Wrap Text
Trading Statement
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 condensed consolidated interim financial
statements for the period ended 30 September 2024.
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
period ended 30 September 2024, 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.
The group has demonstrated its continued commitment to deliver profitable growth, with consolidated Ecommerce profitability in
the first half of FY25, significantly exceeding that of the prior twelve months. We expect to continue this growth path by
accelerating our pace of execution and innovation, investing with an AI-first mindset and leveraging the potential of the Group's
technology ecosystem.
Core headline earnings per ordinary share N and headline earnings per ordinary share N for continuing operations for the period
are expected to increase between 84%-93% and 93%-102% respectively, driven by accelerated growth and improved profitability of
our consolidated Ecommerce businesses and equity-accounted investments, in particular Tencent.
Earnings per ordinary share N is expected to increase during the period primarily from the Group's improved overall profitability
coupled with lower impairment charges in continuing operations this period compared to the previous period. This improved
performance was partially offset by a lower gain from the sale of our Tencent shareholding compared to the previous period, given
that fewer shares were sold in the current period.
The gains relating to the sell down of Tencent and impairment charges impacting earnings per share 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.
The Group has illustrated below the anticipated changes in earnings, headline earnings and core headline earnings per share
for continuing operations for the period ended 30 September 2024 as compared to 30 September 2023 continuing and total
operations:
30 September 2023 30 September 2024
US cents expected increase Expected increase
Continuing operations US cents %
Earnings per ordinary share N (1) 137 47-59 34%-43%
Headline earnings***per ordinary share N(1) 54 50-55 93%-102%
Core headline earnings**** per ordinary share N(1) 76 64-71 84%-93%
30 September 2024
30 September 2023 expected increase Expected increase
Total operations US cents US cents %
Earnings per ordinary share N(1) 129 55–67 43%-52%
Headline earnings***per ordinary share N (1) 49 55-60 112%-122%
Core headline earnings**** per ordinary share N (1) 72 68-75 94%-104%
More details will be published with the condensed consolidated interim financial statements on Monday, 02 December 2024.
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 1/5th and 1/1 000 000th respectively of the earnings attributable
to the external N shareholders as at 30 September 2024. The earnings will be expected to increase in the same ratio as N
ordinary shareholders.
18 November 2024
Symphony Offices
Gustav Mahlerlaan 5
1082 MS Amsterdam
The Netherlands
Sponsor:
Investec Bank Limited
Date: 18-11-2024 08:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
