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Integrated-Annual-Report-2008.Pdf NASPERS LIMITED ANNUAL REPORT 2008 www.naspers.com 08 ANNUAL REPORT CONTENTS s e iti n u t 02 Financial highlights r o p p o 03 The Naspers group g e n r i a d 04 Our group at a glance a u r o t y , 06 Our global footprint r n e o i v 08 Chairman’s review t e r a e 18 Financial review m h r o w f s n e i i 23 Review of operations t, it n n e u m 24 Review of operations m n i m a o 26 Internet t c r e n t 30 Pay television i n e e t 36 Print media a e p v i 40 Technology a c i h t r o a T p : s o All sports pictures courtesy of ©Gallo Images 41 Governance and sustainability t r e d The Break-Up courtesy of ©Universal Studios s n 42 Governance and sustainability a u The Man courtesy of ©New Line Cinema 52 Directorate r The Holiday courtesy of ©Universal Studios o f 55 Administration and corporate information Rumor Has It . courtesy of ©Warner Bros n 56 Analysis of shareholders and shareholders’ diary o Into the Blue courtesy of ©MGM i s i Inside Man courtesy of ©Universal Studios V Cheaper by the Dozen 2 courtesy of ©Twentieth Century Fox 57 Financial statements Big Momma’s House 2 courtesy of ©Twentieth Century Fox Failure to Launch courtesy of ©Paramount 58 Consolidated and company annual The Family Stone courtesy of ©Twentieth Century Fox financial statements 161 Notice of annual general meeting 165 Proxy form BASTION GRAPHICS Mission: To operate platforms that link users to media services, content and means of communication NASPERS – 5TH PROOF FINANCIAL HIGHLIGHTS 2007 2008 Revenue (R’billion) EBITDA (R’million) EBITDA margin (%) Up 19% Up 15% Down 1% 20,5 4,900 25 24 17,2 4,244 Headline earnings per share (cents) Core HEPS (cents) Dividend per share (proposed) Up 24% Up 16% Up 15% 1,80 10,76 11,16 1,56 8,66 9,65 2008 2007 R’m R’m Income statement and cash flow Revenue 20 518 17 219 Operating profit before amortisation and other gains and losses 4 238 3 693 Operating profit 3 878 3 416 Net profit attributable to equity shareholders 3 418 1 999 Cash flow from operating activities 4 411 3 523 Balance sheet Total assets 56 792 32 184 Current assets 14 970 16 169 Total equity 33 147 21 570 Non-current liabilities 13 053 3 086 Current liabilities 10 592 7 528 Other information Dividend per N ordinary share (cents) (proposed) 180 156 Earnings per N ordinary share (cents) 967 676 Weighted average number of N ordinary shares in issue (’000) 353 622 295 756 2 I NASPERS LIMITED I ANNUAL REPORT I 2008 03 The Naspersgroup THE NASPERS GROUP OUR GROUP AT A GLANCE BUSINESS SEGMENT THE NASPERS GROUP Internet (including major brands of associates) Investments in internet platforms in Central and Eastern Europe, China, Russia, Brazil, Africa, India and Thailand. Services are primarily delivered to computers and mobile phones. Pay television Pay television subscriber platforms and channels in sub-Saharan Africa, as well as investments in mobile television in sub-Saharan Africa. Print media (including major brands of associates) Magazines, newspapers, printing, distribution and book publishing businesses in South Africa and sub-Saharan Africa, as well as print media investments in Brazil and China. PRINT MEDIA Technology Development of underlying technologies for internet, pay-television and mobile platforms. 4 I NASPERS LIMITED I ANNUAL REPORT I 2008 OUR GROUP AT A GLANCE continued MAJOR BRANDS INTERNET (including major brands of associates) – 24.com, ACL, Allegro, Ancestry24, Aruodas.It, Aukro, bixeeCrawlX, pixee.com, Careers24, ceneo.pl Channel24, Compero, Crossfire and Xunixian are licensed games, Dungeon & Fighter, Fin24, EDOMUS.LT, Food24, Gadu-Gadu, GoTravel24, GadunaGlos, GaduRadio, Health24, ibibo, Images24, iStore.pl, Kalahari.net, KV.EE, Litnet.co.za, mail.ru, Mobile QQ, MojaGeneracja, molotok, MWEB (Thailand), MXit, Netads24, News24, Nimbuzz, onefamily, OSTA.EE, otoDom.pl, otoMoto.pl, Qzone, Paipai.com, Platnosci, PayGSM, PayU, Pixrat, Property24, QQ, Ricardo, Sanook!, Skelbia.it, Soso.com, Sports24, Tencent, Tenpay, teszvesz, TM, RTX, TT Explorer, Wheels24, Women24, qq.com QQ Dance, QQ Doctor, QQ Download, QQ Friends, QQ eye, QQ Fantasy, QQ Game, QQ Mail, QQ Member, QQ Music, QQ Live, QQ Pinyi Input Method, 3G.QQ.com, QQ Pet, QQ San Guo, QQ Show, QQ Speed, QQ Tang. PAY TELEVISION – M-Net Action, AfricaMagic, AfricaMagic Plus, Big Brother, Carte Blanche, Channel O, DStv, go, Idols, K-World, kykNET, MK, M-Net, M-Net Movies 1 and 2, M-Net Series, M-Net Stars, MediaZone, MultiChoice Africa, MultiChoice Hellas, NetMed, Nova, Oracle Airtime Sales, SuperSport, SuperSport Travel, SuperSport United Football Club PRINT MEDIA (including major brands of associates) NEWSPAPERS – Africa: Beeld, City Press, Daily Sun, Die Burger, Rapport, Soccer Laduuuuuma!, Son, Sondag, Sunday Sun, The Witness, Volksblad and various community newspapers. China: Beijing Youth Daily, Titan Zhou Bao MAGAZINES – Africa: