Integrated annual report 2023

Group overview

We estimate that around one fifth of the world’s population uses products and services of businesses that we have built, acquired or invested in. Many use the products and services of more than one.

Our purpose

Improving everyday life for billions of people through technology

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What we do

We build leading companies that empower people and enrich communities

We bring food and more to people’s doors and more customers to restaurants’ kitchens.

We put the power to make fast, secure payments in people’s hands and give them credit options too, often for the first time.

We enable people and businesses to buy and sell quickly, conveniently and safely and boost the circular economy by giving items multiple lives.

We open up a world of learning, helping millions of people learn where, when and how they want.

Our values

Our values underpin our culture, which guides our actions

We build

At heart, we’re entrepreneurs.

We back local entrepreneurs and teams and we operate and invest in businesses in many of the most exciting markets in the world. Our focus on sustainable long-term value creation means our group is a great place for people to build their careers. We work hard to connect, learn and grow to be the best we can be.

We deliver

We push for excellence in everything we do.

We move fast, adapting quickly to seize opportunities. We agree on clear and ambitious goals, and regularly discuss how to beat them. Our reward is hardwired to performance, and depends on what we deliver and how we deliver it.

We’re responsible

We matter to our customers and communities.

We strive to maximise our positive impact on society and the planet. Wherever we operate, we hold ourselves to the highest standards, set out in our code of business ethics and conduct. We’re all responsible for the impact we deliver.

We value each other

We believe diversity in our teams and in our thinking delivers better outcomes for all.

We create supportive and flexible environments so we can perform at our best. We’re empowered to make decisions about our work because we’re trusted to do a great job.

Path to profitability

We have a long history of investing and building businesses, then crystallising value.

It is in our DNA to look for new opportunities, see the potential others are not seeing and then to do the hard work of building, bringing businesses to scale and profitability. This is the case for our Ecommerce portfolio, which houses our core growth segments: Food Delivery, Classifieds, Payments and Fintech, and Edtech.

As expected, FY23 marked the peak of our investment in ecommerce, with profitability and cash flow generation improving from this point. We are well on track to deliver our goal for aggregate profitability (illustrated below) during the first half of FY25. Our strong balance sheet and significant liquidity are key advantages in the current climate, underpinned by our disciplined approach to M&A and commitment to maintain our investment-grade rating.

Significant progress since listing Prosus in 2019

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Ecommerce scaling fast

Consolidated revenue CAGR loss of US$156m

Built valuable growth extensions

Continued investment of US$492m in high conviction growth areas in groceries, credit and Edtech

Scaled core profitability

Core Classifieds, Food Delivery and Media are profitable, core Payments and Fintech is almost at breakeven

Strengthened balance sheet

Issued US$10bn bonds at attractive rates, net cash position

Structural improvement

Doubled Prosus’ free float

Enhanced disclosure

Financial and remuneration reports

Strengthened shareholder engagement

Value creation, structural action, compensation, sustainability

Unlocked value for shareholders

US$20.6bn shares repurchased since 2020

With more to come

We have grown our business over the past three years.

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Revenue (US$’000)1

1 Results of majority-owned and managed businesses. This excludes results from associates and joint ventures. The segmental view excludes Movile, which is included in Ecommerce. Growth percentages represent three-year revenue compound annual growth rate (CAGR).

The world in which we operate

Despite significant global uncertainty, we believe technology can transform how people live their lives in every corner of the world, creating significant value for all.

Real GDP growth1 (%)

Updated on 19 January 2023.

1 Respectively: S&P 500, Euro Stoxx 50, China A50, FTSE India.

Source: World Bank, Fred, Eurostat, Capital IQ,

We have identified key trends relevant to our business across the macroeconomic environment, technology and society, and investor landscape. Their implications have been distilled into three strategic priorities for the group.

Macroeconomic environment

Major health, economic and geopolitical events have impacted the macroeconomic environment greatly in recent years, and significant uncertainty remains.

India recorded the fastest real GDP growth globally in 2022, while China has reopened its borders after ending its zero-Covid policy and is stabilising the environment for tech regulation. As the world’s two largest internet audiences, these are both markets in which we have good exposure.

Our world is changing rapidly and we have a role to play

Eight billion people and rising

Our footprint is in high-growth markets.

Global developments

The shared global challenges of climate change and rising inequalities demand action from all sections of society.

Increased pressure on natural resources

High-growth markets have the largest vulnerable populations and resource disparities.

Future of business

Growing public demand for corporates to demonstrate value beyond financials – growth and profit are no longer enough.

Rapid digitalisation

As a digital technology investor and operator, we have both an opportunity and a responsibility.

Changes in capital markets

ESG investing is no longer the exception but the norm as investors demand and integrate environmental and social data into their decisions.

Generative AI

We systematically explore emerging technologies and accelerate them across the group.

Administration and corporate information

Company secretary
L Bagwandeen
Suite 15, Third Floor
Oxford & Glenhove
116 Oxford Road
Houghton Estate
Johannesburg 2196
South Africa

Registered office
40 Heerengracht
Cape Town 8001
South Africa
PO Box 2271
Cape Town 8000
South Africa
Tel: +27 (0)21 406 2121
Fax: +27 (0)21 406 3753

Registration number
Incorporated in the Republic of South Africa
JSE share code: NPN ISIN: ZAE000015889

Independent auditor
PricewaterhouseCoopers Inc.

Transfer secretaries
JSE Investor Services Proprietary Limited
(Registration number: 2000/007239/07)
One Exchange Square
2 Gwen Lane
Sandown, Sandton 2196
PO Box 4844
Johannesburg 2000, South Africa
Tel: +27 (0)86 140 0110/+27 (0)11 713 0800

ADR programme
Bank of New York Mellon maintains a
GlobalBuyDIRECTSM plan for Naspers Limited
For additional information, please visit
Bank of New York Mellon’s website at 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

Investec Bank Limited
(Registration number: 1969/004763/06)
PO Box 785700
Sandton 2146
South Africa
Tel: +27 (0)11 286 7326/+27 (0)11 286 9986

Webber Wentzel (in alliance with Linklaters)
PO Box 61771
Marshalltown 2107
South Africa

Werksmans Inc.
PO Box 1474
Cape Town 8000
South Africa

Investor relations
Eoin Ryan
Tel: +1 347-210-4305