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3858 Naspers Investor Briefing Briefing Book 2015 Proof 4C.Indd % Investor briefi ng book Financial results for the year ended 31 March 2015 CONTENTS click on each subject matter below % Financials Internet Video entertainment Outlook Appendix % MAIL PRINT Financials Commentary 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 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 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. 2 FY15: Synopsis of financials Revenue, on an economic interest basis, grew by 26%. Revenue* (ZARbn) Development spend* (ZARbn) Internet was the fastest growing Mar 14 Mar 15 at 37% YoY. 26% 33% Development spend, also on 132.45 10.74 an economic interest basis, 104.98 8.10 increased 33% (7% diven by forex). Increase driven by Core HEPS (ZAR) DPS (ZAR) ecommerce (mainly etail) and DTT. 28% 11% Core headline earnings +30% 27.82 and core headline earnings per 4.70 21.81 4.25 share +28%, driven by a solid performance by * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated Tencent, online comparison 4 shopping turning profi table and improved performance from more established horizontal and vertical classifi ed sites. Dividends grew 11%, lower than core HEPS, but ahead of our cash fl ow generation. Investor briefi ng book 2015 1 % MAIL PRINT Financials Commentary Strong market positions drove solid revenue growth Internet, still the fastest growing revenue segment; constitutes Incremental revenue* by segment, YoY (ZARm) 59% of group revenues (only 3% 37% 17%3% 26% in 2000). Ecommerce revenue 20,993 6,148 324 132,446 132,446 grew 36% YoY and Tencent 40% 104,981 YoY. Mar 14 Internet Video Entertainment Print Mar 15 Video entertainment benefi ted from a 27% increase in Revenue by business segment* Revenue* (ZARm) subscribers YoY and 6% CAGR increase in subscription rates in 31% 132,446 Internet (59%) 104,981 SA. Some negative impact from Video Entertainment (32%) 76,776 changing subscriber mix and Print (9%) 56,522 45,108 currency weakness in Africa. Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Challenging trading conditions * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated continue for Print Media, 5 Media24 revenue +3% YoY. Diversified business mix 73% of revenue is now earned FY15 Revenue* by geography FY15 Revenue* by type offshore, compared to only 27% in 2005. Geographically, most revenue is generated in Asia due to the substantial contribution from Tencent. Asia (41%) IVAS & games (30%) Taking into account monthly South Africa (27%) Subscription (26%) Europe (15%) Ecommerce (22%) subscription revenues, as well Advertising (9%) Rest of Africa (11%) as IVAS and gaming revenue Printing, circulation & distribution (5%) Latin America (5%) Technology (2%) which is typically of a recurring Other (1%) Other (6%) nature, annuity income represents more than 50% of Geographically diversified portfolio Large annuity income base our revenue base. Cyclical * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated advertising revenue is only 9% 6 of total revenue. The diversity of revenue streams reduce the risk of exposure to any one territory or business model. Investor briefi ng book 2015 2 % MAIL PRINT Financials Commentary Components of revenue growth Organic growth accounted for the majority of revenue growth: Incremental revenue YoY* (ZARm) • Tencent +39% YoY 26% • Mail.ru +16% YoY • Ecommerce +35% YoY (2,683) • Video entertainment 25,754 4,394 +14% YoY 132,446 Exchange rate also had an 104,981 impact, mostly due to a weaker ZAR. Acquisitive growth was Mar 14 Exchange rate impact Organic growth Acquisitive growth Mar 15 negative due to the impact of * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated Tencent’s ecommerce disposal to JD.com. 7 Development spend* breakdown In total, we further increased our investment to: Revenue* and Development spend (ZARm) 26% Mar 14 Mar 15 • Focus on enhancing % Change 33% ZARm ZARm consumer propositions and Ecommerce 6,083 8,059 32% 132,446 growing ahead of Video Entertainment 1,812 2,389 32% 104,981 competitors Print 205 290 42% 76,777 4,308 8,100 10,739 1,535 56,520 2,823 45,102 • Expand markets Total 8,100 10,739 33% Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 • Make seed investments Revenue Development spend FY15 split by business segment As % of revenue* In ecommerce, spending was 