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Regulatory News


Trading Statement

Wed, 12th Jun 2019 16:30


RNS Number : 0133C
Naspers Limited
12 June 2019

Naspers Limited

(Incorporated in the Republic of South Africa)

(Reg. No 1925/001431/06)

JSE Share Code: NPN ISIN: ZAE000015889

LSE ADS Code: NPSN ISIN: US6315121003

("Naspers")

Trading statement

Shareholders are advised that the Naspers group ("the group") is finalising its provisional report and consolidated annual financial statements for the year ended 31 March 2019.

During the current year the group distributed its interest in its video-entertainment business, MultiChoice Group Limited (MultiChoice Group), to its shareholders as a pro rata distribution in specie (the distribution). Following the distribution, the results of the video-entertainment segment have been presented as results from discontinued operations. The prior year income statement has been restated to distinguish between continuing and discontinued operations.

The group has illustrated the anticipated changes in core headline earnings, earnings and headline earnings per share for the year ended 31 March 2019 as compared to 31 March 2018 for both total operations (as previously reported) and continuing operations in the tables below:

Total operations

31 March 2018

(as reported)

US cents

31 March 2019

expected increase/(decrease)

US cents

Expected increase/(decrease)%

Core headline earnings per share(1)

581

180 - 191

31% - 33%

Earnings per share(2)

2 631

(1 052) - (1 026)

(40%) - (39%)

Headline earnings per share(3)

416

491 - 503

118% - 121%

Continuing operations

31 March 2018

(as reported)

US cents

31 March 2019

expected increase/(decrease)

US cents

Expected increase/(decrease)%

Core headline earnings per share(1)

553

133 - 145

24% - 26%

Earnings per share(2)

2 604

(1 641) - (1 614)

(63%) - (62%)

Headline earnings per share(3)

387

468 - 480

121% - 124%

(1) Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating performance of the group, as it adjusts for non-operational items.

(2) Earnings per share was impacted significantly by the gain of US$1.6bn recognised on disposal of the group's interest in Flipkart Limited as well as by a gain recorded on the distribution of the MultiChoice Group to the group's shareholders. The latter gain is not part of earnings from continuing operations. The decline in earnings from the prior year was mainly due to the gain of US$9.1bn recognised on the sale of a 2% interest in Tencent Holdings Limited (Tencent) in March 2018, which is non-recurring in March 2019.

(3) Headline earnings per share increased considerably as a result of the group's share of fair-value gains recognised by Tencent on certain of its investments now classified as at fair value through profit and loss in terms of IFRS 9 Financial Instruments. These gains are not adjusted for when calculating headline earnings per share.

Further details will be provided in the summarised consolidated financial results, due for release on 21 June 2019. Financial information on which this trading statement is based has not been reviewed or reported on by the company's auditors.



The group's summarised consolidated income statement and segmental review for the year ended 31 March 2018, restated for the presentation of the video-entertainment segment as a discontinued operation, is illustrated below.

Summarised consolidated income statement


2018

for the year ended 31 March


Restated(1)



US$'m







Continuing operations



Revenue from contracts with customers


2 985

Cost of providing services and sale of goods


(1 884)

Selling, general and administration expenses


(1 728)

Other (losses)/gains - net


( 32)




Operating loss


( 659)




Interest income


52

Interest expense


( 197)

Other finance income/(costs) - net


( 379)

Share of equity-accounted results


3 285

Impairment of equity-accounted investments


( 46)

Dilution (losses)/gains on equity-accounted investments


9 216

Gains/(losses) on acquisitions and disposals


( 93)



-

Profit before taxation


11 179




Taxation


( 70)




Profit from continuing operations


11 109

Profit from discontinued operations


190




Profit for the year


11 299




Attributable to:



Equity holders of the group


11 358

Non-controlling interest


( 59)






11 299




(1) Relates to the impact of adopting IFRS 15, as outlined in the group's interim results for the period ended 30 September 2018.



Per share information



31 March



2018



US$'m

Per share information related to continuing operations



Core headline earnings for the period (US$'m)


2 388

Core headline earnings per N ordinary share (US cents)


553

Diluted core headline earnings per N ordinary share (US cents)


540

Headline earnings for the period (US$'m)


1 670

Headline earnings per N ordinary share (US cents)


387

Diluted headline earnings per N ordinary share (US cents)


374

Earnings per N ordinary share (US cents)


2 604

Diluted earnings per N ordinary share (US cents)


2 585

Per share information related to discontinued operations



Core headline earnings for the period (US$'m)


120

Core headline earnings per N ordinary share (US cents)


28

Diluted core headline earnings per N ordinary share (US cents)


28

Headline earnings for the period (US$'m)


125

Headline earnings per N ordinary share (US cents)


29

Diluted headline earnings per N ordinary share (US cents)


28

Earnings per N ordinary share (US cents)


27

Diluted earnings per N ordinary share (US cents)


27

Net number of shares issued ('000)



- at period end


432 126

- weighted average for the period


431 635

- diluted weighted average


433 003


Segmental review





















Revenue






EBITDA(1)






Trading profit







Year ended 31 March




2018






2018






2018







US$'m






US$'m






US$'m





Continuing operations



















Internet


15 863






3 342






3 013





Ecommerce


3 582






( 655)






( 713)





- Classifieds


628






( 99)






( 114)





- Payments and fintech


294






( 60)






( 64)





- Food delivery


166






( 20)






( 30)





- Etail


2 060






( 248)






( 270)





- Travel(2)


211






( 59)






( 61)





- Other(3)


223






( 169)






( 174)





Social and internet platforms


12 281






3 997






3 726





- Tencent


12 024






3 925






3 675





- Mail.ru


257






72






51
























Media(4)


507






10






3





Corporate segment


2






( 18)






( 22)





Intersegmental


( 20)






-






-





Total economic interest from continuing operations


16 352






3 334






2 994





Less: Equity-accounted investments


(13 367)






(3 744)






(3 449)





Total consolidated from continuing operations


2 985






( 410)






( 455)





Total from discontinued operations


3 672






669






415





Consolidated(5)


6 657






259






( 40)





(1)EBITDA refers to earnings before interest, taxation, depreciation and amortisation.

(2)Travel revenue for the period ended 31 March 2018 has been reduced by US$65m due to the effect of the adoption of IFRS 15 on the group's associate MakeMyTrip Limited. This adjustment did not have an impact on EBITDA or trading profit.

(3) The group historically allocated a portion of its corporate costs to the video-entertainment segment. Following the distribution of the MultiChoice Group to shareholders in the current year, and the consequent presentation of the video-entertainment segment as a discontinued operation, corporate costs are now only allocated to the ecommerce business. The group views these corporate costs as primarily relating to the support of the ecommerce business. In line with IFRS 8 Operating Segments the group has accordingly presented the comparative information contained in the segmental review on a similar basis.

(4)31 March 2018 includes revenue of US$133.0m, EBITDA of US$33.3m and trading profit of US$33.3m relating to Novus Holdings Limited (Novus). The group distributed the majority of its shareholding in Novus to its shareholders in September 2017.

(5)Includes the results of the video-entertainment segment which has been classified as a discontinued operation.

Sponsor: Investec Bank Limited

Cape Town

12 June 2019


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTCKBDNQBKDFAD


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