Myriad Intnl Hldgs IRSH Half Yearly Report

  Myriad Intnl Hldgs (IRSH) - Half Yearly Report

RNS Number : 1165S
Myriad International Holdings B.V.
27 November 2012




Naspers Limited

Incorporated in the Republic of South Africa

(Registration number: 1925/001431/06)

("Naspers")

JSE share code: NPN ISIN: ZAE000015889

LSE share code: NPSN ISIN: US 6315121003





Interim Report

The reviewed results of the Naspers group for the six months to 30 September
2012 are as follows:





Commentary

Over the past six months the group continued to expand its businesses with an
increasing focus on ecommerce. This is reflected in consolidated revenues
growing 22% over the period. The internet segment remains our area of fastest
growth, whilst pay television put in a solid performance. Core headline
earnings per share grew 15%, higher than expected, as we benefitted from a
weaker rand and as much of the planned development spend will only occur in
the second half of the year.



Looking ahead we will persist with the strategy to build our pay television
subscriber base and to expand ecommerce businesses across emerging markets.
To date we have invested US$530m in new ecommerce businesses such as
Netretail, Flipkart and eMag.



Given the planned acceleration in development spend, as well as the increased
focus on ecommerce we anticipate that group trading margins will trend down in
the second half. The aim is to increase our absolute profits and returns over
the medium and long term.



FINANCIAL REVIEW

The 22% increase in consolidated revenues to R23bn came mostly from organic
growth in existing businesses, supplemented by a few acquisitions.



As previously indicated, we are developing digital terrestrial television
(DTT) services in markets across Africa, as well as scaling our ecommerce
operations in emerging markets. Development spend over the period accelerated
to R1,6bn (2011: R1,1bn). Consequently, trading profits grew at a slower pace
of 6% and trading margins narrowed to 15%.



Net interest cost increased to R488m (2011: R383m) - largely a function of
increased levels of debt utilised to fund acquisitions.



Our associates, Tencent and Mail.ru, continued to grow strongly. Their
contribution to core headline earnings is R3,2bn. In addition, we recorded a
non-recurring book profit of R1,5bn arising from Mail.ru's partial sale of its
stake in Facebook. This profit is excluded from core headline earnings.



Assets impaired over the period amounted to R343m (2011: R746m).



The net result of the above is that core headline earnings per share grew 15%
to R10,62 per N ordinary share. Free cash flow for the period was R1,7bn and
benefited from delays in our DTT capex spend as we await new licences.
Consolidated balance sheet gearing is a healthy 14%.



SEGMENTAL REVIEW

This segmental review reflects consolidated subsidiaries, plus a proportional
consolidation of associated companies.



Pay television

After recording net growth of 393 000 subscribers during the six-month period,
the pay television base now stands at just over 6 million homes. Revenues were
up 19% to R14,4bn, whilst trading profits grew 18% to R4bn. Trading margins
remained stable. We continue to upgrade our broadcast infrastructure and
expand online services. GOtv, our recently-launched DTT service, is gaining
traction. Competitive pressures and regulatory scrutiny continued to intensify
across the continent.



In South Africa, we added 187 000 subscribers and now reach 4,2 million
households. The Compact bouquet, benefiting from our local content offering,
accounted for 87% of growth. The DStv service was successfully migrated to the
new IntelSat-20 satellite, providing capacity for new subscriber services.
Several new channels aimed at improving the viewer's experience were added to
DStv bouquets. This included 8 additional high definition channels, bringing
the total to 14. We increased sales of the popular personal video recorder
(PVR) by 90 000, with the cumulative base now at 747 000 households. The
BoxOffice service, which allows PVR subscribers to view the latest blockbuster
movies on-demand, reached monthly movie rentals of 400 000. This service was
recently made available online.



In the rest of sub-Saharan Africa our subscribers increased by 206 000 to
reach 1,8 million homes. Growth was spread across all bouquets and platforms.
Profitability was affected by our investment in DTT and the addition of more
local content. Our DTT transmitters now reach six countries and 18 cities. We
expect to continue this rollout in coming months.



Internet

Overall managed internet revenues, which includes our share of associates,
increased 70% to R14,1bn and yielded trading profits of R3,1bn.



