Results presentation For the financial year ended 31 March 2008 - - PowerPoint PPT Presentation

Results presentation

For the financial year ended 31 March 2008

Important information

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

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number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from out

• expectations. These include key factors that cold adversely affect our

businesses and financial performance. We are not under any

• bligation 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.

Highlights Financial overview Operational overview Outlook Appendix

Group strategy

Business strategy Operating platforms that link users to media services, content and means of communication Vision for users Providing entertainment, information, trading opportunities and friends

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Vision for users Providing entertainment, information, trading opportunities and friends wherever the user might be Core expertise Packaging media content, building brand names around it, and running platforms that distribute media products, selling advertising and managing paying subscribers

Business focus

Internet Pay TV

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Technology Print

Financial Highlights

2007 2008 17.2 Up 19% 20.5 4.2 4.9 25 24 Up 15% Down 1%

Revenue (Rbn) Revenue (ZARbn) EBITDA (ZARbn) EBITDA Margin (%)

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HEPS (ZAR) DPS (ZAR)

8.66 10.76 9.65 11.16 1.56 1.80 Up 24% Up 16% Up 15%

Core HEPS (ZAR)

Operational highlights

Major focus on internet Investing in 4 key segments (communication, social networks, e-commerce and content). 13 companies mainly across 18 countries Significant acquisitions FY08 acquisitions totalled ZAR22bn – cash outflow ZAR17bn. Includes 100% of Tradus, 97% of Gadu-Gadu, 100% of Cloakware and 40% of M-Net/SuperSport Selective disposals Sold Educor, announced disposal of NetMed and M-Web

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Solid pay-TV performance Solid subscriber growth rate (13% YoY) - 246,000 net additions Targeting lower income groups through cheaper bouquets Increase in development costs Development costs increased 29% YoY to ZAR1.1bn - specific focus on broadband, internet technologies and mobile TV Print media under pressure Print advertising revenue growth slowed to 9% due to tough consumer

• environment. Maintained 15% share of total SA adspend

Highlights Financial overview Operational overview Outlook Appendix

Revenue and operating margin

Revenue

• YoY increase 19%, organic growth 18%
• Pay TV revenue increased 22% boosted by

13% subscriber growth

• Total advertising revenue increased 16%

ZARbn Mar '07 Mar '08 YoY Change Revenue 17.2 20.5 19% Operating profit* 3.7 4.2 15% Operating margin 21.4% 20.7%

* Before amortisation, other gains/losses

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Operating margin

• Margin fairly stable despite rapid growth
• Minor margin erosion in FY08 due to 29%

increase in development costs

20.7% 21.4% 19.7% 18.8% 0% 5% 10% 15% 20% 25% FY05 FY06 FY07 FY08

Operating margin (%)

Portfolio Analysis*

Segmental revenue

Pay TV (45%) Technology (4%) Internet (16%) Print Media (35%)

Segmental Development Costs

Pay TV (18%) Technology (26%) Internet (27%) Print Media (29%)

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South Africa (61%) Rest of Africa (13%) Europe (7%) Asia (6%) South America (11%) Other (2%)

Geographic revenue

Pay TV (19%) Technology (4%) Internet (76%) Print Media (1%)

Segmental Acquisitions

* Assuming all investments are proportionately consolidated, regardless of when the investment/acquisition was made.

Development costs

Mar '07 ZARm Mar '08 ZARm YoY Change Pay-TV 260 205

• 21%

Internet 103 291 +183%

• Pay-TV:

– Relates mainly to mobile TV trials – Reduced spending due to delay in DVBH licensing in SA

• Internet:

– ZAR103m (FY07 ZAR30m) attributed to Indian start-up ibibo

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Technology 290 307 +6% Print 223 326 +46% Total 876 1 129 +29%

to Indian start-up ibibo – ZAR72m attributed to 24.com

• Print:

– Mainly relates to new magazine and newspaper titles

Equity accounted results

Mar '07 ZARm Mar '08 ZARm YoY Change Tencent 343 615 +79% Abril 99 150 +52%

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Abril 99 150 +52% Mail.ru

• 49
• Other

(1) (42)

