Slide 1: Financial Results
Financial Results For the financial year ended 31 March 2022 1
Slide 2: Important information
Important information This report contains forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995 concerning our financial condition, results of operations and businesses. These forward-looking statements are subject to a number of risks and uncer
Slide 3: Prosus will begin an open-ended, multi-year share repurchase program
Prosus will begin an open-ended, multi-year share repurchase program We will commence a large and open-ended, multi-year share repurchase program of Naspers and Prosus, in line with the economic ownership of the group, funded by selling small amounts of Tencent over time in an orderly way Enhances N
Slide 4: Enhances NAV per share
Enhances NAV per share NAV per share enhancement at various level of buyback at Prosus Illustrative NAV per share (€) from the program at current prices & discount1 Illustrative $10bn repurchase at Prosus Selldown/ Pro Today Forma Buyback +38% NAV2 ($bn) $169 ($10) $159 +20% Shares3 (m) 1,420 (191)
Slide 5: Value Created Across Entire Portfolio
Value Created Across Entire Portfolio Tencent per share enhancement at various sizes of buyback Discount reduction unlocks significant value Illustrative NAVps exposure at Prosus to Tencent at current prices and discount Illustrative Total value unlocked across complex1,2 Every 10ppt +29% discount r
Slide 6: Agenda
1. Overview & Strategic Priorities 2. Finance Review Agenda 3. Outlook
Slide 7: Overview & Strategic Priorities
Overview & Strategic Priorities Bob van Dijk 7
Slide 8: Strong and consistent performance in a volatile environment
Strong and consistent performance in a volatile environment 1 Strong operational execution across each segment KPI’s increased across all segments 2 Robust revenue growth with profitability at the core of each business +50% ecommerce revenue growth and increase in trading profit in each segment from
Slide 9: Consistent focus on executing our long-term strategy
Consistent focus on executing our long-term strategy Building global technology leaders, addressing big societal needs in high growth markets Controlled businesses Investments Consistently compounding value over time $169bn total NAV1, €112 NAV per share With a transparent, predictable, and repeatab
Slide 10: Our strategy is to grow NAV and NAV per share over the long-term
Our strategy is to grow NAV and NAV per share over the long-term Despite the current volatile macro environment, longer-term trend is growth We have permanently increased NAV per share Net Asset Value (NAV) of Ecommerce2 ($bn) NAV per share increased (%) since listing Prosus 49 +20% Target IRR 39 22
Slide 11: 51% ecommerce revenue growth driven by growth in each segment
51% ecommerce revenue growth driven by growth in each segment Ecommerce revenue ($m)1 Segmental revenue1 ($m, % YoY growth excluding fx and M&A) FY21 FY22 93% 77% 9,825 51% 2,975 2,992 YoY Growth 3% 2,259 6,230 2,250 1,599 1,486 45% 55% 796 577 425 115 Classifieds Food Delivery Payments & Edtech Eta
Slide 12: Classifieds' core demonstrated healthy growth as OLX Autos scales
Classifieds’ core demonstrated healthy growth as OLX Autos scales Strong revenue growth Strong execution in Classifieds OLX Autos scaled its business operations Classifieds Revenue ($bn)1 Number of cars transacted (k) 2 975 38% 631 Revenue growth 93% YoY Growth 79% 3.9x YoY Growth 725 $189m 1 599 Tr
Slide 13: Our Food businesses leverage scaled platforms to unlock opportunities
Our Food businesses leverage scaled platforms to unlock opportunities Strong execution at the core across our Evolution of the model Quick commerce scales Food delivery businesses… iFood Orders (m) iFood number of dark stores 63% 3P 1P Groceries Other Revenue growth1 758 50% / 56% Order & GMV growth
Slide 14: Payments & Fintech is scaling credit in India off a strong core PSP base
Payments & Fintech is scaling credit in India off a strong core PSP base Strong growth from the Payments business… …provides a springboard to credit and digital banking GPO India TPV ($bn) 3.1m Customers US$28m Core PSP 45k Active merchant platforms Trading profit1 <3% delinquency rate maintained 78
Slide 15: Edtech aligned with secular growth in K-12 & workforce education
Edtech aligned with secular growth in K-12 & workforce education US$3.8bn+ invested in a portfolio of 12 companies1 across the globe K12 Workforce/Higher education education 55% Revenue growth YoY2 1 Skillsoft completed its acquisition of Codecademy in April 2022. 2 Year-on-year revenue growth in lo
Slide 16: Sustainability underpins our strategy and operations
Sustainability underpins our strategy and operations Sustainability is integral to our strategy We seek to improve everyday life for billions of people A (2020) to AA (2021)1 OLX published impact report on the environmental benefit of enabling second hand trade F (2020) to B (2021)1 Prosus included
Slide 17: Financial review
Financial review Basil Sgourdos 17
Slide 18: Second half investment pivoted to internal assets and our stock
Second half investment pivoted to internal assets and our stock FY22 Invested mainly externally on M&A… … then pivoted to invest more via our income statement… 1H 2H $5.2bn1 20% $1bn 33% External investment External investment $8.2bn $4.9bn 9% 64% 3% $228m2 71% $421m2 Organic Investment Organic Inve
Slide 19: Financial Highlights for the Group
