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Financial Results Presentation For the six months to September 2014

This presentation contains forward-looking statements as defined in the United States Private Securities Litigation Reform

Act of 1995. Words such as “believe”, “anticipate”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” and similar

expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such

statements.

While these forward-looking statements represent our judgments and future expectations, a number of risks, uncertainties

and other important factors could cause actual developments and results to differ materially from our expectations. These

include key factors that could adversely affect our businesses and financial performance.

We are not under any obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking

statements whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue

reliance on any forward-looking statements contained herein.

Important information

2

Overview Financials Internet

Pay-TV Outlook Appendix

3

Pursuing simultaneous, significant growth opportunities

Becoming a major ecommerce player

1

Prioritising fast-growing segments in ecommerce

2 Mobile becoming dominant

mode of internet access

4 Focusing on growth markets

3

Optimising the structure

5

4

Becoming a major ecommerce player globally

Monthly average desktop visits in billions, Y/Y growth % (excl. payments-related properties)

Source: ComScore, Naspers

0

1

2

3

4

5

6

Alibaba Amazon Naspers eBay Mercadolibre Rocket Internet Rakuten JD.com

3Q'13 3Q'14

5

Mobile becoming dominant mode of internet access

0

500

1,000

1,500

2,000

Developed markets Naspers markets

Mobile internet users by region (m)

Saudi Arabia Indonesia

Poland South Africa

Brazil India

As a group we are very well positioned

Source: Similarweb, 5 November2014 2014E vs 2018E

~2bn

Top Shopping Apps in the Google Play Store

6

Focusing on high growth markets

India (82%) Brazil (5%)

South Africa (4%) Other (3%)

Turkey (3%) Romania (3%)

1HFY15 M&A by country (ZAR3,9bn)

India (15%) Brazil (13%)

South Africa (14%) Nigeria (11%)

Indonesia (4%) Other (43%)

1H FY15 Development spend* by country (ZAR4,4bn)

* Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated

7

Prioritising fast growing segments in ecommerce

Emerging markets: visits per segment (% change YoY)

+4.2%

+4.1%

-5.0

-2.1%

Source: IDC, Naspers

8

0%

15%

30%

45%

Etail Classifieds3Q 2012 3Q 2014

Population size (m) Our position* Brand

#1 58.com

#1 OLX

- -

#1 OLX

#1 OLX

#1 OLX

#1 OLX

#1 OLX

#1 Avito

- -

- -

#1 OLX

- -

- -

#1 Dubizzle

Strong asset base for growth in classifieds

9

82

90

94

98

122

127

143

157

174

182

200

250

316

1,252

1,357

Egypt

Vietnam

Ethiopia

Philippines

Mexico

Japan

Russia

Bangladesh

Nigeria

Pakistan

Brazil

Indonesia

US

India

China

*Including associates

Source: World Bank

Optimising the structure: rest of ecommerce

Strengthened management across operations

10

Etail

+

• Two of SA’s leading etail businesses combine to create a platform of scale

• Customers to benefit from wider selection of products and categories, as well as broader delivery services

• Deal subject to Competition Commission approval.

Merger

Other

Sold

• Strategic decision to focus on the consumer ISP business, without being an infrastructure player.

• Subject to Competition Commission approval

• Outside of focus area

• Fairly small and mature markets

Marketplaces

• Transformation to create a more customer-focused and agile business

• Specific emphasis on removing corporate layers - likely to result in headcount reduction of 300+

• Re-investing in mobile development — 80 engineers to be added

Restructured



11

4.9 6.1

Revenue (ZARbn)

Core headline earnings (ZARbn)

28.8 34.4

12.48 15.28

Core HEPS (ZAR)

Sep 13

Sep 14

2.98

4.0

Development spend (ZARbn)

20% 35%

24% 22%

1H FY15: Synopsis of consolidated financials

12

Focus areas showing strong growth in revenue

Incremental revenue* by segment, YoY (ZARm)

Revenue by business segment*

35,817 20,186

5,979

Internet (58%) Pay TV (32%) Print (10%)

10,930 3,109 337

47,606

Sep 13 Internet Pay-TV Print Sep 14

61,982

44% 18% 30% 6%


Revenue* (ZARm)

