary Buscape Sep-09 US$342 2,670 91% 91% Subsidiary Bankier Aug-09 US$22 178 100% 100% Subsidiary Other US$23 175 Allegro – various EUR9 102 TOTAL 4,054

43

Mail.ru results incorporating Astrum

• Acquired Astrum to lead Russian

internet gaming

• Results as presented include the

Astrum acquisition from April 2009 USDm Dec 08 Dec 09 % Change Revenue 75,8 126,4 67% EBITDA 45,3 55,5 23% EBITDA margin 60% 44% Revenue mix FY09

*Data reflects 100% of results as reported by Mail.ru for period Jan-Dec 2009

44 Advertising (50%) Value-added Services (50%)

Internet Print Pay TV

100%

Technology

Eastern Europe Newspapers & Magazines South Africa Technology Western Europe p 97% 90% South Africa 85% Russia 39% 100% 24% 44% India 30% Si 80% 85% Printing & Distribution 95% Publishers & Agents 85% 80% Sub-Sahara Africa 100% 100% Brazil, Magazines & Educational Publishing 30% China 35% p 100% Thailand 100% 54% Singapore 36% 80% China, various Investments Brazil 95% Malaysia 34% Philippines 51% 51%

Investor Relations contact details

Meloy Horn Office: +27 11 289 3320 Mobile: +27 82 7727 123 E-mail: meloy.horn@naspers.com y @ p Website: www.naspers.com