Tencent delivered another solid performance, despite a more challenging macro
environment. The core businesses registered healthy growth and progress was
made in advertising and open platform initiatives. Monthly active
instant-messaging accounts increased to 784 million, whilst peak simultaneous
online users increased to 167 million. WeChat is starting to address
international audiences. Given growth opportunities in Chinese ecommerce,
Tencent has started investing in this area.



Mail.ru continues to expand across most of its business units. Diversification
of revenue streams and an increase in paying user engagement are driving
growth. The Mail.ru portal now attracts 32 million unique Russian users and is
also expanding its mobile audience.



Ecommerce

Revenues from our ecommerce segment grew robustly by 61% to R4bn in the
period. This came mainly from existing businesses, augmented by the inclusion
of a few acquisitions such as Netretail. The R1bn development spend, fully
expensed through the income statement, resulted in a trading loss of R767m.
Given our drive to scale these operations and to expand across the ecommerce
value chain, we anticipate a further ramp-up in development spend in the
second half of the year.



Print media

The performance of the print businesses in South Africa and Brazil were
strained by the challenging economic climate and combined delivered pedestrian
revenue growth of 5%, whilst trading profits were broadly flat.



BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The financial results for the six months to 30 September 2012 have been
prepared in terms of the recognition and measurement requirements of
International Financial Reporting Standards (IFRS), the AC 500 series
pronouncements as issued by the Accounting Practices Board, the JSE Listings
Requirements, the requirements of the South African Companies Act No 71 of
2008 and the presentation and disclosure requirements of IAS 34. Except as
noted below, the accounting policies used for the interim results are
consistent with those applied in the previous annual financial statements and
with IFRS. These results have been reviewed by the company's auditor,
PricewaterhouseCoopers Inc., whose unqualified report is available for
inspection at the registered office of the company.



The group adopted the following amendments for the period ended 30 September
2012:



The pay television and technology segments have been combined as these
segments are interdependent in the provision of pay television services. Our
internet segment has previously been disclosed as "Tencent" and "Other
internet". "Other internet" will in future be disclosed as three separate
reporting units, being "Mail.ru", "Ecommerce" and "Other internet". The
group's focus on ecommerce, and the listing of Mail.ru, prompted us to
disclose these units on their own. The definition of trading profit has been
updated to exclude equity-settled share scheme charges. This resulted in the
September 2011 trading profit being restated from R3,1bn to R3,2bn. This is in
line with our core headline earnings definition, where these non-cash expenses
are excluded from the sustainable earnings measurements of the group.
Comparative segmental results have been restated in accordance with IFRS 8
"Operating segments".



Transponder lease commitments disclosed at 31 March 2012 and 30 September 2011
have been restated by R3,3bn (March 2012) and R3,6bn (September 2011) to
exclude assets already capitalised.



Trading profit excludes amortisation of intangible assets (other than
software), equity-settled share scheme charges and other gains or losses, but
includes the finance cost on transponder leases.



Core headline earnings exclude once-off and non-operating items such as
unrealised foreign exchange gains or losses. We believe that it is a useful
measure for our shareholders of the group's sustainable operating performance.
However, this is not a defined term under IFRS and may not be comparable with
similarly titled measures reported by other companies.



The preparation of the financial results was supervised by our financial
director Steve Pacak, CA(SA). These results were made public on 27 November
2012.



SUBSEQUENT EVENTS

During October 2012 the group invested US$120m in total, acquiring a
controlling stake of Dante International S.A. trading as eMag, a leading
online retailer in Romania, and a minority stake of Souq Group Ltd, an online
retailer in the Middle East.



On behalf of the board:



Ton Vosloo Koos Bekker
Chairman   Chief executive



Cape Town

27 November 2012















                                 Revenue
                   Six months ended         Year ended
                     30 September             31 March
                       2012     2011              2012
Segmental          Reviewed Reviewed      %    Audited
review                  R'm      R'm Change        R'm
Pay television       14 426   12 141     19     25 259
Internet             14 108    8 285     70     19 192
- Tencent            8 978    4 874     84     11 455
- Mail.ru              721      456     58      1 094
- Ecommerce          3 991    2 478     61      5 736
- Other internet       418      477   (12)        907
Print                 5 638    5 376      5     12 071
Economic interest    34 172   25 802     32     56 522
Corporate services        -        -                 -
Less: Associates   (11 575)  (7 320)          (17 035)
Consolidated         22 597   18 482     22     39 487