45,108

56,522

76,776

104,981

47,606

61,982

Mar 11 Mar 12 Mar 13 Mar 14 Sep 13 Sep 14

CAGR 30%

72% of revenues earned offshore Internet Fastest growing revenue segment

Constitutes 58% of group revenues

Revenue trends:

- Ecommerce +43% YoY

- Tencent +46% YoY

- Mail.ru +19% YoY

Pay-TV Benefited from :

- 16% increase in subscribers YoY

- 5% increase in subscription rates in SA

Print media Large scale structural changes in industry

Tough trading conditions continue:

- Media24 +1% YoY

13

More opportunities resulting in increased spending

14

Incremental development* spend by segment, YoY (ZARm)

4,374

1,154

72 71

3,077

Sep 13 Ecommerce Pay-TV Print Sep 14

48% 13% 42% 87% Further investment Major investments in high growth markets

Focus on building leading positions

Ecommerce Larger classifieds footprint resulted in

higher spend

Increased spend in etail, also impacted by

larger holdings in Souq and Flipkart

Bigger investment in payments to scale and

expand market share

Larger markets of investment include India,

Brazil and Indonesia

Pay-TV ZAR465m invested in DTT

Additional ZAR177m spent on:

- online and mobile technologies

- decoder development

• Based on economic interest, i.e. assuming equity accounted investments are proportionately consolidated

Summarised consolidated income statement

Sep 13

ZARm Sep 14 ZARm

Revenue* 47,606 61,982

Less: Associates and joint ventures (18,851) (27,619)

Consolidated revenue 28,755 34,363

Trading profit 2,926 2,798

Trading margin 10% 8%

Net finance costs (915) (1,208)

Share of equity accounted results 5,139 9,932

Impairments (1,841) (173)

Taxation (1,447) (1,755)

Net profit 3,423 9,269

Core headline earnings 4,920 6,077

Core headline EPS (ZAR) 12.48 15.28


Currency impact Revenue* up 24% on constant currency basis

Trading margin Decline due to increase in development spend

Net finance cost 55% increase in net interest on loans due to:

- Higher debt levels to fund acquisitions

- Negative effect of currency translation

- US$1bn bond issued in July 2013

Income from associates Includes ZAR4.8bn (Sep 13 ZAR1.3bn) book profit from:

- Re-measurement of Mail.ru’s interest in VK and

its sale of shares in Qiwi (ZAR3.9bn)

- Tencent’s sale of some investments (ZAR887m)

Taxation Increase due to higher profits in pay-TV, Allegro

marketplace and OCS

15

Core headline earnings drivers

Incremental core headline earnings drivers, YoY (ZARm)

6,077

4,920

Sep 13 Developmentspend*

Pay-TV profit* Profits from listedassets

Ecommerce* Tax & Interest Other Sep 14

24%

** Excludes development spend on an economic interest basis

(1,298)

588

564

1,940

(601) (35)


16

Investment in growth opportunities dampens FCF

Sep 13 ZARm

Sep 14 ZARm

Operating cash flow 3,904 2,490

Capex (1,978) (1,435)

Finance leases (382) (445)

Tax (1,591) (2,086)

Investment income 834 1,047

Free cash flow (FCF) 787 (429)

Operating cashflow Down due to higher development spend

Working capital Almost all etail operations now generating negative working capital

Capex Pay-TV ZAR1bn (mainly DTT and facilities) Ecommerce ZAR278m

Finance leases Impacted by new satellite lease for MCSA

Investment income Includes ZAR1bn dividend from Tencent

17

Balance sheet solid

Sep 14 ZARm

Debt: (offshore US$2.9bn) (33,203)

Cash: (South Africa R4.2bn) 10,755

Closing net debt (22,448)

Interest cover 9x

Net debt/ Adjusted EBITDA 1.36x

Value of marketable listed securities/Debt 24.5x

Increase US$369m of debt-funded acquisitions Some currency impact on translation

Net debt Excludes transponder leases of ZAR7.6bn, considered to be an operating cost

Gearing 29%

18



19

Ecommerce growing strongly: YoY performance metrics

Etail

Monthly active users

226m

New mobile listings

+345%

New listings

+83%

Average daily GMV

+59%

Items sold

+36%

Daily visitors

+39% Daily payment transactions

+70%

Payments TPV

+36%

Classifieds Other

Items sold on marketplaces

753k /day

20

3,085 4,218

6,643

12,386

20,355

8,502

12,141

(107) (207) (1,238)

