Naspers Limited: Change in Presentation Currency

CAPE TOWN, South Africa--(BUSINESS WIRE)-- Naspers Limited (JSE: NPN, LSE: NPSN): today announced that it will change the presentation currency in its consolidated financial statements from the South African rand (ZAR) to the United States dollar (USD) with effect from the financial year ended on 31 March 2016.

Over the past 100 years, the group has evolved from a single-country newspaper business and early investor in pay television to a video-entertainment leader and global internet and ecommerce group with operations in over 130 countries. Today, more than 70% of revenue measured on an economic interest basis (which includes the group’s proportionate share of the revenue of associates and joint ventures) is sourced from outside South Africa.

Coupled with the evolution of the business, the group’s shareholder base is now largely comprised of foreign investors to whom financial reporting in ZAR is of limited relevance. Internally, the board also bases its performance evaluation and many investment decisions on USD financial information.

The board therefore believes that USD financial reporting provides more relevant presentation of the group’s financial position, funding and treasury functions, financial performance and its cash flows.

It should be noted that the functional currencies of the group’s underlying businesses – functional currencies referring to the currencies of the primary economic environments in which underlying businesses operate – remain unchanged and that foreign exchange exposures will therefore be unaffected by the change, albeit that the effects of such exposures will be presented in USD.

Dividends will continue to be declared in ZAR, with the relevant exchange rate announced at the time of the dividend payment.

To assist investors in understanding the change, the group has provided summarised, restated USD financial information for the financial years ended 31 March 2015 and 2014 as well as for the six-month interim periods ended 30 September 2015 and 2014. An analyst presentation with restated information is also available on the group’s website www.naspers.com. The summarised, restated information presented, has been prepared in terms of International Financial Reporting Standards (IFRS) and will form the basis of the comparative financial information expected to be included in the consolidated annual financial statements of the group, presented in USD, for the year ended 31 March 2016.

A change in presentation currency represents a change in an accounting policy in terms of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requiring the restatement of comparative information. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the following methodology was followed in restating historical financial information from ZAR into USD:

• Non-USD assets and liabilities were translated at the relevant closing exchange rate at the end of the reporting period. Non-USD items of income and expenditure and cash flows were translated at actual transaction date exchange rates;
• The foreign currency translation reserve was reset to nil as at 1 April 2006, the date on which the group adopted IFRS, in line with IFRS 1 First-time adoption of International Financial Reporting Standards. Share capital and premium and other reserves, as appropriate, were translated at the historic rates prevailing at the dates of underlying transactions; and
• The effects of translating the group’s financial results and financial position into USD were recognised in the foreign currency translation reserve.

Although actual transaction date exchange rates were used to translate previously reported ZAR earnings and cash flows into USD, the group has provided the average exchange rates of its major trading currencies relative to USD as an approximation for these rates for reference in the table below. The closing exchange rates of the group’s major trading currencies relative to USD, used when translating the statements of financial position presented in this release into USD, are also detailed in the table below.

		31 March 2015				31 March 2014
		Average rate		Closing rate		Average rate		Closing rate
South African rand		0.0899		0.0824		0.0982		0.0950
Euro		1.2470		1.0743		1.3426		1.3774
Chinese yuan renminbi		0.1614		0.1613		0.1633		0.1609
Brazilian real		0.3997		0.3143		0.4412		0.4433
Polish zloty		0.2984		0.2635		0.3183		0.3304
Russian rouble		0.0215		0.0172		0.0301		0.0284

		30 September 2015				30 September 2014
		Average rate		Closing rate		Average rate		Closing rate
South African rand		0.0789		0.0722		0.0932		0.0884
Euro		1.1121		1.1177		1.3377		1.2624
Chinese yuan renminbi		0.1598		0.1573		0.1614		0.1629
Brazilian real		0.2958		0.2532		0.4400		0.4079
Polish zloty		0.2672		0.2632		0.3201		0.3018
Russian rouble		0.0171		0.0153		0.0277		0.0253

In the interim report for the six months ended 30 September 2015, the group presented pro forma financial information in which the effects of foreign currency and acquisitions and disposals on the group’s results were illustrated. The previously reported pro forma financial information was presented based on ZAR financial results reported for the period ended 30 September 2015. The group has presented equivalent pro forma financial information in note 9 of this release, appropriately adjusted to reflect the effects of foreign currency and acquisitions and disposal on its USD results for the respective periods ended 31 March 2015 and 30 September 2015. The group plans to present similar pro forma financial information regarding its results for the year ended 31 March 2016.