                                 EBITDA
                   Six months ended         Year ended
                     30 September             31 March
                       2012     2011              2012
Segmental          Reviewed Reviewed      %    Audited
review                  R'm      R'm Change        R'm
Pay television        4 617    3 880     19      7 392
Internet              3 621    2 425     49      5 051
- Tencent            3 986    2 445     63      5 487
- Mail.ru              386      227     70        591
- Ecommerce          (686)    (118)   +100      (760)
- Other internet      (65)    (129)     50      (267)
Print                   458      431      6      1 464
Economic interest     8 696    6 736     29     13 907
Corporate services     (77)     (43)              (99)
Less: Associates    (4 411)  (2 811)           (6 667)
Consolidated          4 208    3 882      8      7 141





                             Trading profit
                   Six months ended         Year ended
                     30 September             31 March
                       2012     2011              2012
Segmental          Reviewed Reviewed      %    Audited
review                  R'm      R'm Change        R'm
Pay television        4 020    3 415     18      6 379
Internet              3 089    2 095     47      4 293
- Tencent            3 590    2 255     59      4 988
- Mail.ru              342      199     72        517
- Ecommerce          (767)    (211)   +100      (914)
- Other internet      (76)    (148)     49      (298)
Print                   247      247      -      1 090
Economic interest     7 356    5 757     28     11 762
Corporate services     (77)     (44)             (100)
Less: Associates    (3 911)  (2 545)           (5 993)
Consolidated          3 368    3 168      6      5 669







                                   Six months ended  Year ended
                                     30 September      31 March
Reconciliation of                      2012     2011       2012
trading profit to                  Reviewed Reviewed    Audited
operating profit                        R'm      R'm        R'm
Trading profit                        3 368    3 168      5 669
Finance cost on transponder leases       72       66        132
Amortisation of intangible assets     (482)    (470)      (967)
Other gains/(losses) - net            (378)    (722)    (1 448)
Equity-settled share-based charge      (88)     (89)      (184)
Operating profit                      2 492    1 953      3 202

Note: For a reconciliation of operating profit to profit before taxation,
refer to the "Consolidated income statement".





                                                  Six months ended  Year ended
                                                    30 September      31 March
                                                      2012     2011       2012
Consolidated income                               Reviewed Reviewed    Audited
statement                                              R'm      R'm        R'm
Revenue                                             22 597   18 482     39 487
Cost of providing services and sale of goods      (11 808)  (9 623)   (20 863)
Selling, general and administration expenses       (7 919)  (6 184)   (13 974)
Other gains/(losses) - net                           (378)    (722)    (1 448)
Operating profit                                     2 492    1 953      3 202
Interest received                                      218      200        400
Interest paid                                        (706)    (583)    (1 271)
Other finance income/(costs) - net                       -      235        174
Share of equity-accounted results                    4 064    1 618      3 869
Impairment of equity-accounted investments               -        -       (94)
Dilution losses on equity-accounted investments       (41)     (89)      (606)
Gains/(losses) on acquisitions and disposals            25     (62)      (134)
Profit before taxation                               6 052    3 272      5 540
Taxation                                           (1 394)  (1 008)    (2 059)
Profit for the period                                4 658    2 264      3 481
Attributable to:
Equity holders of the group                          4 150    1 869      2 894
Non-controlling interest                               508      395        587
                                                     4 658    2 264      3 481
Core headline earnings for the period (R'm)          4 086    3 458      6 951
Core headline earnings per N ordinary share          1 062      921      1 850
(cents)
Fully diluted core headline earnings per N           1 024      884      1 789
ordinary share (cents)
Headline earnings for the period (R'm)               3 194    2 597      4 874
Headline earnings per N ordinary share (cents)         830      692      1 297
Fully diluted headline earnings per N ordinary         800      664      1 254
share (cents)
Earnings per N ordinary share (cents)                1 079      498        770
Fully diluted earnings per N ordinary share          1 040      478        745
(cents)
Net number of shares issued ('000)
- At period-end                                    385 414  375 865    384 714
- Weighted average for the period                  384 714  375 440    375 653
- Fully diluted weighted average                   399 131  391 206    388 567





