1 Top Management; 2 Peer Comparison & Ranking of NPN; 3 Currency Synopsis: South African Rand (ZAR) Top Management Top Management Name Designation Steve Pacak Chief Financial Officer, Non-Executive Director Mark Sorour Executive Director Peer Comparison & Ranking of NPN PEER COMPARISON: NPN IN INDICES Naspers is a constituent of the following indices. Its market capitalisation is $51 billion and accounts for 1.6% of the combined MCap of the FTSE/JSE- Africa Industrial 25 Index. Index Name MCap of Index ($ b) NPN MCap as % of Index FTSE/JSE- Africa Industrial 25 Index 3,202 1.6 FTSE/JSE- Africa Financial & Industrial 30 Index 3,255 1.6 FTSE/JSE- Africa Sa Financials & Industrial Index 3,313 1.5 FTSE/JSE- Africa Fledgling Index 3,326 1.5 FTSE/JSE- Africa All Share Index 3,427 1.5 FTSE/JSE- Shareholder Weighted All Share-Dals Index 3,430 1.5 FTSE/JSE- Shareholder Weighted Top 40-Dtop Index 3,490 1.5 FTSE/JSE- Capped Top 40-Ctop Index 3,507 1.5 FTSE/JSE- Africa Top 40 Index 3,507 1.5 FFTSE/JSE- Capped All Share-Cals Index 3,551 1.4 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Naspers vs South Africa Market Out of 184 stocks and 2 units in the South African Market, Naspers is ranked fifth(5) by Net Profit $, ninth(9) by Revenue, Twenty-first(21) by Total Debt/Equity and Thirty-fourth(34) by ROA. South Africa Avg NPN NPN Rank Net Profit $ 197.7 M 2.9 B 5 Revenue $ 2.2 B 6.4 B 9 Total Debt/Equity (the lower the better) 0.3x 0.01x 21 ROA (%) 1.9 10.98 34 Price/Net Tangible Assets 2.1x 1.3x 40 P/Earnings 18.8x 18.2x 67 ROE (%) 8.7 16.6 69 P/Sales 1.5x 7.95x 92 Yield (%) 0.4 0.2 151 Premium to 52-Wk Low (%) 29.1 53.6 156 Discount to 52-Wk High (%) 12.98 0.3 214 Negative values are shown in brackets. Stock in Index and Stock in Sector Description NPN FTSE/JSE- Africa Top 40 Index % of FTSE/JSE- Africa Top 40 Index Media sector % of Media sector Net Profit $ 156.9 M 12.5 B 1.3 2.9 B 5.4 Revenue $ 353.5 M 138.7 B 0.3 6.8 B 5.2 Total Assets $ 3.4 B 694.8 B 0.5 62.8 B 5.5 MCap $ 51.2 B 3,507 B 1.5 51.4 B 99.5 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description NPN FTSE/JSE- Africa Top 40 Index Avg. Media sector Avg. Price/Earnings 18.2 20.6 17.8 Yield (%) 0.24 0.22 0.26 Price/Net Tangible Assets 1.28 2.01 1.28 Total Debt/Equity (the lower the better) 0.01x 0.38x 0.01x MARKET SHARE Naspers has a position of market dominance in the Media sector. Naspers vs Media sector [Media sector Total in Brackets] Revenue of $117 billion[94.4% of aggregate sector revenue of ZAR123.9 billion; up from 93.8% in the previous year.] GLOBAL RANK [out of 46,073 stocks] AND RANK OF NASPERS IN THE MIDDLE EAST & AFRICA REGION [out of 1,877 stocks] Description Value Global Rank In MEA Region MCap ($) 51.2B 428 11 Total Assets ($) 62.3B 893 34 Revenue ($) 6.4B 2,171 40 Net Profit ($) 2.9B 522 15 Return on Equity % 16.6 6,371 428 Price to Book 1.2 15,562 709 Price/Earnings 17.5 12,859 691 Yield % 0.2 20,108 960 PV1000 (1Year) $* 1,381 7,672 466 $* Change (1Year) % 68.6 3,332 187 * 1 year ago $1 = ZAR 18.49 May 09, 2025: $ 1 equals ZAR 18.19 RANK OF NASPERS IN THE FTSE/JSE: AFRICA TOP 40 INDEX [out of 30 stocks] AND IN THE SOUTH AFRICA MARKET [out of 211 stocks] Description Value In FTSE/JSE: AFRICA TOP 40 Index In South Africa Market MCap (ZAR) 931.2B 1 1 Total Assets (ZAR) 1,133B 5 9 Revenue (ZAR) 117B 9 10 Net Profit (ZAR) 51.9B 1 2 Return on Equity % 16.6 13 58 Price to Book 1.3 8 