Summarised consolidated financial statements
for the year ended 31 March 2024

2024 year-end results
2024 ANNUAL REPORT

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Financials

Extract of consolidated statement of financial position

as at 31 March 2024

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  31 March
  2024
US$’m		 2023
US$’m
ASSETS    
Non-current assets 39 771 41 707
Property, plant and equipment 555 620
Goodwill 1 027 1 412
Other intangible assets 326 367
Investments in associates 34 789 35 930
Investments in joint ventures 42 69
Other investments 2 533 2 863
Related party loans and receivables 244 254
Financing receivables 197 133
Other receivables 40 43
Deferred taxation 18 16
Current assets 22 050 23 371
Inventory 268 324
Trade receivables 278 248
Financing receivables 360 278
Other receivables 998 829
Related party loans and receivables 31 40
Derivative financial instruments — 5
Other investments 3 185 4 707
Short-term investments 13 834 6 726
Cash and cash equivalents 2 175 9 565
  21 129 22 722
Assets classified as held for sale 921 649
TOTAL ASSETS 61 821 65 078
EQUITY AND LIABILITIES    
Capital and reserves attributable to the group’s equity holders 41 260 44 593
Share capital and premium 24 512 39 186
Treasury shares (2 563) (10 043)
Other reserves (46 867) (45 756)
Retained earnings 66 178 61 206
Non-controlling interests 32 32
TOTAL EQUITY 41 292 44 625
Non-current liabilities 15 910 16 048
Long-term liabilities 15 739 15 768
Other non-current liabilities 62 135
Related party loans and payables 2 2
Cash-settled share-based payment liabilities 29 57
Provisions 4 3
Deferred taxation 74 83
Current liabilities 4 619 4 405
Current portion of long-term liabilities 472 467
Provisions 63 45
Trade payables 365 356
Accrued expenses 1 763 1 720
Other current liabilities 688 773
Cash-settled share-based payment liabilities 483 656
Related party loans and payables 10 6
Taxation payable 31 76
Derivative financial instruments 1 2
Bank overdrafts 15 28
  3 891 4 129
Liabilities classified as held for sale 728 276
TOTAL EQUITY AND LIABILITIES 61 821 65 078

Extract of consolidated income statement

for the year ended 31 March 2024

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  31 March
  2024
US$’m		 2023
US$’m
Continuing operations    
Revenue 5 467 4 947
Cost of providing services and sale of goods (3 245) (3 310)
Selling, general and administration expenses (2 388) (2 023)
Other (losses)/gains – net (380) (641)
Operating loss (546) (1 027)
Interest income 912 475
Interest expense (557) (553)
Other finance income/(cost) – net 73 (55)
Dividend income — 61
Share of equity-accounted results 2 810 5 174
Impairment of equity-accounted investments (483) (1 742)
Dilution losses on equity-accounted investments (238) (252)
Gains on partial disposal of equity-accounted investments 5 053 7 622
Net (losses)/gains on acquisitions and disposals (3) 54
Profit before taxation 7 021 9 757
Taxation (161) (42)
Profit from continuing operations 6 860 9 715
(Loss)/profit from discontinued operations1 (270) 307
Profit for the year 6 590 10 022
Attributable to:    
Equity holders of the group 6 606 10 112
Non-controlling interests (16) (90)
  6 590 10 022
Per share information for the year from total operations (US cents)2    
Earnings per ordinary share N 255 368
Diluted earnings per ordinary share N 253 363
Per share information for the year from continuing operations (US cents)2    
Earnings per ordinary share N 265 357
Diluted earnings per ordinary share N 263 352
1 The prior year amount has been restated due to the discontinued operation of OLX Autos.
2 Earnings per share is based on the weighted average number of shares taking into account the cross-holding agreement from the share exchange.

Extract of consolidated statement of comprehensive income

for the year ended 31 March 2024

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  31 March
  2024
US$’m		 Restated1
2023
US$’m
Profit for the year 6 590 10 022
Other comprehensive income    
Items that may be subsequently reclassified to profit or loss    
Foreign exchange (losses)/gains arising on translation of foreign operations2, 3 (1 564) (2 448)
Share of equity-accounted investments‘ movement in foreign currency translation reserve 624 797
Items that may not be subsequently reclassified to profit or loss    
Fair value (losses)/gains on financial assets through other comprehensive income (1 775) (158)
Share of equity-accounted investments‘ movement in other comprehensive income1 (511) (3 005)
Total other comprehensive loss for the year – net of tax (3 226) (4 814)
Total comprehensive income for the year 3 364 5 208
Attributable to:    
Equity holders of the group 3 368 5 308
Non-controlling interests (4) (100)
  3 364 5 208
1 Relates to the voluntary change in accounting policy for the group‘s share in the changes in NAV and share-based compensation reserve of equity-accounted investments.
2 The prior year includes the reclassification to the consolidated income statement of US$202m relating to the disposal of Avito.
3 The significant movement relates to the translation effects from equity-accounted investments. The current year also includes a net monetary gain of US$37m (FY23: US$102m) relating to hyperinflation accounting for the group‘s subsidiaries in Turkey.