IMPORTANT INFORMATION

This media release 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 judgements 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 numerous 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.

About Naspers

Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media.

Naspers companies connect people to each other and the wider world, help people live their daily lives, and entertain audiences with the best of local and global content. Every day, hundreds of millions of people use the products and services of companies that Naspers has invested in, acquired and built including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru (LSE: MAIL), Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, and Tencent (SEHK: 00700).

Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, visit www.naspers.com.

Summarised consolidated income statement
				Year ended				Six months ended
				31 March				30 September
				2015		2014		2015		2014
				Restated		Restated		Restated		Restated
		Note		USD'm		USD'm		USD'm		USD'm
Revenue				6 569		6 154		2 983		3 200
Cost of providing services and sale of goods				(3 824)		(3 475)		(1 644)		(1 743)
Selling, general and administration expenses				(2 525)		(2 341)		(1 133)		(1 234)
Other gains/(losses) – net				( 59)		( 129)		( 139)		( 11)
Operating profit				161		209		67		212
Interest received		2		45		59		21		19
Interest paid		2		( 247)		( 240)		( 137)		( 124)
Other finance income/(costs) – net		2		( 49)		( 25)		( 40)		( 7)
Share of equity-accounted results		3		1 475		1 058		635		910
- excluding net gain resulting from remeasurements*				977		773		517		488
- net gain resulting from remeasurements*				498		285		118		422
Impairment of equity-accounted investments				( 39)		( 117)		( 1)		-
Dilution gains/(losses) on equity-accounted investments				113		( 86)		129		( 7)
Gains on acquisitions and disposals				139		75		108		11
				-		-
Profit before taxation		4		1 598		933		782		1 014
Taxation				( 338)		( 285)		( 146)		( 164)
Profit for the period				1 260		648		636		850
Attributable to:
Equity holders of the group				1 257		571		610		819
Non-controlling interest				3		77		26		31
				1 260		648		636		850
Core headline earnings for the period (USD’m)		1		1 030		853		696		571
Core headline earnings per N ordinary share (cents)				255		216		169		144
Fully diluted core headline earnings per N ordinary share (cents)				249		210		166		140
Headline earnings for the period (USD’m)		1		674		594		468		423
Headline earnings per N ordinary share (cents)				167		150		114		106
Fully diluted headline earnings per N ordinary share (cents)				161		146		111		103
Earnings per N ordinary share (cents)				311		145		148		206
Fully diluted earnings per N ordinary share (cents)				305		141		145		200
Net number of shares issued (’000)
- At period end				411 998		397 625		412 555		409 527
- Weighted average for the period				403 576		395 078		411 998		397 625
- Fully diluted weighted average				405 171		405 469		413 746		409 078
* Remeasurements refer to business combination-related gains and losses and disposals of investments.

Summarised consolidated statement of comprehensive income
		Year ended				Six months ended
		31 March				30 September
		2015		2014		2015		2014
		Restated		Restated		Restated		Restated
		USD'm		USD'm		USD'm		USD'm
Profit for the period		1 260		648		636		850
Total other comprehensive income, netof tax, for the period		(1 164)		( 117)		( 226)		( 281)
Translation of foreign operations		(1 290)		( 295)		( 497)		( 387)
Net fair-value (losses)/gains		( 2)		-		1		-
Cash flow hedges		34		( 14)		44		12
Share of other comprehensive income andreserves of equity-accounted investments
		101		187		230		96
Tax on other comprehensive income		( 7)		5		( 4)		( 2)
Total comprehensive income for theperiod		96		531		410		569
Attributable to:
Equity holders of the group		123		482		424		560
Non-controlling interest		( 27)		49		( 14)		9
		96		531		410		569
The following amounts of other comprehensive income that have been included in the line itemspresented above, will not be reclassified to profit or loss in subsequent reporting periods:
		Year ended				Six months ended
		31 March				30 September
		2015		2014		2015		2014
		Restated		Restated		Restated		Restated
		USD'm		USD'm		USD'm		USD'm
Share of other comprehensive income andreserves of equity-accounted investments		113		58		58		54
Net fair value (losses)/gains		( 2)		-		1		-
		111		58		59		54