Financial Highlights for the Group Maintained strong revenue growth with improved profitability at the core, while we invest for growth Revenue1 ($bn) Trading profit1 ($bn) 1 Ecommerce portfolio grew revenue 51% 24% (24%) -10% (-6%) 2 Core businesses improved profitability in each segment 35.6 5.6 5
Slide 20: Segments core profitability enables investment in growth extensions
Segments core profitability enables investment in growth extensions Mature businesses continue to drive profitability … while we invest to build further value Classifieds Core Classifieds Autos Transactions Brazilian Restaurant Food Delivery Business Groceries & Fintech Payments & PSP Business Credi
Slide 21: Consolidated ecommerce investment manageable relative to opportunity
Consolidated ecommerce investment manageable relative to opportunity Total ecommerce economic interest Organic investment through P&L Associate losses do not impact cash Economic Interest Basis1 Majority Owned Consolidated2 Businesses Minority Owned Investee Companies FY21 FY22 FY21 FY22 FY21 FY22 (
Slide 22: Strong momentum in core classifieds as OLX Autos scales
Strong momentum in core classifieds as OLX Autos scales Total Segment Economic Interest1 Consolidated businesses2 ($m) FY21 FY22 Core Classifieds Business Profitable3 Investing in Autos4 86% (93%) 35% (40%) 158% (173%) 2,975 Revenue ($m) 1,149 1,619 818 841 571 663 396 627 64 209 FY17 FY18 FY19 FY20
Slide 23: Food Delivery has a clear path to profitability and expanded TAM
Food Delivery has a clear path to profitability and expanded TAM Total Segment Economic Interest1 Consolidated business - iFood Brazil ($m) FY21 FY22 Core Restaurant Business Profitable2 Investing in new initiatives3 101% (77%) 33% (28%) 200% (150%) Revenue ($m) 967 728 24 2,992 308 8 53 115 158 FY2
Slide 24: Payments & Fintech maintained core growth and accelerated credit business
Payments & Fintech maintained core growth and accelerated credit business Total Segment Economic Interest1 Consolidated business2 ($m) FY21 FY22 Core Payments Business profitable Scaling Credit & Digital Banking3 38% (45%) 29% (37%) 169% (169%) Revenue ($m) 643 499 373 43 256 304 10 13 16 796 FY18 F
Slide 25: Robust growth and continued investment to accelerate Edtech portfolio
Robust growth and continued investment to accelerate Edtech portfolio Total Segment1 – Stack Overflow, Skillsoft and GoodHabitz acquired in FY22 Consolidated2 business acquired in FY22 Revenue1 ($m) Trading loss1 ($m) 270% (55%) M&A impact³ 425 Existing portfolio StackOverflow was profitable in 2020
Slide 26: Core HE impacted by reduced Tencent stake and increased investment
Core HE impacted by reduced Tencent stake and increased investment Core headline earnings reduced following lower contributions from Tencent and increased investment in ecommerce Incremental Core HE, YoY ($m) (371) (329) ( 384 ) ( 166 ) 119 4,859 4,488 3,728 3,609 FY21 Reduced Tencent stake Increase
Slide 27: FCF reflects investment in operations, working capital and capex
FCF reflects investment in operations, working capital and capex Working capital requirements have increased as we invest in OLX Autos and scale up our Indian credit business Incremental FCF, YoY ($m)1 126 (198) Working capital increase primarily reflects growth in OLX Auto’s and the credit business
Slide 28: Strong balance sheet with healthy liquidity buffer to support IG rating
Strong balance sheet with healthy liquidity buffer to support IG rating We will manage our balance sheet to Investment Grade rating Unlocked liquidity Net debt1 $2.1bn at 31 March 2022 Investment Grade BBB (S&P) / Baa3 (Moody’s) 9.3% LTV 13.6 Based on gross debt2 15.7 Sold our non-strategic 4% stake
Slide 29: Outlook
Drosus Outlook Bob van Dijk
Slide 30: Key Priorities for the group to create value for shareholders
Key Priorities for the group to create value for shareholders 1 We are committed to reducing the discount to NAV while continuing to build NAV and NAV per share 2 With strong discipline, we will continue to invest across our portfolio to build bigger and more valuable businesses 3 We will reduce our
Slide 31: Appendix
Drosus Appendix
Slide 32: FY22 Naspers Summary Financials
FY22 Naspers Summary Financials Summary financials Revenue ($bn)1 Trading profit ($bn)1 Strong performance from Prosus – continued revenue growth 1 while investing to build out ecosystems 24% (24%) -10% (-6%) 36.7 5.6 5.0 29.6 2 Takealot growing strongly and break even FY21 FY22 FY21 FY22 3 Media24
Slide 33: Group portfolio
Group portfolio Local SA assets 42% economic interest based on the cross-holding agreement between Naspers and Prosus 100% 100% Ecommerce Social & internet platforms Payments & 29% Classifieds Food Delivery Etail Edtech Ventures Fintech 99%1 100% 94% 80% 12% 23% 99% 100% 63%2 43% 38% 14% 40% 74% 27%
Slide 34: Significant liquid asset base
Significant liquid asset base Listed Assets Totalling $141bn1 at 31 March 2022 Prosus’s stake of market cap1 x% - ownership 29% 4% 27% 5% 23% 38% $132.3bn $3.9bn $3.0bn $0.8bn $0.4bn $0.3bn Subsequently disposed2 12% 2% 15% 0.1% 0.1% $0.2bn $0.1bn $0.1bn $0.01bn $0.01bn 1 Market data as of 31 March
Slide 35: Glossary and financial definitions
Glossary and financial definitions 1P / 3P: First party / Third Party Consolidated Earnings: Results of subsidiaries only, companies which the group controls CAGR: Cumulative Annualised Growth Rate Economic Interest: A non-IFRS measure representing the consolidated earnings plus the group’s proporti