Extract of consolidated statement of cash flows

for the year ended 31 March 2024

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  31 March
  2024
US$’m		 2023
US$’m
Cash flows from operating activities    
Cash generated from/(utilised in) operations 134 (349)
Dividends received from equity-accounted investments 759 572
Cash generated from operating activities 893 223
Interest income received 847 315
Interest costs paid (557) (551)
Taxation paid (138) (107)
Net cash generated from/(utilised in) operating activities 1 045 (120)
Cash flows from investing activities    
Property, plant and equipment acquired (42) (229)
Proceeds from sale of property, plant and equipment 10 11
Intangible assets acquired (25) (33)
Proceeds from sale of intangible assets 1 (1)
Acquisitions of subsidiaries and businesses, net of cash (2) (18)
Disposals of subsidiaries and businesses, net of cash 193 2 055
Acquisition of associates — (12)
Additional investment in existing associates (49) (292)
Partial disposals of associates 7 256 10 613
Acquisition of short-term investments1 (13 738) (6 605)
Maturity of short-term investments1 6 709 3 924
Repayment of loans/(loans advanced) to related parties 37 58
Cash paid for other investments2 (136) (559)
Cash received from other investments3 14 3 764
Cash movement in other investing activities (19) (33)
Net cash generated from investing activities 209 12 643
Cash flows from financing activities    
Payments for the repurchase of own shares (7 277) (9 901)
Proceeds from long and short-term loans raised 59 104
Repayments of long and short-term loans (99) (56)
Capital restructure as a result of the share repurchase programme4 — (615)
Additional investments in existing subsidiaries5 (385) (1 606)
Repayments of capitalised lease liabilities (60) (51)
Contributions made to the Naspers share trusts (155) (191)
Additional investment from non-controlling shareholders 3 67
Dividends and capital repayments to shareholders (199) (191)
Cash movements in other financing activities (3) (11)
Net cash utilised in financing activities (8 116) (12 451)
Net movement in cash and cash equivalents (6 862) 72
Foreign exchange translation adjustments on cash and cash equivalents (165) (69)
Cash and cash equivalents at the beginning of the year 9 537 9 628
Cash and cash equivalents classified as held for sale (350) (94)
Cash and cash equivalents at the end of the year 2 160 9 537
1 Relates to short-term cash investments with maturities of more than three months from the date of acquisition.
2 Relates to payments for the group‘s fair value through other comprehensive income investments.
3 Relates mainly to the group‘s investments measured at fair value.
4 Relates to the capital restructure from the group‘s acquisition of Naspers shares.
5 Relates to transactions with non-controlling interest resulting in changes in the effective interest of existing subsidiaries.

Segmental analysis – reconciliation to the consolidated income statement

for the year ended 31 March 2024

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Trading profit/(loss) as presented in the segment disclosure is the chief operating decision-maker (CODM) and management‘s key measure of each segment‘s operational performance. A reconciliation of the consolidated cash utilised in operating activities, segmental trading profit/(loss) to operating profit/(loss) and profit before tax as reported in the income statement is provided below:

Segmental analysis

  Year ended 31 March 2024
  Classifieds
US$’m		 Food
Delivery
US$’m		 Payments
and
Fintech
US$’m		 Edtech
US$’m		 Etail
US$’m		 Other
US$‘m		 Total
Ecommerce
US$‘m		 Corporate
segment
US$‘m		 Total
US$‘m
Consolidated adjusted EBITDA from continuing operations1 187 77 (23) (91) 21 (35) 136 (149) (13)
Depreciation (12) (8) (5) (6) (49) (2) (82) (6) (88)
Amortisation of software (1) (1) (1) (1) (7) — (11) — (11)
Interest on capitalised lease liabilities (2) (1) (2) — — — (5) (1) (6)
Consolidated trading profit/(loss) from continuing operations1 172 67 (31) (98) (35) (37) 38 (156) (118)
Interest on capitalised lease liabilities 2 1 2 — — — 5 1 6
Amortisation of other intangible assets (6) (2) (12) (43) (2) (6) (71) — (71)
Other (losses)/gains – net — (3) 1 (372) (3) (3) (380) — (380)
Retention option expense (2) — 38 — 3 — 39 — 39
Remeasurement of cash-settled share-based incentive expenses 1 (66) 11 12 (6) 4 (44) 25 (19)
Share-based incentives for share options settled in Naspers Limited shares2 — — — — — — — (3) (3)
Consolidated operating profit/(loss) from continuing operations 167 (3) 9 (501) (43) (42) (413) (133) (546)
1 Refer to the glossary for an explanation of the group‘s alternative performance measures.
2 Refers to share-based incentives settled in equity instruments of the Naspers group, where the Prosus group has no obligation to settle the awards with participants, ie they are settled by Naspers.