(2,337)

(5,329)

(1,859) (2,426)

(6,000)

–

6,000

12,000

18,000

24,000

Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Sep 13 Sep 14

Revenue Trading profit/(losses)

Ecommerce: strong organic revenue growth

Strategic Fastest growing segment

Focus on building leading positions in growth markets

Investing in etail, classifieds and payments – all gaining market share from other formats

Operational Execution capacity and operations are strengthening throughout the group

Focus on customer satisfaction, engagement and retention metrics

Mobile remains central to our plan

Financial Trading loss ZAR2.4bn after incurring development spend on an economic interest basis of R3.6bn

Ecommerce revenue and trading profit/(losses) (ZARm)

43%

21


Etail: focusing on attractive markets

+59%average

daily GMV

11 companies

19 markets

22

India & SE Asia (48%)

Europe (41%)

Africa & Middle East (11%)

Etail*: revenue growth accelerating

GMV by region

*Excludes marketplaces, OCS and online services

4,064

6,690

-

3,500

7,000

Sep 13 Sep 14

65%

Revenue (ZARm) Strategic Scaling operations in attractive markets

Delivering compelling customer propositions

Expanding through M&A

Operational Substantial increase in organic traffic

Major acceleration in Flipkart’s growth rates (category expansion, exclusive supply, differentiated logistics and fulfilment, price leadership)

Souq and eMag scaling well

Proposed merger of Kalahari and Takealot places business on better footing

Fashion businesses restructured and losses reduced

Financial Revenue growth mainly organic

Margins low, but steady and consistent with category

Negative working capital cycles across most operations

23


Payments: focus on becoming leader in new world growth markets

24

Latin America*

Chile, Panama, Peru, Brazil, Argentina, Mexico, Colombia

Europe

Poland, Czech Republic, Turkey, Ukraine, Hungary, Romania, Russia

India

South Africa, Kenya, Nigeria

Africa

1 brand

18 markets

$$$$$ Buy Rate

Multiple Acquiring Banks

Online Merchant

$$$$$ Sell Rate

Classifieds: joining forces to develop markets

Strategic benefits of agreement

A single large platform Combine know-how

Share costs

Salient features of transaction

• Agreement with Schibsted (also Telenor and SPH)

• JV’s in Brazil, Indonesia, Thailand and Bangladesh

• Transaction based on relative metrics

• A single, sustainable platform in each market

• Cash neutral, some adjustments to working capital

• Subject to EU approval

25

Classifieds: OLX the leader across emerging markets

+20 Offices

+40 Countries

+1,200 Employees

Reach

+200M MONTHLY

ACTIVE USERS

+35M MOBILE APP DOWNLOADS

Activity

25M Monthly listing

8,5M Monthly transactions

11B Monthly page views

26

Note: numbers include OLX brand only

Country

YoY growth

Brazil 1,241%

Nigeria 548%

Global 345%

Poland 267%

India 219%

Classifieds: mobile transforming our business

27

0

2

4

6

8

10

12

14

Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

Mobile listings [indexed on Sep 2013]

OLX India continues to strengthen its leading position

OLX Mobile listers

Brand awareness

Source : Google trends

28

Net new listings (for sale + vehicles), indexed

Source: Mobile website and app data

-

300,000

600,000

900,000

Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14Source: Website data

-

2

4

6

Apr-14 May-14 Jun-14 Jul-14 Aug-14

Quikr

OLX

Android app downloads in India since launch (m)

Source: Google play store, AppAnnie

Quikr

OLX

5-10

15.6

2x

+220% YoY

Classifieds: rolling out aggressively, following playbook

Strategic Aggressive expansion strategy

Professional operations

Roll-out following best in class play-book

Operational Outgrowing competition on most important metrics (focusing on mobile)

Strong user and listing growth

Increased engagement through improved offering and customer focus

Mobile traffic rising rapidly

Financial ZAR2.1bn investment in organic growth, up 46% YoY

Monetisation in Russia, UAE, Portugal, Poland, Bosnia and Bulgaria

29

16

2

12

1

5 5

23

6

Entering Fighting Leading Leading andmonetizing

2013 2014

Naspers positions (number of countries)