Summarised consolidated statement ofchanges in equity		Year ended				Six months ended
		31 March				30 September
		2015		2014		2015		2014
		Restated		Restated		Restated		Restated
		USD'm		USD'm		USD'm		USD'm
Balance at the beginning of the period		6 477		6 048		6 903		6 477
Changes in share capital and premium
Movement in treasury shares		94		( 3)		( 57)		160
Share capital and premium issued		310		125		57		21
Changes in reserves
Total comprehensive income for the period		123		482		424		560
Movement in share-based compensation reserve		65		45		29		31
Movement in existing control business combinationreserve		( 86)		( 34)		( 10)		( 20)
Movement in valuation reserve		31		-		-		-
Direct retained earnings movements		( 11)		( 1)		-		-
Dividends paid to Naspers shareholders		( 160)		( 151)		( 139)		( 160)
Changes in non-controlling interest
Total comprehensive income for the period		( 27)		49		( 14)		9
Dividends paid to non-controlling shareholders		( 128)		( 111)		( 110)		( 113)
Movement in non-controlling interest in reserves		215		28		94		36
		-		-
Balance at the end of the period		6 903		6 477		7 177		7 001
Comprising:
Share capital and premium		2 733		2 329		2 733		2 510
Retained earnings		5 277		4 191		5 748		4 850
Share-based compensation reserve		724		566		811		633
Existing control business combination reserve		( 193)		( 127)		( 203)		( 129)
Hedging reserve		( 2)		( 25)		35		( 16)
Valuation reserve		421		404		593		446
Foreign currency translation reserve		(2 312)		(1 056)		(2 765)		(1 420)
Non-controlling interest		255		195		225		127
Total		6 903		6 477		7 177		7 001

Summarised consolidated statement of financial position
						31 March								30 September
						2015				2014				2015				2014
						Restated				Restated				Restated				Restated
		Note				USD'm				USD'm				USD'm				USD'm
Assets
Non-current assets						10 236				9 515				10 458				10 317
Property, plant and equipment						1 425				1 619				1 268				1 528
Goodwill		5				1 891				2 451				1 579				2 293
Other intangible assets						451				541				398				510
Investments in associates		6				6 058				4 535				6 755				5 666
Investments in joint ventures		6				228				164				293				152
Other investments and loans		6				78				113				67				66
Derivative financial instruments						8				-				9				3
Deferred taxation						97				92				89				99
Current assets						2 700				2 698				2 787				3 230
Inventory						262				274				223				372
Programme and film rights						154				188				321				350
Trade receivables						398				460				405				441
Other receivables and loans						438				458				440				929
Derivative financial instruments						37				20				78				19
Cash and cash equivalents						1 226				1 298				1 003				1 067
						2 515				2 698				2 470				3 178
Assets classified as held for sale		8				185				-				317				52
Total assets						12 936				12 213				13 245				13 547
Equity and liabilities
Share capital and reserves						6 648				6 282				6 952				6 874
Share capital and premium						2 733				2 329				2 733				2 510
Other reserves						(1 362)				( 238)				(1 529)				( 486)
Retained earnings						5 277				4 191				5 748				4 850
Non-controlling shareholders’ interest						255				195				225				127
Total equity						6 903				6 477				7 177				7 001
Non-current liabilities						3 852				3 471				3 920				3 718
Capitalised finance leases						617				643				591				621
Liabilities – interest bearing						3 057				2 601				3 190				2 904
– non-interest bearing						25				43				18				40
Post-employment medical liability						17				17				14				16
Derivative financial instruments						12				35				11				28
Deferred taxation						124				132				96				109
Current liabilities						2 181				2 265				2 148				2 828
Current portion of long-term debt						354				250				208				250
Trade payables						448				505				528				570
Accrued expenses and other current liabilities						1 295				1 327				1 243				1 818
Derivative financial instruments						47				80				50				74
Bank overdrafts and call loans						26				103				17				115
						2 170				2 265				2 046				2 827
Liabilities classified as held for sale		8				11				-				102				1
Total equity and liabilities						12 936				12 213				13 245				13 547