• Contribution to core

headline earnings 441 772 +75%

Summary income statement

Mar '07 ZARm Mar '08 ZARm Revenue 17 218 20 518 Operating profit 3 416 3 878 Finance costs (338) 1 005 Share of equity accounted results 339 654 Impairment of equity investments (176) (279)

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Impairment of equity investments (176) (279) Profit on sale of investments 3 16 Income before taxation 3 244 5 274 Taxation (1 185) (1 378) Profit after taxation 2 059 3 896 Core headline earnings 2 854 3 948 Core headline EPS 965 1 116

Income Statement – Special Items

Finance costs Net finance income amounted to ZAR1bn. Includes interest earned of ZAR602m on net cash deposits, mainly on the capital raised in March 2007 and deployed only in the latter half of the year Impairments Investments in BMC and Titan Media were impaired

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Discontinued

• perations

NetMed, to be sold, recorded a net profit from operations of ZAR396m Educor, sold in October 2007, incurred a net loss from operations of ZAR153m and a loss on discontinuance of operations of ZAR82m. Taxation The tax charge increased 16% due to higher profitability. The effective tax rate was 32% (FY07 33%)

Free cash flow

Mar '07 ZARm Mar '08 ZARm Operating cash flow 4 572 5 104 Capex (875) (1 221) Finance leases (330) (340)

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Finance leases (330) (340) Tax (1 228) (1 553) Investment income 50 71 Discontinued operations (8) 162 Free cash flow 2 182 2 223

Capital Expenditure

Mar '07 ZARm Mar '08 ZARm YoY Change Internet (excl. associates) 89 113 +27% Pay TV

• Customer service centres
• Transmission equipment/studios

191 54 51 573 167 255 +200%

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• Transmission equipment/studios
• Other

Print 51 86 550 255 151 496

• 10%

Technology 45 39

• 13%

Total 875 1 221 +40%

Details of acquisitions

Company Effective date Total cost FCm Total cost ZARm Cash

• utflow

ZARm Percentage acquired Effective holding Accounting Method Tradus Mar 2008 £949 15,293 14,608 100% 100% Consolidated Dayport Feb 2008 $29 227 227 100% 100% Consolidated Gadu Gadu Dec 2007 € 110 1,126 904 97% 97% Consolidated Titan - Additional stake Dec 2007 $14 93 93 17.2% 37.4% Equity-accounted M-Net/SuperSport - Additional stake (*) Dec 2007 n/a 4,138 250 40% 100% Consolidated 17 (*) M-Net/SuperSport settlement: R250m in cash and 21.6m Naspers N shares @ ZAR180/share M-Net/SuperSport - Additional stake (*) Dec 2007 n/a 4,138 250 40% 100% Consolidated Cloakware Dec 2007 $74 505 503 100% 100% Consolidated Mail.ru - Additional stake Oct 2007 $26 175 175 2.6% 32.6% Equity-accounted MFD (German mobile TV) Jul 2007 € 11 114 114 37.5% 37.5% Equity-accounted ACL Wireless Jun 2007 $12 87 87 30% 30% Equity-accounted IDWay Jun 2007 € 11 98 97 100% 100% Consolidated Nimbuzz May 2007 € 4 40 40 25% 25% Equity-accounted Paarl Media - Additional stake Apr 2007 n/a 96 96 2.5% 95% Consolidated Other Various $38 265 255 n/a n/a Consolidated TOTAL 22,257 17,449

Net cash flow

Mar '07 ZARm Mar '08 ZARm Free cash flow 2 182 2 223 Net investments (5 292) (17 152) Net dividends (443) (691) Discontinued operations

• 51

BEE transactions 821

• Interest

110 588

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Interest 110 588 (2 622) (14 981) Net financing 7 158 9 917 Net cash inflow/(outflow) 4 536 (5 064) Net cash/(debt) balance 10 490 (3 573) South African Rand R2 364 1 825 Foreign currency $1 113 (664)