                                                  Six months ended  Year ended
                                                    30 September      31 March
Condensed consolidated                                2012     2011       2012
statement of comprehensive                        Reviewed Reviewed    Audited
income                                                 R'm      R'm        R'm
Profit for the period                                4 658    2 264      3 481
Total other comprehensive income, net of tax, for  (1 817)    3 019      4 315
the period
Translation of foreign operations                    1 090    2 040      2 172
Cash flow hedges                                        37      394        162
Share of associates' other comprehensive income    (2 925)      763      2 109
and reserves
Tax on other comprehensive income                     (19)    (178)      (128)
Total comprehensive income for the period            2 841    5 283      7 796
Attributable to:
Equity holders of the group                          2 324    4 768      7 138
Non-controlling interest                               517      515        658
                                                     2 841    5 283      7 796



                                                 Six months ended   Year ended
                                                   30 September       31 March
Condensed consolidated                                2012     2011       2012
statement of changes                              Reviewed Reviewed    Audited
in equity                                              R'm      R'm        R'm
Balance at beginning of the period                  49 576   42 942     42 942
Changes in share capital and premium
Movement in treasury shares                          (269)    (163)    (1 603)
Share capital and premium issued                       288      224      1 908
Changes in reserves
Total comprehensive income for the period            2 324    4 768      7 138
Movement in share-based compensation reserve           201      203        401
Movement in existing control business                (333)        2         17
combination reserve
Direct retained earnings movements                       -        -          4
Dividends paid to Naspers shareholders             (1 292)  (1 013)    (1 012)
Changes in non-controlling interest
Total comprehensive income for the period              517      515        658
Dividends paid to non-controlling shareholders     (1 102)  (1 281)    (1 362)
Movement in non-controlling interest in                209      328        485
reserves
Balance at end of the period                        50 119   46 525     49 576
Comprising:
Share capital and premium                           14 708   14 445     14 689
Retained earnings                                   25 919   22 035     23 065
Share-based compensation reserve                     3 563    2 631      3 134
Existing control business combination reserve        (291)       26         42
Hedging reserve                                      (319)    (175)      (328)
Valuation reserve                                    2 778    4 893      5 933
Foreign currency translation reserve                 2 076      828        980
Non-controlling interest                             1 685    1 842      2 061
Total                                               50 119   46 525     49 576











                                                     As at          As at
                                                 30 September    31 March
Consolidated                                       2012     2011     2012
statement of financial                         Reviewed Reviewed  Audited
position                                            R'm      R'm      R'm
Assets
Non-current assets                               68 172   59 842   62 037
Property, plant and equipment                    12 574    8 460    8 879
Goodwill                                         19 708   18 606   17 884
Other intangible assets                           4 319    4 108    3 884
Investment in associates                         29 070   25 155   28 095
Other investments and loans                       1 768    2 587    2 564
Derivatives                                          70      298       86
Deferred taxation                                   663      628      645
Current assets                                   22 546   18 638   19 241
Inventory                                         1 592    1 194    1 238
Programme and film rights                         2 830    2 362    1 522
Trade receivables                                 4 373    3 655    3 296
Other receivables and loans                       2 872    2 692    2 639
Derivatives                                         284      111       85
Cash and cash equivalents                        10 565    7 902    9 825
                                                 22 516   17 916   18 605
Assets classified as held-for-sale                   30      722      636
Total assets                                     90 718   78 480   81 278
Equity and liabilities
Share capital and reserves                       48 434   44 683   47 515
Share capital and premium                        14 708   14 445   14 689
Other reserves                                    7 807    8 203    9 761
Retained earnings                                25 919   22 035   23 065
Non-controlling shareholders' interest            1 685    1 842    2 061
Total equity                                     50 119   46 525   49 576
Non-current liabilities                          23 312   17 467   17 845
Capitalised finance leases                        5 355    2 398    2 208
Liabilities - interest bearing                   15 466   12 503   12 996
Liabilities - non-interest bearing                  248      224      348
Post-retirement medical liability                   148      133      139
Derivatives                                         937      956      839
Deferred taxation                                 1 158    1 253    1 315
Current liabilities                              17 287   14 488   13 857
Current portion of long-term debt                 1 786    1 465    1 613
Trade payables                                    4 117    2 964    2 865
Accrued expenses and other current liabilities    9 659    7 979    7 980
Derivatives                                         149      118      206
Bank overdrafts and call loans                    1 576    1 835    1 034
                                                 17 287   14 361   13 698
Liabilities classified as held-for-sale               -      127      159
Total equity and liabilities                     90 718   78 480   81 278
Net asset value per N ordinary share (cents)     12 567   11 888   12 351