Summarised consolidated statement of cash flows
		Year ended				Six months ended
		31 March				30 September
		2015		2014		2015		2014
		Restated		Restated		Restated		Restated
		USD'm		USD'm		USD'm		USD'm
Cash flows from operating activities
Cash generated from operating activities		574		737		269		228
Interest income received		46		71		23		21
Dividends received from investments andequity-accounted companies		100		83		147		99
Interest costs paid		( 227)		( 226)		( 106)		( 107)
Taxation paid		( 334)		( 322)		( 152)		( 187)
Net cash generated from operating activities		159		343		181		54
Cash flows from investing activities
Acquisitions and disposals of tangible and intangible assets		( 292)		( 436)		( 102)		( 134)
Acquisitions and disposals of subsidiaries, associates and joint ventures		( 248)		( 441)		51		( 313)
Cash movement in other investments and loans		( 12)		85		( 20)		28
Net cash utilised in investing activities		( 552)		( 792)		( 71)		( 419)
Cash flows from financing activities
Proceeds from long- and short-term loansraised		805		1 368		1 517		375
Repayments of long- and short-term loans		( 204)		( 987)		(1 499)		( 92)
Inflow/(outflow) from share-basedcompensation transactions		171		151		( 6)		178
Dividends paid by the holding company and itssubsidiaries		( 274)		( 262)		( 249)		( 261)
Other movements resulting from financingactivities		53		( 62)		5		( 31)
Net cash generated from/(utilised in) financingactivities		551		208		( 232)		169
Net movement in cash and cash equivalents		158		( 241)		( 122)		( 196)
Foreign exchange translation adjustments		( 149)		( 105)		( 90)		( 47)
Cash and cash equivalents at the beginning ofthe period		1 195		1 541		1 200		1 195
Cash and cash equivalents classified as held forsale		( 4)		-		( 2)		-
		-		-
Cash and cash equivalents at the end of theperiod		1 200		1 195		986		952

		Revenue										EBITDA1										Trading profit
Segmental review		Year ended 31 March										Year ended 31 March										Year ended 31 March
		2015		2014		%						2015		2014		%						2015		2014		%
		USD'm		USD'm		change						USD'm		USD'm		change						USD'm		USD'm		change
Internet		6 999		5 573		26						1 394		843		65						1 177		658		79
- Tencent		4 297		3 351		28						1 782		1 199		49						1 616		1 059		53
- Mail.ru		210		236		(11)						114		126		( 10)						104		115		( 10)
- Ecommerce		2 492		1 986		25						( 502)		( 482)		(4)						( 543)		( 516)		(5)
Video entertainment		3 830		3 582		7						920		1 023		( 10)						732		841		( 13)
Print media2		762		829		( 8)						52		84		( 38)						22		53		( 58)
Corporate services		5		1		400						( 30)		( 16)		(88)						( 30)		( 16)		(88)
Intersegmental		( 55)		( 66)		17						-		-								-		-
Economic interest		11 541		9 919		16						2 336		1 934		21						1 901		1 536		24
less: Equity-accountedinvestments		(4 972)		(3 765)		(32)						(1 786)		(1 297)		(38)						(1 603)		(1 142)		(40)
Consolidated		6 569		6 154		7						550		637		( 14)						298		394		( 24)
1 EBITDA refers to earnings before interest, taxation, depreciation and amortisation.
2 The results of the group’s associate Abril S.A. ('Abril') have been excluded from the segmental review for all periods presented.