Segmental analysis

continued

  Year ended 31 March 2023
  Classifieds
US$’m		 Food
Delivery
US$’m		 Payments
and
Fintech
US$’m		 Edtech
US$’m		 Etail
US$’m		 Other
US$‘m		 Total
Ecommerce
US$‘m		 Corporate
segment
US$‘m		 Total
US$‘m
Consolidated adjusted EBITDA from continuing operations1 73 (94) (77) (122) (9) (85) (314) (166) (480)
Depreciation (11) (9) (6) (6) (46) (5) (83) (7) (90)
Amortisation of software (4) (1) — (3) (5) 2 (11) — (11)
Interest on capitalised lease liabilities (2) (2) — — (1) — (5) — (5)
Consolidated trading profit/(loss) from continuing operations1 56 (106) (83) (131) (61) (88) (413) (173) (586)
Interest on capitalised lease liabilities 2 2 — — 1 — 5 — 5
Amortisation of other intangible assets (4) (1) (17) (43) (3) — (68) — (68)
Other (losses) – net (40) (3) (3) (553) (2) (40) (641) — (641)
Other — — 7 — — — 7 — 7
Retention option expense (2) — (26) — 8 — (20) — (20)
Remeasurement of cash-settled share-based incentive expenses 34 55 (5) 29 (1) 33 145 140 285
Share-based incentives for share options settled in Naspers Limited shares2 (3) — — — — (1) (4) (5) (9)
Consolidated operating profit/(loss) from continuing operations 43 (53) (127) (698) (58) (96) (989) (38) (1 027)
1 Refer to the glossary for an explanation of the group‘s alternative performance measures.
2 Refers to share-based incentives settled in equity instruments of the Naspers group, where the Prosus group has no obligation to settle the awards with participants, ie they are settled by Naspers.

Administration and corporate information

Prosus N.V.
Incorporated in the Netherlands
(Registration number: 34099856)
(Prosus or the group)
Euronext Amsterdam
JSE share code: PRX
ISIN: NL 0013654783

Directors and management
JP Bekker (chair), S Dubey, HJ du Toit, CL Enenstein, M Girotra,
RCC Jafta, AGZ Kemna, FLN Letele, D Meyer, R Oliveira
de Lima, SJZ Pacak, V Sgourdos, MR Sorour, JDT Stofberg, Y Xu

Company secretary
L Bagwandeen
Gustav Mahlerplein 5
Symphony Offices
1082 MS Amsterdam
The Netherlands

Registered office
Gustav Mahlerplein 5
Symphony Offices
1082 MS Amsterdam
The Netherlands
Tel: +31 20 299 9777
www.prosus.com

Independent auditor
Deloitte Accountants B.V.
Gustav Mahlerlaan 3004
1081 LA Amsterdam
The Netherlands

Euronext listing agent
ING Bank N.V.
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands

Euronext paying agent
ABN AMRO Bank N.V.
Corporate broking and issuer services
HQ 7212
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands

JSE transfer secretary
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Bierman Avenue
Rosebank
Johannesburg
2196
South Africa
Tel: +27 (0)86 110 0933

Cross-border settlement agent
Citibank, N.A. South Africa Branch
145 West Street
Sandown
Johannesburg
2196
South Africa

JSE sponsor
Investec Bank Limited
(Registration number: 1969/004763/06)
PO Box 785700
Sandton
2146
South Africa
Tel: +27 (0)11 291 3086
Fax: +27 (0)11 286 9986

ADR programme

Bank of New York Mellon maintains a GlobalBuyDIRECTSM plan for Prosus N.V.
For additional information, please visit 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:
Bank of New York Mellon
Shareholder Relations Department – GlobalBuyDIRECTSM
Church Street Station
PO Box 11258
New York
NY 10286-1258
USA

Attorneys
Allen & Overy Shearman Sterling LLP
Apollolaan 15
1077 AB Amsterdam
The Netherlands

Investor relations
Eoin Ryan
InvestorRelations@prosus.com
Tel: +1 347 210 4305


Forward-looking statements

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 associated negative, or other variations or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements and other statements contained in this report on 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 implied in such forward-looking statements.

A number of factors 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; (c) changes in domestic and international regulatory and legislative environments; (d) changes to domestic and international operational, social, economic and political conditions; (e) labour disruptions and industrial action; and (f) the effects of both current and future litigation. The forward-looking statements contained in this report apply 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.