9% affected by: 290 8.1% 7.7% 2,389 Ecommerce (75%) 6% • Higher marketing spend to 5.6% Video Entertainment (22%) 5.0% build market maturity and 3% Print (3%) 3.4% relative scale in classifi eds 8,059 0% • Increased holdings in etail Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 investments (Flipkart, Souq * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated and Konga) 8 • Larger markets of investment include India, Brazil and Nigeria Investor briefi ng book 2015 3 % MAIL PRINT Financials Commentary Further investment in etail and DTT Development spend (economic-interest basis) Incremental development* spend by segment, YoY (ZARm) increased 33% YoY, 7% due to fx 33% 32%42% 33% movements and 26% due to 86 1,976 577 operations. 10,739 8,100 This was mainly attributable to: • Ecommerce (+33% YoY), Mar 14 Ecommerce Video Entertainment Print Mar 15 where spending to develop etail was up 40% YoY or Effect of forex on development spend*, YoY (ZARm) R387m 7% 26% 33% • Video entertainment’s 2,094 545 continued investment in DTT 10,739 8,100 up 65% to R2.2bn • Media24’s continued Mar 14 Forex Organic investments Mar 15 investment in new revenue *Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated streams, specifi cally in 1 internet and ecommerce Ecommerce: development spend* Ecommerce development spend increased at a slower Revenue* and development spend (ZARm) rate than YoY revenue growth 36% 27,772 of 36%. 33% 20,355 8,059 12,386 6,083 Equity accounted etail 1,857 3,259 4,218 705 6,643 investments (Souq, Konga and Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Flipkart) accounted for 53% of Revenue Development spend the step-up, impacted by our FY15 development spend by type Incremental development spend YoY (ZARm) increased shareholding during 267 26 1,224 850 285 174 the year. Classifieds (50%) 578 Etail (32%) 4,023 Payments (7%) 8,059 6,083 Other (11%) 2,608 Mar 14 Forex Classifieds Etail Payments Other Mar 15 * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated 1 Investor briefi ng book 2015 4 % MAIL PRINT Financials Commentary Group consolidated development spend Incremental development spend by segment, YoY (ZARm) 16% 31%42% 20% 561 86 915 9,217 7,656 Mar 14 Ecommerce Video Entertainment Print Mar 15 Effect of forex on development spend, YoY (ZARm) 6% 14% 20% 1,078 484 9,217 7,656 Mar 14 Forex Organic investments Mar 15 2 Ecommerce: consolidated development spend Revenue and development spend (ZARm) 22,775 18,702 12,154 5,639 6,554 3,259 1,857 4,041705 4,438 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Revenue Development spend FY15 development spend by type Incremental development spend YoY (ZARm) 267 (28) 65 387 696 224 Classifieds (60%) 578 Etail (21%) 6,554 Payments (9%) 5,639 1,369 3,911 Other (10%) Mar 14 Forex Classifieds Etail Payments Other Mar 15 3 Investor briefi ng book 2015 5 % MAIL PRINT Financials Commentary Investment in growth opportunities affected trading profit growth Trading profi t continued to be affected by our investment Incremental trading profit by segment* (ZARm) focus. 96% 6%-48% >100% 35% 6,402 (511) (292) (187) In Internet, the R19bn contribution by Tencent and 21,025 15,613 Mail.ru was reduced by the ZAR6.1bn loss in ecommerce. Mar 14 Internet Video Entertainment Print Corp Mar 15 Allegro and OCS all reported growth in profi ts. FY15 split by business segment* Trading profit* (ZARm) 21,025 Video entertainment margin Internet (61%) 15,613 contracted due to higher STB 14,326 Video Entertainment (38%) 11,762 10,546 subsidies to drive DTT subscriber Print (1%) growth in the absence of ASOs and more investment in local Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 content (ZAR2bn in SA), offset by * Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated positive contribution from Irdeto. 12 Investments in growth areas in Print weigh on margins. Also affected by lower revenues from traditional sources due to structural industry changes and tough trading conditions. Trading margin squeeze due to Summarised consolidated income statement a 20% increase in consolidated development spend. Excluding Mar 14 Mar 15 ZARm ZARm this, margin was 15%. Revenue* 104,981 132,446 Less: Associates and joint ventures (42,253) (59,354) Net fi nance costs increased 33% Consolidated revenue 62,728 73,092 YoY (8% fx; 25% higher debt).
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