Foreign exchange risk

US$ m US$ rate ZARm FY08 96 6.87 660 FY09 167 7.56 1 267

US$ Forward Exchange Cover

• Foreign currency cost exposure

in SA businesses

• Mainly transponder leases and

content rights

• 80% - 100% of foreign currency

exposure covered for up to two

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FY09 167 7.56 1 267 FY10 147 8.01 1 181 exposure covered for up to two years

• Increasing offshore earnings

reducing net foreign currency exposure

Highlights Financial overview Operational overview Outlook Appendix

Naspers Internet Strategy – community based focus

Commerce

Allegro, Ricardo, QQ, MXit, Kalahari.net

Social Networks

QQ, Mail.ru, Gadu Gadu, ibibo,

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`

Communication Content Community

QQ, Gadu Gadu, MXit, Nimbuzz QQ, Mail.ru, 24.com, Sanook!

Internet Growth Drivers

7 2 6 2 1 2 14 17 12 45 50 22 34 38 56 60 69 Brazil Poland Hungary Czech UK USA

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7 3 7 8 8 6 2 1 2 2 3 2 5 9 12 15 21 10 20 30 40 50 60 70 80 India South Africa Ukraine China Russia Brazil Real GDP growth Broadband penetration Internet penetration

%

Internet Assets

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Internet: Transaction platforms - Tradus Group

• Poland
• Czech
• Hungary
• Switzerland
• Denmark
• Norway

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• Hungary
• Russia
• Ukraine
• Slovakia
• Romania
• Bulgaria
• Norway

Internet: Allegro & Ricardo

• Acquired 100% for GBP949m (Mar08)
• A leading e-commerce company in Europe
• Operates in 13 countries
• # 1 auction site in 9 countries
• 12m+ registered users
• Strong top line growth (78% 5yr CAGR)
• Sustainable high EBIT margins (>30%)

EURm* FY06 FY07 FY08 Revenue 44.0 67.0 107.0 EBIT 14.0 23.0 33.0 EBIT margin 31.8% 34.3% 30.8%

** March year-end * Data reflects 100% of results in local currency

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• Benefiting from underdeveloped retail

infrastructure

• Local focus - different languages and cultures
• Key growth drivers:

– Increased activity rate of current users – Significant broadband growth ahead – Strong GDP growth across markets

Auction fees Fixed price fees Payment services Price comparison Classified advertising

28% 65% 2% 3% 2%

Revenue mix

Internet: Allegro & Ricardo

*GMV = gross merchandise volume

0.4

Monetisation rate (%) Business model (FY08) 60BN page views 100M transactions €1.6BN GMV* €107M revenue Financial performance (€m)

120 26 3.4 2.8

Total rate: 6.6%

Success fees Listing and promotion Other

44 107 33 67 14 23 20 40 60 80 100 Mar 06 Mar 07 Mar 08

Revenue EBIT

* Data reflects 100% of results in local currency

Internet: Tencent (China)

• Naspers owns 35%
• Contribution to core headline earnings

ZAR615m

• Included in Hang Seng Index (June 2008)
• Market leader in China, unparalleled online

platforms

– QQ Instant Messaging (# 1 online community, 317m active subscribers) Rmb'm* FY05 FY06 FY07 Revenue 1,426 2,800 3,821 EBITDA margin 67.1% 70.8% 70.8% Operating margin 34.0% 41.5% 42.8%

** December year-end * Data reflects 100% of results in local currency

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– QQ Game portal (#1 mini casual games portal, PCU at 4m) – QQ.com Portal (#1 portal by page-views and unique visitors) – Wireless portal (Leading portal, strong growth in WAP portal traffic) – Qzone (#1 SNS site by page views, 15m active users)

45% 0.2% 21% 13% 2% 15% 4%

Community and IM Online games SMS 2.5G Mobile Voice VAS Advertising Other

Revenue mix

Internet: Mail.ru (Russia)

