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NPN
NPN
Naspers Limited - Trading Statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
Share Code: NPN & IZIN: ZAE000015889
("Naspers" or "the company" or "the group")
Trading Statement
Shareholders are advised that Naspers has prepared its annual financial
statements for the year ending 31 March 2006 in accordance with International
Financial Reporting Standards (IFRS) as now required. For ease of comparison,
financial information relating to the prior year has been restated in terms of
IFRS. Shareholders are referred to the announcement released on SENS on 29
November 2005, which described the group"s transition to IFRS, as well as to the
interim report for the six months ended 30 September 2005.
Earnings per share for the year ended 31 March 2006 is expected to be between 1
050 cents and 1 200 cents compared to the prior year"s restated earnings per
share of 860 cents. This increase is largely the result of a non-recurring,
realised profit of some R1 billion arising on the sale of the group"s interest
in United Broadcasting Public Company Limited (UBC) in Thailand.
Last year shareholders were advised that headline earnings for the financial
year ended 31 March 2005 were artificially boosted by the creation of deferred
tax assets of R470 million and fair value adjustments relating to foreign
exchange contracts of R360 million. Neither item is expected to recur to
anywhere near the same extent in the financial year to 31 March 2006. As a
consequence, headline earnings per share for the year ended 31 March 2006 is not
expected to be more than 5% to 10% higher than last year.
Core headline earnings remains, in the view of your board, an appropriate
measure of the sustainable operating performance of the group as it adjusts for
non-recurring and non-operational items. We refer shareholders to our annual
financial statements and to the website www.naspers.com for an analysis of
historic core headline earnings. Given the positive environment in most of our
key markets, we expect core headline earnings to be between approximately 60%
and 70% greater than last year.
Shareholders are also advised that, after years of rapid earnings and cash flow
growth, some strategic investments are required in the year ahead to deliver
growth in ensuing years. We are targeting, in particular, broadband services in
Asia and North America, and digital video broadcast-handheld ("DVB-H") services
in Africa. We plan this in the knowledge that such investments will reduce
short term earnings and cash flow growth. In addition, we plan to invest in the
further organic development of our existing businesses and will pursue new
markets and opportunities.
Further details will be provided in the provisional report, which is due to be
released on or about 27 June 2006. The financial information on which this
trading statement is based has not been reviewed or reported on by the company"s
auditors.
Cape Town
14 June 2006
Sponsor: Investec Bank Limited
Date: 14/06/2006 02:45:02 PM Produced by the JSE SENS Department
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