COSMOPOLITAN, Destiny, DRUM, FAIRLADY, FEMINA, FHM, FINWEEK, heat, HUISgenoot, KICKOFF, Landbouweekblad, Men’s Health, Move!, PSYCHOLOGIES, Real, SARIE, Sports Illustrated, seventeen, TRUE LOVE, tuis, tv24, tvplus, Twende, Weg, YOU and some 45 more. Brazil: Claudia, EXAME, Nova, Ana Maria, Vejá, Viagem, Viva! and some 90 more. China: Allsports, Golf Digest China, MILK, Outside, SLAM, Soccer Weekly, Yoga Journal PRINTING – Paarl Gravure, Paarl Media, Paarl Print, Paarl Labels, Paarl Web, Paarl Web Gauteng, Print24 LOGISTICS – MCS24, NLD24, NND24, ON THE DOT BOOKS – Atica & Scipione (Brazil), Collegium Botswana, Jonathan Ball Publishers, Leisure Books/Leserskring, NB Publishers, Nasou Via Afrika, Van Schaik Uitgewers TECHNOLOGY – Irdeto, Entriq, BSS ANNUAL REPORT I 2008 I NASPERS LIMITED I 5 OUR GLOBAL FOOTPRINT OUR GLOBAL FOOTPRINT Oslo Tallinn Copenhagen Nizhniy Novgorod Moscow Novosibirsk ASIA Hoofddorp Poznan London Rotterdam Warsaw Seattle Eindhoven Essen Wroclaw Paris Kiev Harbin Mankato Ottawa Zlin Changchun Vienna Ekatarinaburg NORTH AMERICA Zug Ürümqi Shenyang Beijing San Francisco New York Bologna Vienna EUROPE Rome Tianjin Thessaloniki Lanzhou Shijiazhuang Seoul Tokyo Taiyuan Jinan Carlsbad Athens Xi’an Zhengzhou San Carlos Nanjing Nicosia Hefei Chengdu Shanghai Wuhan Hangzhou Chongqing Changhsa Nanchang Guiyang Fuzhou Miami Kunming Guangzhou Dubai Shenzhen Nanning Hong Kong AFRICA New Delhi Nouakchott Khartoum Praia Dakar Asmara Bamako Niamey N’Djamena Bangalore Bissau Bangkok Ouagadougou Djibouti Conakry Kano Freetown Kaduna Addis Ababa Abudja Jos Kumasi Ibadan Enugu Monrovia Lagos Bangui Juba Bogota Abidjan Port Yaoundé Harcourt Douala Kampala Singapore Lome Malabo Accra Cotonou Bata Nairobi Sao Tome Libreville Kigali Arusha Brazzaville Bujumbura Mombasa Pointe Noire Kinshasa Zanzibar Mahe Dar Es Salaam Campina Luanda SOUTH AMERICA Lumbumbashi Moroni Kitwe Lilongwe Lusaka Blantyre Nampula Jamestown Harare Mutare Beira Bulawayo Antananarivo Rio De Janeiro Windhoek Sao Paulo Swakopmund Gaborone Port Louis Johannesburg Maputo Trianon AUSTRALIA Maseru Mbabane Durban Córdoba Cape Town Sydney GROUP OPERATIONS Internet Pay television Print media Technology 6 I NASPERS LIMITED I ANNUAL REPORT I 2008 ANNUAL REPORT I 2008 I NASPERS LIMITED I 7 CHAIRMAN’S REVIEW Global reach Over the past year the group experienced growth, especially in the internet sector. Performance of the core operations was solid and the development of several business opportunities progressed. OVERVIEW Chairman: Ton Vosloo A number of new investments such as Tradus and Gadu-Gadu are included in our fi nancial results for the fi rst time. We also disposed of some operations. The private education business, Educor, was sold as a going concern. Conditional sale agreements were also concluded for the disposal of the Greek and Cypriot pay-television business (NetMed) to ForthNet SA, a leading Greek telecommunications company. Offers of purchase have been requested for the connectivity business, MWEB, and are currently being evaluated. Financial performance over the past year is analysed in the fi nancial review on page 18 of this annual report. In summary, revenues grew by 19% to R20,5 billion, largely driven by the pay-television and internet businesses. Operating profi t before amortisation and other gains/losses expanded by 15%, despite increased development costs. Core headline earnings grew by 38% and core headline earnings per N ordinary share increased by 16% to R11,16 during the year. INTERNET The internet segment grew revenues by 42% to R1,6 billion. This expansion came from a solid performance by established operations and the inclusion of the new investments in the current year. 8 I NASPERS LIMITED I ANNUAL REPORT I 2008 CHAIRMAN’S REVIEW The acquisition of 100% of Tradus was In China Tencent strengthened its concluded in March 2008. Tradus operates position with the QQ platform, attaining leading trading platforms in 12 countries, 317 million active registered user accounts. offering online auction and fi xed-price The QQ.com portal and wireless service sales services to consumers. Its primary portals continued to build their market market is Poland, with operations in position. The QQ Game portal reached Western, Central and Eastern four million peak simultaneous users. Europe. Over the past year Tencent, which was recently registered users grew by 41% to included in the Hong Kong 12 million. The gross merchan- Hang Seng Index, contributed dise value of goods traded on its R615 million to the group’s platform expanded by 45% to core headline earnings. €1,6 billion and revenues grew In Russia mail.ru is 78% to €107 million. We have experiencing rapid growth, restructured the group into and almost doubled traffi c to two focused businesses with the its portal. The core offering Allegro brand focused on Eastern of e-mail services has been Europe and Ricardo on the growing at a compounded Western European markets.
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