Population size (m) Our position* Brand

#1 58.com

#1 OLX

- -

#1 OLX

#1 OLX

#1 OLX

#1 OLX

#1 OLX

#1 Avito

- -

- -

#1 OLX

- -

- -

#1 Dubizzle

As a result, we have a fantastic asset base for growth

30

82

90

94

98

122

127

143

157

174

182

200

250

316

1,252

1,357

Egypt

Vietnam

Ethiopia

Philippines

Mexico

Japan

Russia

Bangladesh

Nigeria

Pakistan

Brazil

Indonesia

US

India

China

*Including associates

Source: World Bank, 2013

Listed internet:

9,838

12,254

15,479

19,194

9,628

15,633*

Dec 10 Dec 11 Dec 12 Dec 13 Jun 13 Jun 14

62% CAGR +25%

Tencent operating profit (RMBm)

Value-added services (79%)

Ecommerce transactions (10%)

Advertising (8%)

Other (3%)

Revenue mix 1H FY14*

Q3 2014 statistics • 468m combined monthly active WeChat and Weixin user accounts

(+39% YoY) • 542m monthly active smartphone QQ IM user accounts (+36% YoY)

Operations Business performing well across all segments

Establishing foothold in O2O space

Profitability boosted due to reduced operating expenses relating to the divested ecommerce operations

Financials Contribution to core earnings up 41% YoY to ZAR6.2bn

ZAR1.4bn profit on JD.com transaction already included in our FY14 financials

*Reflects 100% of Jan-Jun 2014 results available on www.tencent.com Effective from Mar 11 2014, Tencent has divested its B2C and C2C eCommerce marketplaces and deconsolidated such revenues 1H FY15 ZAR/RMB1.732 (1.607)

31

Listed internet:

3,628

8,381

11,535

15,087

6,706

8,047*

Dec 10 Dec 11 Dec 12 Dec 13 Jun 13 Jun 14

20%

CAGR +61%

Mail.ru EBITDA (RURm)

Community IVAS (33%)

Display advertising (31%)

MMO Games (25%)

Other (11%)

Revenue mix 1H FY14*

Q3 2014 statistics Monthly audience of Mail.ru portal now 57.8m

Operations Results affected by geopolitical issues

Advertising revenues weaker

MMO games and community IVAS broadly on target

Acquired remaining 48% of VK for US$1.47bn

Operations Contribution to core earnings up 30% YoY to ZAR528m

*Reflects 100% of 1H FY14 aggregate segment performance as reported For IFRS results with full disclosure refer to www.corp.mail.ru 1H FY15 ZAR/RUR 0.297 (0.304)

32



33

Pay-TV strategy: continuing to build the platform

More investment in local content

3

34

• HD channels opened to non-premium tiers

• BoxOffice averaging 600k VOD purchases p.m.

• Customer service levels improved to 95%

• Bouquets optimised

Focus on better products

2

Scale DTT operations 1

Pay-TV: solid performance

Pay-TV subscriber homes (‘000)

Subscribers 1.14m net additions YoY (+342k YTD)

- Non-premium accounted for 96% of growth - Premium stable - 872,515 DTT subscribers at 30 Sep

PVR base increased 15% YoY to 1.2m

Operations Regulatory pressures intensifying

Increased competition

Clean-up of base resulted in disconnection of 159k non-revenue generating subscribers (Easy Access)

Continue to invest in online products, new launches soon

Mweb consumer ISP retained (Mweb Business sold)

Financials Margin pressure due to:

- weaker ZAR resulting in higher content costs - continued investment in local content - ongoing DTT costs

3,214 3,698 4,168 4,699 5,174*

1,234 1,499

1,837 2,560

3,227

–

2,000

4,000

6,000

8,000

10,000

Sep 10 Sep 11 Sep 12 Sep 13 Sep 14

South Africa Sub-Saharan Africa

16% CAGR

17%

22

,25

9

25

,25

9

30

,25

7

36

,27

1

17

,07

7

20

,18

6

5,9

27

6,3

79

7,5

59

8,5

20

4,4

77

4,9

69


Revenue Trading profit

27%

25% 25%

23%

26%

25%

Margin

Pay-TV financials (ZARm)

35

*Excludes disconnected Easy Access subscribers

Digital Terrestrial Television (DTT)

23 151

377

541

817 873

-

300

600

900

Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14

DTT Subscribers (‘000)

Jun 15

11 Countries

142 Sites

Operations - DTT network now largely in place - Subscriber growth momentum affected by:

