Financial Results

For the financial year ended 31 March 2022

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 uncertainties, many of which are beyond our control and all of which are based on our current beliefs and expectations about future events. Forward-looking statements are typically identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", should", "intends", "estimates", "plans", "assumes" or "anticipates", or the negative thereof, or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.

These forward-looking statements and other statements contained in this report regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing us and our subsidiaries. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements.

There are a number of factors that could affect our future operations and could cause those results to differ materially from those expressed in the forward-looking statements including (without limitation): (a) changes to IFRS and associated interpretations, applications and practices as they apply to past, present and future periods; (b) ongoing and future acquisitions, changes to domestic and international business and market conditions such as exchange rate and interest rate movements;

  1. changes in domestic and international regulatory and legislative environments; (d) changes to domestic and international operational, social, economic and political conditions; (f) labour disruptions and industrial action; and (g) the effects of both current and future litigation.

The forward-looking statements contained in the report speak only as of the date of the report. We are not under any obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking statements to reflect events or circumstances after the date of the report or to reflect the occurrence of unanticipated events. We cannot give any assurance that forward-looking statements will prove correct and investors are cautioned not to place undue reliance on any forward-looking statements.

2

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

1

Enhances NAV per share by capitalizing on the wide discount to create permanent value

for shareholders

2

Increases exposure to Tencent and ecommerce on a per share basis - we have great

confidence in Tencent's long-term return potential

3

Program will continue while the discount persists at elevated levels

4

We will work to retain Investment Grade status by maintaining a suitable level of debt

5

Program does not preclude us from taking further action to address discount

Tencent is supportive of the withdrawal by Prosus of its voluntary restriction on the sale of its Tencent shares

3

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

+38%

+20%

+9%

€ 155

€ 135

  • 122
  • 112

Current NAVps

$10bn

$20bn

$30bn

Value of program (US$bn)

Illustrative $10bn repurchase at Prosus

Today

Selldown/

Buyback

NAV2 ($bn)

$169

($10)

Shares3 (m)

1,420

(191)

NAV/Share4

€112

% Impact

Trading Price

€49.65

% Discount

(56%)

Repurchase

Sell ~6% of NAV

~13% of

shares

Pro

Forma

$159

1,229

€122

+9%

Accretive to NAV/Share5

  1. NAV/share accretion calculations assume current share prices and valuation discount remain constant
  2. NAV at market value as of 22 June 2022 for listed assets and for the unlisted the current average estimates of sell side analysts and post-money valuations on transactions where analyst consensus is not available
  3. Based on 1,420m effective shares in Prosus
  4. Reflects FX(EUR/USD) impact of 0.947x as of 22 June 2022
  5. Reflects Prosus price of €49.65 ($52.46) and Tencent price of HKD 370.00 ($47.13) as of 22 June 2022

4

Value Created Across Entire Portfolio

Tencent per share enhancement at various sizes of buyback

Illustrative NAVps exposure at Prosus to Tencent at current prices and discount

+29%

+16%

+7%

€ 112

€ 101

  • 93
  • 87

Current NAVps

$10bn

$20bn

$30bn

Value of program ($bn)

Discount reduction unlocks significant value

Illustrative Total value unlocked across complex1,2

Every 10ppt

discount

reduction

equates to

$17bn value

unlock

$68 bn

$51 bn

$34 bn

$17 bn

10%

20%

30%

40%

Discount Reduction (%)

1 Illustrative calculation assumes current share prices. 10% discount reduction to underlying NAV applied both at Prosus and Naspers levels proportionally to their respective free floats' economic ownership in the overall NAV

2 Analysis does not include any effects from buyback program

5

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Prosus NV published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 08:43:05 UTC.