                                                  Six months ended  Year ended
                                                    30 September      31 March
                                                      2012     2011       2012
Condensed consolidated                            Reviewed Reviewed    Audited
statement of cash flows                                R'm      R'm        R'm
Cash flow from operating activities                  4 092    1 912      5 394
Cash flow utilised in investing activities         (2 590)    (501)    (2 360)
Cash flow utilised in financing activities         (1 488)  (2 886)    (1 745)
Net movement in cash and cash equivalents               14  (1 475)      1 289
Foreign exchange translation adjustments               184      222        139
Cash and cash equivalents at beginning of the        8 791    7 401      7 401
period
Cash and cash equivalents at end of the period       8 989    6 148      8 829
Included in:
- Cash and cash equivalents                          8 989    6 067      8 791
- Assets classified as held-for-sale                     -       81         38
                                                     8 989    6 148      8 829





                                                  Six months ended  Year ended
                                                    30 September      31 March
Calculation of                                        2012     2011       2012
headline and core                                 Reviewed Reviewed    Audited
headline earnings                                      R'm      R'm        R'm
Net profit attributable to shareholders              4 150    1 869      2 894
Adjusted for:
- insurance proceeds                                     -      (1)        (2)
- impairment of property, plant and equipment and       41        4          -
other assets
- impairment of goodwill and intangible assets         289      749      1 487
- profit on sale of property, plant and equipment      (3)     (26)          -
and intangible assets
- losses/(gains) on acquisitions and disposals of        2      (7)         45
investments
- step-up acquisition loss                              21       35          -
- dilution losses on equity-accounted investments       41       89        606
- remeasurements included in equity-accounted      (1 331)        -         32
earnings
- impairment of equity-accounted investments             -       12         94
                                                     3 210    2 724      5 156
Total tax effects of adjustments                       (6)    (131)      (207)
Total adjustment for non-controlling interest         (10)        4       (75)
Headline earnings                                    3 194    2 597      4 874
Adjusted for:
- equity-settled share scheme charges                  339      271        652
- recognition of deferred tax assets                  (26)     (24)       (38)
- amortisation of intangible assets                    583      586      1 191
- fair value adjustments and currency translation       35     (25)        162
differences
- business combination (gains)/losses                 (39)       53        110
Core headline earnings                               4 086    3 458      6 951





                                                  Six months ended  Year ended
                                                    30 September      31 March
                                                      2012     2011       2012
Supplementary                                     Reviewed Reviewed    Audited
information                                            R'm      R'm        R'm
Depreciation of property, plant and equipment          698      558      1 222
Amortisation                                           552      560      1 088
- intangible assets                                    482      470        967
- software                                              70       90        121
Other gains/(losses) - net                           (378)    (722)    (1 448)
- profit/(loss) on sale of property, plant and           3       21       (95)
equipment and intangible assets
- impairment of goodwill and intangible assets       (289)    (742)    (1 487)
- impairment of tangible and other assets             (54)      (4)          -
- insurance proceeds                                     -        1          2
- profit on transponder lease settlement                 -        3        100
- fair value adjustment on shareholders'              (38)      (1)         32
liability
Interest received                                      218      200        400
- loans and bank accounts                              205      169        360
- other                                                 13       31         40
Interest paid                                        (706)    (583)    (1 271)
- loans and overdrafts                               (481)    (390)      (877)
- transponder leases                                  (72)     (66)      (132)
- other                                              (153)    (127)      (262)
Other finance income/(cost) - net                        -      235        174
- net foreign exchange differences and fair value     (76)        5      (135)
adjustments on derivatives
- preference dividends received                         76      230        309
Gains/(losses) on acquisitions and disposals            25     (62)      (134)
- profit/(loss) on sale of investments                  42        7        (7)
- loss on partial disposal of investments             (44)        -          -
- remeasurement of contingent consideration             75        -       (17)
- acquisition-related costs                           (37)     (33)       (72)
- other                                               (11)     (36)       (38)
Goodwill
- cost                                              19 801   18 371     18 371
- accumulated impairment                           (1 917)  (1 093)    (1 093)
Opening balance                                     17 884   17 278     17 278
- foreign currency translation effects                 563    1 101        583
- acquisitions                                       1 533      966      1 184
- disposals                                           (31)      (8)       (99)
- transferred to non-current assets held-for-sale        -    (360)      (226)
- impairment                                         (241)    (371)      (836)
Closing balance                                     19 708   18 606     17 884
- cost                                              21 811   20 077     19 801
- accumulated impairment                           (2 103)  (1 471)    (1 917)
Investments and loans                               30 838   27 742     30 659
- listed investments                                24 481   21 245     24 331
- unlisted investments                               6 357    6 497      6 328
Commitments                                         16 988   16 415     19 202
- capital expenditure                                  416      644        299
- programme and film rights                         13 500    8 839     12 143
- network and other service commitments              1 287    1 269        953
- transponder leases                                   372    4 607      4 496
- operating lease commitments                        1 015      755      1 083
- set-top box commitments                              398      301        228
Share of equity-accounted results                    4 064    1 618      3 869
- dilution gains                                         -        -         16
- sale of assets                                   (1 544)      (4)          -
- impairment of investments and other assets           213       18        122
- gains on acquisitions and disposals                    -        -      (112)
Contribution to headline earnings                    2 733    1 632      3 895
- amortisation of intangible assets                    259      261        538
- equity-settled share scheme charges                  251      183        468
- business combination costs                             -       20         22
- fair value adjustments and currency translation     (75)       36         67
differences
- (recognition)/reversal of deferred tax assets       (26)       19       (38)
Contribution to core headline earnings               3 142    2 151      4 952
Tencent                                              2 986    1 973      4 376
Mail.ru                                                250      178        364
Abril                                                 (95)       18        205
Other                                                    1     (18)          7