• Regulatory delays/challenges • Delayed analogue switch-off dates

- Focusing on differentiated content offering

36

Expected Analogue Switch Offs

Initial Revised Expected

Kenya Dec 2013 Sept 2014 Dec 2014

Nigeria Jun 2014 Dec 2014 Apr 2015



37

Outlook: further growth and scaling of operations

38

Ecommerce

• Scale up in focus segments (etail, payments) in geographies with high mobile growth

• Solidify strong classifieds position

• Deliver profitability from marketplaces and OCS

• Seed online services further (India and Latam)

• Revenue growth momentum to be maintained

• Seasonal business cycle likely to result in sequential development spend increasing somewhat.

• Accelerated investment in online services

• Build-out of DTT subscriber base

• Deliver efficiency gains in mature businesses

Financials

Pay-TV



39

Consolidated income statement – US$

1H FY15 ZAR/US$10.73 (9.86)

Sep 13 ZARm

Sep 14 ZARm

Sep 13 US$m

Sep 14 US$m

Revenue 28,755 34,363 2,917 3,201

Operating profit 1,621 2,253 164 210

Finance costs (915) (1,208) (93) (113)

Share of equity accounted results 5,139 9,932 522 926

Acquisitions and disposals 614 118 62 11

Dilution profits (836) (71) (85) (7)

Impairment of equity accounted investments (753) - (76) -

Profit before taxation 4,870 11,024 494 944

Taxation (1,447) (1,755) (147) (163)

Net profit 3,423 9,269 347 864

Attributable to:

Naspers 3,112 8,937 316 833

Minorities 311 332 31 31

40

Core headline earnings

Sep 13 ZARm

Sep 14 ZARm

Headline earnings 3,641 4,484

Equity-settled share scheme charges 429 587

Deferred tax adjustments (49) -

Amortisation of intangible assets 690 741

Business combination gains/(losses) 12 21

Retention option expense 72 109

Fair value adjustments & currency translations 125 135

Core headline earnings 4,920 6,077

41

Impact of currency movements

ZAR weakness positively impacted translation of offshore earnings

Revenue growth YoY * Trading profit growth YoY * Core earnings growth YoY

Average Closing rate

Currency (ZAR = 1FC) Sep 13 Sep 14 % change Mar 15E Sep 13 Sep 14 % change

US dollar 9.86 10.73 -9 10.87 10.11 11.31 -12

Euro 13.00 14.36 -10 14.82 13.66 14.27 -5

Chinese Yuan/Renminbi 1.61 1.73 -8 1.73 1.65 1.84 -12

Brazilian Real 4.45 4.72 -6 4.57 4.49 4.61 -3

Polish Zloty 3.06 3.44 -12 3.49 3.23 3.41 -6

Russian Ruble 0.304 0.297 2 0.30 0.31 0.29 6

61,982 58,984

-

35,000

70,000

Reported Constant Currency

+30% +24%

11,356 10,785

-

4,000

8,000

12,000


+34% +27%

6,077 5,916

-

3,000

6,000


+24% +20%

42

FX exposure: hedging to manage risk

Annualised net foreign input costs Pay-TV: US$342m and EUR4m (programming rights and leases)

Print: EUR31m and US$3m (paper and ink)

Hedging strategy Pay-TV: long-term commitments, cover up to 100% of rolling 12 -24 month net inputs

Print: short-term commitments, cover maximum 12 months rolling input costs

Bond/RCF: hedge interest expense to a maximum of 24 months

FEC’s Almost all FEC’s qualify for hedge accounting

US$ FX Cover US$m US$ rate

FY15 212 10.99

FY16 285 11.34

EUR FX Cover EURm EUR rate

FY15 35 14.82

FY16 1 14.84

43

Components of revenue growth

2,998 11,185

193

47,606

Sep 13 Exchange rate impact Organic growth Acquisitive growth Sep 14

61,982

Incremental revenue YoY* (ZARm)


24% growth from existing operations - Tencent (+38%) and Mail.ru (+21%) in local

currency - Ecommerce +27% YoY - Pay-TV revenues +15% YoY

Organic growth 6% revenue uplift from weaker ZAR Devalued 8% vs. Rmb and 9% vs. US$