• Acquired 33% at a cost of US$190m
• Contribution to core headline earnings

ZAR49m

• Core offering: E-mail, IM and community
• Co-operation opportunities being explored

with Molotok (Allegro)

• #1 Russian language website
• US$’m*

FY05 FY06 FY07 Revenue 10.6 29.3 55.8 EBITDA 5.5 18.5 36.0 EBITDA margin 51.9% 63.1% 64.5%

* Data reflects 100% of results in local currency ** December year-end

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68% 2% 1% 5% 2% 14% 8%

• 52m unique users
• 41m active e-mail boxes (59% CAGR)
• 13.5m unique users on social networking

site Moi Mir

• Market leader in display advertising

Display advertising Barter revenues Context fees Listing fees Partnership projects Fee based services Other

Revenue mix

Internet: Gadu-Gadu (Poland)

• Acquired 97% for €110m (Dec 07)
• Leading IM platform in Poland
• Co-operation opportunities being explored

with Allegro and Tencent

• 500 million messages per day
• 4m unique visitors per day

PLN’m* FY05 FY06 FY07 Revenue 8.2 11.1 20.3 EBITDA 4.0 5.1 9.1 EBITDA margin 48.8% 45.6% 44.6% EBIT 3.1 4.6 8.4

* Data reflects 100% of results in local currency ** December year-end

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• 3.7bn monthly page views
• 5.9m instant messaging users
• 3.2m users on social networking site

Moja Generacja

88.0% 12.0%

Display advertising Telecommunication services

Revenue mix

Internet: Rest of operations

• ibibo (India)

– Local search and community start-up – New license agreement with Tencent – Development cost R103m (2007:R30m)

• 24.com (SA)

– Largest internet publisher in SA – Active in online classifieds – Kalahari.net leading SA online retail destination

ZARm Mar ‘07 Mar ‘08 YoY Change Revenue 1,143 1,624 42.1% Tradus (3 weeks)

• 152
• Gadu-Gadu (3 months)
• 23
• 24.com

239 302 26.4% Other 51 51

• M-Web

853 1,096 28.5%

Contribution by Internet segment

30

• Sanook! (Thailand)

– Leading internet portal, 20m page views – Diversifying revenue streams

• M-Web (SA and Africa)

– Investigating disposal - focus on connectivity divergent to group strategy – Largest ISP in SA - 324,000 subscribers – Largest corporate VSAT base in Africa

M-Web 853 1,096 28.5% EBITDA* 19 (64) n/a Tradus (3 weeks)

• 63
• Gadu-Gadu (3 months)
• 6
• 24.com

(14) (60) n/a Other (192) (316) 64.6% M-Web 225 243 8.0% EBITA* (30) (142) n/a

* Excludes other gains & losses

Pay-TV: South Africa

• Subscriber growth 13% YoY
• Net additions:

– Equated subs*:178k – PVR: 109k – Compact: 152k

• Now offering 4 bouquets

– Growth strategy targeting lower income groups

• PVR growth increasing profitability

– 242k subs, 15% of total base

Mar '07 Mar '08 YoY Change Equated subscribers 1,392k 1,570K 12.8% ZARm ZARm Revenue** 8,554 10,359 21.1% EBITDA 2,930 3,574 22.0% EBITDA margin 34.3% 33.9%

• ** Includes M-Net/SuperSport before inter-company eliminations

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– 242k subs, 15% of total base

• Acquired various rights

– 5 year agreements (PSL and rugby) – Increased content costs, especially sports rights

• ICASA awarded 4 new licenses

– Uncertain competitive environment

• Mobile TV

– DVB-H licenses not yet issued

** Includes M-Net/SuperSport before inter-company eliminations

252,525 185,341 156,488 1,206,473 1,413,054 217,440 895,346 1,033,093 400,000 800,000 1,200,000 1,600,000 Mar 05 Mar 06 Mar 07 Mar 08

