REG - Prosus NV Naspers Limited - Trading statement

Prosus NVAnnouncement

Wed 17:00

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RNS Number : 4599M  Prosus NV  11 June 2025

Prosus N.V.

(Incorporated in the Netherlands) (Trade Reg No 34099856)

AEX and JSE Share Code: PRX   ISIN: NL0013654783

("Prosus")

 

Trading statement

Shareholders are advised that the Prosus group ("the Group") is finalising its
financial statements for the year ended 31 March 2025.

 

Prosus N.V. ("Prosus") is a subsidiary of Naspers Limited ("Naspers"), a
company incorporated in South Africa and listed on the Johannesburg Stock
Exchange ("JSE") in South Africa.

 

For context, in terms of the JSE Listings Requirements, South African listed
entities with a primary listing on the exchange are obliged to issue a trading
statement as soon as they are reasonably certain that the upcoming financial
results would differ by at least 20% from those of the previous corresponding
period. Trading statements are generally issued to provide shareholders with a
range of outcomes in respect of key financial metrics.

 

The financial results of Prosus almost completely account for Naspers's
results. Based on Naspers's anticipated results for the year ended 31 March
2025, Naspers is required to issue a trading statement in terms of the above
JSE Listings Requirements. To ensure that shareholders of Prosus are provided
with equivalent information simultaneously, Prosus is issuing this trading
statement.

 

Core headline earnings per ordinary share N and headline earnings per ordinary
share N for continuing operations for the year are expected to increase
between 53.9%-63.2% and 90.9%-100.0% respectively. This is driven by
accelerated growth and improved profitability from our consolidated Ecommerce
businesses and equity-accounted investments, in particular Tencent.

 

Earnings per ordinary share N for continuing operations are expected to
increase 90.9%-100.0%. This is primarily driven by the Group's improved
overall profitability coupled with lower impairment charges on equity
accounted investments

 

Gains relating to the sell down of Tencent, plus the impact of impairment
charges are excluded from headline and core headline earnings per share. The
board considers core headline earnings an appropriate indicator of the
operating performance of the Group, as it adjusts for non-operational items.

 

Illustrated below are anticipated changes in earnings, headline earnings and
core headline earnings per share for the year ended 31 March 2025 as compared
to the previous year, relating to both continuing and total operations:

 

                                                         31 March 2024  31 March 2025 expected increase  Expected increase

 Continuing operations                                   US cents       US cents                         %
 Earnings per ordinary share N ((1))                     265            241-265                          90.9%-100.0%
 Headline earnings(***)per ordinary share N((1))         132            120-132                          90.9%-100.0%
 Core headline earnings(****) per ordinary share N((1))  193            104-122                          53.9%-63.2%

 

                                                          31 March 2024  31 March 2025 expected increase  Expected increase

 Total operations                                         US cents       US cents                         %
 Earnings per ordinary share N((1))                       255            251-275                          98.4%-107.8%
 Headline earnings(***)per ordinary share N ((1))         127            125-137                          98.4%-107.9%
 Core headline earnings(****) per ordinary share N ((1))  189            108-126                          57.1%-66.7%

 

The Group benefited from strong operations, strategic investments and
partnerships. Both Tencent and our Ecommerce segment contributed positively to
the Group's financial performance, with the latter exceeding its profitability
target.  Looking ahead, the Group will focus on building lifestyle ecommerce
ecosystems in Latin America, India and Europe, accelerating innovation, and
leveraging its AI-driven technology to drive sustainable profitable growth and
create lasting value.

 

More details will be published with the financial statements on Monday, 23
June 2025.

 

Financial information on which this trading statement is based has not been
subject to an independent audit or review by the Group's auditors.

 

*** Headline earnings represents net profit for the year attributable to the
Group's equity holders, excluding certain defined separately identifiable
remeasurements relating to, amongst others, impairments of tangible assets,
intangible assets (including goodwill) and equity-accounted investments, gains
and losses on acquisitions and disposals of investments as well as assets,
dilution gains and losses on equity-accounted investments, remeasurement gains
and losses on disposal groups classified as held for sale and remeasurements
included in equity-accounted earnings, net of related taxes (both current and
deferred) and the related non-controlling interests. These remeasurements are
determined in accordance with Circular 1/2023, headline earnings, as issued by
the South African Institute of Chartered Accountants, at the request of the
JSE Limited in relation to the calculation of headline earnings and disclosure
of a detailed reconciliation of headline earnings to the earnings numbers used
in the calculation of basic earnings per share in accordance with the
requirements of IAS 33 - Earnings per Share, under the JSE Listings
Requirements.

**** Core headline earnings, a non-IFRS performance measure, represent
headline earnings for the period, excluding certain non-operating items.
Specifically, headline earnings are adjusted for the following items to derive
core headline earnings: (i) equity-settled share-based payment expenses on
transactions where there is no cash cost to us. These include those relating
to share-based incentive awards settled by issuing treasury shares, as well as
certain share-based payment expenses that are deemed to arise on shareholder
transactions; (ii) subsequent fair-value remeasurement of cash-settled
share-based incentive expenses; (iii) cash-settled share-based compensation
expenses deemed to arise from shareholder transactions by virtue of
employment; (iv) deferred taxation income recognised on the first-time
recognition of deferred tax assets as this generally relates to multiple prior
periods and distorts current period performance;

(v) fair-value adjustments on financial and unrealised currency translation
differences, as these items obscure our underlying operating performance; (vi)
one- off gains and losses (including acquisition-related costs) resulting from
acquisitions and disposals of businesses as these items relate to changes in
our composition and are not reflective of our underlying operating performance
and (vii) the amortisation of intangible assets recognised in business
combinations and acquisitions. These adjustments are made to the earnings of
businesses controlled by us, as well as our share of earnings of associates
and joint ventures, to the extent that the information is available.

 

((1)) Per share information is based on the net number of N ordinary shares in
issue during the respective periods. The A ordinary shareholders and B
ordinary shareholders share 1/5(th) and 1/1 000 000(th) respectively of the
earnings attributable to the external N shareholders as at 31 March 2025. The
earnings will be expected to increase in the same ratio as N ordinary
shareholders.

 

11 June 2025

Symphony Offices Gustav Mahlerlaan 5

1082 MS Amsterdam The Netherlands

 

Sponsor:

Investec Bank Limited

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