		Revenue										EBITDA1										Trading profit
Segmental review		Six months ended 30 September										Six months ended 30 September										Six months ended 30 September
		2015		2014		%						2015		2014		%						2015		2014		%
		USD'm		USD'm		change						USD'm		USD'm		change						USD'm		USD'm		change
Internet		3 763		3 336		13						916		711		29						805		604		33
- Tencent		2 461		2 082		18						1 150		850		35						1 065		768		39
- Mail.ru		92		122		( 25)						42		67		( 37)						36		61		( 41)
- Ecommerce		1 210		1 132		7						( 276)		( 206)		( 34)						( 296)		( 225)		( 32)
Video entertainment		1 790		1 889		( 5)						492		559		( 12)						399		463		( 14)
Print media2		325		380		( 14)						28		24		17						16		8		100
Corporate services		-		5		( 100)						( 6)		( 8)		25						( 6)		( 9)		33
Intersegmental		( 17)		( 30)		43						-		-								-		-
Economic interest		5 861		5 580		5						1 430		1 286		11						1 214		1 066		14
less: Equity-accountedinvestments		(2 878)		(2 380)		(21)						(1 080)		( 895)		(21)						( 982)		( 803)		( 22)
Consolidated		2 983		3 200		( 7)						350		391		( 10)						232		263		( 12)
1 EBITDA refers to earnings before interest, taxation, depreciation and amortisation.
2 The results of the group’s associate Abril S.A. ('Abril') have been excluded from the segmental review for all periods presented.

Reconciliation of trading profit to operating profit
		Year ended				Six months ended
		31 March				30 September
		2015		2014		2015		2014
		USD'm		USD'm		USD'm		USD'm
Trading profit		298		394		232		263
Finance cost on transponder leases and merchant finance		34		35		16		17
Amortisation of other intangible assets		( 68)		( 70)		( 29)		( 34)
Other gains/(losses) – net		( 59)		( 129)		( 139)		( 11)
Retention option expense		( 14)		( 13)		( 2)		( 12)
Equity-settled share-based payment expenses		( 30)		( 8)		( 11)		( 11)
Operating profit		161		209		67		212
Note: For a reconciliation of operating profit to profit before taxation, refer to the summarised consolidated incomestatement.

1.	Calculation of headline and core headline earnings
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Net profit attributable to equity holders of thegroup		1 257		571		610		819
	Adjusted for:
	- insurance proceeds		( 2)		-		( 1)		-
	- impairment of property, plant and equipmentand other assets		44		10		-		13
	- impairment of goodwill and other intangibleassets		15		144		140		2
	- profit on sale of property, plant and equipmentand intangible assets		-		( 6)		-		-
	- gains on acquisitions and disposals ofinvestments		( 150)		( 5)		( 88)		( 10)
	- remeasurement of previously held interest		( 3)		( 69)		( 24)		( 3)
	- dilution (gains)/losses on equity-accountedinvestments		( 113)		86		( 129)		7
	- remeasurements included in equity-accountedearnings		( 396)		( 240)		( 45)		( 403)
	- impairment of equity-accounted investments		39		117		1		-
			691		608		464		425
	Total tax effects of adjustments		( 9)		( 8)		5		-
	Total adjustment for non-controlling interest		( 8)		( 6)		( 1)		( 2)
	Headline earnings		674		594		468		423
	Adjusted for:
	- equity-settled share-based payment expenses		136		109		88		56
	- reversal/(recognition) of deferred tax assets		20		6		( 1)		-
	- amortisation of other intangible assets		150		136		98		68
	- fair-value adjustments and currency translationdifferences		26		( 4)		36		12
	- retention option expense		12		13		2		10
	- business combination losses/(gains)		12		( 1)		5		2
	Core headline earnings		1 030		853		696		571
	The diluted earnings, headline earnings and core headline earnings per share figures presented on the faceof the income statement include a decrease of USD20m for the year ended 31 March 2015 (2014: USDnil)and a decrease of USD8m for the six months ended 30 September 2015 (2014: USDnil) relating to thefuture dilutive impact of potential ordinary shares issued by equity-accounted investees.

2.	Interest received/(paid)
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Interest received		45		59		21		19
	- loans and bank accounts		39		45		19		16
	- other		6		14		2		3
	Interest paid		( 247)		( 240)		( 137)		( 124)
	- loans and overdrafts		( 182)		( 167)		( 109)		( 91)
	- transponder leases		( 34)		( 35)		( 16)		( 17)
	- other		( 31)		( 38)		( 12)		( 16)
	Other finance income/(cost) – net		( 49)		( 25)		( 40)		( 7)
	- net foreign exchange differences and fair-valueadjustments on derivatives		( 53)		( 33)		( 41)		( 10)
	- preference dividends received		4		8		1		3