Exchange rate Driven mainly by increased stake in Flipkart

Acquisitive growth

30%

44

21,425 25,802

34,172

47,606

61,982

631 1,126 1,591 3,077 4,374


Revenue Development spend

Development spend* breakdown

Revenue* and Development spend (ZARm)

1H FY15 split by business segment As % of revenue*

Sep 13 ZARm

Sep 14 ZARm

% Change

Ecommerce 2,425 3,579 48%

Pay-TV 570 642 13%

Print 82 153 87%

Total 3,077 4,374 42%

3,579

642 153

Ecommerce (82%)

Pay-TV (15%)

Print (3%) 2.9%

4.4% 4.7%

6.5% 7.1%

0%

2%

4%

6%

8%


30%

42%


45

Ecommerce: development spend*

1H FY15 development spend by type

2,079 950

242

308 Classifieds (58%)

Etail (26%)

Payments (7%)

Other (9%)

2,955 4,409

8,502

12,141

616 1,042 2,425

3,579

Sep 11 Sep 12 Sep 13 Sep 14

Revenue Development spend

Revenue* and development spend (ZARm)

655

334 150 16

2,425

Sep 13 Classifieds Etail Payments Other Sep 14

Incremental development spend YoY (ZARm)

3,579

43%

48%


46

Trading profit trimmed by organic expansion


1H FY15 split by business segment*

6,477

4,969

Internet (57%) Pay TV (43%) Print (0%)

11,356

2,598 (34) 492 (206)

8,506

Sep 13 Internet Pay-TV Print Corp Sep 14

Incremental trading profit by segment* (ZARm)

67% 11% 34% -96% -53%

Trading profit* (ZARm)

10,546

11,762

14,326

15,613

8,506

11,356

Mar 11Mar 12Mar 13Mar 14 Sep 13 Sep 14

Internet R9bn contribution by Tencent and Mail.ru Reduced by Ecommerce loss of ZAR2.4bn Increased profitability from:

- Allegro marketplace - OCS businesses

Pay-TV DTT roll-out continuing Accelerated investment in local content Positive contribution from Irdeto

Print Affected by declining advertising revenues and investment in new revenue streams

47

Contribution by associates and joint ventures

6,437

(66) 9,932 (3,495) 9,998

Company results PPA adjustments IFRS results Other adjustments Core HEPS Contribution

Company PPA IFRS Other Core HEPS

ZARm results adjustments results adjustments* contribution

Tencent 5,923 - 5,923 274 6,197

Mail.ru 4,401 (41) 4,360 (3,832) 528

Other (326) (25) (351) 63 (288)

TOTAL 9,998 (66) 9,932 (3,495) 6,437

* Headline and core earnings adjustments similar to Naspers methodology

Associates and joint ventures contribution to Core HEPS (ZARm)

48

Net finance costs

US$700m 7-year bond issued July 2010: - 6.375% coupon US$1bn 7-year bond issued July 2013: - 6% coupon

5-year US$2.25bn RCF extended to Oct 2018: - US$1,142m drawn at Sep 2014 - US$800m fixed at 4.3% all-in until March 2016 - Floating interest of 1.75% + 1 month LIBOR

Debt

Increased 55% YoY from ZAR507m to ZAR787m

Net interest paid on loans

SSA: 15-yr lease effective Dec 2009 - Cost ~US$40m p.a.

SA: 15-yr agreement effective Sep 2012 - Cost ~US$42m p.a.

New Transponder: 15-yr agreement effective Jan 2017 - Cost ~US$55m p.a

Transponders

Sep 13 ZARm

Sep 14 ZARm

Interest (paid) (1,055) (1,332)

Loans and overdrafts (749) (963)

Transponder leases (173) (182)

Other (133) (187)

Interest received 257 206

Loans and call accounts 242 176

Other 15 30

Other finance costs, net (117) (82)

FX translation adjustments (165) (111)

BEE preference dividends 48 29

Total finance costs (915) (1,208)

49

Taxation analysis

Sep 13 ZARm

Sep 14 ZARm

Profit before tax 4,870 11,024

Add back:

Development spend* 2,898 4,025

Equity results (including impairments) (4,386) (9,932)

Other gains and losses 958 124

Acquisition gains 222 (47)

FX gains and losses 165 111

BEE preference dividends (48) (29)

Adjusted profit before tax 4,679 5,276

Tax charge (1,447) (1,755)