107 Price/Earnings 18.2 16 137 Yield % 0.2 26 156 PV1000 (1Year) ZAR 1,352 16 83 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Naspers is ranked number 1 out of 3 listed media companies in the South Africa with a market capitalization of ZAR931.2 billion ($51.2 billion). Within its sector it has a relatively moderate P/E of 18.2 and high Price/Sales of 8. It has a moderate relative ROE of 16.6% and ROA of 11%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: South African Rand (ZAR) % Change of ZAR vs Currency Basket Period-Based In the past three years the South African Rand fell 12.4% against the US Dollars. However, in the past year the South African Rand rose 1.6% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % ZAR1=0.055USD United States Of America -0.2 2.1 1.6 -12.4 ZAR1=0.396CNY China - 1.6 1.9 -5.1 ZAR1=7.881JPY Japan 0.3 2.0 -5.8 -3.3 ZAR1=0.048EUR European Union 0.2 2.0 -3.6 -18.1 ZAR1=76.53KRW South Korea -0.5 -0.2 4.4 -3.8 ZAR1=0.071SGD Singapore 0.2 1.0 -2.7 -18.1 ZAR1=0.092NZD New Zealand 0.4 1.6 2.1 -5.8 ZAR1=0.041GBP United Kingdom - 1.8 -4.6 -19.0 ZAR1=0.085AUD Australia 0.3 1.3 3.6 -4.0 ZAR1=0.426HKD Hong Kong 0.1 2.3 1.2 -13.4 ZAR1=0.045CHF Switzerland -0.2 1.7 -7.6 -26.9 ZAR1=0.076CAD Canada 0.1 2.4 2.4 -6.1 ZAR1=0.528SEK Sweden 0.3 1.6 -10.1 -15.0 ZAR1=0.567NOK Norway 0.4 1.4 -3.6 -4.4 ZAR1=1.072MXN Mexico -0.6 1.8 17.8 -15.0 1 Dividend; 2 Financials as Reported FY 2024, Past 10 Years Dividend Dividend History In the past 5 years annual dividends have increased by ZAR7.4 from ZAR4.6 to ZAR12.1. Based on a start date of 5 years ago, there has been one decline in dividends over the last 5 years. Date Paid Value (ZAR) Type 04 Dec 2024 12.05 Final Tr 12 Months 12.05 2023 - 2024 8.74 2022 - 2023 5.28 2021 - 2022 5.29 2020 - 2021 4.64 Financials as Reported FY 2024, Past 10 Years Financials as reported (FY 2024 [year-ended 31 March 2024 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $ Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description $ Million $ Million Mar 31 2024 2023 Change % Continuing operations Revenue 6,431 5,960 Up 7.9 Cost of providing services and sale of goods -3,966 -4,085 Improved 2.9 Selling general and administration expenses -2,647 -2,307 Deterioration 14.7 Other (losses)/gains - net -380 -641 Improved 40.7 Operating loss -562 -1,073 Improved 47.6 Interest income 920 482 Up 90.9 Interest expense -585 -569 Deterioration 2.8 Other finance income/(cost) - net 74 -56 Recovery Dividend income 62 Share of equity-accounted results 2,810 5,176 Down 45.7 Impairment of equity-accounted investments -483 -1,745 Improved 72.3 Dilution (losses)/gains on equity-accounted investments -238 -252 Improved 5.6 Gains on partial disposal of equity-accounted investments 5,053 7,622 Down 33.7 Net gains/(losses) on acquisitions and disposals -3 51 Deterioration Profit before taxation 6,986 9,698 Down 28.0 Taxation -151 -51 Deterioration 196.1 Profit from continuing operations 6,835 9,647 Down 29.1 (Loss)/profit from discontinued operations1 -270 307 Deterioration Profit for the year 6,565 9,954 Down 34.0 Attributable to: Equity holders of the group 2,855 4,331 Down 34.1 Non-controlling interests 3,710 5,623 Down 34.0 6,565 9,954 Down 34.0 Per share information related to total operations2 Earnings per ordinary share (US cents) $15.32 $20.78 Down 26.3 Diluted earnings per ordinary share (US cents) $14.76 $19.98 Down 26.1 Per