Analogue Digital

SA Pay TV Subscribers

* Equated subs includes 47% of Compact and 32% of Select subscribers

Pay-TV: South Africa – still offering growth momentum

22% 17% 10% 10% 15% 16% 13% 58% 69% 77% 78% 2% 8% Mar 05 Mar 06 Mar 07 Mar 08

SA Pay-TV Subscriber mix

Analogue DStv PVR Compaq

3%

Pay TV penetration as % of TV households

1 2 4 6 12 13 16 19 20 24 28 31 32 36 39 46 70

Romania Czech Republic Poland Chile Hungary Argentina Mexico Angola South Africa Namibia Turkey Russia Brazil India Kenya Zambia Nigeria

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PVRs – increasing profitability Compact – growth strategy for lower income group

27,508 133,191 185,703 241,696 65,522 50,000 100,000 150,000 200,000 250,000 300,000 Mar 06 Sept 06 Mar 07 Sept 07 Mar 08 0% 3% 6% 9% 12% 15% 18% 42,833 106,252 158,749 257,805 74,543 50,000 100,000 150,000 200,000 250,000 300,000 Mar 06 Sept 06 Mar 07 Sept 07 Mar 08 0% 3% 6% 9% 12% 15% 18%

Analogue DStv PVR Compaq PVR subscribers

% of SA digital base

Compact subscribers

% of SA digital base

1

Nigeria

Pay-TV: Sub-Saharan Africa

• Strong subs growth (14% YoY)

– despite loss of certain content rights and increased competition

• Net additions:

– Equated subs: 68k – PVR’s: 21k – Compact: 110k

– Focus on local programming

– Survivor Africa, West African Idols,

Mar '07 Mar ‘08 % change Equated subscribers 471k 539k 14.4% ZARm ZARm Revenue 2,466 3,056 23.9% EBITDA 949 1,142 20.3% EBITDA margin 38.5% 37.4%

• 33

– Survivor Africa, West African Idols, Nigerian Big Brother, local football leagues, customised SuperSport channels

• Regulatory changes

– Regulations becoming more sophisticated

• Competition driving up content costs
• Mobile TV

– Launched in Kenya, Nigeria and Namibia – More to come

333,781 538,706 384,216 470,814 100,000 200,000 300,000 400,000 500,000 600,000 Mar 05 Mar 06 Mar 07 Mar 08

Digital

Sub Saharan Pay-TV Subscribers

Pay-TV: Sub-Saharan Africa

Sub-Saharan subscribers – March 08

15,888 18,358 23,079 30,780 32,048 36,426 93,542 135,004 153,581 Uganda Ghana Zimbabwe Kenya Namibia Zambia Other Angola Nigeria

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Angola Pay-TV subs Nigerian Pay-TV subs

58,471 83,914 114,252 135,004 40,000 80,000 120,000 160,000 Mar 05 Mar 06 Mar 07 Mar 08 121,937 90,295 80,606 153,581 40,000 80,000 120,000 160,000 Mar 05 Mar 06 Mar 07 Mar 08

Total subscribers Total subscribers

40,000 80,000 120,000 160,000

Technology

ZARm Mar ‘07 Mar ‘08 % Change Revenue 817 1,010 23.6% EBITDA 73 33

• 54.8%

EBITA* 55 10

• 81.8%

* Excludes other gains & losses

Conditional access -

ZARm Mar ‘07 Mar ‘08 % Change Revenue 49 71 44.9% EBITDA (203) (159) 21.7% EBITA* (222) (178) 19.8%

Broadband technologies -

* Excludes other gains & losses

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• Shipped 10.7m units in FY08
• 300 customers in 60 countries
• Opened operational offices in Japan,

Singapore, Dubai and Moscow

• Developing mobile TV and IPTV
• Acquired Cloakware & IDway
• Growth in broadband offering opportunity
• Video viewership on internet increasing
• Deepening investment in technology base
• Broadening content relationships
• Acquired Dayport

Print – South Africa

• SA consumer spending under pressure
• Advertising revenue up 9% YoY (ZAR2.4bn)
• Initiatives to combat margin pressure