3.	Equity-accounted results
	The group’s equity-accounted investments contributed to the financial results as follows:
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Share of equity-accounted results		1 475		1 058		635		910
	- sale of assets		3		( 2)		2		-
	- disposal of investments		( 498)		( 285)		( 118)		( 422)
	- impairment of investments		98		51		76		22
	Contribution to headline earnings		1 078		822		595		510
	- amortisation of other intangible assets		101		88		78		44
	- equity-settled share-based paymentexpenses		106		96		77		43
	- fair-value adjustments and currencytranslation differences		( 10)		( 18)		4		7
	- reversal of deferred tax assets		-		3		-		-
	Contribution to core headline earnings		1 275		991		754		604
	Tencent		1 316		951		854		581
	Mail.ru		90		89		23		48
	Other		( 131)		( 49)		( 123)		( 25)

4.	Profit before taxation
	In addition to the items already detailed, profit before taxation has been determined after taking intoaccount, inter alia, the following:
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Depreciation of property, plant and equipment		198		191		93		102
	Amortisation		88		88		40		44
	- other intangible assets		68		70		29		34
	- software		20		18		11		10
	Other gains/(losses) – net		( 59)		( 129)		( 139)		( 11)
	- profit on sale of property, plant and equipmentand other intangible assets		-		6		-		-
	- impairment of goodwill and other intangibleassets		( 15)		( 144)		( 140)		( 2)
	- impairment of property, plant and equipmentand other assets		( 44)		( 10)		-		( 13)
	- insurance proceeds		2		-		1		-
	- fair-value adjustments on financial instruments		( 2)		19		-		4
	Gains on acquisitions and disposals		139		75		108		11
	- gain on sale of investments		68		5		88		10
	- gains recognised on loss of control transactions		82		-		-		-
	- remeasurement of earn-out obligations		2		5		( 1)		-
	- acquisition-related costs		( 16)		( 4)		( 3)		( 2)
	- remeasurement of previously held interest		3		69		24		3

5.	Goodwill
	Goodwill is subject to an annual impairment assessment. Movements in the group’s goodwill forthe periods presented, are detailed below:
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Goodwill
	- cost		2 792		2 607		2 170		2 792
	- accumulated impairment		( 341)		( 269)		( 279)		( 341)
	Opening balance		2 451		2 338		1 891		2 451
	- foreign currency translation effects		( 441)		10		( 82)		( 181)
	- acquisitions of subsidiaries andbusinesses		105		201		65		40
	- disposals of subsidiaries and businesses		( 84)		( 2)		-		( 16)
	- transferred to assets classified as held forsale		( 138)		-		( 155)		-
	- impairment		( 2)		( 96)		( 140)		( 1)
	Closing balance		1 891		2 451		1 579		2 293
	- cost		2 170		2 792		1 974		2 612
	- accumulated impairment		( 279)		( 341)		( 395)		( 319)

6.	Investments and loans
	The following relates to the group’s investments and loans as at the end of therespective periods presented:
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Investments and loans		6 364		4 812		7 115		5 884
	- listed investments		5 291		4 196		5 915		5 042
	- unlisted investments andloans		1 073		616		1 200		842

7.	Commitments
	Commitments relate to amounts for which the group has contracted, but that have not yet beenrecognised as obligations in the statement of financial position.
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Commitments		2 785		2 128		3 692		2 737
	- capital expenditure		41		70		54		38
	- programme and film rights		1 517		1 681		2 318		1 462
	- network and other service commitments		141		145		234		130
	- transponder leases		909		40		896		924
	- operating lease commitments		124		134		128		128
	- set-top box commitments		53		58		62		55

8.	Disposal groups classified as held for sale
			Year ended				Six months ended
			31 March				30 September
			2015		2014		2015		2014
			USD'm		USD'm		USD'm		USD'm
	Assets		185		-		317		52
	Property, plant and equipment		8		-		23		38
	Goodwill and other intangible assets		156		-		210		-
	Inventory		2		-		44		-
	Trade and other receivables		9		-		24		14
	Deferred taxation		6		-		2		-
	Cash and cash equivalents		4		-		14		-
	Liabilities		11		-		102		1
	Trade payables		2		-		47		-
	Accrued expenses and other current liabilities		6		-		23		1
	Borrowings and other long-term liabilities		-		-		11		-
	Deferred taxation		3		-		10		-
	Bank overdraft		-		-		11		-

9. Pro forma financial information

The group has presented certain revenue and trading profit metrics on a constant currency, organic basis (‘the pro forma financial information’) in the tables below. The pro forma financial information is the responsibility of the board of directors (‘the board’) of Naspers Limited and is presented for illustrative purposes. Information presented on a pro forma basis has been extracted from the group’s management accounts, the quality of which the board is satisfied with.