Effective rate 31% 33%

50

* No deferred tax assets currently being raised on assessed losses

Capital expenditure

1H FY15 split by business Sep 13 ZARm

Sep 14 ZARm

Land, buildings & plant 264 257

Transmission equipment 1,217 548

Computer, software & network equipment 429 445

Other (including vehicles, furniture) 68 206

Capital expenditure 1,978 1,456

Capex/Revenue 7% 4%

278

1,008

170

Ecommerce (19%) Pay TV (69%) Print (12%)

51

Current assets and liabilities

Current assets Sep 13 ZARm

Sep 14 ZARm

Inventory 2,486 4,204

Programme and film rights 3,147 3,955

Trade receivables 5,007 4,983

Other receivables 3,530 10,518

Derivative financial assets 501 219

Cash and deposits 16,262 12,061

Assets held for sale 32 584

Total 30,965 36,524

Current liabilities Sep 13 ZARm

Sep 14 ZARm

Current portion of long-term debt 2,192 2,826

Provisions 228 283

Trade payable 5,669 6,448

Accrued expenses and other 11,318 19,587

Tax payable 699 659

Derivative financial liabilities 875 842

Bank overdraft and call loans 1,577 1,306

Liabilities held for cash - 9

Total 22,558 31,960

52

M&A activity

Total acquisition spend (US$m)

754

260

634

465

-

200

400

600

800

Mar 11 Mar 12 Mar 13 Mar 14 Sep 14

Other

369

53

Pay-TV operational metrics

Capital expenditure (ZARm)

Programming cost (ZARm) Free cash flow (ZARm)

Net additions (‘000)

Digital subscriber mix

1H FY15 revenue split

684

394

734

521

800

342

Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14

1,1

59

1,1

87

2,0

30

3,7

20

1,6

87

1,0

08


40%

CAGR 48%

36% 41%

33% 32%

31% 27%

Sep 13 Sep 14

Premium Compact Lower-end

5,4

97

6,0

37

6,9

35

8,2

13

3,9

43

4,6

82


19%

3,2

39

4,1

23

4,4

86

3,0

10

2,0

22

1,7

71


12%

CAGR 14%

54

Subscription (81%)

Advertising (7%)

Hardware sales (5%)

Online/Broadband (4%)

Other (3%)

Print media:

Capex trend

ZARm* Sep 13 Sep 14 % Change

Revenue 3,951 3,965 -

Trading profit 242 92 -62%

Trading margin 6% 2%

*Data for 1H FY15 reflect Media24’s stand-alone results available on www.media24.com

Advertising (30%) Printing (31%)

Circulation (20%) Books (6%)

Other (9%) Distribution (4%)

Revenue mix 1H FY15

348 360

302

428

223

155


Operations Tough trading conditions persist

Retained market leadership in newspapers and magazines – continued focus on efficiencies

Paarl Media built out capacity and expanded into new market segments

24.com strengthened its position as leading digital publisher in Africa

Spree enjoys leading position in online fashion and launched new categories

Financials Margins contracted due to: - lower print media revenues - accelerated investment in digital initiatives - expansion into new areas to diversify revenues Printing revenue +10%, driven by new acquisitions

Book publishing -30% YoY, due to lower schoolbook orders than budgeted

Advertising revenue -8% YoY

55

*Organogram depicts major brands

56

Glossary of terms

B2C: Business to Consumer

C2C: Consumer to Consumer

DTH: Direct-to-Home Television

DTT: Digital Terrestrial Television

EPS: Earnings per Share

FCF: Free Cash Flow

FEC: Forward Exchange Contract

GMV: Gross Merchandise Value

HEPS: Headline Earnings per Share

HD: High Definition

IM: Instant Messaging

ISP: Internet Service Provider

IVAS: Internet Value-Added Services

JV: Joint Venture

M&A: Mergers and Acquisitions

MMO: Massively Multiplayer Online

NNL: Net New Listings

O2O: Online to Offline

OCS: Online Comparison Shopping

PV: Page Views

PVR: Personal Video Recorder

ROI: Return on Investment

SSA: Sub-Saharan Africa

VOD: Video-On-Demand

57

Investor Relations

Meloy Horn

Office: +27 11 289 3320

Mobile: +27 82 7727 123

E-mail: [email protected]

Website: www.naspers.com

58 58

http://: [email protected]

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