share information related to continuing operations2 Earnings per ordinary share (US cents) $15.95 $20.14 Down 20.8 Diluted earnings per ordinary share (US cents) $15.39 $19.34 Down 20.4 NO OF SHARES 186,567,594 208,492,439 Down 10.5 BALANCE SHEET AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description $ Million $ Million Mar 31 2024 2023 Change % ASSETS Non-current assets 39,993 41,667 Down 4.0 Property plant and equipment 764 786 Down 2.8 Goodwill 1,094 1,483 Down 26.2 Other intangible assets 335 391 Down 14.3 Investments in associates 34,789 35,930 Down 3.2 Investments in joint ventures 43 70 Down 38.6 Investments and loans 2,538 2,664 Down 4.7 Financing receivables 197 133 Up 48.1 Other receivables 44 46 Down 4.3 Related party receivables 167 143 Up 16.8 Deferred taxation 22 21 Up 4.8 Current assets 22,282 23,831 Down 6.5 Inventory 355 415 Down 14.5 Trade receivables 310 281 Up 10.3 Financing receivables 360 278 Up 29.5 Other receivables 1,047 887 Up 18.0 Related party receivables 27 33 Down 18.2 Derivative financial instruments 5 Other investments 3,185 4,707 Down 32.3 Short-term investments 13,834 6,727 Up 105.6 Cash and cash equivalents 2,243 9,849 Down 77.2 21,361 23,182 Down 7.9 Assets classified as held for sale 921 649 Up 41.9 TOTAL ASSETS 62,275 65,498 Down 4.9 EQUITY AND LIABILITIES Capital and reserves attributable to the group's equity holders 17,872 18,960 Down 5.7 Share capital and premium 4,611 4,611 Steady Treasury shares -564 -46,825 Improved 98.8 Other reserves -27,477 12,211 Deterioration Retained earnings 41,302 48,963 Down 15.6 Non-controlling interests 23,410 25,645 Down 8.7 TOTAL EQUITY 41,282 44,605 Down 7.4 Non-current liabilities 16,188 16,281 Down 0.6 Post-employment medical liability 14 16 Down 12.5 Long-term liabilities 15,990 15,939 Up 0.3 Other non-current liabilities 62 135 Down 54.1 Cash-settled share-based payment liability 38 73 Down 47.9 Provisions 5 5 Steady Deferred taxation 79 113 Down 30.1 Current liabilities 4,805 4,612 Up 4.2 Current portion of long-term liabilities 496 487 Up 1.8 Provisions 64 47 Up 36.2 Trade payables 427 406 Up 5.2 Accrued expenses 1,875 1,854 Up 1.1 Other current liabilities 688 773 Down 11.0 Cash-settled share-based payment liability 474 655 Down 27.6 Related party payables 4 6 Down 33.3 Taxation payable 31 76 Down 59.2 Dividends payable 2 2 Steady Derivative financial instruments 1 2 Down 50.0 Bank overdrafts 15 28 Down 46.4 4,077 4,336 Down 6.0 Liabilities classified as held for sale 728 276 Up 163.8 TOTAL EQUITY AND LIABILITIES 62,275 65,498 Down 4.9 CASH FLOW AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description $ Million $ Million Mar 31 2024 2023 Change % Cash flows from operating activities Cash generated from/(utilised in) operations 144 -376 Recovery Dividends received from equity-accounted investments 760 575 Up 32.2 Cash generated from operating activities 904 199 Up 354.3 Interest income received 859 324 Up 165.1 Interest costs paid -585 -567 Deterioration 3.2 Taxation paid -144 -133 Deterioration 8.3 Net cash generated from/(utilised in) operating activities 1,034 -177 Recovery Cash flows from investing activities Property plant and equipment acquired -73 -268 Improved 72.8 Proceeds from sale of property plant and equipment 11 12 Down 8.3 Intangible assets acquired -25 -34 Improved 26.5 Proceeds from sale of intangible assets 1 Acquisitions of subsidiaries and