– Closed more than 10 titles – Reducing development costs – Drive operational efficiencies

* Excludes other gains & losses

ZARm FY07 FY08 YoY Change Revenue 4,823 5,355 11.0% EBITDA* 787 776

• 1.4%

EBITDA margin 16.3% 14.5%

• EBITA*

619 575

• 7.0%

FY07 FY08 YoY Change

• Book publishing

– Results not comparable due to disposals Print Book publishing

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Revenue mix FY08

Advertising Circulation Printing Other

44% 22% 24% 1 0%

452,368 488,841 513,921 400,698 71,742 301,865 150,000 300,000 450,000 Mar 02 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08

Circulation – Daily Sun FY07 FY08 Change Revenue 983 916

• 6.8%

EBITDA* 119 82

• 31.1%

EBITDA margin 12.1% 8.9%

• EBITA*

111 75

• 32.4%

– Results not comparable due to disposals – Good performance by publishers and agents

Print - International

• China (Titan and BMC)

– Largest soccer newspaper in China – Portfolio of 7 sports magazines – Looking to capitalise on soccer and Beijing Olympics – Tough year for newspapers in China

636 683 761 200 400 600 800 2005 2006 2007 50% 55% 60% 65%

Abril – Advertising revenue and Market share

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• Brazil (Abril)

– 30% stake in #1 magazine media company – R150m contribution to core headline earnings – Disposed of pay-TV operations (TVA) – Profit on disposal BRL289m – Introduced new internet initiatives BRL’m Dec '06* Dec '07 Revenue 1 537 2 396 EBIT 223 371 EBIT margin 14.5% 15.5% Net income – continued operations 47 121

* Data reflects 100% of IFRS results in local currency. FY06 results for 8 months only.

Abril – Summarised Financials

Advertising revenue (US$m) Market share

Highlights Financial overview Operational overview Outlook Appendix

Outlook

Mixed trading conditions Macro economic environment varied. South Africa tough; BRIC and rest of Africa all growing 5-11% Solid core Profitable and generating strong cash flows

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business Profitable and generating strong cash flows Increased competition Adjust to meet new competitive challenges and protect margins

Growth Strategy – focusing on emerging markets

Organic growth Build out of existing businesses Product development Continue to develop new technologies and services

40

Acquisitive growth Acquire new growth opportunities

Highlights Financial overview Operational overview Outlook Appendix

Consolidated income statement

ZAR millions US$ millions Mar '08 Mar '07 Mar '08 Mar '07 Revenue 20,518 17,219 2,867 2,429 Operating profit 3,878 3,416 542 482 Finance costs 1,005 (338) 140 (48) Share of equity accounted results 654 339 91 48 Profit on sale of investments 16 3 2 1 Impairment of equity investments (279) (176) (39) (25)

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Income before taxation 5,274 3,244 736 458 Taxation (1,378) (1,185) (193) (168) Profit after taxation 3,896 2,059 543 290 Profit from discontinued operations 243 132 34 19 Loss arising on discontinued operations (82)

• (11)
• Attributable to:

4,057 2,191 566 309 Naspers shareholders 3,418 1,999 478 282 Minority shareholders 639 192 88 27 4,057 2,191 566 309

Pay-TV subscriber numbers

Mar '07 Mar '08 SA - analogue 185,341 156,488 SA - digital 1,206,473 1,413,052 Total SA 1,391,814 1,569,540 Sub-Saharan Africa - analogue

• Sub-Saharan Africa - digital

470,814 538,706 Total Sub-Saharan Africa 470,814 538,706 Africa - analogue 185,341 156,488

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Africa - analogue 185,341 156,488 Africa - digital 1,677,287 1,951,758 Total Africa 1,862,628 2,108,246 NetMed - analogue 63,728 50,002 NetMed - digital 281,936 312,307 Total NetMed 345,664 362,309 Analogue 249,069 206,490 Digital 1,959,223 2,264,065 Total 2,208,292 2,470,555