Shareholders are advised that, due to the nature of the pro forma financial information and the fact that it has been extracted from the group’s management accounts, it may not fairly present the group’s financial position, changes in equity, results of operations or cash flows.

The pro forma financial information has been prepared to illustrate the impact of changes in foreign exchange rates and changes in the composition of the group on its results for the periods ended 31 March 2015 and 30 September 2015, respectively. The following methodology was applied in calculating the pro forma financial information:

1. Foreign exchange/constant currency adjustments have been calculated by adjusting the current period’s results to the prior period’s average foreign exchange rates, determined as the average of the monthly exchange rates for that period. The organic pro forma financial information quoted is calculated as the constant currency results, arrived at using the methodology outlined above, compared to the prior period’s actual IFRS results. The relevant average exchange rates used for the group’s most significant trading currencies are listed in the introductory commentary to this release.

2. Adjustments made for changes in the composition of the group relate to acquisitions and disposals of subsidiaries and equity-accounted investments, as well as to changes in the group’s shareholding in its equity-accounted investments. The following significant changes in the composition of the group during the respective reporting periods have been adjusted for in arriving at the pro forma financial information:

Period ended 31 March 2015

Transaction		Basis of accounting		Reportablesegment		Acquisition/Disposal
Acquisition of the group’s controlling interest inredBus		Subsidiary		Ecommerce		Acquisition
Acquisition of the group’s additional interest inFlipkart Limited		Associate		Ecommerce		Acquisition
Acquisition of the group’s additional interest inSouq Group Limited		Joint venture		Ecommerce		Acquisition
Acquisition of the group’s interest in NeralonaInvestments Limited (eSky.ru)		Associate		Ecommerce		Acquisition
Acquisition of the group’s controlling interest inDubizzle Limited		Subsidiary		Ecommerce		Acquisition
Disposal of Kalahari.com		Subsidiary		Ecommerce		Disposal
Acquisition of the group’s interest in SimilarWebLimited		Associate		Ecommerce		Acquisition
Disposal by Tencent of its ecommerce businessesto JD.com		Associate		Internet		Disposal

The net adjustment made for all acquisitions and disposals that took place during the year ended 31 March 2015 amounted to a negative adjustment of USD288m on revenue and a positive adjustment of USD3m on trading profit.

9. Pro forma financial information (continued)

Period ended 30 September 2015

Transaction		Basis of accounting		Reportablesegment		Acquisition/Disposal
Disposal by Tencent of its ecommerce businessesto JD.com		Associate		Internet		Disposal
Acquisition by Mail.ru of a controlling interest inVK.com		Associate		Internet		Acquisition
Dilutions of the group’s interest in Flipkart andSouq		Associate and jointventurerespectively		Ecommerce		Disposal
Acquisition of the group’s interest in Takealot		Associate		Ecommerce		Acquisition
Disposal of Kalahari.com		Subsidiary		Ecommerce		Disposal
Disposal of Ricardo		Subsidiary		Ecommerce		Disposal
Disposal of 7Pixel S.r.l.		Subsidiary		Ecommerce		Disposal
Acquisition of control over iFood, Apontador,MapLink and other smaller subsidiaries withinthe Movile group		Subsidiary		Ecommerce		Acquisition
Effects of entering into joint classifieds businessactivities in Brazil, Indonesia, Bangladesh,Thailand and the Philippines with Schibsted ASAMedia Group, Telenor Holdings ASA andSingapore Press Holdings Limited		Associates and jointventures		Ecommerce		Acquisitions

The net adjustment made for all acquisitions and disposals that took place during the period ended 30 September 2015 amounted to a negative adjustment of USD209m on revenue and a positive adjustment of USD24m on trading profit.