Business combinations

In June 2012 the group acquired a 79% interest in Netretail, an online
retailer with operations in Czech Republic, Poland, Hungary, Slovakia and
Slovenia. The fair value of the total purchase consideration was R1,7bn in
cash. The purchase price allocation: PP&E R36m; intangible assets R626m; cash
R79m; trade and other receivables R213m; inventory R116m; trade and other
payables R507m; deferred tax liability R114m and the balance to goodwill. A
non-controlling interest of R55m was recognised at the acquisition date.



The main factor contributing to the goodwill recognised is Netretail's market
presence. This goodwill is not expected to be deductible for income tax
purposes. The non-controlling interest was measured using the proportionate
share of the identifiable net assets.



The group made various smaller acquisitions with a combined cost of R65m.
Total acquisition-related costs of R37m were recorded in "Gains/(losses) on
acquisitions and disposals" in the income statement. Had the revenues and net
results of Netretail been included from 1 April 2012, the group's consolidated
revenue would have been R362m higher and the net results would have decreased
by R16m. The smaller acquisitions made during the period would not have had a
significant effect on the group's consolidated revenue and net results.







Directors

T Vosloo (chairman)

J P Bekker (chief executive)
F-A du Plessis
G J Gerwel
R C C Jafta
L N Jonker
D Meyer
S J Z Pacak
T M F Phaswana
L P Retief
B J van der Ross
N P van Heerden
J J M van Zyl
H S S Willemse



Company secretary

G Kisbey-Green



Registered office

40 Heerengracht, Cape Town 8001

(PO Box 2271, Cape Town 8000)



Transfer secretaries

Link Market Services South Africa (Pty) Limited

13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein 2001

(PO Box 4844, Johannesburg 2000)



ADR programme

The Bank of New York Mellon maintains a GlobalBuyDIRECTTM plan for Naspers
Limited. For additional information, please visit The Bank of New York
Mellon's website at (www.globalbuydirect.com) or call Shareholder Relations at
1-888-BNY-ADRS or 1-800-345-1612 or write to: The Bank of New York Mellon,
Shareholder Relations Department - GlobalBuyDIRECTTM, Church Street Station,
PO Box 11258, New York, NY 10286-1258, USA.



Important information

The report 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 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.







For more details about Naspers and investor enquiries regarding the results,
visit the Naspers website at www.naspers.com









 This announcement has been issued through the Companies Announcement Service
                                      of

                          The Irish Stock Exchange.

                                      



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


ISEBDBDBSSDBGDR -0- Nov/27/2012 14:22 GMT
 
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