Foreign exchange risk

Maturing within one year: AUD '000 CHF '000 EUR '000 GBP '000 HKD '000 SGD '000 USD '000 Pay television

• 1 214
• 159 402

Internet

• 66
• 175

Newspapers and magazines

• 2 378
• 150

Printing

• 82

29 859

• 6 600

Books 28

• 130

2 066 541 175 1 165 28 82 33 581 2 132 541 175 167 492

Total outstanding FEC's at 31 March 2008:

44 28 82 33 581 2 132 541 175 167 492 Rand value (ZAR'000) 190 640 345 609 32 495 564 910 1 266 972 Average exchange rate 6.90 7.85 10.29 15.24 1.04 5.20 7.56 Maturing one to two years: EUR '000 USD '000 Pay television

• 147 377

Printing 248

• 248

147 377 Rand value (ZAR'000) 3 028 1 180 516 Average exchange rate 12.23 8.01

Foreign exchange rates

31 March 2008 31 March 2007 Currency (1FC = ZAR) Average rate Closing rate Average rate Closing rate US Dollar 7.1558 8.1363 7.0889 7.2749 Euro 10.2618 12.8584 9.1703 9.7154 Thai baht 0.2284 0.2584 0.1949 0.2242 Chinese yuan renminbi 0.9660 1.1603 0.8991 0.9406

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• The average rates listed above are only approximate average rates for the year. The group measures separately the transactions of

each of its material operations using the particular currency of the primary economic environment in which the operation conducts its business, translated at the prevailing exchange rate on the transaction date.

Chinese yuan renminbi 0.9660 1.1603 0.8991 0.9406 Brazilian reais 3.9105 4.6615 3.3144 3.5424 British pound 14.3972 16.1577 13.5269 14.3193

Core headline earnings

Mar '07 ZARm Mar '08 ZARm Headline earnings 2 560 3 806 Deferred tax assets (30) (244) Treasury-settled share scheme charges 42 47

46

Amortisation of intangible assets 173 410 Fair value adjustments & currency translations 109 (71) Core headline earnings 2 854 3 948 Discontinued operations (26) 48 Core headline earnings from continued operations 2 828 3 996

Pay-TV: Greece and Cyprus (NetMed)

• Concluded sale agreements with ForthNet

SA for €490m

• Greece:

– 5% subscriber growth to 349k – 86% digital,

• Enhanced sports line up, bolstered local

production

• Cyprus:

* Excludes other gains and losses

Mar '07 Mar '08 Subscribers

• Greece analogue
• Greece digital
• Cyprus digital

346k 63k 267k 15k 362k 50k 299k 14k ZARm ZARm Revenue 1 787 2 057 EBITDA 307 577 EBITA* 205 474

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• Cyprus:

– Subscriber growth -8% – 13.7k subscribers, all digital

145,608 50,002 259,905 281,936 312,307 114,546 63,728* 218,131 100,000 200,000 300,000 400,000 'Mar05 'Mar06 'Mar07 'Mar08

NetMed Pay-TV Subscribers

Analogue Digital

* Termination of subscriber agreement

Naspers Group Structure

Media24 Holdings Ltd

Welkom Yizani

Paarl Media Holdings Printing Via Africa Ltd Book publishing Phuthuma Nathi MCSA Holdings M-Net/Super Sport M-Web Holdings

20% 100% 100% 80%

Naspers Ltd MIH Holdings Ltd

100% 85% 15% 100% 95% 30.0%

Major associated companies

48

Note: This is a simplified structure and only shows the significant subsidiary and associated companies

Multi Choice Africa Pay-TV Mediterranean Pay-TV ibibo (India) Internet Gadu Gadu Internet Allegro Internet Ricardo Internet Abril Printing/Publishing Mail.ru Internet

100% 35.5% 32.6% 87.5% 100% 100% 100% 97% 100% 100%

Irdeto Conditional Access and Broadband Technology Tencent Internet M-Web Thailand Internet M-Web Africa Internet

100%

Investor Relations Contact Details

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

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Website: www.naspers.com