businesses net of cash -2 -18 Improved 88.9 Disposals of subsidiaries and businesses net of cash 193 2,055 Down 90.6 Acquisition of associates -12 Disposal of associates Partial disposals of associates 7,256 10,613 Down 31.6 Additional investment in existing associates -49 -293 Improved 83.3 Additional investments in existing joint ventures -1 Acquisition of short-term investments1 -13,738 -6,606 Deterioration 108.0 Maturity of short-term investments1 6,709 3,924 Up 71.0 Cash paid for other investments2 -136 -559 Improved 75.7 Cash received from other investments3 14 3,764 Down 99.6 Cash movement in other investing activities -19 -22 Improved 13.6 Net cash generated from investing activities 142 12,555 Down 98.9 Cash flows from financing activities Payments for the repurchase of own shares -3,069 -3,150 Improved 2.6 Proceeds from long and short-term loans raised 134 196 Down 31.6 Repayments of long and short-term loans -122 -56 Deterioration 117.9 Additional investments in existing subsidiaries4 -7,766 -11,509 Improved 32.5 Proceeds from sale of subsidiary shares 3,003 2,745 Up 9.4 Repayments of capitalised lease liabilities -76 -63 Deterioration 20.6 Acquisition of group shares for equity-settled share-based compensation plans -137 -125 Deterioration 9.6 Additional investment from non-controlling shareholders 3 67 Down 95.5 Dividends paid by the holding company -199 -191 Deterioration 4.2 Cash movements in other financing activities -10 -10 Steady Net cash utilised in financing activities -8,239 -12,096 Improved 31.9 Net movement in cash and cash equivalents -7,063 282 Deterioration Foreign exchange translation adjustments on cash and cash equivalents -181 -82 Deterioration 120.7 Cash and cash equivalents at the beginning of the year 9,821 9,715 Up 1.1 Cash and cash equivalents classified as held for sale -349 -94 Deterioration 271.3 Cash and cash equivalents at the end of the year 2,228 9,821 Down 77.3 Download NASPERS Financials Past 10 Years Description (March 31) 2024 2023 2022 2021 2020 Income Statement Revenue per share 34.47 28.59 21.66 13.87 9.12 Tax (M) (151) (51) (64) 46 (231) Net profit (B) 2.9 4.3 12.2 5.3 3.1 EPS 15.32 20.78 42.18 12.43 7.09 Balance Sheet Equity Share Capital (B) 17.9 19 20.6 29.2 21.8 Retained Earnings (B) 41.3 49 32 27.2 Total Debt (M) 511 515 612 359 330 Total Assets (B) 62.3 65.5 71.3 53.8 36.3 Current Asset (B) 22.3 23.8 15.5 7.7 9.5 Fixed Asset (M) 764 786 736 545 457 Working Capital (B) 17.5 19.2 10.9 3.4 7.3 Cash Flow Operating Cash Flow 1 B (177 M) (702 M) 73 M (196 M) Investing Cash Flow 142 M 12.6 B 5.9 B (731 M) 2.3 B Financing Cash Flow (8.2 B) (12.1 B) 894 M 53 M 6 M Net Cash Flow (7.1 B) 282 M 6.1 B (605 M) 2.1 B Description (March 31) 2019 2018 2017 2016 2015 Income Statement Revenue per share 7.5 6.89 14.09 16.21 Tax (M) (229) (70) (244) 260 338 Net profit 4.2 B 11.1 B 2.3 B 994 M 1.3 B EPS 9.65 2.77 2.71 1.52 Balance Sheet Equity Share Capital (B) 28 25.7 13.1 10.3 6.6 Retained Earnings (B) 23.8 20.1 8.9 6.1 5.3 Total Debt 36 M 281 M 3.1 B 3.9 B 3.1 B Total Assets (B) 33.7 35.5 21.9 16.7 12.9 Current Asset (B) 10.6 13.1 5.6 3.2 2.7 Fixed Asset 191 M 1.6 B 1.6 B 1.4 B 1.4 B Working Capital 9 B 8.9 B 2.2 B 1.2 B 519 M Cash Flow Operating Cash Flow (M) 410 (158) (40) 78 159 Investing Cash Flow (7.3 B) 7.9 B 2.8 B (1.4 B) (552 M) Financing Cash Flow (2 B) (388 M) (411 M) 1.9 B 551 M Net Cash Flow (9 B) 7.3 B 2.4 B 586 M 158 M