An assurance report issued in respect of the pro forma financial information, by the group’s external auditor, is available at the registered office of the company.

9. Pro forma financial information (continued)
	The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the constantcurrency, organic financial information are presented in the table below:
			Period ended
			31 March
			2014		2015		2015		2015		2015		2015		2015
			A		B		C		D		E 2		F 3		G 4
			IFRS		Foreigncurrencyadjustment		Groupcompositionadjustment		Organic		IFRS		Organic		IFRS
			USD'm		USD'm		USD'm		USD'm		USD'm		% change		% change
	Revenue 1
	Internet		5 573		( 306)		( 303)		2 035		6 999		37		26
	- Tencent		3 351		( 50)		( 338)		1 334		4 297		40		28
	- Mail.ru		236		( 71)		6		39		210		17		(11)
	- Ecommerce		1 986		( 185)		29		662		2 492		33		25
	Video entertainment		3 582		( 317)		-		565		3 830		16		7
	Print media		829		( 70)		15		( 12)		762		(1)		(8)
	Corporate services		1		-		-		4		5		400		400
	Intersegmental		( 66)		-		-		11		( 55)		17		17
	Economic interest		9 919		( 693)		( 288)		2 603		11 541		26		16
	Trading profit 1
	Internet		658		( 31)		3		547		1 177		83		79
													-		-
	- Tencent		1 059		( 18)		( 7)		582		1 616		55		53
	- Mail.ru		115		( 34)		2		21		104		18		(10)
	- Ecommerce		( 516)		21		8		( 56)		( 543)		(11)		(5)
													-		-
	Video entertainment		841		( 29)		-		( 80)		732		(10)		(13)
	Print media		53		( 2)		-		( 29)		22		(55)		(58)
	Corporate services		( 16)		3		-		( 17)		( 30)		(106)		(88)
	Economic interest		1 536		( 59)		3		421		1 901		27		24
	Notes
	1 All figures are presented on an economic interest basis.
	2 A + B + C + D
	3 D/A x 100
	4 [(E/A) - 1] x 100

9. Pro forma financial information (continued)
	The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the constantcurrency, organic financial information are presented in the table below:
			Period ended
			30 September
			2014		2015		2015		2015		2015		2015		2015
			A		B		C		D		E 2		F 3		G 4
			IFRS		Foreigncurrencyadjustment		Groupcompositionadjustment		Organic		IFRS		Organic		IFRS
			USD'm		USD'm		USD'm		USD'm		USD'm		% change		% change
	Revenue 1
	Internet		3 336		( 304)		( 212)		943		3 763		28		13
	- Tencent		2 082		( 25)		( 222)		626		2 461		30		18
	- Mail.ru		122		( 56)		20		6		92		5		(25)
	- Ecommerce		1 132		( 223)		( 10)		311		1 210		27		7
	Video entertainment		1 889		( 263)		-		164		1 790		9		(5)
	Print media		380		( 58)		3		-		325		-		(14)
	Corporate services		5		-		-		( 5)		-		(100)		(100)
	Intersegmental		( 30)		2		-		11		( 17)		37		43
	Economic interest		5 580		( 623)		( 209)		1 113		5 861		20		5
	Trading profit 1
	Internet		604		( 20)		24		197		805		33		33
	- Tencent		768		( 10)		( 5)		312		1 065		41		39
	- Mail.ru		61		( 22)		9		( 12)		36		(20)		(41)
	- Ecommerce		( 225)		12		20		( 103)		( 296)		(46)		(32)
	Video entertainment		463		( 61)		-		( 3)		399		(1)		(14)
	Print media		8		( 2)		-		10		16		124		100
	Corporate services		( 9)		5		-		( 2)		( 6)		(23)		33
	Economic interest		1 066		( 78)		24		202		1 214		19		14
	Notes
	1 All figures are presented on an economic interest basis.
	2 A + B + C + D
	3 D/A x 100
	4 [(E/A) - 1] x 100

View source version on businesswire.com: http://www.businesswire.com/news/home/20160418006334/en/

Naspers Limited
Meloy Horn, Tel: +27 11 289 3320
+27 11 289 4446
Mobile: +27 82 772 7123
Head of Investor Relations

Source: Naspers Limited